The Profitable Advisor Podcast

Everyone's talking about AI, but most advisors have no clue how to actually use it to their advantage. This week, I'm breaking down exactly how I'm using AI tools, specifically ChatGPT, to save time, reduce staff overhead, and improve communication with clients. You'll hear real examples of how AI has replaced hours of busywork in my own office, from generating newsletters to creating blog posts, and even PowerPoint scripts. We'll also explore why most advisory practices are overstaffed, and how AI offers a smarter alternative to hiring. I'll share how I use AI to write meeting summaries, brainstorm content ideas, and quickly build client education materials. It's not perfect, but it's fast, affordable, and remarkably effective when used the right way. If you're running a practice and still spending too much time on manual tasks, this episode provides a quick roadmap to help you do more with less. Here's some of what we discuss in this episode: 🤖 How AI is changing the way advisors work 🧠 Using ChatGPT to educate and engage clients 📊 Creating presentations, summaries, and visuals with AI 💻 How AI tools (including within Zoom) can save hours on admin 📉 What AI can't do: market timing, stock picking, and beyond   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net  

What if your success as a business owner became the very thing that prevented you from enjoying your life? While many advisors focus on helping others navigate their retirement, they often neglect to consider their own. The recent death of Colts owner Jim Irsay is a sobering reminder that we need to prioritize our own future while helping others achieve their goals.   Today we're challenging the hustle-at-all-costs mindset and asking the hard questions every business owner needs to reflect on honestly. Are you actually enjoying the rewards of your business? Do you know when your work becomes optional? And have you built your business in a way that lets you walk away if you need to? This episode isn't about quitting, it's about building with purpose. This frank conversation is aimed at helping you stop deferring joy, design a practice that doesn't own you, and make time your most valuable return. Because the clock is ticking, and you don't want to run out of time with your best years still sitting on the shelf. Here's some of what we discuss in this episode: ⏰ The harsh reality of running out of time before you enjoy success 🚫 Why the "never retire" mindset might be a dangerous illusion 📉 The trap of building a business that demands your constant presence 📈 How to grow your net worth, even if your practice stops growing 💡 The real meaning of work-optional living for advisors   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net    

Early in my career, I spent a lot of money on training and read a lot of books on the sales process to try to find the magical words that would get somebody to make a buying decision. There were plenty of struggles along the way, but over time, I discovered a method that I thought worked well. It's basic and comes down to just one question, but it really is the most proper way to approach selling. The answer reveals everything you need to know about whether a client worth taking on. I'll break down the difference between "good" and "bad" answers, the dangers of onboarding someone who only cares about higher returns, and how this single question can save you from years of frustration. Plus, this question isn't just for prospects but with current clients as well. Here's some of what we discuss in this episode: 🚫 Why "I want higher returns" is a red flag, not a reason 📉 How the wrong clients undermine your long-term success 🧠 Using the same question in client reviews to reset expectations ✅ Attracting clients who value peace of mind—not performance chasing   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net   

If your phone's been ringing off the hook with client concerns about market volatility and tariffs, you're not alone—and you're not crazy. These market-moving events get the attention of even the most level-headed investors so how should you approach conversations during times like these? Let's talk about how to actually address client fears without getting pulled into a political debate or emotional tug-of-war. Look, I get it. This isn't just about policy; this is about deeply rooted beliefs. Whether your clients are panicking because of who's in office or what the headlines say, the key is not to debate—but to lead. I'll walk you through what I'm doing in my practice, the message I'm sending to clients, and why staying calm, logical, and forward-facing is the most effective strategy we have right now. Here's some of what we discuss in this episode: 📞 What to say when clients call panicking over tariffs 🧠 Why debating politics with clients never works 📉 How to reframe volatility as part of the investing process 🧾 Tips for proactive client communication (email = good, video = better) 💬 The simple message I send when the market dips   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net    

Today we're excited to welcome on a close friend and fellow financial advisor to the show. Nathan O'Bryant is the founder of O'Bryant & Associates in Jackson, Tennessee, and someone who has found great success with Google Reviews. In an industry where client testimonials are heavily regulated, being able to benefit from the relationships you've built is very powerful. Nathan joins us to share his remarkable success story that has not only enhanced his online presence but also attracted significant new clients to his practice. With 25 five-star reviews under his belt, Nathan reveals that he achieved this milestone without spending any money on marketing. Instead, he simply sent out a video to his clients, informing them of the opportunity to leave a review, and the results have been nothing short of impressive. This episode will provide you with actionable insights on how to build and maintain relationships with clients, the importance of communication, and the undeniable impact of testimonials on business growth. Here's some of what we discuss in this episode: How Nathan started getting Google reviews from his clients when Tennessee began allowing them. When people search for a local advisor, Nathan is rising to the top of search results. The reason why Nathan replies and interacts with the reviews. Subtle ways to get clients to provide a review or give you positive feedback. If ​you ​run ​a ​good ​practice ​and ​you ​stay ​tight ​with ​your ​clients, ​it's ​going ​to ​work ​out. Check out Nathan's podcast: https://thefinancialanswer.com/ Schedule a meeting with Dan: http://bookachatwithdan.com  Read more and get additional financial resources here: http://renegadeadvisor.net   

