Ep 369: Breaking Through To New Growth By Changing Your Mindset Around Hiring (Complementary) Team Members with Michelle Ogden
Jan 23, 2024
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Michelle Ogden, founder of Ogden Wealth, shares her journey in the financial advisor industry, partnering with third-party platforms, client acquisition strategies, managing teams, and implementing fees. She discusses mindset shifts, overcoming fear, transitioning to charging a fee, early challenges, becoming an IAR, competitiveness of being in the 1% fee bracket, the current state of her business, advice for younger advisors, and finding fulfillment in her work.
Michelle Ogden achieved significant growth in her business by partnering with third-party platforms like Edelman Financial and Carson Partners to leverage her skills and expand her client base.
By focusing on her core strengths, building a strong reputation as a trusted financial guide, and sharing financial information on social media, Michelle attracted clients who sought her expertise beyond just financial matters.
Michelle's success was catalyzed by partnering with a financial planning firm like Carson, which relieved her of non-value-added tasks, allowed her to serve clients with a wider range of needs, and emphasized the importance of hiring the right team members and delegating responsibilities.
Deep dives
Michelle's Slow and Methodical Growth Strategy
Michelle Ogden, founder of Ogden Wealth, took a slow and methodical approach to growing her firm, choosing to limit her reliance on staff and focus on what she does best. This approach allowed her to avoid the challenges that come with rapid growth and eventually partner with Edelman Financial, doubling her business in subsequent years.
Overcoming Challenges and Finding Success in the Financial Advisor Industry
Michelle shares her journey from a negative internship experience in a male-dominated wirehouse to finding success at Charles Schwab and ultimately forming her own successful RIA. She discusses her weariness of trusting others and the decision to partner with third-party platforms like Edelman Financial and Carson Partners to unlock growth and leverage her skills.
Building a Reputation and Client Base through Kingdom Advisors and Social Media
Michelle discusses how word of mouth through Kingdom Advisors and her strategy of sharing financial information on social media helped her build a reputation as a trusted resource. This approach attracted clients who sought her expertise beyond just financial matters and contributed to the growth of her client base.
Overcoming Challenges, Charging Fees, and Developing Confidence
Michelle shares how she overcame challenges and successfully transitioned from pro bono work to charging fees for her services. She discusses the realization that clients expected to pay for her expertise and the positive impact it had on her revenue without increasing her workload. Additionally, she reflects on the importance of developing confidence, being persistent with clients and prospects, and building deep connections.
The Importance of Partnership and Delegating Tasks
Michelle realizes the value of partnering with a financial planning firm after attending a luncheon with Ron Carson. She decides to join Carson due to their comprehensive planning division, which allows her to serve clients with a wider range of needs. Additionally, partnering with Carson relieves her of compliance, marketing, and other non-value-added tasks, allowing her to focus on planning. Michelle also emphasizes the significance of hiring the right team members and delegating responsibilities, as it has contributed to the growth and success of her business.
The Journey of Building an Advisory Business
Michelle reflects on her journey of building her own advisory business and the lessons she has learned along the way. She highlights the importance of having faith in the process and trusting intuition, even when faced with challenges and uncertainties. Michelle wishes she had started cultivating relationships with trusted professionals earlier in her career, which would have alleviated unnecessary work. She also emphasizes the value of persistence and following up with potential clients, as it can lead to successful outcomes. Finally, Michelle defines success as continuous personal growth, making a positive impact, and using her talents and gifts to help others.
Michelle Ogden is the founder of Ogden Wealth, an RIA based out of Florida that oversees $50 million in assets under management for 120 households. Unique in her approach, Michelle chose a cautious and deliberate path for her business growth, avoiding rapid expansion and minimal staff reliance for over a decade. This strategy, however, led to a pivotal moment where the business's success depended entirely on her, prompting her to partner with a TAMP and subsequently more than double her business by focusing on her core strengths.
Listen in as Michelle shares her initial reluctance to enter the financial industry, the pivotal moments that led her to establish her own thriving RIA, and how strategic partnerships with third-party platforms catalyzed significant growth at her firm. You'll hear about how her reputation as a trusted financial guide helped expand her client base, as well as her focus on joy in her work, overcoming management challenges, and boosting revenue without increasing workload.
