The Advisor Delta™

Narrator: Welcome to The Advisor Delta™, the practice management podcast dedicated to helping investment advisors grow their business and reach their goals. Whether you’re looking to scale your practice, streamline operations, adapt to emerging technology, or deliver value to clients - this is the place for actionable insights, thoughtful leadership and innovative strategies. Brought to you by Worldsource Wealth Management. Let’s dive in!
Wai-Ke: Welcome to The Advisor Delta™. I'm Wai-Ke Kim, VP of Practice Management at World Source Wealth Management. And with me is Trish Smart, a Practice Management Consultant. For today's episode, I'm excited to have a conversation with Trish and geek out on all things practice management. Let's go. I'm happy to get this conversation started. Let's start with a bit of a backstory. What drew you to the financial services space, Trish?

Trish: For me, I sort of landed in financial services by Fluke. It was started out as a contract position, as a file clerk actually, but I was with a young, nimble company and. I was allowed to try different things at the company. I was in operations, I was in the service center. I went into compliance and registrations, worked on a variety of projects. So through that knowledge that I gained and that experience that I gained, I was able to roll that into a learning and development path for me.

Wai-Ke: Sounds like you did a lot of different things, wore many different hats. And you've ended up following this path of learning and development. Was there something specific about learning and development that drew you?

Trish: I just really like it when a light bulb moment happens for advisors when they put all that information together and it starts to make sense, especially for a younger advisor, they can really see the difference that they can make in their clients' lives by delivering really great advice.

Wai-Ke: Absolutely. I think that that's such a big part of what we do in terms of helping advisors grow their practices.

Trish: What about you? What keeps you engaged and invigorated about this industry?

Wai-Ke: I guess I echo a lot of your sentiments as well in that. Supporting advisors and helping them find their groove is hugely rewarding.
I find that every day is a little bit different in what we do. I can see those advisors that have that aha moment, and sometimes it doesn't come from me. It comes from learning from one another and supporting those engagements. I, I just really love seeing them find that moment where everything makes sense and they can move forward.

Trish: So you're VP of practice management for someone new to the industry perhaps, what does practice management mean to you?

Wai-Ke: It's interesting 'cause I actually have to define this for my sister, my brothers, all the time. 'cause they don't know how to introduce me and what I do. So I often will say to them that in fact, what we do with practice management, it's sort of a burgeoning area within financial services.
So what we do in terms of practice management is help advisors to develop efficiencies in their practice, and that could mean all sorts of things. It could be helping them to add team members to their practice. It could be adopting new technologies or some other program or platform that's gonna help them to just be able to scale and do more with the same amount of time that they have right now.
I'll turn that question back to you as well. You're a practice management consultant now, also a learning and development expert. How does that learning and development lens shape the way that you think about advisor success?

Trish: I think it's all about attitude and continuous learning, seeking out new ideas, whether or not it's for your clients or for within your practice, being open to suggestions, maybe a less traditional route of learning.
I think we're seeing that more and more these days is, it's not so much by the book, but really that peer share that you mentioned, sharing those ideas and getting a little nugget that you can incorporate into your own practice.

Wai-Ke: On the flip side of that, what are some of the biggest challenges that you see advisors grappling with today?

Trish: I think it's the same for everyone. It's the lack of time. Hmm. Um, they're so challenged for fitting everything into the day, whether or not it's meeting with their clients, administration. You know, it's really a busy, busy day and how do you become more efficient in that day? Mm-hmm. And it's ironically taking a step back and pausing and thinking about what solutions can you introduce, what technologies perhaps.
One of your favorite topics, right, um, that you can introduce in order to save up some time so that you can spend that time in front of your clients where you want to be.

Wai-Ke: It must be so hard to prioritize as well. I think about how distracted we can get with the various apps and notifications that pop up and, you know, how do you then just tell yourself this is more important than that.

Trish: I think you need to be kind to yourself and meet yourself where you are when it comes to meeting those obligations. Um, for me, learning has changed and I think for a lot of people it's changed where you're getting your information in bite-sized pieces for sure. So that's great. There's some great information out there.
There's podcasts you can listen to on the way to work. Absolutely. There are, um, YouTube episodes that you might be able to pick up a couple of tricks from there. So I think we just need to look at how we. Do things a little bit differently, right?

