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Becoming An Elite Financial Advisor With Sten Morgan
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Becoming An Elite Financial Advisor With Sten Morgan

Author: Sten Morgan & Andy Traub

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A show for financial professionals who want to be challenged to achieve their true potential faster. You will gain practical knowledge that you can implement on Monday morning when you get into the office. You'll learn the true value of your advice and, if you want to, how to charge for that advice. Featuring Sten J. Morgan, CFP®, ChFC®, one of the nation's leading young Financial Advisors.

129 Episodes
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.comLinkedin = 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
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
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
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
Sten sits down with Eric Kapitulik, a former Marine Corps officer and co-founder of The Program. Listen to this episode to absorb the wealth of knowledge Eric shared. It's not just a conversation; it's a roadmap to becoming a better leader, teammate, and individual.Embracing Challenges: Eric's journey from the military to the consulting world is a testament to the power of resilience. He reminds us that no matter the size of your team or the scope of your challenges, the principles of leadership and discipline are universal.A Must-Read: Eric's book is packed with intensity and invaluable lessons that will leave you inspired.Long-Term Greed vs. Short-Term Gain: One of Eric's golden nuggets of wisdom is to focus on long-term wealth creation, not just for your clients but for yourself—in all aspects of life. This principle has stuck with him since his days in financial services and continues to guide his decisions.The Power of Persistence: Did you know the average prospect engages after eight points of contact, yet most salespeople give up after three? Eric's experience highlights the importance of discipline and the game-changing impact of staying the course.Leadership and Teamwork: Whether you're flying solo or part of a larger organization, the essence of success lies in efficient teamwork and the pursuit of excellence through clear goals and standards.Mindset Matters: They discuss the crucial distinction between 'hard' and 'challenging' and how reframing our mindset towards gratitude can profoundly influence our daily motivation and actions.Launch Your Day with Purpose: Starting your morning with intention can set a positive tone for the entire day. Whether it's exercise, journaling, or another focused activity, make it count.Kindness vs. Niceness in Leadership: Eric and Sten explored the deeper meaning of kindness in leadership—it's not just about being nice, but about pushing each other towards growth and improvement.Eric's website: Investment Planning is hiring. Think you’d be a good fit for the team? Go to
Co-host Andy Traub sits down with advisor James Graham for this Advisor Stories episode. James shares his journey of nearly a decade in the industry, focusing on the significance of team structure and specialization in financial planning. He discusses his approach to delegating tasks, allowing him to concentrate on client interactions and strategic business planning. James highlights the challenges of balancing personal involvement with the necessity of trusting his team to handle responsibilities. Legacy Investment Planning is hiring. Think you’d be a good fit for the team? Go to
In this episode, Sten answers your questions from the financial advisor community. He outlines the growth stages of an advisory practice, detailing his own experience from solo advisor to a larger team, emphasizing delegation and hiring strategies. Sten discusses prospecting techniques, the value of solving client problems, and recommends books that shaped his business approach. He also shares insights on managing people, the importance of structured onboarding, and the distinction between abdication and delegation. Legacy Investment Planning is hiring. Think you’d be a good fit for the team? Fill out the Advisor application form here.
Sten sits down with Mike Jesowshek, a CPA and entrepreneur, to discuss the gap between knowing tax strategies and implementing them.Mike's journey is nothing short of inspiring. From starting his first business at 14 to pioneering a digital accounting firm, he's a testament to where passion and expertise can take you. In their chat, he peeled back the curtain on his transition from online marketing to becoming a tax strategy virtuoso.Mike stressed the importance of the power of simplicity by breaking down complex tax concepts into bite-sized, understandable pieces. Imagine using a Health Savings Account as a retirement tool or the benefits of hiring your children and funding Roth IRAs – these are just a couple of the strategies they dove into.They also tackled the art of communication in the financial advisory world. It's not just about what you say, but how you say it. Advisors need to challenge the status quo, ditch the generic newsletters, and really engage clients with compelling, clear information.Ever heard of hiring your kids but felt too overwhelmed to implement it? You're not alone. We discussed why many business owners know the strategies but don't act on them. It's about giving you the confidence and the nudge to take that next step – and that's where advisors shine.They also discussed the importance of sharing knowledge openly with clients. By not shying away from sharing information, advisors can build trust and provide immense value, showcasing how tailored tax strategies can significantly impact a client's financial health.You can hear more from Mike here:Small Business Tax Savings Podcast: Investment Planning is hiring. Think you’d be a good fit for the team? Fill out the Advisor application form here.
