Building Genuine Relationships: The Key to Success in Wealth Management with Steve Zuschin

The power of building genuine relationships in wealth management is significant. But this kind of approach takes time, and many advisors already struggle with a lack of margin. How can advisors create the space to develop meaningful relationships while also delivering the best outcomes for their clients?

In this episode of Connected, we talk with Steve Zuschin, Chief Revenue Officer at Mammoth. Steve shares his insights on how advisors can better prioritize their time and build genuine relationships with their clients. By being more approachable and understanding the unique value they bring to the table, advisors can create a team-based mentality that leads to better outcomes across the board.

We also explore the trend of outsourcing executive roles and the benefits of fractional work for RIAs. Steve emphasizes the importance of integrating behavioral finance expertise and building long-term partnerships with service providers and technology platforms. Additionally, we discuss the challenges faced by advisors managing alternative investments for their clients, from scalability to technology to tax management. 

Steve also introduces us to Rally for Rangers, a nonprofit dedicated to empowering park rangers around the world to preserve our most special places. 

Join us as we discuss:

• [01:28] - Steve’s background in the industry
• [04:31] - Building genuine connections with clients
• [11:28] - Outsourcing technology and leveraging a fractional org model
• [23:20] - Challenges with scaling and alternative investments
• [32:02] - Steve’s work with Rally for Rangers

Key Takeaways

• Human connection is vital for delivering better financial advice, and technology can help facilitate that connection by making processes more efficient and scalable.
• Prioritizing tasks and delegating work to the right team members can help financial advisors focus on building genuine relationships with their clients.
• Fractional outsourcing, where advisors outsource executive roles, can be beneficial for RIAs and help them focus on acting in the best interest of clients.
• Many advisors are increasingly managing alternative investments, which can be challenging due to scalability and integration issues. Mammoth aims to help advisors manage these investments more efficiently.

Quotes

“We want to start with being genuine about the value that we're going to offer. It's about having a real definition about the value you're bringing to that relationship and a realistic view on what that value is.” - Steve Zuschin

“I think if we get technology out of the way, what really matters is us connecting with other humans.” - Steve Zuschin

“People want a differentiated investment experience. If they want straightforward ETFs and things like that and that's what they're aspiring to, they're going to struggle to find value with you as an advisor.” - Jud Mackrill

“The single biggest point of differentiation is the advisor themselves and what they're doing to work on themselves and what they're doing to connect with their clients, to connect with the industry, to connect with their partners.” - Kyle Van Pelt

Links 

• Steve Zuschin on LinkedIn
• Mammoth
• Steve’s LinkedIn post about having an unusual last name
• LifeYield
• Brian Portnoy
• Daniel Crosby
• Salesforce
• Rally for Rangers
• Acadia National Park
• BMW R1100GS

Connect with our hosts

• Milemarker.co
• Kyle on LinkedIn
• Jud on LinkedIn

Subscribe and stay in touch

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• YouTube
• Google Podcasts

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