Financial Planning Practice Management Wealth Management Insights
FinServe Ambassador Talks Coordinated Legacy Planning
According to Scott, financial services wasn’t initially on his career radar: in addition to playing professional sports in both the National Football League and Canadian Football League, he was planning on attending medical school to become a neurosurgeon. However, the realities of trying to chase both these intensive paths were not ideal, and he found a new opportunity with several leadership roles in banking starting in 2013. This, he says, was a game-changer for his life journey.
“My eyes were opened to the science, patterns, and the evidence-based nature of financial and estate planning,” he said, also alluding to the “leap of faith” he took when launching his own financial services firm, Crossroads Capital Partners, in 2018. “It’s been an amazing, challenging, and overall astronomical ride.”
The Lifelong Learning Gameplan
When pursuing further education to power his growth in financial services, Scott says he chose The College and its programs because he wanted to go beyond the basics.
“I equate the CFP® certification and the Chartered Financial Consultant® (ChFC®) designation, both of which I hold, to the basic medical education every doctor gets: it’s important, but the training beyond them is where exponential value, knowledge, and service can be provided,” he said. “To be able to ask someone what financially hurts and then present those findings to talk through action items today to reach their outcomes of tomorrow has brought peace to me and the members of our firm. And it’s only possible with the foundation and education The College provides.”
“To be able to ask someone what financially hurts and then present those findings to talk through action items today to reach their outcomes of tomorrow has brought peace to me and the members of our firm. And it’s only possible with the foundation and education The College provides.”
In addition to recently completing his seventh College program, the Master of Science in Financial Planning (MSFP), Scott also serves as the alumni spokesperson for The College’s Wealth Management Certified Professional® (WMCP®) Program and is a member of The College’s NextGen Advisory Task Force along with the FinServe Network. He says he’s grateful to The College for providing a platform for busy professionals to continue to grow their knowledge and for emphasizing the role of an advisor as a partner in planning rather than a simple purveyor of products.
“For me, wealth enjoyment is everything,” he said. “I think people focus so hard on wealth accumulation; however, when you work with business owners, retirees, and multi-generational families, you realize it’s about can they receive the income desired from their investments and meet their desired legacy goals.”
Keys to Coordinated Legacy Planning
Many of Scott’s professional and educational endeavors have been tied to his love of legacy planning, including wealth transfer after death and impacts on children, grandchildren, and favored charitable causes. He says some key elements of effective legacy planning are bringing all involved parties into planning conversations and ensuring clients have the peace of mind that comes with knowing their current needs will continue to be met.
“If you spend time listening and hearing the wishes and concerns of people, you start to understand they would love to see the impact of their legacy planning with their own eyes,” he said. “It can be scary to talk about gifting or transferring assets, even for those with a net wealth of tens of millions of dollars. People just want to know that they’ll be okay, and our job is to help show them they are.”
“It can be scary to talk about gifting or transferring assets, even for those with a net wealth of tens of millions of dollars. People just want to know that they’ll be okay, and our job is to help show them they are.”
The legacy planning conversation also leads into Scott’s philosophy of “coordinated planning,” which he likens to the training football teams go through to ensure they work together as smoothly as possible.
“It goes beyond the integration of investments, insurance, and planning tools to the establishment of clarity in the eyes of our advisors and clients that their plan must be coordinated and on the same page; otherwise, the likelihood of success is drastically impacted,” he said. “Nothing in a financial plan can be built in a silo, and you need every financial player on your team running the exact same play, at the same time, in the desired way to ensure the best outcome.”
In the end, Scott says he still draws lessons from his days in football, pre-med education, and banking to be the best he can be for his team and his clients.
“I encourage everyone to start with this question: ‘Am I the advisor I would want to work with?’” he said. “You will never attain the practice you desire until you decide to become that yourself, and your answer to that question will tell you everything you need to know about how to create the planning practice of your dreams.”
More from The College
- Meet Our FinServe Network
- Meet the NextGen Advisory Task Force
- Listen to Padric’s Podcast on Coordinated Planning
- Learn About Our CFP® Certification Education Program
- Learn About Our Wealth Management Certified Professional® (WMCP®) Program
- Learn About Our Master of Science in Financial Planning (MSFP) Degree
- Learn About Our Chartered Financial Consultant® (ChFC®) Program
Practice Management Wealth Management Insights
Personal Relationships and Financial Services
“I was the oldest grandchild on both sides of my family, and a lot of expectations fell on me to give good advice – and money was one of the most important parts of that,” he said.
Acting on that impetus, Williams started in financial services as an advisor, often going door to door to solicit new clients and work with existing ones. These days, he’s a vice president and regional practice management consultant within JPMorgan’s practice management division, consulting with financial advisors across the Southeast, Mid-Atlantic and New England regions. He says his career journey has been an evolutionary one in many ways.
“It’s given me a lot of insight into how to not just be a better advisor, but also how to run a successful business,” he said. “When you start out in this industry, you often have to wear a lot of different hats: sales, operations, compliance, managing and planning, and more. It can really weigh on you sometimes, but it teaches you a lot about who you are.”
