The Confident Advisor Practice Podcast
The Confident Advisor Practice Podcast is a production of the Horizon Advisor Network. Each episode will concentrate on topics relevant to the independent financial advisor. From practice management, to succession planning, to make the most of your resources and talent, the Confident Advisor Practice Podcast aims to be a resource for advisors looking to network and grow their business. Registered Representatives offering securities and advisory services offered through Cetera Advisors LLC, member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Cetera is under separate ownership from any other named entity. 15015 Jamestown Boulevard, Suite 100, Baton Rouge, LA 70810
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Building Your G2 Team: From Rainmaker to Caretaker
12/03/2025
Building Your G2 Team: From Rainmaker to Caretaker
Episode Summary In this episode, Adam Figura sits down with advisor and author Tyson Ray to unpack one of the biggest challenges facing advisory firms today: how to build a strong G2 (next-generation) team. Tyson explains why most firms are hiring the wrong way—looking for “mini rainmakers”—and why the real key is to hire and develop caretakers who can serve existing clients exceptionally well. He walks through Form Wealth’s internship-to-advisor pipeline, how they mentor young advisors in the real world (not just in textbooks), and why embracing trends like the RIA model and AI is critical for long-term succession and firm value. Chapters 00:01 – Welcome & Topic Setup Adam welcomes listeners and introduces the focus of the episode: building your bench and growing a strong G2 team for succession and scalable growth. 01:09 – Meet Tyson Ray & His Aha Moment Adam introduces Tyson’s background as CEO and founding partner of Form Wealth Advisors, his recognition in the industry, and his work on succession and mentorship. 01:52 – What Firms Are Doing Wrong with G2 Tyson explains how most founders try to hire a younger version of themselves—a rainmaker—and why that model rarely works given time, energy, and mentoring constraints. 03:12 – From Rainmaker to Caretaker Tyson shares the mindset shift: hiring advisors who care for existing clients rather than chase new business. He describes his realization that many client meetings had no complex problems left—just ongoing check-ins and life updates. 05:36 – The Power of the Caretaking Role How hiring people who love people (and details like the dog’s name and trips) allows founders to focus on complex planning and business building, while caretakers deliver high-touch service and help make the firm the rainmaker. 07:03 – Why “Unlearning” Is So Hard & The Internship Solution Tyson talks about the difficulty of un-brainwashing experienced advisors and how that led him to build an internship program with a local university to start with a clean slate. 07:53 – Designing the Internship Pipeline The origin story of their first intern, how her tech skills immediately improved office processes, and how they structured her senior year to work part-time in the firm. 09:31 – Attracting Top Intern Talent (Not the Leftovers) Why they now receive hundreds of applications for just a couple of spots—and why you want students who are applying for next summer’s internship in the fall, not scrambling in May. 10:40 – Front Desk to Back Office to Client Meetings Tyson outlines the three-month rotation: Month 1: Reception/front desk, handling mail and paperwork, learning forms and flows. Month 2: Exposure to both front and back office roles. Month 3: Sitting in client meetings, observing senior and G2 advisors in action. 12:42 – People vs. Data: Finding the Right Seat How they use real-world work to determine if someone is more client-facing (people-tilted) or back-office (data-tilted), and why today’s interns need help building face-to-face communication skills. 13:55 – One Year of Shadowing & Task Ownership The G2 sits in meetings for about a year; the senior advisor assigns them follow-ups in front of the client and debriefs afterward so they understand not just what to do, but why. 16:08 – Removing the Sales Burden & Paying Salaries Tyson describes shifting G2s to salaried roles focused on caretaking, providing revenue stability and making it easier to serve clients well even in volatile markets. He also explains how former interns now lead the intern program. 17:37 – Investing Back into Your Practice Why solving the G2 problem requires reinvesting profits into people and systems—not just lifestyle—and why ROI shouldn’t be measured in six months. 20:08 – Retention Through Career Path & Leadership Opportunities Adam and Tyson discuss how giving G2 advisors leadership responsibilities (like owning the intern program) creates a clear career trajectory and keeps them engaged for the long term. 20:52 – Industry Trends Advisors Underestimate Tyson talks about the rise of the RIA/hybrid space and the shrinking number of advisors versus the growing number of clients needing help—and why firms must learn to do more with less through technology. 22:16 – AI, Productivity & The Future Advisor A candid discussion about AI: it won’t replace advisors, but it will replace advisors who refuse to use it. The winning model is a tech-leveraged, highly relational advisor. 23:52 – Final Advice: Start with One Intern Tyson’s closing advice: start somewhere, don’t hinge everything on one intern or hire, and view the process as a chance to give back and let fresh eyes improve your business. 25:00 – About Total Succession & Where to Learn More Tyson shares details on his new book Total Succession, how it guides advisors through their own planning process and explores succession options, and where listeners can find it (totalsuccession.com and Amazon). 25:48 – Closing & Thank You Adam thanks Tyson for joining the show and wraps up the episode with a message of encouragement for advisors building their next generation. Key Takeaways Stop looking for the “younger you” rainmaker. Most founders try to hire a mini version of themselves who will sell and grow the business—but this usually fails. Hire caretakers, not hunters. G2 advisors should primarily be responsible for caring deeply for existing clients and delivering your firm’s planning process, not carrying the burden of sales. Mentorship is non-negotiable. Young advisors leave when they don’t get time, feedback, and consistent joint work with senior advisors. Internships are your farm system. Form Wealth built a university-based internship program that attracts proactive students early (applications the fall before the summer) and turns the best fits into full-time hires. Use internships to test “fit” in three arenas. Front desk/reception, back office/data work, and sitting in client meetings reveal who’s more people-oriented vs. data-oriented. Train by shadowing and task ownership. For about a year, G2 advisors sit in meetings, take on follow-up tasks (“Adam will get that for you…”), and debrief afterwards to understand the why behind each step. Remove the sales burden and pay a salary. Tyson’s G2s are salaried caretakers, which creates stability, reduces stress in down markets, and lets them focus on service, not production. Build a teaching ladder. Former interns who are now CFP® advisors help train the next class of interns, so knowledge compounds and doesn’t rest solely on the founder. Underestimated trend #1 – The RIA evolution. The growing RIA and hybrid space is essentially recreating the old regional firm model and changing how advisors affiliate and scale. Underestimated trend #2 – AI as a multiplier, not a replacement. Clients won’t leave advisors for AI—but they may leave advisors who don’t use AI for those who do. Start somewhere—and don’t hang your hopes on just one hire. Not every intern or G2 will be a fit, but each one is a chance to improve your business and theirs. Quotes from the Episode “Stop trying to hire the younger version of yourself. What you need isn’t another rainmaker — it’s a caretaker.” — Tyson Ray “Clients don’t leave advisors for AI…but they will leave an advisor who doesn’t use AI for one who does.” — Tyson Ray “You have to mentor G2. You can’t outsource your culture, your process, and your client experience.” — Adam Figura “If you're not reinvesting in your practice, you’re never going to solve your G2 problem.” — Tyson Ray “Going slower at the beginning allows you to go exponentially faster later.” — Tyson Ray “The internship program has become our farm system — and it works because we built it intentionally.” — Tyson Ray Contact Information Guest – Tyson Ray Form Wealth Advisors Website: totalsuccession.com Book: Total Succession (available on Amazon) Host – Adam Figura Horizon Financial Group Email: adam.figura@horizonfg.com Website: www.horizonadvisornetwork.com Disclosure The views depicted in this material are for informational purposes only and are not necessarily those of Cetera Advisors, LLC. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisors, LLC nor any of its representatives may give legal or tax advice. Pete Bush, Bill Bush, and Andy Bush are registered representatives offering securities and advisory services through Cetera Advisors, LLC, member FINRA/SIPC, a broker-dealer and registered investment adviser. Adam Figura is a registered administrative assistant of Cetera Advisors, LLC, member FINRA/SIPC. Today’s guest is not affiliated or registered with Cetera Advisors, LLC. Any information provided by our guest is in no way related to Cetera Advisors, LLC or its registered representatives. Cetera is under separate ownership from any other named entity. 15015 Jamestown Boulevard, Suite 100. Baton Rouge, LA 70810
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Break the Bottlenecks: Top Constraints Stalling Advisor Growth
11/04/2025
Break the Bottlenecks: Top Constraints Stalling Advisor Growth
Adam Figura welcomes Jon Randall of XFA to discuss why marketing isn’t the real obstacle to scaling an advisory business—capacity is. They unpack the top constraints that stall growth, how to optimize your client mix, boost revenue per client, leverage team capacity, and create a more scalable, profitable practice. Jon also shares real benchmarks, industry data, and practical strategies that top-performing Barron’s 100 firms use to grow smarter. Timestamps & Chapters 00:01 – Welcome & Set-up Adam frames the episode: the biggest scaling issue isn’t leads—it’s bottlenecks. Jon Randall joins to talk solutions. 00:56 – Guest Intro Jon shares his excitement to contribute and set the stage. 01:02 – The Real Growth Ceiling “More, more, more” mentality hits a wall. Top firms grow by focusing on quality over quantity. 02:37 – Rising Demand, Shrinking Supply Jon cites studies predicting a 100,000-advisor shortage by 2034. Quality-focused firms are best positioned to thrive. 03:02 – Psychology of Change Advisors cling to familiar playbooks. Scaling requires embracing new roles, uncomfortable changes, and delegation. 04:49 – Capacity Management: The Biggest Constraint To reach 8–9 figures, advisors must shift from being the main producer to leveraging other advisors’ capacity. 05:35 – Benchmarks & Bottlenecks Owner vs. team capacity benchmarks: most firms are overloaded and clogged with sub-profitable clients. 07:42 – Focusing on the Top 20% Adam and Jon highlight narrowing focus to the best clients and delegating the rest. 08:12 – Building Capacity Through Service Advisors Real-world example: loading great service advisors with less than 200 clients driving $1.5M in revenue. 08:55 – Two Models That Work Boutique vs. scale—both are valid, but growth requires avoiding client hoarding at the top. 10:09 – Revenue Per Advisor = Revenue Per Client Identify and eliminate low-revenue anchors to free capacity. 10:37 – Pricing and Add-On Revenue Streams Strategically adding planning fees and other services can boost topline by 50–100%—without more clients. 12:58 – Clients Will Pay for Planning Planning services average $3,000 annually. Start by making them available. 14:22 – Overcoming the “How Do I Charge Now?” Objection Jon explains how to reposition value so pricing becomes natural. 16:43 – Segmentation and Optimization Create tiers, increase top-end value, and confidently transition or sell lower-tier clients. 19:11 – Referrals Drive Real Growth 73% of new clients come from existing clients, 24% from COIs. All other channels = just 3%. 20:10 – Narrow Niches Win Identify 1–3 connector clients, go deep, and replicate success. 22:24 – Benchmark Your Firm Know where you stand, where you’re stuck, and where the opportunities lie. 23:32 – Resource Mention: — Free XFA Growth Guide to benchmark and identify growth constraints. 24:00 – Final Words & Encouragement Advisors who level up now are positioning themselves to thrive in a high-demand, low-supply future. 24:35 – Closing Adam thanks Jon and wraps the episode. Key Takeaways Capacity, not marketing, is the real growth choke point. Quality v. Quantity: Focus on profitable clients, not just more clients. Raise revenue per client: Add planning fees and other value streams. Referrals are gold: Existing clients and COIs drive nearly all new growth. Benchmark and act: Know your bottlenecks so you can break through. 🔑 Notable Quotes “It’s not marketing—it’s capacity.” “The things that got you here won’t get you there.” “Referrals come from focus, not just volume.” 📲 Connect with XFA Website: Free Growth Guide for Advisors: Benchmark your practice and identify opportunities to scale smarter. ⚠️ Disclosure The views depicted in this material are for informational purposes only, and are not necessarily those of Cetera Advisors, LLC. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisors, LLC nor any of its representatives may give legal or tax advice. Pete Bush, Bill Bush, and Andy Bush are registered representatives offering securities and advisory services offered through Cetera Advisors, LLC, member FINRA/SIPC, a broker dealer and registered investment adviser. Adam Figura is a registered administrative assistant of Cetera Advisors LLC, member FINRA/SIPC. Today’s guest is not affiliated or registered with Cetera Advisors, LLC. Any information provided by our guest is in no way related to Cetera Advisors, LLC or its registered representatives. Cetera is under separate ownership from any other named entity. 15015 Jamestown Boulevard, Suite 100. Baton Rouge, LA 70810
