The Elite Financial Advisor Podcast With Sten Morgan

We have 15 spots left for our next How To Charge LIVE workshop. Get your seat at http://www.HowToChargeLive.com. David Adam’s story is a testament to the power of perseverance and the entrepreneurial spirit. The drive for autonomy and financial freedom are what fueled his career. Learn from his path so you can make your own path better.

We care about you as a whole person, which is why today we’re featuring Dr. Andrea Mata, a youth mental health specialist. She’s a great resource for you as a parent and one you can share with your clients if you think they could benefit from her expertise. Alarming Statistics: Did you know 18% of youth have contemplated suicide in the past year? Andrea sheds light on these shocking numbers and what they mean for our society.Parental Blind Spots: Discover the common blind spots parents have, especially in affluent communities, and how to recognize if your child is struggling.Parenting Styles and Their Impact:Pendulum Swing: Understand how overcompensating for our own upbringing can lead to overly gentle parenting, and why a balanced approach is crucial.Fostering Independence: Andrea emphasizes the importance of allowing children to experience failure and learn from it.The Role of Counseling:Temporary Solution: Therapy should empower children to navigate challenges independently, not create a lifelong dependency.Parental Involvement: Sometimes, it’s the parents who need to develop skills to improve the family dynamic.Practical Parenting Tips:“Give Them Just Enough”: Learn how to provide the right amount of support for your child’s developmental stage.Balancing Act: Tips for parents who are also entrepreneurs on how to set achievable goals and avoid burnout.Building Your “Fortress”:Three Sides: Individual coping skills, relationship skills, and parenting skills. Andrea’s approach to continuous improvement in these areas.Making Parenting Enjoyable:Quality Time: The value of taking your children out on individual “dates” to foster genuine connection and insight into their thoughts and feelings.📚 Resources and Further Support:Andrea’s Book: "The Number Two Parenting Book: Practical Tips for the Pooped-Out Parent" – 29 practical tips to help you navigate the challenges of parenting.Bright Spot Families: Check out Andrea’s website for additional resources and upcoming virtual workshops and group coaching programs.

This episode is packed with practical tips and real-life examples that can help you transform your meetings from mundane to memorable. Whether you’re a seasoned advisor or just starting out, there’s something here for everyone. Plus, Andy and I share some personal stories and experiences that I think you’ll enjoy.

In the podcast, I talk with Justin Goodbread who shares his four-point framework for maximizing the value of financial advisory firms. Key points include consistently knowing your company's value, understanding the potential worth of a best-in-class business, focusing on increasing value rather than just profitability, and having a strategic plan with actionable items. His application of these principles led to seven- and even eight-figure exits for his businesses. Join us in Nashville for our next How To Charge LIVE workshophttp://www.HowToChargeLive.com

A fascinating behind the scenes interview with an industry veteran, and Sten’s personal friend, Paul LaPiana of MassMutual. What’s the best path to take in this industry? What’s the future of financial planning? 

Brian Mawhinney, the VP and Head of Financial Planning & Practice Management at MassMutual, shares insights from his two-decade journey in financial planning. He discusses the shift from traditional methods to a fee-based, advice-led model, enhancing advisor-client relationships. Mawhinney highlights the value of delayed gratification in financial planning, drawing parallels to the marshmallow test. He also addresses the complexities of compliance and the need for financial advisors to simplify processes, demonstrating their worth and fostering deeper connections with clients.

Explore the metaphor of map-making in financial advising, showcasing how advisors can navigate uncertainties. Embrace the role of a guide, creating clear systems that empower clients. Discover the importance of building relationships and networks for support. Innovate and take bold risks to drive growth, all while maintaining open communication with clients. The key lies in proactive mapmaking, leading to better pathways for financial success.

This episode is a goldmine of practical advice and strategies that can help you enhance your practice through college planning. We had the pleasure of chatting with Joel Wymer, a seasoned financial advisor from Kent, Ohio, who brought a wealth of knowledge on the ever-important topic of college planning. Whether you're a seasoned advisor or just starting out, this episode is packed with insights that can help you connect with clients and grow your practice.Here are the key takeaways you won't want to miss:The True Value of College Planning:Joel explains how a fee can be justified by the immense value provided. This initial engagement can lead to long-term relationships.Effective Marketing Strategies: Practical tips for attracting clients, such as hosting informational sessions at local libraries or schools, leveraging social media, and engaging with parent-teacher associations (PTAs).Gaining Knowledge and Expertise: In just ten hours you could study the intricacies of college costs and financial aid. This focused study can significantly enhance your ability to assist families.Tricks of great planning: Understanding the FAFSA form. Joel shares a personal story about how a simple mistake in filling out the FAFSA cost him tens of thousands of dollars in potential aid.Who to target: Business owners represent a valuable niche for college planning services. Many are unaware of strategies that could help them save significantly on college expenses for their children.Ready to dive in? Listen to the full episode now and start transforming your approach to college planning!

Wholesalers can be a waste of time or they can help you grow your business, but how do you develop meaningful relationships with them while not wasting time in meandering meetings? Wes Young, a long-time member of our Elite Advisor Network coaching community, shares his wisdom after 20+ years in the business on how to maximize those relationships to help the wholesaler and you. Learn more about Wes at WesYoungLive.comSign up for our next Whiteboard University training at WhiteboardU.com

In this episode of our “Niche Series,” Andy talks with advisor Mark Hansen to discuss the niche of financial advising for younger clients, particularly those in their 30s. Younger clients, especially those in their 30s, are at a pivotal point in their financial journeys. They’re experiencing life changes like starting families and increasing incomes, making financial guidance crucial.Andy and Mark explore the challenges and opportunities of targeting this demographic, emphasizing the importance of patience and long-term planning.Mark shares his strategies for connecting with younger clients, and the need for clear guidance and structured financial plans.This episode highlights the urgency of proactive financial planning and the potential for referrals within this age group. Listen now.There are limited seats left for our next How To Charge LIVE event on October 28th & 29th. Get your seat now using code PODCAST at checkout for $300 off your ticket.