Why Top Advisors Are Quietly Leaving RIAs – with Bill Laird (095)

WEBVTT
00:00:02.879 --> 00:00:06.879
Hey everyone, thank you so much for joining the podcast today.
00:00:07.120 --> 00:00:17.359
When financial advisors think about the RIA channel, they think about things like ownership, they think about control, they think about ultimate investment selection and technology selection.
00:00:17.519 --> 00:00:32.799
And while a lot of times this is the case, there's many financial advisors that we're talking to on a monthly basis where things have just changed inside of their organization where they've been negatively impacted or their clients have been negatively impacted.
00:00:32.880 --> 00:00:37.119
And they were decisions that have been made that were totally out of their control.
00:00:37.439 --> 00:00:52.079
And whether a firm has been bought multiple times and rolled up into larger RIAs, or over time, as a firm grows, compliance becomes burdensome and becomes like one of the places that maybe they previously left.
00:00:52.159 --> 00:01:01.679
Or maybe a financial advisor feels like they're not getting enough equity inside of an organization versus the amount of value and production that they provide to the firm.
00:01:01.920 --> 00:01:10.159
In short, we're just talking with more financial advisors than ever that are part of the custody platform that are searched really in search of more control.
00:01:10.400 --> 00:01:18.480
And Bill Laird, one of my favorite clients, he was really one of the first people I had this conversation with back in 2023.
00:01:18.719 --> 00:01:35.280
And together, we just learned a whole bunch through the process that other financial advisors that are unhappy at RIAs are really gonna want to know about in order to just best position themselves to be able to exit, you know, their business seamlessly in the future.
00:01:35.439 --> 00:01:58.879
So this is just gonna be a story today on how Bill came to the realization he was potentially wanted to make a move, just about his journey of exploration, how he ignored some of the really shiny objects that were thrown his way throughout the due diligence process, and also how he ended up at New Edge Advisors launching his his business, Riverside Wealth Advisors, in 2023.
00:01:59.040 --> 00:02:03.200
So, Bill, I apologize for the long intro, but thank you so much for hopping on.
00:02:03.519 --> 00:02:04.799
Yeah, honored to be on.
00:02:04.959 --> 00:02:10.000
Glad to get to talk and have some folks learn from this conversation.
00:02:10.319 --> 00:02:10.879
I love it.
00:02:11.039 --> 00:02:12.800
I I really appreciate the time.
00:02:12.960 --> 00:02:16.560
And I know a ton of people are gonna get a lot of value out of this.
00:02:16.800 --> 00:02:23.039
If you don't mind just kind of, you know, starting, like talking about how you started in the business and kind of how you got to where you are today.
00:02:23.520 --> 00:02:25.039
Yeah, it's a great story.
00:02:25.199 --> 00:02:35.759
Um so I'm 25 years in wealth management, but uh and I talked to a lot of young people about starting out, but I without planning had a pretty ideal start.
00:02:35.919 --> 00:02:55.280
I I worked for the trust department of a large bank for eight years, and I got to learn the markets, I got to learn um how seasoned advisors and sales professionals um you know tackled client problems and I learned how to talk to folks.
00:02:55.520 --> 00:03:01.360
So within that organization, I uh had various roles in research, portfolio management.
00:03:01.439 --> 00:03:19.360
I sat alongside the folks that were bringing in and servicing the business and um felt ready um after um getting two designations while doing that, CFA and CFP, felt ready to enter the financial advisory channel.
00:03:19.599 --> 00:03:43.439
Um I did that in the uh bright year of 2007 with uh with no clients but uh great backing at Raymond James and uh and I learned a lot about um sales and talking to folks, built a you know business I was proud of at the time and and uh that was the start.
00:03:44.800 --> 00:03:45.520
That's awesome.
00:03:45.680 --> 00:03:50.080
Can you tell us a little bit about the RIA that you were a part of?
00:03:50.240 --> 00:04:00.319
It was it was a pretty big machine, it was a bigger RIA, it had a lot of moving parts that advisors would find or clients and advisors would find pretty attractive.
00:04:00.479 --> 00:04:01.919
Can you just talk about it a little bit?
00:04:02.400 --> 00:04:06.800
Yeah, yeah, it was a unique opportunity in the uh year of 2009.
00:04:07.039 --> 00:04:13.360
I was presented the opportunity to join this uh large CPA uh based RIA.
00:04:13.680 --> 00:04:25.360
And local office was a group of ref professionals that were well respected locally and really wanted to provide a breadth of service to the end client.
00:04:25.519 --> 00:04:51.439
Um so it's a model that's probably more popular today, but um, you know, maybe was young when I started there, where um you know many of the clients are seeking, you know, they might be at the end of their business life and and getting to that retirement life, and um they're seeking to stay with the same professionals that they trust, and they've trusted for 10 or 15 years.
00:04:51.680 --> 00:05:06.319
So that that trust was um you know strong with the folks that I worked with, and we were able to provide great tax advice and and you know, really you know, appropriate investment advice uh to those folks.
00:05:06.560 --> 00:05:12.399
And you know, we built a uh really nice and and happy client base.
