Ep 074: Why Solo Financial Advisor Success Is All About Self-Confidence In Your Own Value with Diane MacPhee
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 29 May 2018
⏱️ 113 minutes
🧾️ Download transcript
Summary
Today’s guest brings a unique perspective to the show. Not many financial advisor coaches have experience actually being an advisor, but Diane MacPhee is one of the few who understands both sides of the divide. Now the founder of DMAC Consulting Services—a financial advisor coaching and practice management consulting firm—Diane spent over fifteen years as a fee-only financial advisor herself.
In this episode, Diane shares the common challenges of being a successful solo financial advisor, as well as the self-limiting beliefs we sometimes inflict on ourselves that prevent us from growing and being as successful as we could be. Listen in to hear her tips for how to deal with the feeling of overwhelm that can come with growing your business, how to avoid becoming a bottleneck in your own practice, and what she says is the key to financial advisors achieving continued success.
For show notes and more visit: https://www.kitces.com/74
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.6 | navigated the inevitable challenges that arise on the path to success and get insight from leading |
| 0:19.2 | industry consultants about how to break through to the |
| 0:22.0 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:29.8 | Welcome to the 74th episode of the Financial Advisor Success podcast. My guest on today's podcast is |
| 0:35.8 | Diane McPhee. Diane is the founder of DMAC consulting, |
| 0:39.0 | a financial advisor coaching and practice management consulting firm that specializes in solo |
| 0:43.8 | and emerging ensemble advisory firms. What's unique about Diane, though, is that before she was |
| 0:49.1 | a coach for financial advisor, she was a fee-only financial planner herself for 16 years, and his result brings a unique |
| 0:56.3 | perspective with both the experience of a financial advisor and the training of being a professional |
| 1:01.5 | certified coach. In this episode, we talk in depth about the challenges of being a successful |
| 1:06.8 | solo financial advisor, the self-limiting beliefs we sometimes inflict on ourselves that |
| 1:11.5 | prevent us from growing and being as successful as we could be. Why it's so hard to set the right |
| 1:16.7 | fee for clients, and especially to raise fees when we should, and why the number one element |
| 1:21.8 | to success as an advisor in Diane's view is to really find and get control of your own self-confidence |
| 1:27.1 | so that you can |
| 1:28.3 | confidently articulate your value to clients and prospects. We also talk about strategies to break through |
| 1:34.1 | when you hit the wall in your practice, that point where you're at capacity with the number of |
| 1:38.7 | clients you serve and you can start to feel tired or overwhelmed or outright drowning in your |
| 1:43.4 | own practice and why eventually |
| 1:45.3 | the key to continued success is not about figuring out how to hire more staff or use technology |
... |
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