Ep 378: Scaling Growth At 1/4th The Cost Of M&A By Wading Through The "No's" Of SmartAsset Leads with Michael Collins
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 26 March 2024
⏱️ 91 minutes
🧾️ Download transcript
Summary
Michael Collins is the CEO and Founder of WinCap Financial, an RIA based out of Boston that oversees $80 million in assets under management for 70 client households. Since 2021, Michael has distinguished himself by growing his firm by over $10 million in assets under management annually, utilizing leads purchased through SmartAsset and investing $5,000 per month, which has allowed him to achieve a return of $10,000 in recurring revenue within less than 100 days.
Listen in as Michael shares insights into his marketing and content creation strategies, including maintaining a $5,000 per month marketing budget with a 95% failure rate by focusing on the financial ROI from successful prospects, and enhancing his SmartAsset lead conversion with a time-efficient blog writing process involving ChatGPT. He also opens up about the transition's challenges and rewards, as well as the value of persistence, innovation, and the strategic use of technology in achieving business growth and client engagement.
For show notes and more visit: https://www.kitces.com/378
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 383rd episode of the Financial Advisor's Success Podcast. My guest on today's |
| 0:34.6 | podcast is Michael Collins. Michael is the CEO and founder of Wincap Financial |
| 0:39.0 | and RIA based in Boston, Massachusetts that oversees 80 million in Assets Center Management for 70 |
| 0:43.9 | client households. What's unique about Michael, though, is that since 2021, he's been able to grow |
| 0:48.5 | Wincap Financial at a rate of more than 10 million of AUM per year by consistently reaching out |
| 0:53.2 | to leads purchase through smart |
| 0:54.7 | asset, spending $5,000 a month that turns into an average of $10,000 of recurring revenue in |
| 1:00.8 | less than 100 days, an average of more than 4x the return of financial investment than |
| 1:05.8 | if those clients were simply attained by an acquisition buying a traditional two extra revenue multiples. |
| 1:12.2 | In this episode, we talk in depth about how Michael maintains his ongoing $5,000 per month |
| 1:17.5 | marketing spend with the process that ultimately has a failure rate of 95%, but because of the |
| 1:23.3 | financial ROI on the prospects that do close continues to make good sense. And Michael is ultimately |
| 1:28.4 | not afraid of sorting through all the nose to find the right yeses for Wincap. How Michael supports |
| 1:33.2 | his smart asset conversion rate with a weekly blog that's written by taking the upcoming |
| 1:37.4 | economic calendar, automating it into a narrative in his writing style using chat GPT, and then |
| 1:43.0 | simply editing it down at his own personal commentary, |
| 1:45.8 | which cuts the time it takes from the right by from several hours down to about 30 minutes. |
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