Wai-Ke: And how we consume information nowadays versus, well, we might have had the appetite for 10 years ago.

Trish: And what about you? What do you see in the world of trends or maybe some common pitfalls that advisors fall into?

Wai-Ke: I see a lot of advisors are getting, um, much more curious with technology tools such as. Ai, whereas others, you know, are really shying away from it. But it's really quite interesting to see all the different ways that advisors are using AI in their day-to-day activities.
In terms of pitfalls, I think a lot of advisors are really putting off conversations and even. Thoughts about succession planning? It, it can be kind of alarming to, uh, some advisors when they're maybe five years away from retirement and they haven't really done a whole lot of planning in advance of that.
So I think that that could be quite a challenge if they're not really talking about this openly with their team members who are probably thinking about what's gonna happen when their advisor eventually retires. Listen, there's a lot of noise in the industry too. Uh, we're talking about things like fee compression, digital disruption, and all sorts of things.
It's not always easy for advisors to know what is worth paying attention to. What do you think advisors should be focusing on today?

Trish: You know, I think, and it really depends on where they are with their practice, but it's really taking a step back perhaps, and really taking a look at what do they love to do.
I mean, there's always things in our day that we have to do, but what do you really love to do? And then what can you delegate or even use technology for so that you can really shine at what you're good at? Building out relationships with your clients, for example. So I said at the top, continuous learning, being open to learning.
What would you say that an advisor who thinks practice management is nice to have rather than a need to have?

Wai-Ke: Uh, I'd say, well, I guess I'll talk to you later. Uh, but more so you know how we talk about the 80 20 rule and there are certainly some advisors that will gravitate towards. Practice management naturally.
And they're, they're easy for, for us, you and I, to, to be able to talk to and help coach. But I am sometimes trying to push the needle and, and try to get more than that 20%, you know, I'm trying to get that next advisor that hasn't really thought about practice management. And the way that that oftentimes will happen is when a peer starts to talk about some of the things that they've been able to adopt based on some of the programs that we've initiated or some of the things that they've gotten involved with with regards to practice management.
And then they're kind of like, oh. I see, I understand now because you also went through the same kind of, yeah, I'm not really sure if this is gonna work for me, but then you tried it and it works. So now I'm gonna listen and I'm gonna be more open-minded to it. So I, I find word of mouth is kind of the best way that, that people learn about adopting practice management rather than us going out there and kind of pounding on the pavement.
So to speak.

Trish: I've seen a real trend lately around that peer-to-peer, and I think it's mm-hmm. A really great evolution on learning. You're learning from the source, right? And what were the challenges that they had and how did they overcome them? So it's a really nice change that I've seen probably since Covid. Yes. People have really wanted that connection.

Wai-Ke: Yes. Well, maybe even before that, you know, oftentimes advisors, they'd love to hear from. Each other and what other people
have experienced. Especially if you can see somebody on stage, on a panel, for example, and they're talking about how they went through all these struggles, right?
Initially starting in their practice. 'cause you see that person in front of you and you don't see the whole journey that they've been on to get there. Oftentimes, there were a lot of things and obstacles in their way to get to where they are now. To be able to hear that the real person in front of you, I think it helps to connect advisors and show them that you know what the struggles you're going through today.
You know those successful people, they went through struggles too, and it's okay. They also got through it and you can learn a lot from them. But you know, it's not just about learning though, is it? Having a growth mindset and building a strong development culture are just as important. How do you think having these pieces working together shows up in an advisor's practice?

Trish: I think it's all about being able to adapt and go with the changes. Yes. Constantly learning, um, allows you to adapt to those changes much quicker, and when you incorporate that into your practice, you inspire others and they'll hopefully be also inspired to. To take on that learning as well.

Wai-Ke: Yeah, that makes a lot of sense.
I, I think it's also really important to be open-minded learning from a variety of people. Sometimes I come across advisors that say, well, you know what, I'm not really interested in conversing with people that are brand new in the industry, for example. 'cause they'll say, well, that person doesn't have a whole lot of experience, and so what could I possibly learn from them?
And meanwhile, in my mind, I think. You know what? That person also doesn't come with a lot of baggage, right? They're willing to try a lot of new things. They're willing to make mistakes because they, well, they don't even know they're gonna make a mistake yet. So they just try. And that mindset of experimentation, I think it's huge, right?
So the advisors that have had, uh, you know, a long tenure, for example, when they have one of those newer advisors even join their practice, I find that's even better. They all of a sudden are open-minded to technology tools, or at least exposed to them, and they can see it firsthand that. You know what?
These things actually can be very helpful. So I think just being open-minded to different points of view is really important.

