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We are back with Part 2 of our discussion with Jon Randall around Creating Advisor Capacity.
If you are looking to free up your time within your advisory practice and focus on the future with your client service model and the expansion of your team, this episode is a must listen for your business.
In our last episode we reviewed these 5 points:
- Data around growth and how to create more capacity for your advisory business at a high level
- The role and responsibilities of a junior advisor
- The Diamond Teams Model approach and framework developed by Angie Herbers
- The timing of scaling your business right now with changing market and economic conditions
- How to think about scaling your profitability
Today, we go deeper on everything related to hiring a Junior Advisor to help service and expand your client base.
Jon Randall and Jon Kuttin discuss the concepts of:
- Client Segmentation and Understanding How to Properly Size Up Your Business
- When and What Level of Gross Revenue to Start to Execute on Hiring and Developing a Junior Advisor
- The Thought Process of Planning To Scale with a Junior Advisor at the Core of the Growth Plan
- The Path from the “Solopreneur” Practice to an Ensemble Practice
- How to Fully Understand the Process for Structuring your Junior Advisor Compensation Plan
- How to Think about ROI, and all of the Facets Related to the Business and a Junior Advisor
- The “Training Ground” Dynamic for Junior Advisors and Your Clients and how that Impacts your Business
- Thoughts on a Simple vs. Complex Approach to Scaling and how Lifestyle and Mass Affluent Models Differ
- Current (Q4 2022) Compensation Range Recommendation Details from Jon Randall with Real Examples From Current Clients of His Coaching Organization
Resources:
- SuperNova Advisor
- The SuperNova Advisor – Rob Knapp
- D2 / KCG Mastermind Group Podcast
- Diamond Teams® Model – Angie Herbers
- The Ensemble Practice – Philip Palaveev
- 5 Criteria to Address Before Onboarding a Junior Advisor – WealthManagement.com (Relevant Article)
Connect with Jon Randall:
- Jon@dynamicdirections-d2.com
- eXtraordinary Financial Advisors
- LinkedIn: Jon Randall
- LinkedIn: Dynamic Directions
Connect with Jon Kuttin Kuttin and Consulting Group:
- (855) 722-9393
- kuttinconsultinggroup.com
- LinkedIn: Jonathan Kuttin
- LinkedIn: Joseph Greco
- Our CPA Alliances Coaching Program
- Submit yourself as a guest for the podcast
About our Guest:
Jon Randall is a Certified Master Coach® and Premier Franchise Consultant who hit #1 in GDC Growth on the FC Scorecard for the advisors he works with all over the country. With more than 15 years of experience as a practicing advisor, Jon works with some of the top financial professionals in the industry – the average GDC for the advisors he coaches being more than $1.2 MM. He is also a national presenter at financial service industry conventions and workshops around the country. Jon’s specialties in consulting include marketing, investments, financial planning, and practice management.
Jon Kuttin is a Barron’s Hall of Fame Advisor with 25+ years of experience leading and growing a financial advisory practice. Driven by a mission to build leaders and give back to the financial services industry, Jon launched Kuttin Consulting Group to provide training and consulting services from seasoned practitioners. Jon is skilled at building companies, M&A, leadership, Professional Alliances, Recruiting, and other growth oriented activities. He regular speaks and contributes articles and has been featured in a number of publications including Financial Advisor Magazine. In addition to serving as CEO of Kuttin Consulting Group, Jon serves as a partner in Haydenrock Solutions, a consulting firm helping CPAs build 21st century practices.