When markets are moving up and sentiment is strong, the financial media always points out the inevitable downturn. It gets more attention and attracts more eyeballs, but it's still important to prepare for this even if you don't know when it's coming. That's why we want to talk about how financial advisors should approach these conversations and why it's so important to communicate about what a down market will look like. But in doing so, we want to reframe some common misconceptions about market corrections and explain the significance of understanding market values based on demand. As someone who has navigated the financial landscape for years, I understand the importance of preparing clients for the inevitable ups and downs of the market, and how to do it without using two words we don't agree with. Here's some of what we discuss in this episode: Conversations we've been having with people who have anxiety over the election and its impact on the market. How to prepare your clients for the moment when the market will go down. Why we don't like to use the word correction when explaining market movement. The reason why we don't use the word overvalued. Schedule a meeting with Dan: http://bookachatwithdan.com  Read more and get additional financial resources here: http://renegadeadvisor.net 

The start of a new year often sparks a desire to reset, refocus, and find better ways to manage our time and energy. If you're looking to kick off the year with fresh productivity strategies, this conversation is for you. In this episode, I'll share my tried-and-tested productivity hacks that have helped me streamline my work habits, stay organized, and maximize efficiency. Whether you're looking to transform your work life or find ways to get more done in less time, these tips are easy to apply and can make a big difference. Let's make 2025 your most productive year yet! Here's some of what we discuss in this episode: Waking up an hour earlier than you usually do Planning your day for productivity and avoiding distractions Mastering the use of the word "no" Not waiting for the "perfect" time to do anything Avoiding negative people and meetings Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com  Read more and get additional financial resources here: http://renegadeadvisor.net  

If you've followed my podcast for a while, you've heard me say I don't recommend crypto to clients. That hasn't changed, but we can't deny the fact that crypto is growing rapidly. So, with this, how should you respond when a client asks, "Shouldn't I be putting money in crypto?" In today's episode, I dive into this question by sharing my own experience investing $2,000 in crypto through Venmo. I'll talk about what I learned, how it shaped my perspective, and the lessons it offers for understanding this volatile market. Then, I'll share my thoughts on how to frame the conversation and navigate the hype responsibly.   Here's some of what we discuss in this episode: My skepticism about crypto and first time investing in it. A $2,000 crypto investment that is now worth over $6,000. Being open with your clients about crypto. Advising interested clients to invest small amounts and to avoid constant monitoring. Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com  Read more and get additional financial resources here: http://renegadeadvisor.net  

As we move closer to a new year and into a new administration, advisors are looking for strategies to increase profitability in their practice. What we want to recommend today might surprise you, but I want to talk about why you might want to raise fees. You've heard me talk about reducing fees for a number of years, but now I'm recommending the complete opposite. I'll explain why in this episode, but keep in mind that I'm not suggesting you raise fees on your existing clients. Instead, we'll highlight a few areas of your practice where you can start increasing fees and revenue immediately if you institute these practices right away. The goal for every advisor should be to more revenue with fewer clients and that's what we want to get you thinking about in this show. Here's some of what we discuss in this episode: Why you should never do any type of work for a client without charging. Low fees might actually be turning people away. Requiring clients to put all of their business with you. Different AUM fees setups. Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com  Read more and get additional financial resources here: http://renegadeadvisor.net  

Today we want to get back into the basics of what we do and revisit some of the core concepts every advisor should be following. We began this show years ago to really dive into each of these principles and share strategies for achieving success in each of these areas. Whether you're a new advisor or someone who has been in the business for years, it's important to refocus on the foundational principles for running a profitable business. Get insights on why your vendor is not your friend, the importance of prioritizing profit over revenue, and the value of working only with ideal clients. Here's some of what we discuss in this episode: Principle #1: Your vendor is not your friend. My financial goals when we started the business. Principle #2: Profit trumps revenue. Principle #3: Work only with ideal clients. Schedule a meeting with Dan: http://bookachatwithdan.com  Read more and get additional financial resources here: http://renegadeadvisor.net 

