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 Benefit Monetary Advisors, a hybrid advisory agency primarily based in Alpharetta, Georgia, that oversees roughly $13 billion in belongings underneath 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 approach up from beginning as an intern to ultimately turn into the president of a nationwide RIA enterprise and lead their proactive mergers and acquisitions technique.
On this episode, we speak in-depth in regards to 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 staff threatened to give up due to her authentic administration type), how Kay Lynn grew to acknowledge the significance of connecting higher along with her staff members as individuals reasonably 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, at the same time as 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 associate determined to promote their earlier agency to Benefit reasonably than undergo their very own inner succession), why Kay Lynn sees extra worth in promoting corporations when their G2 advisors are additionally fairness homeowners, even when the founder continues 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 appropriate match for her agency… and a comparatively easy transition for the promoting agency’s staff).
And be sure to take heed to the top, the place Kay Lynn shares how she incorporates the BehavioralDNA character evaluation each when hiring new staff and when working with purchasers, how Kay Lynn’s agency affords “natural development tracks” that enable its advisors to plug into potential sources of purchasers (comparable to 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 vital for advisors to mirror on the present part of life they’re in (for instance, whether or not they have younger kids or are empty nesters) and construction their work in keeping with that part, 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 focused on studying about charting a profession path to ultimately lead a big enterprise RIA, positioning a agency to draw a premium valuation when contemplating a sale, or the best way to incorporate character assessments within the hiring and consumer onboarding processes, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Kay Lynn Mayhue.