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The Power of Process: Why Advisors Need a Repeatable Risk Management Framework
10/06/2025
The Power of Process: Why Advisors Need a Repeatable Risk Management Framework
Episode Summary Adam sits down with Vincent Randazzo, CMT, to unpack why every advisor needs a repeatable, rules-based risk management framework—and how Vincent’s Defender Program helps advisors dial exposure up or down through full market cycles. They cover common mistakes during drawdowns, the “smart buy-and-hold” approach, preserving client (and advisor) psychological capital, and what century-long market breadth data really says about major tops. Chapters 00:00 – Welcome & Guest Intro Adam introduces Vincent Randazzo, CMT, his technical research background, and the Defender Program’s purpose: systematic, risk-managed equity overlay. 01:21 – Why a Repeatable Risk Framework Matters Mindset + preparation = confidence. Without a framework, advisors default to headlines and emotions; with one, they lead the client conversation. 03:22 – The Biggest Mistake in Downturns Waiting too long to act. Post-decline selling creates a painful decision tree (when/why to get back in) and can impair long-term compounding. 04:50 – Inside the Defender Program Subscription service delivering real-time signals to reduce risk ahead of deeper drawdowns while preserving most upside participation; an adaptive overlay that complements existing strategies. 07:14 – Origin Story & Motivation Lessons from 2002 and 2008–09: portfolios can take hits that take years to recover. Make discipline automatic so advisors can turn uncertainty into opportunity. 09:09 – Simpler Decisions, Lower Stress Clear rules reduce second-guessing. A process keeps advisors calm, protects “psychological capital,” and reduces hand-holding during volatility. 11:13 – Differentiation & Demonstrating Value In a world of cheap beta, robos, and AI, clients still expect protection when markets get ugly. Show you’ve planned for that scenario. 13:33 – “Smart Buy-and-Hold” vs. Static Buy-and-Hold The compounding math is path-dependent. Dial back exposure when probabilities turn against you; lean back in as conditions improve. Use simple language and analogies with clients. 15:50 – What 100+ Years of Market Breadth Says “The market whispers before it shouts.” At final tops, breadth is often weak even while cap-weighted indexes look fine—an under-the-hood red flag. 18:27 – Implementing a Systematic Framework Competence + confidence are what clients buy. Consistency creates clarity; clarity creates confidence—and stronger relationships through cycles. 19:58 – Two Takeaways for Advisors (1) Use risk management as the easiest lever to improve outcomes. (2) Minimize down years to dramatically improve the compounding equation. 21:31 – Where to Learn More Website, LinkedIn, and email for the Defender Program and ViewRight Advisors. 22:19 – Closing & Thanks Adam wraps with a focus on clarity, process, and client confidence. Key Takeaways A rules-based framework keeps you leading—not reacting—to markets. Acting late (post-decline) is usually more damaging than modest, rules-driven de-risking. Manage psychological capital for both you and clients. A “smart buy-and-hold” approach adjusts exposure as probabilities shift. Breadth weakens before headlines—watch under the hood, not just the index. Consistency → clarity → confidence —the engine of durable client relationships. QUOTES “Think of risk management like insurance for your biggest financial asset—your book of business.” “The market usually whispers before it shouts.” “Clear rules stop the second-guessing.” “Consistency creates clarity, and clarity creates confidence.” “The seatbelt doesn’t keep you from driving—it minimizes damage when you hit a bump.” “If you control the risk side, the compounding math gets exponentially better.” Guest & Resources Vincent Randazzo, CMT — Founder, ViewRight Advisors Website: https://viewright.ai Email: vincent@viewrightadvisors.com LinkedIn: Vincent Randazzo, CMT Program Mentioned: Defender Program — a systematic, risk-managed equity overlay for advisors. Connect with the Show Host: Adam Figura: Disclaimer: This conversation is for educational purposes only and does not constitute investment advice. All investing involves risk, including possible loss of principal.
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PopEnomics with Jesse Hurst
09/02/2025
PopEnomics with Jesse Hurst
In this episode of The Confident Advisor Practice Podcast, host Adam Figura welcomes Jesse Hurst, Senior Wealth Manager and CEO of Impel Wealth Management of Cetera Advisors, to share insights from his new book PopEnomics. With more than 30 years of experience helping clients navigate retirement, investment, and estate planning, Jesse combines technical expertise with relatable stories drawn from movies, music, and pop culture. What started as weekly blog posts in 2010 evolved into hundreds of bite-sized lessons during the pandemic. Those lessons, often illustrated with memorable cultural references—from Animal House to Friends to What About Bob?—now come together in PopEnomics. Jesse explains why financial planning is like taking “baby steps,” why herd mentality often leads investors astray, and how advisors play a crucial role in guiding clients through both the numbers and the emotions of retirement. This conversation is full of practical takeaways and entertaining examples that show financial planning doesn’t have to be dry or intimidating. Instead, it can be approached like solving a puzzle—step by step, with the bigger picture in mind. Key Takeaways ● Jesse has written 600–700 blog posts since 2010 to keep clients engaged and informed. ● PopEnomics was inspired by the feedback on his COVID-era writing, where pop culture references made economic concepts “stick.” ● Examples from Animal House, Friends, What About Bob?, The Beatles, and even Britney Spears make financial lessons more memorable. ● Financial planning works best in “baby steps,” building gradually toward retirement. ● Many retirees struggle with the emotional shift from saving to spending, even when resources are more than sufficient. ● Advisors help clients flip that switch and confidently enjoy their wealth. ● Financial journalism is designed to attract clicks, not provide reliable investment advice—understanding its purpose helps avoid panic. ● The book frames planning as 12 financial puzzles, starting with knowing “where you are” and envisioning the picture on the box (your retirement). ● Advisors aren’t there to predict markets but to connect clients’ dreams with their resources. ● It’s never too late to begin financial planning; whether at 30 or 55, there’s always a path forward. Chapters 00:00 – Welcome and Introduction to Jesse Hurst Adam Figura introduces guest Jesse Hurst, Senior Wealth Manager and CEO of Impel Wealth Management of Cetera Advisors. With 37 years of experience, Jesse shares his mission of helping clients “move life forward” and introduces his new book PopEnomics, which blends rock and roll, movies, and financial wisdom. 01:00 – From Weekly Blogs to a Full Book Jesse explains how his writing journey began in 2010, evolved during the pandemic, and resulted in more than 600 bite-sized blog posts. COVID gave him the push to expand on those ideas, ultimately leading to PopEnomics—a book that tells the “whole story” of financial planning. 02:47 – Movies, Music, and Money Lessons Jesse recalls how cultural references became a powerful teaching tool, from Animal House (unconventional weapons for unconventional crises) to Friends (Joey digging a hole as a metaphor for the $2.2 trillion economic gap during COVID). Listeners hear how these pop culture moments make complex financial concepts relatable and memorable. 05:42 – Baby Steps and Herd Mentality Financial planning is like the “baby steps” taught in the movie What About Bob?—small, consistent moves that add up to big results. Jesse also shares how herd behavior, captured by The Beatles’ “All Together Now,” often leads investors into trouble during market bubbles and crises. 08:16 – The Emotional Transition from Saver to Spender Jesse describes the difficulty many clients face in shifting from accumulation to distribution. He tells a powerful client story of a couple with $2.5 million in assets who struggled to spend, until they finally embraced first-class travel with the mindset: “If we don’t spend our money, someone else will.” 11:28 – Coaching Through Market Panic The conversation shifts to financial journalism and how its true purpose is to drive clicks, not provide reliable advice. Jesse cites infamous wrong predictions—from “The Death of Equities” in the late ’70s to the mislabeling of Sam Bankman-Fried as the next Warren Buffett—to highlight why advisors must reframe the noise for clients. 14:41 – Lessons From 37 Years and 19 Crises Jesse reflects on his career, beginning just before the 1987 crash, through the dot-com bubble, 2008, COVID, and beyond. He emphasizes that while each crisis feels like “the end of the world,” markets eventually recover, and advisors serve as the steady hand through volatility. 16:25 – A Backstage Pass to Retirement Using analogies like airport maps and jigsaw puzzles, Jesse explains how retirement planning starts with knowing “you are here” and picturing your ideal retirement (the puzzle box). He frames his book as 12 financial puzzles that readers can solve step by step to build clarity and confidence. 19:45 – What People Misunderstand About Advisors Jesse clarifies that advisors aren’t there to beat the market or predict downturns. Instead, they help clients define real goals, connect dreams with resources, and stay disciplined when emotions run high. A football-inspired analogy, “Fourth and Seventh,” illustrates the importance of trusted guidance during repeated 20% market drops. 22:15 – Protecting Retirees From Market Downturns Jesse outlines a strategy he uses for retired clients: replenishing two years of cash and short-term bonds when markets hit new highs, creating a cushion against selling during downturns. He shares how this planning gave one client peace of mind during 2022’s dual stock-and-bond selloff. 25:16 – The Core Message: It’s Never Too Late Jesse drives home the heart of PopEnomics: regardless of age, there’s always a way to start planning. Whether you’re just entering your “runway decade” or nearing retirement, small steps can lead to big progress. 26:04 – Where to Find the Book and Final Thoughts Jesse shares how listeners can pre-order PopEnomics on Amazon or visit PopEnomics.com for resources. He leaves the audience with his hope that people will find the book both fun and educational—reminding them that financial wisdom can be just as engaging as a great song or movie. Memorable Sound Bites ● “Financial planning’s like baby steps—you start small and keep moving forward.” ● “If the herd was right, the herd would be rich. And most people aren’t rich.” ● “If you don’t spend your money flying first class, one day somebody else will.” ● “The goal of financial journalism isn’t to make you rich—it’s to get you to click, buy, or tune in.” ● “Advisors help clients connect their dreams and their resources.” Connect Jesse Hurst ● Senior Wealth Manager & CEO, Impel Wealth Management of Cetera Advisors ● Author of PopEnomics ● ● ● Adam Figura ● Host of The Confident Advisor Practice Podcast ● ● afigura@horizonfg.com The views depicted in this material are for information purposes only, and are not necessarily those of Cetera Advisors, LLC. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisors, LLC, nor any of its representatives may give lega or tax advice. Pete Bush, Bill Bush, and Andy Bush are registered representatives, offering securities and advisory services offered through Cetera Advisors, LLC, member FINRA, SIPC, a broker-dealer and registered investment advisor. Adam Figura is a registered administrative assistant of Cetera Advisors, LLC, member FINRA, SIPC. The guest on this episode, Jesse Hurst of Impel Wealth Management, is a registered representative offering securities and advisory services through Cetera Advisors, LLC, member FINRA, SIPC, a broker-dealer and registered investment advisor. Cetera is under separate ownership from any other named entity. 15015 Jamestown Boulevard, Suite 100, Baton Rouge, LA 70810. These are hypothetical examples based on real client experiences. Outcomes vary and are not guaranteed.
