The episode discusses five key takeaways from a recent conference focusing on personal development and strategies for business growth in the financial planning industry. Topics include creating a personal vision, tracking time to identify areas for improvement, crafting a brand story, building a public presence, and enhancing expertise in tax planning. Hunter emphasizes the importance of balancing personal life goals with business growth and finding ways to inspire and help other advisors and clients in the industry.
Check out the Palm Valley Wealth Management Website PalmValleywm.com
The episode discusses five key takeaways from a recent conference focusing on personal development and strategies for business growth in the financial planning industry. Topics include creating a personal vision, tracking time to identify areas for improvement, crafting a brand story, building a public presence, and enhancing expertise in tax planning. Hunter emphasizes the importance of balancing personal life goals with business growth and finding ways to inspire and help other advisors and clients in the industry.
Check out the Palm Valley Wealth Management Website PalmValleywm.com
And welcome to the 30th episode of retire early retire now I'm your host hunter kelly owner of palm valley wealth management And we help attorneys and physicians get the most out of their money We release this podcast every tuesday morning so that you can be better educated on what steps and strategies to take to either retire early or retire now. if you're liking this podcast, go ahead and share this with a friend or leave a five star review on your favorite podcasting app. And so today's episode is going to be a bit different. the last week, I spent three days with four other advisors. We do a mastermind, meeting every week, but we actually got together for a conference. to talk about a bunch of different things, all things financial planning and running a financial planning business. So I wanted to go over the five things that I took away from that meeting to either help my business or help my clients. Uh, and so I thought this would be valuable for you. Um, I'm a big believer in continuing to learn and educate yourself so that you can progress and build the life that you want to live and so the other thing that I try to do on a daily basis is Try not to be the smartest person in the room not because I don't have confidence That I don't think that i'm smart or anything like that There's always room to learn and so I definitely feel when I get a room or a zoom call with these folks I am not the smartest person in the room at least in some areas You And so they pushed me to learn, more specific financial planning topics or how to run the business and things of that nature. So. Super valuable over the last week. And then also we got to have a little bit of fun as well. But, we're going to talk about the five things that, that I learned, and then five things I'm going to implement moving forward in the business to help grow, and make the business, more about how I want it. The first thing that I learned or, just kind of want to focus on a little bit more is create a vision of where I want to be in my personal life. So often I am hyper focused on how I want to grow the business and what I want the business to look like and so on and so forth. And I often forget about my personal life, and thinking about the things that I want to do there. Um, and, and so. Now that I've been about a year in the business, I can kind of refocus after moving everybody over from my previous firm, and getting the business settled in. I really want to take this year to think about where I want to be in my personal life three years, five years, 10 years down the road. So that I can build my business to support that life, right? I talk about this all the time with clients. Um, and so, maybe because I'm so busy talking to clients about this, I just haven't spent enough time on, on focusing on that. just like when I talk with clients, Hey, what do you want? Um, Life to look like in 3 years, 5 years, what do you want retirement to look like? And then we build the financial plan around those dreams, goals, priorities, right? what I'm going to do is I'm going to sit down over the next couple of weeks. I'm going to have discussions with my wife and say, Hey, what, where do we see ourselves? What are some things that we want to accomplish over the next, you know, A couple months, years, whatever the case may be, and make sure that we're doing those things to accomplish those goals. And so, um, kind of a silly goal, but I know for sure that we both want an outdoor kitchen. I'm fairly handy. Uh, we just haven't made it a priority and so I want to build us an outdoor kitchen. Right? And so those are the things that I want to focus on.
