Эпизоды
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If you’ve followed my podcast for a while, you’ve heard me say I don’t recommend crypto to clients. That hasn’t changed, but we can’t deny the fact that crypto is growing rapidly. So, with this, how should you respond when a client asks, “Shouldn’t I be putting money in crypto?”
In today’s episode, I dive into this question by sharing my own experience investing $2,000 in crypto through Venmo. I’ll talk about what I learned, how it shaped my perspective, and the lessons it offers for understanding this volatile market. Then, I’ll share my thoughts on how to frame the conversation and navigate the hype responsibly.
Here’s some of what we discuss in this episode:
My skepticism about crypto and first time investing in it. A $2,000 crypto investment that is now worth over $6,000. Being open with your clients about crypto. Advising interested clients to invest small amounts and to avoid constant monitoring.Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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As we move closer to a new year and into a new administration, advisors are looking for strategies to increase profitability in their practice. What we want to recommend today might surprise you, but I want to talk about why you might want to raise fees.
You’ve heard me talk about reducing fees for a number of years, but now I’m recommending the complete opposite. I’ll explain why in this episode, but keep in mind that I’m not suggesting you raise fees on your existing clients. Instead, we’ll highlight a few areas of your practice where you can start increasing fees and revenue immediately if you institute these practices right away.
The goal for every advisor should be to more revenue with fewer clients and that’s what we want to get you thinking about in this show.
Here’s some of what we discuss in this episode:
Why you should never do any type of work for a client without charging. Low fees might actually be turning people away. Requiring clients to put all of their business with you. Different AUM fees setups.Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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Пропущенные эпизоды?
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Today we want to get back into the basics of what we do and revisit some of the core concepts every advisor should be following. We began this show years ago to really dive into each of these principles and share strategies for achieving success in each of these areas.
Whether you’re a new advisor or someone who has been in the business for years, it’s important to refocus on the foundational principles for running a profitable business. Get insights on why your vendor is not your friend, the importance of prioritizing profit over revenue, and the value of working only with ideal clients.
Here’s some of what we discuss in this episode:
Principle #1: Your vendor is not your friend. My financial goals when we started the business. Principle #2: Profit trumps revenue. Principle #3: Work only with ideal clients.Schedule a meeting with Dan: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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What separates the people who are successful from the those who are not? The answer can be found in the power of our brain and subconscious mind, which has always been a fascinating topic to me. So often, success is all about mindset rather than being born with incredible attributes or natural ability, and our guest today has written a lot about that in her Renegade Mindset book.
Nina Cooke joins us today to give us a better understanding of the psychological barriers that can hold financial advisors back and talk about ways to overcome them. In the competitive world of financial planning, success often hinges on more than just market knowledge and analytical skills. By developing a strong mindset, advisors can better support their clients in making sound financial decisions.
Visit renegademindset.net to download a free copy of Renegade Mindset and gain access to the course we created with Nina. Don't wait until the new year to start making changes—take action now and make mindset a daily practice.
Here’s some of what we discuss in this episode:
The ‘knowing-doing gap’ where people know they need to take action but fail to. How our childhood shapes our mindset. Understanding and mastering mindset is not only crucial for personal success but also for guiding clients. Daily mindset practice is the key to getting what you want Separating personal goals from business goals.Schedule a meeting with Dan: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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I recently got back from a visit with a friend who went through cancer recovery and is now doing great. It was amazing to see how he changed his life, from the lifestyle he lives to the passion he has for the things he’s doing.
It took near-death experience to change his perspective on life, but it’s not much different than what many business owners go through. Health concerns often force people to pull back on the amount of work they’re doing to reduce the stress and strain. This is where the concept of a systems-based practice comes in. Finding ways to delegate tasks and optimize time is the way to maintain the business even when you’re not around.
Nothing prevents us from establishing these systems earlier but getting a dose of reality forces us to live in the present. That’s a lesson we can all benefit from. No matter what’s happened in the past, move on and focus on what you can control. Happiness is a choice, and you have that option as an entrepreneur.
