back arrowThe Perfect RIA

Confessions of a Wholesaler [Episode 15]

Episode description

The content of this episode is anchored in 3 necessary traits for effective financial advising. In addition, Michael provides action items for better financial practices.


Key Links

-----According to both Matthew Jarvis and our guest, very accomplished wholesaler Michael Appleby, the most successful advisors have these 3 traits:


  • Successful advisors have the concentration to take their practice to the next level.
  • They have garnered enough concentration to understand who their ideal client is (i.e. pursuing a narrow market versus using a shotgun approach).
  • They also focus on the strengths that bring their team together, turning the practice into a smoothly-functioning mechanism for success.


  • Successful advisors are disciplined with time management: their schedule, marketing outreach, every facet of the business.
  • And they understand the importance of investing the necessary capital in facets that will make their business flourish: prospecting, personal development for the advisors themselves, coaching, or hiring a skilled team.

[An Affinity for Productive Business Partnerships]

  • Successful advisors are not hucksters; they won’t peddle or waste time on small-scale operations with prospects or business partners.
  • They are focused on establishing productive partnerships with their wholesalers or other connections.
  • They make value propositions to accentuate the most important aspects of their symbiotic partnership--and they stress honesty during their conversations about what works and doesn’t work.

[Additional Topic: Michael’s Most Common Advisor Mistakes]

  • They ceased to do the basic activities that brought them to success: the cold calls, due diligence on prospecting--in short, the important actions that first put them on the map.
  • Another common mistake is a habitual procrastination towards business planning and forward-thinking types of organization.
  • Advisors drop the ball when speaking events aren’t rehearsed enough: the speaking is flat, the fluidity of the event isn’t seamless, seating isn’t mapped out, directions aren’t given, the organization is clumsy, and so forth.
  • They don’t follow the same advice they give to clients and thus sacrifice their integrity, reputation, and the overall weight of the advice they give.



Michael’s Action Items

  1. Advising isn’t a commodity. Offer something that resonates personally with individuals and which communicates tangible value in a way that transcends the dollar signs.
  2. Hire a coach, join a program, plan your work, and network.
  3. Pick a plan and work it consistently. Be persistent with it; it will pay off.


More details at:


Produced by Simpler Media

episodes iconMore Episodes

Stop Lying to Yourself [Episode 27]

May 17th, 2019


There’s something that plenty of advisors are guilty of doing without even realizing it: lying to themselves. It’s easy to inflate the numbers in …

Appointments Outside of the Surge [Episode 26]

May 10th, 2019


When it comes to client meetings, we’ve talked a lot about why grouping appointments is beneficial to you, your team, and the people you serve. But what happens when someone wants to see you outside of the appointment …

Luck of the Draw [Episode 25]

May 3rd, 2019


Too often, people hang onto the idea that anyone who is successful must be lucky. Worse yet, those same people decide that a similar type of success …

Let’s Talk About Taxes! Part 2 [Episode 24]

April 26th, 2019


Key Links

  • [Link Needed for QCD/Tax preparation document Report that Matthew generates for clients. He references that if someone emails Colleen, we …

Let’s Talk About Taxes! [Episode 23]

April 12th, 2019


Key Links


Matthew and Micah are of the opinion that an expertise …

To Fee, or Not to Fee? [Episode 22]

March 29th, 2019


Key Links


Some …

Account Minimums as a Metric for Finding Ideal Clients [Episode 21]

March 15th, 2019


Every advisor doesn’t necessarily need to establish a clear-cut account minimum for their clients. In fact, Micah Shilanski doesn’t have one in his practice. He has a system of fees in place which function in a very …

Tips to Maximize Your Return on Time [Episode 20]

March 1st, 2019


Key Links

Stop Pretending to Work [Episode 19]

February 15th, 2019


Key Links


Matt and Micah are tired of well-worn assumptions about advising. In …

Coaching Your Clients Off the Ledge [Episode 17]

January 18th, 2019


The Perfect RIA hosts have a few action items for delicately dealing with clients during rough financial climates and circumstances.

[#1 Let Clients …

5 Business Lessons Learned From Disney World [Episode 16]

January 4th, 2019


Although Matt and Micah realize that vacation is a time for much needed R&R, they couldn’t help but notice the strong business practices of …

When, Why, and How to Fire a Client [Episode 14]

December 7th, 2018


Let’s face it; sometimes partnerships sour. In all vocations, all industries, differences arise between individuals. And for something as valuable as the dynamic between advisor and client, sometimes firing clients is …

A Roadmap for a Value-Driven Financial Plan [Episode 13]

November 23rd, 2018


Key Links


Financial Planning Software is scrutinized in this episode. But right away, …

Realistic Ruminations on Broker-Dealers [Episode 12]

November 9th, 2018


This episode is, as the title suggests, all about broker-dealers. And more specifically, Matt and Micah draw from personal experience to allow listeners to gain their perspectives on the issue. Because both have worked …

Coach Joe Lukacs Revisited [Episode 11]

October 26th, 2018


Key Links

  • Magellan MasterMind & Network: Page

From Scarcity to Prosperity: Insights and Advice from Coach Joe Lukacs [Episode 10]

October 12th, 2018


Key Links

The Pitfalls of Busyness: How to Alter Your Shopkeeper Mentality [Episode 8]

September 14th, 2018


To start this episode, Micah Shilanski provides a very valuable comparison between the mentalities of a shopkeeper and a CEO. He starts this way to illustrate the often erroneous assumption that many business owners …

A Primer for Determining Your Fee Schedule [Episode 6]

August 17th, 2018


Key Links


As the title states, this episode is all about determining a fee schedule for …

Always Take the High Road [Episode 5]

August 10th, 2018


Key Links


“It takes 20 years to build a reputation and five minutes to ruin it.”

Systems, Perspectives, and Procrastination: Business Coach John Barron’s Advice for Entrepreneurs [Episode 4]

August 3rd, 2018


Key Links


In this episode, John Barron shares the importance of replacing …

The Legitimate Limitations of Speaking Financese and Legalese to Clients [Episode 3]

July 27th, 2018


Key Links


During the …

Inspection over Expectation: Gina Cotner on Developing the Right Dynamic for Delegation Between Executive and Assistant [Episode 2]

July 20th, 2018


Key Links


In this installment of the Perfect RIA

What Metrics Should Matter To Your Practice? [Episode 1]

March 13th, 2018


There's more to life than AUM -- assets under management -- to understanding the success of you and your firm. Listen in to learn more.

Subscribe to the show and leave us your comments at

Loading ...

Download the RadioPublic app for
 FREE and never miss an episode.

Get it on Google PlayDownload on the App Store