Latest / The Efficient Advisor: Tactical Business Advice for Financial Planners / 135: Ideas to Implement - Yankee Outfielder to CFP: Kevin Thompson's Transition from MLB to Financial Planner and Broker Dealer to RIA

Transcript

135: Ideas to Implement - Yankee Outfielder to CFP: Kevin Thompson's Transition from MLB to Financial Planner and Broker Dealer to RIA · The Efficient Advisor: Tactical Business Advice for Financial Planners

• 0:00
  Speaker 1: Hey gang, it's Libby jumping in here.
• 0:02
  Speaker 1: I'm doing an intro to my intro.
• 0:04
  Speaker 1: I realized I recorded this episode and I didn't have my microphone plugged in, so I'm just apologizing in advance for the terrible sounding audio.
• 0:13
  Speaker 1: It sounds like I recorded it on my iPhone while I was driving with the windows down, so my bad, but again it reinforces the idea that nobody's perfect and you can always do it, vessie, and make it fancy later, or sometimes good is great enough.
• 0:30
  Speaker 1: So I hope you guys enjoy this episode, regardless of the quality.
• 0:35
  Speaker 1: Hey advisors, welcome back.
• 0:38
  Speaker 1: I'm so glad you're here.
• 0:40
  Speaker 1: Each week I wanna create a followup episode that is short, sweet and all about the action steps from this week's longer podcast.
• 0:48
  Speaker 1: So each week I'm going to distill the episode down into a couple of bullet points that I want you to take action on immediately to make a big impact in your business.
• 0:56
  Speaker 1: I am here for the takeaways and I am your host of the Efficient Advisor.
• 1:00
  Speaker 1: Libby Greily and I started from scratch, built and sold by age 37, a 100% referral only planning practice that I grew to seven figures as a solo advisor, all while working just 24 hours a week and taking off 14 weeks a year so that I could be the mom, the wife, the sister, the friend, the daughter and the community member that I wanted to be.
• 1:20
  Speaker 1: And I'm here just to walk alongside you and to show you how to do exactly the same thing in your own business and to help you take immediate action on the most important strategies that I've learned over the last two decades of being in the financial planning world for scaling, organizing and creating less stress and overwhelm in your business.
• 1:38
  Speaker 1: We are about to transform your practice, so move over exhaustion and get out of the way.
• 1:44
  Speaker 1: Advisor ADD.
• 1:44
  Speaker 1: It is time to take that one right next step to build a business and a life that you love.
• 1:52
  Speaker 1: So this week's longer episode was a little bit different of a podcast, if you've been listening for the last year and a half or so, and I thought it was really fun.
• 2:01
  Speaker 1: I really enjoyed the interview with Kevin.
• 2:03
  Speaker 1: So Kevin was a former, or is a former, yankees outfielder who is now a CFP.
• 2:10
  Speaker 1: So he started off in the major leagues, started making big paychecks and started investing, only to be subject to a Ponzi scheme, which he then used that experience to depart from baseball and build his own financial planning practice.
• 2:27
  Speaker 1: Kevin and I spent a lot of time on this episode talking about his switch from a broker dealership to an RIA.
• 2:35
  Speaker 1: And one of the takeaways for me and you know I have a lot of advisors that I work with, that I coach, that have gone from a broker dealership to an RIA or made a jump from working within a business with other people to starting their own thing and the thing that I keep hearing from advisors who have made this transition, or made these transitions successfully, are that they do it scared, so they feel the fear and they do it anyway.
• 3:03
  Speaker 1: One of the other things I noticed that Kevin mentioned a couple of times was that he just really took his time and what he considered.
• 3:12
  Speaker 1: You know we talked about all the things that he considered when he was making that decision of what do I do?
• 3:18
  Speaker 1: Do I stay, do I go?
• 3:20
  Speaker 1: And I wanna call out another episode, episode number 85, with Alana Phillips.
• 3:25
  Speaker 1: The title of it is something like is the grass really greener on the other side?
• 3:29
  Speaker 1: Breaking up with your broker dealer?
• 3:30
  Speaker 1: Alana in that episode walks us through some exercises that are really, really helpful for you to kind of frame up am I at the right place?
• 3:40
  Speaker 1: I know often advisors, we feel this kind of tension or discontent because we're all on the inside right, we're all on LinkedIn, we're listening to podcasts, we know what every other advisor is doing and it seems like the grass is always greener.
• 3:52
  Speaker 1: So it's important, when you're having that feeling, to determine is it greener?
• 3:57
  Speaker 1: Do I just need to change something up in my existing business?
• 4:00
  Speaker 1: Is there a way to reiterate my existing practice, to make it more fun, exciting, interesting, or is it really time to make that transition?
• 4:09
  Speaker 1: So I thought it was really interesting that Kevin sort of walked us through some of the things that were part of his thought process.
• 4:15
  Speaker 1: The other thing that he touched on that I thought was a great takeaway was automation and how important automation is in his business in keeping him organized, because he's a small but mighty team.
• 4:27
  Speaker 1: So what else can we automate inside of our business?
• 4:31
  Speaker 1: I think he used a couple examples, like birthday reminders, so setting up these automations so that he would remember to do that client experience piece.
• 4:40
  Speaker 1: That felt really, really important to him.
• 4:43
  Speaker 1: The other takeaway I had from Kevin's episode was this idea that you are never going to lose a client by over communicating.
• 4:50
  Speaker 1: I love the way he phrased that and his intention and his effort to continue to connect with his existing clients in a really meaningful way.
• 4:59
  Speaker 1: I thought was really really great.
• 5:01
  Speaker 1: So I hope you guys enjoyed this week's episode.
• 5:04
  Speaker 1: I personally loved just kind of hearing from someone who played in the majors kind of share some of his experiences and some of these you know anecdotal stories that he shared about Derek Jeter and just kind of the first time he walked onto a major league baseball field.
• 5:18
  Speaker 1: I hope you guys enjoyed some of that storytelling as well.
• 5:23
  Speaker 1: I'll make sure to link Kevin's book MLB to CFP in the show notes along with the episode that I did with Alana Phillips about breaking up with your broker dealer.
• 5:32
  Speaker 1: And whether or not you're breaking up with a broker dealer switching teams it really doesn't matter what kind of transition you're going through.
• 5:38
  Speaker 1: I think these are exercises that are really important for advisors to do periodically, just to make sure that you are in alignment with your authentic self, that you are in alignment with the planner being the planner that you want to be and making sure that you're doing for your clients what it is that your heart tells you you should be doing for them.
• 5:57
  Speaker 1: So I love to connect with you guys over in the efficient advisor community on Facebook and, of course, over in the DMs on LinkedIn and in the comments.
• 6:07
  Speaker 1: Love LinkedIn.
• 6:08
  Speaker 1: Those are the two places that I hang out and I look forward to talking to you guys again next Tuesday.
• 6:14
  Speaker 1: Thanks so much.
• 6:15
  Speaker 1: Thanks so much for watching.
• 6:16
  Speaker 1: I'll see you guys next week.
• 6:18
  Speaker 1: Thanks a lot.