Ep 080: Navigating The Path From High Volume Insurance Agent To Focused Financial Planner with Matthew Blocki

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 10 July 2018

⏱️ 105 minutes

🔗️ Recording | iTunes | RSS

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Summary

My guest on today’s podcast has grown his niche practice of serving physicians and retirees to nearly $70 million in assets under management and $800,000 of revenue in just eight years. Matthew Blocki is a 30-year-old financial advisor who built his financial-planning-centric business by starting out at Northwestern Mutual and quickly evolving from nearly 100 transactional insurance clients per year to a hyper-focused practice that’s aiming to grow with just 15 affluent clients per year instead.

In this episode, Matthew shares how he got started and survived in the early years of building his practice from scratch, as well as how he differentiated himself as a 20-something advisor working with retirees. Listen in to hear what helped shape his career in the beginning, how his practice and focus have changed over the years, and what it takes to come out exponentially ahead in your business.

For show notes and more visit: https://www.kitces.com/80

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, speaker and consultant Michael Kitsas, to hear stories of how leading financial advisors navigated the inevitable challenges that arise on the path to success and get insight from leading industry consultants about how to break through to the
0:22.1	next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:28.5	Welcome to the 80th episode of the Financial Advisor Success podcast. My guest on today's podcast is
0:34.2	Matthew Blocky. Matthew is a 30-year-old financial advisor with a niche practice of
0:38.5	serving physicians and retirees and has grown in nearly 70 million in assets under management
0:43.1	and $800,000 of revenue in just eight years since he started his career. What's unique about Matthew,
0:48.9	though, is that he's built his financial planning center of practice by starting out at a major
0:53.2	life insurance company, Northwestern Mutual, but as quickly evolvedric practice by starting out at a major life insurance company,
0:54.5	Northwestern Mutual, but as quickly evolved his business from starting out with nearly 100
0:59.4	transactional insurance clients per year to a hyper-focused practice that's aiming to grow with
1:04.7	just 15 affluent clients per year instead. In this episode, Matthew talks in detail about
1:10.3	how he got started and survived in
1:12.2	the early years by trying to focus on engaging in the right activity from the start. The networks
1:17.2	he tapped out of the gate just to get some initial traction, the way he leveraged LinkedIn to expand
1:22.0	his network to reach new prospects, and how he learned the importance of being professionally
1:26.4	persistent and always following up
1:28.3	with prospects at least three times before giving up.
1:31.2	We also talk about the way that Matthew differentiated himself as a 20-something advisor
1:35.3	working with retirees, how that evolved into two niches working with retirees and young physicians.
1:41.0	The unique and non-traditional advice services he provides, particularly to his
1:45.1	young doctor clients to distinguish himself and build a connection.
1:48.4	And why it's so important and not just offer what we traditionally consider financial
	...

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