#FA Success Ep 319: Competing For Massive Purchasers As A Small Boutique With A Focus On Process Administration With Jim Niedzinski

Welcome again to the 319th episode of the Monetary Advisor Success Podcast!

My visitor on right now’s podcast is Jim Niedzinski. Jim is a Co-Founding father of Motive Wealth Advisors, an impartial RIA based mostly within the suburbs of Detroit, Michigan, that oversees $250 million in belongings underneath administration for almost 50 households.

What’s distinctive about Jim, although, is how he and his companion have efficiently constructed a ‘small’ boutique agency that successfully competes with massive wirehouses to draw and retain ultra-high-net-worth households and have differentiated themselves by creating and implementing a shopper process administration system that goes past conventional CRM to actually be certain that the recommendation they’re giving really will get carried out by their purchasers.

On this episode, we speak in-depth about how Jim and his companion felt they might differentiate themselves from greater corporations by making an attempt to maximise what number of of their monetary planning suggestions really get carried out by purchasers, and determined to construct their agency round Asana – a process and challenge administration software – as a substitute of a conventional CRM system, to make sure that the recommendation they provide is about in movement, how Jim leverages relationships he constructed with accountants, attorneys, and different professionals via chilly calls early on in his profession to now have the ability to achieve a gradual circulation of referrals of very HNW purchasers, and the way, via referrals solely, Jim and his companion have grown their agency from $0 in AUM to $250 million in lower than 3 years since breaking out on their very own.

We additionally speak about how Jim and his companion leverage back-end help from Tru Independence in order that they’ll have extra time and capability to assist their purchasers with their advanced monetary points, how Jim has present in his transfer ‘upmarket’ to extra prosperous purchasers that there’s really much less price sensitivity that’s led him to extend his price schedule after the primary few years, and why Jim and his companion are intentional about serving not more than 25 purchasers every as they wish to have sufficient capability to serve their purchasers nicely and proceed to take action for the foreseeable future.

And be sure to hearken to the tip, the place Jim shares why, regardless that he didn’t initially got down to personal his personal agency when he began his profession, he’s joyful that he pursued entrepreneurship as he felt validated with the quantity of help he obtained when he launched (and the quantity of purchasers that adopted him), why Jim believes that youthful, newer advisors making choices about the place to work ought to give attention to discovering a agency based mostly on the character and high quality of individuals they might work with (reasonably than a elaborate web site) and the place they might achieve a mentor that might permit them to soak up as a lot info as potential, and the way Jim’s perspective on constructing a shopper base was impacted by Greg McKeown’s “Essentialism” you can be extra current and efficient in shopper relationships by being extra targeted… which has solely strengthened his give attention to holding a small and targeted shopper base with whom he may be maximally efficient as a monetary advisor.

So, whether or not you’re fascinated about studying about how Jim makes use of Asana as a substitute of a CRM to trace and handle shopper duties, how leveraging back-office help helps Jim and his companion achieve extra time to supply much more worth for his or her purchasers, or why Jim locations significance on actually, deeply caring for purchasers and their wants, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Jim Niedzinski.

Learn Extra…