Welcome everybody! Welcome to the 450th episode of the Monetary Advisor Success Podcast!
My visitor on at present’s podcast is Ryan Morrissey. Ryan is the founding father of Morrissey Wealth Administration, an RIA based mostly in North Haven, Connecticut, that oversees $140 million in belongings underneath administration for 150 shopper households.
What’s distinctive about Ryan, although, is how he has added $80 million of shopper belongings through the previous seven years primarily by holding in-person academic retirement planning seminars that entice his very best goal shopper.
On this episode, we speak in-depth about how Ryan organizes his seminars as two three-hour lessons held over the course of two weeks (which provides him loads of time to construct a private reference to attendees), how Ryan presents a private session to seminar members as an non-obligatory third “session” (framing it as one thing they’ve already paid for as a part of the category price), and the way Ryan sometimes will get two new purchasers from every class session (representing a mean whole of $1.7 million in belongings) producing income that exceeds his prices for holding the seminars of their first 12 months together with his agency alone.
We additionally speak about how Ryan will get logistical help for his seminars by providing them by means of native public grownup teaching programs (which safe applicable classroom area and facilitate participant registration), how Ryan has discovered that charging for the seminars has led to larger participant engagement (and why he’s keen to let the grownup teaching programs preserve the registration charges from his seminars given the income that comes from new purchasers who discover him by means of the lessons), and the way Ryan markets his seminars by sending mailers focused at households in his space that match his goal age and wealth profile.
And make sure to hearken to the tip, the place Ryan shares his experiences working within the wirehouse, unbiased broker-dealer, and RIA channels (and the way he’s thrived after gaining the independence that agency possession can present), how Ryan has navigated ongoing compliance obligations as an unbiased RIA (first efficiently dealing with it by himself and now working with a compliance agency as he’s handed the brink for SEC registration), and the way Ryan in the end skilled vital shopper and AUM progress after making the leap to agency possession, going fee-only, and simplifying his service and funding planning choices.
So, whether or not you’re taken with studying about easy methods to set up efficient in-person academic seminars, discovering key outsourcing companions to scale back the time wanted to place them on, or getting a powerful return (within the type of new purchasers) on advertising and marketing {dollars} spent on selling seminars, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Ryan Morrissey.
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