Welcome everyone! Welcome to the 455th episode of the Financial Advisor Success Podcast!
My guest on today’s podcast is Emily Shacklett. Emily is a managing director of Fairport Wealth, a practice within the RIA Hightower Advisors and based in Cleveland Ohio that oversees $4.8 billion in assets under management for 2,000 client households.
What’s unique about Emily, though, is how she’s able to add significant hard-dollar value for her corporate executive clients by helping them better understand their compensation packages and negotiate for better terms when considering a job transition.
In this episode, we talk in-depth about how Emily covers the full range of compensation topics with clients, from salary and equity compensation to non-financial aspects like workplace flexibility, how Emily is able to offer additional value by knowing when it’s worth it for her client to consult an attorney (often when a non-competition agreement is involved) and having a roster of vetted lawyers to refer them to, and how Emily has navigated the changes to executive compensation planning over time (from negotiating “golden parachutes” and managing their tax implications in previous years to creating arrangements that offer desired work-life balance today).
We also talk about that while Emily serves multiple client niches (including executives, divorcees, and widows) these groups have complimentary needs (particularly when it comes to helping the spouses and widows of executives make sure they have a handle on their financial situation), how Emily attracts new clients in part by offering educational programs to help executives and related individuals better understand their benefits, and how Emily offers retainer-based engagements for executives to help them negotiate a new job offer (and finds that many of these individuals become ongoing financial planning clients once they see the full scope of value she provides).
And be certain to listen to the end, where Emily shares how, earlier in her career, she found herself in a leadership position that wasn’t a good fit but was able to transition from it while maintaining strong relationships with her colleagues and clients, how Emily finds that negotiating base salaries is one of the best ways early career professionals can boost their lifetime earnings (as future pay increases based on an elevated initial level could lead to hundreds of thousands of dollars of additional income over the course of a career), and how Emily found success by being patient early in her career and taking the time to build lasting relationships with senior advisors (some of whom became key mentors) and her practice’s clients.
So, whether you’re interested in learning about offering hard-dollar value for clients by helping them negotiate compensation packages, incorporating this service within a broader advisory practice, or offering educational programs to reach prospects who fit your ideal client profile, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Emily Shacklett.
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