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Breaking Up With Your Broker Dealer: A New Path
08/12/2025
Breaking Up With Your Broker Dealer: A New Path
In this episode of The Confident Advisor Practice Podcast, host Adam Figura sits down with Alanah Phillips, a dynamic advocate for Next Generation Advisors and author of the forthcoming book Breaking Up with Your Broker Dealer: A Clear Path to Independence for Financial Advisors. Alanah shares her career journey, the inspiration for writing the book, and offers powerful insights into the advisor experience—especially those navigating firm transitions. From recognizing red flags to understanding firm culture and defining independence, this conversation delivers valuable takeaways for advisors at all stages of their journey. Key Takeaways: Alanah Phillips champions the cause of Next Gen Advisors. Breaking Up with Your Broker Dealer focuses on advisor independence and identifying firm red flags. Culture, compensation structure, and practice fit are critical for long-term advisor success. Advisors should evaluate firm alignment with personal values and client needs. The due diligence process can be exhausting but necessary. Advisors should assess risk tolerance, capacity, and long-term goals before making a move. Not all firms are a one-size-fits-all solution—alignment matters. Chapters: 00:00 – Introduction to Alanah Phillips and Her Mission Adam welcomes Alanah and shares her background in financial services, advocacy work, and upcoming book release. 01:24 – Inspiration Behind the Book Alanah reflects on her journey from being hired into the industry by Adam to working with advisors seeking independence. She shares a powerful story that sparked the book’s theme. 04:12 – Recruiting Insights and Advisor Perspectives The difference between Alanah’s recruiting mindset and typical industry recruiters, shaped by years of working closely with advisors. 06:54 – Signs It's Time to Break Up with a Firm Alanah outlines common "breakup signs" like control, lack of recognition, dishonesty, and misalignment with advisor values. 08:58 – Current Landscape for Financial Advisors She explains the nuanced spectrum of firm models—from captive to fully independent—and how advisors can navigate the complexities. 11:40 – Prioritizing the Right Firm for Advisors Using a formula of risk tolerance, risk capacity, and goals, Alanah walks advisors through evaluating what firm model fits them best. 16:25 – Key Lessons from the Book Alanah emphasizes the importance of self-awareness, humility, and resisting shortcuts in due diligence to ensure long-term success. 19:14 – Understanding Firm Culture Discussion on how to spot true culture fit (beyond the “no jerk policy”) using subtle cues, team stories, and environment vibes. 22:05 – Where to Find Alanah Phillips and Her Work Alanah shares where listeners can follow her, learn about Catalyst and Advisor Launch Lab, and how to get a copy of her upcoming book. Sound Bites: “It’s time to break up!” “The industry is very nuanced.” “Is it a culture fit or vibes?” Connect with Alanah: LinkedIn: Website: startwithcatalyst.com Book: Breaking Up with Your Broker Dealer – launching September 2025 on Amazon Alanah Phillips is not affiliated with or registered with Cetera Advisors LLC. Any information provided by Alanah Phillips is in no way related to Cetera Advisors or its registered representatives. Connect with Adam: Email: afigura@horizonfg.com Website: horizonadvisornetwork.com Host: Adam Figura, Registered Administrative Assistant with Cetera Advisors LLC, member FINRA/SIPC. Cetera is under separate ownership from any other named entity. Located at 15015 Jamestown Blvd, Suite 100, Baton Rouge, LA 70810
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From Practice to Purpose: Colleen Bowler’s Journey to Coaching Advisors
07/09/2025
From Practice to Purpose: Colleen Bowler’s Journey to Coaching Advisors
In this inspiring episode, Adam Figura welcomes Colleen Bowler, a seasoned financial advisor turned coach and innovator. Colleen recounts her unconventional entry into the financial services industry during a personally challenging time, and how she built a successful, client-centered practice by asking meaningful questions, collaborating with experts, and charging for her planning expertise. She discusses her transition to coaching and the creation of the Passport Package—an innovative tool that helps advisors connect more deeply with clients through mindset assessments. The conversation underscores the importance of intentionality, specialization, and embracing the human side of financial planning. ⏱️ Time-Stamped Show Notes 00:00 – Welcome and Introduction Adam introduces Colleen Bowler, highlighting her 25+ year career in financial advising, her coaching background, and her co-founding of CNJ Innovations. 01:15 – Starting in a Storm: Colleen’s Entry into Financial Services Colleen shares her origin story—becoming a financial advisor during a personal crisis as a newly single mother. She emphasizes the power of flexibility in the profession. 03:13 – From Struggle to Strength: Building a Practice on $14K Recounting her early income and challenges, Colleen discusses how asking questions and surrounding herself with experts helped her thrive. 05:15 – I to We: The Power of Joint Work and Collaboration Colleen describes building an “ensemble” team and the transformative impact of charging planning fees—starting with just $900. 08:11 – Real Client Story: $10M Moved from Friends to Colleen Colleen shares how a $10,000 planning fee led to deep trust and consolidation of client assets—highlighting the importance of process and value. 09:08 – Specialization Matters: Lessons from Building a House Colleen explains how financial advisors should embrace specialization and leverage expert teammates to provide complete client solutions. 10:00 – Shifting Roles: From Advisor to Life Coach The industry has evolved—clients now want “Canyon Ranch” service, not just numbers. Colleen talks about embracing the human side of advising. 11:42 – Launching CNJ Innovations and a New Mission Colleen shares why she moved from advising to coaching, driven by her passion for learning, teaching, and helping advisors scale with intention. 12:43 – The Birth of the Passport Package Colleen introduces the Passport Package: a pair of five-minute assessments that measure eight key client mindsets to deepen conversations and relationships. 15:00 – Real-World Impact: New Revenue & Better Conversations Examples of advisors discovering major opportunities (like LTC planning) using the Passport Package—and how it reveals key differences between spouses. 17:07 – Qualifying Fit Through Assessment Results How the tool quickly identifies misaligned prospects and saves advisors time—some clients “just want returns,” others want more. 18:45 – Deepening the Dialogue: Mindsets Beyond the Money The tool opens conversations about health, partnership, and values—often the missing pieces in traditional planning. 19:34 – Coaching for Intentional Growth Colleen reflects on her coaching work, encouraging advisors to lean into what they love and be intentional with how they build their business and life. 21:07 – Planning with Purpose: R-Factor and Strategic Questions Adam and Colleen discuss using future-oriented questions—like “Where do you want to be in 3 years?”—to guide advisors and clients alike. 21:49 – Where to Learn More: Connecting with CNJ Innovations Colleen shares how to get in touch—via LinkedIn, email, or a 15-minute “impact call.” 22:25 – Final Thoughts and Inspiration Colleen offers encouragement: from $14K to a 7-figure exit, her story is a testament to what’s possible in this profession. 💡 Key Takeaways Flexibility enabled Colleen to balance family and a new career. Asking powerful questions was her foundational skill. Collaboration with experts fueled trust and referrals. Charging planning fees added professionalism and clarity. The Passport Package opens deeper client conversations through quick, insightful assessments. Advisors should lean into the human side of financial planning. Mindset and intention are crucial for long-term success. 🔊 Sound Bites "It's just different skill sets." "If I can do it, anybody can." "That just saved him a lot of time." 📞 Contact Colleen Bowler LinkedIn: Website: " 📞 Contact Adam Figura
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The Art of Charging For Advice
06/06/2025
The Art of Charging For Advice
🔍 Episode Summary: In this powerful episode, Adam Figura sits down with Erin Botsford—a 31-year career financial advisor, Barron’s Top 100 alum, and founder of the Elite Advisor Success System—to explore how financial advisors can confidently charge for their expertise. Erin shares her journey from working with mass affluent clients to serving high net worth individuals, offering actionable insights on pricing strategy, uncovering client vulnerabilities, and positioning yourself as a true expert. From “disturbing tracks” to annual fee renewals, this episode is packed with strategies for transforming how advisors deliver and price value. ⏱️ Time-Stamped Show Notes: 00:00 – Introduction ● Adam introduces Erin and her extensive background in the advisory industry. 01:14 – Starting Out & Early Influences ● Erin's transition from wirehouse to semi-independent and her early exposure to charging planning fees. 02:53 – A Game-Changing Coaching Encounter ● How meeting a top-producing peer reshaped Erin’s perspective on scaling her practice. 05:13 – Learning the Needs of High Net Worth Clients ● Erin invested in herself, learning the legal and financial intricacies of affluent client needs. 07:24 – What High Net Worth Clients Want ● Focusing on the risk side of the balance sheet to stand out and offer true value. 09:40 – “Disturbing Tracks” and Emotional Triggers ● Using vivid, relatable stories to uncover client fears and motivate action. 14:12 – Overcoming Objections & One-Meeting Policy ● Erin’s no-chase policy: if they don’t commit in the first meeting, she moves on. 17:40 – Moving Upmarket Successfully ● Advisors must be prepared to engage high net worth clients with confidence and relevance. 20:07 – Confidence, Language, and Credibility ● How one advisor used Erin’s training to close a $44,500 planning fee with a $40M prospect. 23:15 – Positioning Yourself as a Trusted Professional ● Why charging nothing devalues your expertise—be on par with attorneys and CPAs. 24:29 – Establishing & Renewing Annual Fees ● Define your model and clients will follow; ongoing fees are part of the process when value is clear. 26:16 – Comprehensive Planning Extends Beyond the Client ● Advisors should consider generational impacts, not just the couple in front of them. 29:19 – Closing & Resources ● Erin directs listeners to ; Adam thanks Erin for her insights 💡 Key Takeaways: ● High net worth clients value expertise and will pay for peace of mind. ● Storytelling and risk-side planning are essential to demonstrating value. ● Positioning, confidence, and clearly defined fee structures are critical for success. ● Advisors must treat financial planning as a business with real pricing power. ● . 💬 Notable Quotes: ● "Getting paid for your expertise." ● "Stories sell, let's just face it." ● "You have to paint that picture for them." ● "Birds of a feather flock together." ● "You get to set the rules of your business." ● "You need to put other legs on your stool." ● "They don’t want to feel vulnerable—they’ll pay to avoid it." ● "Free planning? That kills your credibility." 📞 Contact Host: Adam Figura, Director of Advisor Growth 📧afigura@horizonfg.com 📞 (225) 612-3820🌐 Registered Administrative Assistant with Cetera Advisors LLC, member FINRA/SIPC. Cetera is under separate ownership from any other named entity. Located at 15015 Jamestown Blvd, Suite 100, Baton Rouge, LA 70810
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Navigating Exit Planning with CEPA
05/07/2025
Navigating Exit Planning with CEPA
In this episode of The Confident Advisor Practice Podcast, Adam Figura is joined by Pete Bush and Brian Toma to dive deep into the value of the Certified Exit Planning Advisor (CEPA) designation. They explore how this credential equips financial professionals to better serve business owners navigating complex exit strategies. Topics include the wealth gap, M&A challenges, personal planning, and the importance of building a dream team. Listeners will gain valuable insights into how advisors can lead meaningful transition conversations and prepare clients—and their own businesses—for successful futures. ⏱️ Time-Stamped Chapters & Show Notes 00:00 – Introduction to Exit Planning and CEPA Adam welcomes listeners and introduces guests Pete and Brian. He explains the purpose of the CEPA designation for financial advisors. 01:38 – Why Pete and Brian Chose the CEPA Both discuss their motivations and experiences earning the CEPA designation. Brian describes the curriculum as some of the best, most practical advisor content he’s seen. 03:25 – The Dream Team Approach & Driving Business Value The CEPA program's emphasis on collaboration among advisors resonates strongly with Brian. Pete adds how the designation fits into his broader client service model. 05:15 – Understanding the Value of a Business Advisors frequently encounter business owners who don’t truly know what their business is worth or understand their wealth gap. 06:12 – Challenges in Exit Planning for Business Owners Brian and Pete discuss common roadblocks like emotional attachment, staying too long, and making assumptions about succession within families. 08:50 – The Importance of Personal Planning in Business Transitions Many owners fail to plan for life after selling their business. This personal gap can stall or kill deals, no matter how good the numbers look. 10:52 – Family Dynamics and Ownership Dilemmas Brian shares insights on the difficult, but necessary, conversations around family succession, including how to handle fairness between involved and uninvolved children. 13:25 – Do You Have a Business or a Job? Advisors should help owners assess if the business can run without them. If not, it's a job—not a business. Pete recaps the CEPA "three-legged stool": business, personal, and financial readiness. 14:56 – M&A Insights and Challenges in Acquiring Practices Brian and Pete reflect on buying other practices. They emphasize evaluating not just the numbers but the people and culture driving the business. 17:50 – The Four Intangible Capitals (4 C’s) They break down CEPA’s framework of Human, Social, Structural, and Systems Capital and how these impact business value. 19:31 – Preparing for Business Acquisition Before advisors consider acquisitions, they must ask: “Why do I want to grow this way?” and “Can my team handle the scale?” If systems aren’t ready, the deal may cause more harm than good. 21:11 – Advisor Role: Asking the Right Questions Adam points out how the best advisors ask questions to understand client goals. Pete jokes about Brian’s “Socratic” method of answering questions with questions. 23:04 – Final Thoughts and Takeaways Brian shares a story about a client who thought he needed $10M from a sale—but only needed $7.5M to live his ideal life. The advisor's role in modeling these scenarios is critical to confident decisions. 26:42 – From Concentrated to Diversified Wealth Pete explains how business owners accumulate wealth in a concentrated, illiquid asset and must be coached to diversify and protect their legacy. 29:05 – Why Advisors Should Consider CEPA Pete closes with three key reasons to pursue the CEPA: to better help clients, identify acquisition opportunities, and prepare for one’s own succession plan. “Stay ready so you don’t have to get ready.” 30:01 – Closing Thanks Adam thanks his guests and the audience. He encourages listeners to stay tuned for the next episode. 💡 Key Takeaways The CEPA credential enhances advisors’ value when working with business owners. Most business owners are unaware of the true value of their business or their wealth gap. Exit planning must include personal and emotional readiness—not just financials. A strong advisory team (“dream team”) is critical for successful business transitions. Acquiring a practice means acquiring its people and culture, not just its numbers. Advisors should question their readiness before pursuing M&A. Asking the right questions helps uncover the client’s true goals. Advisors need to stay educated and ready—for their clients and themselves. 🎯 Sound Bites “You need to know what you want.” “This is my life. This is my baby.” “You have a job.” “You have to hire the best people.” “You have to have a good CPA.” “We build out scenarios.” 🎯 Contact afigura@horizonfg.com
