Ep 313: Finding Rollover Opportunities By Specializing In Transitions After Layoffs With John Stokes

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 27 December 2022

⏱️ 88 minutes

🔗️ Recording | iTunes | RSS

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Summary

John Stokes is the Founder and CEO of John Stokes Financial, a hybrid advisory firm based out of California that oversees more than $400 million in AUM for 1,800 client households. John has built a really unique expertise in layoff transitions, and has leveraged corporate layoff workshops that he delivers to soon-to-be-laid-off employees. He has also built a niche focusing on helping employees go through their layoff transition, allowing him to capture the inevitable rollover and other financial planning opportunities that arise along the way.

Listen in as we discuss how John has established and built relationships with large companies, and then leveraged those relationships to be their expert in layoff transitions. You'll learn what led him to pursue this niche, how he has been able to achieve a steady stream of over a hundred in-person workshops a year and a steady flow of new clients in both bull and bear markets, and why he chooses not to charge for his workshops, but instead feels that it’s his duty to provide goodwill and help people through trying times.

For show notes and more visit: https://www.kitces.com/313

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 Kitsas to hear stories of how leading financial
0:12.7	advisors navigated the inevitable challenges that arise on the path to success and get insight
0:18.3	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 Kitsas. Welcome, everyone.
0:28.8	Welcome to the 313th episode of the Financial Advisor Success Podcast. My guest on today's podcast is
0:35.2	John Stokes. John is the founder and CEO of John Stokes Financial, a hybrid advisory firm based in Irvine, California,
0:41.3	that oversees more than 400 million in assets under management for 1,800 client households.
0:47.5	What's unique about John, though, is how he's built an expertise in layoff transitions and leveraged corporate layoff workshops that large firms hire
0:55.3	him to come in and deliver to their soon to be laid off employees to build a niche focus
0:59.8	in helping employees go through their layoff transition and capture the inevitable rollover
1:05.1	and other financial planning opportunities that arise along the way.
1:08.8	In this episode, we talk in depth about how, as an expert in layoff transitions,
1:13.3	John has leveraged relationships with a number of large companies in California that are
1:17.2	required to meet a California state law mandate to notify and prepare employees for a layoff
1:22.2	60 days in advance, to create his niche focus counseling employees through those layoffs.
1:28.5	How John established and build his relationships with large companies by pitching the importance of
1:32.4	understanding the rules for navigating unemployment insurance, not focusing on 401K
1:37.0	roll-overs directly, so that he could offer a truly needed value for the companies seeking to make
1:42.2	their layoff transitions go as smoothly as possible.
1:45.1	And how despite what is traditionally a cyclicality to layoffs, the reality is that there are so
1:49.7	many large companies in the U.S. going through change in competition that layoffs are inevitable
	...

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