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Why I Left the Wirehouse After 40 Years · Views from 6,230

• 0:00
  Welcome to the Views from 6230 podcast.
• 0:05
  Join myself, Ryan Nauman, as I bring together financial markets, investments, economics, wealth management, and life to help investment professionals make sense of what's happening and prepare for what's next in order to make more informed investment decisions on behalf
• 0:26
  of their clients.
• 0:27
  This podcast is for informational purposes only and should not be relied on for investment decisions.
• 0:34
  Hello everyone.
• 0:35
  We are recording on location at the Steward Symposium, which is gonna be a great few days of great content, conversation, and insights.
• 0:45
  You know, deciding the business structure of a wealth management firm might be one of the most important decisions a financial advisor can make.
• 0:54
  They can start their own RIA, be independent at a firm like Steward Partners, or go the ri- route of a W-T-two channel.
• 1:05
  Well, I have on a special guest to discuss her journey and the decision-making process in determining her route that she chose.
• 1:16
  All right, enough from me.
• 1:17
  I've already talked enough.
• 1:18
  Let's go ahead and bring on the star of the show.
• 1:21
  I'd like to give a very warm welcome to Alicia Fuller.
• 1:25
  Alicia is a wealth manager, traditional W2 channel at Steward Partners.
• 1:32
  Alicia, thank you so much for coming on the show.
• 1:35
  It's an honor to have you on.
• 1:36
  I'm really excited about this conversation.
• 1:39
  Can you please tell us a little bit more about yourself and your practice?
• 1:43
  Sure.
• 1:43
  Thank you for having me on.
• 1:44
  It's an honor for myself as well.
• 1:46
  Um, I am a 42-year veteran of this industry.
• 1:51
  Um, I worked for a full service wirehouse, uh, for 40 years Um, wanting to make the decision to leave for quite some time.
• 2:01
  COVID kind of- scared me, as a lot of other people I'm sure were, and so I kinda, the decision took a backseat, um, until we were kinda through that.
• 2:11
  And then the, the f- the feeling of wanting to leave just kinda came back to me, and so that's when I started to really do the due diligence of where I wanted to go and what I saw my
• 2:22
  practice looking like in the future and, and how I wanted to make my team be a part of all of that.
• 2:28
  So that's, that's kind of where it all started.
• 2:32
  Oh, fantastic.
• 2:33
  So COVID, it's one of those things where we it's like the start of time, right?
• 2:39
  Yep.
• 2:39
  Everything is based on C- terrible.
• 2:41
  But so you were thinking about before COVID.
• 2:44
  I was.
• 2:45
  COVID kinda stopped it or, you know, pushed it back.
• 2:48
  So w- then after COVID, you know, what really drove that decision, uh, to go W-2 with Steward and that process, and, and would you make it again?
• 3:01
  I would absolutely make it again.
• 3:03
  Um, the decision was kind of, uh, it was a journey that I had to take because all I had known was the full-service wirehouse channel.
• 3:11
  So for me, um, I had some friends on the independent side, and what they did on a daily basis was not something I felt I wanted to, to do.
• 3:20
  It was, I thought, a, a bridge too far for me.
• 3:23
  Um, being my own landlord, um, you know, paying my own electric, finding my own office space.
• 3:29
  It just didn't seem like I wanted to put my time into that.
• 3:32
  I really wanted to concentrate on, how can I make my platform the best for my clients?
• 3:37
  And, and how do I get my time back to do that in a space that was entrepreneurial enough that would allow me the freedom, um, to do things how I wanted to do them?
• 3:47
  And so you go from one range of full service to the other range of 100% independence, and I fell somewhere in the middle, which is, um, I have enough independence, but I also have the support and backing of
• 4:02
  a firm like, um, Steward Partners, which does what I call the heavy lifting, the lifting that I don't wanna do.
• 4:08
  And so they're a great partner to do that, and that's kinda how I ended up in this space and thought, "This is what I needed.
• 4:15
  I need to have more freedom, um, but I don't want that freedom to be taken up by these landlord-type chores.
• 4:22
  I wanna have that freedom to grow the practice, be more involved with my clients, create even stronger relationships," and, and that's kind of where I felt my value was.
• 4:31
  Mm-hmm.
• 4:32
  Yeah, it sounds really like a very happy medium.
• 4:35
  Yep.
• 4:36
  You get k- the best of both worlds.
