Welcome again to the 319th episode of the Monetary Advisor Success Podcast!
My visitor on at the moment’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 accomplice have efficiently constructed a ‘small’ boutique agency that successfully competes with large 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 essentially be sure that the recommendation they’re giving really will get applied by their shoppers.
On this episode, we speak in-depth about how Jim and his accomplice felt they might differentiate themselves from larger corporations by attempting to maximise what number of of their monetary planning suggestions really get applied by shoppers, and determined to construct their agency round Asana – a job and undertaking administration device – as an alternative 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 chilly calls early on in his profession to now have the ability to acquire a gentle movement of referrals of very HNW shoppers, and the way, by referrals solely, Jim and his accomplice 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 discuss how Jim and his accomplice leverage back-end assist from Tru Independence in order that they’ll have extra time and capability to assist their shoppers with their advanced monetary points, how Jim has present in his transfer ‘upmarket’ to extra prosperous shoppers that there’s really much less charge sensitivity that’s led him to extend his charge schedule after the primary few years, and why Jim and his accomplice are intentional about serving not more than 25 shoppers every as they wish to have sufficient capability to serve their shoppers nicely and proceed to take action for the foreseeable future.
And make certain to hearken to the top, the place Jim shares why, although 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 obtained when he launched (and the quantity of shoppers that adopted him), why Jim believes that youthful, newer advisors making selections about the place to work ought to deal with discovering a agency based mostly on the character and high quality of individuals they might work with (somewhat than a elaborate web site) and the place they might acquire a mentor that will permit them to soak up as a lot info as potential, and the way Jim’s perspective on constructing a consumer base was impacted by Greg McKeown’s “Essentialism” you can be extra current and efficient in consumer relationships by being extra targeted… which has solely strengthened his deal with retaining a small and targeted consumer base with whom he could be maximally efficient as a monetary advisor.
So, whether or not you’re serious about studying about how Jim makes use of Asana as an alternative of a CRM to trace and handle consumer duties, how leveraging back-office assist helps Jim and his accomplice acquire extra time to supply much more worth for his or her shoppers, or why Jim locations significance on actually, deeply caring for shoppers and their wants, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Jim Niedzinski.