00:05:12.720 --> 00:05:21.920
Yeah, I mean you had great tools and resources, you had outsourced money management, you had you know tax, like wealth all in one spot.
00:05:22.000 --> 00:05:28.000
And there's a lot of firms doing that today, but you know, a pretty pretty pretty attractive business model for sure.
00:05:28.240 --> 00:05:32.879
Um prior to leaving, like you built a pretty successful business.
00:05:33.040 --> 00:05:35.920
What were your assets under management prior to leaving?
00:05:36.480 --> 00:05:59.680
Um, probably 500 million or so over yeah, when I lost so what were some of the changes over time that just made you realize maybe you didn't have the control that you thought you had, or what were some of the things that just kind of made you pick up your head and realize, you know, hey, I I just want to check out and see what else is out there?
00:06:00.160 --> 00:06:09.439
Yeah, I mean, uh, you know, it's it's hard to say that concisely, but uh, you know, my time was my use of time was evolving.
00:06:09.680 --> 00:06:21.439
And um, well, I think I showed up well in in the interactions with clients, you know, I was really balancing quite a bit, um, as you know, especially closer to the end there.
00:06:21.759 --> 00:06:37.680
So um, you know, I just felt a little stretched and you know, kind of limited in how I could grow and and didn't feel as good about the client experiences as I was in the earlier years.
00:06:37.839 --> 00:06:44.480
And it was just really uh uh you know, just an uh my time my time was really stretched.
00:06:44.560 --> 00:06:51.519
I had um two roles outside of serving clients, which is really what I love doing all along.
00:06:53.519 --> 00:06:56.560
Yeah, I mean, obviously a full-time job in itself.
00:06:56.639 --> 00:07:04.079
And you know, being a part-time financial advisor with$500 million in assets is is is is is not a good business model.
00:07:04.399 --> 00:07:05.199
Very challenge.
00:07:05.439 --> 00:07:06.639
Yeah, for sure.
00:07:06.959 --> 00:07:18.720
So, you know, when you started when you started taking a look out there at some of the different options in the industry, I mean, we had conversations together.
00:07:18.800 --> 00:07:24.240
We kind of did a high-level education in terms of, you know, what else was out there?
00:07:24.560 --> 00:07:31.120
Um, you know, the wirehouse world, the independent broker dealer world, the the RIA world.
00:07:31.360 --> 00:07:37.920
I mean, what were some of the things that were really, really important to you throughout the process?
00:07:38.160 --> 00:07:40.959
So some of your true north type of things.
00:07:41.120 --> 00:07:46.879
And what were some of the things that just really excited you when you started when you started exploring?
00:07:47.360 --> 00:07:58.079
Well, you know, when I kind of sought out a new opportunity, you know, I knew some of what was out there, and you helped kind of open my eyes to a lot more.
00:07:58.319 --> 00:08:05.360
So uh, you know, and there's probably more choices two and a half years later than there were, you know, in 2023.
00:08:05.839 --> 00:08:10.000
But, you know, what I was really seeking was was independence.
00:08:10.160 --> 00:08:22.399
I wanted to be able to provide an um investment model, a solution model that um really only had modest limitations.
00:08:22.480 --> 00:08:44.799
Uh the limitations that are really important, uh, you know, we're a highly regulated industry, but I really wanted to be able to uh find solutions for clients that that met their needs and be able to take advantage of you know the evolving solution set that our investment partners make available without huge hurdles to getting things on board.
00:08:44.960 --> 00:08:48.000
Um so that was really front and center for me.
00:08:48.240 --> 00:08:58.399
And um, you know, I'm sure we'll talk about it a little bit, but you know, I chose a partner, a new edge, that really is front and center on a lot of those things.
00:08:58.559 --> 00:09:02.879
Um they they have five custodians we can use.
00:09:03.120 --> 00:09:12.000
Uh the solution set that I wanted to use and was using was ready readily available day one and and it keeps evolving.
00:09:12.320 --> 00:09:26.159
So um it was really the the place that I felt that had the most flexibility, had folks that I trusted, folks that were growth-oriented and future thinking.
00:09:27.200 --> 00:09:47.919
Yeah, I mean, so I remember just back when we first had our initial conversations, there were some pretty unique things going on inside of your specific situation that you know we kind of guided you along the way to like a couple different, you know, firms that made a lot of sense.
00:09:48.080 --> 00:09:57.200
So for the RIA listeners on this call, you know, number one, your assets were a hundred percent at schwab, correct?
00:09:57.600 --> 00:09:58.559
Yes, correct.
00:09:58.799 --> 00:10:09.840
So, so you know, they they were at schwab, you know, we educated you about, you know, how easy that process can be making a move from one RIA to another.
00:10:10.000 --> 00:10:14.720
And as long as you keep the the same custodian, that's a pretty easy transition.
00:10:14.879 --> 00:10:23.519
And we're gonna dig into that a little bit more in the future in this podcast, just like your overall experience, because that's promised in the industry all the time.
00:10:23.600 --> 00:10:29.600
And I want to hear it straight from your mouth, someone that had their hands in the paperwork, how that went.
00:10:29.759 --> 00:10:34.080
You know, also as well, you were outsourcing your money management.
