Welcome again to the 105th episode of Monetary Advisor Success Podcast. My visitor on right this moment’s podcast is Chip Munn. Chip is the co-founder and managing associate of Signature Wealth, a hybrid wealth administration agency on the Raymond James platform that has shortly grown from $300 million to over $1 billion in property in simply the previous few years. What’s distinctive about Chip is the best way that he’s grown the agency, with an acquisition technique centered on shopping for books of enterprise from advisors who're retiring and leaving the trade, after which handing them off to youthful advisors who can service the shoppers, and utilizing the credibility and expertise of the agency and its workforce to assist shoppers get snug with the transition to their new younger advisor.
On this episode, we speak in-depth about what it was like for Chip’s agency as they transitioned from a regional dealer/supplier to the unbiased mannequin underneath Raymond James, how attempting to rent employees and achieve economies of scale created challenges rising the advisory enterprise, why Chip in the end determined to create an choice for different advisors to affiliate underneath Signature to unravel these challenges for different solo advisors, and why there’s nonetheless such a possibility to help advisory companies which have chosen the unbiased mannequin, as a result of being unbiased doesn’t essentially imply that we need to be alone.
We additionally discuss Chip’s course of for buying advisory companies. How they created a structured questionnaire for the advisor to dictate solutions with the intention to shortly construct a historic report of all of a shopper’s related info, the best way they deal with telling the story of Signature and its higher assets to influence the shoppers to remain via the transition, how they place younger lead advisors as a part of a workforce to get transitioning shoppers snug, and the way they do semiannual occasions for shoppers in every department workplace location to maintain shoppers engaged with the agency.
And make certain to hearken to the top, the place Chip talks about his personal evolving function within the advisory enterprise because it grows. The way in which he’s reallocated a portion of his time from growing shopper relationships to growing workforce members, how he’s recognized his personal distinctive skill, and the best way that he repositioned management duties together with his enterprise associate, in recognizing that he’s a visionary and his associate is the enterprise integrator.
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