Finders vs. Minders in Financial Advisory

In the realm of financial advisory, there exists a subtle yet profound distinction between those who actively hunt for opportunities and those who passively wait for them to materialize. Enter the world of Finders versus Minders—a juxtaposition that defines the essence of our profession.

Until relatively recently, most FAs started out as “Finders” for the simple fact that if they were unable to build a book from scratch, they were not long for the job. Surviving those early years, with no experience and very little industry knowledge, was the equivalent of jumping into the deep end of the pool knowing that you would drown unless you could figure out how to swim.

Surviving those early years is the price an FA pays to realize the best parts of the profession.? Then, something unexpected begins to take hold., An overwhelming majority of Advisors see their AUM and T-12 growth slow sharply or even plateau.

The FA that actively hunted to survive their early years adopts a passive approach to prospecting, instead of harnessing all of the wisdom they have accumulated and hunting new AUM at a far higher level.

These “Minders”, content with the status quo, adopt a passive stance, waiting for opportunities to knock on their door.

On the other hand, we have the Finders, who are pretty easy to spot.

?Driven by the belief that there is an endless supply of awesome prospects that are being underserved by their current FA, they possess an insatiable appetite for opportunity, constantly scouring the horizon for new prospects.

In my experience, the best advisors are the best hunters. They embrace the challenges of prospecting with gusto, leveraging every opportunity to expand their reach and deepen their impact. They understand that growth comes not from complacency but from bold, strategic action.

. They forge connections, nurture relationships, and seize opportunities with unwavering resolve. Theirs is a mindset of abundance—a belief that opportunities abound for those willing to seek them out.

Before you move on, I would ask you to consider this scenario: Your Book is 250HH, with $200M AUM and T-12 of $1.5M. Your manager approaches you and implores you to partner with 4 younger FAs and split the HHs equally 50 HHs per FA. Your name stays on the statement along with the younger FA’s and the PCs are spilt 50-50. Your manager guarantees that any drop in your T-12 for the next 12 months will be made up by the office.

You now have 50 HHs with $160M when you arrive for work the following Monday.

Where will your Book be 12 months down the line?

If this article describes the state of your practice and you are ready to see just how close you are to doubling or tripling your Book with less HHs than you currently have, get on my calendar and we can dive deeper.

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