00:10:34.320 --> 00:10:42.000
And you know, that is a big benefit to a lot of RIAs, a lot of larger organizations out there.
00:10:42.399 --> 00:10:49.519
What a lot of financial advisors don't know on the independent side, outsourcing your money management is really expensive.
00:10:49.679 --> 00:11:00.320
So if you have a two, three million dollar book, that could be an additional, you know,$600,000,$700,000,$800,000 of cost for all of your clients.
00:11:00.480 --> 00:11:13.919
And then also as well, um, you know, you just making a move from a firm where you know the clients were familiar with that organization and just wanting to feel comfortable.
00:11:14.240 --> 00:11:28.720
Um, you know, there are a lot of firms that threw a lot of money your way, you know, potentially millions of dollars to make a move to a firm and not take that easy schwab route.
00:11:28.879 --> 00:11:35.679
Um and you took the you took the route that was, you know, best for your clients with the least amount of disruption.
00:11:35.919 --> 00:11:44.000
So, you know, I just thought that was like really, really awesome of you throughout the process to not get distracted by all of those shiny objects.
00:11:44.159 --> 00:11:46.320
But just talk to me about that a little bit.
00:11:46.399 --> 00:11:48.320
I I know you wanted to go to Schwab.
00:11:48.639 --> 00:11:56.639
I know you wanted to go to a firm where you could like outsource your money management, but you know, some of these firms were offering you some some pretty life-changing money.
00:11:56.799 --> 00:11:58.480
Like, how did you stay focused?
00:11:58.639 --> 00:12:03.360
Like, how did you make that not like front and center in your mind?
00:12:03.519 --> 00:12:05.600
A lot of financial advisors make that mistake.
00:12:05.679 --> 00:12:07.200
So I would love to hear about that.
00:12:07.519 --> 00:12:09.120
Yeah, you said it well.
00:12:09.200 --> 00:12:14.480
Yeah, I really wanted to provoke prioritize my my client needs and happiness.
00:12:14.639 --> 00:12:22.639
And and schwab to schwab is kind of the simple way to do that, but um, you know, and respect schwab a great deal.
00:12:22.960 --> 00:12:40.960
But uh, I really wanted to be able to one offer some of the same things I was used to, um and and and be with somebody that again was forward thinking and and looking at new ways to serve clients, new ways for clients to save taxes.
00:12:41.440 --> 00:13:04.720
Um so kind of those shiny objects, you know, it wasn't smoke and mirrors, or some great organizations and and you know, had serious conversations with with you know more than one organization, but you know, the full package involved, you know, having um some flexibility to serve some unique client needs that I had.
00:13:05.039 --> 00:13:09.759
Um and you know, New Edge really delivered on that.
00:13:10.080 --> 00:13:20.399
And you know, they continue to present us ideas and solutions that are um you know really you know enlightening and helpful to clients.
00:13:20.639 --> 00:13:31.200
And I I will say like New Edge is is uh transparent and it's easy to understand you know my relationship with them and my clients' relationship with them.
00:13:31.519 --> 00:13:47.679
You know, you hear about uh those costs that you mentioned, I call them like um like it's like going through one of those toll roads, like you're paying um a fee just to be able to access some solutions that really doesn't exist here.
00:13:49.200 --> 00:14:07.120
Yeah, you know, uh you know, up front, you know, up front, what you see, what you get, you know, pay structure, um, you know, had the ability to, you know, save uh uh a ton of money on money management, you know, great research team.
00:14:07.279 --> 00:14:11.679
Um it really checked uh a lot of the boxes for sure.
00:14:11.919 --> 00:14:21.840
When you were when you were looking through the different RIA options out there in the industry, we probably looked at, you know, five or six different ones together.
00:14:22.080 --> 00:14:38.000
I mean, when you were taking a look at like a truly open architecture, you know, RIA where you own your business, where you have the ability to make you know a lot of local decisions, probably more like tools and technology, um, investment options.
00:14:38.159 --> 00:14:43.919
Was there anything out there that just really, you know, kind of blew your mind versus where you were at?
00:14:44.480 --> 00:14:56.080
Yeah, I mean, I was really um impressed uh among the choices that have the investment that these organizations have made in investment solutions.
00:14:56.320 --> 00:15:01.919
And, you know, I I had a role as a CIO at my old firm, so I love investments.
00:15:02.000 --> 00:15:09.200
I love digging in, but I I love in the parts that you know you know, I want to spend my time serving clients.
00:15:09.360 --> 00:15:23.120
So if if we have a team at New Edge that can um you know implement something I'm proud of but do it in a more efficient way, I I think that's great for me and them.
00:15:23.519 --> 00:15:28.559
And there are there's tremendous investments in solutions like that.
00:15:28.879 --> 00:15:39.600
Uh the the other thing that you know we've implemented quite a bit is some of these solutions that help clients reduce capital gains taxes.
00:15:40.159 --> 00:15:50.240
That wasn't unique to New Edge, but it was available right away when that um kind of solution came came out, and we've used it.
00:15:50.559 --> 00:15:57.360
Uh so that, and then there's kind of some more um you know things you might not think of.
00:15:57.600 --> 00:16:02.960
So uh this is a small business, so we have accounting for the business.
