Growing Your Financial Advisory Practice | Insights for Financial Advisors, Planners and Investment Managers

Advisors need to be able to help their clients meet not just their short-term goals, but also their long-term wealth management goals, and that means building strong relationships with clients and having a clear understanding of their needs and priorities. Today’s guest has built a successful practice doing just that.    Daryn Form has built a successful financial advisory business over the past 20 years. In 1999, he earned the Certified Financial Planner™ professional designation. In 2011, he earned the Canadian Investment Manager (CIM™) offered by the Canadian Securities Institute; this professional designation is required to be licensed as a discretionary portfolio manager in Canada. Daryn uses a scientific process-driven approach to investing—along with his breadth of experience and knowledge in wealth management and advanced financial planning—to help his clients achieve their financial goals.  Topics Discussed in This Episode:   Who Daryn’s firm serves (1:14) Why Daryn decided to become an advisor early on (3:24) Daryn’s onboarding process for clients (9:36) How Daryn approaches client acquisition (14:18) Why Daryn decided to switch to an AUM-based model (20:53) How would he start in the wealth management industry today (32:07)    Links and Resources:    Assante First Avenue   Quotes From the Show:   “In some ways the business has changed dramatically, in some ways it hasn't changed at all - this is still a relationship-oriented business.“   “The majority of our new clients come from our overwhelming effort to do terrific work for people, such that they want to tell other people about it.”  “Their problem is unique to them, but it’s not unique to others, which means it wasn’t unique to us.”    With over two decades of industry experience, Daryn’s expertise stemming from building his own successful practice is useful to advisors of all different levels. Today, he is sharing his experience and wisdom with us.   Below, we’re sharing three key ideas from the episode:  Daryn’s clientele and how he approaches serving and acquiring them  How to build a business that is a good fit for you Daryn’s advice for young advisors breaking into the industry   To listen to the full episode, find us on iTunes or Stitcher, or click the link at the top of the page.  Daryn...

Financial advising isn’t just about what an individual should do with their money while they’re still alive. It’s also about their family and what happens to wealth after an individual passes away. Wills, estate planning, powers of attorney, and healthcare directives are all important things that a financial advisor’s clients should be thinking about, and that means that financial advisors need to think about them as well.   Today’s guest is Tom Deans. Tom is a professional speaker and the author of two best-selling books that deal with the intergenerational transition of family wealth: Every Family’s Business and Willing Wisdom. Listen to the episode to hear what Tom has to say about why there’s an estate planning gap, how advisors can fill that gap, and what kind of effect the COVID-19 crisis has had on the subject of estate planning.   Topics Discussed in This Episode:   How Tom became focused on the issue of estate planning (3:37) Why Canada has an intergenerational wealth issue (6:10) How advisors can fill the estate planning gap and provide advice to their high net-worth clients (12:01) What Tom has noticed about the culture of families that transfer wealth successfully (15:16) What is The Willing Wisdom Index (23:09) Whether there are any trends over the last few months related to COVID-19 (26:57) Links and Resources:  For a free software trial: [email protected]  Call Tom: (519) 938-2069  Willing Wisdom  Quotes From the Show:  “Estate planning isn’t just about answering the question ‘Who gets my stuff when I’m dead?’ There’s a whole part of estate planning that’s very much about the living.”   “A will is like an MRI for a doctor - the will and a conversation about a will reveals everything.”  “Wealth has always been about family and family relationships.”  Tom provides a unique perspective from outside of the traditional financial planning industry at how advisors can grow into an untraditional niche. His many successes in publicizing the issues facing intergenerational wealth position him to provide insight to all advisors on how they can grow their business by opening discussions on estate planning with their clients.  Below, we will be discussing three key ideas from today’s episode:   The Biggest Problem Facing the Transfer of Intergenerational Wealth  What Successful Advisors Are Doing Right With Estate Planning

