036: Jim Sheils on How Financial Advisors Can Run a Successful Business Without Sacrificing Their Family & the Board Meeting Framework

036: Jim Sheils on How Financial Advisors Can Run a Successful Business Without Sacrificing Their Family & the Board Meeting Framework

Today’s conversation is a special one as I’m talking with my friend Jim Sheils. I have to tell you, this won’t be a typical episode where we talk about tactics to improve your marketing, appointment process, or how to scale your business. We hit on a topic that’s far more important… how to make sure running a successful financial services practice doesn’t sabotage your relationship with your family. Unfortunately, over the last decade of working with advisors, I’ve seen this happen far too often. I’ve seen those with a massively successful business and huge bank account that came at the expense of their spouse and children. A big bank account means nothing if you have no one to share it with, which is why I thought it was important to have this conversation with Jim and share it with all of you.

Personally, ever since being introduced to Jim a few years back, I’ve been doing much of what we cover in this conversation today and as a parent, this is the most impactful thing I’ve ever done when it comes to developing an incredible relationship with each of my children. Besides my personal experience with Jim’s teachings, his “Family Board Meeting” framework has been shared across the country with groups like EO, YPO, and even on Harvard University’s campus.In fact, we recently brought Jim into Advisors Excel’s headquarters and his talk was the highest rated in the history of our 12-year-old company.


Here are a just a handful of the things that you’ll learn:
  • How Jim’s Family Board Meeting framework came to be and why his entrepreneur friends felt so strongly about it that they literally forced him to write a book and share it with others. [05:13]
  • How to avoid the entrepreneurial excuse of “I’m building a business for my family”—and find out what truly matters based on Jim’s time speaking with a number of entrepreneurial families. The children’s viewpoint on their parent’s businesses may surprise you. [18:18]
  • Discover the magical combination of Jim’s 3 step Board Meeting formula, why it works, and the simple way to implement your very own quarterly meetings with your kids [27:36]


  • [05:13] What is the Family Board Meeting and how can you use it to build a deeper, more meaningful connection with your spouse and kids.
  • [09:43] The power of holding a separate quarterly board meeting with each one of your children.
  • [15:03] Are you accidently delegating yourself out of family life? Learn how to run up the entrepreneurial mountain and bring your family with you!
  • [18:18] Don’t fall victim to the entrepreneurial mindset—recognize that the #1 thing your family wants, is you.
  • [20:10] Find out why the opposite of addiction is connection and that there is no substitute for quality time.
  • [23:04] Why bringing success back to the home will bring more success to your business.
  • [26:50] The importance of 1-on-1 time—learn to strip away the distractions and create true connection with your kids.
  • [32:29] Why it’s so important to let you kids choose the 1-on-1 activities you build into your quarterly family board meetings.
  • [36:26] Once you create a rhythm, the questions your kids start asking you will blow you away!
  • [41:22] “That which we schedule, get’s done.” Learn to carve out time for your most important clients—your kids!
  • [45:41] Find out who Jim thinks of when hears the word successful and why.
  • [47:39] Hear about some of Jim’s favorite books and the impact they had on his life.
  • [50:00] Discover the 3 skills your kids need to build a solid foundation for success.
  • [53:05] Jim shares one thing he would like to see as absurd 25 years from now.
  • [01:1:59] Sacrificing profit upfront to continue to build trust and reputation that comes back in bigger ways down the road.


  • Connect with Jim Sheils

Website | FacebookLinkedIn



Thanks for checking out the latest show, here’s this weeks featured review! This one comes to us from Trib Reader who says:

Thanks for the review, kind words from anyone who’s studied under Dan Sullivan’s Strategic Coach model are extra appreciated. I’ve definitely been a student of everything Dan has to teach that’s ever been shared with me. Glad you enjoyed the Shark Tank analogy as it applies to financial services as well. For those of you who haven’t checked out the episode referenced yet, you can get to it by clicking here.

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




Read More
Posted in

Brad Johnson

Subscribe for new episodes of The Elite Advisor Blueprint® Podcast.

Subscribe to Brad's Podcasts and Updates

Brad podcast v2

Also, get access to WealthManagement.com exclusive articles with key takeaways that you can put into action at your own practice!

Robert Glazer

081: Robert Glazer on Elevating Your Team and Creating a High Performing Company Culture

kirk lippold

080: Commander Kirk Lippold on USS Cole Al-Qaeda Attack & How to Lead in Times of Crisis – The Virtual Financial Advisor Series™

Maria Konnikova

079: Maria Konnikova on The Psychology of High-Stakes Poker and How it Applies to Financial Services

Simon Bowen

078: Simon Bowen on How to Use Visual “Whiteboarding” Models to Simplify the Complex – The Virtual Financial Advisor Series™