Ep 137: The Evolution Of How Financial Advisors Solve Client Problems Across Industry Channels with Lou Tranquilli
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 13 August 2019
⏱️ 115 minutes
🧾️ Download transcript
Summary
Lou Tranquilli is the founder of Tranquilli Financial Advisor, an independent full-service financial firm that oversees $100 million in assets under management for 110 clients. Now focused on a niche that has helped triple his firm in under four years, Lou joins the show to discuss how his advisory firm has evolved over more than two and a half decades in business.
Listen in as he explains how he is transitioning into the independent RIA channel after having started out as a traditional life insurance sales agent, as well as how he has structured his firm. You’ll get valuable tips for growing your business, hiring the right people, and more.
For show notes and more visit: https://www.kitces.com/137
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.6 | navigated the inevitable challenges that arise on the path to success and get insight |
| 0:18.7 | from leading industry consultants about how to break through to the next |
| 0:22.3 | level in your advisory business. And now here's your host, Michael Kitsas. Welcome, everyone. |
| 0:28.7 | Welcome to the 137th episode of the Financial Advisor Success Podcast. My guest on today's podcast |
| 0:35.3 | is Lou Tranquilly. Lou is the founder of Tranquilly Financial Advisor, an independent RAA based in Clinton, New Jersey, |
| 0:41.3 | that oversees more than 100 million of assets in our management for 110 clients. |
| 0:46.3 | What's unique about Lou, though, is the way his advisory firm has evolved over more than 25 years across every channel of the industry, |
| 0:53.3 | having started out as a traditional |
| 0:55.1 | life insurance sales agent, shifted to the broker-dealer model, then becoming a hybrid RAA, |
| 1:00.2 | and now making one more recent transition to the independent RAA channel. In this episode, |
| 1:05.2 | we talk in depth about how loose structured his independent RAA as an experienced practitioner, |
| 1:10.3 | from why he chose trust |
| 1:11.6 | company of America as his custodian rather than one of the traditional big four custodians, |
| 1:17.0 | the way he brought together an integrated technology stack built around his custodian, |
| 1:21.4 | and how despite criticisms that solo advisors will need more size and economies of scale to compete, |
| 1:26.3 | the increased efficiency of |
| 1:27.9 | technology to support his solo RIA over his prior broker-dealer actually allowed him to reduce |
| 1:33.4 | his staff support and increase his profit margins after making the transition. |
| 1:38.0 | We also talk about Lou's journey through the industry itself, from starting out as a traditional |
| 1:42.7 | life history of its age in the 1990s |
... |
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