In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau discuss on one of the things that is talked about throughout the financial industry and network which is ‘Growth by Acquisition’. In Part 1 of this 2-part topic, Bill asks if you are ready to take on some growth.
• 01:10 - Chad gives an insight about ‘Horizon – The Advisor Network’. He says that they also do consulting services and nationwide they have about 55 producing advisors. They manage about 2.7 billion as a group, under management.
• 03:10 – He starts with some things to consider before we even get the process started. He states you have to have the will and the want because this is mostly a slow game.
• 05:06 – Bill asks about the “Capacity Issue”, he enquires that if you a full book, and you're really busy with that, how do you take on the additional capacity?
• 08:30 – Chad gives his views on why now is a really good time for ‘Growth by Acquisition’. He mentions that roughly only 26 to 27% of advisors have an emergency continuity plan in place for death and disability and only 13% have begun planning for succession in retirement.
• 11:16: He says that to start with you need to identify what you're looking for, and quickly and eliminate practices or books that are not a good fit.
• 13:50 – As per Chad, when you can effectively communicate all the things, it starts to take down the barriers of scepticism and what you want to start doing just like with any client is. You want to eliminate as much fear as you possibly can.
• 16:30 – Chad says that what he always kind of have on his activity list is that he has a particular day in a week that he is going to visit the websites, just to make sure he’s not missing an opportunity.
• 18:10 – “Have you found a range on how good is the information these type of resources are supplying?” asks Bill.
Three Key Points
1. Bill and Chad dive deep into the topic - ‘Growth through Acquisition’; they give some suggestions that they have and advise to have an open mind because there are a lot of things going on to make things work. They discuss some of the things to consider before even starting getting into that growth by acquisition mode.
2. Chad says that they have kind of a legacy platform which is called Legacy Builder and it's available to Advisors who are willing to do certain things through the broker dealer so, maybe you need to check with the resources / websites that you have for them. All of these resources have a free membership but the bigger deal with most of these is that your membership will typically give you quicker access.
3. Chad advises to not to be scared of trying new things. According to him, it's in this age, in this day, you have to be inventive and you have to find a new angle to get in touch with those opportunities. The big deal is just to be prepared, be top of mind and to be preferable.
• “So, we have folks that are plugged into us all across the country” - Bill Bush
• “There’s an element of time, how much time are you willing to dedicate to this? You can say time, but I mean, really, it's like activity for prospecting. You have to dedicate so much time every week, every month, every quarter every year.” - Chad Soileau
• “But let's talk about why now, you know, is really a good time for this.” - Bill Bush
• “So, I think what you got to do first is really identify, what am I looking for? Right? That's kind of your starting point.” - Chad Soileau
• “You have to create a plan to connect and develop an activity plan.” - Chad Soileau
• “Let's get into some of the prospecting ideas and how do you really go out there and find opportunities?” - Bill Bush
• “Sometimes I make a little bit of edits if there's something peculiar, or that stands out in their message.” - Chad Soileau
• “Also consider the support staff that helps you through, your broker dealers, growth officers and consultants has been very good for us, because we lean in a lot and we leverage a lot of our partners.” - Chad Soileau
• “There are all these external sources that are out and running into other advisors. We don't even know another opportunity, so obviously, that's important place.” - Bill Bush
• “Well, boards, like for me, I'm on the FPA board, right.” - Chad Soileau
• “Only you know, between 25 and 30% of these people have continuity partners.” - Chad Soileau
• “Because there are a lot of places to where if you're captive, you can only transfer that book to someone already inside of that captive agency.” - Chad Soileau
• “So, I always kind of say this right as Advisors, your ears get tuned, right?” - Chad Soileau
• “Acquiring a book takes a lot of work and patience. It is just like prospecting, go into it understanding it's there's no easy button.” - Chad Soileau
• “And in the meantime, go kiss some frogs.” - Bill Bush
• The Confident Advisor Practice Podcast
• Horizon Advisor Network Website
• Horizon Advisor LinkedIn
• Bill Bush
• Podcast Editing
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