Season 1 | Episode 8
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On the latest episode of “Growth Leaders of Wealth Management,” we’re talking to some of the key leaders of Advisors Excel, an IMO and RIA that serves hundreds of advisors across the country, fueling a jaw-dropping 42% average YOY organic growth (compared with the industry average of 4.9%).
Cody Foster, Co-founder of Advisors Excel, details his company’s unique beginnings from a startup insurance-only IMO in 2005. After partnering with and subsequently attempting to acquire a small RIA in 2010 that ballooned from $400 million to $6 billion in just five years, they walked away and started from scratch with their own RIA. Since that point in 2016, they’ve rocketed to more than $30 billion in AUM by focusing on their mission of, “Helping good advisors become great business owners.”
In order to do that, they provide an expansive and deep set of services based on requests they hear from their advisors. For example, after learning enough advisors wanted media production capabilities to support their marketing efforts, they started their own in-house media team. Now, Cody estimates they produce anywhere from 75 to 100 radio and television shows for their advisors. They also have a marketing agency, hiring agency, and much more.
When it comes to marketing, the Advisors Excel team clearly understands its value. Matt Neuman, Chief Strategy Officer, said that firms in their “growth” phase reinvest 15-20% of their annual revenue into marketing. As they grow and scale, that number comes down, but still stands around 5-8%, Matt says.
Advisors Excel is dedicated to remaining independent and helping the advisors they serve do the same, which brings a fair share of challenges. From independent advisor branding to navigating multiple investment philosophies on their platform to hiring, Cody shares how they address each area.
As we wrap up the episode, Cody shares his thoughts on why he believes the next decade will be great for the industry – and what that means for his company. Check out the episode to learn more about what makes Advisors Excel among the best “Growth Leaders of Wealth Management!”
Key Takeaways:
- Think of clients as your built-in distribution network. By leveraging their existing network of raving fans and loyal clients and doubling down on what they do best, Advisors Excel has worked both in transitioning assets from other RIA or IAR platforms AND driving massive organic growth at the advisor level. You can take this idea and leverage the concept in your own business, too.
- Foster a small business mindset in your advisors. When advisors see themselves as drivers of their own business, they are more invested in growth, they seek out innovative solutions and they are able to address the unique needs of their clientele.
- Listen to your advisors. Advisors Excel’s decision to expand into wealth management was directly due to the needs of their advisors and their clients. As they have continued to grow, quickly addressing pain points and finding solutions has kept momentum going.
Connect with us:
- Meg Carpenter on LinkedIn
- Cody Foster on LinkedIn
- Matt Neuman on LinkedIn
- Kevin Thornton on LinkedIn
About Ficomm Partners
Ficomm Partners is the embedded growth partner for results-driven RIAs, and wealth management platforms. With a track record of helping over 250 clients achieve their growth goals, Ficomm understands that while industry patterns may repeat, each firm's growth challenges are unique. Ficomm prioritizes strategy and finds the most impactful ways to move you toward your goals. We align all your marketing activities with your business objectives, acting as your dedicated growth partner with our human-first approach, strategy-first methodology, and unrivaled team of industry marketing experts.