Welcome everybody! Welcome to the 450th episode of the Monetary Advisor Success Podcast!
My visitor on right this moment’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 belongings below administration for 150 consumer households.
What’s distinctive about Ryan, although, is how he has added $80 million of consumer belongings throughout the previous seven years primarily by holding in-person instructional retirement planning seminars that appeal to his very best goal consumer.
On this episode, we speak 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 presents a private session to seminar contributors as an optionally available third “session” (framing it as one thing they’ve already paid for as a part of the category payment), and the way Ryan sometimes will get two new purchasers from every class session (representing a mean complete of $1.7 million in belongings) producing income that exceeds his prices for holding the seminars of their first 12 months along with his agency alone.
We additionally speak about how Ryan will get logistical assist for his seminars by providing them via native public grownup education schemes (which safe applicable classroom house and facilitate participant registration), how Ryan has discovered that charging for the seminars has led to better participant engagement (and why he’s prepared to let the grownup education schemes preserve the registration charges from his seminars given the income that comes from new purchasers who discover him via 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 take heed to the tip, the place Ryan shares his experiences working within the wirehouse, impartial 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 impartial RIA (first efficiently dealing with it by himself and now working with a compliance agency as he’s handed the edge for SEC registration), and the way Ryan finally skilled vital consumer and AUM development after making the leap to agency possession, going fee-only, and simplifying his service and funding planning choices.
So, whether or not you’re enthusiastic about studying about easy methods to manage efficient in-person instructional seminars, discovering key outsourcing companions to cut back the time wanted to place them on, or getting a powerful return (within the type of new purchasers) on advertising and marketing {dollars} spent on selling seminars, then we hope you take pleasure in this episode of the Monetary Advisor Success podcast, with Ryan Morrissey.