Is it possible to make investments and get good returns while investing in assets that reflect your values? Today’s guest says that it is. Tim Nash is the founder of Good Investing, an investment planning firm with a focus on sustainable investing.  Tim's blog The Sustainable Economist has inspired thousands of Canadians to invest according to their values with model portfolios to reflect different definitions of sustainable investing. Tim writes a bi-weekly column for The Toronto Star and is regularly featured in publications such as CBC’s The National, BNN Bloomberg’s Market Call, and the Globe and Mail. Listen to the episode to hear what Tim has to say about what’s involved in sustainable investing, what kinds of returns can be expected from those investments, and how Tim approaches helping his clients invest in a way that reflects their values. Topics Discussed in This Episode:  What Tim and his firm do (1:09) How Tim got into his niche of the industry (3:22) Terms of Socially Responsible Investing (8:50) Where socially responsible investing is in terms of returns (14:20) Tim’s approach to advising and serving clients (20:00) Tim’s sliding scale (24:45) Tim’s advice for investors (46:19)  Links and Resources:  Good Investing The Sustainable Economist Quotes From the Show:  “The number one indicator that is most correlated to financial outperformance is gender diversity on the Board of Directors."  “You don’t need to sacrifice financial performance. You can do at least just as well, and most socially responsible funds have outperformed by a little bit.”  “I very much believe in price discrimination- that some people can afford a higher price, and some people can afford a lower price.” From his unique business approach to his success in the sustainable investing niche, Tim Nash offers insights backed by years operating in the industry. Advisors at any career stage can benefit from learning from his expertise, along with hearing about the potential performance implications of cultivating a sustainable client portfolio. Below, we will be discussing three key ideas from today’s episode:  How Tim Breaks Down Sustainable Investing  Expected Returns in Sustainable Investing How Tim Structures his Business to Serve People from All Walks of Life  To listen to the full episode, find us on iTunes or Stitcher, or listen with the link at the top of this page.  How Tim Breaks Down Sustainable Investing  <...

Sometimes, you may encounter an idea or opportunity that hasn’t yet been adopted by the mainstream, but you just know that it makes sense. Having the vision to know when something makes sense for your practice or your clients even though it isn’t yet mainstream in your field is a quality that can separate the average advisors from the exceptional ones. Today’s guest – an early adopter of ETFs – has insights to share about the importance of knowing when to swim against the tide.  Keith Matthews is a Partner and Portfolio Manager at Tulett, Matthews & Associates. He has an MBA from the Richard Ivey School of Business and is a Chartered Investment Manager. For close to 25 years, Keith has been working with his clients to deliver leading-edge wealth management strategies to help his clients reach their long-term goals. Listen to the episode to hear Keith talk about why he decided to become an advisor, what attracted Keith to ETFs in the early days, and how clients respond to Keith’s book, The Empowered Investor. Topics Discussed in This Episode:  Why Keith decided to become an advisor (3:22) What attracted Keith to ETFs early on (5:57) How Keith approaches advising and serving his clients (12:08) Why doing taxes for clients gives you an edge (15:53) The role of Keith’s book in the client acquisition process (21:17) How Keith leverages software at his practice (32:11) Advice for new advisors (40:11) Links and Resources:  Tulett, Matthews & Associates The Empowered Investor Quotes From the Show:  “All of the early advisors that were doing this knew it made sense, knew it was the right thing, knew it was very friendly for clients.”  “The idea of at least understanding tax sensitivities is huge for an advisor, and it’s a huge value-add for clients.”  “If a client buys into all the following things and wants to have the sort of comprehensive approach that we’re dealing with, wants to be engaged, is serious, wants to see themselves reach their goals, and subscribes to the investment approach, then I think we’ve got a really nice connection.” With an expansive career in the industry, Keith has become an expert on ETFs and passively managed strategies. His knowledge and experience can help you evaluate your processes, no matter what career stage you are in.  Below, we’re discussing three key ideas from today’s episode:  How Keith Pioneered the use of ETFs  How to Set Up Clients for Success with a Thorough Onboarding Process Keith’s Advice for New Advisors

