Creating an Internal Culture of Growth with Patrick Sweeny

Episode 058: Financial advisory firms always look for innovative ways to create a culture of growth. Internal promotions and residency programs are some unique and great strategies. By nurturing talent and creating opportunities for advancement, specializing in a specific niche, and the strategic integration of technology, firms can cultivate seasoned advisors who understand the company's core values and philosophy and offer comprehensive planning solutions that truly resonate with clients.

In this episode, Kyle talks with Patrick Sweeny, Chairman and CEO of Apella Wealth and Co-founder of Symmetry Partners. Patrick focuses on investor education and the strategic growth of the firm. He is a recognized speaker on asset-class investing and transforming advisor businesses into more efficient models.

Patrick and Kyle discuss how to create a culture of growth through internal promotions and residency programs, the advantages of focusing on a specific niche, and the importance of technology in providing comprehensive planning services.

In this episode:

• [01:31] - Patrick's money moment
• [03:36] - The difference between institutional and retail clients
• [04:24] - The evolution of Apella Partners
• [08:52] - Finding executive talent from within
• [13:09] - How Apella's residency program works
• [17:28] - Manging acquired companies
• [20:00] - How Apella successfully delivers comprehensive planning services 
• [24:24] - Apella's tech stack
• [29:19] - Organic growth
• [33:48] - Apella's strategy for collecting and leveraging data
• [36:09] - Patrick's outlook on the future of the industry
• [38:33] - Patrick's Milemarker Minute

Key Takeaways

• Financial advisors can differentiate themselves from the industry by delivering services that are important to clients.
• A residency program is a unique and great way to onboard people who can provide meaningful advice, act as real advisors on real accounts, and do real planning.
• The most successful advisors have a niche. They understand their niche and can train their clients for success.
• Having internal employees promoted to C-level positions helps maintain the company's culture, core values, and philosophy.

Quotes

[18:35] - "We always talk in this business about how you differentiate yourself. You don't need to think long and hard about it. You differentiate yourself by delivering more services that are important to clients." ~ Patrick Sweeny

[21:08] - "The most successful advisors have a niche. They understand their niche, and when the prospect sits in front of them, they quickly realize, this is my person. This is my advisor because they know everything there is to know about me already."~ Patrick Sweeny

[28:07] - "This is still a relationship business. People want a relationship in place with someone they trust. And technology is there for us to leverage and use to make us more effective at what we do." ~ Patrick Sweeny

Links 

• Patrick Sweeny on LinkedIn
• Apella Wealth
• Symmetry Partners
• Jason Gentile
• Jim Scanlan
• Jason Schuck
• Bogle On Mutual Funds
• A Randon Walk down Wall Street
• Vanguard
• Dimensional Fund Advisors
• Envestnet
• Meghan Martin
• Orion Advisor Solutions
• eMoney Advisor
• Salesforce
• Dave Bulter

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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