Today we’re going to encourage you to ask crucial questions about yourself and your business. The goal is to prompt self-reflection and inspire action. We all have the freedom to choose where we live and work and we should all be taking full advantage of that freedom.
Here’s some of what we discuss in this episode:
Examples and stories of people that have been inspired this conversation. Why finding a great place to live is so important for happiness. How to establish a systems-based practice.Schedule a meeting with Dan: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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Have you ever heard of a benevolent dictatorship? This is a system where one person at the top makes decisions with kindness, care, and wisdom. While we might never see a benevolent dictator in government, this model can be incredibly effective in business. In today’s episode, we’re going to discuss why advisors need to lean into this effective form of leadership.
Time and time again, I see advisors struggle with decisive leadership, seeking feedback and approval from their staff members or spouses who don't work in the office. It’s important to remember that everyone is motivated by self-interest and that your employees and loved ones will never view your business the way that you do. This doesn’t mean that asking for ideas is a bad thing, but you shouldn’t base any of your decisions on what you think their reactions are going to be.
Remember, it's impossible to do the right thing while making everyone happy. Be kind, but be stern, and make decisions with the best interest of the business at heart. Click play to learn more about how this model can be an absolute game-changer in your business.
Here’s some of what we discuss in this episode:
The benefits of benevolent dictatorship in business leadership Common challenges advisors face with decision-making and seeking approval The differences in perspectives between business owners and employees Making decisions based on business priorities rather than anticipated reactionsSchedule a meeting with Dan: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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For those that don’t know, I volunteer at a local animal shelter near my house and spend time walking the dogs there. While this non-profit does tremendous work in the community, it doesn’t always operate very effectively as a business. That reminds me very much of the challenges that we see as advisors and there are some real insights that can carry over to what we have to deal with.
Today we want to share insights from his recent experiences at a local dog shelter and how they relate to the challenges faced by financial advisors. Let’s discuss the importance of effective volunteer recruitment, the parallels between running a non-profit and a financial advisory practice, and the necessity of constant marketing and client qualification.
Here’s some of what we discuss in this episode:
The importance of effective recruitment and finding the right people. Marketing strategies to help you attract clients. Why you don’t want to treat every prospect the same.Schedule a meeting with Dan: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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Today we want to get into something that’s been a big part of our practice and should be an excellent opportunity for advisors in the future, especially if you’re in your 30s or 40s. What we’re talking about in this episode is buying a practice, which we believe is the quickest way to have instant revenue.
But it’s not without problems, which we will also discuss. So we’re going to share with you how the process works and breakdown our approach to buying another practice. There are plenty of financial considerations to sort through and weigh, and this episode will give you an idea of what we’re paying the most attention to.
We want to provide you some insights because we’ve been involved in a number of these as the acquirer but we’ll eventually be on the other side as the seller.
Here’s some of what we discuss in this episode:
Why buying another practice can create a great opportunity and could do so without a lot of risk. How you should structure the deal. What should you pay attention to when you’re acquiring a book of business.Schedule a meeting with Dan: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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Are you a financial advisor dreaming of the day you can step back from the daily hustle and still ensure your practice prospers? Succession planning can be a challenge for advisors because few of us can really articulate what it is that we do on a daily basis that would allow someone to run the operation for us, and that makes it hard to step away.
This is something I’ve had to do recently with my son, Wes, and we’ve identified seven areas that he has to be a master in before the torch can be passed effectively. That’s what we want to share with you in this episode. Let’s go through these seven things you need to do if you’re thinking about life after your business and hopefully shed some light on an area of planning that will be useful.
Here are some of the things we will discuss:
Know your numbers What you need to know about each of your clients. Understand staffing and what your business requires. Have a marketing system in place. Your replacement needs to be trained and knowledgeable. Understand the requirements for compliance. Have a strong knowledge of your partner companies.Schedule a meeting with Dan: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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Fear is a very powerful emotion and it can hold us back from reaching our potential personally and professionally. I started thinking a lot more about this after a trip to Arkansas where I spent some time with business partners to share ideas on growth.
