Advisor Advocates Podcast

As podcasting continues to grow as a media alternative, millions of investors are turning to podcasts to learn more about making smart decisions with their money. Financial Advisors are eager to tap into the opportunity to share their knowledge and experience with listeners who could be potential clients, but how do we make sure our shows are seen and heard?

In this episode, former Advisor and podcaster Garrett Layell discusses the process of starting and growing a podcast for Financial Advisors. Learn how to start a podcast, how to grow it, and best practices for keeping your listeners engaged and tuned in.

For more information or to speak with Garrett about how he can help:

Visit the website:

Give Garrett a call at 919-561-2436 or

Schedule time to chat:

Adrienne Grace joins Garrett to discuss how she helps her clients focus their energy and efforts on the controllables of their business, and helps them to work with a clearer mind to better execute their business vision. To learn more about how Adrienne can help you further develop your practice, reach out to her or explore the resources below:

Adrienne Grace, CFA | LinkedIn

Adrienne Grace (@gracefully_adrienne) • Instagram photos and videos

Free Gift from Grace

To learn more or connect with Garrett, feel free to use this Calendar Link to schedule a call at your convenience, or reach out directly to 919-561-2436.

Financial Advisors are entrepreneurial by nature. Many begin their careers as Advisors under someone else’s flag, enjoying the unlimited opportunities the industry offers, before eventually settling on the decision that it is time to start their own Firm. However, that decision brings with it many more decisions to be made, starting with the decision to form your own Registered Investment Advisor or affiliating with an Independent Firm.

Registering a new Firm with the SEC or state regulators is a cumbersome process and can be expensive to outsource depending on the complexities of your business. And registering it is just the beginning. In total transparency, my first examination two years into owning my own Firm was the starting point to my decision to eventually sell it. As your own RIA, compliance of state and federal regulations ultimately falls on your shoulders. You may hire an outsourced compliance team, but if they make a mistake, they are still your responsibility.

Many Advisors opt instead to join an Independent RIA or Hybrid Broker/Dealer. These Firms are your insulation from the regulatory authorities, and you serve as an independently contracted representative of their Firm but operate under your own brand and typically with your own LLC.

Independent Firms typically strive to minimize their involvement with your business, usually opting for generic branding to allow your Firm to stand in the spotlight with your clients. They provide compliance supervision and access to technology for typically lower rates than you could negotiate on your own, and many will also allow you to integrate your own vendors if you prefer. Payouts to the Advisor will range from 85% to 99% depending on the Firm and your production, and many are even introducing flat rate pricing which can greatly benefit teams managing more than $100M.

When comparing Independent Firms, we would encourage Advisors to take special notice of the platform Advisory Fees, as many Firms have started to use this as a way to disguise the true economics. For example, many Firms will claim that the Advisor receives a 100% payout on revenue but attempt to glide right past the 30-basis point platform fee on advisory assets under management. While you may charge 1% and make 1%, the client still thinks they are paying 1.3%, (because they are). And 1/1.3 is not 1.00.

Not to say that platform fees are bad. In fact, most Firms will charge them in one way or another. But Advisors should take them into account when calculating the payout. As a general rule, Advisors managing more than $100M should be able to find an independent partner with a true net payout in the 90-95% range, and it should gradually approach 99% as production increases. With such a tight payout range, the ultimate decision of who to use will often come down to non-financial matters, such as reputation, technology, support, and management culture.

Advisor Advocates partners with Independent RIAs and Broker/Dealers to help you explore your options and find the best fit for your practice. Save yourself time and cut through the noise by allowing us to quickly narrow your search for the best financials, technology package and management culture for your business. Call or text 919-561-2436, email [email protected], or schedule time on my calendar for a Zoom or phone call at your convenience.

Learn More at theadvisoradvocates.com

One of the best kept secrets in the financial services industry is the Tuck-In model. One of the best descriptions I’ve ever heard for this is a “hotel for independent financial advisors.” When I left the employee advisor world for independence in 2013, I was unknowingly at the time being introduced to my first tuck-in firm. A collection of Independent Financial Advisors operating under one roof sharing one brand.

While some advisors may elect to use their own branding, it is usually best for all to operate under the common DBA of your team, managed by the independent RIA or if with an independent broker dealer, your OSJ. Typically, this brand provides website, marketing, office space, and collaborative environment. While you ultimately are operating your own business as a 1099 contractor, your are a part of a supportive community often working together building shared investment model portfolios, join marketing materials, and client events, just to name a few.

The economics of this set-up will vary a great deal depending on the needs of the Advisor and the team itself, but the independent Advisor will usually receive a payout of 65-85% of their gross revenue, with some nominal expenses reducing this slightly. For example, an Advisor may earn an 85% payout before paying $500 per month for rent and office supplies. Or 75% including rent, but where the Advisor is responsible for their own E&O insurance and tech stack costs. All-in, a good tuck-in should net the Advisor around 75% once production is above around $250,000.

The support of a tuck-in is ideal for breakaway Advisors, who want to own their book but don’t want to make the total leap to running their own firm. As someone who did it for 7 years, I can vouch for the fact that the marginal 10-20% an independent earns in payout pales in comparison to the added responsibility. So for many Advisors, the tuck-in becomes the final home of their practice.

On the other hand, many Advisors use the Tuck-in Solution as a stepping-stone to total independence (as I ultimately did). And the hallmark of the Tuck-in model is the flexibility to do this. Once you join the team, you will own your book of business that you bring with you and anything you add to it, and a reasonably minded Tuck-In manager will understand and support your decision to move on should that time come, and many will even assist where they can out of goodwill.

If I can answer any questions or help you in your search, call or text 919-561-2436, email [email protected], or schedule time on My Calendar for a Zoom or phone call at your convenience.

Learn more at:

theadvisoradvocates.com

Learn from Founder Ed Meek and Partner Advisor James Alexander how Edge Financial Advisors brings together a team of like-minded Advisors to deliver the highest quality of service to clients and quality of life for their team members.

By enabling each team member to focus on their specific strengths and focus areas, Edge positions Advisors to deliver the most sophisticated planning and investment strategies for their clients without over-stepping their capabilities, and working together to achieve greater things together than they could separately.

If you are a Financial Advisor who can bring valuable leadership and appreciate the team mentality, Ed and James would love to meet you and explore the opportunity to join one of the top Financial Planning and Investment Managment Firms in the Chicago area. Schedule a call to get started, or reach out at 919-561-2436, or [email protected]

Schedule a Confidential Call Here