Nov. 21, 2023

The Blueprint for Growing a Wealth Management Firm with Matt Reiner

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Season 1

Episode 021: The growth of a wealth management firm is about cultivating a culture that thrives on innovation, effective delegation, and a deep understanding of the intrinsic value of financial advisors. It's about embracing change, optimizing resources, and staying true to the firm's purpose—helping clients achieve a successful financial future while evolving to meet the demands of the changing marketplace.

In this episode of Connected, Kyle talks with Matt Reiner, Managing Partner at Capital Investment Advisors and CEO at Wela Strategies. They discuss how delegation, innovation, and recognition of financial advisors' unique value drive growth in wealth management. A thought leader in practice management for advisors, Matt shares his insights on the importance of self-awareness and mindfulness in becoming a better business owner. He also emphasizes the value of human financial advisors and the need for advisors to focus on their unique value to serve clients better.

Finally, Matt shares his thoughts on the role of innovation and technology in improving efficiency and client experience.


Join us as we discuss:

  • [02:10] - Matt's approach to juggling multiple responsibilities.
  • [03:44] - Practical steps to effectively delegate tasks.
  • [07:24] - Balancing delegation and follow-up for effective outcomes.
  • [09:36] - Why delegating tasks can be time-consuming in the beginning.
  • [13:13] - The challenges of growing an RIA.
  • [18:51] - Why business owners should separate ownership from management.
  • [23:59] - The value of human financial advisors.
  • [26:20] - Innovation as a mindset, not just technology.
  • [32:51] - The importance of behavioral coaching and emotional connection with clients.
  • [36:44] - Matt's top advice for a company that wants to achieve organic growth.
  • [36:52] - The most important piece in the technology stack for an RIA.
  • [37:04] - What it takes for a company to integrate with technology successfully.


Key Takeaways

  • Delegation is a skill that requires self-awareness and the ability to let go of perfectionism.
  • Innovation is not just about technology, but it's also about mindset, process, and technology.
  •  The true value of financial advisors extends far beyond investment management.
  • Good integration with technology requires close collaboration with providers and custodians.


Quotes

"When it comes to delegation, you have to be okay with accepting that things aren't going to be done your way. And I have always been a perfectionist, and my way is always the best way. But I've realized that my way is not always the right way." ~ Matt Reiner

"Ultimately, if we focus on us, then we can serve more. There is so much potential. And then, over time, the world will see the value we provide, which is more than just investment management." ~ Matt Reiner

"Innovation is not just technology. It's mindset, process, and technology." ~ Matt Reiner


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