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Succession Planning and M&A with Dan Mayes
04/02/2025
Succession Planning and M&A with Dan Mayes
In this episode, host Adam Figura welcomes Dan Mayes to discuss succession planning, mergers, and acquisitions for financial advisors. They explore the importance of planning ahead, the great wealth transfer, practice valuations, and common misconceptions about the value of advisory businesses. Dan provides actionable steps advisors can take to maximize their firm's value and ensure a smooth transition. Chapters & Timestamps ⏱ 00:00 – Introduction to Succession Planning Adam Figura introduces the topic of succession planning and M&A in financial advisory. Guest Dan Mayes is introduced as a Director in Cetera’s Corporate Development department. ⏱ 00:44 – Why Succession Planning Matters The importance of planning for an advisor’s business exit. The three categories of succession planning: continuity planning, planned exit, and business acquisition. Why advisors need to be affiliated with firms like Horizon and Cetera for structured transition strategies. ⏱ 02:58 – Failing to Plan is Planning to Fail Advisors who don’t actively plan for succession risk their business, clients, and employees. The importance of having a structured plan rather than a last-minute approach. ⏱ 03:31 – Common Challenges in Transitioning a Practice The three biggest mistakes advisors make: Oversimplifying the succession process. Lack of a written continuity plan to protect business value. Not starting early enough—planning should begin 3-7 years before exit. ⏱ 06:01 – The Great Wealth Transfer & Its Impact 40% of advisors will retire in the next decade, managing $12 trillion in assets. Importance of training next-generation advisors to continue client service. Clients seek human advisors despite AI advancements—next-gen advisors need to be prepared. ⏱ 10:27 – Next Generation Advisors & Continuity Planning Next-gen advisors are entering the field well-educated but need hands-on experience. The importance of proactively structuring transitions rather than waiting for opportunities to arise. ⏱ 11:50 – Understanding Practice Valuations Recurring revenue businesses are valued higher than non-recurring revenue. Industry averages suggest 2.5-3.5x revenue for recurring businesses. Why advisors should work with valuation firms to determine true business worth. ⏱ 17:22 – Misconceptions About Practice Value "Your business is only worth what someone is willing to pay for it." Different buyers value businesses differently—terms, not just price, matter. The risk of selling to the wrong buyer who may not sustain the practice. ⏱ 21:10 – Key Areas to Focus on for Maximum Value Every advisor should have a written continuity plan—60-70% of advisors do not. Growth & profitability are key drivers of value. Importance of recurring revenue and having a solid client retention strategy. ⏱ 24:41 – Final Takeaways & Action Steps Advisors should: Start exit planning early—it’s never too soon. Engage with third-party valuation firms for an accurate assessment. Leverage firm resources like Horizon to maximize transition success. Take control over business succession rather than letting it be dictated by circumstances. ⏱ 26:23 – Closing Thoughts Adam summarizes key insights: succession planning should start now, not later. Advisors must protect their business value, have a structured exit plan, and seek partnerships for support. Key Takeaways ✔ Succession planning is crucial for business continuity and maximizing value. ✔ Advisors often oversimplify the process—it requires careful planning and execution. ✔ The great wealth transfer will significantly impact the advisory profession. ✔ Next-gen advisors are well-educated and motivated, making them key to continuity. ✔ Practice valuations are rising, but misconceptions can lead to poor decisions. ✔ Every advisor must have a written continuity plan to safeguard their firm. ✔ Growth, profitability, and efficiency drive practice value. ✔ Working with Horizon and valuation experts ensures a smooth transition. Notable Sound Bites 🎤 "Failing to plan is really a plan to fail." 🎤 "Your practice is worth what someone is willing to pay for it." 🎤 "Why would you settle for average?" 🎤 "Now's the perfect time to be creating a strategy." 🎤 "It's never too early to think about exit planning." Contact: ✅ 🔗 Adam Figura: afigura@horizonfg.com
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The Power of the Ensemble
03/06/2025
The Power of the Ensemble
Episode Summary In this episode, Adam Figura and Pete Bush explore the power of ensemble practices in the financial advisory industry. They discuss the differences between solo, silo, and ensemble practice structures, breaking down the benefits and challenges of each. Pete shares his journey transitioning to an ensemble model, highlighting the importance of teamwork, a clear vision, and entrepreneurial adaptability. They also discuss the evolving landscape of financial advisory firms, focusing on how collaborative environments enhance client relationships, build long-term firm value, and create sustainable business models. Key Takeaways ✅ Ensemble practices foster collaboration among advisors. ✅ Each practice structure (solo, silo, ensemble) has unique pros and cons. ✅ A clear vision is crucial for attracting and retaining top talent. ✅ Team dynamics significantly impact success. ✅ Recurring revenue models provide financial stability and career growth. ✅ Understanding entrepreneurial styles helps build strong advisory firms. ✅ Firm value extends beyond revenue generation to long-term sustainability. ✅ The ensemble model strengthens client relationships. ✅ Creating a supportive workplace improves retention. ✅ The advisory industry is constantly evolving—adaptability is key. Episode Chapters & Timestamps ⏳ 00:00 - Introduction to Ensemble Practices Overview of different financial advisory practice models. What defines an ensemble practice? ⏳ 05:56 - The Evolution of Entrepreneurial Models How advisors’ mindsets have shifted over time. Pete’s personal experience transitioning to an ensemble structure. ⏳ 11:58 - Building a Vision for the Future The importance of defining a long-term vision for a financial practice. How a shared vision attracts the right talent and clients. ⏳ 18:03 - Challenges and Opportunities in Ensemble Practices The biggest hurdles firms face when adopting an ensemble model. How to overcome obstacles and capitalize on opportunities. Notable Quotes 💬 "An ensemble practice isn’t just about working together—it’s about building something bigger than yourself." — Pete Bush 💬 "A clear vision isn’t just important; it’s essential for attracting the right people and keeping them engaged." — Adam Figura 💬 "Sustainable success comes from collaboration, not just individual effort." — Pete Bush Connect With Us 🎙️ Subscribe to The Confident Advisor Practice Podcast for more insights on building a successful advisory firm. 🔗 Follow Us: 📩 Have a question or topic suggestion? Email us at afigura@horizonfg.com
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A New Season of Empowering Advisors
01/13/2025
A New Season of Empowering Advisors
Episode Summary: In this inaugural episode of season 3 of The Confident Advisor Practice Podcast, Pete Bush, CEO of Horizon Advisor Network, welcomes special guest Adam Figura, Director of Advisor Growth. Together, they discuss the unique culture of the Horizon Advisor Network and the importance of fostering growth among financial advisors. Adam shares his journey in financial services, emphasizing the need to build confidence, create vision plans, and cultivate long-term relationships for success. The conversation sets the stage for future episodes packed with practical insights and strategies for advisors. Chapters: 00:00 – Introduction to the Confident Advisor Practice Pete Bush opens the podcast by introducing its purpose: helping financial advisors grow their practices. He also provides an overview of the Horizon Advisor Network and introduces guest Adam Figura, Director of Advisor Growth. 02:08 – Adam Figura's Journey in Financial Services Adam shares his career journey, starting in a professional development program on the East Coast, working with NextGen advisors, and eventually moving to Dallas to lead a team of over 100 advisors nationwide. He highlights his passion for mentoring and supporting advisors at every stage of their career. 05:23 – The Role of a Growth Officer Adam describes his role in providing hands-on support for advisors through practice management, team-building, acquisitions, and other growth initiatives. He explains how his focus on servant leadership and tailored strategies helps advisors succeed. 08:02 – Building Confidence in Advisors Pete and Adam discuss confidence as a "superpower" for advisors, enabling them to overcome challenges and make decisive moves in their practices. They share examples of how the Horizon Advisor Network instills confidence in its members. 09:09 – Vision Planning for Advisors Adam explains the importance of conducting five-year vision planning with advisors. He breaks down how he helps advisors define goals in areas like production, team structure, brand awareness, and client acquisition while identifying gaps and opportunities for growth. 12:03 – The Unique Culture of the OSJ The hosts explore the long-term relationships and collaborative culture within the OSJ. They highlight the benefits of compounding institutional knowledge, trust, and partnerships over time. 15:10 – Looking Ahead: The Future of the Podcast Pete and Adam discuss their vision for the podcast, including plans to bring on guest advisors, share actionable insights, and delve deeper into strategies for advisor growth. Key Takeaways: The podcast aims to support advisors in growing their practices. Adam Figura views advisors as his clients, highlighting servant leadership. Building confidence is essential for advisors to make progress. Vision planning helps advisors achieve long-term success. The OSJ culture at Horizon Advisor Network promotes trust and collaboration. Compounding relationships and institutional knowledge enhance business growth. The unique needs of each advisor require tailored approaches. Sound Bites: "It's about servant leadership." "Confidence is like a superpower." "It's been a breath of fresh air." Contact: Adam Figura: Pete Bush:
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The Power of Community
08/08/2024
The Power of Community
In this episode of the Confident Advisor Practice, hosts Bill Bush and Brother Pete delve into the significant benefits of joining a community of like-minded financial advisors. They explore how collaboration, knowledge sharing, and support within such communities can empower advisors, enhance their practice management, and foster professional growth. The discussion also touches on their experiences and insights from the Horizon Advisor Network, illustrating the practical advantages of community engagement in the financial advisory landscape. Episode Highlights: 00:00:07 - Introduction: The episode kicks off with an overview of the podcast's mission to provide advisors with strategies and confidence-building techniques. The hosts introduce the topic of the benefits of joining a like-minded advisors' community. 00:00:32 - The Value of Community: Brother Pete and Bill discuss the intrinsic value found in joining a community of advisors, emphasizing collaboration and the cultivation of a shared knowledge base. They touch on how communal experiences, like attending conferences, can spark new ideas and foster growth. 00:01:32 - Power in Numbers: The discussion shifts towards the power in numbers, exploring how communities can offer vast resources, including shared knowledge and collective problem-solving, which individual advisors might not possess on their own. 00:02:08 - Sharing Within the Community: Bill highlights how advisors can benefit from sharing insights and strategies within their network, offering as an example the Horizon Advisor Network's collaborative environment which consists of diverse advisors from across the country. 00:03:14 - Knowledge Sharing and Education: Pete shares how Horizon's Investalytics group facilitates deep discussions on fund performance and portfolio design, showcasing the tangible educational benefits of being part of an active advisor community. 00:04:20 - Support and Accountability: The hosts talk about the comprehensive support system within the Horizon Advisor Network, including regular check-ins and coaching sessions which foster a strong sense of accountability among its members. 00:06:28 - Confidence and Empowerment through Community: Bill and Pete discuss how being part of a supportive community can significantly boost an advisor's confidence and empower them to make more informed and bold business decisions. 00:07:05 - Inspiration and Role Models: The conversation turns to how community members can serve as role models and sources of inspiration, illustrating how success stories within the network can motivate and guide newer advisors. 00:08:22 - Networking and Collaboration: Highlighting the benefits of networking, the hosts describe how collaboration within the advisor network can open new opportunities and foster meaningful relationships. 00:09:55 - Gaining Fresh Perspectives: Pete emphasizes the importance of bringing in fresh perspectives and staying open to new ideas to evolve and improve one's advisory practice within a community setting. 00:11:22 - Building Confidence: The podcast loops back to the theme of confidence, discussing how being part overall of a nurturing network can significantly bolster an advisor's belief in their own capabilities and the value they bring to clients. 00:13:15 - Specialized Support: Bill outlines how specialized support from the network can assist advisors in dealing with niche areas or specific client needs, further emphasizing the community's role in an advisor's professional development. 00:14:58 - Open Door Policy: The hosts explain the "open door" policy within their network, which allows for unrestricted access to advice and support from the network's leadership, spotlighting the community's commitment to each member's success. 00:17:04 - Recap and Conclusion: The episode concludes with a recap of the discussed benefits, underscoring the transformative impact joining a like-minded advisors' community can have on one's practice. Key Takeaways: - Joining a community of like-minded financial advisors offers numerous benefits, including access to a collective knowledge base, networking opportunities, and a supportive environment conducive to growth. - Candid sharing of strategies, experiences, and insights within such communities can help advisors navigate challenges, discover new opportunities, and achieve their business goals more effectively. - The presence of role models and the availability of specialized support within the network serve as vital resources for personal and professional development, encouraging continuous learning and improvement. - Engagement in a community fosters a sense of belonging and contributes to building confidence, which is crucial for personal fulfillment and business success in the advisory field. Tweetable Quotes: - "There's power in collaboration and shared knowledge among advisors." - "Being part of an advisory community can significantly boost confidence and empower advisors." -"Learning from the successes within your network can be a powerful motivator." Resources Mentioned: - https://www.horizonfg.com/
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Top Ten Advisor Frustrations!