That’s why I invited Nina Cooke, author of Renegade Mindset, back to the show to help us work through this issue that plagues so many advisors and business owners. Fear can be a formidable foe and Nina has helped many people overcome these barriers to find success. We’ll dissect the roots of fear of failure and aim to arm you with the mindset needed to make bolder, more informed decisions.
Here’s some of what we discuss in this episode:
Why fear becomes such an easy excuse for business owners. Every advisor has to work through mistakes and failures to achieve success. How do we help people overcome this fear of failure? Are you going to be content by not trying new things and stepping outside of your comfort zone?Get Nina's Book:
https://www.ninacooke.co.uk/
http://ninabook.org/
Schedule a meeting with Dan: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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The very nature of the weather has always been like an investment portfolio in terms of unpredictability, and all the cold weather we’ve been dealing with to start 2024 has us thing about that. You could very easily use the weather to explain how a client’s portfolio is going to work over time and how you can prepare for that.
That’s the basis of today’s discussion, which is about a habit that many advisors have. They sell off their software using products like Riskalyze, which seems to work very well up front but presents challenges with long-term retention. I’ve been asked why I don’t use software like this so I want to provide you some insights on that in this episode.
Here’s some of what we discuss in this episode:
Why I have a problem with risk tolerance questionnaires. The problem that you face when using these programs to match their portfolio to risk tolerance. How we suggest approaching portfolio management and the conversations with clients about why you’re building it that way. The price for the upward is the occasional negative.Schedule a meeting with Dan: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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As we turn the page on another new year, we hope you are excited about the start 2024 and focusing on hitting new milestones in your practice. Now, we know that people like making resolutions to start January, but resolutions are a bit silly when you think about it. If you want to make improvements personally or professionally, why wait for a new year to begin.
But we all go through these exercises and the results are almost always the same. Unless you truly want to make a change in your life, you’ll abandon these resolutions each and every time. The reason so many people fail to accomplish their resolutions is they don’t truly want change.
So let’s talk about some things you can do to make your life better, not just this year, but every year moving forward. We’ll share our own ideas and experiences that can hopefully help you both personally and professionally in 2024 and beyond.
Here’s some of what we discuss in this episode:
Where Dan stands on faith and how he’s changed drastically through his life. Small steps you can take to improve your life each day as it relates to faith. Fitness tips that Dan has applied to his life that are easy to incorporate into yours. Develop a profit-based model to grow revenue and help you achieve the lifestyle you want. Focusing on niches, technology, staffing, and entrepreneurship for your business.Schedule a meeting with Dan: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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Women are different than men and what they value is different as well. That’s particularly true when it comes to financial services. For a long time, our industry has done a poor job at addressing the needs of women and have catered to men (and still do to a large extent).
What can you do to change that and become an effective marketer to women? Let’s talk about target marketing and developing your strategy around a certain audience. It’s not earth-shattering to hear that it works, but enough people don’t do it well and we want to help you change that.
We’ve discussed the reasons for focusing on a specific niche with your financial business, and women can and probably should be a priority for you. Women are positioned very well to benefit from the massive transfer of wealth that is happening with the Baby Boomer generation and will need help with managing that money. Many of these women will change advisors and move away from the person their husband had been working with to someone they’re more comfortable with. So let’s talk about how to make sure you’re marketing to women effectively and growing your business around this critical demographic.
Here’s some of what we discuss in this episode:
Why financial success often causes relationships in a family to deteriorate. Why we feel marketing to women is more important than ever. The different types of marketing mediums you should lean into. Should you still be doing seminars along with webinars? Have a story that people can connect to.Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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Today we’re going to dive into a common dilemma faced by many financial advisors. What should you do when clients notice that cash is outperforming their portfolios? Do you give in to temptation? Do you shift everything to a guaranteed fix like an annuity, park it in cash, or adopt a market-timing attitude? The choices are numerous, and the pressure is real.