00:16:03.200 --> 00:16:12.720
Um at New Edge, we have a a partner that is familiar with New Edge, does bookkeeping for a lot of the practices here.
00:16:13.039 --> 00:16:15.279
It makes that part of my life easier.
00:16:15.519 --> 00:16:26.080
Uh so just little things and it that save me time and just allow me to do the thing that I really intended to is spend 85% of my time with clients.
00:16:26.399 --> 00:16:31.919
Um so it's really been eye-opening, and I think the industry is is evolving.
00:16:32.000 --> 00:16:40.879
There's a lot of great uh competitors and firms out there that are really you know putting the uh client and advisor first.
00:16:41.360 --> 00:16:50.159
And um, you know, if we don't get to it, I'd I would say, you know, this this model that you know I'm existing under offers a lot of flexibility.
00:16:50.320 --> 00:16:50.879
Some don't.
00:16:51.039 --> 00:17:06.160
Some some are integrators, and that may work for some folks, but we offer all the resources, uh, we get to use the resources as we uh you know, as we choose the resources that we feel like that serve our clients best.
00:17:08.720 --> 00:17:12.319
Hey, breaking in real quick, I really hope you're enjoying this episode.
00:17:12.559 --> 00:17:30.559
If you're a high-performing financial advisor that can use somebody as a guide or a resource to explore all your transition options out there in the marketplace, I'm a non-biased, uh, independent transition consultant that can help make this process so much easier for you.
00:17:30.640 --> 00:17:34.559
And another plus, it costs absolutely nothing to work with me.
00:17:34.880 --> 00:17:40.480
If you want to have a conversation, please feel free to text, call, email, DM me.
00:17:40.640 --> 00:17:45.200
My contact information is all over this episode, and I'll let you get back to it.
00:17:46.480 --> 00:17:58.079
For a financial advisor that hasn't picked up their head in the last six months to explore the RIA channel, like you don't know what's out there.
00:17:58.160 --> 00:18:00.400
And I don't mean that in like a cocky way.
00:18:00.559 --> 00:18:11.759
Like there's 15 people on my team, and we have weekly conversations about industry trends and things going on and new firms that we should be aware of.
00:18:11.920 --> 00:18:27.599
And almost every single week, a$15 billion plus RIA is coming out of nowhere that is solving for something very specific for financial advisors that's made them say no to independence or RIA in the first place.
00:18:27.759 --> 00:18:33.839
And many of these people, like Alex Goss, he, I mean, he is a financial advisor himself.
00:18:34.000 --> 00:18:38.720
He understands the wants and needs of advisors and is rolling out these solutions.
00:18:38.880 --> 00:18:53.599
There's other financial advisors that are moving to the RIA side and they're remembering their pain points, their fears, their frustrations, you know, some of the things that they struggled with, and they're entrepreneurial and they're building solutions about it.
00:18:53.680 --> 00:18:56.880
And we're seriously learning about it every single week.
00:18:57.039 --> 00:19:04.640
So where the broker dealer space is kind of uh consolidating a little bit, we just see nothing but expansion on the RIA side.
00:19:04.720 --> 00:19:12.319
So just make sure that you're up to date because there's something that excites me at least every other week that I learn about on the RIA side.
00:19:12.400 --> 00:19:14.079
It's it's really interesting.
00:19:15.119 --> 00:19:16.640
Totally, totally agree.
00:19:16.799 --> 00:19:18.799
It's uh it's an evolving landscape.
00:19:18.880 --> 00:19:27.279
And again, um I think if you build it right, it's it's if it's advisor first and advisor-friendly, the clients are going to be happy.
00:19:27.359 --> 00:19:40.079
The clients um you know will realize if you're having to do things because you know somebody in a large city hundred hundreds of miles north is telling you to do it.
00:19:40.400 --> 00:19:44.880
Um so offering that flexibility and that is really important.
00:19:46.160 --> 00:19:48.000
It's great, it's great insight.
00:19:49.359 --> 00:19:53.680
Let's talk about let's talk about the transition for a second.
00:19:54.000 --> 00:20:10.799
So, you know, in the industry, a lot of people position the custom same custodian to same custodian transfer as really, really easy, or everyone likes to, you know, use the word seamless.
00:20:11.039 --> 00:20:13.920
Um tell me about your transition.
00:20:14.000 --> 00:20:15.680
Like how how did it work out?
00:20:15.839 --> 00:20:19.279
Was it in fact as easy as advertised?
00:20:19.759 --> 00:20:25.200
Um, just just give us a little bit of insight into that for someone else that might be in your in your shoes.
00:20:25.680 --> 00:20:34.640
Yeah, the the kind of nuts and bolts of a transition, especially custodian custodian, um, it can be pretty easy.
00:20:34.880 --> 00:20:38.640
And um we we did that two and a half years ago.
00:20:38.799 --> 00:20:42.400
Uh so schwab to schwab is relatively easy.
00:20:42.640 --> 00:20:48.480
There are some steps that were taken at the time that are not even needed today.
00:20:48.640 --> 00:20:50.319
I'll give you an example.
