Welcome to Episode 339. financial advisor success podcast!
Today’s podcast guest is Eric Loverge. Eric is the founder and CEO of He Beyond Your Hammock, an independent RIA based in Boston, Massachusetts, overseeing $47 million in assets under management for over 80 homes.
But what makes Eric unique is that after 10 years of strong, steady growth for a company, he hit a wall of ability as a sole advisor and suddenly his business went backwards when a $4 million client decided to relocate. I just realized that there is. Market volatility caused a few other customers to leave his company while Eric and his wife had their first child (this meant that recurring revenue would cost him $100,000). ). As a result, Eric spent his year restructuring multiple elements of the business, starting with his staffing. He’s able to put the technology into service for his clients and get them back on track.
In this episode, in 2022, how Eric and his wife Kari faced a turbulent year in which the company’s revenue run rate dropped from $600,000 to $500,000 in the first few months, and how it impacted them. Since it overlapped with the joining of the company, I will talk about it in detail. Our first child didn’t have the bandwidth and capacity to adapt. How Eric decided to step up his part-time outsourced assistance (from Nifty Advisors for part-time virtual assistants and East Bay Financial for part-time) to solve capacity constraints – time virtual chief investment officer), and to further ease capacity constraints, Eric changed the frequency of his client meetings from three times a year to two times a year, utilizing a surge meeting structure. I explained how I gave both meetings months of time. You can take your time and focus on the company as a whole (and be more responsive to client needs as they arise throughout the year).
Also, Eric’s decision to receive a formal evaluation from FP Transitions not only helped clarify the importance of what he had built (when looking at the evaluation from a third party), but also his We will also talk about how it has created a new perspective on where to focus our time. To maximize future company value, Eric creates content for the website, hires a PR firm to get him guest podcast appearances, and then drives traffic back to the website and up the company’s marketing funnel. How he focuses on increasing connections with prospective clients by growing them, and why Eric offers a commission calculator on his website (which allows clients to enter their assets and see exactly what the actual total fees will be). Because we have found it important to know exactly how much our future clients will be paying in commission. It helps build trust early on.
Please listen to the end. Despite going through many difficulties in 2022, Eric is grateful for the opportunity, saying that it has helped him improve communication with his wife, and why Eric is grateful for the opportunity. I will tell you how I came to this decision. When building a business, the solution to the initial challenges was to work harder, better and more efficiently, but ultimately the business systems and processes had to be redesigned. Come on, understanding that otherwise you’ll run out of time energy, and how surviving the challenges of 2022 has helped Eric become more intentional about how he builds his company. Or focus on changing what you can control and letting go of what’s yours, and your newfound appreciation of the benefits that real focus can bring. holiday.
So, learn how Eric struggled to find a lead advisor who was a good match for him and willing to take on business development, leading him and his wife to innovate the process instead. whether you want it or not. Either Eric and his wife experienced a downturn in business, he was financially prepared because he had saved a lot of money for an emergency, or Eric took advantage of FP Transitions subscription services. We talked about how we got our benchmark data through our work and how it helped us realize that we weren’t just in our own interests. If your clients are younger than most companies of your size, but your average commission per client is higher than others, then enjoy this episode of the Financial Advisor Success Podcast by Eric Loberge. I’m happy.