People in different fields and with different types of learning styles think about finances in different ways. There is more than one right way to talk about finances and financial planning – the trick is finding the language that works for you and the language that can best speak to your segment of clients. And that’s what today’s guest is here to talk about. Chris Enns is not just a financial planner – he’s also an opera singer. Over the last 10 years as a performing artist, he’s learned the hard way that ignoring money doesn’t really work. That’s why he founded Rags to Reasonable - an advice-only financial planning & money coaching firm that specializes in working with creatives and people with other non-traditional financial situations. Listen to today’s conversation to hear what Chris has to say about non-traditional financial planning, Chris’s biggest challenges and successes, and what it’s like to speak a different kind of financial language.  Topics Discussed in This Episode: Who Chris’s firm usually serves (8:48) Chris’s strategies for coaching and planning (14:30) What happens after clients improve their financial stability (19:50) Using different financial language for different kinds of people (28:55) What things Chris believes have contributed to his success (31:37) The biggest challenges Chris is facing (35:37) Chris’s advice for financial planners (49:53) Links and Resources:  Rags to Reasonable Quotes by Chris:  “The truth is, the things that make people great artists, and really good at their craft, are the exact things that are going to make them good at their finances.” “I think that one of the things we need to think about more in the financial space is that the answer cannot be that we talk about money in one way.” “I have never had a real job in my life – I’ve worked for myself my entire life.” Chris is using his performative background to portray a new type of story - a story of financial success for his clients. By helping his fellow artists rethink their ability to handle money, he has found success in the niche he has created to help those with unique financial situations. His experience in growing his advisory practice teaches businesses both young and old that customizing a client’s experience and solidifying a client/planner relationship is the key to maintaining success. Below, we’re sharing three key ideas from this episode:  How to work with variable income clients How mentorship and financial independence helped Chris start his practice How to use relationship building as a client acquisition tactic in times of market instability

What does it mean to think outside the box when it comes to financial planning? And what do financial advisors need to know about working with clients through turbulent and volatile events, such as the coronavirus pandemic? Today’s episode will explore some of those questions. Lucas MacMillan has been working in personal finance for 10 years. He is a Certified Financial Planning Professional and graduated from the University of Manitoba with a Bachelor of Science. Lucas manages Camber Private Wealth’s financial planning effort; where all prospects are given a financial plan before investing and all clients receive ongoing financial planning support using Camber’s immersive custom financial dashboards. Lucas also leads Camber’s data science team. What You’ll Learn in This Episode  How Camber approaches building a plan with clients (5:43) How client dashboards work and what their goal is (12:06) How Lucas starts with dashboards (14:30) The client response to recent market volatility (24:20) The goal of Lucas’s data science project (30:49) How Lucas’s firm has been acquiring clients (37:35) Lucas’s advice for listeners (43:31) Links and Resources: Lucas MacMillan Camber Private Wealth Quotes by Lucas: “We really wanted to go way outside the box on financial planning.” “Just getting people a financial plan is a huge win.” “It isn’t extremely important that you get their financial life 100% accurate the first time you touch them. It’s something that you can massage over time, as you get to know the client.” Lucas provides a fresh perspective on the future of the financial planning industry. His practice is using technology and data science to change the way their clients interact with their financial plans, creating a unique way to attract and retain clients. Whether you’re a seasoned wealth manager who is comfortable with status quo, or you are building your financial advisory practice and want to employ fresh tactics, you can learn from the innovative ways Lucas approaches his work. Below, we’re sharing three key ideas from this episode: How Lucas customizes client experience using data visualization How Camber is leveraging data to combat low conversion rates in the financial industry The importance of client education and continuous marketing during times of financial instability To tune in to the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link at the top of this post.  How Lucas Customizes his clients’ experience using data visualization Coming from a background working in a centralized planning division at a larger firm, Lu...

