Episode 261 – Secrets of a Thriving Study Group Part 2: From Solo Advisor to Business Builder

Episode Transcription

This is the Ultimate Advisor Podcast, the podcast for financial advisors who want to create a thriving, successful and scalable practice. Each week we’ll uncover the ways that you can improve your referrals, your team, your marketing, and your business operations, helping you to level up your advising practice, bring in more assets, and to create the advising practice that you’ve dreamed of. You’ll be joined by our hosts Brian Sweet, who is moving fast towards a billion dollars in assets under management, Brittany Anderson, the driving force for advisors looking to improve their operations and company culture, and Draye Redfern who can help you systematize and automate your practices marketing to effortlessly attract new clients. So what do you say? Let’s jump in to another amazing episode of the ultimate advisor podcast.

Brian Heckert 01:07

Welcome to the Ultimate Advisor Podcast. Hi, my name is Brian Heckert, one of the partners in the UAC experience. And today, the four of us will discuss a little bit more in a transition from the start of how we started our study group into the benefits of transitioning from a solo practitioner into a builder of business. And I think the study group has allowed us to make that transition quicker, faster and more efficiently than had we done it alone. So today, we have Brian sweet John Moshides, and Ron Greenberg, who are all four partners, along with Brittany Anderson. And today we’re going to go in depth with Ron a little bit more about some of that bigger movement that he made somewhere around the eight to 10. year mark. And, Ron, welcome. And tell us a little bit about your transition. What was what was the key to what helped you do it and then bigger? How did the study group help you make that transition smooth? 

Ron Greenberg 2:23

Yeah, thanks, Brian. You know, I think as in many things with the study group, and having the experience and wisdom of other advisors that you respect in your corner, to bounce things off of is what really gave me the confidence and you know, the assertiveness to take that next leap with a couple of different things that we did over the years. So as we thought about bringing in younger advisors, as we thought about hiring some really smart people to do the behind the scenes stuff, the analysis, the case, prep the case, design, the things that when you’re a young advisor, you’re doing all those things yourself, right. And you will learn that those are things that don’t have to be done by you. But you don’t always have that confidence, you don’t always have the financial or non financial competence to build out that team, and take those growth oriented steps that are needed. Being able to talk to and hear from four other advisors who are doing the same thing at the same time as you or have maybe done it already, is what really helps propel you help me help propel me to take those leaps of faith.

Brian Heckert 3:38

So was it more about you know, again, we started if we all remember, and I’ll throw this open to the group, you know, we always brought a sales idea, the old sales idea, and, and those were great at a point in our career, but all of a sudden, we’ve niched our practices, we’ve narrowed it down a little bit. And then what were some of the ideas that that you received that help you like when you when you made the transition away from being affiliated with one company to more of a brokerage, and a bigger expanding practice.

Ron 4:16

It’s just the idea of think of, I think of thinking bigger and thinking differently than you do as a sole practitioner or you do as a, an advisor in a captive or career oriented environment. You think more entrepreneurially that certainly was the case for me. Back in 2000, we moved from a career captive place where we were for the beginning of our career, made that leap of faith and just having seen you guys do the same thing. made it easier, right. So those sales ideas are still there. They’re still the heart and soul and the core of what you do on a day in, day out. bases when you’re with your clients and you’re baking a cake I remember used I used yesterday, a, I wouldn’t call it a sales idea but but a line that’s helped me, you know, get a lot of people over the goal line when you as a, as an advisor, say to someone, here’s what you need to do. And the client says, Well, I don’t believe in life insurance, or I don’t like life insurance, you know the answer, and I forget where I even got this. But the answer I gave was, I don’t care. When you go to the dentist, he tells you, you need the drill. And the patient says I don’t like to drill to the dentist say well, okay, then go have a nice day. He says, I don’t care, sit down, open your mouth. And I just went, we’re gonna do what we need to do. So I learned that somewhere along the way in or around this study group, and still using that but but bigger picture though, Brian, you just having like minded people who are in the same place in the world and in the business as you is what helps give you that confidence. You’re not you don’t feel as alone, even though you’re maybe in your business alone. But having those brothers on your side who were doing the same thing at the same time was invaluable?