Trish: Changing the topic a little bit. Mm-hmm. And maybe into one of your favorite topics here is around tools and platforms and technology. Mm-hmm. Lots out there. Yes. But if you had to pick one tool or service that would greatly help a lot of advisors out there, what would it be?

Wai-Ke: That's a tough one. I guess I would say, and this is gonna sound a little simplistic, but client relationship management tool, A CRM would be one of the most important tools that advisors must be using to organize their clients and better categorize the different services that they are providing for them.
I. Be able to have a pipeline for those different services amongst their team members. A lot of people do have a CRM, but they're not necessarily utilizing all the capacities within that CRM percent.
Yes.
Uh, to be able to fully get all of it, you know, get all of the value out of those tools. Sometimes when you talk to advisors and they, they tell you about all the intricacies that they're using their CRM tools to do. You'd be so surprised that they're even capable of all of those things. So I think advisors need to, if they're not already using a CRM tool, start pick one. I, I mean, sometimes people will say, you know what, if I choose the wrong one? And yeah, there, there is a risk to that for sure, but not having one is actually much worse because, you know, at least getting started with one. It'll help you get down the path of getting better organized and be able to better service your clients. It's simple, but you'd be surprised how few advisors actually use all of the different facets of a CRM tool.

Trish: I think that's a huge point. I mean, CRMs these days have a lot of bells and whistles.
Mm-hmm. They can take your notes, they can prompt you in all sorts of different ways, but we're barely scratching the surface on how we're using our CRM systems. Right. Um, they have tons of potential, but again, it's taking that step back and taking the time to learn what that's it can do. That's right. And the power that they have within that technology to really move your practice forward.

Wai-Ke: Exactly. You know, I've even had, in some cases when we've had our study group meetings, we've had some advisors actually come and demonstrate how they've been using their CRM tool for the other advisors to observe. So even if they're not using the very same CRM tool, they can at least get a sense of what are.
Other advisors using their CRM tools to do, to be, and what's it capable, right? And, and to be able to communicate amongst their different team members and coordinate all their different activities. So I would encourage advisors to share that information. Right? It, it's not necessarily confidential, but just those processes that you've built within your CRM tool could be helpful for other people.
What if advisors taught you over the years?

Trish: Oh so much. Honestly, how I see myself as a facilitator, really, it's getting those conversations going and that's when the good stuff really comes out. Yeah. Sometimes people think I'm getting off agenda when I go on a little bit of a tangent. Mm-hmm. But I think those tangents are valuable.
Sure. Like gains. Insight, you might be a little bit off script, but you gain some insights on how a certain advisor are doing certain things, how are they implementing those tools? And just really having good conversations. And from those, I've learned so much, so much that I've been able to pass on to other advisors, which is amazing for me facilitating that conversation.

Wai-Ke: I find that you can learn so much just by being a fly on the wall sometimes and just getting them to start talking.

Trish: Absolutely. Let them go have that conversation. It's amazing what you learn.

Wai-Ke: Mm-hmm.

Trish: And what about you? How have advisors taught you and how have you implemented that into your practice management?

Trish: I would say that advisors are always surprising me. I find that they're, they can be very inspiring in terms of the way that they approach their practices in different ways. I am particularly moved with stories that they tell with their client engagements. People that they've touched and transformed in terms of their life.
Advisors have a very important job. I think they need to be reminded of that, that it is an integral piece in somebody's. Success in life. That has really shaped the way that I approach my practice management development because I, I think it really is about how, how can we impact more people in a meaningful way, right?
How can you really get in front of clients and do the very best service that you can provide and, you know, feel great about that, right? It is a very fulfilling. And rewarding job, and I like to ensure that advisors feel that every time they go to work every day. Let me ask you this, Trish. I was having a conversation with an advisor the other day who is all about a adopting brand new technology tools and testing them out.
I. Sometimes, and I think we were on a study group together when we were talking to people about not always doing the brand new things, but actually going back to the basics and you know, people cringe a little bit when we say that, but what would you say to going back to the basics and how important that might be?

