Welcome again to the 333rd episode of the Monetary Advisor Success Podcast!
My visitor on at the moment’s podcast is Jim Dew. Jim is the Co-Founder and CEO of Dew Wealth Administration, an unbiased RIA primarily based in Scottsdale, AZ, that gives virtual-family-office-style monetary planning on a month-to-month retainer foundation for 150 small-business proprietor entrepreneurs.
What’s distinctive about Jim, although, is how he has scaled his retainer-based boutique agency to greater than $7 million in income, a $31 million enterprise valuation, and is rising organically at a 40% progress charge, by offering a high-touch complete recommendation providing for his enterprise proprietor area of interest clientele.
On this episode, we discuss in-depth about how, regardless of not implementing an AUM mannequin, Jim’s agency was independently valued at $31 million of enterprise worth primarily based on the power and progress charge of their retainer-based pricing mannequin, how Jim arrived at his retainer-based mannequin that costs $4,000, $6,000, or $10,000 per thirty days to cowl the breadth of the ‘monetary quarterback’ providers he supplies to his supreme goal shopper (enterprise house owners with greater than $1M of EBITDA per yr), and why Jim and his agency not solely present a deep-dive monetary planning evaluation to prospects however have advanced it to the purpose of charging an upfront payment of $25,000 to prospects simply to undergo it, after studying the arduous means in suggestions from current purchasers that gifting away the evaluation without cost was really undermining their perceived trustworthiness.
We additionally discuss how Jim has structured his virtual-family-office-style method not by delivering tax, authorized, and different providers in-house however as a substitute by regularly constructing an inventory of exterior tax, authorized, and different professionals that he and his agency don’t simply refer out to however have actively sought out and vetted primarily based on their credentials, training, expertise, and persona and follow-through. Jim describes how he and his agency present what he calls a ‘time power defend’ for his or her busy business-owner purchasers by serving to them discover the suitable professionals they could want, managing the tasks with their professionals, and even fielding the inevitable enterprise pitches that come at their purchasers, and why Jim and his agency use Monday.com as a substitute of a conventional CRM to each map out and handle workflows and duties for purchasers but additionally to maintain detailed details about their vetted professionals and COIs… whereas additionally making a dashboard in order that purchasers can observe the progress of the entire providers that the agency supplies them.
And make certain to hearken to the tip, the place Jim shares how, after a few years of struggling to rent the suitable candidates for his agency, he realized that the recruiters he was utilizing weren’t delivering and determined to implement an ESOP to draw candidates in addition to hiring a director of operations who executed a marketing-esque hiring funnel to usher in extra advisor expertise, why Jim feels strongly about creating a distinct segment focus as a result of he realized that by changing into an knowledgeable in a selected discipline, it’s simpler to market and clearly talk providers and helps the suitable purchasers discover his premium providers, and why, though Jim has acquired affords prior to now, he feels he received’t be promoting his agency anytime quickly regardless of its robust valuation a number of as a result of he believes his distinctive enterprise mannequin contributed the 10X progress of the agency prior to now 8 years and desires to proceed his legacy and impacting how monetary planning is offered for enterprise house owners for the foreseeable future.
So, whether or not you’re considering studying about why, as a result of Jim is a enterprise proprietor himself, he needed to work with enterprise house owners to present them the help they have to be profitable, how Jim’s spouse Mimi develops and helps the agency’s crew tradition, or why Jim feels a retainer-based mannequin is extra suited to his purchasers as a result of they get pleasure from figuring out precisely how a lot they’re paying every month and don’t have to fret about long-term contracts, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Jim Dew.