Financial Advisor Success Ep 122: Splitting Client-Facing Duties From The Mid- And Back-Office With A 'Supported Independence' Model with Jeff Concepcion
Apr 30, 2019
Jeff Concepcion, Founder and CEO of Stratos Wealth Partners, shares insights from his journey of building a robust support platform for independent advisors. He discusses the importance of separating client-facing duties from back-office tasks to enhance efficiency. The episode dives into the advantages of presenting a larger firm image, the role of technology in scaling advisory services, and why many advisors should consider outsourcing investment management. Jeff also highlights his early struggles and invaluable lessons in perseverance and team building.
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Compare Payout Loss To Hiring Costs
- Compare the dollars lost to lower payout with the cost of hiring staff yourself.
- If you want to scale from $700k to $1.2M, pay for a platform that provides depth rather than extracting every last penny.
Payout Grids Reflect Risk Transfer
- Stratos runs multiple payout grids and takes risk on fixed costs for fully bundled branches.
- Advisors can choose higher payout with own overhead or lower payout for full turnkey services.
Bundle And Integrate Key Tech
- Provide limited technology options and integrate them where possible to simplify advisor tech stacks.
- Offer a single sign-on dashboard and discounted bundled tools for firms that accept the turnkey stack.