Welcome again to the 319th episode of the Monetary Advisor Success Podcast!
My visitor on in the present day’s podcast is Jim Niedzinski. Jim is a Co-Founding father of Motive Wealth Advisors, an unbiased RIA based mostly within the suburbs of Detroit, Michigan, that oversees $250 million in property beneath administration for practically 50 households.
What’s distinctive about Jim, although, is how he and his companion have efficiently constructed a ‘small’ boutique agency that successfully competes with massive wirehouses to draw and retain ultra-high-net-worth households and have differentiated themselves by growing and implementing a consumer job administration system that goes past conventional CRM to actually be sure that the recommendation they’re giving really will get applied by their purchasers.
On this episode, we speak in-depth about how Jim and his companion felt they might differentiate themselves from larger companies by making an attempt to maximise what number of of their monetary planning suggestions really get applied by purchasers, and determined to construct their agency round Asana – a job and challenge administration instrument – as a substitute of a conventional CRM system, to make sure that the recommendation they provide is ready in movement, how Jim leverages relationships he constructed with accountants, attorneys, and different professionals by means of chilly calls early on in his profession to now be capable to acquire a gentle move of referrals of very HNW purchasers, and the way, by means of referrals solely, Jim and his companion have grown their agency from $0 in AUM to $250 million in lower than 3 years since breaking out on their very own.
We additionally speak about how Jim and his companion leverage back-end assist from Tru Independence in order that they will have extra time and capability to assist their purchasers with their complicated monetary points, how Jim has present in his transfer ‘upmarket’ to extra prosperous purchasers that there’s really much less payment sensitivity that’s led him to extend his payment schedule after the primary few years, and why Jim and his companion are intentional about serving not more than 25 purchasers every as they wish to have sufficient capability to serve their purchasers effectively and proceed to take action for the foreseeable future.
And make sure to take heed to the tip, the place Jim shares why, regardless that he didn’t initially got down to personal his personal agency when he began his profession, he’s blissful that he pursued entrepreneurship as he felt validated with the quantity of assist he acquired when he launched (and the quantity of purchasers that adopted him), why Jim believes that youthful, newer advisors making selections about the place to work ought to give attention to discovering a agency based mostly on the character and high quality of individuals they might work with (fairly than a elaborate web site) and the place they might acquire a mentor that might permit them to soak up as a lot data as doable, and the way Jim’s perspective on constructing a consumer base was impacted by Greg McKeown’s “Essentialism” you could be extra current and efficient in consumer relationships by being extra centered… which has solely bolstered his give attention to retaining a small and centered consumer base with whom he will be maximally efficient as a monetary advisor.
So, whether or not you’re all in favour of studying about how Jim makes use of Asana as a substitute of a CRM to trace and handle consumer duties, how leveraging back-office assist helps Jim and his companion acquire extra time to offer much more worth for his or her purchasers, or why Jim locations significance on really, deeply caring for purchasers and their wants, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Jim Niedzinski.