Trish: Absolutely. I think back to basics is critical. Sometimes we really overcomplicate things for ourselves. Mm-hmm. Sure. We try to introduce too many layers. When you think about what's most important to your clients, it really is pretty basic. Am I going to be okay? So really getting back to those true basics, bringing it back to maybe even a little bit boring, maybe you're not introducing all sorts of fancy technology there, but what did you build your practice on Initially?
Yes, it was that relationship. It was that advice. So sometimes you need to scale it back a little bit and take it back to those basics.

Wai-Ke: For sure. I think from the very same study group, there was an advisor who said, I want to build a boring practice so I can have an exciting life.

Trish: Yeah, I loved that line.
Yeah. That he said I, that really resonated with me. And I think that's absolutely true is if you build in those processes, the rest will follow and then you can focus on what's more important.

Wai-Ke: Yeah, agreed.

Trish: Absolutely. Um, what about you? Do you have that one nugget that you like to pass on to advisors?

Wai-Ke: I would say always be curious, you know, always be curious what other people are doing.
Always be curious about new tools. You don't have to adopt every single thing. I mean, some people will, but I think being curious about things and open to experimentation, like it's not the end of the world. If you try something, it doesn't work. That's kind of how they taught us back in the day, like when you were starting in this business.
It's all about trying everything at least once and then seeing whether or not it will work for you. So I would say throughout your career. Just be curious. And that will help you want to learn, want to experiment and try new things.

Trish: Absolutely. I was thinking about curiosity, but more as it relates to clients and really staying curious about your clients.
Mm-hmm. I think there's a lot of focus upfront when you're first getting to know your client to be very curious and ask probing questions to get to know them, but I think that needs to be an ongoing piece. Sure. Where each time you're meeting with your clients, what's changed. Yeah. How has that changed? Has it changed the way that you're going to execute on your plans and just remaining curious?
Wai-Ke: Yeah, absolutely. So remaining curious is going to be really important for advisors as they progress in their business. And if we were to circle back on this discussion, let's say in three to five years, what do you think will be top of mind for advisors? Is it gonna be any different in the way that we support them?
Trish: I think looking forward, I think that conversations around succession planning will be a lot more prevalent. Mm-hmm. Re retirement is going to be definitely on the minds of advisors and how that's going to look. I. What their transition will be from their practice. How do they want to pass it on to their successor?
Wai-Ke: Yes.
Trish: Um, how do they make it as seamless as possible for their clients?
Wai-Ke: Absolutely. And if they're not already having those discussions right now, they're definitely going to be doing that in the next few years.

Trish: Absolutely. It's a, it's an important conversation to have. You know, we know that advisors wanna retire too, just like their clients, so, right. What does that look like? You know, we spend a lot of time planning for clients, retirement. What about your own? I think that's gonna be very topical coming forward.
Wai-Ke: Well, I've had a great time today. This has been such a fabulous conversation. Thank you so much, Trish.
Trish: My pleasure. It's always so nice getting to work with you and to be a part of the advisor. Delta. Thanks to all our listeners for tuning in today. See you next time. Thanks for tuning into the Advisor Delta. We hope you have found today's episode valuable to supporting your practice. For more episodes and insights, don't forget to subscribe and visit us at www.world source wealth.com. And remember, together we can take your practice to the NextLevel™.

Narrator:
Thanks for tuning into The Advisor Delta™! We hope you found today’s episode valuable to supporting your practice. For more episodes and insights, don’t forget to subscribe and visit us at www.worldsourcewealth.com. And remember, together, we can take your practice to the NextLevel™. Until next time!
Worldsource Financial Management Inc. (a mutual fund dealer) and Worldsource Securities Inc. (an investment dealer), are divisions of Worldsource Group of Companies Inc., operating as Worldsource Wealth Management. The views and opinions expressed in this podcast are those of the participants only. This podcast is for informational purposes only and does not constitute financial, legal, or professional advice. Listeners are encouraged to seek professional guidance for their specific needs. Worldsource Wealth Management does not endorse any products, services, or companies mentioned in this episode.