Case Study #2: 35-Year Veteran

Background

“I started working in financial services in 1977, right out of college. My dad was in the business and he was very successful. I was an English major and had no idea what I wanted to do, so I went to an office in Denver and asked for a job. I started my financial services career in the mailroom.”

Goals and Challenges

“I began working with [my Altius Coach] in the first quarter of 2011. I decided to sign up because I took on my son as a junior partner. I wanted my relationship with my son to remain strong so it made good sense to have a third party holding us accountable. I also wanted to grow my business, become more organized, and increase production. My goal was to generate $2 million in revenue.”

Tactics

“We’re trying to emphasize referrals with existing clients, especially through CPAs. We’re also going to be hosting more client events through educational seminars for clients and their guests.”

Performance and Practice Changes

“I feel the most valuable element is being held accountable by our coach. We feel as though we have a tough  manager who expects us to reach specified goals. It’s very structured accountability with a clear focus on growing our practice and managing our time more efficiently.

Our assets are up 50% since we started. Compensation revenue is up from $743,000 (2010) to $1.126 million (trailing 12), and our YTD is annualized at $1.2 million. It’s sort of like going back 20 years in terms of being in the hunt; it’s very rejuvenating. The biggest change is that we’re focused on new business.

There are challenges taking on any partner; particularly my son. Our Altius coach has been instrumental in helping me navigate the transition. His objective approach interjected into a new partnership — particularly a family member — has been absolutely essential.”

Advice to FAs Considering Coaching

“The advantage I have over someone else is that I’ve known my Altius coach for almost 30 years. His track record goes back that far. You can have confidence in knowing Altius coaches are more knowledgeable, experienced, and well-versed on how to position a practice for growth.”

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