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How New Financial Advisors Can Rapidly Grow Their Business

Mike Langford
Nov 17, 2020

Wealth management firms invest a lot of time, money, and resources into recruiting, training, and developing new financial advisors. Yet, despite their best efforts it is estimated that only 15% of new financial advisors make it to year five. The high attrition rate comes with an enormous cost to firms and the advisors themselves. What if we could increase the success rate for new financial advisors? 

My guest on the latest episode of The Modern Financial Advisor Podcast, Sten Morgan of Legacy Investment Planning shares how he grew his practice from zero to top producer status in under 5 years. And now Sten is on a mission to help other advisors do the same.

MFA Video Update - Episode 48


As I mentioned in the preview video above, you can watch the entire episode of the podcast on YouTube as well. The video is embedded below for your convenience. Make sure you subscribe to the Truelytics YouTube channel!


To listen to the episode simply click play on the audio stream at the top of this post or subscribe on your favorite podcast platform. You can find us on
Apple Podcasts, Spotify, Google Podcasts, Alexa,  SoundCloud, Stitcher, and TuneIn.

Resources Related to this Episode:
Helping new financial advisors reach escape velocity quickly is one of the most important things we can do as an industry. With nearly 40% of existing advisors set to exit the business in the next decade, we can't afford to lose promising advisors just because it takes too long for them to achieve a base level of success. Below are a few additional resources that might be helpful in jumpstarting this effort: 

  • The Importance of a Target Market for RIAs and Smaller Broker Dealers - One of the most overlooked pieces of the advisor success formula is firm fit. In this episode of the podcast I shared a strategy for developing a firm-wide target market and recruiting financial advisors who are best suited to serve that niche.
  • How to Attract Millennial Advisors to Your Wealth Management Firm - It's fair to say that most firms need to focus on recruiting younger advisors. But, attracting young professionals requires a recognition that their expectations of a modern work environment are likely different than what you are currently offering.
  • How Financial Advisors and RIAs Can Increase Profitability by Using a Digital Assistant - Let's face it, there's a lot of busy work that financial advisors need to deal with. And it's not uncommon for the junior advisor to get saddled with doing a lot of the grunt work for senior advisors. Freeing up advisors' time from repetitive tasks can allow them to focus on growth. 

    If you have any questions, comments, or even ideas for new episodes, feel free to reach out. If you like what you hear, make sure to subscribe to one of our channels listed above.

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