In theory, everyone wants to constantly be improving their financial planning skills, but what does it mean to put that into practice? Today’s guest is a relatively new financial planner who has already achieved more than many who have been in the industry much longer. He’s here to share his proven methods for improving his craft. Zak Smith is the Senior Manager of Financial Planning and Wealth Strategies at Sagium, an independent wealth management firm in Calgary. He is a founding member of the newly formed Financial Planning Association of Canada and volunteers his time as a mentor for the Mount Royal University business department as well as with the CPA Financial Literacy Program. His recent successes include being named the 2019 winner of the PlanPlus Canada Financial Planning Awards, and 2nd runner up of the PlanPlus Global Awards program for the Americas region.  Listen in to hear Zak talk about how feedback and competition make him a better financial planner, how he’s helping clients through the recent volatility in the markets, and what it’s like to serve clients as a team. What You’ll Learn in This Episode:  What made Zak switch from accounting to planning (3:20) Zak’s typical process for clients (6:00) How Zak prepared clients for volatility in the markets (11:30) How feedback and competition make Zak a better financial planner (15:05) The challenges Zak encounters in his practice (23:45) How Zak’s team can provide a personal touch while working as a group (30:30) How Zak applies different perspectives to his work (34:15)  Links and Resources: Zak Smith Sagium Why Financial Planning Software Doesn’t Make Advisors Faster Quotes by Zak Smith: “Whether volatility exists now or in the future, we know it’s going to happen.” “I was always cognizant that hey, is there any metric to what we actually do in this industry as far as a standard for what we’re delivering to our clients?” “Clarity became the utmost piece in developing our plan reports so that it just made the conversation a lot easier with the clients.”  Zak is unique as a guest on this show: he’s only five years into his career as a financial planner, and he doesn’t run his own practice. And yet, he’s built into his career ways to constantly improve himself as a planner. So whether you’re just starting or have been doing this a long time, and whether you run your own firm or not, you can draw from his experience and find ways to build on your skills. Below, we’re sharing three key ideas from this episode:   How Zak prepared clients for volatility in the markets How fe...

When it comes to the question of how open to be with clients, at what point of the spectrum do you fall? Do you teach them enough that they feel invested in the plans that you build? Do you bore them to tears with lectures about the industry that have nothing to do with them? Today’s guest has found the balance between transparency and relevance, and he’s here to show you how you can increase the value of your service for your clients. Sasha Djurdjevic, CIM, FMA, DMS, is a portfolio manager serving global private and institutional clients at his firm, River Wealth. He has extensive capital markets experience and has held senior investment roles at prominent investment companies in Canada. Listen in to hear what Sasha has to say about his educational approach to financial planning, his tricks for communicating complex ideas to clients in a way that’s relevant to them, and how he balances his business with raising four children. What You’ll Learn in This Episode:  Sasha’s unusual niche (6:40) Sasha’s 70% rule for financial planning (13:10) How Sasha acquires clients who live abroad (20:00) How Sasha uses idea generation to communicate complex ideas to clients (24:20) The value of transparency and openness (28:05) How Sasha balances running his practice with his personal life (38:20) Why it’s important to know yourself as an independent advisor (46:10)  Links and Resources: Sasha Djurdjevic Aligned Capital Partners Inc. Quotes by Sasha: “Trying to bucket people, and say that if you’re a non-resident you have these unique issues, is useful to a point, but the reality is that every client is different.” “Help people to understand the context a little more, and you’ll end up with a more satisfied or self-actualized client, who then will value your work more highly.” “Instead of trying to come up with a perfect plan, come up with a plan that does a pretty good job of reflecting what’s in front of you and what you know, then put your full effort into that plan.” With Sasha’s experience working with a mix of institutional, retail, and global clients, he’s had to shift contexts, meet people where they’re at, and translate difficult concepts into learning opportunities relevant to each unique client. Below, we’re sharing three key ideas that he’s imparting to you: How Sasha approaches educating his clients The value of transparency and openness Sasha’s 70% rule for financial planning For the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link above. How Sasha approaches educating his clients When...