What separates the people who are successful from the those who are not? The answer can be found in the power of our brain and subconscious mind, which has always been a fascinating topic to me. So often, success is all about mindset rather than being born with incredible attributes or natural ability, and our guest today has written a lot about that in her Renegade Mindset book. Nina Cooke joins us today to give us a better understanding of the psychological barriers that can hold financial advisors back and talk about ways to overcome them. In the competitive world of financial planning, success often hinges on more than just market knowledge and analytical skills. By developing a strong mindset, advisors can better support their clients in making sound financial decisions. Visit renegademindset.net to download a free copy of Renegade Mindset and gain access to the course we created with Nina. Don't wait until the new year to start making changes—take action now and make mindset a daily practice.   Here's some of what we discuss in this episode: The 'knowing-doing gap' where people know they need to take action but fail to. How our childhood shapes our mindset. Understanding and mastering mindset is not only crucial for personal success but also for guiding clients. Daily mindset practice is the key to getting what you want Separating personal goals from business goals.   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net 

I recently got back from a visit with a friend who went through cancer recovery and is now doing great. It was amazing to see how he changed his life, from the lifestyle he lives to the passion he has for the things he's doing. It took near-death experience to change his perspective on life, but it's not much different than what many business owners go through. Health concerns often force people to pull back on the amount of work they're doing to reduce the stress and strain. This is where the concept of a systems-based practice comes in. Finding ways to delegate tasks and optimize time is the way to maintain the business even when you're not around. Nothing prevents us from establishing these systems earlier but getting a dose of reality forces us to live in the present. That's a lesson we can all benefit from. No matter what's happened in the past, move on and focus on what you can control. Happiness is a choice, and you have that option as an entrepreneur. Today we're going to encourage you to ask crucial questions about yourself and your business. The goal is to prompt self-reflection and inspire action. We all have the freedom to choose where we live and work and we should all be taking full advantage of that freedom.   Here's some of what we discuss in this episode: Examples and stories of people that have been inspired this conversation. Why finding a great place to live is so important for happiness. How to establish a systems-based practice.   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net 

Have you ever heard of a benevolent dictatorship? This is a system where one person at the top makes decisions with kindness, care, and wisdom. While we might never see a benevolent dictator in government, this model can be incredibly effective in business. In today's episode, we're going to discuss why advisors need to lean into this effective form of leadership. Time and time again, I see advisors struggle with decisive leadership, seeking feedback and approval from their staff members or spouses who don't work in the office. It's important to remember that everyone is motivated by self-interest and that your employees and loved ones will never view your business the way that you do. This doesn't mean that asking for ideas is a bad thing, but you shouldn't base any of your decisions on what you think their reactions are going to be. Remember, it's impossible to do the right thing while making everyone happy. Be kind, but be stern, and make decisions with the best interest of the business at heart. Click play to learn more about how this model can be an absolute game-changer in your business.   Here's some of what we discuss in this episode: The benefits of benevolent dictatorship in business leadership Common challenges advisors face with decision-making and seeking approval The differences in perspectives between business owners and employees Making decisions based on business priorities rather than anticipated reactions   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net   

For those that don't know, I volunteer at a local animal shelter near my house and spend time walking the dogs there. While this non-profit does tremendous work in the community, it doesn't always operate very effectively as a business. That reminds me very much of the challenges that we see as advisors and there are some real insights that can carry over to what we have to deal with. Today we want to share insights from his recent experiences at a local dog shelter and how they relate to the challenges faced by financial advisors. Let's discuss the importance of effective volunteer recruitment, the parallels between running a non-profit and a financial advisory practice, and the necessity of constant marketing and client qualification.   Here's some of what we discuss in this episode: The importance of effective recruitment and finding the right people. Marketing strategies to help you attract clients. Why you don't want to treat every prospect the same.   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net 

Today we want to get into something that's been a big part of our practice and should be an excellent opportunity for advisors in the future, especially if you're in your 30s or 40s. What we're talking about in this episode is buying a practice, which we believe is the quickest way to have instant revenue. But it's not without problems, which we will also discuss. So we're going to share with you how the process works and breakdown our approach to buying another practice. There are plenty of financial considerations to sort through and weigh, and this episode will give you an idea of what we're paying the most attention to. We want to provide you some insights because we've been involved in a number of these as the acquirer but we'll eventually be on the other side as the seller.   Here's some of what we discuss in this episode: Why buying another practice can create a great opportunity and could do so without a lot of risk. How you should structure the deal. What should you pay attention to when you're acquiring a book of business.   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net  

