Becoming An Elite Financial Advisor With Sten Morgan

Get your seat to Whiteboard University, go to www.WhiteboardU.com.In this episode, Sten talks with entrepreneur, author, and speaker, Rob Dube. Through his work, Rob challenges business leaders and entrepreneurs to look inward with mindfulness and meditation by sharing his own mindful leadership journey.This one is packed with insights, stories, and practical advice that you won't want to missThey discuss the intricacies of entrepreneurship, leadership, and personal development. Rob shares his journey of starting, selling, and buying back a business, and the significance of corporate culture and personal growth. He talks through the “Ten Disciplines for Managing and Maximizing Your Energy”, a concept he learned from Gino Wickman, creator of the Entrepreneurial Operating System (EOS). Their conversation highlights the importance of long-term thinking, self-awareness, and making decisions from a place of love rather than fear, ultimately encouraging everyone to embrace their true selves for greater success and fulfillment.Resources:Rob’s Website: https://robdube.com/ Rob Dube LinkedInRob Dube FacebookRob Dube Twitter Leading with Genuine Care YouTubeClick here to purchase tickets to our upcoming Whiteboard University training.

Get your seat to Whiteboard University - http://www.WhiteboardU.comIn this episode, Sten and Andy explore the concept of "necessary endings" based on the book by Henry Cloud, and discuss the challenges of ending relationships that are no longer beneficial. There are three types of necessary endings:good but not best relationshipschanged circumstancesdead relationshipsThey share personal experiences, and talk about the importance of recognizing when to let go for growth and success. Though difficult, embracing necessary endings can be a powerful step towards personal and professional growth.Click here to purchase tickets to our next Whiteboard University training.

In this episode, I sit down with Nancy Hetrick, who is the founder and CEO of Smarter Divorce Solutions LLC, the Divorce Financial Planner Training Center as well as a Financial Planner with Strategic Portfolio Solutions.She has over 25 years of experience in both investment management and financial planning and has specialized in divorce since 2011.As a Certified Divorce Financial Analyst and forensic specialist, she assists divorcing clients by providing the financial expertise necessary to ensure the best possible outcomes.  For financially complex cases, her team ensures all of the puzzle pieces are clearly identified, and all strategies for division are explored.Nancy and I discussed the challenges of managing a growing business and the importance of specialization in the field, particularly in the context of divorce. She shared her expertise on the complexities of divorce financial planning and the necessity of understanding tax implications and asset division.I'm thrilled to share some incredible insights from the episode and I trust you’ll find it valuable as well.Resources:Nancy has become a nationally known trainer for Divorce Financial Planners and offers continuing education and intensive advanced training for CDFA® holders through www.DivorceFinancialTraining.com.She is the author of “Divorce Financial Planning; Building a Successful Niche Business”, Divorce Is Not For Dummies; How To Cover Your Assets and the co-author of The Stress-Free Divorce, Volume 2.

In the next installment of our Leadership Mistakes series, Sten and Andy focus on financial advisors who become bottlenecks in their businesses. Recognizing the Bottleneck PhenomenonAre you the bottleneck? If you can’t spot the bottleneck in your business, it might be you. Andy and Sten use a clever card game metaphor to explain this common issue.Overwhelmed by RolesFinancial advisors are unique as they are both business owners and primary service providers. Many advisors juggle multiple roles—marketer, operations manager, and primary service provider. This multi-tasking can lead to stagnation and a structural challenge that can lead to inefficiencies. Delegation is KeyRealizing that operational tasks detract from client service is the first step towards effective delegation. It’s also important to recognize when to delegate tasks like paperwork or meeting preparation to junior advisors or support staff.Scaling with a Small TeamSten emphasizes that significant revenue growth can be achieved with a small, effective team—typically four to six people.Identifying Your SuperpowersAssess what you excel at and enjoy doing, then hire around those strengths. This allows you to focus on high-value activities that drive business growth.The 10-80-10 PrincipleBe involved in the initial 10% of a project, delegate the next 80% to your team, and review the final 10% for quality control. Start with less critical tasks to build trust and confidence in your team.Fostering a Culture of OwnershipEncourage open communication and constructive debate. Allow team members to challenge ideas and contribute their perspectives. Create an environment where team members feel empowered to make decisions and take risks. Communicate that not every idea is fully formed and encourage feedback and alternative solutions.Moving Beyond BottlenecksIt can be challenging to identify issues when you’re deeply entrenched in day-to-day activities. External perspectives can provide valuable insights. This one’s a must-listen, especially if you’re a financial advisor feeling the weight of your dual roles. By embracing delegation, understanding personal strengths, and fostering a culture of ownership and open communication, you can break free from bottlenecks and create a thriving business.Click here to join our online EAN community for free access to our resources, interaction with hundreds of Elite Advisors, and weekly insights from Sten. 

