Pathways for Financial Advisors with Penny Phillips

Dec 5, 2022

Ask episode

Chapters

Transcript

Episode notes

Penny Phillips is the co-founder and President of Journey Strategic Wealth, an RIA for advisors seeking independence and full-fledged practice management support. She is also the founder and CEO of Thrivos Consulting, a firm on a mission to support financial firms and advisors as they embrace change and discover new ways to thrive. Before founding Thrivos and Journey Strategic Wealth, Penny served as the Director of Practice Management at ClientWise and Vice President of Strategic Consulting at Envestnet, Inc. Penny holds a degree in Corporate Finance and Economics from Macaulay Honors College at The City University of New York.

Penny joins me today to discuss the financial advisor’s pathway to independence. She describes a financial advisor’s role in a consumer’s life and shares her observations on various trends in the financial advisory industry. She explains how the industry is dictating what success means to advisors and describes how advisors’ development becomes hindered by larger firms’ closed systems and communities. She underscores the difference between wealth managers and investment managers and highlights the mindset and belief systems people need to change to become effective financial advisors.

“The transition an advisor needs to go through to be a consultative financial planner has less to do with technical confidence and more to do with behavioral and belief shifts.” - Penny Phillips

This week on The Model FA Podcast:

Penny’s background and journey to co-founding Journey Strategic Wealth
How the industry dictates what success means for financial advisors
Mindsets financial advisors need to shift to become effective wealth and investment managers
The difference between wealth managers and investment managers
How today’s generation of financial advisors differ from their predecessors
The pathway to becoming an independent financial advisor or an RIA
Different options in the RIA space
Penny’s predictions and forecasts for the financial advisory industry
How large companies tend to make young financial advisors lose their passion for financial planning
Why Penny thinks the solopreneur model will soon no longer work
How society has changed motivation and incentives
How financial advisors should position themselves in clients’ lives
The importance of building a personal brand

Resources Mentioned:

Book: The Four Agreements: A Practical Guide to Personal Freedom by Don Miguel Ruiz

Our Favorite Quotes:

“Some advisors want to go independent because it’s higher revenue and comes with more autonomy. It’s also much easier to exit an independent business and sell it.” - David DeCelle
“Build your personal brand. Being present, meeting where they’re at, and building a relationship with them in a leveraged manner is critical.” - David DeCelle
“Any advisor who wants to protect themselves from being filtered out from the industry and being irrelevant needs to educate the client on the fact that investment management does not equal wealth management.” - Penny Phillips

Connect with Penny Phillips:

About the Model FA Podcast

The Model FA podcast is a show for fiduciary financial advisors. In each episode, our host David DeCelle sits down with industry experts, strategic thinkers, and advisors to explore what it takes to build a successful practice — and have an abundant life in the process. We believe in continuous learning, tactical advice, and strategies that work — no “gotchas” or BS. Join us to hear stories from successful financial advisors, get actionable ideas from experts, and re-discover your drive to build the practice of your dreams.

Did you like this conversation? Then leave us a rating and a review in whatever podcast player you use. We would love your feedback, and your ratings help us reach more advisors with ideas for growing their practices, attracting great clients, and achieving a better quality of life. While you are there, feel free to share your ideas about future podcast guests or topics you’d love to see covered.

Our Team:

President of Model FA, David DeCelle

If you like this podcast, you will love our community! Join the Model FA Community on Facebook to connect with like-minded advisors and share the day-to-day challenges and wins of running a growing financial services firm.