Financial Advisor Success Ep 163: Building A Fast-Growth Practice Without Prospecting By Working Under A Credit Union with Michael Gennawey
Feb 11, 2020
Michael Gennawey, a program manager and advisor who built SoCal Wealth Management inside Credit Union of Southern California. He explains why credit unions drive trust and steady referrals. Hear how they screen members, onboard three new clients weekly with a two-meeting planning process, run hybrid advisory models and segment service tiers to scale growth.
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Episode notes
Let Branch Staff Feed Appointments
- Use branch staff to qualify and refer members so advisors focus on meetings and planning.
- SoCal trains members-facing staff to spot needs; a client associate then makes the appointment call to convert referrals.
Two Meeting Interactive Planning Workflow
- Deliver planning in two meetings: interactive fact-finder then live MoneyGuidePro presentation.
- Gennawey uses MoneyGuide Pro plus Riskalyze live to build scenarios on the spot and quickly ask for business on meeting two.
Scale Referral Flow Requires Client Segmentation
- High referral volume forces segmentation so service remains sustainable.
- With ~1,800 clients and $260M AUM, SoCal gets ~3 new clients per week, requiring tiers for face-to-face service versus on-demand support.