Ep 294: Developing COI Referrals With Attorneys From An Attorney-Turned-Advisor with Neel Shah
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 16 August 2022
⏱️ 92 minutes
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Summary
Neel Shah is the Founder of Shah Total Planning, which is a combination of an independent RIA and a law firm based out of New Jersey that oversees $57 million in assets under management for 50 households. Neel himself is an estate planning attorney turned financial advisor who offers a one-stop shop for advice while outsourcing his investments, leveraging his background as an attorney to generate referrals from centers of influence to help scale his growth.
Listen in as Neel shares how he transitioned from attorney to financial advisor, as well as why he went down the path of financial advice to develop deeper relationships with his clients. You'll hear why he views himself not as a career-changer, but as a career-adder, and how he has learned to get comfortable with the realities of building and scaling a business by aiming to make each year better than the last.
For show notes and more visit: https://www.kitces.com/294
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:06.8 | financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading financial |
| 0:12.6 | advisors navigated the inevitable challenges that arise on the path to success and get |
| 0:17.7 | insight from leading industry consultants about how to break through to the next |
| 0:21.9 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.1 | Welcome to the 294th episode of the Financial Advisor Success podcast. My guest in today's podcast is |
| 0:34.1 | Neil Shaw. Neil is the founder of Shaw Total Planning, which itself is a combination of Beacon Wall Solutions and Independent R.A. |
| 0:41.1 | And Shaw and Associates, a law firm in Monroe Township, New Jersey, and oversees 57 million in Assets Center Management for 50 client households. |
| 0:49.4 | What's unique about Neil, though, is how as an estate-playing attorney turned financial advisor, he combines |
| 0:54.3 | estate and elder care legal services with his advisory firm to be more of a one-stop shop |
| 0:59.6 | for advice while outsourcing his investments altogether, and then leverages his backgrounds |
| 1:03.9 | an attorney to generate referrals from other attorneys and centers of influence to help spur |
| 1:08.5 | his growth. In this episode, we talk in depth about how Neil transitioned from attorney to advisor |
| 1:14.0 | by launching an RAA alongside his law firm to operate as Neil puts it in a duplex situation |
| 1:19.3 | where both firms work jointly under one roof, but also independently behind separate walls. |
| 1:24.5 | How Neil went from being an attorney who got most of his clients from financial |
| 1:27.9 | advisor referrals to a financial advisor who now builds his business with COI referrals, and Neil's |
| 1:33.5 | tips as an attorney on what it takes to get referrals from attorneys. And the path that Neil took |
| 1:38.4 | to outsource so much of his investment in operations back office so he can focus more on client |
| 1:42.7 | relationships and have confidence in his |
| 1:44.7 | ability to scale his firm without having to worry about and be responsible for hiring, training, |
| 1:49.6 | more people. We also talk about how working with other attorneys and study and coaching groups that |
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