• 4:38
  You get the independence, yet without having to pay the electricity bill and- Absolutely and, and being the accountant and everything else.
• 4:45
  So it sounds like, you know, for a lotta people Perfect spot.
• 4:49
  So you were at a wirehouse before.
• 4:52
  Mm-hmm.
• 4:53
  So what was your practice like, you know, before Steward?
• 4:57
  And then what, how did it change or, um, afterwards?
• 5:02
  Sure.
• 5:03
  Like, how did maybe your day-to-day processes change from being at the wirehouse to now being a W2 advisor at Steward?
• 5:11
  Great question.
• 5:12
  So at the wirehouse is, you know, you're very restricted in what you can do.
• 5:16
  Compliance plays a huge role, which I don't have a problem with, but they, uh, I believe, I felt that they created their own compliance environment based on their risk model, which kind of limited us in what we could
• 5:30
  do, what we could offer, and how we can service our clients.
• 5:34
  And it became I was, I come from a, a, a bank-owned channel, so there's that component to it, which made it increasingly difficult to, again, do the skill sets that I felt I had to offer.
• 5:48
  So I wanted to leave that environment, and I wanted to come to a place where I was allowed to market, to do what we're doing today, which I was not allowed to do that.
• 5:59
  Um, to create, uh, have branding.
• 6:02
  Um, you know, we created our own logo and our own name, and we patented that or copyrighted that, so it's ours.
• 6:09
  It belongs to us, which is not something that I could do before.
• 6:13
  Uh, I have a s- a social media, um, marketing person dedicated just for that, um, which I couldn't have that before.
• 6:22
  Uh, everything was always no before, where here everything is yes, how can we make it better, and if we don't have it, how can we figure, how can we get it for you?
• 6:33
  Mm-hmm.
• 6:33
  And so it became this very easy transition of, I know that I don't wanna be there.
• 6:40
  Um, I definitely wanna be in a place where I'm supported in everything that I wanna do, whether it's, uh, client events in my office, or being authored in a bunch of different magazines, or winning Forbes, or winning Rising
• 6:54
  Stars, or whatever that might be.
• 6:56
  And, and being celebrated for 40 years of a lot of work Um, so it became kind of like a no-brainer for me.
• 7:05
  Like, I, you know, the fear was always there, but I felt like there was just no other place to go, and, and this was just the perfect place.
• 7:12
  So for me, the transition, um, was very easy.
• 7:15
  We chose a custodian that was very similar to the place where I was, so for my clients, there wasn't a huge difference.
• 7:24
  Um, I use a lot of the AMS models, so I can still do that here.
• 7:30
  Um, and I can custody with a firm that's very well known, which is Raymond James is who we custody through.
• 7:35
  So for our clients, it was like you're gone from there, and you appear here, and you're-- didn't have to liquidate anything, didn't have to really- Mm-hmm create any disturbances for them, and now we just meet at a different
• 7:48
  place, and their statement has a different name on it.
• 7:51
  Um, so for them, that was the icing on the cake, and they love that part of it.
• 7:56
  They get to still work with the people that they trusted, um, but now in an environment that made their team happy.
• 8:03
  And they come into our office, and they see that we're laughing and we're...
• 8:07
  You know, everyone greets them.
• 8:08
  We have this thing where whenever a client comes, it doesn't matter who they come to visit, and we have a team of five, everybody comes to their office door and greets them.
• 8:18
  So they go along the way.
• 8:19
  It's almost like high fives all the way down the hall until they get to the person that they've come to see.
• 8:24
  And it's not something I instilled.
• 8:25
  It's something that they do because they enjoy clients, and they enjoy being with people.
• 8:31
  So, um, it became a much different environment for them, much happier.
• 8:36
  They love coming to work.
• 8:37
  Um, they actually enjoy time off with each other.
• 8:40
  They do things outside of the office together.
• 8:42
  Um Several of them are raising small f- you know, small children, and so they have a lot of that in common.
• 8:48
  So I get to hear all the horror stories of what they do.
• 8:51
  I'm like, "Well, we've...
• 8:52
  I've done that.
• 8:52
  Been there, done that," and it's not something I'd ever wanna do again, but it's just kind of funny to listen to them.
• 8:57
  So it has changed the, um, the, the vibe, I believe, in, in how we do business, and our clients have noticed it.
• 9:05
  They've noticed- Mm the change in us.
• 9:07
  They've noticed the happy smiles.
