Welcome to Episode 332 Financial Advisor Success Podcast!
Today’s podcast guest is Liz Hand. Liz is a co-owner of Pleasant Wealth, her hybrid advisory firm based in Canton, Ohio, where she oversees $146 million in assets under management for 522 client households.
But what makes Liz unique is how she and her brother originally own their father’s broad, commission-based business of more than 1,500 customers. While still doing the right thing with smaller or more transactional clients who may have been with the company for 10+ years.
In this episode, Liz and her brother follow the thorny years of refocusing and right-sizing into a niche market to realize their vision for the future of the commission-based company that their father originally built. I’ll tell you more about how I went through the process. In the process of buying the company, Liz and her brother realized that they didn’t want to continue working on their retirement plans, so they told their father to sell that part of the business to the former ONESCO branch of the company they wanted to buy. Proceeds from that sale to reduce some acquisition costs, and the reason Liz chose to change the company’s BD relationship from ONESCO to Kestra, solely because the pricing structure better suited the location of the practice. not. Not only that, but the cultural fit she felt would also support them better as advisors.
We also discuss why Liz decided to succeed another advisor before buying her father’s company. It was so that Liz could have the opportunity to find her own voice as an advisor to his father’s family, rather than an heir. In the process of realizing her company’s vision, Liz needs a partner who thinks more than just an advisor, moving away from the company’s niche, the Amish and Mennonite clientele her father has grown up with over the years. decided to focus on independent women retiring alone, and how Liz envisions how to implement three tiers of service for her company’s customers – Foundations (less often uninvolved traditional trading clients), Flow (for ongoing clients who need financial planning), and Flourish (a group coaching program to help clients in action) recommendations to help them reach their financial goals. increase).
Please listen to the end. Engaging with Mindset’s coach through Limitless has given Liz the confidence (and, rather than feeling pressured, to implement the changes she envisioned for the company) I could give myself permission to iterate over time). It inspired Liz to become her coach in the mindset of her other advisors, and she now plans to use that training to incorporate her work and coaching in the mindset of her own clients. . To establish her voice as her advisor, she would benefit from participating in more industry associations. This gives her more perspective on different financial planning methods and helps her find the ones that resonate the most. client.
Details of the succession plan that Liz, her brother, and her father agreed upon; how Liz overcame her own personal struggles while trying to establish a reputation as a knowledgeable financial advisor; Or how Liz envisions the future of Pleasant Wealth, enjoy this episode of the Financial Advisor Success Podcast with Liz Hand.