Bryan Sweet 6:13

I think Ron, you made one comment that I thought was really fascinating. And really, I can attest, a lot of things I’ve done to the study group helping me do this, which is Think bigger, you know, think out of the box, and, you know, anything is possible kind of a mentality. And, and, you know, everybody needs cheerleaders to help them excel and motivated because, you know, if you’re sitting in your office, you’re maybe not always with people that are as attuned to wanting to be successful. So getting in a group of like minded people that can, you know, shake the pom poms, if you will, to, you know, help you do things that you know, you can do, but maybe just didn’t have the confidence, I think was a really good point.

Brian Heckert 7:04

John, I think, you know, one of the things that I look back at, you know, when when we started the group, you were actually one of the higher producers, when we started this, and we remembered, you know, you had made top of the table, if I’m if I’m not mistaken, all of us wanted to make top of the table, which is an industry benchmark of production. And all of a sudden, once, once one of us hit it, and I think it was you, then all of us kind of gravitated to it. And then we had the benchmark of a million dollars of revenue, and then everybody hit it. So tell us a little bit about, you know, you’ve stayed in, in a relationship with, you know, where you’re in somewhat of a committed relationship with a carrier. How is your transition been, even though you didn’t step outside of that? That career relationship?

John Moshides 7:58

Yeah. And if that’s true that I was the first to do top of the tables, and it’s a miracle that you allowed me to stay in the group, because you’ve all zoomed past me pretty quickly over the last 26. But, you know, as I look back, I think the beauty of our study group and why it has survived 26 years, is that we never stayed static. There was an evolutionary process, the types of meetings that we had, and I can remember certain things that we would discuss that to me, were game changers, both personally and professionally. For example, we all shared our own personal financial plans with each other. So who does the advisor go to to get advice, right? We had that platform. In order to do that, we would talk about hiring issues, we talk about salary structures, bonus programs, very intimate things. We we had sessions on the psychology of deepening relationships with our top clients, right, not easy to do. And we’ve learned that sometimes it’s more important to talk about non financial services issues with people to really deepen relationships. And the other one I remember very vividly is we went around the table and we had each other point out the qualities that we see in each other. And sometimes we don’t see those qualities in ourselves and when that’s brought to your attention, it’s kind of that aha moment that can maybe help us again, with the deepening of relationships. But to answer your question, Brian about the we all came out of the life insurance business and I’ve morphed to three different insurance companies over my career primarily because the first two exited the career distribution business. They got rid of us. And I was never looking for the greatest payout. I always always it was fair, and I always had an affection for the life insurance in the state planning side of things. So it’s, it had been a fit for me, but I’ve learned so much from Those in the group that have gone RIA or gone to more of an independent model. So there is room for everybody at the table in the basics, the fundamentals are the same for all of us, irrespective of where we are in our relationships.

Brian Heckert 10:16

I think you know, one of the one of the things that I find over the years that people are looking for that one idea to take them to that next level, I think what’s been most helpful for this group over the years for me personally, and I know, each one of us here is not the idea that we added to our practice. It’s the ones that our group has talked us out of doing. And I remember a very vivid graphic description when Ron was wanting to get into health insurance and, and, you know, develop a health insurance practice or something similar. And we really put him to the test. Is that really where you want to go? Me personally, I can’t thank this group enough for helping me focus away from the distractive businesses that I’ve gotten into over the years, and re reorganize, almost to the point where it took me out of the business because of financial problems. It was this group that put me to the wall and said, What do you really do best and find an exit strategy. And I found over the years, and I’ve used this statement, with younger people looking to get into multiple businesses, it’s very difficult for a 60 year old to get you out of what a 30 year old got you into. And that’s in a lot of different relationships. It’s easy to get into these things, and very difficult to get out of So Iran, you know, we talked a little bit about the health insurance or whatever that was, but you’ve been through a different sessions with us where we’ve challenged you on it. Well, what are some of the things that you looked at that you didn’t do? And I’ll ask each one of them individually from there?

