Welcome everybody! Welcome to the 422nd episode of the Monetary Advisor Success Podcast!
My visitor on at present’s podcast is Kay Lynn Mayhue. Kay Lynn is the President of Advantage Monetary Advisors, a hybrid advisory agency primarily based in Alpharetta, Georgia, that oversees roughly $13 billion in property below administration for 26,000 consumer households.
What’s distinctive about Kay Lynn, although, is how she developed her advisory, administration, and management expertise to work her means up from beginning as an intern to finally develop into the president of a nationwide RIA enterprise and lead their proactive mergers and acquisitions technique.
On this episode, we speak in-depth concerning the ups and downs of Kay Lynn’s evolution over the previous decade from being a client-facing advisor to a agency chief (together with the teachings she discovered when as soon as, early on, her crew threatened to stop due to her unique administration type), how Kay Lynn grew to acknowledge the significance of connecting higher together with her crew members as folks slightly than simply specializing in enterprise outcomes and outcomes alone, and Kay Lynn’s methods at present round asking friends and staff for suggestions (which have helped her acknowledge blind spots in her management method, whilst she’s now superior to the very best administration ranges at her agency).
We additionally speak Kay Lynn’s present function managing her agency’s mergers and acquisitions exercise (together with how she and her enterprise companion determined to promote their earlier agency to Advantage slightly than undergo their very own inside succession), why Kay Lynn sees extra worth in promoting corporations when their G2 advisors are additionally fairness homeowners, even when the founder remains to be planning an exterior sale in the long term (as a result of it ends in extra of an possession mindset within the promoting agency’s G2 advisors that helps them see the good thing about staying on to develop their fairness additional after the deal is closed), and why Kay Lynn locations excessive significance on tradition when evaluating potential corporations to amass (to make sure each the precise match for her agency… and a comparatively clean transition for the promoting agency’s crew).
And be sure to hearken to the tip, the place Kay Lynn shares how she incorporates the BehavioralDNA character evaluation each when hiring new staff and when working with shoppers, how Kay Lynn’s agency provides “natural development tracks” that enable its advisors to plug into potential sources of shoppers (resembling corporations with Worker Inventory Possession Plans and establishing partnerships with CPAs) after which execute in that channel with a longtime advertising and marketing playbook to develop their practices, and why Kay Lynn thinks it is essential for advisors to replicate on the present section of life they’re in (for instance, whether or not they have younger kids or are empty nesters) and construction their work in line with that section, to have the ability to obtain each their skilled ambitions and their priorities of their private lives over the long term.
So, whether or not you are excited about studying about charting a profession path to finally lead a big enterprise RIA, positioning a agency to draw a premium valuation when contemplating a sale, or easy methods to incorporate character assessments within the hiring and consumer onboarding processes, then we hope you take pleasure in this episode of the Monetary Advisor Success podcast, with Kay Lynn Mayhue.