How To Leverage the Power of Outsourcing Through a Network of Referral Partners With Brad Wales


One of the skills that you have in one of the powers that you have is is creating a network a deep bench of referral partners that you have already vetted in order to help that adviser after they transitioned. Ria be able to do the things that they want to do. And you and. I talked about this a little bit when it came to marketing right so a lot of people are leaving and wire houses because they're just so tired so tired in especially brother now with this new ruling right oh my gosh testimonials and all of the things that we're going to be able to her finely doing as an ra that's really powerful. How do you find referral partners. And what do you do to that them to increase your confidence so that when you make that referral you know that they're going to do. Good work for your clients a deep bench as you said because as part of my value proposition is helping advisors figure out a whole number of possible solutions. That that they're going to need they go down a path of perhaps the a model and so some of those some of those contacts were just built up over my my years and years and years in the industry and they they came through whatever circumstances than others. I've i've specifically sought out either to kind of deepen my bench or to or to fill a gap in that in that. That's always an interesting exercise and that will forever be be something i'll do because something else will come along and nokia. There's a solution. Maybe we need for that. And it's an interesting exercise. Because i had people that just have not been responsive to me and i can out region out and i know there's a lot of people that are always some sales pitch and so sometimes someone misinterpret while you're reaching out to but that but when i'm reached out in more eloquently but basically and hey i might be in a position to send you referrals asking for any compensation in return. I just would like to learn more about your platform. And and even when i present that some sometimes people either are slow to get back to me or don't get back to me and i just think wow if they won't get back to to me when i'm kinda tossing him a softball how are they. How responsive are they going to be two advisers. I might send them. And and that's that's quite telling on the front end. I try to give people balance. The dow is a busy world. And maybe this kind of missed the first message but but you can kind of feel things out and mad. That's how you and i got to know each other. I just reached out to you very responsive and have a conversation after that and and here we are down this path. So i think it's that kind of initial thing and then just really feel and people out in in once they know. Hey look. I'm not. I'm not trying to sell you just trying to be a good partner here. And what kind learn. And then it's interesting because without even trying you're setting upper a situation where they're gonna reciprocate in the long run without me even asking for a by the way. Could you keep me in. Mind it it just naturally works out when you're when you're looking to genuinely help someone else out perhaps with referrals. It comes back to you as well as you were saying that i was thinking back to when you and i met man of course is for all virtual and it was on linked in right i remember looking at your stuff and watch some of your videos and the first thing that i thought to myself is. This guy's not trying to hawk stuff. It's it's value value value expertise value right in. That's what i fell in then the minute we got on the phone. Just the alignment of a of values. Right i mean. And i'm not talking about deep philosophical values. I'm just talking about business. Core business values. We were in line. And so i was just out of call brad. This is funny was just on a call with an l. p. o. Rep yesterday. Sales call. And i had bad news for right because we have not had the greatest success with l. p. o. wraps because of compliance right so we have nine podcasting tactics and and some of the tactics are bringing guests on an l. p. l. was totally against that we don't provide legal advice isn't frigging. You're not anyway. Whatever i'm not going to get there. And so i was joking with this. It's a father and tucson office and they're they're in western illinois. Hi said well. Hey guys this could be the reason why you guys leave l. l. and you know Start your on our a. And the youngest son the youngest who's been actually with affirm the longest smiled and said well you know that's a conversation we had bam brad's name popped into my head and i was like. Hey guys when. You're ready to do this. I got somebody for you. This is what he does. And you've stayed top of mind one. Because of the fact that i actually do trust you secondly because you have a very narrow focus which means that. I know that you're gonna do what i would refer people to you for but at the same time you have helped build a relationship with makes that referrals a lot easier to to go back and forth and i'm not gonna flood you with new clients as you're not gonna flood me and that's not really the point because as we deepen our relationship we are going to know exactly who you're looking for right so everybody here at problem is gonna know okay if we come across this person. They're the person that we refer to to. Brad right and you're going to be able to do the same thing with us when it comes to outsourcing. What is the number one thing in your experience. In working with financial services professionals that is their biggest obstacle or the biggest category of outsourcing. That if you could wave a magic wand and takata which everybody would outsource this. What would that be at that. You were going to say what. What is the biggest challenge for the person to appear on my radar. So i did separately. You answer that answer this first one and then we'll go back to that one. As far as what my number one. Category of outsourcing. It is quite wide. In the reason i say that is. That's part of why my value proposition exists. Because unfortunately in this case of help advises with if you want to transition into that aura model. Unfortunately it's not just one or two vendor types that that you you need to work with. Its compliance folks marketing. Folks it's technology folks it's custodians. It's back office folks. it's it's all these different vendors and so certainly some are more bigger decisions if you will. You must must make decisions that nice to make decisions kind of thing. And and so that in my world. That's perhaps your custodial partner that that's a big one. That's really going to move the needle. The other end of the spectrum is dozens of different technology applications. You could use you know maybe that. That's the last little piece that adds one little bell or whistle is that's not going to be as pivotal but it still might be important to you. So even something as simple as someone sees that. I use callan lee on my website of how people arrange a conversation with me in the grand scheme of things. That's that's a pretty minor vendor compared to a custodian but yet it's a very powerful tool nonetheless that i think any industry people should be thinking of it. Certainly in the financial services industry is a way for people to get a hold of so. Let's let's talk about people getting on your radar. People are listening to this. And they're like. Oh my gosh. I'd love to refer some business spread. Who who who are the ideal people i mean do you. Do you love working with the wirehouse transition or d transition. Or what what is your. What is your favorite as far as the people come to me. They're seeking out my services. It's primarily anyone again that's interested in that ra model. There isn't an interested because a lot of folks just simply haven't even dip a toe let alone learn let alone be and not use baseball analogy in the fifth in kind of that education process and so in many instances that is wirehouse folks quite often. That's independent broker dealer folks for for the example you gave. Unfortunately there are some constraints even that independent world that that you can perhaps be free of a net or a model. The evan talked to a fair number of people that are. Add an existing. Ira that's not the rhone that they've kind of outgrown that opportunity in wanna launch off onto their own or as well so it's it is it does run the gamut but primarily the more the more pain points you have now and the bigger that gap is to the promised land is where the opportunity is so so something like a wirehouse adviser both from economic jump and a flexibility jump is just a significant advantage. That makes it appeal to have that kind of

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