What if you could expand your client roster by 300% without having to spend a fortune on marketing? This week's guest Beatriz Acevedo and her team at SUMA Wealth discovered a hidden growth gem by serving the Latinx community.
It turns out, people in the community tend to bring other clients with them. And as you'll hear Beatriz discuss with Mike Langford, this growth concept is present in many communities.
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Chapters
00:00 Introduction and Background
03:23 Summa Wealth's Community-First Approach
06:09 The Aha Moment for Summa Wealth
10:18 Understanding the Target Audience
13:40 Learning from Mistakes and Adjusting
22:01 Adapting to Changing Consumer Behavior
25:22 Learning from Younger Generations
26:10 The Value of Different Perspectives
27:06 The Importance of Embracing Change and Learning from Younger Generations
29:03 Transition from TV Producer to FinTech Founder
31:16 Recognizing the Lack of Financial Education in Latino Communities
33:01 The Role of Culture and Community in Fintech
36:00 The Power of Life Experience in Decision-Making
37:26 The Opportunity of Connecting with Younger Generations
43:25 Attracting Non-Latinx Users to Summa Wealth
48:39 Future Plans for Summa Wealth
The lack of robust organic growth for financial advisors' businesses has been a key concern for industry leaders for years. On this episode of the podcast Tom Rieman, CEO and Founding Partner of PracticeI ntel shares what he believes is the key to cracking the code on organic growth for financial advisors.
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There are financial advisors working today who are members of the first generation of people to ever call themselves financial advisors. Think about that!
On this episode of the show, Matt Reiner returns to nerd out with Mike Langford about some of the exciting innovations that are creating new opportunities for modern financial advisors.
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Andrew Crowell, Vice Chairman of Wealth Management at D.A. Davidson returns to the show to share some eye popping facts about the prevalence of financial fraud. Andrew and Mike Langford also explore what financial advisors can do to protect their clients for becoming victims of fraud and how to help clients recover if they are victimized.
Toward the end of the episode Andrew and Mike dive into the mechanisms financial advisors can use to protect their firm from fraudsters. Because like the famous bank robber Willie Sutton said when asked why he robs banks, financial advisors are "where the money is."
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Dr. Jean Oursler "The Results Queen" explains how our caveman brains often get in the way of our ability to develop our businesses to the fullest. However, simple changes to a financial advisor's approach to his or her business development process can lead to dramatic improvements in a short time.
Dr. Jean also shares some personal stories about her journey. She credits investing in herself early, even before her business was achieving real traction, as key lever for her success.
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It may sound hyperbolic but the reality is the advisor who tries to do everything his or herself... is bound to let some important things fall off the table. And as Gina Cotner, CEO of Athena Executive Services explains... it's not just simple "To Do" list items that an advisor might miss.
It could be important client updates or opportunities that lead to business growth.
James Beam, President of TD Private Client Wealth breaks down a common challenge that clients of today's financial advisors face... information overload that often results in clients having a distorted picture of what is actually happening in the world.
Jim and Mike also explore the potential impact of artificial intelligence (AI) on the modern financial advisor's business and how the use of a goals based advice approach can serve as a foundation for advisors regardless of what future technologies may come their way.
Michael Lecours, CFP® says that the origin story of fpPathfinder, a company he co-founded with Michael Kitces, is a bit humbling. He found that he was routinely forgetting to ask the right questions or giving slightly incorrect answers or missing timely opportunities for recommendations when meeting with his clients.
It wasn't that Michael was incompetent or lacking in financial planning skills... he is a Certified Financial Planner with over a decade of experience. It's just that there is so many things that a client might need to know about or do or not do at any given time. And the landscape is constantly changing.
So, Michael came up with a simple idea. He made a series of checklists and flowcharts that he would use during client meeting to ensure he "checked all the boxes" and kept things on track. Suddenly, he felt like he was delivering higher quality advice to his clients and he realized he was onto something that other advisors could use with their clients.
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Paul McManus, creator of The Short Book Formula and CEO of More Clients More Fun shares how he helps financial advisors write short books to attract their ideal clients.
The concept is simple, write a short book that articulates the solution to a specific problem your ideal client is likely to have. Send the book to prospects. Ask them to read it prior to meeting with you. Then, have a productive initial meeting that is likely to result in closing a new client.
Lucas Siegel, CEO of Harbor Life Settlements joins Mike Langford to share how financial advisors can help their clients unlock assets that are lying dormant and unproductive in their life insurance policy. Lucas also shares the simple question to ask your client about their life insurance policy to help them make the best financial decision for their future.
David Wieland, CEO of Realized shares how financial advisors can tap into a $6 trillion market segment by adding investment property wealth management.
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