46 episodes

Each week million dollar fee based advisor Dan Cuprill, CFP shares his ideas to help other financial advisors build a profit based practice. Topics include automation, selling, marketing, client retention, succession planning, and the use of systems. For more information, visit Dan's blog, ProfitableAdvisor.com

The Profitable Advisor Podcast Dan Cuprill, CFP

    • Business
    • 4.2 • 20 Ratings

Each week million dollar fee based advisor Dan Cuprill, CFP shares his ideas to help other financial advisors build a profit based practice. Topics include automation, selling, marketing, client retention, succession planning, and the use of systems. For more information, visit Dan's blog, ProfitableAdvisor.com

    5 Ways to Guarantee You Hit Your Profit Goals in 2023

    5 Ways to Guarantee You Hit Your Profit Goals in 2023

    It’s that time of the year when you should start thinking about plans for the new year, but trying to set goals for an entire year isn’t the best approach.
    When you set goals for a year, it’s very easy to forget about them over the course of 12 months. But if you can break that down into three-month periods, it becomes much easier to track and you’ll find it will stay top-of-mind.
    Today we’ll share our approach to planning that we’ve found helps ensure we always hit our profit goal. We’ve been big believers for some time that established advisors should be setting profit goals instead of revenue goals because profitability is what we’re aiming for. So to help you hit those goals in 2023, we’ll give you five action steps for the new year.
    Here’s some of what we’ll discuss on this episode:
    Start the first quarter of the year by creating a budget. (2:10) Adopt the profit-first methodology. (4:28) Why you should charge fees in 2023? (6:07) Focus on managing all the assets for your client. (8:49) Improving the first impression you make. (10:08)  
    Schedule a meeting with Dan: http://bookachatwithdan.com 
    Read more and get additional financial resources here: http://renegadeadvisor.net  

    • 14 min
    When Is It Time to Fire a Client?

    When Is It Time to Fire a Client?

    So much of our efforts as financial advisors are focused around getting new clients. From marketing to selling, you have to be able to attract clients to have a business so it is an integral part of what we do.
    Sometimes, though, we make it so important that we’re willing to put up with a difficult relationship just to maintain a client. At some point, we have to make some tough decisions like when is it no longer worth it? No one wants to lose money, but there comes a point where the revenue you’re receiving pales in comparison to the grief you’re having to put up with.
    Today we’ll explain the situations where we determine it’s best to end a relationship with a client and why you should be considering doing the same.
    Here’s some of what you’ll learn on this episode:
    The first reason we would fire a client is when they fail to follow the plan. (3:10) Why unrealistic expectations might lead to you being fired so is it best to take that action first? (7:07) Clients are occasionally just bad people and not worth the time. (8:48) How do make up for the lost business when you fire a client? (10:54)  
    Schedule a meeting with Dan: http://bookachatwithdan.com 
    Read more and get additional financial resources here: http://renegadeadvisor.net  

    • 15 min
    Why Don't You Have Enough Assets Under Management?

    Why Don't You Have Enough Assets Under Management?

    We were talking with an advisor who's in our program recently and the topic of assets under management came up because he felt stuck on a rather modest number.
    So it got us thinking about this issue and what keeps an advisor from the growth that they want to see. It's not your marketing that's driving whether you have a lot of AUM or annuity sales. It's you who drives and we'll explain why that is on the show. 
    Here's some of what you'll learn on this episode:
    Why you get what your business is set up to get. (2:06) Your client doesn't care about products. They want solutions. (2:58) An example of an advisor who shifted to stocks and bonds over annuities and insurance. (3:45) Why YOU drive your business, not your customer or marketing. (6:19) Making the transition in your business to improve lifestyle. (8:37)  
    Schedule a meeting with Dan: http://bookachatwithdan.com 
     
    Read more and get additional financial resources here: http://renegadeadvisor.net 

    • 10 min
    Save the Free Food for Those Who Actually Need It

    Save the Free Food for Those Who Actually Need It

    Wanted to do everything he could on his bucket list during his 60s because he didn't think he'd have the energy and ability to do as much in his 70s based on what he had seen from family and friends. 
    This is why we like to push advisors to build their business in an entrepreneurial way so that the day-to-day still rolls along while you get a chance to enjoy your life and check off some of these items. 
    Now, as we talk about ways to build the business, we want to shift our focus now to live events as a marketing tool. With the world going back to a relatively normal routine after the pandemic shutdowns and slowdowns, the opportunity to get back in front of people is front and center again. 
    We have put together a list of eight rules, that if you follow, will make you a very successful marketer when it comes to live events. In this episode, we'll share a few of them with you and explain why they work. 
    If you want to get all eight rules, subscribe to our newsletter and we'll send them out to you this month. 
     
