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Considering Independence? A Must Read Q/A with Matt Meyer

Q/A with Matt Meyer

March 2018

 

Last month we did a Q&A with Ross Biesinger, Partner and Senior Financial Advisor at Cypress Wealth Services. Ross shared his perspective on his transition from a wirehouse firm to an RIA in 2014. To continue the education, we did a short Q&A session with Matt Meyer, Co-Founder of The BluePrint Insurance Services. Matt has been in the financial services industry for over 20 years specializing in estate and business planning. Matt’s company focuses on working with comprehensive financial advisors and RIAs who want to offer clients fixed annuity and insurance as part of their client offering. Over his twenty year tenure. Matt has he has seen many advisors make the change to independence. Below he shares what he has seen and learned.

 

What is the best advice you can give an advisor considering a move to independence?

“Think through what you want your client service experience to look like. Create a game plan to execute. Get the right people involved to help you execute your plan.  I have seen many advisors not think things all the way through. They didn’t create the same or better client experience for their clients (on day one) and their transition was more difficult than it needed to be. Build it with the end in mind and execute. There are plenty of professionals that specialize in helping advisors succeed as an independent advisor, so find the ones that fit you best.”

From an insurance perspective, what are the biggest differences between doing insurance business at a major firm and as an independent advisor?

“I don’t think the big firms make insurance a key component of the planning process. It is just another option on the shelf. It can play a key role in helping clients achieve their overall financial planning objectives and I am not sure if is positioned that way in major firms. Big firms also limit the distribution to key insurance partners and convolute the compensation structure for advisors. This disincentivizes the advisor to incorporate it into their process and practice. As an independent advisor we promote the importance of having a hands-on partner that can incorporate all insurance carrier options available to provide the most comprehensive client experience. Independent advisors are able to shape this client experience to their liking, choose the insurance partners they want to work with, and can create greater enterprise value by incorporating an insurance platform.”

What’s the best benefit of incorporating insurance into an independent advisory practice?

“I believe the financial advice business has evolved and more clients want a comprehensive experience. However, some advisors don’t incorporate insurance into their reviews and conversations because they may not feel comfortable with the insurance process or they are not confident in their understanding of available client solutions.  Incorporating insurance into their conversations not only provides the client an ‘A-Z experience’ but it also provides the advisor the ability to understand more about their clients, what they may already have, and ultimately insulate them from other professionals who have a full offering. You don’t have to specialize in insurance, but make it part of your discussion and have holistic and agnostic insurance partners that are part of your client experience.”

What do you do for independent advisors that partner with your firm?

“For our partner firms we become an extension of their business. We market ourselves as their in-house specialist. We focus on estate planning, retirement, tax, business planning and address how insurance can complement other asset classes in the right situation. We pride ourselves on simplifying the complicated and taking the time to understand the advisor’s workflow so we can naturally fit into their business. We focus on RIAs and comprehensive financial advisors who believe the inclusion of an insurance platform can add enterprise value and a better client experience.”

 

The BluePrint Insurance Services currently partners with RIAs and comprehensive financial advisors. To learn more about them, please visit www.tblueprint.com

If you are an advisor in the Southern California area who may want to start your own firm or looking for help with your existing firm, please contact 949.751.7407 or email Erik@FreedomforAdvisors.com to learn how Freedom Partners can help you.