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Michael Kitces' #FASuccess Podcast: Sten Morgan on Quanitifying the Value of His Financial Advice

Legacy Investment Planning's Sten Morgan details in depth his "the advisor is the product" philosophy.



Welcome back to the 210th episode of the Financial Advisor Success Podcast!

My guest on today’s podcast is Sten Morgan. Sten is the founder of Legacy Investment Planning, a hybrid advisory firm near Nashville, Tennessee that generates more than $2 million in revenue per year, serving 220 affluent clients. What’s unique about Sten, though, is the way he’s built his advisory firm by making himself and his planning ideas into his product, charging first and foremost for his advice, and the unique way he’s figured out how to quantify the value of his advice strategies that he’s bringing to the table for clients.

In this episode, we talk in depth about Sten’s ‘the advisor is the product’ philosophy. Why every prospect meeting starts off with a whiteboarding session where Sten tries to highlight new planning ideas for clients right away instead of holding back until he’s been hired before sharing his best ideas. The mental strategy that Sten uses to quantify the near-term positive economic benefits that his advice will bring to get clients comfortable with his advice fees, and why Sten charges a full-rate financial planning fee with monthly retainer fees of hundreds or even thousands of dollars per month and then discounts his AUM fee for those who subsequently implement with him.

We also talk about Sten’s own journey through the advisory business; why he started out in a major life insurance firm but ultimately left because it focused too much on the value proposition of the company’s products instead of his own value. How trying to become more advice-centric at an investment-centric firm led to him being unexpectedly terminated and suddenly forced to hang his own shingle, and the way he was able to get his new practice going quickly by diving headfirst into a new niche with doctors at the local hospital.

And be certain to listen to the end, where Sten shares the mindset changes that were ultimately critical for him to turn an initially struggling advisory career into a successful one, how Sten tries to accelerate his success by constantly seeking out those who have already traveled the journey ahead of him to help him shortcut his own, and why Sten thinks it’s best not to start with your ‘why’ and finding your purpose, but instead starting with your ‘who’ – who you’re building your career for because staying focused on them so you never let them down can be the ultimate motivator through the inevitable challenges that may arise.

So whether you’re interested in learning about how Sten built a successful advisory firm by putting his advice at the forefront of his product, how he leveraged a local niche of doctors to get his practice going, or why proactivity is key to keeping renewal rates high, then we hope you enjoy this episode of the Financial Advisor Success podcast.

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