Oct 25, 2017
In this episode, Bill and Pete Bush of Horizon Financial Group along with Chris Sullivan discuss the importance of being CONFIDENT with your financial advisory practices. They discuss how Horizon Financial Group has grown over the years and list some of the trends and challenges in the financial industry today. Tune-in to hear the benefits of the scorecard created by Bill and Pete that will help you take a closer look at your financial advisory practices. You’ll also hear what it takes to build a confident wealth management practice with the long-term game in mind.
o 01:14 – Chris has been in the industry for 17 years
o 02:22 – A financial advisor also needs to feel confident about the practice that he is running
o 03:35 – People derive confidence from different things (ex. teamwork or their success)
o 06:25 – Some of the initiatives made when Chris joined have come to fruition; the last two years have been a period of high growth
o 06:33 – Number of advisors in OSJ have grown from 6 in January 2011 to 45
o 07:15 – The industry is rapidly changing; fee compression and industry consolidation are the buzzwords of today
o 07:42 – The independent industry continues to morph into small and large businesses
o 08:00 – The smaller broker/dealers are feeling the heat today
o 09:26 – A common theme across the board is that all advisors focus on a niche market and function like a business
o 10:13 – They are fee-based or use recurring revenue-type models
o 11:07 – Advisors need to understand that businesses need to function as an interdependent model
o 13:12 – The Confident Advisor Practice is about benchmarking your current wealth management practices and determining where you want to be in the future
o 14:08 – Pete and Solly created a scorecard together which is a subjective way to analyze your financial advisory practices
o 15:09 – We will be going through the scorecard and each of the eight categories in future podcasts
o 17:06 – Taking bite-sized chunks will enable you to make this transition