07/11/2024
Top Ten Advisor Frustrations!
Summary: In this episode of the Confident Advisor Practice, hosts Bill Bush and Brother Pete delve into the top 10 frustrations financial advisors face in their profession. Through their discussion, they explore various challenges, from operational support to the constant need for self-promotion, offering insights and potential solutions to each issue. This conversation sheds light on the complexities of the financial advisor role and provides valuable perspectives for professionals looking to navigate these common obstacles effectively. Episode Highlights: 00:00:07: Bill Bush and Brother Pete kick off the podcast with a warm greeting and quickly move to set the episode's theme, focusing on the mix of frustration and reward that characterizes the financial advisor profession. They set the stage for a deep dive into the common challenges advisors face, emphasizing the profession's inherently complex nature and how it can sometimes lead tofrustration despite its rewarding aspects. 00:00:31: Pete responds with agreement, highlighting how the complexity of the financial advisory business can introduce numerous frustration points. He points out the critical role of various individuals in the chain of financial advice and account management, setting the context for a detailed exploration of specific challenges. 00:00:47: Bill and Pete acknowledge that while the business has its frustrating moments, it remains deeply enriching and rewarding. This remark provides a balanced view of the financial advisory profession, suggesting that despite its challenges, the career offers significant fulfillment. 00:01:11: The conversation transitions to a detailed countdown of the top 10 frustrations of financial advisors, starting with the lack of operational support. Bill and Pete discuss the common structure of independent advisory practices and the challenges of operational tasks that many advisors face, especially those in small practices without dedicated support staff. 00:03:25: Bill brings up the issue of feeling isolated in the financial advisory field, a sentiment underscored by the industry’s fragmented nature. The discussion covers strategies for overcoming this challenge, such as seeking community and networking opportunities. 00:05:04: Revenue fluctuations are highlighted as a significant source of frustration, stemming from the business's inherently unpredictable nature. The hosts discuss the impact of market movements on advisory fees and the challenges of fluctuating income in the early years of commission-based business. 00:06:17: The conversation shifts to the difficulties in selecting the right technology for business operations. Bill and Pete share insights into the constant evolution of tech tools and the challenge of keeping up with new developments without being distracted by "shiny object syndrome." 00:08:08: The hosts discuss work-life balance, emphasizing the non-stop nature of the financial advisory role and the importance of prioritizing and being present in each aspect of life. This segment acknowledges the personal challenges advisors face in managing their professional and personal commitments. 00:10:13: Attracting ideal clients is identified as a major frustration, with a focus on developing an understanding of who an ideal client is over time. The discussion includes strategies for identifying and focusing on clients who align with the advisor's strengths and values. 00:11:18: Compliance headaches take the spotlight as a significant challenge, with acknowledgment of the essential role of compliance departments and the stress of adhering to a complex regulatory landscape. 00:13:46: Capping growth potential is discussed as a frustration that stems from the operational and administrative demands on advisors, preventing them from focusing on growth activities. The importance of building a supportive team to overcome growth barriers is emphasized. 00:15:17: The challenges of finding trustworthy partners and fitting culture into the business are explored, highlighting the importance of establishing reliable relationships within the industry. 00:16:28: The episode concludes with the number one frustration: constantly selling oneself. This segment reflects on the relentless need for financial advisors to promote their services and the pressures of continuously seeking new clients. Key Takeaways: - Operational support and leveraging technology are pivotal in managing and reducing the workload of financial advisors, enabling them to focus more on client relationships and strategic growth. - Building a sense of community and overcoming feelings of isolation are essential for maintaining a positive outlook and fostering professional development within the financial advisory field. - Effective management of revenue fluctuations, compliance requirements, and work-life balance are key to long-term success and personal well-being in financial advising. - Identifying and attracting ideal clients, along with building a supportive team and trustworthy partnerships, are crucial steps toward sustainable business growth and reducing professional frustrations. Tweetable Quotes: - "In our industry, complexity and frustration go hand-in-hand, but it's also incredibly rewarding." - Pete - "Overcoming operational challenges and isolation requires creating a supportive community and leveraging technology effectively." - Bill - "Finding your ideal client isn't just good for business; it's essential for personal fulfillment in our profession." – Pete Resources Mentioned: - https://www.horizonfg.com/
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Maintaining Momentum in the Summertime
06/19/2024
Maintaining Momentum in the Summertime
In this episode of The Confident Advisor Practice, hosts Bill and Pete Bush explore various strategies and insights for financial advisors aiming to enhance their practice's confidence levels. The discussion revolves around navigating the traditionally slower summer months in the advisory business, focusing on marketing versus sales activities, engagement opportunities, and personal and professional development strategies to maintain and even accelerate business momentum. Episode Highlights: · 00:07: Bill welcomes listeners to the podcast, introducing the purpose of The Confident Advisor Practice is to provide financial advisors with strategies and insights for building confidence in their practice. The exchange sets the stage for an episode dedicated to tackling the unique challenges and opportunities that the summer season presents in the advisory landscape. · 00:26: Bill and Pete discuss the transitioning seasons and mention how significant life events like graduations and holidays mark time passing. This introduction into the discussion about seasonal changes signals the importance of planning and adapting personal and business activities accordingly. · 00:32: Pete talks about the slower pace of business during the summer due to annual travels and clients' vacation traditions. He introduces the concept that despite the reduced pace, there are still valuable opportunities for advisors to stay connected with clients and keep the wheels of progress turning. · 01:18: Both hosts emphasize that business doesn't stop during the summer, highlighting the necessity for advisors to proactively plan and utilize this time effectively. This approach challenges the mindset of passively accepting the summer slowdown, urging advisors to seek opportunities for growth and engagement during these months. · 01:42: The conversation shifts to detailing the differences between sales and marketing in the advisory field, with particular focus on how each functions continuously throughout the year. They highlight summer as a unique opportunity for marketing and relationship-building activities, even if direct sales opportunities may be fewer. · 02:54: Bill and Pete discuss the importance of messaging and staying in contact with clients, especially when out of the office. The conversation suggests utilizing modern tools and technology to plan and automate communications, ensuring advisors remain present in their clients' lives irrespective of physical availability. · 03:11: They explore the role of current technology and tools, such as AI, in facilitating effective communication and planning during less active business periods. This highlights the blending of human insight and technology to maintain a consistent presence and outreach to clients. · 04:06: Discussing the value of personal interactions and trust-building activities during summer events, the hosts illustrate how being physically present and engaged in community events can foster deeper trust and relationships with potential and existing clients. · 05:27: The discussion turns to strategies for effectively using downtime, such as continuing education and system updates. This segment underscores the importance of using quieter periods for personal and professional development, ensuring readiness for increased activity levels in subsequent months. · 10:18: The hosts suggest organizing events and utilizing summer Fridays as opportunities for team bonding and culture-building within advisory practices. They provide practical advice on leveraging the summer for both personal enjoyment and setting the stage for a productive fall. · 15:16: In closing, Bill and Pete encourage listeners to maintain momentum and focus throughout the summer, using the slower pace as an opportunity to prepare for a strong year-end. They remind listeners about the importance of goal orientation and continual activity for sustained success. Key Takeaways: · The summer months present unique opportunities for financial advisors to focus on marketing, relationship building, and personal development despite a traditionally slower pace of business. · Leveraging technology and planning can ensure continuous engagement with clients and prospects, minimizing the impact of physical unavailability due to vacations or office closures. · Personal and professional development, along with strategic planning for the fall, are critical during the summer to maintain and build momentum in your practice. Tweetable Quotes: · "Using downtime effectively is not just about taking a break; it's about strategically preparing for the next season of growth in your practice." - Bill Bush · "Trust is built not just online but in person, staring into somebody's eyeballs. Summer events offer that perfect chance to deepen those relationships." - Pete Bush · "Keep the engine running all summer with strategic planning and engagement to jumpstart your fall." - Pete Bush Resources Mentioned: -
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All About OSJs
03/25/2024
All About OSJs
In this episode of the Confident Advisor Practice Podcast, hosts Bill and Pete Bush dive into the intricacies of the Office of Supervisory Jurisdiction (OSJ) model, sharing their insights and experiences from the Horizon Advisor Network. They discuss the evolving role of OSJs in the securities industry, shedding light on how OSJs provide support, compliance, supervision, and additional value to independent financial advisors. The episode covers the benefits of plugging into an OSJ, the personal touch and community it offers, and tackles common misconceptions about the model. Episode Highlights: - **00:00:07:** Bill welcomes listeners to the podcast and sets the stage for the episode's focus on the OSJ model within the Horizon Advisor Network. He highlights the purpose of the podcast, which is to provide tips, strategies, and perspectives for building confidence in financial advisors’ practices. The introduction underscores the significance of understanding the OSJ model for those in the securities industry. - **00:00:41:** Pete expresses his pleasure in joining the conversation, setting a collaborative tone for the episode. The brief exchange emphasizes the close relationship between the hosts and hints at the episode's informal but informative style. - **00:00:54:** The conversation shifts to a detailed explanation of the OSJ (Office of Supervisory Jurisdiction). Pete clarifies the vague understanding some listeners might have about OSJs, leading into a definition of the acronym and its significance in the securities industry. This segment is crucial for establishing a foundational understanding of the topic. - **00:02:08:** Bill and Pete discuss the specific responsibilities and requirements of an OSJ, including the necessity of holding a Series 24 license. This breakdown helps clarify the regulatory and supervisory roles that OSJs play within broker-dealer firms, making it easier for listeners to grasp the breadth of an OSJ's duties. - **00:03:29:** The hosts touch on the scale and scope of the Horizon Advisor Network's OSJ, mentioning the number of advisors and geographical distribution. This segment highlights the network's growth and the logistical complexities of managing a wide-spanning network of advisors. - **00:04:30:** Pete elaborates on the evolution of the OSJ model from a compliance and supervision focus to a value-added service provider. Here, specific examples like marketing programs, business coaching, and community-building efforts are discussed, illustrating the OSJs role beyond regulatory functions. - **00:05:15:** The episode narrows in on the tangible benefits of joining an OSJ for independent advisors, emphasizing the financial arrangements, personal attention, and the broader support ecosystem. Pete provides insights into how OSJs like Horizon Advisor Network cater to various advisor needs, contributing to their professional growth and client service capabilities. - **00:07:37:** Discussion turns to the importance and impact of in-person gatherings within the OSJ community. This part of the conversation underscores the value of face-to-face interactions in fostering relationships and community spirit among networked advisors. - **00:08:49:** Bill and Pete address some common misunderstandings about OSJs, such as concerns about client ownership and operational freedom. This segment serves to debunk myths and present the OSJ model as an enhancing rather than restricting partnership for advisors. - **00:10:20:** The hosts explore the diverse sizes and types of advisory practices that find value in plugging into an OSJ, reflecting on their own practice's growth and development alongside their affiliates. - **00:13:46:** Pete identifies the most significant challenges faced by OSJs, focusing on the people management aspect of advisory practices. This insight sheds light on the multifaceted role of OSJs in advising on business operations, growth strategies, and practice management. - **00:15:58:** The episode concludes with reflections on the rewarding aspects of operating an OSJ, particularly in enabling advisor growth, facilitating successful exits, and enhancing client service. Pete’s perspective offers a holistic view of the OSJ’s impact on the advisory landscape. Key Takeaways: - The OSJ model plays a pivotal role in providing compliance, supervision, and additional value-added services to independent financial advisors, enhancing their ability to serve clients effectively. - Joining an OSJ like the Horizon Advisor Network offers advisors a blend of regulatory support and community benefits, including personalized attention, professional development opportunities, and a supportive advisor ecosystem. - Common misconceptions about OSJs, such as concerns over client ownership and operational restrictions, are largely unfounded, with OSJs enabling rather than limiting advisor independence and growth. Tweetable Quotes: - "Understanding the OSJ model is crucial for anyone in the securities industry looking to enhance their practice." – Bill Bush - "The evolution of OSJs from purely compliance roles to providers of value-added services represents a significant shift in the industry." - Pete Bush - "Being part of an OSJ offers a personal touch and a supportive community, vital for independent advisors aiming for growth." - Pete Bush
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Financial Advisor Interview Tips
02/26/2024
Financial Advisor Interview Tips
In this episode of the Confident Advisor Practice podcast, hosts Bill Bush and Pete share valuable insights and tips for successful interviews and public speaking engagements. They discuss their experiences with interviews and conversations on various platforms. They mention that interviews can sometimes feel like conversations or Q&A sessions, whether on podcasts, at events, or in articles. Episode Highlights: · 02:01: The hosts, Bill and Pete Bush emphasize the importance of preparation for interviews, suggesting that being prepared helps you come across as more natural and confident. This preparation includes anticipating questions, rehearsing responses, and having a system for delivering messages. · 04:53: Anticipating questions and rehearsing potential responses is recommended, especially for podcasts and interviews. The hosts mention that some interviewers provide a general line of questioning to help guests prepare. · 06:32: The hosts discuss the importance of storytelling in interviews, recommending a clear beginning, middle, and end to your stories. They suggest focusing on two or three main points to convey effectively. · 09:11: They emphasize the importance of brevity and using sound bites to convey your message effectively. They discuss the use of stories and anecdotes to make your points more memorable. · 10:55: The hosts discuss the importance of being conversational and using language that resonates with the audience's level of sophistication. They suggest avoiding jargon and overly technical language. · 12:59: They suggest taking your time to answer questions and not rushing your responses. They discuss the use of pauses and redirections to gather your thoughts and deliver a thoughtful response. · 14:44: The hosts emphasize the importance of projecting confidence and authority in your responses. They suggest using facts and statistics to back up your points and establish credibility. · 17:55: They encourage practice and repetition to improve your interviewing skills, comparing it to building a muscle. The hosts suggest that with practice, you can become more comfortable and confident in interviews. Key Points: 1. Anticipate questions, rehearse responses, and have a system for delivering messages. 2. Use clear beginning, middle, and end to convey main points effectively and make them memorable. 3. Speak confidently, use relatable language, and back up points with facts and statistics. Tweetable Quotes: · "Storytelling is key! Use a clear beginning, middle, and end to convey main points effectively and make them memorable.” - Pete · "Be authentic! Speak naturally and let your personality shine through to connect with your audience.” - Pete · "Know your audience! Tailor your language and examples to resonate with your listeners and keep them interested." - Bill Resource Mentioned: ·
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Focus on Having the Best Year Ever!
