Welcome again to the 319th episode of the Monetary Advisor Success Podcast!
My visitor on at this time’s podcast is Jim Niedzinski. Jim is a Co-Founding father of Motive Wealth Advisors, an impartial RIA based mostly within the suburbs of Detroit, Michigan, that oversees $250 million in belongings beneath administration for almost 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 large wirehouses to draw and retain ultra-high-net-worth households and have differentiated themselves by growing and implementing a shopper activity 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 discuss in-depth about how Jim and his companion felt they may differentiate themselves from larger companies by attempting to maximise what number of of their monetary planning suggestions really get applied by purchasers, and determined to construct their agency round Asana – a activity and mission administration device – as a substitute of a conventional CRM system, to make sure that the recommendation they offer is ready in movement, how Jim leverages relationships he constructed with accountants, attorneys, and different professionals via chilly calls early on in his profession to now be capable of achieve a gradual stream of referrals of very HNW purchasers, and the way, via 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 discuss how Jim and his companion leverage back-end help from Tru Independence in order that they will have extra time and capability to assist their purchasers with their advanced monetary points, how Jim has present in his transfer ‘upmarket’ to extra prosperous purchasers that there’s really much less price sensitivity that’s led him to extend his price 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 nicely and proceed to take action for the foreseeable future.
And be sure to take heed to the tip, the place Jim shares why, despite the fact that he didn’t initially got down to personal his personal agency when he began his profession, he’s glad that he pursued entrepreneurship as he felt validated with the quantity of help he acquired when he launched (and the quantity of purchasers that adopted him), why Jim believes that youthful, newer advisors making choices about the place to work ought to deal with discovering a agency based mostly on the character and high quality of individuals they may work with (fairly than a flowery web site) and the place they may achieve a mentor that may permit them to soak up as a lot data as potential, and the way Jim’s perspective on constructing a shopper base was impacted by Greg McKeown’s “Essentialism” that you could be extra current and efficient in shopper relationships by being extra centered… which has solely strengthened his deal with retaining a small and centered shopper base with whom he might be maximally efficient as a monetary advisor.
So, whether or not you’re involved in studying about how Jim makes use of Asana as a substitute of a CRM to trace and handle shopper duties, how leveraging back-office help helps Jim and his companion achieve extra time to supply much more worth for his or her purchasers, or why Jim locations significance on actually, 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.