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15015 Jamestown Boulevard, Suite 100, Baton Rouge, LA 70810. 

Advisors of Horizon are Registered Representatives of Cetera Advisors LLC, a broker/dealer and Registered Investment Adviser.

Oct 25, 2017

Welcome to The Confident Advisor Practice

Summary:

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.

 

Time Stamped Show Notes:

 

  • 00:11 – This podcast is brought to you by theHorizon Advisor Network
  • 00:30 – Brothers, Bill and Pete, from Horizon Financial Group are the hosts of this podcast
  • 00:45 – Bill introduces Chris Sullivan

o     01:14 – Chris has been in the industry for 17 years

  • 01:45 – Through this podcast, Bill and Pete hope to help people lead more confident lives

o     02:22 – A financial advisor also needs to feel confident about the practice that he is running

  • 02:50 – No matter what you are doing, if you have confidence in what you are doing, you tend to do it FASTER, BETTER and more efficiently

o     03:35 – People derive confidence from different things (ex. teamwork or their success)

  • 04:15 – Horizon Financial Group has three arms: Wealth Management, 401K retirement plans and the third arm is the Horizon Advisor’s Network
  • 05:30 – Chris joined the Horizon Financial Group two years ago

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

  • 07:13 – Challenges faced by the financial advisory industry

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

  • 08:56 – Horizon Financial Group has multiple advisors in multiple locations across the country

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

  • 12:06 – The idea of a confident wealth practice is built around eight CORE areas

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

  • 16:09 – Making that leap from being a sole practitioner to an ensemble practitioner is a huge step

o     17:06 – Taking bite-sized chunks will enable you to make this transition

  • 17:58 – Thinking long-term, advisors often need to spend more time working ON the business rather than IN the business
  • 18:37 – Succession planning is one thing that lots of businesses have not yet figured out; need to lockdown agreements instead of relying on handshakes
  • 20:16 – Try out the Confident Advisor Scorecard
  • 20:43 – Go to the “Affiliate Advisor” section on our website
  • 21:29 – We will be featuring some prominent people from the finance world in future podcasts
  • 22:04 – Visit our website to gain more information about our team and services

 

3 Key Points:

  1. No matter what you do, do it confidently; this will help you to achieve your goals faster, better and more efficiently.
  2. To build for the future—spend more time working ON your business rather than IN your business.
  3. Taking bite-sized chunks of action will enable you to make the leap from being a sole practitioner to an ensemble practitioner.