Dasarte Yarnway Onyx Advisor Network Based on the idea that professionals who want to see a better and more inclusive financial industry have a responsibility to push those in front and pull those behind them through the doors that are fortunately open. It’s built.
Founder Yarnway Berknell Financial Groupand founder and CEO Emlen Miles-Mattingly Jen Next Wealth, launch Onyx made a goal last spring to help marginalized planners.
The two said the network grew out of frustration after attending too many financial services conferences and realizing there were often just two black men in the room. Membership provides discounted access to technology tools, custody access, investment management resources, coaching support, and a comprehensive community of financial professionals often overlooked by the industry.
But Yarnway said the version of the push-and-pull ethos that led to Onyx’s founding extends to how he aims to serve his clients. He believes that the ups and downs of uplifting and encouraging can bring true enlightenment in the interactions between advisors and clients.
“Rather than pushing and pulling, we should gently move them to unlock the deeper meaning of money and what it means to them,” Yarnway said. “So how do we stay focused on that? How do we keep technology and even ourselves from getting in the way of nasty things that bring us the success and impact we want our clients to have?”
For guidance, Yarnway posed the question to a man he considers a mentor — someone famous for cutting through the noise of the financial planning process and getting to what matters most.
Carl Richards — Chief Brand Officer at Utah-based wealth tech company Elements Known to many as the “Sketch Guy” of the New York Times, he told Yarnway that it’s really about “doing more for yourself and less for others.”
“For me, what I can do is have conversations. Real financial planning happens in conversations, so be as ruthless as you can be about removing distractions from it, right?” rice field. “It’s that deep, connected communication that really makes you worth it. Please wear it.
“Well, if you like other activities, so be it. But remember, the one-on-one client-facing activity is what counts because it can’t be replicated.”
These were some of the gems that were dropped when Richards chatted with Yarnway, Miles-Mattingly, and other members of the Onyx Advisor Network last week during the organization’s February fireside chat.
Held on February 22nd, the digital event focused on the importance of having tough conversations with clients and the benefits of that effort. We also provided an example of the kind of educational content Onyx hopes to offer members of its network.
People of color, women, members of the LGBTQ+ community, and other groups historically excluded from the financial services industry can join our comprehensive support platform for a $549 monthly subscription.
Subscription costs that can be billed monthly or annually bundle technology stacks such as Altruist, MessageWatcher, Envestnet|MoneyGuide, RightCapital, Synergy RIA Compliance Solutions, Wealthbox, and more. Network Advisors also have the option to invest client assets in the “Onyx Model Portfolios” offered by Vanguard and Alpha Architect.
An hour-long discussion with Richards covered topics such as the role of financial advisors in today’s world. How to build a deeper connection with your business. Address the gap between clients’ stated goals and their actions.
When asked if business has ever been sacrificed by presenting behavior gap conversations to clients, Richards said it hasn’t happened yet. But he recalled some of his hundreds of experiences working with clients who couldn’t let go of portfolio performance as the most important part of their relationship.
“They say, ‘I’m not here to cry on your couch. I don’t even know what this question means. I just want the best investment performance!'” He takes a step back and asks the client why they are talking to him in the first place.
“And they say, ‘Hmm… a guy on the street blew up my portfolio. ‘ So do you have anyone to help you invest? How did you hire them?” He explained that through the question, it is possible to determine whether the client really wants a planner or simply wants someone who can outperform the index.
“Basically, you’re asking me now to do the same thing you asked him to do, except you’re expecting a different result. That’s kind of crazy. There’s a better way.” Can I humbly suggest that there is?” said Richards. “And twice he’s had people say, ‘No, obviously I’m in the wrong place.'”
According to Miles-Mattingly, the process of truly understanding why a client hires an advisor is One of Richards’ sketches. “There’s a straight line going from complexity where everything is jumbled up to sophisticated simplicity,” he said. “And it sounds like it’s taking the client on that journey. And it’s not the software, it’s the question.”
Miles-Mattingly continues: .”
Taking that journey with clients also motivates Yarnway, who wants clients to be the heroes of their financial stories. He then asked Richards what questions an advisor should ask to put a prospect in that hero’s shoes at the beginning of a relationship and throughout the relationship.
For Richards, helping clients find their superpowers and put on their cloaks is not something that can be done in one conversation. You have to think of it like an academic excavation.
“The first question isn’t as important as the ability to follow up. It’s about digging a little deeper. The first question is just the starting point for us. If it’s uncomfortable, it’s a sign that we’re on the wrong track.” “Now I realize that discomfort is a sign that I’m on the right track,” Richards said. Above, because it’s something no one has ever asked before, and they probably won’t find an answer right away, so they’ll lean into that discomfort and then realize you’ll get Get out of jail first. That’s never the right answer.