Ep 171: Transitioning From Successful Wholesaling To Financial Advisors To Becoming One Instead with Tom Kennedy
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 7 April 2020
⏱️ 96 minutes
🧾️ Download transcript
Summary
Tom Kennedy is a wealth advisor at Global Wealth Advisors, where he works with a base of nearly 400 clients. After 10 successful years of being a wholesaler to advisors, Tom decided to make the transition into becoming an advisor himself. Today he joins the show to discuss how he networked his way to a fast-growing number of clients and how he was able to use the people skills he learned in wholesaling to build deeper relationships with his clients.
Listen in as Tom shares what it was like transitioning into an advisory firm, knowing he was going to make less money than what was available in the short-term with wholesaling. You will discover how he assessed the varying firms he came into contact with in order to decide which would be the best to work with as an advisor. If you have been wanting to improve your networking skills or you are considering becoming a financial advisor, this is the episode for you.
For show notes and more visit: https://www.kitces.com/171
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 from |
| 0:18.9 | 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 Kitsis. Welcome, everyone. |
| 0:28.6 | Welcome to the 171st episode of the Financial Advisor's Success podcast. My guest on today's |
| 0:34.5 | podcast is Tom Kennedy. Tom is a wealth advisor at Global Wealth Advisors, |
| 0:38.7 | a hybrid advisory firm based in Houston, Texas, where Tom works with a base of nearly 400 clients. |
| 0:44.4 | What's unique about Tom, though, is that he made the transition into being a financial advisor |
| 0:48.7 | from a 10-year successful career or working as a wholesaler to advisors, allowing him to get intimately |
| 0:55.5 | familiar with the advisory firms in his area and network his way to a firm that was acquiring |
| 1:00.6 | a book of 400 clients at the exact moment that Tom was ready to make a transition. |
| 1:05.1 | In this episode, we talk in depth about what it's like to shift from the wholesaler business |
| 1:10.1 | to the advisory business, |
| 1:11.5 | how the required skill set of wholesalers to meet with and talk to lots of people is a natural |
| 1:16.1 | fit for working as an advisor as well. The way the advisory business allows for more and deeper |
| 1:22.6 | relationships than the traditional volume of required meetings for wholesalers, the appeal of shifting into an advisory business where every year doesn't start back at $0, |
| 1:31.5 | the way the commission-based wholesaling business does. |
| 1:34.9 | And the real-world challenges of making a transition away from the wholesaling jobs that |
| 1:40.1 | typically pay far more in the short one than most advisory firms can feasibly offer, |
| 1:45.0 | but why I was still appealing to Tom to make the shift anyway for its long-run potential |
| 1:49.1 | in the advisory business. |
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