March 18, 2025

Serving Small Markets, Making a Big Impact with Daniel Spurgeon

Show Notes

Episode 085: This week, Kyle Van Pelt talks with Daniel Spurgeon, Managing Partner at Commonwealth Financial Services. They discuss building a thriving RIA in a small market, how to overcome the challenge of establishing trust as a young advisor, and how focusing on specific niches can fuel dramatic growth. Daniel also shares the journey of Commonwealth Financial Services from its humble beginnings to becoming one of the two fastest-growing firms in West Virginia, along with the technology strategy that helped scale operations and enhance client service.

In this episode:

(00:00) - Intro
(01:07) - The story behind Commonwealth Financial Services' name
(02:45) - Daniel's money moment
(04:03) - How Daniel got into the financial services industry
(07:03) - The lab rat experience
(08:43) - Daniel's career journey and growth
(11:37) - Establishing trust as a young advisor
(13:42) - The influence of college basketball on Daniel's work ethic
(15:54) - The secret to Commonwealth's success and growth
(17:46) - Commonwealth's niche markets
(19:25) - The Wealth Wednesday program
(23:14) - Commonwealth's technology strategy
(26:33) - Daniel's outlook on the future of the industry
(34:53) - Daniel’s Milemarker Minute

Key Takeaways

In close-knit communities, word-of-mouth referrals are extremely effective.
Genuine care for clients, building trust, and operating with integrity are instrumental in a firm's growth and success.
Honesty and vulnerability are important, especially when working with clients who may be hesitant to trust younger advisors.
Focusing on a specific niche has allowed Commonwealth to uniquely cater to their clients’ needs and build a loyal following.
Building an intentional tech stack has allowed Commonwealth to serve more clients efficiently and streamline operations.

Quotes

"The biggest thing you can do as a young person or just a new person in this industry is to own the fact that you don't have experience but make up for it in a knowledge base." ~ Daniel Spurgeon

"When things are hard in the business, and you're new, and you're not getting clients left and right, the willingness to pick yourself back up and just keep taking the next step forward is paramount because it's not for the weak of heart." ~ Daniel Spurgeon

"People don't care how much you know until they know how much you care. If you're willing to go the extra step and take care of people, even though it may not immediately make a financial difference for you, people remember that." ~ Daniel Spurgeon

"This world's always changing. So you have to be willing to adapt, and technology's an easy way to make things more efficient and scalable." ~ Daniel Spurgeon

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Serving Small Markets, Making a Big Impact with Daniel Spurgeon

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