Ep 376: Accelerating Growth To 30 Clients/Month With Affordable Advice(-Only) Services Where Clients Can Keep Control with Eric Simonson
Mar 12, 2024
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Discover how Abundo Wealth revolutionized financial planning, empowering clients to take control while generating 30 new clients monthly. Eric shares strategies for workload balance, fee structure evolution, and client expectations. Explore the pivotal role of referrals, social media marketing, and the firm's commitment to vision. Learn about empowering clients through technology tools, team scalability, client retention rates, price adjustments, and growth strategies in the financial advisory business.
Abundo's 'advice-only' RIA model empowers clients to control their finances.
Abundo emphasizes personalized client meetings and flexible scheduling for continuous access.
Abundo offers monthly activities to complement client education and relationship depth.
Advisors at Abundo balance client volume with quality service through tech solutions.
Deep dives
Customized Financial Planning Process
Clients engage in Abundo's comprehensive financial planning process, starting with a personalized data gathering session that feeds into a detailed plan delivery meeting. Subsequent check-in meetings occur at strategic points in the year, aiming to align client needs with timely discussions.
Accessible Ongoing Process
The ongoing service model is tailored to each client's life events, scheduling meetings based on individual circumstances rather than a fixed service calendar. Clients are encouraged to schedule meetings as needed, fostering continuous access to financial guidance.
Monthly Client Engagements
In addition to personalized client meetings, Abundo offers monthly activities like newsletters and webinars on diverse financial topics. These engagements complement the one-on-one interactions, enhancing client education and relationship depth.
Client Capacity and Team Support
By managing client capacity, advisors at Abundo aim to balance client volume with quality service. Advisors juggle various roles within the firm, leveraging tech solutions to streamline processes and support a workload of approximately 70 to 120 clients per advisor.
Continuous Improvement and Client Value
Abundo continuously refines its processes to ensure clients receive high value for their monthly fee. The focus on capacity, tech integration, and client satisfaction underscores the firm's commitment to delivering accessible and effective financial planning services.
Scaling a Business Model with Steady Growth
The podcast episode delves into the scalability of a business model within the financial advisory sector, exploring how to balance client meetings, professional development, and team happiness. With a focus on the growth trajectory, the firm anticipates adding new advisors to accommodate a revenue goal of reaching a million by 2024 through a monthly flat recurring revenue model. The discussion also touches on client acquisition strategies, including client referrals, advisor referrals, and finding advisor platforms.
Challenges, Sacrifices, and Personal Reflections in Entrepreneurship
Reflecting on the challenges and sacrifices of entrepreneurship, the episode highlights the founder's personal struggles and rewards in building the business. The emotional journey of balancing client-centric focus with business scaling reveals the internal struggle of wanting to offer the best service while managing growth. The founder's introspective look also emphasizes the importance of team and client happiness as the defining metrics of success, transcending revenue or client numbers.
Eric Simonson, Founder & CEO of Abundo Wealth, joins the show to share how his 'advice-only' RIA model revolutionized the financial planning landscape. Despite launching just four years ago, Abundo has soared to oversee $600M in assets for 420 client households, with a unique approach generating over 30 new clients monthly. In this episode, Eric shares his strategies for empowering clients to implement investment decisions, maintaining advisor workload balance, and navigating the evolution of Abundo's fee structure, all while embracing the entrepreneurial challenges and growth opportunities of building a groundbreaking firm.
Listen in to hear why Eric believes the younger generation is shifting direction when it comes to giving up control of their finances, how his team schedules meetings with clients to ensure they feel comfortable, and the steps his team takes to set expectations for their clients. You'll learn about the pivotal role of referrals, the future of social media marketing, and Eric's unwavering commitment to his vision, even during the early days when financial sacrifices were necessary.
