Welcome everybody! Welcome to the 450th episode of the Monetary Advisor Success Podcast!
My visitor on immediately’s podcast is Ryan Morrissey. Ryan is the founding father of Morrissey Wealth Administration, an RIA primarily based in North Haven, Connecticut, that oversees $140 million in belongings below administration for 150 consumer households.
What’s distinctive about Ryan, although, is how he has added $80 million of consumer belongings through the previous seven years primarily by holding in-person academic retirement planning seminars that entice his perfect goal consumer.
On this episode, we discuss in-depth about how Ryan organizes his seminars as two three-hour courses held over the course of two weeks (which supplies him loads of time to construct a private reference to attendees), how Ryan presents a private session to seminar members as an optionally available third “session” (framing it as one thing they’ve already paid for as a part of the category price), and the way Ryan usually will get two new purchasers from every class session (representing a mean complete of $1.7 million in belongings) producing income that exceeds his prices for holding the seminars of their first 12 months along with his agency alone.
We additionally discuss how Ryan will get logistical assist for his seminars by providing them by means of native public grownup teaching programs (which safe acceptable classroom area and facilitate participant registration), how Ryan has discovered that charging for the seminars has led to higher participant engagement (and why he’s keen to let the grownup teaching programs maintain the registration charges from his seminars given the income that comes from new purchasers who discover him by means of the courses), and the way Ryan markets his seminars by sending mailers focused at households in his space that match his goal age and wealth profile.
And be sure to take heed to the tip, the place Ryan shares his experiences working within the wirehouse, unbiased broker-dealer, and RIA channels (and the way he’s thrived after gaining the independence that agency possession can present), how Ryan has navigated ongoing compliance obligations as an unbiased RIA (first efficiently dealing with it by himself and now working with a compliance agency as he’s handed the brink for SEC registration), and the way Ryan in the end skilled vital consumer and AUM development after making the leap to agency possession, going fee-only, and simplifying his service and funding planning choices.
So, whether or not you’re curious about studying about methods to arrange efficient in-person academic seminars, discovering key outsourcing companions to scale back the time wanted to place them on, or getting a powerful return (within the type of new purchasers) on advertising {dollars} spent on selling seminars, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Ryan Morrissey.