00:20:50.559 --> 00:20:57.039
Um, so an account that goes from schwab to schwab today does not need to re-add their bank accounts.
00:20:57.279 --> 00:21:09.759
Doesn't sound like a big deal, but uh you transpose a number, uh client doesn't have a voided check readily available, it can just take some time and getting clients' money on time is really important.
00:21:10.240 --> 00:21:15.359
Um so right now, uh client can move over to an advisor on Schwab.
00:21:15.599 --> 00:21:19.279
I'm I'm sure that it may be very similar to other custodians.
00:21:19.519 --> 00:21:28.000
Actually, I know so at Fidelity, uh with really one uh one piece of paper from the custodian.
00:21:28.240 --> 00:21:42.160
Obviously, there's you know some fee agreements that go along with it, but it's it's just detail work and and there are folks that can help you with that and make uh, you know, if you're not a you know, most of us don't want to type all that data ourselves.
00:21:42.480 --> 00:21:46.480
There's folks that can can serve you well in in doing that for you.
00:21:47.200 --> 00:22:03.039
How long do you think the transition took until like you felt like you were back on your feet and were willing to go on a I know you're an outdoors guy, willing to go on a hike again, or you know, like what When how long did you you feel like until you're like back on your feet?
00:22:04.079 --> 00:22:19.039
Um, I'd say, you know, the heavy lifting was done within four to six weeks, but uh you know, wanting to get my feet under me, wanting to have the clients feel really comfortable.
00:22:19.359 --> 00:22:30.480
You know, I I was I was right here in this office for six to nine months before I felt uh you know really comfortable.
00:22:30.880 --> 00:22:31.359
Yeah.
00:22:31.759 --> 00:22:39.519
And regardless of how quickly the assets come over, I mean, any job I've ever had, it was a tough first six months.
00:22:39.599 --> 00:22:44.240
It's new systems, new people, you know, new processes, things like that.
00:22:44.319 --> 00:22:46.960
And it it's just an adjustment no matter what.
00:22:47.599 --> 00:22:48.240
Agreed.
00:22:48.559 --> 00:22:49.200
Yeah.
00:22:49.519 --> 00:22:55.279
Um what was your asset retention at the end of it all?
00:22:55.920 --> 00:22:56.720
Yeah, yeah.
00:22:56.880 --> 00:23:01.599
Um, without getting exact numbers, uh, you know, it's over 80%.
00:23:02.480 --> 00:23:07.920
Um and it was just, you know, the clients, it's a relationship business.
00:23:08.160 --> 00:23:16.880
So uh clients value that personal relationship that I've had with them for 10, 15 years in many cases.
00:23:17.440 --> 00:23:18.480
That's awesome.
00:23:19.440 --> 00:23:25.279
So let's talk about just kind of life after the transition.
00:23:25.680 --> 00:23:39.599
You've you've been in this for a couple years now, you have more flexibility with technology, you have more flexibility with your PL to be able to invest in what's important locally in your own office.
00:23:39.839 --> 00:23:46.720
Like what's what's going on with Riverside and how are things different than when you were at your previous firm?
00:23:47.119 --> 00:23:51.759
Yeah, I I would say I'm really proud of our client process right now.
00:23:51.920 --> 00:23:58.400
And and part of it's um ideas that a lot of us had in our head but uh were hard to implement.
00:23:58.559 --> 00:24:03.599
I'll give you the biggest way that we've changed our client experience.
00:24:03.839 --> 00:24:09.440
So, you know, coming from a tax firm, I learned from some excellent CPAs.
00:24:09.519 --> 00:24:16.640
Uh, these folks were not only uh good practitioners, they were they were mentors and they cared about their clients.
00:24:16.799 --> 00:24:24.319
Uh, but I you know I did learn sitting alongside them uh the nuts and bolts of a 1040.
00:24:24.720 --> 00:24:36.000
And um, you know, by I by no means want to or in the future want to replace them, but uh I wanted to be able to do more than back of the envelope calculations.
00:24:36.400 --> 00:24:45.440
Now my clients trust me and and they'd probably be fine with back of the envelope conversations, but they're making important decisions alongside me.
00:24:45.519 --> 00:24:52.079
And if I can give them real data uh to make that decision, I think that feels better and gives them peace of mind.
00:24:52.640 --> 00:24:58.559
So we use uh a solution that analyzes tax returns.
00:24:58.880 --> 00:25:00.960
It's uh it's a brand name out there.
00:25:01.119 --> 00:25:12.160
I think there's some other good competitors, but we use HolistaPlan right now, and that allows for each and every one of our clients to get a summary of their tax return.
00:25:12.480 --> 00:25:17.039
That's something that turns a couple dozen pages into four pages.
00:25:17.440 --> 00:25:20.880
It allows um for us to get a review and summary.
00:25:21.039 --> 00:25:29.759
I tell them that at the worst they're gonna understand their taxes better if we can't find some opportunities for them to save taxes, but often we can.
00:25:30.160 --> 00:25:36.000
And that summary also extends into uh some scenario analysis.
00:25:36.160 --> 00:25:44.720
So we can insert variables like hey, I want to do a$50,000 Roth conversion or I want to give$50,000 to charity.