• 9:09
  They've noticed the, the passion is back, the enthusiasm, and so that's infectious.
• 9:14
  They love it.
• 9:16
  Um, they tell their friends, and so we've gotten tons of referrals, whereas before, the referrals were kind of there, but not 100%, simply because I think clients, when they're in an environment that they don't love, but they're there
• 9:30
  for the financial advisor, they don't wanna bring in someone that might not love it either.
• 9:35
  And so now it's a completely different story.
• 9:38
  And so now they're telling everybody, and so...
• 9:40
  And they love the, our office.
• 9:41
  We have this beautiful snack bar at the- in the lobby, and so- Yeah they come in early, like 10 or 15 minutes early, to grab a soda or grab candy or power bars or whatever that is, or an
• 9:52
  espresso, and they'll sit there and then enjoy it.
• 9:55
  And if I hear them and I come in, and they're like, "No, no, we're not ready yet.
• 9:58
  We need another five minutes 'cause I'm brewing some coffee," and I'm like, "Sure, whatever you guys wanna do."
• 10:03
  So it's, it's a place where we gather, we collaborate, we share ideas, we show them performance, we do absolutely anything and everything that we, we can for them, where I, I couldn't really do that before.
• 10:17
  Um, you know, they tell us our, sometimes their, you know, their deepest secrets, their wishes, their desires, their, you know, their love of their family, and, and we get to participate in that, and it's a beautiful thing.
• 10:27
  Yeah.
• 10:27
  Alicia, that is fantastic.
• 10:29
  I, I...
• 10:30
  We could just go on and on about- Yeah that.
• 10:33
  I think it's some- And like you said, it lets you be you.
• 10:37
  Mm-hmm.
• 10:37
  Whereas a wirehouse, it's not gonna let you be you.
• 10:41
  No.
• 10:41
  And it's all about that client experience.
• 10:44
  We talk so much about how do you improve the client experience.
• 10:48
  You just said it right there.
• 10:49
  That's how your clients love it.
• 10:51
  They love the snack bar.
• 10:52
  Yeah.
• 10:52
  They love...
• 10:53
  They go early, and that is...
• 10:56
  I hate to bring up technology and go there, but AI, it's gonna make...
• 11:01
  That's gonna be so much more important in the d- otherwise, at a wirehouse, that stuff can be done with AI.
• 11:07
  Absolutely.
• 11:07
  But that personal touch can't.
• 11:09
  And do you feel...
• 11:10
  You know, when I started, Alicia, 20 years ago It's like you needed the big names, you know, the big firms to support you in order to gain assets.
• 11:22
  But now at the end of the day, now it's like clients didn't choose the firm, they chose the person, right?
• 11:30
  Absolutely.
• 11:30
  And now you're able to leverage that, and maybe more clients and investors are realizing, "You know, I'm not going with that firm, I'm going with the person.
• 11:38
  That's who my relationship with."
• 11:41
  So do you think that makes it, going independent easier?
• 11:44
  It does, and that's an interesting question because that was one of my fears when I was thinking- Mm of making this move, is I'm going to a name that I feel comfortable with, but it's not a recognizable name.
• 11:55
  I mean, it will someday, I think, because they're just- Yeah doing such amazing things at this firm.
• 12:00
  But for me, I had to explain to my clients.
• 12:03
  Uh, what...
• 12:03
  They would say, "Now, what is Stewart again?"
• 12:05
  Like, "What does that mean?"
• 12:07
  And so it's very easy to call my old firm, and everyone knows it, name recognition.
• 12:13
  Um, but I found through this process how much our clients are really there for us.
• 12:18
  Mm.
• 12:18
  And how many of them said, "I almost don't care where you're going, just tell me when I need to come in and sign paperwork."
• 12:25
  Because, you know, at first you're trying to make those initial phone calls to let them know you've left.
• 12:29
  And that blew me away, that thought that they almost didn't care so long as we were there along for the ride with them.
• 12:38
  Um, and I would say things like, "Nothing changes for you.
• 12:40
  The only thing that's gonna change is where you get your statement and where you come visit me."
• 12:45
  And that really sunk in for them and, and they loved that.
• 12:48
  So yeah, the name recognition was a thing.
• 12:50
  It really isn't a thing for me now.
• 12:52
  Mm-hmm.
• 12:53
  Um, we are trying, through branding and marketing, really creating our, our brand and our co-brand with Stewart, and it's, it's been wonderful.