01/25/2024
Focus on Having the Best Year Ever!
The Confident Advisor Practice podcast, hosted by Bill Bush and Pete Bush of the Horizon Advisor Network, explores tips, strategies, and perspectives for financial advisors to build, maintain, and grow confidence in their practice. In this episode, they discuss the beginning of a new year and the importance of setting goals for the financial advisor's business. The episode also aims to provide practical advice for financial advisors on building relationships with existing clients, expanding services, and ultimately growing revenue in their practices. Episode Highlights · 00.45: Pete emphasizes that the start of the year is a time when goals are typically set. He notes that financial advisors rarely wake up on January 1st thinking they had a good year and decide to do less in the coming year. Instead, they set goals for growth and success in their practice. · 01.09: The conversation touches on the distractions that may arise throughout the year, such as political events, interest rates, and conflicts overseas. Despite the potential noise from external factors, the hosts emphasize the importance of focusing on business planning and growth. · 02.36: The ability to stay focused despite external factors can be a superpower and even a competitive advantage for financial advisors. · 03.45: The episode aims to provide guidance on growing and succeeding in the face of uncertainties. · 04.24: The hosts discuss the idea of exploring new avenues, such as donor-advised funds, as an additional service for clients. · 06.07: Pete highlighting the importance of engaging with high-net-worth clients and ensuring that the planning process is comprehensive. He mentions scenarios where advisors may have inherited large investment clients or acquired clients who haven't been through the full planning process. · 07.09: Bill introduces the concept of an expansion passport, a self-assessment tool or questionnaire aimed at younger people. He emphasizes that this tool is a good way to open doors by asking questions that may not be solely investment related. · 09.12: Pete emphasizes the need for a system, often using a Customer Relationship Management (CRM) tool, to continually put the advisor in front of this broader audience. · 10.16: The hosts discuss the concept of being "referrable" and how the top 20% of clients can act as flag-wavers, potentially providing valuable referrals. · 11.31: While it may be difficult to raise fees based on percentage charges, financial advisors can focus on charging separately for unique services or intellectual capital. By offering something distinctive, advisors can set their own prices. · 14.08: The hosts discuss the importance of reviewing expenses at the end of the year and questioning the relevance of each item. · 15.48: The hosts stress the fundamental purpose of being in business—to make a profit—and the importance of managing expenses to maximize profitability. · 16.40: Bill and Pete discuss a conceptual framework using a four-square box to categorize potential clients based on their familiarity with the advisor and awareness of their financial needs. · 18.36: The hosts encourage financial advisors to concentrate their marketing efforts on individuals they know and who are already aware of their financial needs. This includes people who have shown interest, attended events, or expressed concerns related to their financial situations. · 20.15: Recognizing that financial advisors have limited resources; the hosts suggest focusing efforts to achieve maximum results. 3 Key Points 1. Bill outlines three primary ways for financial advisors to grow their profits on the top line of their business. 2. The episode provides financial advisors with insights on different aspects of growing revenue and profits, including the strategic consideration of raising prices and the importance of cost management. 3. The hosts recently conducted a Q1 focus call for their advisor network, and they plan to share some timely and essential insights for all advisors. Tweetable Quotes · “By maintaining focus and executing their plans, advisors can look back at the end of the year and see that they achieved their goals or made progress, even if unexpected challenges arose.: - Pete · “Doing more business with existing clients is a straightforward path to revenue growth.” – Bill · “Staying focused on the plan amid external uncertainties is considered a competitive advantage and a way to achieve success.” - Pete Resources Mentioned:
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EOS with Theresa Barnard
09/08/2023
EOS with Theresa Barnard
On today's episode of "The Confident Advisor Practice Podcast," a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talks to Theresa Barnard from Evergreen Solutions. They explain that they met Theresa through their involvement on the board of the Financial Planners Association of Louisiana and how they got to know each other. Episode Highlights · 01:56: The host talks about the EOS system (Entrepreneurial Operating System). They mention that the EOS system was derived from Gino Wickman's work, possibly referring to a book called "Traction" by Gino Wickman. · 02:24: Theresa mentions that she entered the wealth management industry in 1999 as a licensed advisor and spent most of her career working in ensemble practices. She eventually found herself in practice leadership roles, which she describes as a natural progression in her career. · 03:09: Theresa mentions that she had the opportunity to implement EOS into her practice two years ago and served in the integrator role. This experience led her to realize her true passion, which involves creating a conducive environment for growth and helping companies have a more significant impact on their clients and communities. · 04:46: EOS may not be the best fit for those who don't seek growth or change in their business. Theresa implies that EOS is more appropriate for business owners who are interested in improving efficiency, achieving growth, and making changes to their practice. · 05:40: Theresa elaborates on the criteria for advisors who should consider implementing the EOS system. She emphasizes that EOS is suitable for advisors in ensemble practices who have a desire to grow and increase their impact on clients, employees, and their community. · 07:01: Theresa explains that EOS is essentially a business operating system designed specifically for entrepreneurial business owners. · 08:24: Bill and Chad discuss the flexibility of the EOS system and how it can be tailored to suit the unique needs and preferences of each advisor's practice. They emphasize that EOS provides a framework that doesn't require advisors to reinvent the wheel, allowing them to adapt and integrate it into their practices as they see fit. · 11:58: Theresa emphasizes that the "people" component often stands out as the most complex and messy part of the business, primarily because people are inherently complex. She notes that one of the initial impacts of implementing EOS is focusing on finding the right people for the right positions within the organization. · 13:50: Theresa emphasizes the need for individuals to be in roles that match their natural abilities and interests, using the analogy that if she were to do interior design work, no matter how hard she tried, it wouldn't be a good fit. · 16:02: Bill, Chad and Theresa discuss how this concept encourages individuals and teams to prioritize their most crucial objectives over less important tasks, ensuring that they allocate their time and resources wisely during a 90-day period. · 17:52: Bill and Chad talk about the interconnectivity of the components and how they must work together seamlessly for success. · 19:27: Companies can choose to work with professional EOS implementers who are franchisees of EOS. These professionals serve as coaches, facilitators, and teachers, guiding the leadership team of a company through the implementation of EOS. · 23:20: The arrangement with an Integrator often depends on the company's specific situation and goals. Theresa highlights the importance of finding the right fit for the Integrator role, whether internally or externally, to ensure that the responsibilities are managed effectively, and that the Integrator can help drive the company's success. · 24:23: Theresa’s goal is to help her clients eventually graduate from her services when they have either developed an internal team member to take on the Integrator role or their company has grown to the point where they can afford a full-time Integrator. · 25:23: Theresa shares insights into her role as an Integrator, explaining that she works with companies on a part-time basis, helping them implement EOS and optimize their operations. · 27:02: Theresa clarifies that her goal is to eventually help clients graduate from her services when they have developed an internal team member or grown to a size where they can afford a full-time Integrator. 3 Key Points 1. Theresa explains that EOS is essentially a business operating system designed specifically for entrepreneurial business owners. 2. Theresa highlights that EOS provides a simple yet effective framework for aligning core values with hiring decisions, recognizing, promoting, and potentially separating individuals based on value alignment. 3. Theresa talks about the significance of having the right people in the right seats within an organization, using EOS tools like the People Analyzer. She highlights the flexibility of EOS, as it can be implemented in various industries, and discusses the EOS concept of "rocks" as 90-day objectives to drive progress. Tweetable Quotes · “The EOS system is described as a framework to help entrepreneurs, business owners, and advisors run their practices more efficiently and effectively, with the goal of achieving growth.” - Theresa Barnard · “Businesses are always looking for better ways to operate, and EOS offers a proven system that can help advisors create ensemble practices.” – Bill · “A company can self-implement EOS using the downloadable tools provided by EOS worldwide, such as books like "Traction" and "Get a Grip." However, this self-implementation may take a while as there is a learning curve involved.” - Theresa Barnard Resources Mentioned:
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A.I. in the F.A. World?
06/20/2023
A.I. in the F.A. World?