Ron Greenberg 11:57

health, the health benefits business is something that we just thought would be a natural complement, and you know, entree into the other lines of business that we really liked to do that are profitable, rewarding, sticky business. But yeah, you use the word graphic, it was graphically told to me that I should stay away from that business. And we took that advice to heart and I welcome looking back, it’s a good thing. So we still are still in that business, but in an indirect, referral oriented sort of way. And that’s worked out better. Yeah, I don’t know. When we left our old platform 20 years ago, and joined em Financial Group, we, we kick the tires of multiple platforms and channels. I remember sharing with you guys, the pros and cons, the good, the bad of the other channels that we looked at the other options. And, again, just having the sounding board, you know that that board of directors who has your back and, and it’s, I don’t know how easy it is to replicate the trust and confidence we have in each other. And the knowledge that we really truly want each other to succeed and thrive and do well. There’s no competition among the five of us, there never really has been. Some do better than others financially doesn’t matter. I know that each one each and every one of you want the best for me, what my family, my business and my financial world to excel. And I want the same for each of you. So that’s a rarity. And I think that the fact that we’ve been in different distribution channels, different broker, dealers, Ras, what have you has helped us, we’ve learned from the others, and what your back offices and distribution channels do, because they’re all different, right? And having the benefit of seeing where other entities are going. Other organizations are going it’s helped us to so little bit off track there. But yet another thing that’s been, I think, really very relevant for our group.

Brian Heckert 14:11

So Bryan, you know, you’ve done a lot of things, right, what are some of the things that again, you look back on the experience of others? What are the things that you know, you decided, okay, that’s not my fit, and how did we, how did the study group play a role in it?

Bryan Sweet 14:25

I mean, there’s, you know, if I thought really hard, there’s probably, you know, lots and lots of examples, but I will, I will tell you that the biggest thing is, in this industry to kind of continue to grow, you got to make some really tough decisions, that sometimes it’s easier not to make them and one example would be staff that you have, and, you know, a model is, you know, early to fire See, see how does that anyway If you want to hire slow and fire fast, thank you, that’s the one. And you know, if you had somebody with you for years, and they’re just not really cutting the mustard, sometimes it’s really tough to break that mold and, and you know, make a change just because you feel like you owe them and they helped you get to where you’re at, but they’re not going to help you get to where you need to go. And, and I will tell you just some conversations with this group helped me make some decisions that I probably wouldn’t have made, which would have, you know, stop the progress that I needed so badly. So that’s one that just sticks in my mind. John, how about you?

John Moshides 15:42

Well, I think what I learned early on is the diff, how to differentiate between employees and family members, because in relatively small practices, like we all have, if you don’t recognize your people, or your family and treat them as such, life is tough, especially in today’s employment environment, people want to feel valued, they want to feel trusted, they want to be paid commensurate with the reference and the things that I think drive us as well. And we’ve always talked a little bit about that. And I can remember a tough decision, you had to make Brian where it was kind of like multiplication by subtraction. And I remember that discussion, and it was a tough one, because we do care about the people that are really the difference makers and whether we’re successful or not, and you better recognize that pretty early in our business, or you’re going to be a lonely soul out there. So I agree with that very, very strongly.

Brian Heckert 16:43

Well, as we close out this session, you know, the, we’ve talked about the beginning, we’ve talked about the middle. Now let’s talk about the future and a little bit about where each one of you see your practices in the next five to 10 years. And, and you know, the the good thing about it is we’ve we’ve helped each other get there, now we’re helping each other change into what we will become. So let’s start with you, Brian, this time, you know, where do you see the vision of your practice over the next five to 10 years?

Bryan Sweet 17:17

think that’s a great question. And I’ll answer that two different ways. I think, you know, with the right resources, and you know, we all get smarter, the longer we’re in the industry, and we realize the things that we’re really good at, and the things that we’re not, and we need to find a lot of who’s that can fill those roles, if you will, for us, and connect or collaborate with the right people, I truly feel with the team that I have, we can double our business, and without a lot of extra work. But we need a couple of pieces. And I think one of the things that the study group is going to allow us to help do is what we’re going through in the near future where we are kind of creating the given grow two group where our gen two people or Gen three people are getting together, and they’re starting a study group. And I think it’ll help them get better. But it’ll also help us as a firm as we continue to grow.

