Two Years Post-Transition: A Look Back and a Bright Future Ahead
Not long ago, I was conducting a call to one of our advisors who had just passed the two-year mark since affiliating with Dynamic. I have conversations like this throughout the year, but this most recent conversation struck me as one worth sharing. In many of our posts, we share why advisors might select the professional services offered by Dynamic to support their business, but we had not shared as much about what happens after the affiliation.
It was November 2016, and Mike Acevedo made the decision to move forward with Dynamic Wealth. Mike was leaving a situation where he was working closely with clients daily but was in an employee arrangement with his prior firm.
When Mike made the move to be independent and leveraging Dynamic for support, he admitted that he felt like he was “taking a leap of faith”, but added that he does not regret the decision at all. Mike went on to add, “My relationship with Dynamic struck the perfect balance of independence and corporate backing.”
Among the things that Mike cited were; support from the team during the transition, the ongoing support for his business so that he can focus on current clients, time to devote to growing his business and lastly, flexibility. In fact, since Mike affiliated with Dynamic, every summer he and his family take a month-long trip and his business “doesn’t skip a beat” due to the cloud-based, mobile environment provided through the Wealth 360 technology platform all advisors use.
When Mike joined Dynamic, he did not have a portable book of business to bring with him, but still had a very successful first year in adding clients. And he kept that momentum going in year two growing the business by a third. During our conversation, Mike shared, “In two short years, my income is 50% greater than it was as an employee, while I have decreased the cost to my clients by 20%.”
Near the end of our conversation, Mike reiterated how strongly he felt about the decision he made near the end of 2016, but he couldn’t help feeling a little validated in his decision when a Michael Kitces podcast in October of last year was released. The guest was the principal of an RIA firm that recently engaged with Dynamic for our services. You can find the podcast here.
Reflecting on the podcast, Mike recognized that whether you are a sole practitioner or a $200 million + RIA firm, there is the opportunity to outsource to free up the time to focus on what you want to do – inside or outside of the business.
Mike summed it up best when he said, “I’m so happy to be in a spot where I am in control of my business. All of the resources I need (and then some) are available for me to grow and evolve my business in a way that works best for me!”
About Dynamic Wealth Advisors
Dynamic is recognized as a premier provider of essential resources to professional wealth management practices. Its turnkey practice platform includes asset management and enables wealth advisors to save money and focus on clients while positioning themselves for success and growth. With myVirtualPractice, a suite of wealth management practice solutions, Dynamic hands the professional wealth advisor the keys to a comprehensive custom-built virtual office and practice complete with staff, back/middle office, accounting/billing, compliance and even a Virtual Assistant. The wealth advisor need only add clients and a laptop, and they are up-and-running instantly. For many breakaways and independent wealth advisors, being part of a nationwide community of like-minded professionals is one of the most valuable components of their affiliation with Dynamic.