May 1, 2023

CYA: Protecting Your Practice

In today's episode of "The Confident Advisor Practice Podcast," a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about practice management. Today they are going to discuss about the importance of CYA in your practice.

Episode Highlights

  • 01:36: The CYA 360 was born as a single-day event for business owners and business leaders.
  • 01:50: CYA 360 was a one-day symposium with guest speakers all speaking on their individual topic of specialization and expertise, whether that is buy-sell agreements, risk mitigation, company retirement plans, what are all the threats and things they need to be aware of uncovering all those potential issues, so it started as a one-day symposium, later it got morphed into a series.
  • 02:55: Bill talks about the 3 major categories of CYA 360.
  • 03:47: What are some things that individual practices really need to think about that they can implement and do …and kind of make their own.
  • 06:02: Bill shares how things change when you are in your 50s.
  • 08:00: There is not another runway decade out there, Bill has searched before starting their podcast. It is a unique story.
  • 09:30: Bill and Chad discuss the importance of staying relevant and up to date in the digital age.
  • 10:23: One of the ways you can protect yourself always being active, visible, and relevant is by having purpose planned marketing system within your firm.
  • 11:58: Every single day you should always be looking for new opportunities. The bigger deal is having a documented plan of client acquisition.
  • 13:22: Build a unique ability team. Stick to what you are best at as a new advisor, you have to be a Jack of all trades, but as you start to expand out, it doesn't necessarily mean you have to add a bunch of employees, but it is about maybe leveraging your strengths.
  • 15:58: Chad advises doing some legacy planning with children or grandchildren that come behind, but also diversifying the age groups of the clients that you are also working with as well too because you can have some clients that are bit closer to the end.
  • 16:23: If you are building a practice that has a kind of diversified age group. You can pretty much guarantee yourself that you are going to always be busy, and you are going to always have someone to talk to.
  • 19:07: Growth attracts growth, and if you are giving off the image to existing clients and prospective clients that we are growing organization, we are adding this, we are doing these things, we are having success, you are going to have a whole likely a bigger probability or better probability of getting referred again by an existing client or maybe someone who is not even a client but knows your business.
  • 24:39: Everyone who works behind the scenes knows who's responsible for what tasks, what things need to be done and the follow-ups and then of course, they do a weekly meeting with all those.
  • 25:48: As a business owner ask yourself, what happens if I can't work for two months, three months. How does my business keep going on right and the succession plan or the succession partner is what if I can't come back and what happens there?
  • 26:54: If you're an advisor, you tend to focus on all the bright and shiny things that you have fun doing.


3 Key Points

  1. Chad explains how to build your brand or something with your own intellectual property.
  2. Stay focused on the things you need to be focused on, and even if you can do that other piece, you are not going to be as good at it.
  3. Chad shares how important it is to build a team, implement operation systems, and build a consistent, reliable service experience.

Tweetable Quotes

  • "Any client that comes into our firm, it's going to be basically how we do our business in the financial planning process, the investment implementation process, and the planning process." – Bill
  • "I talked to advisors throughout our network, the overwhelming majority don't have anything like this, and they kind of just wing it." - Chad
  • "For some people, there might be some panicking. For others, it's, while I'm well ahead of this, but at any rate, it is critical time to really start getting intentional about what are the next 30-40, possibly even 50 years of my life going to look like and what can I do now to make progress in those areas." - Bill
  • "The next 10-to-15-year period, we call that period this runway decade, and it's important and earnest and significant for people just turning 50, but also for people up in their upper 50s too because you know folks are working longer. So, this 10-to-15-year period before you actually retire." - Bill
  • "You should always be focused on keeping the clients that you have, but finding the new clients that you don't have." – Chad
  • "If you only do rollovers, if you only do this, if you only do that, you'll get to a point where you're going to be a little bit stagnant." - Chad


Resources Mentioned:

The Confident Advisor PracticePodcast

Horizon Advisor Network Website 

Listen to this episode and subscribe to The Confident Advisor Podcast on these podcast platforms: