Oct. 24, 2023

Owning Your Advisory Practice Without CEO Responsibilities with Penny Phillips

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Season 1

Episode 017: The journey to success starts with letting advisors be great advisors. Outsourcing offers a solution for advisors who want to maximize their efficiency and scale their businesses without the burden of running day-to-day operations. By leveraging the support and resources available to them, advisors can build successful businesses, maximize valuation, and ultimately provide the best possible service to their clients.

In this episode of Connected, Kyle talks with Penny Phillips, President and Co-Founder of Journey Strategic Wealth. They discuss the need to stop encouraging advisors to be CEOs and instead allow them to focus on being great in their roles. Penny explains that many advisors don't enjoy running the business side of things. She believes advisors can outsource the running of their firms while still owning the business. That allows advisors to maximize their valuation and focus on what they love – providing great advice and building genuine, long-term client relationships.


Join us as we discuss:

  • [01:48] - Penny's point about advisors not being encouraged to become CEOs.
  • [04:39] - How to spark young people's interest in becoming financial advisors.
  • [09:01] - Why rainmaker-style advisors are declining.
  • [12:06] - How independent advisors grow their businesses.
  • [14:18] - The benefits of outsourcing the entire business process.
  • [19:59] - How advisors define independence.
  • [21:48] - What sets Journey Strategic Wealth apart from other aggregators.
  • [29:11] - Journey's proactive approach to consulting and coaching advisors.
  • [30:25] - Penny's experience studying in London.
  • [31:34] - What Penny likes best about London.
  • [32:19] - Penny's top destination on her bucket list.


Key Takeaways

  • Rather than acting as CEOs, advisors should focus on being great advisors.
  • The industry needs more quality advisors, and models like Journey Strategic Wealth can help retain and attract advisors by providing support in running their businesses.
  • The rainmaker advisor is becoming a dying breed, and firms need to find new ways to grow and develop business.
  • Outsourcing and institutionalizing various aspects of the business can help advisors focus on what they do best and maximize their profitability.
  • Independence should mean owning your data, book of business, and client relationships, not necessarily running every aspect of the business.


Quotes

"Over the course of my consulting, I found that so many advisors or entrepreneurs, if they're building within a firm, happen to be very good at building a business and inspiring others. But they don't really love running the business." ~ Penny Phillips

"We need more advisors. We need quality advisors. We need advisors to stay advising. And so I just love this idea of giving advisors permission to not be the CEO." ~ Penny Phillips

"We believe that it's our responsibility not just to offer a core infrastructure, it's to constantly be evolving and updating that infrastructure and getting feedback from our advisors on how it should evolve." ~ Penny Phillips


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