Advisor Advocates Podcast

As podcasting continues to grow as a media alternative, millions of investors are turning to podcasts to learn more about making smart decisions with their money. Financial Advisors are eager to tap into the opportunity to share their knowledge and experience with listeners who could be potential clients, but how do we make sure our shows are seen and heard? In this episode, former Advisor and podcaster Garrett Layell discusses the process of starting and growing a podcast for Financial Advisors. Learn how to start a podcast, how to grow it, and best practices for keeping your listeners engaged and tuned in. For more information or to speak with Garrett about how he can help: Visit the website: Give Garrett a call at 919-561-2436 or Schedule time to chat:

Robert Russo discusses how his team at Independent Advisor Alliance helps Advisors execute their visions by building solutions around the needs of the Advisor or their Firm, rather than fitting square pegs into round holes. From modernized flat fee pricing to vision boarding and collaboration, IAA gives Independent Advisors everything they need to be successful without hamstringing with costs and services they don’t, providing a best of breed solution for independence. If you are considering your options as an Independent Advisor or Firm, give Garrett a call at 919-561-2436 or send an email to Garrett@theadvisoradvocates.com to discuss your options and learn more about Independent Advisor Alliance. Garrett’s Calendar Link

With hearts of social workers and the minds of capitalists, Doug Kisker describes the unique, growth focused culture of his team at Fidant Wealth Partners. They provide their financial advisors the tools and culture to cultivate their business, without the high sales pressure and rigidity of many of their counterparts, offering an ideal environment for growth minded Advisors who want to plug into a growth machine to accelerate their growth. If you are an Advisor exploring your options and would like to chat about Doug and his team, feel free to give Garrett a call at 919-561-2436 or send an email to Garrett@theadvisoradvocates.com if you’d like to chat about any questions you may have. Garrett’s Calendar Link

Adrienne Grace joins Garrett to discuss how she helps her clients focus their energy and efforts on the controllables of their business, and helps them to work with a clearer mind to better execute their business vision. To learn more about how Adrienne can help you further develop your practice, reach out to her or explore the resources below: Adrienne Grace, CFA | LinkedInAdrienne Grace (@gracefully_adrienne) • Instagram photos and videosFree Gift from GraceTo learn more or connect with Garrett, feel free to use this Calendar Link to schedule a call at your convenience, or reach out directly to 919-561-2436.

Veteran industry consultant Scott Steele joins Garrett to discuss the options facing Advisors once they make a decision to go independent. What are some of the questions they face and what are the results of each decision and how they impact your practice? Garrett and Scott walk through the decision-making process to help Advisors better understand the questions they should be asking to get to the outcome they are looking for as simply as possible. If you would like to discuss this process or explore your options, feel free to reach out at 919-561-2436, or email Garrett@theadvisoradvocates.com. You may also use Garrett’s Calendar Link to schedule a call at your convenience. And to contribute to organizations aiding the relief efforts in the North Carolina mountains, please visit the Hurricane Helene Support Resource page.

Developing a sound marketing strategy to build a sustainable growth engine for your business follows a lot of the same principles you advocate for your clients. Investing in a long-term plan, staying patient and consistent, can pay huge dividends for your practice. Feel free to reach out at 919-561-2436, or email Garrett@theadvisoradvocates.com. You may also use Garrett’s Calendar Link to schedule a call at your convenience.

Each Advisor envisions their retirement and legacy plan in their own unique way, just like their clients. Garrett Layell breaks down the seemingly endless list of options Advisors have for succession planning, and how the top Advisors approach this process to create the best outcome for their practice. If you would like to discuss this process or explore your options, feel free to reach out at 919-561-2436, or email Garrett@theadvisoradvocates.com. You may also use Garrett’s Calendar Link to schedule a call at your convenience.

As technology continues to advance and evolve, computers are able to perform objective processes more cost effectively than humans in a variety of ways. But the extension of this puts a premium on the human element of the Advisor/Client relationship. While many Advisors may struggle to keep up with computers, those with a true empathy and compassion for their clients may be able to not only survive a battle with the robots but be able to thrive thanks to reduced competition. If Advisor Advocates can help you explore the best ways to position your practice for the next phase of your business, feel free to give Garrett a call at 919-561-2436 or send an email to Garrett@theadvisoradvocates.com if you’d like to chat about any questions you may have. Garrett’s Calendar Link

