Ep 299: Finding The Motivation To Grow Again With Authenticity And Client Significance With Tim Regan
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 20 September 2022
⏱️ 85 minutes
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Summary
Tim Regan is the founder of PrairieView Wealth Partners, a hybrid advisory firm based out of Illinois that oversees $100 million in assets under management for 190 households. Transitioning from an insurance agency model, Tim decided to focus his hybrid firm on faith-based planning—and he offers middle and back-office support to other financial advisory firms through a separate company that he restructured from his own back office.
Listen in as Tim shares how he first got comfortable with concentrating on faith-based planning despite today’s often polarized environment, why he made the decision to offer back-office support under his Focus Forward business to other financial advisory firms (but keep his own marketing support in a full-time internal role), and why he decided to incorporate continuity agreements with his advisory firm under the PrairieView umbrella. We also discuss why he chose to join Thrivent Advisor Network after being a captive agent for Thrivent Financial for two decades and why he believes that it’s important to hire the right people early—even if there is a fear of spending money.
For show notes and more visit: https://www.kitces.com/299
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 insight |
| 0:18.2 | 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. |
| 0:28.6 | Welcome to the 299th episode of the Financial Advisor Success Podcast. My guest on today's |
| 0:34.0 | podcast is Tim Reagan. Tim is the founder of Prairie View Wealth Partners, |
| 0:37.8 | a hybrid advisory firm based in Orland Park, Illinois, that oversees $100 million in assets |
| 0:42.2 | and our management for 190 client households. What's unique about Tim, though, is how he |
| 0:47.2 | leverages the independency gain by transitioning from an insurance agency model to become a hybrid |
| 0:51.6 | with Thrive and Adviser Network to focus his firm on faith-based |
| 0:55.0 | planning and then restructure his own back office by shifting it into a separate company that also |
| 1:00.2 | partners with other advisory firms to offer them middle and back office support as well. |
| 1:04.9 | In this episode, we talk in depth about how after realizing his firm was too big to be a solo |
| 1:09.6 | and too small to be big, Tim decided to |
| 1:12.2 | split into two advisory businesses where Prairie View wealth partners remains the advisory firm |
| 1:17.0 | focusing on the front office aspects, and focus forward focuses on middle and back office support |
| 1:22.1 | so that Tim could create capacity for his advisory firm to really focus on the client experience. |
| 1:29.1 | Why Tim was inspired to offer this middle and back office support structure through Focus Ford other firms, separated by what |
| 1:33.9 | Tim refers to as an iron curtain between them, that are typically 75 to 250 million in AUM that are |
| 1:40.1 | also struggling with having the support and capacity they need to grow and scale past their founder. And why, since Focus Ford was already knowledgeable in the day-to-day operations, |
| 1:48.5 | the firms they support, Tim decided to incorporate continuity agreements with his advisory firm |
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