00:25:44.799 --> 00:25:47.359
How does that change my tax bill at the end of the year?
00:25:47.920 --> 00:25:52.160
I can do more than back then we'll convers uh calculations now.
00:25:52.319 --> 00:26:15.119
And I think uh going into two years and clients are some of which are in year three of this this process, it just gives them a peace of mind that um that there's somebody you know looking over this, there's somebody planning for them, and um and I've learned more uh by doing it.
00:26:15.440 --> 00:26:35.759
So we certainly love the CPA partners that we have, and we're you know, we let them fully, you know, use their skill set in the most complicated client questions, but we love that we can um some of the planning opportunities that matter to 80% of our clients right here in this office.
00:26:36.240 --> 00:26:39.359
So that's that's been the biggest thing.
00:26:39.519 --> 00:26:45.920
Um and then um just incorporating technology into our meetings.
00:26:46.160 --> 00:26:56.079
So uh I'm not alone in adopting an AI note taker, but uh we've been just amazed at how well it integrates into our CRM.
00:26:56.160 --> 00:27:12.480
So those things that you talk to clients about doing in the future, and you might remember four out of five of them, AI remembers the fifth one and and tells you about it and actually uh assigns it within CRM for you to do.
00:27:12.640 --> 00:27:22.160
You approve it, but uh it's just allowed it's allowed for efficiency and we want to we want to help our clients and not get bogged down.
00:27:23.680 --> 00:28:03.599
And that just that just blows my mind, Bill, because like in my practice as well, with the AI tools that I've been using, the auto-dictation tools, the note-taking tools, like I've put at least eight hours back into my work week, just being able to send next steps to my teammates or being able to, you know, take notes faster or craft an email, like just based off of my voice, instead of having to type things out really, really, you know, really succinctly and it understanding all the nomenclature from the industry and kind of like learning from you over time.
00:28:03.759 --> 00:28:12.480
There's so many financial advisors out there that I'm talking to, like they're just rolling out something like a co-pilot or something like that.
00:28:12.720 --> 00:28:18.160
And you know, other firms are on their 5.0 version of you know what they're doing.
00:28:18.319 --> 00:28:29.039
So I just don't think some financial advisors understand like how far they're potentially getting left behind before they go through the due diligence process and take a test drive with some of these, with some of these technology stacks.
00:28:29.119 --> 00:28:30.640
So I appreciate you bringing that up.
00:28:30.880 --> 00:28:31.839
Of course.
00:28:32.240 --> 00:28:45.839
So I mean, Bill, if you were if you were a financial advisor and you were just starting out in this process, you know, you know, you're starting to have doubts that your firm might not be your long-term partner.
00:28:46.079 --> 00:28:54.000
Like, what would your advice be to another financial advisor out there knowing what you know now?
00:28:54.960 --> 00:28:55.680
Yeah, yeah.
00:28:56.079 --> 00:29:00.400
If you're thinking about it, um you should explore it.
00:29:00.559 --> 00:29:11.279
I mean, and exploring isn't just uh getting lost in Google or the trade publications because you'll learn some things, but um, you know, there's a lot to learn.
00:29:11.359 --> 00:29:22.640
There's a lot of ways to do business, and again, again the shiny objects can distract you from some things that you might not like uh on the back side of things.
00:29:22.960 --> 00:29:32.240
So, you know, my advice really would be to consult a professional like yourself to uh you know do an objective review.
00:29:32.559 --> 00:29:40.319
So um you don't work for any of these companies, you work for me, and you know, you know the industry better than I do.
00:29:40.559 --> 00:29:56.559
So, you know, I remember I had some ideas at the beginning and we explore those alongside your ideas, but uh you know, you've got to have somebody that's consultative, that's listening to you, and they're gonna know a lot more than than you because they're in this every day.
00:29:56.720 --> 00:30:08.880
Um, so I'd say, yeah, get somebody on your side versus uh, you know, hearing a bunch of sales pitches that are hard to parse through every time.
00:30:09.119 --> 00:30:11.200
So that that's that'd be my advice.
00:30:11.519 --> 00:30:12.640
I appreciate it.
00:30:12.799 --> 00:30:15.440
Um and and and thank you for the plug.
00:30:15.599 --> 00:30:17.119
I I I really appreciate it.
00:30:17.200 --> 00:30:35.839
You know, I I think another thing that we did really, really well together in the beginning, like we spent a lot of time introspectively, like understanding like what your strengths and your weaknesses are and like what was really, really important to you.
00:30:36.000 --> 00:30:40.720
Like you wrote that down on a piece of paper throughout the process.
00:30:41.039 --> 00:30:46.720
We made sure that those things didn't change and that those things were still really important to you.
00:30:46.799 --> 00:30:50.880
And really at the end of the day, like how organized you were through the process.
00:30:51.279 --> 00:30:56.079
I think that really helped you stay really focused on your true north.
00:30:56.480 --> 00:31:12.000
And it really helped some of those shiny objects out there, like the office space or plugging into a lead system or getting a huge deal that maybe wasn't and but the firm maybe not being in the best interest or easiest for your clients for the transition.
00:31:12.160 --> 00:31:16.079
I really helped think it helped you make the right decision in the long run.
