From Frugality to Flourishing: Transforming Financial Advisory Practices

In a recent episode of "The Thoughtful Entrepreneur," host Josh engages in a compelling conversation with Tate Kerst and Ben Mossman, co-founders of the coaching firm What's Next. This episode delves into the unique challenges faced by financial advisors and business owners as they strive to grow their practices and enhance operational efficiency. Tate and Ben share their expertise on best practices for growth, understanding financials, and the importance of effective delegation. Here, we break down the key insights and actionable advice from the episode to guide financial advisors and business owners on their growth journeys. Tate and Ben founded What's Next to help business owners, particularly those in the financial advisory space, identify their next steps for growth. They recognized a gap in the market for guidance specifically designed for financial advisors transitioning into business ownership. Their firm provides tailored support to help clients navigate their individual journeys, leveraging their extensive experience in the financial services industry. Many financial advisors enter the industry with a strong desire to help clients make sound financial decisions. However, as they build their businesses, they often encounter challenges related to staffing, human resources, and financial management. Tate emphasizes the importance of understanding the story behind the numbers in financial statements. Advisors should look beyond the top or bottom line to gain valuable insights that can inform hiring decisions and operational strategies. Ben highlights that successful advisors build their capacity to serve more clients without becoming overwhelmed through effective delegation. Financial advisors are often conservative in their spending habits, which can be both an advantage and a hindrance. While frugality can help maintain financial stability, it can also stifle growth if advisors revert to doing everything themselves. Tate and Ben encourage listeners to visit the What's Next website to learn more about their process and the resources available.

About Tate Kerst:

The path that Tate has taken over the last 25 years has truly made a difference not only for the people that have engaged him in impacting their business but for the many clients and customers they serve. Tate’s original path led him to leave college to impact young people in secondary education to allow Tate to be a coach to athletes at that level. He quickly learned that English, reading and writing are something Tate enjoys so he figured it would make getting through college easier, would allow him to share the passion he has for the great writings while allowing him to lead sports teams to championships. Quickly Tate realized that English wasn’t everyone’s favorite topic and that he actually had to read all the essays he assigned. A few years of teaching led Tate to pursue alternatives where he had more control of the direction and impact he could have. Tate’s career in financial services began in Oakley, KS as a Financial Advisor with Waddell and Reed. He reached production recognition levels every year he was in his advisory role and his success in that role and his educational background led him to have an impact not just on his practice but his peers as well. This was a turning point, that wasn’t recognized by him at the time, that would lead him down a road that few people understood and even fewer people received full benefit of–Practice Development. It honored Tate to be tapped by Waddell and Reed to start their first Practice Development program and grow it to the level that allowed advisors to find unprecedented success. Tate pulled from contemporary practice management literature to develop a program that provided the ability to develop a practice rather than manage it. A focus driven by advisors to meet them where they are at and to take them to where they want to be in their business and life proved to resonate with the advisors, he had the honor to work with and infuses Tate with energy and excitement today. Tate is fueled by continuing to help everyone business owner he comes into contact with be a better business person or to get them to share with him the keys to their success. Tate grew up as a wrestler and pursued that athletic endeavor into his college career. That tenacity, and difference in mentality, have served to mold Tate into the person he has become. He attended Fort Hays State University where he majored in English Education and met his wife of almost 30 years! You can guess which accomplishment was hardest. Tate lives in Kansas City, KS with his wife Amy and is actively pursuing getting his three college age children off his payroll. When not working Tate enjoys pursuing his frustrating golf game, reading both business books and spy/military fiction and spending time with his family.

About Ben Mossman:

Ben Mossman learned the ins and outs of being a financial advisor and business owner the hard way—through experience and some tough lessons. He believes failure is a powerful teacher, and he's all about reflecting on where you've been to shape where you're going. For the past 11 years, Ben has guided clients as both a financial advisor and a coach, emphasizing that there's no one-size-fits-all path to success. He thinks figuring out what you truly want is just as important as achieving it. Ben graduated from the University of Colorado in 2001 with a degree in Environmental Design—basically, architecture. After realizing the field was more about budgets than creativity, he pivoted to finance and built his own advisory practice from scratch. Eventually, he found his true passion in coaching other advisors to reach their goals. Known for his attentive listening and thoughtful coaching, Ben builds genuine relationships with those he works with. Clients appreciate that he puts their best interests first, and he always manages to keep things lighthearted. Now, Ben lives in Parker, Colorado, with his wife, Kris, and their three kids: Alex, Kaden, and Zoey. He enjoys drumming, writing music, savoring good whisky, and being the family punchline—he makes it easy for them!

About What’s Next 4 Financial Advisors:

We Work With Climbers Not Campers! For decades, we’ve been helping Financial Advisors and other business owners to build more efficient, more profitable and more enjoyable businesses. It’s not just our life’s work – it’s our life’s passion. Along the way, we’ve made a great many friends and built relationships that have lasted a lifetime. If you’re looking for an experienced partner to join you on your journey to the next level, we would love to help you get there from here. Get to the Next Level. Our focus is on meeting you where you are and working with you to help you identify your next levels of success and how to reach them. We don’t stop there – we roll up our sleeves and help you to reach your goals, and when you succeed, we succeed. We've Walked in Your Shoes! There are business coaches and then there are business coaches that know what it’s like to be a financial advisor. As successful financial advisors and practice development experts ourselves, we can help you get where you want to go. Apply to be a Guest on The Thoughtful Entrepreneur: https://go.upmyinfluence.com/podcast-guest

Links Mentioned in this Episode:

Want to learn more? Check out What’s Next 4 Financial Advisors website at https://whatsnext.coach/ Check out What’s Next 4 Financial Advisors on LinkedIn at https://www.linkedin.com/company/whatsnext4financialadvisors/ Check out Tate Kerst on LinkedIn at https://www.linkedin.com/in/tate-kerst-1547b8b4/ Check out Ben Mossman on LinkedIn at https://www.linkedin.com/in/benjamin-mossman-7325687/ Don’t forget to subscribe to The Thoughtful Entrepreneur and thank you for listening. Tune in next time!  

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