How Financial Advisors Can Venture to Other Industries with Jeremy Straub

Aug 15, 2022

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Jeremy Straub is the Founder and CEO of Coastal Wealth, a financial services firm that helps clients financially prepare for different stages of life. With over two decades of experience in executive roles in Fortune 500 companies, Jeremy is regarded as a thought leader in the financial services industry. Under Jeremy’s leadership, Coastal Wealth has worked with over 100,000 clients with over $15 billion in assets serviced. In addition to his work at Coastal Wealth, Jeremy owns nine different businesses across five industries that employ over 1,500 people and generate over $100 million in revenue annually.

Jeremy joins me today to discuss how financial advisors can diversify their businesses and expand to other markets and industries. He outlines the industries he’s involved with and how he balances his time between them. He offers advice on what to consider when forming joint ventures. Jeremy also underscores why individuals need to know themselves as financial advisors and highlights how having a condensed work week can help employees and the company.

“Finding opportunities that might be in line with or compliment your existing business is a better way to decide for new business ventures.” - Jeremy Straub

This week on The Model FA Podcast:

Jeremy’s background and his road to starting his own venture
The many businesses and industries Jeremy’s involved in
How Jeremy manages his time and expertise between different markets
The value of finding the right talent and putting them into the right roles
The fundamentals of diversifying and seeking new business ventures
Mergers and acquisitions in the financial services industry
Transitioning from financial advisor to business owner
The 90-day sprint and 4-day work week methodology

Resources Mentioned:

Book: Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork by Dan Sullivan
Book: Good to Great: Why Some Companies Make the Leap…And Others Don’t by Jim Collins
Book: Traction: Get a Grip on Your Business by Gino Wickman
Book: The 12 Week Year: Get More Done in 12 Weeks than Others Do in 12 Months by Brian Moran and Michael Lennington
Book: Mastery: The Keys to Success and Long-Term Fulfillment by George Leonard

Our Favorite Quotes:

“If you’re reliant on your financial planning practice and invest in a business you know nothing about, you’re in a precarious position. Expand your base first before venturing out into industries that you don't have experience in.” - David Decelle
“When you’re trying to enter new ventures, don’t worry about how you’re going to do it but who’s going to help you do it.” - David DeCelle
“Don’t reinvent the wheel, but figure out how to make it go faster.” - Jeremy Straub

Connect with Jeremy Straub:

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.

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Our Team:

President of Model FA, David DeCelle

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