    Today's Key Points:
    0:39 - What a client told us years ago that still resonates
    1:37 - Dan's 'bucket list' goals
    3:58 - Post-pandemic marketing
    6:41 - Create your own list of prospects
    9:56 - Ways to build your list
    14:24 - Always charge to attend your workshop 
    17:15 - Be honest
    18:58 - Final thoughts
     
    Schedule a meeting with Dan: http://bookachatwithdan.com 
     
    Read more and get additional financial resources here: http://renegadeadvisor.net 

    • 21 min
    What To Do When The Client Won't Let You Manage Their Money?

    What To Do When The Client Won't Let You Manage Their Money?

    Have you ever had someone show up at your office to get your advice? They might even be willing to pay for advice. But that same person isn't willing to let you manage their money because they feel like it's something they can tackle on their own. 
    If you haven't experienced this yet, you likely will soon because it's becoming more common. With more and more information available, it has become easier to do on your own so it's important that advisors adjust to these changes happening in the financial world. 
    So how do you remain profitable by only providing advice? The key to long-term profitability is recurring revenue, but how do you do that if you aren't managing investments? 
    Let's explore this question and discuss the optimal service to provide these prospects. 
     
    Today's Key Points:
    1:58 - Adjusting to the changes in the world
    4:08 - What's the optimal service?
    5:33 - The fee charged
    7:57 - The planning process and expectations
    11:34 - Providing value every quarter
     
    Schedule a meeting with Dan: http://bookachatwithdan.com 
     
    Read more and get additional financial resources here: http://renegadeadvisor.net  

    • 14 min
    What to Tell Clients When the Market Tanks

    What to Tell Clients When the Market Tanks

    Nearly every investor has some amount of exsposure to the stock market, and that likely means clients have questions when things start to drag. That's to be expected in this current investing environment so what should you be telling people that want to know how to react?
    On this episode of the Profitable Advisor, Dan will tell you how he approaches the conversation with clients and what key points he likes to get across to those that are worried.
    If history is any guide, we'll find our ways to navigate these choppy waters. We always have and we always will, but that doesn't mean there's not some pain and discomfort along the way.
    The number one concern we have as advisors is protecting clients. Sure, there might be negative returns that happen year to year. But what we're worried about is making sure you don't run out of money in retirement and the returns in the short-term aren't a big deal in the grand scheme of things.
    If you struggle at all with having these conversations or just want to hear how other advisors handle bad markets, check out this episode and keep an ear out for the key points below.
     
    Today's Key Points:
    1:33 - What we're talking about today
    2:54 - Market declines aren't bad news
    5:22 - Markets are not linear
    7:21 - Already factored into planning
    8:47 - Discomfort in early stages
    10:34 - This is normal
    12:44 - So what? 
     
     
    Schedule a meeting with Dan: http://bookachatwithdan.com 
     
    Read more and get additional financial resources here: http://renegadeadvisor.net 

    • 16 min

Customer Reviews

4.2 out of 5
20 Ratings

20 Ratings

Aliddle13 ,

Awesome ideas & insights

As an owner of a financial planning firm I find it so useful to learn from other RIA's. Dan Cuprill shares so many tips and ideas on this podcast that you can start to implement in your pratice immediately. I highly recommend it! Thanks Dan.

lprwap ,

Wisdom

Great advice from a common sense successful advisor. A must listen for those trying to understand how to compete and succeed in this business.

Gregdb11 ,

Real Advice from a Real Advisor

This is a valuable podcast for anyone in the financial services industry because the advice is time tested and come from someone who is in the trenches.

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