Ep 197: Starting Over After A Non-Compete To (Re-)Build The Advisory Business You Really Want with Ashby Daniels

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 6 October 2020

⏱️ 112 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ashby Daniels is a financial advisor who personally oversees $38 million in assets under management for 43 retired clients with Shorebridge Wealth Management. Ashby launched his current practice, a hybrid advisory firm, by breaking away from a major broker-dealer after 10 years in the business in the face of a non-compete, and he was able to build his firm in such a way that his family’s financial situation was never at risk.

In this episode, we talk in-depth about how Ashby negotiated his compensation agreement with Shorebridge, how he navigated the non-compete agreement to eventually win back some of his prior clients, and how leaving most of his clients behind allowed him to focus on bringing in the right clients. Listen in to learn how his business has evolved deeper into niche territory, how he has built his current marketing funnel through blogging, and how his blog helped his former clients find their way back to him.

For show notes and more visit: https://www.kitces.com/197

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner,
0:08.5	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
0:22.1	next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:29.2	Welcome to the 197th episode of the Financial Advisor Success Podcast. My guest on today's
0:35.0	podcast is Ashby Daniels. Ashby is a financial advisor with Shorebridge
0:38.9	Wealth Management, a hybrid advisory firm based in Pittsburgh, where he personally oversees
0:43.3	$38 million in Assets Center Management for 43 retired clients. What's unique about Ashby, though,
0:48.9	is the way he launched his current practice, breaking away from a major broker dealer after
0:53.5	nearly 10 years in the
0:54.5	business in the face of a non-compete and non-solicit agreement and the path that he built for
0:59.5	himself at Shorebridge to give himself enough runway to make the transition without putting
1:03.3	his family's financial situation at risk. In this episode, we talk in depth about how Ashby negotiated
1:10.5	and structured his unique compensation
1:12.2	agreement with Shorebridge to handle the first two years of relaunching from scratch.
1:16.5	How he navigated the non-compete and non-solicited agreement to eventually win back at least a subset of his
1:21.8	prior clients. How the transition in leaving most of his clients behind allowed Ashby to begin
1:26.8	to focus on bringing in
1:27.8	the right clients, and the way his business has evolved deeper and deeper into a niche with
1:32.3	retirees in the years since. We also talk about how Ashley Hashby has built his current marketing
1:38.7	funnel through blogging, or what he calls the introverts dream to marketing. The way he initially started his blog anonymously,
	...

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