00:31:16.640 --> 00:31:17.680
Yeah, I agree.
00:31:17.759 --> 00:31:31.440
You gotta be objective and you gotta be willing to learn and set aside some of your predispositions about things and um kind of let the process lead you to the right place.
00:31:31.599 --> 00:31:40.559
But yeah, you want somebody on your shoulder because the the shiny object um you talk about on your podcasts a lot, that that can that can get you.
00:31:40.799 --> 00:31:49.839
And um and you know, you just don't really want to, you know, you want your clients to be in a place that's comfortable.
00:31:50.000 --> 00:31:52.880
You want them to be there for a long time.
00:31:53.039 --> 00:31:56.079
So you've got to make the right decision on the front end.
00:31:56.400 --> 00:32:03.920
And it was especially, you know, a lot of financial advisors don't understand until they're kind of deep in it how lonely this decision is.
00:32:04.160 --> 00:32:07.359
You know, you were out there on your own.
00:32:07.599 --> 00:32:12.960
You couldn't talk with your colleagues about it because of you potentially getting discovered.
00:32:13.119 --> 00:32:30.160
You know, you can talk with your wife, um, who I know is uh one of your teammates now, but at the time, obviously loves you, has your best interests in mind, but you know, maybe isn't you know super knowledgeable about the different offerings out there in the industries and the pitfalls.
00:32:30.480 --> 00:32:33.839
You know, the recruiters of these firms, it's no fault of theirs.
00:32:34.000 --> 00:32:43.359
I mean, it's their job to talk about, you know, the best, you know, the best reasons why you should join their firm, like their pitch, but they're not telling you the things like why you shouldn't.
00:32:43.599 --> 00:32:50.799
So we're kind of uniquely positioned to number one, be on the same side of the table as you, the way that we're comped.
00:32:50.880 --> 00:32:59.359
Um, but also just you know, be your unbiased soundboard throughout the process and you know, one of the loneliest times in in your professional career for sure.
00:32:59.599 --> 00:33:02.799
So um, so yeah, I appreciate you.
00:33:02.960 --> 00:33:04.240
I appreciate you saying that.
00:33:04.400 --> 00:33:06.559
So, I mean, Bill, just switching gears.
00:33:06.640 --> 00:33:09.119
I mean, what's what's next for Riverside?
00:33:09.279 --> 00:33:14.480
Like, I know, you know, you have some exciting new people coming onto the team.
00:33:14.640 --> 00:33:17.599
Like, what's the what's the five-year vision?
00:33:18.000 --> 00:33:18.799
Yeah, yeah.
00:33:18.880 --> 00:33:22.240
We're we're really proud of what we've got here right now.
00:33:22.480 --> 00:33:34.559
So again, six to nine months in, you get comfortable, but we're really comfortable now, and and and we're really proud of the process that we're creating, and we're open to evolving it.
00:33:34.640 --> 00:33:39.039
You know, this is a team where we kind of talk and figure things out together.
00:33:39.279 --> 00:33:48.880
So, yeah, I've got a great um new teammate, Mary, who's a CFP and really has seen and worked with some good practitioners.
00:33:49.039 --> 00:34:04.160
So she's bringing in some new ideas and practice management as well as uh great planning experience and kind of our our visions and and kind of our our work product and work ethic are really aligned.
00:34:04.319 --> 00:34:14.320
So I think it's a situation where it's a multiplier having um her on board, and then we've got a great administrative staff.
00:34:14.480 --> 00:34:20.480
You mentioned my wife, uh Michelle, who's really helps create some leverage when we need it.
00:34:20.719 --> 00:34:34.719
And Amanda is outstanding, she's got a great attitude, she's uh got a lot of great experience working with custodians, and and she's efficient and friendly and liked by our clients.
00:34:34.880 --> 00:34:40.480
So she's been with us uh about a year and a half now and has really hit her stride.
00:34:40.639 --> 00:34:46.960
So, you know, we're focused on treating our clients well, giving them the best possible client experience.
00:34:47.199 --> 00:34:58.559
Um because of those efficiencies and the efficiency on my time, we're able to grow and and we have grown organically in the last two and a half years with clients.
00:34:58.800 --> 00:35:21.360
We've actually grown really well uh with um with new client opportunities, with uh existing client uh life events, and um you know, we're a much larger practice than than I've ever been, but you know, we're serving uh a very reasonable number of clients and clients well.
00:35:21.519 --> 00:35:23.679
So I'm focused on organic growth.
00:35:24.159 --> 00:35:30.079
The future presents itself for inorganic growth and and I've got more staff to serve that.
00:35:30.159 --> 00:35:32.800
I certainly will consider that in the future.
00:35:32.960 --> 00:35:42.719
Uh, but we're real happy here um, you know, with the team that we've got serving the clients the way we are with the tools that we have, and it's only getting better.
00:35:42.960 --> 00:35:48.239
Um so that's that's that's kind of the future for me.
00:35:48.400 --> 00:35:57.840
A couple things that I've been um doing consistently, I think work well is kind of outreach in the community and and and on LinkedIn.
