DecaMillionaire Decoded

Key Performance Indicators (KPIs) can provide you with invaluable data to determine the health and direction of your RIA. However, with a seemingly endless number of KPIs to choose from, how can you know which ones to track in your organization? In this episode, I will uncover some of the mystique around KPIs, as well as explore which ones I believe every RIA should be tracking on their way to the...

One of the most challenging aspects of owning any business is building a cohesive and committed team. Different personalities and skill sets have very different needs. On top of this, you must also know which personality types are suited for each role and put people in the correct seats. In this episode, I continue looking at how to build a committed team for your eight-figure exit. I also discuss...

Have you ever considered what goes into building a team committed to working through an eight-figure exit with you? The phrasing of that question is significant. You see, building a team requires a great deal of forethought because it is a tactical movement. Likewise, you want to build a team that will work through an exit and not just to one. But why?   In this episode, I take a deep dive into th...

As you work to prepare your business for the eight-figure exit, change is inevitable. What got you here won't necessarily get you there. This is true whether you own an RIA or an auto repair shop. Because of the disruptive nature of change, you must be prepared to enact proper change management within your team.   In this episode, I discuss why change is necessary for the eight-figure exit, and ho...

Client attrition can be devastating to your goal of achieving the eight-figure exit. We work hard to acquire each client and it can feel deeply personal when they decide to leave. But what causes clients to leave an RIA?   In this episode, I look at the top reasons clients leave their advisors. By understanding why clients leave, you can take proactive measures to ensure that your book of business...

As business owners, we understand the importance of operational efficiency. But did you know your RIA's operational efficiencies could be the difference between making your eight-figure exit and missing the mark? Knowing that the efficiency of your operations has a direct correlation to your firm's valuation is one thing. However, understanding the biggest drivers could position you to take contro...

If you want to make the eight-figure exit, you need to begin planning for it right now. Too many people fail to realize the complexity of proper succession planning and the time required to do it correctly. As a result, many business owners reach their exit, receiving only a fraction of what they could have or worse, nothing at all!   In this episode, I look back at the relay race and what it can...

Leadership is one of those things that can make or break any business. Great leaders inspire others to become the best possible versions of themselves. In turn, this could lead your RIA to become best-in-class. But how do you inspire your leadership team to exhibit the authority, responsibility, and accountability that can permeate your entire organization?   In this episode, I'll talk about what...

Working toward the eight-figure exit is challenging under normal circumstances. However, attempting to drive real and lasting growth is nearly impossible when your senior management team is operating under a silo mentality. When your team is siloed, it can cost you valuable time and resources as you work toward your objectives. So, what can you do to break down the silos that stand in your way, as...

As RIA owners, we often make the mistake of thinking that the only way to drive greater profitability is to cut costs. While managing expenses is certainly a factor, company culture is one of the greatest drivers of profitability.  In this episode, I explain how your RIA's culture could be the key to an eight-figure exit. I also look at some of the signs of a toxic company culture. Likewise, I'll...

As a financial advisor, does it ever feel like you're trudging through mud? You work, and push, and drive to try to reach your goals but no matter what you do, you just end up exhausted and frustrated at your results. If this is you, strategic planning might be the key to start seeing real movement in your RIA. In this episode, I explore strategic planning in the RIA space. I discuss some interest...

Technology has come a long way in a very short time. With all of the advancements, financial advisors have access to tools that can help drive operational efficiency, improved client experience, and many other desirable outcomes. Unfortunately, many of us are still thinking about tech the wrong way, and failing to use it to its full potential.   In this episode, I take a look at technology in each...

Defining the ideal client for your RIA is an important step toward the growth you desire. But what if the ideal client you've identified turns out to be more of a hindrance to your success? In this episode, I discuss seven reasons your perfect client persona may be holding you back. I'll also take a look at some of the ways you can refine your client persona to better fit the direction you want to...

Growing your RIA in a highly competitive market can be a difficult task. Not only do you have to monitor the health and scalability of your own firm, but you must also keep your finger on the pulse of your competitors. Yet, competitive research is often met with a series of roadblocks.   In this episode, I look at the significant role that competitive research plays in the growth and direction of...

As a financial advisor, it is possible to set your firm up in such a way that the eight-figure exit is possible. But simply trying to take on more clients as a primary means of growth could be a recipe for disaster. Instead, developing and implementing a system of KPIs could be the answer. KPIs or Key Performance Indicators can provide important insights into the health and direction of your firm....

Whether you're an established RIA or just starting, understanding which of your services is the most profitable can be a game-changer for the growth and direction of your firm. However, you must also view your services through the greater context of Client Lifetime Value (CLV). This simple metric could change your whole perspective when it comes to your profitability by service.   In this episode,...

As the owner of an independent RIA, you likely wear many hats. You're an advisor to your clients, but you could also be overseeing compliance, accounting, operations, and more. Each of these tasks pulls you in different directions, and most importantly, away from your clients. Even if you are succeeding in juggling each of these responsibilities, doing so still presents a problem... your firm is c...

Owning an independent RIA offers many rewards. You get to work with the clients you want to work with, receive a greater percentage of revenue, and as long as you remain compliant, you have autonomy to do things your way. Yet many financial advisors struggle to maximize the greatest reward that owning their own firm has to offer... You hold an asset that has the power to change your financial futu...

Like many other types of business owners, Independent Financial Advisors are prone to misunderstanding the true potential of their firms. Far beyond a means to a comfortable living, your firm is your greatest individual asset. As such, you must take great care to grow it,  maximizing its value in the process.   Unfortunately, many financial advisors fall short when it comes to preparing their firm...

As a business owner, you're a rock star. You are a master of your trade, and provide your clients with the best experience they can have. But what about all those other areas of business? Are you the best HR director? Marketing Specialist? Are you a master of developing systems and processes to maximize operational efficiency? More than likely, you're unequipped in at least one of these areas.   T...

Selling your business can be a dream come true. But there are some surprising realizations you and your spouse or significant other will make once the sale is done. In this episode, I discuss some of the lessons I've learned about life after the sale of a business. I explain the sense of loss that many entrepreneurs feel after they've sold their companies. I also give some tips to prepare for life...

Few things in life are as emotional and complex as a business sale. You've poured your blood, sweat, and tears into your business for years—even decades—and now, it's time to sell. But should you try to sell your business on your own, or use the services of a business broker?   Is it worth the headache of attempting to facilitate a sale while still operating your business? Are you certain of the r...

Dental entrepreneurs are very near and dear to my heart. Over the years, I've worked with so many of you, and I hear from even more who follow the Financially Simple Podcast. That's why these past few episodes have been especially geared to each of you. Although you experience many of the same struggles that are common across all industries, there's also a uniqueness about the way a dental practic...

Making a strategic move to grow your dental practice through a merger is a big decision; one that comes with many moving parts. In this episode, I reveal some of the pros and cons of merging a dental practice to facilitate growth. I also discuss the growing trend of dental entrepreneurs joining DSOs and DMSOs. While specifically addressing dental entrepreneurs, this episode is packed full of pract...

Recently, I received a very important question from one of our listeners. The question came from a dental entrepreneur who finds himself in a position where his business debts are paid and he has an excess of cash in his reserves. Likewise, he's taken steps to secure his personal finances by diversifying outside the business. He finds himself in a position where he can't take on anymore clients be...