• 13:01
  And so it might take a little longer than I thought, but it's not anything that's impeding our progress or our growth.
• 13:07
  We're growing really well, and I, I feel like we're gonna continue to do that.
• 13:10
  Yeah.
• 13:11
  No, I agree.
• 13:12
  It's, um- M- i- times have changed Yes, for sure Innovation, uh, evolu- and for a good thing, because it's more about the personal touch more than, um, the name on the door- Absolutely I think.
• 13:26
  So, you know, growth is personal for, for every advisor.
• 13:30
  What does growing your practice at Stewart actually look like in practice, like tools, support, uh, culture?
• 13:38
  And has culture made a difference?
• 13:41
  It's a huge difference, and one of the reasons why I came to Stewart was the culture, um, simply because most everyone at Stewart came from somewhere else, and they came from a place that they didn't necessarily like.
• 13:54
  Mm.
• 13:54
  And so we are now here creating the culture that we want and that we feel comfortable in.
• 14:01
  And so culture was a big thing for me.
• 14:04
  Um, and, and I think we've got that, and we've got lots of collaboration between financial advisors, where I really didn't have that before.
• 14:12
  The, you know, we're kind of spread out, so it's not like we're in each other's backyard.
• 14:16
  And, um, we share a lot.
• 14:17
  It's very collaborative.
• 14:18
  So that's been different, and that's been really, I think, just- Good and positively- Mm-hmm just from a mental health standpoint and, and just from, you know, everyone in the office.
• 14:30
  So that's been a great plus.
• 14:32
  Um, our day-to-day is very simple.
• 14:34
  We now have the ability to pick and choose what type of products and services we wanna give our clients instead of being told what service.
• 14:44
  Um, we have a very specific skill set.
• 14:46
  We're asset managers.
• 14:48
  We- performance is a big thing.
• 14:50
  Um, giving service, giving valuable service, creating the value proposition for- Mm-hmm our clients is very big for us, and not looking cookie cutter, right?
• 15:01
  So now I can be unique.
• 15:03
  We can show our clients the uniqueness that we have, whereas before we couldn't do that.
• 15:07
  We were all pretty much kind of the same, using the same applications, using the same portfolio review reports and all that.
• 15:15
  Whereat now, I can choose from three or four different types of app- Mm-hmm you know, based, um, reports for anything that we have to do, whether it's a proposal for a new client, or whether it's the portfolio reviews
• 15:27
  for our clients on a quarterly basis, or what kind of literature I wanna mail out to clients or send to them on a regular basis so they can keep up with the markets, or being able to do video
• 15:39
  conferencing or Zoom, you know, em- um, seminars.
• 15:44
  We've had The season, we did a bunch of seminars, and we did a WebEx for all our clients that were out of town, and so they were kind of, you know, calling- Mm-hmm in with questions, and they were
• 15:54
  being able to see us from, you know, the comfort of their living room, and they love that.
• 15:58
  They love the fact that they're in Ohio and I'm in Florida- Mm-hmm and they are, they're looking at, you know, a, a portfolio manager, um, that they have in their portfolio talking about the markets and talking about their
• 16:08
  portfolio.
• 16:09
  So all of that is, is possible here.
• 16:12
  It just wasn't possible where I was before.
• 16:14
  Yeah.
• 16:14
  And, and that, it changes your day-to-day.
• 16:17
  Yeah.
• 16:17
  That's fanta- And like you said earlier, too, we wouldn't be having this conversation on a podcast before.
• 16:24
  Absolutely not.
• 16:24
  I It's amazing how many people say they wanna be on a podcast but they can't.
• 16:28
  Yes.
• 16:28
  And it's like- We can't even just talk about you.
• 16:32
  Nope, can't do it.
• 16:33
  Yeah, it's sad.
• 16:34
  Um, you know, female advisors, we're still in a very male-dominated industry.
• 16:40
  Female advisors are still underrepresented at the top of the industry.
• 16:45
  What has your experience been building a career at Steward as a woman in wealth management?
• 16:51
  So that's interesting because I- I've been in this business so long, and I struggled through that with, um, my firm, and all the other firms are doing it.
• 17:01
  Mm-hmm.
• 17:01
  And, and they can all say they're much better at it now, but they're really not.
• 17:06
  Um, when I came to Steward, I, I felt I was already proven.
