Insights

A Huge New Hybrid RIA Emerges, Women-Led Firms Conduct Strategic M&A And Three Big Firms Make Executive Promotions From Within. Journey Strategic Wealth Brings On Three Advisory Teams With $210 Million In Assets. Woman-led Journey Strategic Wealth (JSW) is adding three teams with six advisors, representing a combined $210 million in new AUM for the boutique financial advisory firm. Richmond, Virginia-based Mark Newfield, Seattle-based Laurie Adams and traveling advisor Kathleen Barlow bring their practices to JSW, which itself has offices in Summit, New Jersey, and Alamo, California. Newfield’s team also includes advisor Angela Lessor, financial planner Melissa Clark and operations leader Danielle Handshaw.

While financial advisors face serious business challenges, these tough issues also serve as opportunities for them to reshape their firms and the industry, according to several RIA leaders who spoke Monday during a panel discussion at the Future Proof conference in Huntington Beach, California.

Active listening is a powerful tool advisors can use to gain insight into how to communicate with clients and effectively coach them toward intentional action.

Best practices and steps to take prior to resigning that will ensure you hit the ground running once you are registered with your new firm.

In this episode, we talk with Penny Phillips, President and Co-Founder of Journey Strategic Wealth. Penny dives deep into the financial advisor world from what is your X factor, how to prepare your clients for what your vision is, and selling your practice. She also goes through 1099 and W2 and how the industry could be changing. She goes into the RIA world and the new vision she is creating inside Journey Strategic Wealth while jumping into the problems with private equity and venture capital coming into the financial advisor space and what to steer clear of. This was a truly impactful conversation.

Why the best advisors are relentless prospectors, obsessed with their business, and have conviction in their approach to clients and the market.

Penny Phillips, co-founder and president of Journey Strategic Wealth, recommends advisors take a more strategic, intentional approach to leveraging clients for new business.

Easy-to-implement ideas to drive daily productivity, including managing email inboxes efficiently and cueing your brain to focus on the 'right' activities.

Selling even a portion of an advisory business is a major decision and life event. It’s not one that should be rushed or taken lightly.