Welcome everybody! Welcome to the 450th episode of the Monetary Advisor Success Podcast!
My visitor on right now’s podcast is Ryan Morrissey. Ryan is the founding father of Morrissey Wealth Administration, an RIA based mostly in North Haven, Connecticut, that oversees $140 million in property underneath administration for 150 consumer households.
What’s distinctive about Ryan, although, is how he has added $80 million of consumer property in the course of the previous seven years primarily by holding in-person instructional retirement planning seminars that appeal to his best 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 provides him loads of time to construct a private reference to attendees), how Ryan gives a private session to seminar members as an non-obligatory third “session” (framing it as one thing they’ve already paid for as a part of the category charge), and the way Ryan sometimes will get two new shoppers from every class session (representing a mean complete of $1.7 million in property) producing income that exceeds his prices for holding the seminars of their first yr together with his agency alone.
We additionally speak about how Ryan will get logistical assist for his seminars by providing them by means of native public grownup teaching programs (which safe applicable 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 prepared to let the grownup teaching programs hold the registration charges from his seminars given the income that comes from new shoppers 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 make sure to hearken to the top, 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 progress after making the leap to agency possession, going fee-only, and simplifying his service and funding planning choices.
So, whether or not you’re eager about studying about tips on how to set up efficient in-person instructional seminars, discovering key outsourcing companions to cut back the time wanted to place them on, or getting a robust return (within the type of new shoppers) on advertising and marketing {dollars} spent on selling seminars, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Ryan Morrissey.