• 17:11
  Um, they see me as an advisor.
• 17:13
  They see me as a team lead.
• 17:15
  They see me as someone who's growing their practice.
• 17:17
  They don't necessarily see me as a female doing that, and I love that because I'll get calls from everybody, whether it's male or female, um, to get our infor- you know, our intake or our input, or, "Hey, we
• 17:29
  want you to pilot this program because we wanna know if, if it's something that we should be offering to the rest of, you know, the, our Steward family."
• 17:36
  And so those kinds of things just didn't happen before.
• 17:39
  Here, I- I'm a person.
• 17:42
  Hmm.
• 17:42
  I am an advisor.
• 17:43
  I am a colleague.
• 17:45
  I am their equal.
• 17:46
  Um, I grow my practice how I wanna grow my practice.
• 17:49
  Um, if I don't grow my practice, then I'm still who I am.
• 17:53
  Uh, that's not in me.
• 17:54
  It's not in me t- not to grow.
• 17:56
  It's one of the things why we came here.
• 17:58
  Um, but yeah, I don't feel that being a woman has hindered me here.
• 18:04
  Um, and I really do love that for myself, and I love that for my team members that I'm bringing up.
• 18:09
  I'm huge on mentorship, and I'm mentoring, um, a f- a, a, a young lady now who has been with me 15 years.
• 18:17
  She started off as an assistant and has become so much more than that, that she is at our office now when I'm here, and she's running the show.
• 18:25
  I love it.
• 18:26
  So she felt it where we were before, and, um, she had several opportunities that I want her to have that she didn't get for reasons that, you know- I feel were debatable, but here we are, and the sky's
• 18:41
  the limit for her.
• 18:41
  And, and she has this very wondrous and very, um...
• 18:46
  I feel like she's a sponge.
• 18:47
  She just wants to- take it all in and learn.
• 18:49
  And so, um, we also have our, a new cam.
• 18:53
  She's been with us a year, who was a, a bank manager for 15 years, stuck in that same rut because- Yeah there was no upward mobility.
• 19:02
  We're here.
• 19:03
  She's already on her way to take her exam, and, you know, we're gonna make her some sort of a, a partner at some point.
• 19:10
  Um, and she never had that opportunity before.
• 19:13
  Yeah.
• 19:13
  So it, this platform makes it just incredibly easy for you to, based on merit, get where you should be.
• 19:21
  Yeah.
• 19:21
  And so it sounds like you have already got your succession plan in progress.
• 19:26
  I do.
• 19:27
  My succession plan is kind of unique because I've had this person in my life for 15 years, who's been with me, and I always said to her, "You know, I have one of my kids who's very analytical, um,
• 19:39
  who loves the business, but just kind of took a different journey and a different route before he came full circle."
• 19:45
  And so he joined our team about- Okay two years ago.
• 19:49
  And so she and him have known each other for a very long time, way before he even started with us, and they're kind of working together to create that next, um, legacy plan, as I call it.
• 20:01
  So I have my legacy plan in place.
• 20:03
  I know people kind of worry, and I'm like, "I'm not worried."
• 20:06
  They, they kind of can speak for me.
• 20:08
  They...
• 20:09
  I've, I trained them, so whatever comes out of their mouth is something that I've- Yeah probably trained them or taught them at some point.
• 20:14
  So- Yeah it's, it's really great, where we had one of our managers come by, and they're like, "God, you guys get along so great.
• 20:21
  Everybody agrees on everything."
• 20:23
  And I'm like, "Well, I taught them, so they kind of agree with everything I say-" Yeah.
• 20:26
  'cause it's how they think now."
• 20:27
  But- Yeah um, it, it is a great environment, and, and they get along, and it's wonderful, so.
• 20:33
  Perfect.
• 20:34
  I'm, I'm set.
• 20:35
  My legacy- You're awesome is there.
• 20:36
  There you go.
• 20:37
  One less thing you have to worry about.
• 20:39
  That's right.
• 20:40
  The W-2 model, it's often associated with Wirehouse world.
• 20:44
  It is.
• 20:45
  What does being W-2 at an independent firm like Steward actually mean, and why is the distinction important to you?
• 20:54
  So it doesn't mean a lot really when it comes down to doing your taxes, right?
• 20:58
  At the end of the day.