Financial advising is a profession that draws in an eclectic mix of individuals who come from different backgrounds and whose career paths haven’t always been straightforward and predictable. Today’s guest formerly served in the military as a forensic accountant; now he not only runs his own financial practice, he’s also the world’s first (and probably only) forensic accountant blockchain professional. He joins the show to share what he’s learned from his military experience that has helped him serve his clients and grow his practice on referrals alone. Robert Watterson is the owner of Watterson Financial Solutions, a firm that handles financial planning, accounting, compliance, insurance, asset protection and tax services. Listen to hear what Robert has to say about how working in forensic accounting informs his current work, how he remains focused with so many different areas of practice, and how his interest in blockchain technology helped him develop an audit-ready bookkeeping system. What You’ll Learn in This Episode:  How Robert moved from military forensic accountant to advisor (5:00) How his military experience informs the way he acquires clients (9:10) Staying focused while providing different offerings (18:40) How the different parts of Robert’s business build on one another (21:40) The blockchain’s impact on the financial industry (23:40) Robert’s audit-ready bookkeeping system (30:30) Robert’s biggest challenge in growing his practice (35:10) Why service is the most important part of running a practice (38:00) Links and Resources: Watterson Financial Send Robert an email Quotes by Robert: “In the military, one of the things that they taught us was never look for what’s good for you; look for what’s good for the overall project you’re working on. And if you’re working with a client, that means the overall good for the client.” “Make yourself referable… If you are referable, they will come back to you for work or they will have somebody come to you for work.” “If you don’t worry about making money off every client, the client will worry about making sure you make money.” With Robert’s different interests and areas of expertise – forensic accounting, blockchain technology, compliance and financial planning – it can be difficult to see how everything fits together. And yet, he’s able to pull knowledge and skills from different areas to create a unique practice in a way that we can all learn from. How Robert’s military experience informs the way he acquires clients Robert’s obsession with learning Robert’s biggest challenge in growing his practice For the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link above.

Higher returns often mean higher volatility — so how do you know when it’s worth it to be more aggressive and when you should settle for a lower, but more stable, return? And how can you help clients trust that you’re taking the right approach? Today’s guest is always thinking about risk and return and has a framework to help you balance the two. Martin Pelletier is a portfolio manager and managing director at TriVest Wealth Counsel, a division of Wellington-Altus Private Wealth. He is a Chartered Financial Analyst (CFA) charterholder and has extensive investment industry experience, including senior roles in capital markets, private banking, venture capital, wealth management, and family and multi-family office. Martin is regularly featured in the media and is a weekly contributor to the Financial Post's Investment Pro section. He is a member of Thomson Reuters Canada’s top 40 social influencers in finance, innovation and risk (2017), was a top-10 finalist for the BlackRock Award for Canadian Portfolio/Discretionary Manager of the Year (2018) and was recently named to Wealth Professional Canada Magazine’s Leading Portfolio Managers (2019). Listen in to hear what Martin has to say about risk, return, and the foundation of his success. What You’ll Learn in This Episode:  How Martin (accidentally) avoided the financial crisis (2:05) How goals-based benchmarking removes unnecessary risk (6:25) How asset management differs between high net worth and ultra-high net worth clients (12:30) Building trust at scale (17:00) How thinking big and building small has contributed to Martin’s success (21:55) How advisors need to reposition themselves to succeed in a changing industry (28:20) How Martin has eliminated the most challenging aspect of his business (33:40) Why he thinks you should never get comfortable (40:40)  Links and Resources: TriVest Wealth Martin Pelletier Email Martin Quotes by Martin:  “With ETFs coming out, it’s democratized the investment industry, and commoditized it.” “It’s all about building relationships. The number one reason why someone’s going to decide to go with you is trust.” “If you really want to impose change, you have to think big and build small.” Martin Pelletier’s financial advice is sought after both by the media, and high and ultra-high net worth families. Today, he’s sharing his expertise with us. Below, we’re sharing three key ideas from this episode: How goals-based benchmarking removes unnecessary risk How asset management differs betwe...