In this episode, Andy Traub interviews Tim Dyer, a seasoned financial advisor and member of the Elite Advisor Network. Tim shares his journey from his upbringing in New Hampshire to his education at Babson College, and his early career during the dot-com boom and the 2008 financial crisis.They discuss the importance of proactive business development, the challenges within corporate structures, and the critical role of client trust. Tim emphasizes creating personalized paths in financial advising, leading to the establishment of his own firm, Dyer Wealth Management.Click here to join our online EAN community for free access to our resources, interaction with hundreds of Elite Advisors, and weekly insights from Sten. 

In this podcast episode, Sten talks with Hurley Fox, the owner of Fox & Partners, to explore the critical role of outsourced CFO services for small to midsize businesses. Hurley shares his journey from construction management to identifying a gap in financial services for business owners. The discussion emphasizes the importance of financial literacy, understanding the connection between personal and business finances, and the need for collaboration among financial professionals. This episode is packed with actionable insights and practical advice for financial advisors looking to better serve their business owner clients. Whether you're a seasoned advisor or just starting, Hurley's expertise will provide you with valuable tools to enhance your practice.Tune in to the full episode to dive deeper into these topics and discover how you can make a significant impact on your clients' financial health.Resources:Hurley's websiteClick here to read some of Fox & Partner’s case studies and other writings.Click here to join our online EAN community for access to our resources, interaction with hundreds of Elite Advisors, and free weekly insights from Sten.

In this episode, Sten sits down with public speaking consultant and former speechwriter for Dave Ramsey, Eva Rose Daniel, to discuss the vital role of communication skills for financial advisors.Eva shares her journey from radio to becoming a speaking coach and offers practical tips for improving communication. Key strategies include simplifying messages, making strong first impressions, practicing active listening, and being mindful of body language. This episode emphasizes that effective communication can significantly enhance client relationships and career success. Eva also highlights the importance of thought leadership and self-assessment, encouraging listeners to seek feedback and continuously improve their speaking abilities.Download Eva’s free resource: "12 Questions You Must Ask for a Killer Speech" at www.thespeakshop.comFollow Eva on LinkedInWant to attend our How To Charge LIVE event next month? We want to pay for the cost of your flight or hotel. Click here to schedule a call with Andy, or email him at andy@eadvisornetwork.com with the subject line “The Big Deal” to discuss your discount.

In this episode, we kick off a new series focused on Leadership Mistakes and sharing some of the lessons I’ve learned. Today we dive into the necessity of managing difficult conversations. Here are some key takeaways:Curiosity Over Judgment: We emphasize the power of curiosity. Asking open-ended questions can transform a tough conversation into a productive dialogue. It’s all about understanding the other person’s perspective.Data-Driven Discussions: In business-related talks, grounding your conversation in data can help keep things objective and focused on the company’s needs rather than personal feelings.Vulnerability in Leadership: Leading with vulnerability by sharing your own feelings and concerns can create a safe space for open dialogue. It’s about being accessible and human.Real-Life Example: We share a story about a marketing event that didn’t go as planned. By asking the right questions, we uncovered different perspectives and learned valuable lessons.Frequency of Tough Talks: Some conversations need to be ongoing, while others should be clear and concise, allowing them to run their course. Knowing the difference is key.Empathy and Honesty: Addressing uncomfortable conversations head-on with empathy and honesty is crucial for the growth and success of your team and organization.Self-Awareness and Emotional Intelligence: Recognizing when a difficult conversation is necessary and approaching it with emotional intelligence can make all the difference.Want to attend our How To Charge LIVE event next month? We want to pay for the cost of your flight or hotel. Click here to schedule a call with Andy, or email him at andy@eadvisornetwork.com with the subject line “The Big Deal” to discuss your discount.

In this episode, Sten and Andy are talking about the book “Thanks for the Feedback” by Sheila Heen and Douglas Stone and sharing their key takeaways. They discuss personal experiences, highlighting their growth in handling feedback and the importance of constant feedback for personal and professional development, citing examples of successful individuals who actively seek feedback. They explore different types of feedback and the emotional triggers that can block it. The episode concludes with practical advice on seeking feedback from trusted sources and the necessity of embracing feedback to achieve continuous growth and self-improvement.Click here to purchase your seat at our next How To Charge LIVE event, and get $300 off your ticket using the code “300OFF” at checkout.

