Ep 352: Finding Personal Scale By Leveraging Yourself Through Outsourced Delegation With Bridget Venus Grimes

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 26 September 2023

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Bridget Venus Grimes is the President of WealthChoice, a virtual independent RIA that oversees nearly $80 million in assets under management for 68 families, and Co-Founder of Equita Financial Network, an advisor platform that helps advisors share resources. As a solo advisor, Bridget quickly grew her firm to $77M in AUM over 7 years, but found herself stretched thin managing various business aspects while serving her clients. Instead of scaling her firm by hiring more advisors, she chose to delegate non-financial-planning tasks to virtual outsourced contractors, freeing her from day-to-day management responsibilities.

Listen in as Bridget shares her journey of building her firm by outsourcing various tasks like compliance, operations, and client scheduling to focus on her niche of female executives. We also discuss her unique approach to compensation and client service, which led her to launch her own firm, and how she invested $30,000 in writing a book for credibility rather than sales. Bridget also dives into the importance of business coaching, learning not to compromise on client fit, and her decision to bring on her daughter as part of a long-term succession plan.

For show notes and more visit: https://www.kitces.com/352

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with
0:06.9	financial planner, speaker, and consultant Michael Kitsis 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
0:18.4	from leading industry consultants about how to break through to the next level
0:22.4	in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. Welcome to the
0:29.3	352nd episode of the Financial Advisor Success Podcast. My guest on today's podcast is Bridget Venus Grimes.
0:36.5	Bridget is the president of wealth choice,
0:38.5	a virtual independent RIA that oversees nearly 80 million in assets under management for 68 client
0:43.4	families and co-founder of Equita Financial Network, an advisor platform that helps advisors
0:48.0	plug in and share resources. What's unique about Bridget, though, is how as a solo advisor,
0:53.4	she found herself getting overwhelmed with the pressures of having to manage all the different aspects of her business while also providing great service to clients as she quickly grew to 77 million of AUM in seven years and has decided not to scale her firm by hiring more advisors, but instead to leverage herself personally by delegating more and more of her
1:12.0	non-financial planning tasks to virtual outsource contractors. So she doesn't have to manage them
1:17.6	on a day-to-day basis. In this episode, we talk in depth about how Bridget went about outsourcing
1:23.4	compliance, operations, trading, investment research, and even our client scheduling to build
1:28.2	a trusted team of virtual professionals so that she can focus more on the financial planning
1:32.2	work with the client she enjoys the most. Why Bridget, an advisor friend of her has decided to work
1:36.9	together to vet a long list of trusted outsourced service providers in the hopes of purchasing
1:42.1	their services together and negotiate better rates,
1:44.6	and then ultimately launched equity financial network to give other advisors a chance to plug into
1:49.2	their negotiated outsource rates as well.
1:51.6	And why Bridget decided to focus on a niche of female executives?
1:54.9	Because she felt she could relate to them the most, having spent a career as a female executive
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Michael Kitces, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Michael Kitces and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.