How big does an Advisor's business have to be to survive as an Independent? Even 10 years ago, the answers to this question were all over the map, and often misunderstood by Advisors. Technology enhancements, competition, and COVID, have drastically reshaped the industry in a short period of time, making it easier and more confusing than ever to take your practice independent.The average Independent Advisor will net around twice as much income as an average Employee Advisor. But sometimes Advisors forget the reciprocal of this truth: An Independent Advisor needs half as much AUM to make the same amount of money as an Employee Advisor.There are a lot of sound reasons for an Advisor to stay in an employee relationship, and Advisor Advocates fully supports Firms who offer stability to Advisors who thrive in a team environment. But far too many Advisors stay in difficult situations because they overestimate the challenge of being independent, both economically and practically. In this episode, former Independent Advisor Garrett Layell unpacks the decision to start a small independent practice and helps Advisors outline the decision tree to help them determine if their practice is large enough to survive as an Independent.If you are an Advisor exploring your options or a Firm hoping to better position yourself to grow your team, feel free to give Garrett a call at 919-561-2436 or send an email to Garrett@theadvisoradvocates.com if you’d like to chat about any questions you may have.Garrett’s Calendar Link

As more Firms evolve and grow into more comprehensive practices, Advisors have more choices than ever when deciding how to best achieve their professional goals and provide the best service for their clients. Competitive salaries, all-star teams, and growth super-engines have emerged and created terrific opportunities for Advisors who knows what they are looking for and how to spot the best fit for their skillset and for their practice. Garrett Layell completes the Focus of the Firm trilogy by discussing Employee Advisor roles and how the culture of a Firm may cultivate and focus on success at the individual Advisor level, on building successful teams, or leveraging the power and scale of the brand, and which types of Advisors might find appeal in each model. If you are an Advisor exploring your options or a Firm hoping to better position yourself to grow your team, feel free to give Garrett a call at 919-561-2436 or send an email to Garrett@theadvisoradvocates.com if you’d like to chat about any questions you may have. Garrett’s Calendar Link

Independent no longer means alone for Financial Advisors who want to own their book of business. In the second episode of the three-part series, Garrett Layell breaks down the variety of ways Independent Financial Advisors can operate in environments focusing on individual achievement, team collaboration, or brand powered success. If you are an Advisor exploring your options or a Firm hoping to better position yourself to grow your team, feel free to give Garrett a call at 919-561-2436 or send an email to Garrett@theadvisoradvocates.com if you’d like to chat about any questions you may have. Garrett’s Calendar Link

Technological innovation and the rise of the Fiduciary Standard has evolved the wealth management industry in a variety of ways, leading to a new way Financial Advisors and Firms define the roles Advisors have in a practice. Advisors are no longer simply salespeople, at least not in all environments. In addition to determining if they want to be employees or independent, Advisors now have to ask themselves if they want to be a part of a culture that focuses on the success of the Advisor, a team of Advisors, or the Firm itself. In the first episode of a three-part series, Garrett Layell discusses the implications of these decisions and the options available to Advisors and Firms seeking to optimize the effectiveness of their team members. Feel free to give Garrett a call at 919-561-2436 or send an email to Garrett@theadvisoradvocates.com if you’d like to chat about any questions you may have. Garrett’s Calendar Link

How much should Financial Advisors expect to earn for various roles in today’s industry? As the industry continues to evolve (and consolidate), Advisor compensation has never been more dynamic. In this episode, Garrett breaks down the landscape to help Advisors and Firms better understand what Firms are offering and which model is best for each type of Advisor. Check out the new Advisor Compensation Tool to see how much your practice should be earning, and give Garrett a call Garrett at 919-561-2436, or send an email to Garrett@theadvisoradvocates.com if you’d like to chat about any questions you may have. Garrett’s Calendar Link

How much is an Advisory practice worth? This is a loaded question that always gets the starting answer of: it depends. On this episode, we dive into what it depends on, more specifically, and what to expect for both sides of the transaction. Most of all, how can you maximize the economic value of the sale of a practice. The value will ultimately be determined by the following: Revenue Profile Client Relationships Risk sharing between buyer and seller Resulting Partnership To learn more and find out how to maximize the value of your practice, visit theadvisoradvocates.com or call Garrett at 919-561-2436 (text first), or send an email to Garrett@theadvisoradvocates.com. Garrett’s Calendar Link

Financial Advisors debating total independence typically include the option of starting their own RIA. It is an appealing option giving the Advisor total control over every aspect of their business, most critically, their revenue. Veteran former Advisor Garrett Layell discusses the process and the decisions aspiring RIA owners must make about compliance, technology, custody, business strategy and marketing, as well as how Advisor Advocates offers a unique way to co-pilot the launch of a new Firm. To learn more and find out if the RIA model is best suited for your business, visit advisoradvocates.com or call Garrett at 919-561-2436 (text first), or send an email to Garrett@theadvisoradvocates.com. Garrett’s Calendar Link