In this episode, Sten talks with Ben Angel. They dive deep into the impact of AI (artificial intelligence) on the financial industry and the role of financial advisors in adapting to these changes.Ben, who has 20 years of experience in educating entrepreneurs, highlights the potential benefits and risks of AI, emphasizing transparency, critical thinking, and the need for financial advisors to upskill. He also addresses regulatory concerns and the emotional implications of AI advancements.Ben’s latest book, "The Wolf is at The Door - How to Survive and Thrive in an AI-Driven World" explores societal, economic, and psychological impacts of artificial intelligence on the future of our existence.This episode is a must-listen for anyone interested in the future of finance and technology.Ben’s Website: https://www.thewolfofai.co/Ben’s Social MediaFacebook | Instagram | YouTube Click here to purchase your seat at our next How To Charge LIVE event, and get $300 off your ticket using the code “300OFF” at checkout.If you attended Whiteboard University, reach out to support@eadvisornetwork.com to get your discount code for How To Charge LIVE. 

In this episode, Andy chats with Mihei Egoroff, a financial advisor with four and a half years of experience. Mihei shares his journey from focusing on AUM to emphasizing financial planning services. He discusses his early experiences with money, the influence of a mentor, and the pivotal shift inspired by Sten's teachings. Mihei highlights the practical aspects of charging for planning services, client interactions, and the benefits of a structured financial plan.Early Money Lessons:Mihei’s first job assembling vacuum cleaners taught him the value of efficiency and time management, a lesson that has profoundly influenced his career.Career Shift:Discover how Mihei transitioned from a traditional AUM model to a more holistic financial planning approach, emphasizing the value of charging for time and ideas.Client Interactions:Learn about Mihei’s strategies for engaging clients who are eager to maximize their financial lives, from simple HSA strategies to complex retirement planning.Practical Implementation:Mihei shares real-life examples of how his planning services have saved clients significant amounts in taxes and optimized their financial strategies.Fee Structure:Get insights into Mihei’s fee structure, including his minimum fees and payment methods, which ensure clients are committed and follow through with their plans.Mentorship and Learning:Mihei credits his shift in focus to influential mentors and podcasts, including Sten Morgan’s interview on the Financial Advisor Success podcast.Client Success Stories: Hear about a high-earning couple who, with Mihei’s guidance, are set to save seven figures over their lifetime through strategic planning.Efficiency in Planning:Understand how Mihei balances the complexity of financial planning with efficient client management, ensuring each plan is tailored and actionable.Community and Growth: Mihei’s involvement in our community has not only enhanced his skills but also provided him with the tools to elevate his business and client service.Click here to purchase your seat at our next How To Charge LIVE event, and get $300 off your ticket using the code “300OFF” at checkout.If you attended Whiteboard University, reach out to support@eadvisornetwork.com to get your discount code for How To Charge LIVE. 

In this episode, Sten and Andy discuss their experiences with creativity and resistance, drawing insights from the book "The War of Art” by Steven Pressfield.The Struggle with Creativity:They explored how resistance can be a formidable opponent in creative and entrepreneurial journeys.The Power of Non-Finance Books:Discover why stepping outside your usual reading genres can profoundly impact your thinking.Insights from "The War of Art":This book sheds light on the internal battles creatives face and the concept of resistance as a universal force that opposes our best efforts.Turning Pro:They discuss the journey from average to elite performance, and recognizing and overcoming resistance to achieve professional excellence.Daily Strategies to Combat Resistance:They share practical tips for addressing resistance every day, and the importance of accountability and surrounding yourself with supportive peers.Click here to purchase your seat at our next How To Charge LIVE event.

Peer groups and accountability are the keys to surviving in this industry. Nothing ever reaches its potential alone. In this episode, Sten and financial advisor Ben Hockema discuss their career journeys, challenges, and strategies for success. Ben shares his path from an unplanned entry into the industry through an internship to launching his own wealth management firm. He highlights the importance of equity partners, team building, and peer groups in his growth. He also emphasizes the value of networking, vulnerability, and continuous learning. He recounts forming a peer group of junior planners, which evolved into a supportive network of business owners. This episode underscores the significance of seeking diverse perspectives and maintaining curiosity for professional development.Want to attend Whiteboard University? Click here to learn more. Click here to purchase your seat at our next How To Charge LIVE event in August.

In this episode, Sten and Andy discuss the significance of whiteboarding in the business.Whiteboarding isn't just about drawing on a board; it's a game-changer for client engagement and communication in business. By effectively using whiteboarding, you can transition from a transactional approach to a coaching mindset, helping clients understand the significance of their strategies. They talk about Whiteboard University, a new training program designed to master this skill. This episode covers the importance of visual aids, communication skills, and rapport with clients, leading to faster and more successful business outcomes.Want to attend Whiteboard University? Click here to learn more.Click here to purchase your seat at our next How To Charge LIVE event in August.

