Ep 374: Turning Your Marketing Loss Leader Into A Positive Revenue Diversifier By Getting Clear About The Value with Dianne Nolin
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 27 February 2024
⏱️ 90 minutes
🧾️ Download transcript
Summary
Dianne Nolin is the Managing Partner of Argent Bridge Advisors, a hybrid advisory firm based out of Virginia that oversees $500 million in assets under management for 350 households. Dianne uniquely enhanced her firm's marketing and profitability by transforming its loss-leading divorce financial planning service into a profitable revenue stream, recognizing its value and charging appropriately for the extensive time invested by her team. This shift in strategy capitalized on the existing benefits provided to clients and ensured fair compensation for their efforts.
Listen in as Dianne shares her journey at Argent Bridge, from becoming aware of the firm's impactful service offerings to establishing new client relationships through divorce financial planning, which enhanced the firm's growth and referability in the divorce niche. We also discuss her transition to a more formal partnership structure, her approach to clear value communication, and the realization that her strength lies in knowing whom to consult rather than having all the answers.
For show notes and more visit: https://www.kitces.com/374
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | 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 leading |
| 0:19.2 | industry consultants about how to break through to the |
| 0:22.0 | next level in your advisory business. And now here's your host, Michael Kitsas. Welcome, everyone. |
| 0:29.1 | Welcome to the 374th episode of the Financial Advisor's Success Podcast. My guest on today's podcast is |
| 0:35.3 | Diane Nolan. Diane is the managing partner of Argent Bridge |
| 0:38.5 | Advisors, a hybrid advisory firm based in Vienna, Virginia that oversees $500 million in asset |
| 0:43.5 | center management for 350 client households. What's unique about Diane, though, is how she has been |
| 0:48.9 | able to both expand the marketing of her firm and its profitability by taking the divorce financial |
| 0:53.8 | planning work |
| 0:54.4 | that historically was a bit of a lost leader service to the business and turn it into a positive |
| 0:59.2 | revenue diversifier by getting clear about the value that Diane's divorce clients really were |
| 1:03.8 | already receiving and getting more focused about actually charging for all the time that she |
| 1:08.5 | and her team were spending with and behalf of their clients. |
| 1:12.5 | In this episode, we talked in depth about how Diane became conscious about the service offerings |
| 1:17.6 | of the firm, the impact it had on clients over the years, and how that realization has allowed |
| 1:22.0 | Argent Bridge to start to more accurately bill for the actual time spent with each and every client. |
| 1:28.7 | How sticking with the client through their divorce and transitioning into a post-divorce financial |
| 1:33.1 | planning offering has become a core growth pipeline for Arjun Bridge to establish new client |
| 1:37.5 | relationships. |
| 1:39.0 | And how staying focusing on their coaching with advocating for and providing services to the |
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