Setting a New Course for Sustained Growth
Business: Monument Wealth Management
Location: Richardson, TX
Mike and Tina Tannery had built a loose affiliation of independent advisors who shared neither their mission, vision nor their commitment to client engagement. Upon learning that one of their advisors lost more than 50% of his clients’ assets, the couple realized that drastic changes needed to be made.
Setting a New Course for Sustained Growth
How ClientWise Business Builder Workshops helped one practice grow into a highly focused, holistic, life planning wealth management team.
Established in 2001, Tannery & Company rapidly grew from a two-person husband and wife advisory team (Mike and Tina) with administrative support to a multi-disciplinary, multi-advisor practice. Everything appeared to be progressing swimmingly – right up until the 2008-2009 financial crisis. The Tannery’s soon came to realize that the strict planning and investment processes that were the cornerstone of their business were not being as rigorously adhered to by the other advisors working with them.
Rather than a cohesive team, Mike and Tina had instead built a loose affiliation of independent advisors who shared neither their mission, vision nor their commitment to client engagement. Upon learning that one of their advisors lost more than 50% of his clients’ assets, the couple realized that drastic changes needed to be made.
Addition by subtraction
Around the same time, Mike began attending ClientWise Business Builder Workshops. As the presentations and group conversations moved from team building to developing repeatable processes and making better use of technology, he knew he was among truly like-minded peers and quickly embraced the workshop experience. Both the Loyal Client Advocate and the Professional Advocate approaches strongly resonated, and he left the first workshop committed to embracing those concepts and figuring out a way to apply them to both the retention of existing clients and the acquisition of new ones.
It took the Tannerys the better part of a year, but they ultimately decided that in order to build the practice they genuinely desired, they would need to scale it all back to the beginning (two principals and one admin) and rebuild the right way from there. Throughout the entire process, ClientWise workshops have provided both the guardrails and the scalable structure to achieve the couple’s vision…and continue to play an integral role in their business.
“We now have an integrated multi-disciplinary team rather than a group of sole practitioners leveraging shared resources,” explains Mike. “We’ve implemented a host of well-documented, repeatable processes, are making much better use of technology to engage with our clients and prospects, and have begun to develop individual marketing plans for select professional advocates to map out events and activities we can commit resources to conducting jointly with them.”
As a direct result of the Business Builder Workshops, Tannery & Company has completely revamped their segmentation strategy. Rather than simply relying on a traditional “A, B, C” segmentation based on assets, the firm now also factors in each client’s referral value – often finding that “C” clients based on fees generated are actually some of the firm’s most valuable “A” clients because of the referrals they generate.
The workshops have also spawned the firm’s newly retooled website and client portal software tools (Riskalyze, Blueleaf, Advizr and MoneyGuidePro) in an effort to engage at a higher level with all their clients, as well as attract younger clients who are more software reliant.
Peer-to-peer information exchange
What Mike and Tina both value most about the workshops is not only the learnings shared by ClientWise but the learning that comes from exchanges between workshop participants – the peer-to-peer information exchange and sharing of best practices. “The people coming to these workshops are high-performers who want to continually improve and advance. You become instantly comfortable working with them, so there’s a high degree of engagement. We talk about what we learned each day, share thoughts and ideas, and communally explore ways to integrate those learnings into our day-to-day operations.”
And by no means do the relationships workshop participants build with other regular attendees end when they head back to their offices. As Mike explains, “there are two types of advisors: those who are never going to share anything with you, and those who are willing to share everything with you. Almost without exception, workshop participants always fall into the latter category.”
Tannery & Company has steadily grown into a highly-focused, holistic, life planning wealth manager, with two niche specialties (recently divorced women and corporate retirement plans). The six-person team serves roughly 250 clients with more than $100MM, with a clear vision and defined goals for continued growth.
Two years ago, Mike and Tina began bringing their entire team to the quarterly Business Builder Workshops so they would be more engaged fully aligned with what they’re trying to accomplish. Today, the entire Tannery team walked into their weekly meeting with 90-day planners in hand as a result of the work they’ve done with ClientWise. Each individual feels more autonomous and empowered. The business has continued to grow, while administrative costs continue to be scaled back. And perhaps most importantly, they are using better technology and implementing better processes to ensure that they’ll continue to become a better firm.
The ClientWise Business Builders Workshops™
These innovative quarterly workshops are designed exclusively for today’s top-performing financial professionals looking to create structures and repeatable processes around client acquisition, revenue building, and client relationship development. Participants learn new strategic skills, share best practices and walk away with concrete action-oriented solutions tailored to the unique qualities of their individual practices.