• 21:00
  Um, it allows me to give- I don't wanna say pieces, but it allows me to carve out percentages of my practice to those on my team that merit it and that deserve it and work hard for it, where
• 21:17
  that was very difficult to do, um, in a full service wirehouse.
• 21:21
  You can do it- Mm-hmm um, but it would be to the detriment of one team member or not, because then they didn't see you as part of this whole.
• 21:29
  They saw, okay, now you've given away three or four or $500,000 of production, now you've got that much less, um, and now you're not considered in the top 10 anymore.
• 21:38
  You might have fallen to number 12 or what have you.
• 21:41
  So here we're...
• 21:42
  it's just we're a team, and so whether I give somebody a portion or a percentage, it doesn't change our whole team dynamic at all.
• 21:51
  Mm-hmm.
• 21:51
  So it's...
• 21:52
  to me, that's really important 'cause I want everyone to feel included, um, and they know that they work hard, you know, that's the end goal.
• 21:59
  Yeah.
• 22:00
  What is something Steward has done for your business or your clients that you genuinely didn't expect when you made that move, that transition?
• 22:09
  They're available.
• 22:10
  Mm-hmm.
• 22:10
  So for example, the first couple of m- I would say the first year actually, they were all willing to come down.
• 22:18
  You know, "You're gonna have an open house?
• 22:19
  Let us come down.
• 22:21
  Let us meet your clients.
• 22:22
  You can introduce us.
• 22:23
  You can, you know, say this is who we left wherever you left for."
• 22:27
  And, you know, they would've explained it if I needed it, and they were just very available, um, and with a genuine side to it.
• 22:35
  It wasn't, you know, something that they needed to do.
• 22:37
  They just genuinely felt very, um, you know, happy to do that.
• 22:41
  And so that to me was wonderful because if I ever needed a client to kind of just have a conversation with, you know, management, they were available.
• 22:50
  They were absolutely.
• 22:50
  Mm-hmm.
• 22:50
  And they still are today.
• 22:51
  I, I mean, I haven't needed to do that, but- Yeah they're there, and they continually express their desire to, to help in any way that, that they can.
• 22:58
  Yeah.
• 22:58
  That's fantastic.
• 23:00
  You know, growth in this industry, often, uh, you talked about referrals- Yes how referrals have been so important to building your practice.
• 23:08
  Relationship, I'm not quite sure there's a more relationship industry than, than financial advisory industry, and reputation.
• 23:17
  How has being part of Steward Platform helped you build in all three of those areas?
• 23:23
  So it's great because being here has allowed my clients to see a happier side of us.
• 23:30
  It has allowed our clients to see, um, how much more we can do for them, and so that has promoted the referral process, going, "Wow, she's doing this, this, and this, where she couldn't do that before.
• 23:43
  She's doing it in a great place.
• 23:45
  They have their own space.
• 23:47
  It looks super professional.
• 23:48
  We love it."
• 23:49
  And so they're happy to give that referral.
• 23:51
  Um, relationship building, I take clients out to dinner during the week or on weekends, and I tell them, "Bring another couple friend.
• 23:59
  Let's en- let's enjoy time together."
• 24:02
  My husband comes with me, and so we'll take them to a fun new place or a place that they enjoy, and we build relationships that way.
• 24:10
  And so I end up getting, um, second and third, you know, people that have come to, to dinner with me and, and my husband, and they end up being our clients.
• 24:20
  And so the relationships- Mm just build upon that.
• 24:23
  And clients love it.
• 24:25
  They love, they love showing you off, you know?
• 24:27
  Yeah.
• 24:28
  Because to them, it's kudos.
• 24:29
  It's like, "I made such a great decision on working with this person."
• 24:33
  come to dinner with us.
• 24:34
  And I actually had a prospect that said to them, "Your advisor takes you to dinner on a Saturday night?"
• 24:39
  And they're like, "Yeah, she does it all the time."
• 24:42
  And they're like, "Our people don't do that for us."
• 24:44
  Yeah.
• 24:44
  And so they came to dinner, and they said, "Wow, that was really great.
• 24:48
  She was a lot of fun.
• 24:50
  Her husband's a lot of fun.
• 24:51
  You guys looked like you enjoyed each other and had great company, and you laughed," and we did.
• 24:55
  And so I think that builds and that helps.
• 24:58
  And Steward lets you do that, you know?
• 25:00
  I mean, I could do that before, but I was somewhat restrictive.
• 25:04
  Mm-hmm.