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The other thing I want to focus on, at least on the short term, is, is spending more time with my kids. And so one of, one of the things that, my wife and I have decided to do is to take them out of daycare for the summer. And she is a nurse. She works twice a week at the hospital. And so during those two times a week, I will be home with the kids. So I'm super excited to be able to take them to the pool, the zoo, all kinds of different things and activities. Uh, to, to continue to see them grow up and, and want to make that a priority. And so those are, um, just one of the few things that we're doing over the next, uh, three, four months to, to make that happen. being able to build the business in a way that supports my lifestyle is exactly how I want to. And I just have to remind myself that. Hey, focus on the life stuff first and the business will come. the business is just a tool to be able to do that. And so once we dive into the business, obviously you have to be able to tab to all your clients and make sure that you're doing a good job. But all those things are to support, the life that you want to be able to, live with your family and friends and such. So the second thing that I want to do is I want to create a system that To help me better understand where I'm spending my time in the business. Um, and where my strengths, my weaknesses and areas of opportunities are. And so, uh, really what I want to do here is what I want to determine is where am I going to hire my first employee? Or do I need to bring on a business partner? I don't know what that looks like. I know I want the business to continue to grow and get to a point where I can build enterprise value and so in order to do that, I need to have employees to, Be able to run the business, more efficiently without me, right? And so that would make the business more valuable. And so in order to do that, the first thing I knew is I need to make the first hire. And so how I'm going to determine what hire I'm going to make, that is going to be from this data that I collect. And so the first thing I'll do is I will download an app that's called toggle. Um, attorneys use this, uh, to bill hours for clients. And so really I'm going to. Log all of my hours from client work to compliance work to marketing, all the things that I'm doing, and figure out, Hey, where's most of my time going? Is that something I'm good at? Is it because I'm not as efficient where, what does that look like? Right. And from there I will determine, do I need to hire somebody? Uh, is it a system problem where I can build a better system and alleviate at higher, at least in the short term? What does that look like so that I can make the business more efficient, but also continue to grow it, moving forward. And so, um, I will be into implementing that time tracking and the next thing that I want to do, and I kind of already started this before we met. But, uh, just having our conversations and reaffirming that, um, I want to be able to create a story that resonates with the audience that I'm trying to reach out to. And so as I say all the time, I want to work with physician and attorneys. And so I want to be able to create a story that resonates with them so that I can help them with their needs, their tax needs, giving them more time because they have busy work schedules, all these things. And so what I've done is I've hired a company. to help me with that story and build a brand around that. And so they're, they're doing a lot of things for me, like redoing my website. And then also the main point here is they're going to help me create that story or start that story so that I can, again, resonate to those particular types of professions. so that can, can help more of them, right? And so, uh, I will be implementing those things over the next few months. the next thing is that I want to build my business a little bit more out in the open or in the public, because I want to, help other advisors as well. and I want people also to, to resonate with the story that I'm doing and get behind my brand, right? And so, if I can build in public, I can maybe, you know, inspire another advisor to start their own firm and help more clients, which is ultimately what, what I want is I want people to be more financially literate, have more help so that they can be financially free and be ultimately independent, the money be independent of their work. And do the things that they want to do. outside of just working with clients, I can only work with so many clients at one point, right? if I can inspire other advisors to open up a firm or become a financial advisor, then I can help more clients in kind of an indirect way as well. I'm going to make sure that I document my business journey and my client journey, as much as I can, throughout the next year, two years, three years, however long that goes so that I can inspire other people, to become financial advisors, but also, um, Let the audience know what type of work I do and how I help people, right? So building a public and that'll be obviously on social media and through this podcast and things of that nature Basically what i'm doing right now, right? And then the last thing is a more technical thing but I realized I was drinking through a fire hose when I was learning about taxes And so i've spent the last year and a half trying to do as much as I can as far as learning about taxes the tax return the tax or code tax code, prepping taxes and all the things that are encompassed in tax planning. and so at my previous firm, we were kind of limited on what we could do. really want to dive in and learn more about taxes. And one of the things I'm going to be implementing Here very shortly. I'm buying the software this week is reviewing Tax returns on I guess a more efficient basis. I've already been kind of reviewing that tax returns for clients already
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in order to make it a little bit more efficient, I'm going to purchase a software called a list of plan, and so that will help me read the tax return much quicker, and be able to find areas of opportunities. whether that be projecting quarterly payments or understanding Irma for those Medicare folks, whatever the case may be for the particular situation, and be able to have a, more solid conversation with them as well. Advisors really have an opportunity to help with tax planning And so that's where I can kind of see myself going Uh more and more is being able to help in that that tax arena Uh so that clients can not necessarily tip the irs an extra extra dollar every year They can be as efficient as possible within the confines of the tax code obviously and so that is the last thing that, that I'll be implementing this year. I'm sure there'll be more, um, but this weekend or the last three days have been a very eye opening. It's been refreshing to kind of work on the business and forget about, a lot of other things in life, just for a brief moment so that I can focus on, on where I want the business to be over the next year, two years, three years, five years. I just want to give a huge shout out to Steve and Nicole, Robin and Eric, uh, for helping put this on and obviously Eric was, was hosting it up in Boston. Um, and hopefully we can do this again next year because I found it very valuable. So hopefully you guys found it as valuable as I did as well. super excited for the next couple of episodes. I have. broker and a realtor coming on, the next couple of weeks so that we can focus a little bit on real estate, on the lending side, but also the transaction side. And then there's some big news, obviously, with the big lawsuit over their compensation model. and so how that affects the buyers and the sellers. So we'll get into that as well. and we'll continue adding value over the summer. Thanks again for listening. If you liked this episode or, you think it'd be valuable for a friend to listen to go ahead and share it with that friend and leave a five star review on your favorite podcasting app. If you have specific questions about your situation, you can always go to my website, palmvalleywm. com. Reach out and schedule a call. And I would love to have a, just a short phone call to see how we can work together, how I can help you. that's no cost to you. So go ahead, feel free, reach out and, we'll see you in the next one. This podcast is for educational purposes. Only this podcast is not meant to be financial or investment advice. If you would like help on your specific situation, please reach out to a financial, legal, tax, or insurance professional, and please keep Palm Valley Wealth Management in mind when making those considerations.
