In this episode, Jeff and David discuss:

• Growing up in the financial advising industry.
• Building and training your team to think and act like owners.
• Balancing internal and external stakeholders.
• When things go well in a gentle handoff.
• Having a vision when building your business.

Key Takeaways:

• Human capital is not just one of your largest expenses, but also one of your greatest assets.
• Consider working with other organizations that work in symbiotic ways where you can assist each other and neither of you needs to do everything or things outside of your strengths.
• Your exit is not just about who can write the biggest check, but who is the right fit for your organization.
• Continuing to work, even part-time, after a handoff, when done intentionally, historically, organizations will see growth one year after the deal has closed.

"The things the advisors do today influence the exit decision out there five and 10 years from now or longer." — David Grau, Jr.

Connect with David Grau, Jr.:

Website: https://www.successionresource.com/

LinkedIn: https://www.linkedin.com/in/davidgraujr/

X: https://twitter.com/successionrg

Connect with Jeffrey Concepcion:

Website: https://www.stratoswealthpartners.com

Contact: https://www.stratoswealthpartners.com/contact

Twitter: https://twitter.com/Stratos_Wealth

Facebook: https://www.facebook.com/stratoswealthpartners

LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/

In this episode, Jeff and Paul discuss:

• Guiding successful successions.
• Succession scenarios that fall through.
• Thinking bigger sooner.
• Attracting and retaining talent.

Key Takeaways:

• Finding the right successor starts with cultural alignment, not only with the founder, but with your existing team and clients as well.
• When things don’t go as planned, partnership and alignment from culture are more important than ever.
• The more refined and intentional you can get around identifying your ideal client profile, as well as your unique value proposition, the more you’re going to be able to accelerate primary source growth.
• It’s about culture and talent. If you can get those right, that is foundational to your talent acquisition, retention, and organizational growth.

"Growth for the sake of growth is not a great thing. Intentional growth is optimal." — Paul Stetz

Connect with Paul Stetz:

LinkedIn: https://www.linkedin.com/in/paul-stetz/

Connect with Jeffrey Concepcion:

Website: https://www.stratoswealthpartners.com

Contact: https://www.stratoswealthpartners.com/contact

Twitter: https://twitter.com/Stratos_Wealth

Facebook: https://www.facebook.com/stratoswealthpartners

LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/

In this episode, Jeff and Oleg discuss:

• Database, data warehouse, and data lake.
• How Invent takes a data lake and creates ease of use for advisors.
• The three groups of advisor’s reactions to AI.
• The increased accessibility of tech.

Key Takeaways:

• Data lakes store not just rows and columns, but also related files all in a single storage system.
• Everybody is different and has their view of how they want to do business and provide value. Invent dashboards allow advisors to set things up in the way it works for them and their clients.
• It is important to own your data - that is the new goal within business apps.
• RIAs are starting to dabble in the software world because it is becoming more accessible to build your own app.

"One of the most important things when you build a new app in the wealth management space is integration. You can't just build an app in a vacuum. It needs to integrate with everything." — Oleg Tishkevich

Connect with Oleg Tishkevich:

Website: https://invent.us/about-us/

LinkedIn: https://www.linkedin.com/in/olegtishkevich

Connect with Jeffrey Concepcion:

Website: https://www.stratoswealthpartners.com

Contact: https://www.stratoswealthpartners.com/contact

Twitter: https://twitter.com/Stratos_Wealth

Facebook: https://www.facebook.com/stratoswealthpartners

LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/

In this episode, Jeff and Liz discuss:

• Key items people should consider when bringing a partner into your business.
• Understanding your key problems to solve.
• What attributes make your business more attractive and bring more value to your enterprise.
• Connecting with your workforce and staying in touch with the human dynamic.

Key Takeaways:

• If you know you have a 3-5-year time horizon, your planning should have already started, but if it isn’t, start now.
• The clients you serve inform who you ought to be talking to.
• Pick a couple of key factors that added to value increase: the human capital, organic growth in a systematic and consistent way, client retention, driving profitability, and equitizing the team,
• Dilution of talent will not increase value. Consider doing fewer things at a higher level, then add to them when it makes sense.

"Pick three. Stay laser-focused, nail those three, and then evolve to add your next goal as you're working the first one into a more institutionalized framework. And that adds more value to a billion dollar firm than trying to do everything." — Liz Nesvold

Connect with Liz Nesvold:

Website: https://emigrantpartners.com/

LinkedIn: https://www.linkedin.com/in/liz-nesvold-9421065/

Connect with Jeffrey Concepcion:

Website: https://www.stratoswealthpartners.com

Contact: https://www.stratoswealthpartners.com/contact

Twitter: https://twitter.com/Stratos_Wealth

Facebook: https://www.facebook.com/stratoswealthpartners

LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/

In this episode, Jeff and Kate discuss:

• How she got started helping advisors grow and scale with excellent client experiences.
• Using creativity to adapt a CRM to work for your advising practice.
• Kate’s 5-Step proven process to achieve your goals.
• Having collaborative conversations to create the best possible experiences.

Key Takeaways:

• An advisor's number one responsibility is an amazing client experience. At its core, the CRM will help manage this information to obtain and retain clients.
• Document your experience, take it to the CRM, and build out the automations and workflows to deliver the ideal client experience.
• You will find your CRM cannot solve every problem and do all the things. That is not its purpose. But there are other technologies that can integrate with the CRM and in your processes to streamline everything.
• Using a dictation or voice-to-text will help you document more efficiently. Like anything else, you will want to review the information before completing.