In this episode, Sten has a conversation with Stevyn Guinnip, the founder of Grow Wellthy, a company that helps financial advisors invest in their health. Together, they dove into the striking parallels between managing wealth and health.Stevyn draws from personal experience and shares the importance of a holistic approach to health. She identified common challenges advisors face, such as time constraints and confusion about health strategies. They end their discussion emphasizing consistency and accountability, and the urgency of health prioritization.Resources from this episode:Health Quiz = https://www.growwellthy.com/quizWebsite = https://www.growwellthy.comLinkedin = https://www.linkedin.com/in/stevyn-guinnip/Want to attend Whiteboard University? Click here to learn more. Click here to purchase your seat at our next How To Charge LIVE event in August.

In this episode, Andy interviews Jon Bass, a seasoned financial advisor with 14 years of experience.They dive into the significance of joint work in the financial industry, with Jon attributing much of his success to collaborative efforts, especially when overcoming the credibility gap due to his youth early in his career.Jon emphasizes the evolution of his business towards fee-based planning and offers practical advice for selling planning services. He also shares his passion for risk and tax management, drawing from lessons learned during the 2008 financial crisis. Additionally, Jon highlights the importance of understanding clients' learning styles to improve engagement and the selection of compatible joint work partners. The episode concludes with Jon discussing his favorite tax strategies, the expansion of his team, and the potential implications of estate tax changes and inflation. Want to attend Whiteboard University? Click here to learn more. Click here to purchase your seat at our next How To Charge LIVE event in August.

In today’s episode, Sten and Andy are discussing the profound influence Patrick Lencioni’s book "Getting Naked" has had on their professional development. They explore how being genuine with clients creates a foundation of trust and sets the stage for more meaningful financial planning.They also share insights on how to maintain a professional yet caring relationship with clients, ensuring we don't overstep or over-serve.Sten & Andy emphasize the importance of a humble attitude when managing projects for clients, steering clear of any pompous or self-centered approaches."Getting Naked" isn't your typical business book. It's a story that resonates with real-world challenges and teaches us to be agile and comprehensive in our planning.This episode is all about how embracing vulnerability and focusing on client-centric service can lead to a more successful and satisfying practice. They both agree that this book is worth revisiting every few years.You can order a copy of Patrick Lencioni’s book here.Get six free training videos and a dozen free planning resources at GoBeElite.com.

In today’s episode, we discuss the Elite Assumption mindset.Embrace the Elite AssumptionWe dove deep into the power of the 'Elite Assumption.' It's a game-changer. We're talking about shifting gears from the passive "someone might need us" to the proactive "everyone needs something from us." This mindset is the cornerstone of not just meeting, but exceeding client expectations.Confidence is KeyWe also unpacked the essence of confidence in our line of work. It's not just about feeling good; it's about being a beacon of solutions for our clients. When you pick up the phone or meet a prospective client, remember: you're not just a financial advisor; you're a problem-solver, a value provider, and a financial superhero.Continuous Improvement is Non-negotiableLastly, we touched on the importance of never resting on our laurels. The financial world is ever-evolving, and so should our expertise. It's about staying hungry for knowledge and being the advisor who clients can rely on, no matter the challenge.Get six free training videos and a dozen free planning resources at GoBeElite.com.

In this episode, Andy connects with Nelson Wood, an advisor with a family history in the industry dating back to 1888. Nelson shares his journey from working in sales at Dewalt Industrial Power Tools to joining his family's business in insurance and financial planning. They discuss the importance of not giving away planning services for free and how insurance can lead to more comprehensive planning conversations. Nelson, based in Dallas, Texas, has expanded his practice to include a team that complements each other's strengths in insurance and AUM. His partnership Matt, who focuses on AUM, has reinvigorated his excitement for the future of their firm. This episode emphasizes the value of asking the right questions to uncover client needs and the urgency of insurance in financial planning. Get six free training videos and a dozen free planning resources at GoBeElite.com.

Sten and Andy explore the prospecting spectrum and strategies for attracting clients. They examine the typical experience advisors face when seeking new clients and the common pitfalls of the "activity at all costs" mindset. If you've ever felt like you're spinning your wheels without attracting those dream clients, this episode is for you.From Brute Force to Targeted Strategy:They explore the full range of prospecting methods, from the brute force approach (think cold calling en masse) to the more refined targeting strategy. Sten shared why brute force should be a stepping stone, not a destination, and how to evolve your methods to work smarter, not harder.Elite Networking Insights:Ever wondered how to leverage your existing network without feeling like you're using your friends? They talked about that too. Here’s a hint: it's all about adding value and being seen as a professional resource.Targeting the 10%:They also touched on the concept of the 10% group from the "Blue Ocean Strategy." It's about finding those untapped markets where competition is less fierce, and opportunities are ripe for the taking. Think business owners and real estate professionals who might not even know they need your services yet.Content is King:Lastly, they discussed the transition to becoming a content machine. Imagine creating a platform that draws in leads while you sleep – that's the dream, right? They share how to make that a reality.Legacy Investment Planning is hiring. Think you’d be a good fit for the team? Go to StenMorgan.com/apply.