Q: What has been your biggest surprise since joining AdvicePeriod?
A: I had worked for months on a business plan that assumed the 70/30 revenue share and service model. I would retain 70% of the revenue I generate and hire a team of people to support me. I even had some specific people in mind.
Q: How did that change once you joined?
A: I decided to go with the 50/50 split. I rely on AdvicePeriod’s relationship management team to work with my clients. It wasn’t an economic decision. It’s not that I couldn’t find and pay people for that extra 20%. It was a matter of focus. I wanted to focus on my clients and finding new ones. Not building a support team.
Q: You were comfortable relying on the AdvicePeriod team?
A: Not at first. But after spending time with the team – these are JDs, CFP’s - they are not rookie advisors. I still own the clients. I can shift to 70/30 in the future if that’s what makes sense for my clients. It’s still up to me.
Q: How do you know if 50/50 has been a good decision?
A: Simple. My clients are happy. And I’ve grown more year to date through May than I did all of the last two years combined.
Q: What are the other key ingredients to your client happiness and growth formula?
A: The AdvicePeriod team is strong. I’ve had help from the principals to the interns. It’s all included in being a partner.
Q: What have been your greatest frustrations since joining?
A: We’ve had some operational challenges. We are still working out some of the wrinkles in our technology. We’re doing things differently. A learning curve is to be expected.
Q: On the whole, are you happy with how your business is run inside AdvicePeriod?
A: Yes – no question. The AdvicePeriod team and technology – even with its imperfections – has effectively taken about 2 months of work off my plate. That means I have more time for my clients. Which is my true passion.