In late 2004, my partners and I found ourselves at both a crossroads and a kitchen table.
As independent advisers, we felt there was a gap in the industry — the essential support needed to truly thrive was missing. We spent countless nights huddled in my kitchen, mapping out a vision for a support system built by advisers for advisers. That vision became Advisors Excel.
Our journey from a basement office to an industry leader offers a blueprint not just for building a model independent marketing organization (IMO), but for building any successful advisory practice.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail.
Profit and prosper with the best of expert advice – straight to your e-mail.
The principles we followed can be applied directly to your business, helping you create a practice that is resilient, client-focused and built for growth.
Kiplinger’s Adviser Intel, formerly known as Building Wealth, is a curated network of trusted financial professionals who share expert insights on wealth building and preservation. Contributors, including fiduciary financial planners, wealth managers, CEOs and attorneys, provide actionable advice about retirement planning, estate planning, tax strategies and more. Experts are invited to contribute and do not pay to be included, so you can trust their advice is honest and valuable.
These are the lessons we learned along the way.
Redefine your foundation: Think beyond the transaction
From day one, we knew that simply providing access to products was not enough. For an adviser, this is the equivalent of just managing a portfolio or selling a policy. While fundamental, it’s the starting line, not the finish. True value lies in the comprehensive experience you create for your clients.
When we launched, we pooled our savings to build more than a distribution channel — we aimed to create a community of unrivaled partners.
Think about your own practice. Are you solely focused on the transaction, or are you building a client experience?
Consider what services you can layer on top of your core financial advice. This could include educational workshops, more comprehensive financial planning, strategic introductions to other professionals like CPAs and attorneys and even exciting interactive events that encourage clients to consider how they’re spending their time, not just their money.
Your goal should be to become an indispensable part of your clients’ financial lives.
Build your arsenal of support
Running a great practice requires you to be more than a great adviser. You’re also a CEO, a marketer, a tech pro and a manager.
As we grew, we systematically built out services to help address the common operational hurdles that hold advisers back. You can apply the same mindset to your own business by identifying your weaknesses and strategically seeking support.
Solve complex problems. We created a dedicated case design unit because we knew advisers needed a resource for complex client situations. For you, this means building a network of specialists or mentors you can turn to.
Don’t be afraid to collaborate with others to find the most ideal solutions for your clients. It demonstrates your commitment to their future.
Master your marketing. We launched a creative division to help advisers tell their stories and attract leads. Every adviser needs a marketing engine. What is your story? How are you communicating it?
Whether through a newsletter, podcast, local radio show or strong digital presence, you must find a way to connect with your ideal clients and articulate your value.
Embrace technology. We recognized the digital shift early and invested in platforms to improve efficiency and connectivity. What technology could streamline your operations?
A good CRM, financial planning software or automated marketing tools can free up your time, allowing you to focus on client-facing activities that generate revenue and deepen relationships.
The right tech isn’t an expense — it’s an investment in your capacity to grow.
By building out this back-office support — either in-house, through outsourcing or with a strategic partner like Advisors Excel — you can transform your practice from a one-person show into a scalable business.
Your mission is to clear away operational hurdles so you can focus on what you do best: serving clients.
Being an independent adviser can feel like a solitary journey, but it doesn’t have to be. We made it a priority to bring advisers together for shared learning and relationship building through innovative trainings and world-class events.
The lesson for your practice is twofold: build a community for your clients and become an active member of a community for yourself.
Our first major event was a breakthrough. Seeing professionals share ideas and build friendships validated our vision.
Interested in more information for financial professionals? Sign up for Kiplinger’s new twice-monthly free newsletter, Adviser Angle.
You can foster a similar sense of belonging for your clients through appreciation events, community engagement opportunities, educational seminars or client advisory boards. When clients feel like they are part of something bigger, their loyalty deepens.
Likewise, you need your own peer group. Seek out a study group, join an industry association or attend conferences.
Connecting with other successful advisers is not about finding competition. It’s about finding inspiration, sharing best practices and pushing one another to be better. An environment where excellence is shared is one where everyone wins.
Your practice, your future
Looking back, our success came from sticking to a simple vision: to build the company we wish we’d had by adhering to our core principles and emphasizing core values.
For you, the call to action is to build the practice your ideal clients wish they had. Don’t just be an adviser; be a partner in their success.
When you align your business model with their needs and provide the resources to help make their goals happen, the potential for your practice is limitless.
Cody Foster is co-founder of Advisors Excel in Topeka, Kansas. Advisors Excel has a mission to help “good financial advisors become great business owners so they can help people enjoy an amazing retirement.” Since its founding in 2005, the company has grown from the three original founders to over 1,000 employees today, making them one of the largest employers in Topeka. 11/25-4883036
Related Content
TOPICS