Listen in as we explore the complex terrain of client expectations, market unpredictability, and the timeless wisdom found in historical market patterns. Dan will share his approach to communicating openly with clients, acknowledging their concerns, and encouraging a long-term perspective.
Here’s some of what we discuss in this episode:
What factors should financial advisors consider when deciding whether to recommend a shift to cash or other investment vehicles? How does age and risk tolerance play a role in determining the best course of action for clients? How can advisors communicate effectively with clients during periods of market volatility? While cash may outperform in the short term, abandoning equities or chasing returns is not a sustainable strategy.Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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As technology continues to improve and the next generations get more comfortable with doing their own planning, the financial advisor profession will likely begin to shrink in the coming years. That doesn’t mean there’s not a future in the industry, because those who remain standing will likely be very successful.
What it does mean, however, is that people will need a good reason to work with an advisor instead of doing it on their own, and that’s where finding a market niche comes into play. We continue to hammer home this message because of how strongly we feel about industry shift, and we’ve brought on guests with different specialties to find out how successful advisors are leaning into their niche.
Today’s guest has carved out an incredibly important focus, and that’s serving women more effectively. This is the largest segment of the population and women are set to inherit two-thirds of the $30 trillion being transferred by baby boomers. She educates financial professionals around the country on how tap into the women’s market and transform their practice, and she’s going to share a little of that wisdom with us in this episode.
Here’s some of what you’ll get out of this episode:
You can’t become exceptional by being a generalist so you need to find your differentiator. How the decision to introduce women’s events in her business changed the entire trajectory of the company. Why many advisors struggle to market properly and build a connection with women. Why she feels like the first meeting is where you should focus on changing your approach to give women a different experience. When you serve women with intention, you’ll organically grow through referrals. The coaching program she’s put in place to benefit advisors and what she helps you with.About our guest: https://lifewitharwen.com/
Take advantage of her free training: https://nextleveladvisors.co/becker-free-lessons/
Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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In this episode of the Profitable Advisor Podcast, Stacey Brown Randall, a renowned expert in generating business referrals, joins Dan to discuss the importance of generating referrals without directly asking for them. Stacey emphasizes the power of referrals and why a different approach is needed to cultivate them effectively.
Throughout the episode, Stacey provides valuable insights on building a referral system and maintaining meaningful connections with referral sources. She emphasizes the need for personalization and gratitude, highlighting the significance of staying top of mind with referral sources throughout the year.
Stacey also shares strategies for creating multiple touch points and engaging with referral sources to establish strong and lasting relationships. Financial advisors looking to grow their businesses will find Stacey's expertise invaluable in generating consistent business growth through referrals. By implementing the strategies and ideas discussed in this episode, advisors can leverage the power of referrals without directly asking for them, ultimately increasing their referrals and business success.
Additional Key Points From This Episode of The Profitable Advisor:
Uncover the benefits of focusing on unrequested referrals, exploring their potential to foster authenticity. Master the motivating factors behind common referrals, preparing you to harness these natural occurrences. Realize the risks associated with asking for referrals explicitly, illustrating how your professional image could be impacted. Learn to create a scientifically backed referral system that concentrates on trust, social interactions, and the principles of behavioral economics. Grasp the value of a methodical, tailored strategy in maintaining contact with referral sources and building powerful relationships.About Stacey:
Stacey Brown Randall is an expert in the art of obtaining referrals without resorting to direct requests. As an author and speaker, she stands as a beacon for change in an industry where direct asking for referrals is often seen as the norm. Notably, she is behind the seminal work Generating Business Referrals Without Asking. This highly regarded book lays out a unique yet highly effective five-step process to build an explosion of referrals within any industry.
