Welcome everybody! Welcome to the 422nd episode of the Monetary Advisor Success Podcast!
My visitor on right now’s podcast is Kay Lynn Mayhue. Kay Lynn is the President of Benefit Monetary Advisors, a hybrid advisory agency based mostly in Alpharetta, Georgia, that oversees roughly $13 billion in belongings below administration for 26,000 consumer households.
What’s distinctive about Kay Lynn, although, is how she developed her advisory, administration, and management abilities to work her method up from beginning as an intern to finally grow to be the president of a nationwide RIA enterprise and lead their proactive mergers and acquisitions technique.
On this episode, we speak in-depth concerning 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 crew threatened to give up due to her unique administration model), how Kay Lynn grew to acknowledge the significance of connecting higher together with her crew members as individuals reasonably than simply specializing in enterprise outcomes and outcomes alone, and Kay Lynn’s methods right now round asking friends and workers for suggestions (which have helped her acknowledge blind spots in her management method, at the same time as she’s now superior to the 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 companion determined to promote their earlier agency to Benefit reasonably than undergo their very own inner succession), why Kay Lynn sees extra worth in promoting companies when their G2 advisors are additionally fairness house owners, even when the founder continues to be planning an exterior sale in the long term (as a result of it leads to 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 companies to amass (to make sure each the correct match for her agency… and a comparatively clean transition for the promoting agency’s crew).
And make certain to hearken to the top, the place Kay Lynn shares how she incorporates the BehavioralDNA persona evaluation each when hiring new workers and when working with shoppers, how Kay Lynn’s agency presents “natural development tracks” that permit its advisors to plug into potential sources of shoppers (reminiscent of companies with Worker Inventory Possession Plans and establishing partnerships with CPAs) after which execute in that channel with a longtime advertising playbook to develop their practices, and why Kay Lynn thinks it is vital for advisors to replicate on the present part of life they’re in (for instance, whether or not they have younger youngsters or are empty nesters) and construction their work in line 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 concerned about studying about charting a profession path to finally lead a big enterprise RIA, positioning a agency to draw a premium valuation when contemplating a sale, or tips on how to incorporate persona assessments within the hiring and consumer onboarding processes, then we hope you take pleasure in this episode of the Monetary Advisor Success podcast, with Kay Lynn Mayhue.