• 25:04
  We have lots of the portfolio managers that we use that come in and say, "Hey, get a f- whatever client wants to come, let's take them to lunch.
• 25:13
  Let's talk about, you know, what's new and different and, and how we're building their portfolio and, and how their performance, um, kind of relates to what's going on in the markets today."
• 25:23
  And so it, it helps you because everyone's so open and willing to help.
• 25:27
  And so we've had lots of those interactions, and they've, they've worked really well.
• 25:31
  And it helps to solidify your relationship.
• 25:34
  And clients, they just trust that process.
• 25:36
  Yeah.
• 25:36
  And they see that you're on the same side of the table as they are.
• 25:40
  Yeah.
• 25:40
  And they really appreciate that.
• 25:41
  It goes back just a whole conversation about just a human touch- Absolutely right?
• 25:46
  Being relationship based and, and now you're able to do that.
• 25:49
  Yes.
• 25:50
  For sure.
• 25:50
  That's fantastic.
• 25:51
  So for advisors who are considering Steward, but maybe they're nervous about making the...
• 25:58
  Like, say, it's arguably the biggest decision that they have to make in their career What would you tell them based on your experience?
• 26:07
  So it is the biggest decision they'll make in their career because for me, I, I thought once I make this decision, I'm not making this decision again.
• 26:15
  I know, I know people bounce, right?
• 26:18
  Yeah.
• 26:18
  And they, that's, they kind of make a habit of doing that every couple of years.
• 26:20
  But for me, it was not about that.
• 26:22
  It was about finding my place and being in that place and continuing my legacy in that place.
• 26:29
  I would tell someone that's coming in, "I know you're scared.
• 26:33
  It is If you're not, you would I would worry."
• 26:36
  Mm-hmm.
• 26:37
  Um, ask your contacts at Stewart to let you talk to advisors that have come to Stewart from your firm.
• 26:45
  I am sure there's plenty of them.
• 26:48
  Mm-hmm.
• 26:48
  That's what I did, and I spoke to people out in California.
• 26:52
  I spoke to people in Vegas.
• 26:53
  I spoke to people in Connecticut that had come over and, you know, I asked them, "How was your transition?
• 26:59
  How was this?
• 27:00
  How was that?"
• 27:00
  And they were so forthcoming with information and excited about having another team member or another person coming over.
• 27:09
  Um, and they were open and honest, and they I would ask them, "What do you wish had gone differently in your transition?
• 27:15
  Um, did, you know, senior team learn from whatever went wrong if it went wrong?"
• 27:21
  Mm-hmm.
• 27:21
  And so that's when I felt really comfortable going, "All right.
• 27:25
  Everyone here has made these transitions.
• 27:27
  They have come on the other side very, very happy."
• 27:31
  When I ask them, "Would you do it again?"
• 27:32
  "Absolutely, yes, I would."
• 27:34
  Not one said, "No, never again."
• 27:36
  Or even hesitated.
• 27:36
  Never hesitated.
• 27:38
  A lot of them said, "I wish I had done it sooner.
• 27:41
  Um, I wish I hadn't waited so long," which is kind of the camp that I'm in.
• 27:45
  Uh, but yeah, I think talking to your contacts at Stewart, having them And they're happy to do it.
• 27:52
  Have them let you talk to advisors that are at Stewart now that either came from your firm or came from a very similar environment, whether it's a full house or even on the independent side because there's a lot
• 28:03
  of that going on now too.
• 28:04
  Mm-hmm.
• 28:04
  There's a lot on the independents are coming to the hybrid side.
• 28:08
  Um, talk to the people.
• 28:10
  Boots on the ground, as I call it.
• 28:12
  Those are the people that day to day know this went well, this didn't, and this is what could have changed.
• 28:17
  And they give senior leadership feedback.
• 28:20
  Yeah.
• 28:20
  And they say, "Listen, this didn't work out the way that it should have."
• 28:23
  And they learn, and they've learned from all of this.
• 28:25
  I think my transition went pretty smooth.
• 28:28
  Um, we did a lot of due diligence.
• 28:30
  We did a lot of sit downs with them of our entire book of business and, and how our, my book translated.
• 28:36
  We did a lot of, um, overlapping of scenarios to make sure clients wouldn't be really inconvenienced with, like, capital gains and things of that nature.
• 28:44
  And you're always gonna have the one-offs of, you know, the client did so well, there's really not We ha- we just kind of have to slowly, you know, work our way through that.