John Moshides 18:19

Yeah, being the elder statesman in the group. I often think about it. And now I’m starting my 43rd year. And I believe I’m as excited and as refreshed for the future as I’ve ever been. So I’m still in gold mode. And you have two young man with me. I believe my ultimate transition will be internally I don’t think I’d look to an outside third party. I think it took me 42 years to figure out the business. And we know more today than we ever did. And why would I stop now I just figured the damn thing out. So I’m excited for the future, I take a lot of pride. And I’m so delighted to see the development of the young men that are with me, young advisors and our team. So if I can be a little bit more of an orchestra leader retain relationships, set the direction for the firm, that’s what I see my future and build a little more freedom of time. So in the cold weather months, I can maybe take a little more time off and go warm up my toes somewhere. So that’s kind of what I see. Yeah,

Ron Greenberg 19:29

fairly similar to John, you know, 35 years in the business. So I’m a junior guy, relatively speaking, but I’m finding myself enjoying the business more than I ever have. Because I have teammates to do so many of the things that I never enjoyed doing. I love the relationship building the cultivation of relationships with centers of influence as well as clients, spending quality time with those people that I like being able To be more selective about the clients, we onboard and saying no to some people were earlier in your career, you don’t have that luxury. And I always love mentoring. So we’ve got a number of younger advisors here who are coming along and really growing and matriculating nicely through the business. And it’s, it’s, it’s rewarding to see that growth in younger folks, I really enjoy that. And again, similar to John, you know, taking more time off, doing things spontaneously, it just talked to you guys about that a minute, a couple minutes ago. I love to ski in golf. And so if I can do the things I love to do, but have the passion, energy and energy for this business, to work with those, those, you know, most enjoyable folks. I don’t have a defined exit path, I just love what I’m doing. And we’ll see where it takes us.

Brian Heckert 21:01

I’m one of the few in the group that and the only one that has current family members in the firm. So two of my sons, and another person I watched grow from a very small child are all partners of the firm. And we’ve transitioned from sole ownership into group ownership. And it’s fun to watch the younger generation, Brandon and Michael, start their own study groups and kind of follow in the path. And they involve other members of this firm and in the study group. And I think that’s the important thing is that they’ve seen what we have done as a group, and have been able to mirror the good things about it. And they have yet to meet in person. So they’re having their first in person meeting. But they’ve taken the study group completely virtual. And it’s been great to watch the input from the others and the cross sharing, as we’ve enjoyed over the years. So I think, on a bigger scale, our given growth study group has been kind of a footprint for the UAC experience. And when we hope and what our dream is, for each one of you watching is that you’ll be able to take an idea or two, to add to your practice to help you get there quicker, and avoid the mistakes that are combined, over 150 years of experience have taken out of it. Right?

Bryan Sweet 22:29

Hey, Brian, do you want to just for the audience mention our book again, because if somebody does want to start a study group, we’ve kind of written some of the thoughts and ideas on how to, you know, make a successful one since we’ve been together 26 years, we’ve done more right than wrong.

Brian Heckert 22:47

we even have it on Amazon, we’ll attach a link so that you can buy or reach out to one of us and the UAC family and we’ll get you a copy. So with that, I just want to thank everybody for sharing and let UAC help you get there quicker than you could have alone. Have a great day.

Brittany Anderson 23:05

So that rounds out today’s episode of The Ultimate advisor podcast. We’re gonna catch you right back here next week. Hey there, Brittany Anderson here. If you are loving what you’re hearing on our ultimate advisor podcast, don’t keep us a secret. Share us with other advisors that you think would benefit from the messages that you are hearing. The easiest way to do that is to simply send them to ultimate advisor podcast.com. And if you want to learn a few other ways that we could potentially serve you as an advisor, go check out ultimate advisor mastermind.com. As always, we are so happy to have you here with us as part of the ultimate advisor community and we look forward to a continued relationship