Stacey’s Website: https://www.staceybrownrandall.com
Stacey’s Book: https://www.amazon.com/Generating-Business-Referrals-Without-Asking/dp/1683509269
Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com
Read more and get additional financial resources here: https://www.advisorarchitect.com/
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When you work with a number of advisors around the country, you get to see some of the common mistakes that people often make in this profession. As we spend time with some younger advisors, we’ve found that there are a few things that we keep pushing because of how important it is for the business.
Today we’re going to share these three key mistakes and explain why we feel so strongly about each of these strategies. We’ll talk about investment philosophies, having the conviction to ask for 100% of your client’s money, and picking a target niche like we’re shifting towards for our business.
If you aren’t doing each of these things, now is the time to start taking the steps to make it happen.
Here’s some of what you’ll get out of this episode:
Why so many people fail to have a clear investment philosophy and why that hampers your success. Why you continue to focus your energy on getting 100% of the money from your client. Pick a target niche because the generalist is getting replaced more and more thanks to technology.Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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If you listen to this show enough or read a lot of what we write, you know that we believe strongly in advisors striving to be the go-to for their given niche. If you’re not doing that, you’re going to be competing against larger corporations with a lot more money, and they’re going to own the generalist market.
This is something that will continue to become a bigger and bigger issue, which is why we emphasize this time and time again. We’ve been rolling out guests on this show to get inside the minds of advisors who have found their niche and created a successful business around it.
We’re going to continue that theme today but the focus is starting off with a powerful piece of marketing material. We’re talking about writing a book, which might seem overwhelming to many. But our guest today, Mike Capuzzi, wrote a book that really changed the way we do things in our office a few years ago, and we’re going to discuss the process he’s mastered for helping business owners write short books designed to get customers.
Here’s some of what we’ll discuss on this episode:
Mike’s background and how he started his consulting company and helping business owners publish. (5:15) Why having a book is so important for growth and long-term success. (9:16) How you need to structure a book. (13:02) Just writing the book isn’t the key to getting clients. This is… (20:35) The strategy for marketing and utilizing the book. (24:41) Leveraging the power of other people’s clients. (32:42)Get the Shook Magic Kit: https://mikecapuzzi.com/magic/
Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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The centers of influence model for advisors is great in theory but we’ve found that it’s often a one-way referral relationship. The idea of going after accountants and CPAs to bolster your business isn’t as beneficial as you might believe. That’s why we’ve been strong proponents of finding a target market niche and becoming your own center of influence.
Whenever we’ve found someone who does this well, we’re quick to reach out to them and try to interview them to learn more about their process. That’s why we’re introducing you to Jessica Goedtel, CFP®, EA today. Don’t pay as much attention to her target groups because any niche can work. Instead, we want you to see the power of this approach and how she’s done it so well in a virtual environment.
Here’s some of what we’ll discuss on this episode:
How she decided to target legal sex workers. (3:17) How she uses her niches to drive more business. (5:37) The way she separates herself from other advisors. (8:53) What are the planning needs for the sex worker? (9:13) Her appointment process for virtual meetings. (19:40) The fee structure she uses for her planning business. (22:56) What criteria is good to use to identify a niche that might work for your business? (26:00) Why she felt it was important to be very niche oriented? (32:19)About our guest: https://www.pavilionfp.com/
Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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If you’re like us, there are things you do that you really wish you did differently. This manifests itself all different forms - diet, exercise, the amount of reading you do, or the changes in your practice you just can’t get around to doing. For whatever reason, these things are difficult to stop. As the old saying goes, “Old habits die hard.”
But there is a science to changing your ways and breaking those habits you’ve fought to get rid of. Today, Dan wants to share his personal experience following a very specific behavioral technique and the success he’s seen because of it. This is something we’ve used with clients over the years and want to share it with you in this episode.
Here some of what you'll learn in this episode:
The story behind why Dan wanted to change a habit with wine and alcohol. (1:32) The app used to help plan out the week and encourages accountability. (3:46) Applying this approach to other habits you want to change. (8:34) How to implement changes in your practice. (9:56)Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com
Read more and get additional financial resources here: http://renegadeadvisor.net
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