“When you start out in this industry, you often have to wear a lot of different hats…it can really weigh on you sometimes, but it teaches you a lot about who you are.”
Sculpting Skills to Succeed
Williams says many elements of his more than 15 years of experience in wealth management and financial services made him aware of the power of knowledge and leadership – among them his stint in The College’s Black Executive Leadership Program.
“The College brings financial knowledge, education, and acumen to the table in a way that’s just phenomenal,” he said. “So, when my then-managing director reached out to tell me about this new program The College was starting up, it was kind of a no-brainer for me.”
The Black Executive Leadership Program offers high-potential Black and DEI-committed professionals ready to advance in corporate leadership the resources to power their next career steps. With its hybrid online and in-person program and its model of executive sponsors and student fellows collaborating in both settings, it’s helped set many rising leaders up for success, and Williams praised the culturally relevant insights of the curriculum.
“You can only learn so much in a textbook; it makes you aware of the issues, but not always how to navigate them,” he said.
When it comes to practice-building advice, Williams offered four key points for advisors to consider:
- Look for people who are looking for you. “Many of us are looking to improve and advance ourselves in the business, and the Black Executive Leadership Program reminds us of a lot of cultural and social issues at play and business dynamics that can have an impact on growth,” Williams said. He further explained that it’s important to find a workplace where professionals believe they belong and will be heard.
- Preparation is key. “You have to be detail-oriented, understanding the nuts and bolts of the business,” Williams said. Only then, he says, can professionals continue moving in the direction they want successfully – and hopefully have fun while they’re doing it.
- Develop your emotional intelligence. Often in business and in life, things won’t turn out the way you want them to; the defining factor is how you respond to it. Williams emphasized that it’s important to separate the ego from the professional workplace. “If a client or potential client says no, that’s okay, and there’s usually a reason for it,” he said. “Instead of getting offended, take a minute to ask them questions and try to find that reason. They may respond with something you hadn’t considered that can help you get them to yes.”
- Understand how your business model operates. “Before we even sit down with clients to have investment or other conversations, we have to understand exactly how our business is set up so we can help our clients understand, too,” Williams said. He says programs like the Black Executive Leadership Program and other learning opportunities exist to assist professionals in crafting these business models and developing their communication skills.
“The College brings financial knowledge, education, and acumen to the table in a way that’s just phenomenal…it was kind of a no-brainer for me.”
Building Client Relationships
Financial professionals are often told about the need for building strong client relationships – but Williams says his experience shows it’s even more important than some may think.
“Financial advice often has very little to do with finance,” he said. “It’s been a long time since I’ve had a Series 7-related question. Alpha, asset management strategies – these are table stakes. Relationships are the selling point of your business.”
Williams emphasized that his interactions with clients often border on life counseling in addition to financial planning and investment management – and it’s important advisors get comfortable with and be prepared to take on that role.
“Personal finance truly is personal: you’ll find yourself talking to your clients about things that have nothing to do with money. When feelings are tied into money, it becomes a highly emotional situation. It’s a sensitive subject, and you’ll become part of all kinds of conversations you never expected.”
So, how does an advisor build the kind of trust-based relationships it takes to make these connections possible? Williams advises a sound knowledge of yourself, your business, and your values – which, in turn, will give you confidence.
“There are a lot of options out there for financial planning these days, and people are often hesitant. You have to make them believers in what you’re offering,” he said. “Clients pay close attention to your attitude and your process while working with them – so you need to focus on strong communication and adding value in each interaction you have with them.”
“Financial advice often has very little to do with finance…relationships are the selling point of your business.”
It’s also often cited that financial services is a high turnover industry, with many new advisors lasting less than five years before transferring out of the business: according to Advisorpedia, 90% of advisors quit the profession within three years. Williams, however, says the ingredients for success are there as long as professionals are willing to look for them – and prepare themselves for the long haul.
“My father used to tell me about how his experience with success in law happened almost overnight. It’s not that way for most business owners, including those in financial services,” he said. “Stamina is critical. Discipline, emotional intelligence, and consistency are all things I learned along the way. The key to making it is modeling your business to run efficiently and give your clients confidence. That way, you have the confidence you need to sleep at night and spend time with your family.”
Learn More From The College
Meet Our FinServe Network.
CFP® Certification Education Program.
Thrive When You Specialize
Positioning yourself and your services to clients is not a simple task—but through specialization, you can stand out from the competition and match yourself with clients who are in need of your specific services. With help from our new practice management workbook, you can gain key insights on the best methods to achieve this and more while growing your practice.
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Marketing to Your Ideal Client
Growing your business is no easy task—but we can help! Our new practice management workbook is here to instruct you on the crucial methods every advisor needs to know as they seek to grow their practice.
Learn more about determining what your ideal client looks like and the services you offer them that set you apart from the competition. Prioritizing your client relationships not only helps you position yourself to provide your client with the best advice possible, but it will also keep your clients satisfied.
Increase your knowledge and take the steps to propel your business forward with this customizable workbook.