The financial advisory industry is transforming significantly as advisors increasingly recognize their enterprise value. As a result, many advisors are seeking greater independence by moving away from captive organizations and building their own RIA firms. This shift towards independence allows advisors to align their business with their client's needs, leverage innovative technologies, and gain greater control over their operations.
In this episode, George and Ryan talk with Penny Phillips, Co-Founder and President of Journey Strategic Wealth. Penny has spent most of her career coaching and consulting financial advisors and institutions. Before founding Journey, Penny founded Thrivos Consulting, a practice management coaching company. She also worked in various leadership positions across the financial services industry and has authored multiple practice management training programs focused on helping financial advisors prepare for the next generation of wealth holders.
Dedicated to helping advisors who want independence and full-fledged practice management support, Penny talks to Ryan and George about why she founded Journey Strategic Wealth, her commitment to empowering advisors through effective practice management, and why advisors are moving away from captive organizations.
Key Takeaways
[01:20] - What motivated Penny to launch Journey Strategic Wealth.
[05:56] - How Penny helps advisors sell their services while working with clients.
[11:14] - Why technology is not the differentiator in financial services.
[16:14] - What it means for financial firms to audit their technology.
[17:55] - Why advisors are moving away from captive organizations.
[24:30] - The best thing advisors can do now.
Quotes
[02:05] - "Advisors are starting to recognize that they have enterprise value. So, the consulting shifted to helping folks leave whatever firm they were at, whether it was a broker-dealer, wirehouse, or insurance broker-dealer, and launch an RIA or build their own firm." ~ Penny Phillips
[11:28] - "Technology's not a differentiator. Our differentiator is how we create the capacity for advisors to be their true and best selves." ~ Penny Phillips
[23:14] - "Our responsibility as professionals in this business is to educate the clients and investors about RIA, what is a fiduciary standard, and what does wealth management really mean? It's not just investment management." ~ Penny Phillips
Links
Penny Phillips on LinkedIn
Penny Phillips on Twitter
Journey Strategic Wealth
Envestnet
Connect with our hosts
Ryan Donovan
George Svagera
Subscribe and stay in touch
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0677-OAT-3/7/2023
