Ep 408: Merging Into A Mid-Sized Firm To Grow Something Together (And Have A Real Piece Of It) with Maddi Keegan
Oct 22, 2024
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Maddi Keegan, Financial Advisor and Director of Operations at Frazier Financial Advisors, transitioned from solo practice to merging her firm, significantly enhancing her client impact. She shares insights on leveraging SEO for client growth and the importance of networking in shaping her career. Maddi discusses the operational challenges and strategic hiring that helped scale the firm while navigating tax services. Her approach to personalized online engagement and structured goal setting illustrates her commitment to creating lasting client relationships and achieving professional success.
Maddi Keegan's strategic merger with Frazier Financial Advisors exemplifies the importance of aligning personal values with organizational culture for a successful transition.
Her innovative approach to client acquisition through SEO and digital marketing demonstrates how modern strategies can significantly enhance client engagement.
Maddi emphasizes the value of collaboration and community support, highlighting how teamwork can alleviate the pressures faced by solo practitioners.
Deep dives
Merging for Growth
The decision to merge with Fraser Financial marked a significant turning point for Maddie Keegan, who initially built a successful solo advisory firm. After assessing her strengths and the resources available at Fraser, she chose to pursue a partnership where she could contribute to scaling the business while benefiting from shared knowledge. The merger allowed her to blend her expertise in operations with Fraser's established infrastructure, creating a dual role as both an advisor and director of operations. By leveraging her previous experience and insights, Maddie could impact the firm’s development and client services significantly.
Negotiating Values
Maddie approached the merger negotiation process with a clear understanding of her non-negotiables: organizational culture, equitable compensation, and a share in ownership. These parameters were crucial not only for ensuring a fair transition but also for creating an environment where her experience and contributions would be recognized. By establishing an equitable on-ramp into the company, she could ensure her values aligned with Fraser’s culture while also addressing compensation that reflected her previous success. This strategic negotiation also highlighted the importance of balancing personal goals with professional aspirations during transitions.
Utilizing Technology for Client Acquisition
Maddie effectively transformed her client acquisition strategy by focusing on search engine optimization (SEO) and digital marketing. With a modest investment of $1,500, she improved her firm's website visibility and leveraged Google reviews to attract over half of her new prospects. By optimizing keyword usage and enhancing her online presence, she successfully diverted attention from traditional referrals to self-generated leads from her website, which was not typical in her industry. This shift in strategy exemplified how digital outreach can bolster client engagement, particularly for newer advisors.
Transitioning Clients Smoothly
Fostering client trust played a pivotal role in Maddie's successful transition of approximately 70 clients from her previous firm to Fraser Financial. Through transparent communication, she framed the merger as an opportunity for enhanced resources, improved services, and additional support for her clients. Overcoming potential concerns regarding the merger, such as the changes in business size and structure, was crucial, and clients generally exhibited a positive reception. Her approach not only preserved relationships but also reinforced their faith in her ability to manage their affairs despite the changes.
Building a Supportive Work Environment
Maddie's past experiences with loneliness as a solo operator underscored the importance of collaboration in building a successful advisory practice. Joining Fraser Financial provided her with a team-oriented approach, allowing her to connect with peers while working toward a common organizational goal. This newfound collaboration and support system helped alleviate some of the pressures associated with individual ownership, offering necessary insights into operational efficiencies. By fostering relationships within the firm, Maddie enriched her role as a leader while also ensuring that clients received comprehensive service.
Defining Personal and Professional Success
Maddie's perspective on success centers around setting clear, objective-driven goals for both personal and professional realms. By evaluating her priorities and tracking her progress annually, she established a reflective process through which she could measure success against tangible outcomes. This dual-focus approach allowed her to highlight achievements not solely in terms of financial metrics but also in personal well-being and community involvement. By embracing a holistic understanding of success, she recognizes that continual personal development is as crucial as professional milestones.
Maddi Keegan is a financial advisor and the Director of Operations at Frazier Financial Advisors, an RIA based out of Ohio that oversees $860 million in assets under management for 650 client households. After building a successful solo advisory firm, Maddi merged her business with Frazier Financial Advisors, where she secured a stake and stepped into both advisory and operational roles to help scale the business.
Listen in as Maddi shares how her strategic merger with Frazier Financial Advisors allowed her to expand her impact, blending her expertise with the firm's resources to enhance client services. She details her journey from a solo practitioner to a key player in a larger firm, including her initial investment in SEO that significantly boosted her client base, and her decision-making process that led to successfully transitioning her clients to the new firm. Maddi also discusses the broader benefits of networking and her proactive role in community leadership, which opened doors to opportunities that shaped her career trajectory.
