How Focused Marketing and Top-Tier Advice Doubled Erin Scannell’s AUM to $4B in Just 4 Years
Aug 14, 2024
auto_awesome
Erin Scannell, CEO of Heritage Wealth Advisors, shares his journey of doubling the firm’s AUM to $4 billion in just four years. He emphasizes innovative organic marketing and the impact of virtual events on client engagement. Erin discusses strategic acquisitions that have elevated their presence in the high-net-worth space. He delves into the integration of technology to enhance client interactions and the evolution of his leadership role from advisor to CEO, while fostering a supportive team culture in a hybrid work environment.
Heritage Wealth Advisors successfully doubled their AUM to $4 billion through a combination of innovative marketing and strategic acquisitions.
The firm's use of virtual events and targeted promotions has significantly increased client engagement, resulting in substantial attendance and new client acquisition.
Erin Scannell's evolution from lead advisor to CEO reflects a shift towards enhancing operational structure and delivering comprehensive client experiences.
Deep dives
Firm Growth and Scaling Strategies
The firm has experienced remarkable growth, doubling its assets under management from $2 billion to over $4 billion in just four years. This growth is attributed to a balanced approach combining organic growth through innovative marketing strategies and inorganic growth via strategic acquisitions. The emphasis on organic growth includes hosting educational workshops that have attracted significant attendance, resulting in the acquisition of around $400 million in new clients. In tandem, a strategic acquisition of a high net worth firm has enhanced the firm's capabilities, showcasing a commitment to continually evolving and improving client service.
Effective Marketing Techniques
An integral part of the firm’s success lies in its innovative marketing approach, especially through remote virtual events. The team has extensively utilized digital advertising techniques, including geo-fencing, to precisely target potential clients based on demographic data and local interests. Their workshops, such as those focused on tax strategies, have proven to draw substantial crowds of 200 to 400 participants, leveraging both word-of-mouth referrals and targeted promotions. To combat audience fatigue with virtual events, the firm provides written recaps post-webinar, ensuring that information reaches a broader audience even if they can't attend live.
Leveraging Technology for Personalized Client Experience
The firm is at the forefront of integrating technology, particularly AI, into client engagement and personalized financial advice. Utilizing advanced software tools like MoneyGuidePro, the firm creates living financial plans accessible via a mobile app, allowing clients to run scenarios and receive immediate feedback on their financial goals and strategies. This engagement fosters a sense of control and confidence among clients as they can explore different financial scenarios at their convenience. Additionally, AI-driven tools streamline the preparation for client meetings and identify actionable insights based on the client's financial history, enhancing the overall advice experience.
Redefining the Client Advisory Role
Aaron Scannell's transition from a lead advisor to CEO showcases a shift in his role towards enhancing the firm's overall value and experience for clients. His focus has evolved towards building a strong operational structure within the company by hiring specialists in various financial disciplines, which allows the team to provide targeted and expert advice to clients. By stepping back from direct client engagements, he can mentor and support the advisors, facilitating a culture geared towards exceptional client service. This strategic positioning ensures that clients benefit from a broader expertise and dedicated support tailored to their individual needs.
Expanding Client Services and Value
The firm has recognized that clients seek more than just financial advice; they desire comprehensive support that addresses their highest level needs. By employing the Bain value stack model, the firm is working to provide services that go beyond basic financial planning to include wellness workshops and holistic support aimed at reducing client anxiety. This strategic focus on enhancing the overall client experience and needs reflects a commitment to delivering meaningful value that transcends traditional advisory roles. The goal is to create a Ritz Carlton-level experience for clients, positioning the firm as a leader in a competitive financial advising landscape.
Guest: Erin Scannell, Chief Executive Officer of Heritage Wealth Advisors.
In a Nutshell: When I talked to Erin Scannell in 2020, he was directing 50 team members, 18 advisors, and about $2 billion in AUM. Four years later, Heritage has doubled to $4 billion in AUM, and Erin is in charge of over 80 team members, including 20 advisors and a robust support team.
On today's show, Erin shares the secrets behind his firm's explosive growth, including their innovative approach to organic marketing, the power of virtual events, and the strategic acquisition that brought them into the high-net-worth space. We also discuss how Erin's role has evolved from lead advisor to CEO, as well as leveraging tech to help advisors move up the value stack and address client's higher-level advice and life needs.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