Are you a financial advisor dreaming of the day you can step back from the daily hustle and still ensure your practice prospers? Succession planning can be a challenge for advisors because few of us can really articulate what it is that we do on a daily basis that would allow someone to run the operation for us, and that makes it hard to step away.  This is something I've had to do recently with my son, Wes, and we've identified seven areas that he has to be a master in before the torch can be passed effectively. That's what we want to share with you in this episode. Let's go through these seven things you need to do if you're thinking about life after your business and hopefully shed some light on an area of planning that will be useful.   Here are some of the things we will discuss: Know your numbers What you need to know about each of your clients. Understand staffing and what your business requires. Have a marketing system in place. Your replacement needs to be trained and knowledgeable. Understand the requirements for compliance. Have a strong knowledge of your partner companies.   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net    

Fear is a very powerful emotion and it can hold us back from reaching our potential personally and professionally. I started thinking a lot more about this after a trip to Arkansas where I spent some time with business partners to share ideas on growth. That's why I invited Nina Cooke, author of Renegade Mindset, back to the show to help us work through this issue that plagues so many advisors and business owners. Fear can be a formidable foe and Nina has helped many people overcome these barriers to find success. We'll dissect the roots of fear of failure and aim to arm you with the mindset needed to make bolder, more informed decisions.   Here's some of what we discuss in this episode: Why fear becomes such an easy excuse for business owners. Every advisor has to work through mistakes and failures to achieve success. How do we help people overcome this fear of failure? Are you going to be content by not trying new things and stepping outside of your comfort zone?   Get Nina's Book:  https://www.ninacooke.co.uk/ http://ninabook.org/   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net  

The very nature of the weather has always been like an investment portfolio in terms of unpredictability, and all the cold weather we've been dealing with to start 2024 has us thing about that. You could very easily use the weather to explain how a client's portfolio is going to work over time and how you can prepare for that. That's the basis of today's discussion, which is about a habit that many advisors have. They sell off their software using products like Riskalyze, which seems to work very well up front but presents challenges with long-term retention. I've been asked why I don't use software like this so I want to provide you some insights on that in this episode.   Here's some of what we discuss in this episode: Why I have a problem with risk tolerance questionnaires. The problem that you face when using these programs to match their portfolio to risk tolerance. How we suggest approaching portfolio management and the conversations with clients about why you're building it that way. The price for the upward is the occasional negative.   Schedule a meeting with Dan: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net    

As we turn the page on another new year, we hope you are excited about the start 2024 and focusing on hitting new milestones in your practice. Now, we know that people like making resolutions to start January, but resolutions are a bit silly when you think about it. If you want to make improvements personally or professionally, why wait for a new year to begin. But we all go through these exercises and the results are almost always the same. Unless you truly want to make a change in your life, you'll abandon these resolutions each and every time. The reason so many people fail to accomplish their resolutions is they don't truly want change. So let's talk about some things you can do to make your life better, not just this year, but every year moving forward. We'll share our own ideas and experiences that can hopefully help you both personally and professionally in 2024 and beyond.   Here's some of what we discuss in this episode: Where Dan stands on faith and how he's changed drastically through his life. Small steps you can take to improve your life each day as it relates to faith. Fitness tips that Dan has applied to his life that are easy to incorporate into yours. Develop a profit-based model to grow revenue and help you achieve the lifestyle you want. Focusing on niches, technology, staffing, and entrepreneurship for your business.   Schedule a meeting with Dan: http://bookachatwithdan.com  Read more and get additional financial resources here: http://renegadeadvisor.net    

Women are different than men and what they value is different as well. That's particularly true when it comes to financial services. For a long time, our industry has done a poor job at addressing the needs of women and have catered to men (and still do to a large extent). What can you do to change that and become an effective marketer to women? Let's talk about target marketing and developing your strategy around a certain audience. It's not earth-shattering to hear that it works, but enough people don't do it well and we want to help you change that. We've discussed the reasons for focusing on a specific niche with your financial business, and women can and probably should be a priority for you. Women are positioned very well to benefit from the massive transfer of wealth that is happening with the Baby Boomer generation and will need help with managing that money. Many of these women will change advisors and move away from the person their husband had been working with to someone they're more comfortable with. So let's talk about how to make sure you're marketing to women effectively and growing your business around this critical demographic.   Here's some of what we discuss in this episode: Why financial success often causes relationships in a family to deteriorate. Why we feel marketing to women is more important than ever. The different types of marketing mediums you should lean into. Should you still be doing seminars along with webinars? Have a story that people can connect to.   Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com    Read more and get additional financial resources here: http://renegadeadvisor.net