Ep 386: Turning Impostor Syndrome Anxiety Into A Strength That Drives Client Referrals with Dann Ryan

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 21 May 2024

⏱️ 89 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dann Ryan is a Managing Partner at Sincerus Advisory, an RIA based in New York City that oversees approximately $165 million in assets under management for nearly 150 client households. Despite 17 years in the financial advisory business, Dann's persistent imposter syndrome fuels his anxiety before every client meeting, driving him to maintain high standards and accountability. This relentless pursuit of excellence has enabled Dann to build a thriving financial planning business that consistently attracts new client referrals.

Listen in as Dann shares how he and his partner have successfully quintupled their AUM in five years through exceptional client service that spurred referrals and led to a waitlist system, and why they continue to use an AUM fee model despite a shift towards more planning-centric services. He discusses his early career at a fee-only advisory when such paths were less common, the long hours spent building financial plans as crucial career investments, and his decision to start his own firm after not becoming a partner at his previous job. We also explore his agile approach to financial planning, his openness to incorporating clients' investment ideas, and how serving a diverse client base while building lasting relationships has helped manage his imposter syndrome and enhance his career success.

For show notes and more visit: https://www.kitces.com/386

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with
0:07.1	financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading
0:12.4	financial advisors navigated the inevitable challenges that arise on the path to success
0:17.4	and get insight from leading industry consultants about how to break through to the next
0:22.2	level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:29.0	Welcome to the 386th episode of the Financial Advisor's Success Podcast. My guest on today's
0:34.1	podcast is Dan Ryan. Dan is a managing partner of Sincerous Advisory, an
0:38.4	RA based in New York City that oversees approximately 165 million in assets in our management
0:43.0	for nearly 150 client households. What's unique about Dan, though, is how he has channeled the
0:48.2	anxiety that comes from having imposter syndrome, which still caused him to be a little nervous
0:52.6	before every client meeting, despite having 17 years of experience in the business, as a means to hold himself accountable
0:58.5	to always be doing the best he can for his clients, which has allowed Dan to build a thriving
1:03.3	financial planning business that generates a steady flow of client referrals.
1:07.3	In this episode, we talk in depth about how Dan and his partner have five X to their
1:11.5	AUM in the past five years, thanks to the firm's commitment to quality client service, which
1:15.5	has spurred so many referrals that the firm has implemented a wait list. Why Dan has found
1:20.2	that referred clients are willing to remain on a wait list, because they don't mind as much
1:24.8	when Dan explained is because they're already working so hard for their existing clients.
1:29.1	And the reason that Dan's firm has continued to stick with the AOM fee model,
1:32.5	despite an increasingly financial planning-centric service offer.
1:36.3	We also talk about how Dan started his career at a fee-only advisory firm in the mid-2000s,
1:41.0	when such a path wasn't nearly as common as it is today.
	...

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