On today's episode of "The Confident Advisor Practice Podcast," a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau discuss about the growing popularity of artificial intelligence (AI) in 2023 and its potential positive effects on the financial advisory business. The speakers acknowledge that AI has rapidly emerged and is now widely present. They express their intention to explore the known positive impacts of AI in the financial advisory field and encourage thinking outside the box. Episode Highlights · 01.07: Bill and Chad discuss the adaptability of AI to the diversity of practices among financial advisors. · 02.25: Bill mentions that AI platforms may have a lag in terms of accessing up-to-date information. He further adds that AI's ability to automate tasks and provide insights is evolving rapidly. · 03:48: Chad talks about the potential of AI in automating tasks, citing an example of an AI machine scheduling appointments and conducting phone conversations. · 05:09: Bill highlights AI's capability to analyze large amounts of data quickly and provide valuable insights. · 06:17: Chad discusses the limitations of AI in providing personalized advice. He says that personalized advice and human relationships still hold significant value in the financial industry. · 07:34: Bill explains how AI can provide a head start in educational projects by generating outlines or training programs quickly. He discusses the potential of AI for on-the-fly educational resources. · 09:00: Chad mentions AI-powered chatbots on websites as an example of connecting with clients. · 09:49: Chad highlights the efficiency gains AI can bring to the service aspect of businesses. · 10:02: Bill and Chad discuss the growing role of AI and its potential for transforming various aspects of business and decision-making. · 14:13: With AI we are always going to find a way to be better at what we do. But again, nothing beats face to face. 3 Key Points 1. Chad shares how integrating AI into different aspects of a business can be relatively easy and customizable based on individual preferences. 2. Chad discusses the potential of AI in streamlining customer service and improving efficiency. 3. Bill and Chad discuss the ongoing evolution and advancements in AI technology. Tweetable Quotes · "Personalized advice and human relationships still hold significant value in the financial industry." – Chad · "Some clients may embrace AI-based service, while others may still prefer human interaction." – Chad · "Nothing beats personal relationships with clients." - Chad Resources Mentioned:
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CYA: Protecting Your Practice
05/01/2023
CYA: Protecting Your Practice
In today's episode of "The Confident Advisor Practice Podcast," a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about practice management. Today they are going to discuss about the importance of CYA in your practice. Episode Highlights § 01:36: The CYA 360 was born as a single-day event for business owners and business leaders. § 01:50: CYA 360 was a one-day symposium with guest speakers all speaking on their individual topic of specialization and expertise, whether that is buy-sell agreements, risk mitigation, company retirement plans, what are all the threats and things they need to be aware of uncovering all those potential issues, so it started as a one-day symposium, later it got morphed into a series. § 02:55: Bill talks about the 3 major categories of CYA 360. § 03:47: What are some things that individual practices really need to think about that they can implement and do …and kind of make their own. § 06:02: Bill shares how things change when you are in your 50s. § 08:00: There is not another runway decade out there, Bill has searched before starting their podcast. It is a unique story. § 09:30: Bill and Chad discuss the importance of staying relevant and up to date in the digital age. § 10:23: One of the ways you can protect yourself always being active, visible, and relevant is by having purpose planned marketing system within your firm. § 11:58: Every single day you should always be looking for new opportunities. The bigger deal is having a documented plan of client acquisition. § 13:22: Build a unique ability team. Stick to what you are best at as a new advisor, you have to be a Jack of all trades, but as you start to expand out, it doesn't necessarily mean you have to add a bunch of employees, but it is about maybe leveraging your strengths. § 15:58: Chad advises doing some legacy planning with children or grandchildren that come behind, but also diversifying the age groups of the clients that you are also working with as well too because you can have some clients that are bit closer to the end. § 16:23: If you are building a practice that has a kind of diversified age group. You can pretty much guarantee yourself that you are going to always be busy, and you are going to always have someone to talk to. § 19:07: Growth attracts growth, and if you are giving off the image to existing clients and prospective clients that we are growing organization, we are adding this, we are doing these things, we are having success, you are going to have a whole likely a bigger probability or better probability of getting referred again by an existing client or maybe someone who is not even a client but knows your business. § 24:39: Everyone who works behind the scenes knows who's responsible for what tasks, what things need to be done and the follow-ups and then of course, they do a weekly meeting with all those. § 25:48: As a business owner ask yourself, what happens if I can't work for two months, three months. How does my business keep going on right and the succession plan or the succession partner is what if I can't come back and what happens there? § 26:54: If you're an advisor, you tend to focus on all the bright and shiny things that you have fun doing. 3 Key Points 1. Chad explains how to build your brand or something with your own intellectual property. 2. Stay focused on the things you need to be focused on, and even if you can do that other piece, you are not going to be as good at it. 3. Chad shares how important it is to build a team, implement operation systems, and build a consistent, reliable service experience. Tweetable Quotes § "Any client that comes into our firm, it's going to be basically how we do our business in the financial planning process, the investment implementation process, and the planning process." – Bill § "I talked to advisors throughout our network, the overwhelming majority don't have anything like this, and they kind of just wing it." - Chad § "For some people, there might be some panicking. For others, it's, while I'm well ahead of this, but at any rate, it is critical time to really start getting intentional about what are the next 30-40, possibly even 50 years of my life going to look like and what can I do now to make progress in those areas." - Bill § "The next 10-to-15-year period, we call that period this runway decade, and it's important and earnest and significant for people just turning 50, but also for people up in their upper 50s too because you know folks are working longer. So, this 10-to-15-year period before you actually retire." - Bill § "You should always be focused on keeping the clients that you have, but finding the new clients that you don't have." – Chad § "If you only do rollovers, if you only do this, if you only do that, you'll get to a point where you're going to be a little bit stagnant." - Chad Resources Mentioned:
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Types of Referrals
03/13/2023
Types of Referrals
In today's episode of "The Confident Advisor Practice Podcast," a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about referrals, the golden egg of the business substitute. Episode Highlights · 01:20: Bill and Chad are going to talk about the three typical types of referrals that you may want to concentrate on and then obviously use all at the same time. · 01:40: First type of referral is passive referral, meaning somebody else is referring to. · 02:47: The next type of referral in called the reactive referral. It's typically that someone you know that knows what you do and you have told them, hey, look, if you ever meet someone who XYZ, make sure you tell them. · 04:39: The third of referral is called the manufactured referral. · 06:52: If you get a manufactured referral, you are probably 75% of the way there. So your probability of closing that business or gaining a new client goes up. · 07:38: To be successful, you have to have a few things going on at once and be diversified in referrals. · 08:04: Typically, most people don't just want one type of referral, then it hopefully adds to some sort of consistency as well. · 10:11: No matter what type of referral, when you take a look at these in totality, it's leveraging those existing relationships. · 10.40: Bill and Chad shares how increasing your credibility can help you to gain more referrals. · 11:45: The manufacturer referral is the one that's really much more guided, much more specific. · 11:50: The referral source is essentially set you up to make the connection and to meet that person, and really, that's where your highest degree of probability of having success is going. 3 Key Points 1. Bill and Chad explain if you have all three kinds of referrals working at the same time, that's going to be very beneficial. 2. Bill and Chad talk about the importance of leveraging existing relationships, if you're not doing that, you lose out on a lot. 3. It's a snowball effect, if someone whom someone else knows, then that person can spread the message for you as well. Tweetable Quotes · "Passive referrals have probably the least bit of frequency of the time that it does happen, but at the end of the day still it's a referral and it's still good." - Chad · "Manufactured referrals is where you are going to give your clients COI's team members whatever it may be, kind of a training on how to recognize that if they are in a conversation and they hear particular things where you have done some training with them of maybe see how to again, kind of really manufacture the referral itself in the sense of if you hear this, this is how you should say XYZ to maybe develop that referral." – Chad · "As an advisor, our ears kind of perk up to certain things. You know, if I hear anybody that's talking about. Changing jobs, retiring inheritance, having you know all these different life events that happen. Typically, my ears are kind of wired for it." - Chad · "If one particular bucket of referral source isn't working well on one type, then you might have the other one or two that are generating something." - Bill Resources Mentioned: Bill
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Working On & Working In the Business
01/30/2023
Working On & Working In the Business
In today's episode of "The Confident Advisor Practice Podcast", a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about working on the business and working in the business. Episode Highlights 40: As per Chad, many advisors are struggling with the differences between working on your business and working in your business and what it does to your business. 23: Chad talks about the importance of bigger-picture thinking tools and how they play an important role in "working on the business." 37: Chad explains how "Working in your business" is more of a tactical piece of your business. 41: The two most important things as an Advisor are keeping the clients you have and finding the ones you don't have yet. 51: There are advantages, certain distinct advantages in working in your business. There is the fact that working in your business hopefully is building strong relationships with your current clients. 46: Being in the trenches and working with clients on a daily basis, you are able to stay informed and ensure that you are providing your clients with the best possible advice. 46: By focusing on the bigger picture and working on the business, advisors can identify and address inefficiencies that lead to more streamlined and profitable operations, which is always a good thing for the bottom line. 56: Bill shares how he has noticed at the beginning of the year that there have been a lot of educational opportunities around marketing which is working on the business and practice management and things of that nature. Three Key Points Bill and Chad discuss the meaning of working on the business and working in the business. Chad explains why as an advisor you should be doing dollar activities as much as possible. Chad explains how many advisors tend to kind of get caught up more on working in the business as opposed to really working on the business Tweetable Quotes "Working on your business is you thinking of the ideas that you can help your revenue in a better way." - Chad "Working in the business, it's not typically something or an activity that is driving revenue or keeping revenue or growing the practice, it's more of the involuntary things you have to do like service request, distributions, trades." - Chad "Working on your business is kind of taking a step back, looking at the big picture of things." - Bill Resources Mentioned | 225-612-3820
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5 Down-Market Opportunities for Advisors to Consider
10/21/2022
5 Down-Market Opportunities for Advisors to Consider
In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about the opportunities that advisors may have given the current market conditions. They go through the list of five down-market opportunities for advisors to improve their practices now. Episode Highlights 01:10 – Chad says there are opportunities around every corner. If you're new or may have been around for a while or maybe at the end of your practice, there are always opportunities in every situation. 03:00 - The idea of being first to reach out to your clients, when things get ugly, instead of having them call you, a lot of clients appreciate that, regardless of if it's good or bad news. 05:00 – We need to start and see how far we've come in and change that perspective to the client of like that this will pass and this creates opportunities, says Chad. 06:55 – Bill states that their second point or opportunity in a downturn market would be to introduce alternative ideas and offerings to their practice. 09:10 - We've had several advisors in the network itself who historically did a lot of the portfolio construction and management more like a Fund Manager. 11:10 – Bill mentions you also need to be cognizant about what else is happening out there with the advisors that are not being proactive. 13:15 – Chad states that they do a really good job of communicating with their clients, and with all the different groups of people they want to tell their stories. 15:20 – Bill tells Chad to talk about the number five opportunity which is ‘Increasing Your Knowledge Base’. 17:30 – This is a good time for reflection, and a good time to take action. Downturns are never fun for anybody but certainly some opportunities. Difficult times always bring opportunities; you just have to look for them, says Chad. Three Key Points Chad thinks that proving your worth and galvanizing your relationship with your clients is one of the things that we always do as advisors. We know our worth, and we believe in ourselves but in an up-market when things are going well it's not so hard to kind of prove your worth. It's whenever the market takes a turn that becomes a little difficult and it is where you pay your dues in a sense of having the opportunity to show your clients while you're here showing them your expertise and your knowledge in the market. Such things paint a good picture for you as the advisor. They all independently came up with one thing that was consistent with each one of their speeches and it was that if you're not doing financial planning yet then probably this is the perfect time to do it. However, in markets like this that are a little difficult, if it's been more transaction airy in its nature, bringing the financial planning aspect into it kind of sets them apart from a lot of other advisors who are maybe not bringing that into their practice and it helps them along as well to whenever they're talking about returns and market conditions. The fourth opportunity for the advisors could be Acquisition and Book Management. So there could be an opportunity to hear that this is not a good opportunity. That this is one of the best times you can probably do that because again, advisors who are maybe kind of at the sun setting of their career, difficult times like this are some of the best times to start reaching out because compliance is getting a little bit more difficult. If you're looking for those opportunities, especially in markets like we have right now, you may find that you're going to have a lot more opportunities and success while finding someone that may be willing to have a good conversation with you about secession. Being introspective at this time is also a good time to do that too. Tweetable Quotes “I'm one of the board members of the Financial Planners Association of Louisiana and I was a panel speaker a few weeks ago.” – Chad Soileau “No. 1 is to prove your worth and galvanize your relationships with your clients.” – Bill Bush “Clients are always looking for kind of your tone, it's kind of what the young child with a parent.” – Chad Soileau “They're looking for confidence, they're looking for reassurance, they're looking at what is their path?” - Chad Soileau “I think that Risk Mitigation is one of, if you go back to our Horizons Process, we have the financial major which is one of the Seven Pillars of that.” – Bill Bush “We're looking to help people and a lot of people are looking for answers right now, and we can facilitate that.” – Chad Soileau “Now we do podcasts here, but there are blogs, there are newsletters, emails, videos, and all types of those.” – Bill Bush “So, what better time to start doing this now, and start kind of looking at what can I change for next year?” - Chad Soileau Resources Mentioned Bill Call the Horizon Financial Group: (225) 612-3820
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Should I Become a 401(k) Advisor?
