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Welcome again to the 333rd episode of the Monetary Advisor Success Podcast!
My visitor on immediately’s podcast is Jim Dew. Jim is the Co-Founder and CEO of Dew Wealth Administration, an impartial RIA primarily based in Scottsdale, AZ, that gives virtual-family-office-style monetary planning on a month-to-month retainer foundation for 150 small-business proprietor entrepreneurs.
What’s distinctive about Jim, although, is how he has scaled his retainer-based boutique agency to greater than $7 million in income, a $31 million enterprise valuation, and is rising organically at a 40% progress price, by offering a high-touch complete recommendation providing for his enterprise proprietor area of interest clientele.
On this episode, we discuss in-depth about how, regardless of not implementing an AUM mannequin, Jim’s agency was independently valued at $31 million of enterprise worth primarily based on the energy and progress price of their retainer-based pricing mannequin, how Jim arrived at his retainer-based mannequin that expenses $4,000, $6,000, or $10,000 monthly to cowl the breadth of the ‘monetary quarterback’ companies he supplies to his superb goal shopper (enterprise homeowners with greater than $1M of EBITDA per 12 months), and why Jim and his agency not solely present a deep-dive monetary planning evaluation to prospects however have advanced it to the purpose of charging an upfront charge of $25,000 to prospects simply to undergo it, after studying the arduous means in suggestions from present purchasers that freely giving the evaluation totally free was truly undermining their perceived trustworthiness.
We additionally discuss how Jim has structured his virtual-family-office-style strategy not by delivering tax, authorized, and different companies in-house however as a substitute by regularly constructing a listing of exterior tax, authorized, and different professionals that he and his agency don’t simply refer out to however have actively sought out and vetted primarily based on their credentials, schooling, expertise, and character and follow-through. Jim describes how he and his agency present what he calls a ‘time vitality protect’ for his or her busy business-owner purchasers by serving to them discover the proper professionals they could want, managing the tasks with their professionals, and even fielding the inevitable enterprise pitches that come at their purchasers, and why Jim and his agency use Monday.com as a substitute of a conventional CRM to each map out and handle workflows and duties for purchasers but additionally to maintain detailed details about their vetted professionals and COIs… whereas additionally making a dashboard in order that purchasers can observe the progress of the entire companies that the agency supplies them.
And make sure to hearken to the tip, the place Jim shares how, after a few years of struggling to rent the proper candidates for his agency, he realized that the recruiters he was utilizing weren’t delivering and determined to implement an ESOP to draw candidates in addition to hiring a director of operations who executed a marketing-esque hiring funnel to herald extra advisor expertise, why Jim feels strongly about creating a distinct segment focus as a result of he discovered that by turning into an knowledgeable in a specific area, it’s simpler to market and clearly talk companies and helps the proper purchasers discover his premium companies, and why, although Jim has acquired affords previously, he feels he gained’t be promoting his agency anytime quickly regardless of its robust valuation a number of as a result of he believes his distinctive enterprise mannequin contributed the 10X progress of the agency previously 8 years and needs to proceed his legacy and impacting how monetary planning is offered for enterprise homeowners for the foreseeable future.
So, whether or not you’re concerned with studying about why, as a result of Jim is a enterprise proprietor himself, he needed to work with enterprise homeowners to offer them the help they must be profitable, how Jim’s spouse Mimi develops and helps the agency’s workforce tradition, or why Jim feels a retainer-based mannequin is extra fitted to his purchasers as a result of they get pleasure from realizing precisely how a lot they’re paying every month and don’t have to fret about long-term contracts, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Jim Dew.
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