"What does it mean to go above and beyond what's expected of you? That's what separates people, that's what separates these experiences, and that's what earns you referrals." — Kate Guillen

Connect with Kate Guillen:

Website: https://www.simplicityoperations.com/

LinkedIn: https://www.linkedin.com/in/kate-guillen-118801126

LinkedIn: https://www.linkedin.com/company/simplicity-ops/

Connect with Jeffrey Concepcion:

Website: https://www.stratoswealthpartners.com

Contact: https://www.stratoswealthpartners.com/contact

Twitter: https://twitter.com/Stratos_Wealth

Facebook: https://www.facebook.com/stratoswealthpartners

LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/

In this episode, Jeff and Gary discuss:

• Acquiring the right talent.
• Attrition rates, training programs, and building a successful team for the long haul.
• Investing in talent and building your business plan every year.
• Best models for young, future leader advisors.
• Balancing quarterly goals with long-term relationship building.

Key Takeaways:

• The biggest indicator of success is not personality. It’s about communication and expectations.
• Training falls short when your firm is only looking at the spreadsheet or assessment and not the relationship with the employees.
• The advisor of the future will look different than what we know right now.
• Being authentic is now more important than just building a brand for many young advisors.
• The fundamentals never go out of style. You will always need to create relationships and build trust.

"The biggest indicator of success that I've seen in my 10 years of doing this has been the ability for a mentor-mentee relationship, and really just presenting upfront expectations and creating a roadmap for the mentee." — Gary Kuhn

Connect with Gary Kuhn:

LinkedIn: https://www.linkedin.com/in/gary-kuhn-0b624293/

Connect with Jeffrey Concepcion:

Website: https://www.stratoswealthpartners.com

Contact: https://www.stratoswealthpartners.com/contact

Twitter: https://twitter.com/Stratos_Wealth

Facebook: https://www.facebook.com/stratoswealthpartners

LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/

In this episode, Jeff, Ted, and Scott discuss:

• Understanding valuation metrics and the significance of recurring revenue and organic AUM growth.
• The pitfalls of DIY approaches.
• The importance of cultural fit and why it matters more than money alone.
• The potential for minority transactions.

Key Takeaways:

• 60% of our clients have taken less money because it's a better cultural and environmental fit not only for themselves but for their staff and their clients. Fit is just more important when it's aligned than just getting the bigger paycheck.
• Most of the firms that we work with will want the advisor to have some sort of skin in the game from an equity perspective
• Founding shareholders are never going to be able to monetize at the same multiples with internal stakeholders as they can with external stakeholders. It’s a balance between taking care of the loyal people versus having a good outcome for them and their families.
• Most people don't know how to run the numbers, especially over a three to five-year period, to show that true trajectory and that hockey stick growth.
• As an advisor, you need to look at your goals, not just those for your clients.

"It's silly to go at it by yourself, because you're highly inexperienced, not as an advisor, but highly inexperienced as a deal negotiator." — Ted Jenkin

Connect with Ted Jenkin & Scott DiGiammarino:

Website: https://www.jptdpartners.com/

Ted’s LinkedIn: https://www.linkedin.com/in/theceoadvisor/

Scott’s LinkedIn: https://www.linkedin.com/in/scottdigiammarino/

Connect with Jeffrey Concepcion:

Website: https://www.stratoswealthpartners.com

Contact: https://www.stratoswealthpartners.com/contact

Twitter: https://twitter.com/Stratos_Wealth

Facebook: https://www.facebook.com/stratoswealthpartners

LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/

Welcome to another episode of The Evolving Advisor, the podcast designed to guide Financial Advisors toward achieving both business and personal success. Hosted by Jeff Concepcion, a seasoned advisor, entrepreneur, and CEO, this episode is packed with actionable insights on one of the most pressing topics in the financial advisory industry today—navigating the complexities of financial advisory transactions and growth.

Join Jeff as he sits down with Scott DiGiammarino and Ted Jenkin, the founders of JPTD Partners, to discuss the latest trends and strategies in financial advisory transactions. With decades of combined experience, Scott and Ted offer invaluable advice for advisors looking to understand the evolving landscape of private equity, valuations, and strategic transactions.

In this episode, you’ll discover:

• The Evolution of Private Equity in Financial Advisory: How has private equity impacted the industry and what trends are shaping the future?
• Valuation Insights: Learn why valuations vary and how factors like revenue size and growth trajectories affect your business's worth.
• Transaction Strategies: Explore different types of transactions, including minority vs. majority stakes, and understand the benefits and pitfalls of each.
• -Growth and Profitability Metrics: Discover what metrics matter most to buyers and how you can enhance your business’s value.
• Cultural Fit and Negotiation Tactics: Why aligning with the right partner is crucial and how to effectively negotiate terms that suit your long-term goals.

This episode provides practical advice for advisors at any stage of their career, offering expert insights on maximizing the value of your business and making informed decisions about future transactions. Whether you're contemplating a sale, seeking growth, or simply exploring your options, this conversation is a must-listen.

Tune in now and take the next step in evolving your advisory practice.