Financial Advisors are entrepreneurial by nature. Many begin their careers as Advisors under someone else’s flag, enjoying the unlimited opportunities the industry offers, before eventually settling on the decision that it is time to start their own Firm. However, that decision brings with it many more decisions to be made, starting with the decision to form your own Registered Investment Advisor or affiliating with an Independent Firm.Registering a new Firm with the SEC or state regulators is a cumbersome process and can be expensive to outsource depending on the complexities of your business. And registering it is just the beginning. In total transparency, my first examination two years into owning my own Firm was the starting point to my decision to eventually sell it. As your own RIA, compliance of state and federal regulations ultimately falls on your shoulders. You may hire an outsourced compliance team, but if they make a mistake, they are still your responsibility.Many Advisors opt instead to join an Independent RIA or Hybrid Broker/Dealer. These Firms are your insulation from the regulatory authorities, and you serve as an independently contracted representative of their Firm but operate under your own brand and typically with your own LLC.Independent Firms typically strive to minimize their involvement with your business, usually opting for generic branding to allow your Firm to stand in the spotlight with your clients. They provide compliance supervision and access to technology for typically lower rates than you could negotiate on your own, and many will also allow you to integrate your own vendors if you prefer. Payouts to the Advisor will range from 85% to 99% depending on the Firm and your production, and many are even introducing flat rate pricing which can greatly benefit teams managing more than $100M.When comparing Independent Firms, we would encourage Advisors to take special notice of the platform Advisory Fees, as many Firms have started to use this as a way to disguise the true economics. For example, many Firms will claim that the Advisor receives a 100% payout on revenue but attempt to glide right past the 30-basis point platform fee on advisory assets under management. While you may charge 1% and make 1%, the client still thinks they are paying 1.3%, (because they are). And 1/1.3 is not 1.00.Not to say that platform fees are bad. In fact, most Firms will charge them in one way or another. But Advisors should take them into account when calculating the payout. As a general rule, Advisors managing more than $100M should be able to find an independent partner with a true net payout in the 90-95% range, and it should gradually approach 99% as production increases. With such a tight payout range, the ultimate decision of who to use will often come down to non-financial matters, such as reputation, technology, support, and management culture.Advisor Advocates partners with Independent RIAs and Broker/Dealers to help you explore your options and find the best fit for your practice. Save yourself time and cut through the noise by allowing us to quickly narrow your search for the best financials, technology package and management culture for your business. Call or text 919-561-2436, email Garrett@theadvisoradvocates.com, or schedule time on my calendar for a Zoom or phone call at your convenience.Learn More at theadvisoradvocates.com

One of the best kept secrets in the financial services industry is the Tuck-In model. One of the best descriptions I’ve ever heard for this is a “hotel for independent financial advisors.” When I left the employee advisor world for independence in 2013, I was unknowingly at the time being introduced to my first tuck-in firm. A collection of Independent Financial Advisors operating under one roof sharing one brand. While some advisors may elect to use their own branding, it is usually best for all to operate under the common DBA of your team, managed by the independent RIA or if with an independent broker dealer, your OSJ. Typically, this brand provides website, marketing, office space, and collaborative environment. While you ultimately are operating your own business as a 1099 contractor, your are a part of a supportive community often working together building shared investment model portfolios, join marketing materials, and client events, just to name a few. The economics of this set-up will vary a great deal depending on the needs of the Advisor and the team itself, but the independent Advisor will usually receive a payout of 65-85% of their gross revenue, with some nominal expenses reducing this slightly. For example, an Advisor may earn an 85% payout before paying $500 per month for rent and office supplies. Or 75% including rent, but where the Advisor is responsible for their own E&O insurance and tech stack costs. All-in, a good tuck-in should net the Advisor around 75% once production is above around $250,000. The support of a tuck-in is ideal for breakaway Advisors, who want to own their book but don’t want to make the total leap to running their own firm. As someone who did it for 7 years, I can vouch for the fact that the marginal 10-20% an independent earns in payout pales in comparison to the added responsibility. So for many Advisors, the tuck-in becomes the final home of their practice. On the other hand, many Advisors use the Tuck-in Solution as a stepping-stone to total independence (as I ultimately did). And the hallmark of the Tuck-in model is the flexibility to do this. Once you join the team, you will own your book of business that you bring with you and anything you add to it, and a reasonably minded Tuck-In manager will understand and support your decision to move on should that time come, and many will even assist where they can out of goodwill. If I can answer any questions or help you in your search, call or text 919-561-2436, email Garrett@theadvisoradvocates.com, or schedule time on My Calendar for a Zoom or phone call at your convenience. Learn more at:theadvisoradvocates.com

Learn from Founder Ed Meek and Partner Advisor James Alexander how Edge Financial Advisors brings together a team of like-minded Advisors to deliver the highest quality of service to clients and quality of life for their team members. By enabling each team member to focus on their specific strengths and focus areas, Edge positions Advisors to deliver the most sophisticated planning and investment strategies for their clients without over-stepping their capabilities, and working together to achieve greater things together than they could separately. If you are a Financial Advisor who can bring valuable leadership and appreciate the team mentality, Ed and James would love to meet you and explore the opportunity to join one of the top Financial Planning and Investment Managment Firms in the Chicago area. Schedule a call to get started, or reach out at 919-561-2436, or garrett@theadvisoradvocates.comSchedule a Confidential Call Here