In this installment of our Advisor Stories series, Andy interviews advisor Tyler Morris. Tyler peels back the curtain on his professional journey, revealing the pivotal moments and the lessons learned along the way. Here's a sneak peek of what they dove into:Transition Tales: Tyler opens up about his recent shift into the financial advisor role.The Nashville Effect: Discover how a training event in Nashville tuned Tyler's approach to his career and client relationships.Value Beyond Dollars: They tackled the tricky topic of charging for financial advice. Tyler shared his evolved mindset on recognizing the worth of his services and how he communicates this to clients.Advice for Advisors: Are you pondering whether to start charging for your time and ideas? Tyler's reflections and advice could be the nudge you need to make that decision.We’re confident that Tyler's experiences and insights will resonate with you, whether you're in the financial industry or simply interested in the art of value exchange. Interested in working at Legacy Investment Planning? Fill out the Advisor application form here.
In this episode, Sten and Andy explore the importance of creating a great planning proposal. It serves a critical role in setting and managing expectations in business by what you put into your financial planning proposal. They discuss:Setting Expectations: The Heart of Client SatisfactionClear expectations are the cornerstone of a happy client relationship. Ever had a misunderstanding with a client? We've all been there, and it's usually down to unclear expectations. They’re talking about avoiding that pitfall and ensuring your clients are on the same page from day one.Crafting the Perfect ProposalWhat goes into a proposal that not only informs but also impresses? It's not about bombarding clients with data but about crafting a document that's as clear as it is compelling. Sten has some practical tips straight from the conversation that will help you revamp your proposals to make every page count.Look and Feel MatterNever underestimate the power of a well-designed proposal. Sten shares his insights on creating a visually appealing document that aligns with your brand and sets the stage for a great client experience.Focus Without the FluffThey also touch on the art of being thorough without overwhelming your clients. Sten's approach? A robust deep dive into each category without letting clients get bogged down in the minutiae. It's about guiding them, not giving them a menu to order from.Realistic TimelinesSetting realistic timelines is crucial, and they discuss how to communicate the intensity and duration of the engagement right off the bat. It's about managing expectations and creating a process-driven experience that clients can trust.Balancing Compliance and CommunicationLastly, they tackle the tricky balance between meeting compliance requirements and maintaining clear communication. The goal? To separate the onboarding paperwork from the expectation-setting process to ensure clients know exactly what they're signing up for.Get six free training videos and a dozen free planning resources at
Sten and Andy dive into the critical role of setting and managing expectations in business, particularly in client relationships.They discuss the consequences of unmet expectations, such as negative client feedback and job dissatisfaction, and the common issue of failing to verbalize expectations, which can lead to misunderstandings. Through practical examples, they advise on asking open-ended questions to uncover unspoken expectations and stress the importance of clear communication to align with clients.They also touch on the financial advisory industry, suggesting visual tools to clarify service models and the necessity for advisors to proactively manage expectations to avoid resentment and ensure business success.They wrap up with a call for an "expectation audit" within businesses and teams to enhance client satisfaction and relationship outcomes.Get six free training videos and a dozen free planning resources at
Host Andy Traub talks with financial advisor and founder of Financial Staples, Chloe Moore. She shares her insights on connecting with clients, particularly those from minority groups, and her expertise in equity compensation. She discusses her approach to asking reflective questions to guide clients towards better financial decisions and the importance of building a network of professionals, including CPAs and estate planning attorneys, to support clients' diverse needs. The conversation explores the concept of a lifestyle practice, where Chloe aims to balance her business with her ideal life, emphasizing work satisfaction over maximizing income. She advocates for aligning one's core values with career decisions and the possibility of making changes for personal happiness and fulfillment.Connect with Chloe:Website: financialstaples.comLinkedin:  Instagram: six free training videos and a dozen free planning resources at