09/09/2022
Should I Become a 401(k) Advisor?
In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about the retirement plans and 401(k) plans for advisors. They discuss various company retirement plans, where most of which are 401(k) plans. Episode Highlights 02:35 – Bill mentions that they have about 75 company retirement plans. Most of those are 401(k) plans, a few simple IRAs, and a 457 plan. 04:35 – They probably spend any given week 50 to 60 to 70% of their time inside that retirement plan space, says Chad. 06:32 – Bill shares some of the good things about getting into this sector. It does bring some value to those existing relationships where they can offer something that they have some knowledge and specialization in helping them. 08:24 - People have to get very competitive to attract new employees, unemployment being so low and the need for workers being so high that a lot of folks are looking at how do we attract, states Bill. 10:40 – Bill says, when we run into opportunities, oftentimes, it is a case of where a plan has an advisor and they're not present and they are not servicing the plan. 12:00 – Chad says, it's the opportunity to bring in a more diversified clientele, or to bring in a diversified revenue stream. 14:29 – Bill highlights that it is the time for commitment, especially if we build that practice and it becomes a real division where we have like 75 plans. 16:18 - We've got to know where those parameters are on Plan size and building pricing accordingly, says Bill. 18:40 – Chad states that there are those considerations that one needs to look at and it's one of those things with an advisor that they have to look at their business and say that the ROI on this is going to be what they want it to be. 20:15 – Bill mentions that in a start-up plan, there are no assets. One is starting from ground zero, and so in those instances, they will charge a project fee. 22:00 - Just have those conversations with companies that already have a plan and maybe are being under-serviced. 24:14 - One of the things they do have on the horizon website is a webinar they did for business owners. It's about starting a 401 K plan. 26:00 – Bill mentions that they do have a system here and it's important when they show this to potential clients, it's called the 401k Confidence System. Three Key Points Bill shares some of the other things one should consider if they're going into this to become a plan advisor - the time commitment and the willingness to say, “I'm going to do this and do this means education to the plans”. It means helping that plan sponsor fulfill their fiduciary duty which means quarterly monitoring of the funds, making sure that the funds are up to speed compared to their peers, and following the investment policy statement. Bill mentions it is a lot to think through in terms of how are we going to service, how are we going to bring value, and whether we are appropriately pricing things to be competitive. Bill shares there are other breaks to have automatic enrollment, those were enacted and boosted as a result of the securities act. There's other legislation being drawn up now that will even make it more beneficial for business owners to do that. So, it is getting a lot of attention on the national level, and for those types of things and just having that conversation is a great thing. Tweetable Quotes “I came out of the healthcare industry and got licensed and part of my indoctrination with the horizon was to help Andy on the 401(k) side.” – Bill Bush “A lot of times in a company retirement plan, that employee the only advisor that they'll ever know, will be the 401(k)advisor.” – Bill Bush “Healthcare makes up about 30 35% of the plans we have.” - Bill Bush “Regardless of what your industry is, there's typically going to be a lot of opportunities.” - Chad Soileau “Other ways of attracting and retaining employees, especially key employees is Hey, have you guys considered a non-qualified plan?” - Bill Bush “Really all parties involved in them need to be up on the latest regulations and all that to make sure there are no surprises.” – Bill Bush “If you want these plans to be sticky, you do need to reprice them.” - Bill Bush “When we have initial conversations with plan sponsors about us servicing the plan, and that can mean a lot of things.” – Bill Bush “You start with one or two small plans and then that in itself usually gives you the opportunity for other plans.” - Chad Soileau “That annual fee can be a part of the of what you get the tax break on it.” - Bill Bush “Set yourself apart. Try to find ways that make your story unique.” - Bill Bush Resources Mentioned Bill Call the Horizon Financial Group: (225) 612-3820
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How to Elevate Your Practice Marketing via Podcasting
06/30/2022
How to Elevate Your Practice Marketing via Podcasting
In today’s episode of “The Confident Advisor Practice”, a podcast from the Horizon Advisor Network that explores tips, strategies, and perspectives for building, maintaining, and growing confidence in your practice as a financial advisor. In this episode, hosts Bill Bush and Chad Soileau discuss the topic ‘How to Elevate Your Practice Marketing via Podcasting’. They will dive into some best practices, some barriers, and ways advisors should be doing podcasts for expanding their marketing efforts. Episode Highlights 01:20 - Chad thinks a lot of advisors are starting to look at podcasting as a marketing tool with a lot more interest in how we start. 03:00 - One of the barriers Bill thinks is that a lot of people might consider how to get started. The other thing is that even if you decide to jump in and don't just stick your toe in the water, the cost of the equipment, the grand scheme of things is pretty minimal. 05:00 - You can go as expansive as you want or you can keep it as simple as you want but obviously spending a few dollars on it, mentions Chad. 07:30 - The world is constantly changing, especially in the digital world. So to keep up and participate in that and to be a part of that is certainly welcome, says Bill. 09:00 – Bill says that they have some good headphones that everybody can listen to, and hear what everybody's saying. So you hear things live and then beyond that, you have the ability to do a podcast with a remote guest. 11:05 - It's all about networking - if you can feature a guest on your podcast, and then share the link with them, they will further share it in their network and in their social media posts, that just exposes more people to you. 13:00 – The next thing Bill talks about is the process or post-production work. So, after recording the conversation you'll want to make sure your audio levels are good and the show notes are in order. 14:20 – There is a lot of post-production work like checking audio levels, editing audio, and writing show noes before finally uploading the podcasts on sites. Bill says that they are associated with a company called that takes care of all these post-production tasks for them. 16:00 – There is little time involved in compliance and once the compliance is done, then they can post the podcast. 18:15 - There is a cost to have someone else do post-production work and a lot of times it's worthwhile. Beyond that, what episodes are done on the platforms, sharing the content via networking or social media, is what matters. 20:20 - If you're doing something fairly, and timely, there could be a little lag on the production or compliance end, but not a lot, says Bill. Three Key Points A podcast can be posted on a website, it can be shared on social media, and people can experience that 24 hours a day. It's not an appointment of television or whatever that multiplies your message because literally hundreds and thousands of people can hear that message if it's appropriately distributed. So to multiply yourself and your message if you have a good message, to have that kind of open fire and have that power is a good thing. Pre-pandemic, they were using ‘Skype’, and ‘FaceTime’. Also, there were some technical things they have to go through to make sure mics, inputs, and sounds were correct. But during the pandemic, there was a meteoric rise of a platform called ‘Zoom’. They did podcasts using ‘Zoom’ and if you record those, zoom actually records the video and it also records the audio split out already so that you can go back and download it so you can have a remote guest anywhere. We have three podcasts that are up and running now pretty regularly. One of those is ‘Inside the Plan with the 401k Brothers’, hosted by brothers Andy and Bill Bush, there chiefly their audience is 401 K participants because they have a big book 401k business and so that's a lot of educational pieces and that's mostly Andy and Bill Bush just talking so that podcast is without a guest. Then there is another podcast called – ‘The Runway Decade’, which is centered around this book that's coming out later in the summer of the year. Every episode will have guests that are chiefly in their 50s the book is focusing on people under 50. So think about that in terms of guests or no guests. Tweetable Quotes “I think it's become a lot easier to start and to do events or podcasting or video and that's because we're kind of carrying around these miniature production studios in our pockets.”- Bill Bush “The first thing I would start with is the equipment which is going to be the easiest part of this unit.” - Chad Soileau “The other thing is to show your expertise or your acumen/knowledge, so you're able to display that and talk legitimately about that.” - Bill Bush “The idea that it gives you so many avenues to share, or to communicate, like for us, we'll send it out to the network.” - Chad Soileau “So we have independent channels for each person talking.” – Bill Bush “Don't just think in terms of who's right in my back door, but who are some folks that would be interesting to listen to and bring them in.” - Bill Bush “I would say just be open-minded because the remote thing I've found at times has been great.” - Bill Bush “We have a company that we are engaged with is , and is the website.” – Bill Bush “It's kind of cool the way that they price this out now using the Barevalue platform that we're on. The cost you pay for that is based on how long the episode is.” – Bill Bush “There are services called Podcast Host Hosting Services, the one we use as Libsyn and we've used them for five or six years now.” – Bill Bush “I know one of the podcasts I listened to, there's a service called the Podcast Factory, and it’s kind of like a podcast in a box.” - Chad Soileau “For me, the actual shooting, recording, and all these pieces are not that difficult.” - Chad Soileau Resources Mentioned Bill Call the Horizon Financial Group: (225) 612-3820
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Continuity, Buy-Sell Agreements, and Succession
05/05/2022
Continuity, Buy-Sell Agreements, and Succession
In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau discuss the best practice for advisors including continuity and succession. Episode Highlights 01:12 – Bill mentions that only about 10% of advisors have written, executable continuity documents in place. 03:50 – Bill asks about the ‘Continuity Agreement’, he enquires what is it, how do you get one in place and what does it cover? 06:10 – There are two pieces with continuity agreements. It can be temporary, and it can be triggered by a short-term disability or it can also be triggered by the owner passing away or death, says Chad. 07:33 – Chad says, the other thing that it does for the protector is typically there's going to be something called a right of first refusal. 10:05 – Buy Sell is a confirmation that yeah, I do want to buy it and you're like, Yeah, I do want to sell it to you. So, we're formally agreeing that we're going to go into this relationship of a future purchase, states Chad. 12:45 –Internal succession is the easiest thing to do because that internal partner is usually very knowledgeable about the book, the clients, and with staff. 14:46 – Bill asks about some of the things that could potentially go wrong when you're looking at continuity and secession. 16:50 – Bill says, it's in everybody's best interest; you find the right partner, whether you're the buyer or the seller, it's ultimately an agreement in a partnership, and that hopefully is successful, so that's key. Three Key Points The reason why an advisor should even consider the steps when we’re talking about continuity is, that it's the beginning process of you having a plan for your business. The importance is, that it does a lot of protecting, and in that it protects your clients, assets, team, your practice, family and protects the value of your book of business. It can also be your foot in the door to becoming a secession partner, but at the end of the day we own businesses, and that's your book of business. The very first step is having the continuity agreement and that does so many things to do protecting. Chad explains that ‘Continuity agreement’ is typically a shorter-term protection policy in a sense that lets that protector come in, lets that owner step back and take care of themselves. You have that span of time that the protector will come in, manage the book, and do the servicing. The biggest thing with Continuity Succession is, that it's not communicating well about what's expected to happen or to not happen. You should have an understanding of each other's philosophies. Tweetable Quotes “90% of clients want their advisors to have a plan in place to protect their assets knowing what's going to happen in the event should something go wrong.” – Bill Bush “Continuity agreement can also be your foot in the door to becoming a secession partner.” - Chad Soileau “The great thing about the continuity agreement, you can really make it to whatever you want it to be.” - Chad Soileau “Buy-sell is typically a game you have, an owner and a buyer.” - Chad Soileau “If something happens, I'm not obligated but what I want to write the first refusal.” - Chad Soileau “Revenue is key in valuation. So, you want to protect that as much as you possibly can.” - Chad Soileau “Always making sure that the agreements are up-to-date.” - Chad Soileau “The secession agreement is basically the agreement to buy right now.” - Chad Soileau Resources Mentioned Bill Call the Horizon Financial Group: (225) 612-3820
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Growth by Acquisition-Pt. 2
11/11/2021
Growth by Acquisition-Pt. 2
In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau bring us Part 2 of their discussion on “Growth by Acquisition”. They’ll continue the conversation by talking about networking, continuity and succession partnerships, marketing and outreach programs, and looking for the “seeds of discontent”.
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Growth by Acquisition-Pt. 1
11/11/2021
Growth by Acquisition-Pt. 1
In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau discuss on one of the things that is talked about throughout the financial industry and network which is ‘Growth by Acquisition’. In Part 1 of this 2-part topic, Bill asks if you are ready to take on some growth.
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Summer Plays Off
07/30/2021
Summer Plays Off
In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about some of the things that you can focus on during the vacations / summertime that will help you get to the next level and keep you moving forward.
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Growth Through Client Acquisition
06/25/2021
Growth Through Client Acquisition
In today’s episode of “The Confident Advisor Practice Podcast” hosts Bill Bush and Chad Soileau talk about growth, particularly through client acquisition, and shares some great tips to grow the business through Networking, Marketing, Prospecting and Communicating.
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