00:35:58.079 --> 00:36:04.400
You know, you never know the return, but um, you know, I've seen some tangible return on both of those things.
00:36:04.559 --> 00:36:18.639
And and I, you know, some of the community work that I did um five to ten years ago just wasn't feasible with my time commitments um in uh you know in 2023.
00:36:18.800 --> 00:36:22.400
So I'm I'm kind of proud and enjoy being back out there.
00:36:22.559 --> 00:36:28.559
Uh we're giving back through uh financial literacy event that we host.
00:36:28.800 --> 00:36:39.519
Um I'm participating as co-chair of Melanoma Research Found Foundation event in the fall that I'm really proud of.
00:36:39.599 --> 00:36:41.760
And you know, we invite clients to.
00:36:42.000 --> 00:36:49.119
And what we're gonna add to the plate is some educational client events uh this year with us and other professionals.
00:36:49.360 --> 00:36:52.239
So we hope that our clients enjoy and learn from that.
00:36:52.960 --> 00:36:59.440
Uh lastly, we'll have an intern this summer from Stetson University, which is my alma mater.
00:36:59.679 --> 00:37:07.840
It's uh it's Hind Gem in Central Florida that has a great student-run investment management program called the Roland George Prairie Program.
00:37:07.920 --> 00:37:12.079
So we're happy to have um uh an intern from there.
00:37:12.159 --> 00:37:15.039
We'll be making that announcement in a few weeks.
00:37:16.320 --> 00:37:18.400
I I love hearing it, Bill.
00:37:18.559 --> 00:37:25.039
I uh I'm I'm so proud of the success, the decisions that you made throughout your due diligence process.
00:37:25.280 --> 00:37:27.920
And I just see this happen time and time again.
00:37:28.079 --> 00:37:34.320
You know, I think financial advisors, when they make the leap and they break away, they're like, you know, how am I gonna grow?
00:37:34.400 --> 00:37:36.559
Like, how are my clients gonna feel?
00:37:36.719 --> 00:38:09.119
You know, small business versus big institution, but with the different ways that you can communicate with your clients, with your centers of influence, with your prospective clients, tell them about like who you are as a person, like what you're doing with clients, you know, how you're doing things differently, you know, so much more regularly, getting updates from you on capital markets or whatever it is, you know, from your voice of someone that they know and trust versus, you know, a chief investment officer that they've never met before.
00:38:09.199 --> 00:38:14.400
Like all these things compound into, you know, such a more personable experience.
00:38:14.480 --> 00:38:28.800
And I just see it, I see the same story time and time again that like I've gotten getting more referrals than I've ever had before, even from people that were in situations where they were getting referrals at their old firm.
00:38:28.960 --> 00:38:34.159
It's just so interesting and like one of the things that gets me so pumped up about what I do.
00:38:34.719 --> 00:38:35.519
Yeah, yeah.
00:38:35.679 --> 00:38:51.039
No, I think um I think happy clients breed referrals and clients that know that you know you're working in a situation that you truly enjoy and you're here and focus for them, they're much more willing to refer other clients.
00:38:51.280 --> 00:38:58.639
Um and then we've even had situations that were competitive where some of the tax planning that we can do.
00:38:58.880 --> 00:39:02.480
Um, you know, people who are successful are also busy.
00:39:02.559 --> 00:39:09.440
And if we can really solve for their full financial life, they they appreciate that.
00:39:09.679 --> 00:39:20.480
So um it's it's us, it's also the tools, and and it's time that's worked really well for for me in the last two and a half years.
00:39:21.280 --> 00:39:22.079
I love it.
00:39:22.320 --> 00:39:24.000
I I I love the story.
00:39:24.159 --> 00:39:32.000
I think this is gonna help so many financial advisors that were in your exact same position and just kind of, you know, don't know where to start.
00:39:32.159 --> 00:39:35.199
So thank you so much, Bill, for the time.
00:39:35.599 --> 00:39:39.440
And if anyone has any other questions, please reach out to me.
00:39:39.519 --> 00:39:43.519
No matter where you are in your due diligence process, I'm happy to help.
00:39:43.679 --> 00:39:50.400
My contact information is all over my podcast, my YouTube channel, and my website, Cory Whelan.com.
00:39:50.480 --> 00:40:02.960
I have hundreds of videos on there answering the questions that you're probably asking yourself right now, white papers, case studies, and just more testimonials to get a feel of what it's like to work with me.
00:40:03.199 --> 00:40:04.960
So uh I hope this was helpful.
00:40:05.039 --> 00:40:06.559
And and Bill, thanks again.
00:40:06.880 --> 00:40:07.519
Yeah, thanks.
00:40:07.760 --> 00:40:09.280
Honored to be uh a part of it.
00:40:09.360 --> 00:40:10.800
I appreciate your time, Corey.
00:40:11.039 --> 00:40:12.000
Yeah, absolutely.
00:40:12.159 --> 00:40:14.800
Look forward to staying in touch and uh best of luck.
00:40:15.039 --> 00:40:15.679
Thank you.
00:40:16.000 --> 00:40:18.880
Really, really hope you find this podcast of value.
00:40:19.119 --> 00:40:23.519
If you do, please make sure to subscribe and share it with your friends.