Sten talks with good friend Dr. Josh Axe, a functional medicine practitioner, author, and entrepreneur. Josh shares his personal journey with functional medicine, the expansion of his clinic and online platform, and offers insights on business growth, team dynamics, and the power of communication. Journey into Healing: Josh opens up about his personal voyage into the world of functional medicine. It's a tale of transformation sparked by a family health crisis that reshaped his career and life's mission. Business Growth Unpacked: Ever wonder what it takes to scale a health clinic and launch an online health platform successfully? Josh spills on the strategies that propelled his business forward. Mastering Communication: Whether you're leading a team or just starting out, Josh's experiences in the health and wellness industry reveal the undeniable power of effective communication. Mindset Makeover: Josh shares his wisdom on how to identify and overcome the mental blocks that hold us back. The Why, Who, What, and How: Understanding these four pillars is crucial in any business. Josh emphasizes their significance and how they've shaped his approach to success.Order a copy of his new book, Think This Not That. Follow Dr. Josh Axe:YouTubeInstagramTwitterFacebookTikTokGet six free training videos and a dozen free planning resources at
Referral expert Bill Cates discusses strategies for financial advisors to obtain referrals and manage client relationships effectively. They emphasize the importance of:Setting clear expectationsBeing responsive to client communicationsUnderstanding the lifetime value of a clientBill introduces the concept of "referability" and shares insights from his latest book, "The Language of Referrals," covering topics such as promoting introductions, asking for referrals, and addressing concerns.They highlight the need for authentic, direct communication and the pitfalls of formulaic referral methods. Bill also shares practical advice for advisors to enhance their referral processes and client interactions.Bill Cates is widely recognized as one of the foremost experts in the art and science of acquiring new clients through referrals and personal introductions. He is president of Referral Coach International, founder of The Cates Academy for Relationship Marketing™, and the host of the podcast Bill was recently rated as the #1 Financial Advisor Influencer by Indigo Marketing.Bill is also a bestselling author. His books are, Get More Referrals Now, Don’t Keep Me a Secret, Beyond Referrals, Radical Relevance, and his latest book is The Language of Referrals.Free resources for listeners:1. Guides, Checklists, Videos: New Advisor Relationship Marketing & Prospecting: www.KickStartProspecting.com3. 4 Infographic Guides: www.FearlessReferrals.com4. How I Handle Referrals: www.HowIHandleReferrals.com5. Link to the Book: www.LanguageofReferrals.comGet six free training videos and a dozen free planning resources at
Andy chats with financial advisor Nate Leo about his experience getting into the industry, challenges he overcame, his advisor superpower, and current success charging for planning. Nate recounts the college elective that piqued his interest in the field and his initial aspiration to be an investment banker. He shares the early challenges of building a client base and credits his mentor and firm's team culture for his success. He credits his "superpower" as his ability to connect with clients and explain financial planning's value, which can turn a casual chat into a client relationship. They also discuss the importance of serving a diverse client demographic and the benefits of strategic partnerships with other financial professionals to meet complex client needs.Get six free training videos and a dozen free planning resources at
Sten and marketing expert Dave Touhill dive into the intricacies of marketing for financial advisors. They discuss the importance of understanding your audience and avoiding generic marketing tactics. They discuss the value of building local trust by engaging with influential community members and providing free advice. Dave criticizes the reliance on outsourcing marketing without a clear strategy and advises focusing on proven methods and seeking guidance from other successful advisors. They also share the "marketing flywheel" concept and urge advisors to master one strategy at a time, build relationships, and continuously refine their marketing efforts to establish credibility within their community.Get six free training videos and a dozen free planning resources at
110. Sten Q&A

110. Sten Q&A


Get six free training videos and a dozen free planning resources at this episode, Sten tackles questions from listeners, offering advice on various aspects of financial advising. He discusses the importance of clear communication, especially when explaining one's role as an advisor. He emphasizes the shift from selling products to providing true advisory services and the value of collaborating with professionals like CPAs and tax attorneys for tax strategies. He also talks about revenue tracking and suggests a performance-based compensation model for W-2 advisors. Additionally, Sten touches on the personal side of business, talking about managing relationships and the benefits of networking with like-minded individuals for professional growth.This episode is a blend of practical tips and Sten's personal experiences, aimed at helping financial advisors navigate their careers.Get six free training videos and a dozen free planning resources at