Today I’m throwing in a bonus episode as this is a guest appearance I had on The Adviser Gap Podcast. It’s hosted by James Mousley and Sean Banks from, as they say, “across the pond” over in the UK. I continue to be blown away by the power and reach of podcasting as I connected with the two of them after they gave a few of my episodes a listen.

They’ve created their podcast to address the lack of training out there to help paraplanners bridge the gap into a true financial planning role. This is a common problem in the US as well, as from my experience, most successful advisors were simply educated by the school of “hard knocks” and often times have simply outlasted and out-marketed their competition.

So with that in mind, I thought it would be helpful to share this episode for both those paraplanners out there looking to make the transition to client-facing financial advisors, as well as those CEOs and Founders looking for a training track to develop and add new advisors to the team. I hope you find this episode helpful and for those firms out there facing this problem, be sure to search for The Adviser Gap podcast out there and give them a subscribe as James and Sean will be addressing this topic on each and every show!

 

Here are a just a handful of the things that you’ll learn:
  • [05:00] We kicked off the conversation by getting to the heart of the matter: how to transition from back office and support roles to leadership roles in financial planning firms. We get into the potential strengths and weaknesses one has when coming from this background, and the soft skills that every great financial advisor has mastered.
  • [11:39] Next, we talk about specific career pathways that have worked, the broad scope of knowledge our top advisors use on a regular basis, and strategies our top firms use to widen and improve paraplanners’ skill sets. We also talk about the transfer of trust that has to happen when you bring an associate advisor on to a client’s account, especially if they’ve only ever worked with you directly – and what you can do to show your clients that an associate brings unique, specific value into their lives.
  • [23:67] We then talk about people who are paraplanners for the entirety of their financial services careers, the difficulty of finding great talent on both the advisory and administrative sides, and why some people should consider not transitioning into advisory roles if it doesn’t suit their skill sets.
  • [30:47] From there, we dig into the unique skills that set top-tier, high-growth advisors apart from those who bring in far less business – and why it rarely has much of anything to do with their knowledge of products, acronyms, or the data side of the financial services industry.
  • [35:27] We finish with The Adviser Gap’s five questions. We dig into the evolution of the financial services industry, what I want to see change in the next ten years, my favorite courses and educational resources, and why I’m proud to be a part of the financial services industry.

 

 

SHOW NOTES:

  • [04:40] An introduction to the basic differences between the British and American financial services industries, and what exactly Advisors Excel does.
  • [09:66] Why there used to be many more financial planning firms in the United Kingdom, and why ending commission-based fee structures – and giving out so-called “free” advice – required advisors to get much better at building rapport with their prospective clients.
  • [21:32] How long a paraplanner should shadow another advisor at a high-end firm before beginning to lead their own appointments, and how to progressively train new talent as your firm grows.
  • [29:17] The one habit of all upper echelon financial advisors at the very top of their game – and the “disease” that plagues almost all financial advisors that is even more likely to affect paraplanners.
  • [33:47] Why paraplanners looking to transition into lead roles should surround themselves with great mentors and teachers instead of doing things the hard way.

 

PEOPLE MENTIONED

SELECTED LINKS FROM THE EPISODE

REVIEWS OF THE WEEK

Thanks for checking out the latest show, on to this week’s featured reviews!

This week’s first review comes to us from James Conole, CFP who says:

Hey James, thanks for listening in and the kind words. Love to hear that the show is helping you grow your business and if you get a second, please swing by the website and drop my a note to let me know an idea or two you’ve picked up from the show that you’ve put into action. Stay after it and thanks for the review!

 

The next review comes to us from user Hope4Everyone who says:

Thanks Hope4Everyone! Love the name and appreciate the review. Sounds like you’ve been at the financial advisor biz for a while, so awesome to hear that someone with all of your experience if getting some great takeaways for your practice. More episodes on the way!

 

Next up is user Rickkkky Ruuuuubioo who says:

Thanks for listening in and for the 5 star review! Sounds like we both started out in the business about the same time… and although I do wish I would have started my podcasting career a little earlier, I’m pretty sure my episodes from 12 years ago would have been iffy at best. However for those of you out there looking to dive into podcasting, I do love the advice Michael Hyatt gave me when I was first starting out, “Fail while no one is watching.” That advice has served me well and for those out there trying to figure out when is the best time to start a new venture or platform. The answer is NOW.

 

And the last featured review for the week comes to us from mccomasknows, who says:

Thanks for the review! I loved the conversation with James Clear as he shared a number of “mental models” that financial advisors can use to help simplify the complex for their clients. If you are listening in out there and haven’t had a chance to give his episode a listen yet, you are missing out as it consistently ranks as one of our most downloaded episodes. Also, his book Atomic Habits is great as well.

 

Take the 1st Step to Building Your Ideal Practice: Apply for “Virtual Discovery Session

For those of you that have interest in diving deeper or figuring out how you may be able to have our team help you implement many of the ideas shared on the show, my day job happens to be consulting financial advisors from all over the US on how to grow their business and design a practice that serves them, versus them serving it. Yes it’s possible to grow your business and work less, this is a model we’ve replicated over and over in markets all over the country… So, if you’d like to apply to see if it makes sense for us to have a 1-on-1 conversation on how to overcome what may be getting in your way, you can do that at bradleyjohnson.com/apply. It takes about 5 minutes to fill out the application so we can understand what your business looks like, what challenges you may be facing and how myself and my team may be able to help. We then dive into a Discovery session where we ask a lot of questions based on your survey. We do a lot of listening, and take a lot of notes to build a rough draft of our proprietary Elite Advisor Blueprint – 90 Day Plan™. Taking the first step is as simple as applying at bradleyjohnson.com/apply 🙂

 

Already heard it once or twice? Please leave a short review here, and tell me which guests I should have on!

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814505 Content intended for financial professionals. Financial professionals are encouraged to seek approval from their RIA or Broker Dealer as applicable prior to implementing new marketing activities or utilizing third party vendors to support marketing activities.