• 28:52
  But overall, we just We just, I think, peeled back the onion so many times in so many different layers- just to make sure that we felt comfortable with all of our answers or questions being answered.
• 29:04
  And so I would tell them, definitely talk to people that are there.
• 29:08
  Talk to people that have just transitioned within the year, people that have transitioned within the last five years, and people that transitioned, like, 10 years ago, so that you can see the progression and you can get a good
• 29:19
  feel for what it's like on the day-to-day.
• 29:22
  That is great advice, Alysia.
• 29:24
  I love it.
• 29:25
  I think that's so important and...
• 29:26
  'cause there's a lot of advisors out there thinking about that- Absolutely right now in this moment.
• 29:32
  Lastly, where is your practice going on from here?
• 29:36
  Where is it, where is it heading?
• 29:37
  I think it probably has...
• 29:39
  You know, you've got some younger people in your office, your son.
• 29:43
  What does the next chapter of your career look like, and how does Steward fit into that vision?
• 29:48
  So Steward has given me back time.
• 29:52
  Mm.
• 29:52
  Um, I take- Half a day, some, some weeks.
• 29:57
  Some weeks I take a day for myself.
• 30:00
  It's something that is important to me to rejuvenate, to kind of I mean, 40 years is a long time- of being in a, in a very stressful situation, um, day in and day out.
• 30:12
  So I, now that I have this team in place, it allows me to do that, and I kinda do it in the middle of the week.
• 30:19
  So I call it hump day, and I've got two days, and then I've got my day off.
• 30:24
  And, and that day I use for a lot of different things.
• 30:26
  I'll use to catch up on my financial reading, or I'll use it to catch up on, you know, how do I want the vision of our team to look going forward.
• 30:35
  It's not just not work.
• 30:36
  It's some work- Yeah and some personal, but it allows me some downtime to kind of put all that into place.
• 30:42
  And, and our team sees my vision.
• 30:44
  My vision is up and, and o- and onward.
• 30:47
  Um, growth is, is my m- biggest motivator now.
• 30:51
  Um, I want to leave a legacy for them that is double or triple what we came with.
• 30:58
  Um, I want to set them up for life, as I called it, and I wanna teach them how to do that.
• 31:04
  And so creating a practice that continually gives, whether we're working with the first generation, the second, and the third, it's really important for me, and it's important f- that th- my other team members meet the, these people because
• 31:19
  they're gonna be working with those generations.
• 31:21
  And so when we create that bond with, you know, the parents, the children, and the grandchildren, um, and we have lots of those on our books now, they'll call in.
• 31:31
  The grandkids will call in and say, "You know, Mom said I can call you.
• 31:34
  I just have, you know, a school expense.
• 31:36
  What do I do with the receipt?"
• 31:37
  Well, send that to us.
• 31:38
  We have a 520 you know, that kind of thing.
• 31:40
  And so they're dealing with that.
• 31:42
  And so I deal with Mom and, you know, the, the grandparents.
• 31:45
  Yeah.
• 31:45
  And then if, if they want a family meeting, we'll do that too, but they kinda know what silos that they wanna work with.
• 31:52
  Mm-hmm.
• 31:52
  We've got, you know, the 38-year-olds that really mesh with the grandchildren and, and the children, and then you've got me, that kind of, you know, is kind of old school, so.
• 32:01
  The, the leader.
• 32:02
  Yes, but- The fearless leader.
• 32:04
  I don't, I don't ever wanna I don't wanna be the leader forever, but I, I want to h- teach everyone how to lead.
• 32:09
  Yeah.
• 32:09
  I love it.
• 32:10
  So.
• 32:10
  Alicia, fantastic conversation.
• 32:13
  I really enjoyed it.
• 32:14
  It is I love hearing about the stories and journeys more than just what's going on in the stock market.
• 32:22
  It, it's a lot of fun.
• 32:23
  So thank you so much for coming on the podcast.
• 32:26
  It's an honor.
• 32:27
  It was a lot of fun.
• 32:29
  Thank you everyone for listening to this episode.
• 32:32
  You can watch all of our other episodes on YouTube Spotify, and wherever else you catch your podcasts.
• 32:40
  Be- please be sure to like, subscribe to those channels, and give us a follow on LinkedIn.
• 32:44
  Thank you very much, and have a great rest of your week.
• 32:47
  Thank you.