Building Relationships: The Role of COI Networks in Organic Growth with Seth Merrill

Episode 065: In this episode, Kyle Van Pelt talks with Seth Merrill, Partner at The Norden Group. They discuss the challenges and strategies involved in scaling a financial advisory firm, the importance of building strong COI relationships, and the evolving landscape of the advisory industry. Seth shares his unique path into the industry, insights on building study groups with CPAs and attorneys, and the growth trajectory of The Norden Group, including onboarding 11 advisors and managing a team of 22 employees. They also explore the role of technology in managing growth, the balance between personal practice and firm management, and Seth's vision for the future of financial advisory.

In this episode:

• [02:03] - Seth's money moment
• [06:47] - How Seth develops relationships with COIs
• [09:27] - The Norden Group's organic growth strategies
• [14:32] - The Norden Group's advisor acquisition
• [17:50] - What sets The Norden Group apart from other firms
• [21:24] - The Norden Group's recruitment and talent development practices
• [25:53] - The challenges of balancing client service with firm management
• [28:29] - The Norden Group's tech stack
• [31:17] - Seth's take on the future of the industry
• [35:11] - Seth's Milemarker Minute

Key Takeaways

• Building strong relationships with COIs is a strategic organic growth channel for financial advisors.
• The Norden Group has focused on building deep relationships with COIs, like CPAs and legal teams, through study groups and collaborative efforts.
• Creating study groups as a platform for knowledge sharing, relationship building, and generating referrals is an effective growth strategy.
• Managing a growing firm is complex. It needs to balance client service with operational demands.

Quotes

[13:30] - "Our firm is really based on education, and we need to be better. We feel you can help us improve through the study group format." ~ Seth Merrill

[31:34] - "At this point, one-man shops are going to be really difficult to continue to operate. So, it's going to become more paramount that you surround yourself with a team of competent people." ~ Seth Merrill

[34:23] - "I truly feel we are in the relationship business, and that is our number one job. Most of the time, we are managing emotions and people. That's why we feel it's super important to treat the relationship and bring the party to the initial consultation." ~ Seth Merrill

Links 

• Seth Merrill on LinkedIn
• The Norden Group
• Garen Winn
• TownSquare Capital
• Kurt Brown
• Wealthbox
• eMoney Advisor
• Holistiplan
• Nitrogen
• Unreasonable Hospitality
• Atomic Habits

Connect with our hosts

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

Subscribe and stay in touch

• Apple Podcasts
• Spotify
• YouTube

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