Welcome again to the 362nd episode of the Monetary Advisor Success Podcast!
My visitor on at the moment’s podcast is Jeff Brown. Jeff is the President of Stratos Non-public Wealth, an RIA primarily based in San Diego, California, that oversees virtually $1.5 billion in property below administration for simply over 350 shopper households.
What’s distinctive about Jeff, although, is how his agency has developed affiliate advisor compensation plans and profession tracks, with well-defined Degree 1, Degree 2, and Degree 3 efficiency indicators of precisely what these advisors ought to be capable of accomplish at every stage of their profession development in direction of changing into a lead advisor (which is permitting the agency to coach and develop its future senior advisors from the bottom up).
On this episode, we speak in-depth about why Jeff selected a progress technique of getting the agency generate prospects for its lead advisors and the way it allowed them to rent and develop advisors that higher join with and serve (and retain) purchasers as an alternative, the distinctive efficiency evaluation plan and scoring system that Jeff applied to each spotlight when his affiliate advisors have been prepared for a promotion and is used to calculate their bonuses, and the way the agency has leveraged shopper referrals, content material creation, social media, and M&A to usher in purchasers for its advisors on the best way to rising to almost $1.5 billion of AUM (and is now rising the agency’s advertising and marketing funds and hiring a devoted advertising and marketing skilled to assist additional increase his agency’s attain).
We additionally discuss how Jeff transitioned from the wirehouse world to begin his personal RIA and the way, after feeling initially overwhelmed by every part from choosing know-how to leasing workplace area, he selected the supported independence mannequin provided by Stratos Wealth Companions, the psychological shift from specializing in revenue to enterprise worth that led Jeff to promote a minority stake, and subsequently a majority of his agency to Stratos, and the way changing into an worker of the agency Jeff beforehand owned has truly been energizing for him as he works to increase the chance past his personal agency and construct out a whole unified non-public wealth platform below the Stratos umbrella.
And be sure to hearken to the top, the place Jeff shares how a foul partnership breakup earlier in his profession has modified the best way he views and creates partnership and working agreements at the moment, why Jeff needs he had set larger objectives for himself earlier in his profession and revels in what number of alternative ways there are to construct a profitable advisory enterprise (regardless of naysayers who say “you possibly can’t do it that manner”), and why Jeff recommends that younger advisors determine early on of their careers whether or not they need to pursue an worker advisor path or construct a agency of their very own as they consider their very own profession danger and return preferences.
So, whether or not you are excited by studying about how you can construct affiliate advisor compensation plans and profession tracks, how you can leverage a multi-faceted advertising and marketing strategy to generate shopper leads, or what it seems to be prefer to roll up into a bigger RIA, then we hope you take pleasure in this episode of the Monetary Advisor Success podcast, with Jeff Brown.