Ep 105: Growing An Advisory Firm By Pairing Young Advisors To Acquired Books Of Business From Retiring Advisors with Chip Munn
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 1 January 2019
⏱️ 105 minutes
🧾️ Download transcript
Summary
Chip Munn is the co-founder and managing partner of Signature Wealth, a hybrid wealth management firm on the Raymond James platform that has quickly gone from $300 million to over $1 billion of assets in just the past few years. With a focus on buying books of business from retiring advisors and handing them off to younger advisors, the firm’s tremendous growth comes not only from their unique acquisition strategy, but also from the particular set of freedoms an independent RIA has to try out different technology tools and marketing strategies.
In this episode, Chip shares what it was like transitioning from a regional broker-dealer to the independent model, as well as the challenges and surprises he faced along the way. Listen in to hear how he has successfully built his firm by following his passion for helping out those new to the industry, his approach for positioning young lead advisors as part of a team to make transitioning clients comfortable, and why it’s so important to support advisory firms that have chosen the independent model.
For show notes and more visit: https://www.kitces.com/105
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, speaker and consultant Michael Kitsas, to hear stories of how leading financial advisors navigated the inevitable challenges that arise on the path to success and get insight from leading industry consultants about how to break through to the |
| 0:22.1 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:30.4 | Welcome to the 105th episode of the Financial Advisor Success podcast. My guest on today's podcast is |
| 0:36.5 | Chip Mun. Chip is the co-founder and managing partner |
| 0:39.3 | of Signature Wealth, a hybrid wealth management firm on the Raymond James platform that has |
| 0:43.8 | quickly grown from 300 million, over one billion of assets in just the past few years. |
| 0:48.7 | What's unique about Chip, though, is the way that he's grown the firm, with an acquisition |
| 0:52.5 | strategy focused on buying books of business |
| 0:55.2 | from advisors who are retiring and leaving the industry and then handing them off to younger advisors |
| 1:00.2 | who can service the clients and using the credibility and experience of the firm and its team |
| 1:04.9 | to help clients get comfortable with the transition to their new young advisor. |
| 1:09.2 | In this episode, we talk in depth about what it was like for Chip's firm as they transitioned |
| 1:13.8 | from a regional broker dealer to the independent model under Raymond James, how trying to hire |
| 1:18.1 | staff and gain economies of scale created challenges in growing the advisory business, why Chip |
| 1:23.2 | ultimately decided to create an option for other advisors to affiliate under signature to solve |
| 1:27.9 | those challenges for other solo advisors, and why there's still such an opportunity to support |
| 1:32.9 | advisory firms that have chosen the independent model, because being independent doesn't necessarily |
| 1:37.7 | mean that we want to be alone. We also talk about CHIP's process for acquiring advisory firms, |
| 1:43.6 | how they created a structured |
| 1:44.9 | questionnaire for the advisor to dictate answers to in order to quickly build a historical record |
| 1:49.6 | of all of a client's relevant information. The way they focus on telling the story of signature |
| 1:54.6 | wealth and its greater resources to persuade the clients to stay through the transition, |
... |
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