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Michael Kitces’ #FASuccess Podcast: Stephanie Bogan’s 7 Pillars of Building and Running an Advisory Firm

While most financial advisors are independent entrepreneurs, very little practice management in the industry actually teaches the real methods to build and run a business.


Welcome back to the 96th episode of the Financial Advisor Success podcast.

This week’s guest is Stephanie Bogan. Stephanie is a successful practice management consultant who built and sold her first consulting firm and now has gone on to found a new one called the Limitless Adviser Coaching Program. What’s unique about Stephanie is that despite the fact that she doesn’t need to build another practice management coaching business for advisors, she’s doing so anyways as a means to have a greater positive impact on the advisor community, and in the process, teaching other advisors how to build their businesses to achieve their ideal outcomes as well.

In this episode, we talk in-depth about what Stephanie calls the seven pillars or simply the 7P’s of building and running a successful advisory firm. Starting with the key step of planning for what outcome you want to create for your firm, then figuring out how to position the firm to reach the right clientele, and then following through with the packaging, promotion, process, platforms and people that are needed to implement the vision. Because the irony is that, while most financial advisors are independent entrepreneurs, very little practice management in the industry actually teaches the real methods to build and run a business.

We also talk about how in the end if improving the methods in your advisory business actually creates any real breakthroughs, as most of the time the ceilings we hit in our businesses are not actually just a function of how we’re doing the business or whether we’re doing it wrong, instead, most growth ceilings are actually a mindset problem. And once you make the decision to change your mindset, the status quo, and do something differently, it suddenly opens new doors to execute the business differently. And it’s then walking through the newly opened doorways that can really create business breakthroughs.

And be certain to listen to the end, where Stephanie talks about how in the long run the key to success and satisfaction with your advisory business isn’t really about the size of the firm or what you build at all, it’s about figuring out what outcome will make you happy in the business and then crafting a pathway to achieve that vision. Because, just as we as advisors experience with our own clients, few people find satisfaction even with tremendous financial success until you can articulate the non-financial goals they’re really trying to achieve in the first place.

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