Welcome everyone! Welcome to the 442nd episode of the Financial Advisor Success Podcast!
My guest on today’s podcast is David Bahnsen. David is the founder of The Bahnsen Group, an RIA based in Newport Beach, California, that oversees approximately $7.5 billion in assets under management for 1,800 client households.
What’s unique about David, though, is how his firm has been able to attract $100 million in new client assets per month thanks in large part to his content creation and public commentary on investment markets as well as issues that advisors often avoid, including religion and politics.
In this episode, we talk in-depth about how David’s weekly market commentaries (which he has written since 2008 and draws 15,000 weekly viewers across blog, podcast, and video formats) familiarize readers with his firm’s investment approach and put it top-of-mind when they are ready to seek out a financial advisor, how David has written multiple books on markets and his other passions that not only have educated readers on his views on these issues but also have led to many television appearances that have expanded his reach further, and how being public with his opinions on divisive topics has allowed David to demonstrate competence and likeability, attracting to his firm both like-minded consumers and some who might disagree with him but appreciate his willingness to be candid.
We also talk about how David’s transition from focusing on both business development and client service to spend much of his time on content creation (reducing his client count from 180 to 20 in the process) has led to explosive asset and client growth in his firm during the past several years, why David focuses on hiring advisors with talent in financial planning and relationship management (rather than prospecting, given the robust lead pipeline his content generates), and how David has implemented a pay model that offers advisors a base salary in their early years while providing for significant income upside through revenue-based compensation (and a path to partnership) as they serve more (and higher-net-worth) clients over time.
And be certain to listen to the end, where David shares why he decided to incorporate tax preparation into his firm not as a profit center but rather as a way to offer a comprehensive financial services offering for clients (helping the firm close more prospects and maintain higher client satisfaction in the process), how David has found success opening offices located away from coastal population centers (not only to attract clients in those cities but also to demonstrate that they are a truly national firm), and how David, after growing a successful firm, is now focused on opportunities for his firm’s advisors to develop in their careers as well as the ultimate stewardship of his business.
So, whether you’re interested in learning about leveraging content across multiple media to attract like-minded clients, transitioning from a lead advisor to management role, or the decision making behind opening offices in new locations, then we hope you enjoy this episode of the Financial Advisor Success podcast, with David Bahnsen.
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