Ep 386: Turning Impostor Syndrome Anxiety Into A Strength That Drives Client Referrals with Dann Ryan
May 21, 2024
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Dann Ryan, Managing Partner at Sincerus Advisory, discusses overcoming imposter syndrome to drive client referrals and quintuple AUM. He shares insights on building lasting client relationships, using an AUM fee model, navigating entrepreneurship, client-centric portfolio management, team collaboration, managing client capacity, and defining success beyond firm ownership.
Converting imposter syndrome into accountability drives quality client service and attracts referrals.
Transitioning from fee-only to holistic financial planning contributed to long-term career success.
Starting a firm stemmed from unmet partnership promises, showcasing entrepreneurial spirit and client-centric strategies.
Deep dives
Transitioning Imposter Syndrome into Business Success
Dan Ryan, managing partner of Sincerest Advisory in New York, converted his imposter syndrome anxiety into accountability, driving quality client service. By leveraging referrals gained due to his commitment, Dan's firm increased AUM significantly. Despite initial nervousness, long-term success came from client referrals linked to exceptional service and building lasting relationships.
From Fee-Only Pioneer to Strategic Planning Maestro
Dan recounts starting his career in a fee-only advisory firm when the practice was less common. His strategic path from building financial plans to becoming a lead advisor was a positive investment. Transitioning from fee-only to holistic financial planning in a specialized market played a vital role in his journey.
Navigating Partnership Challenges to Launching Independence
Facing partnership promises without fruition, Dan's decision to leave was influenced by a pivotal client interaction where the blame unjustly fell on him. Realizing the advisor-as-commodity dynamic, he embarked on starting his own firm, embracing new beginnings. With a supportive spouse and perseverance, Dan took the leap into entrepreneurial territory, manifesting self-belief and client-centric strategies.
Client Demographics and Service Model
The podcast explores the shift in client demographics from older to younger individuals and highlights the three key aspects of their client base. First, the clients are highly intelligent and capable of managing their finances themselves if needed. Second, they are busy individuals who lack the time to handle financial matters. Lastly, the clients are open to advice and value the thorough problem-solving approach of the advisors. The service model involves holistic financial planning provided by a team of CFPs, ensuring clients have access to all team members as required.
Client Relationships and Business Growth
The discussion delves into the unique approach to client relationships based on shared values and continuous team support. The firm's fee structure primarily relies on assets under management (AUM), starting at 1%. The advisor emphasizes the importance of persistently improving and surrounding oneself with a competent team for success. The podcast underscores the significance of building enduring client relationships over focusing solely on business expansion or firm ownership as the ultimate measure of success.
Dann Ryan is a Managing Partner at Sincerus Advisory, an RIA based in New York City that oversees approximately $165 million in assets under management for nearly 150 client households. Despite 17 years in the financial advisory business, Dann's persistent imposter syndrome fuels his anxiety before every client meeting, driving him to maintain high standards and accountability. This relentless pursuit of excellence has enabled Dann to build a thriving financial planning business that consistently attracts new client referrals.
Listen in as Dann shares how he and his partner have successfully quintupled their AUM in five years through exceptional client service that spurred referrals and led to a waitlist system, and why they continue to use an AUM fee model despite a shift towards more planning-centric services. He discusses his early career at a fee-only advisory when such paths were less common, the long hours spent building financial plans as crucial career investments, and his decision to start his own firm after not becoming a partner at his previous job. We also explore his agile approach to financial planning, his openness to incorporating clients' investment ideas, and how serving a diverse client base while building lasting relationships has helped manage his imposter syndrome and enhance his career success.
