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July 7, 2021

Ep. 4 Navigating Succession Planning, Fellowship, and Teamwork ft. Chase Crump and Dany Martin

“Success is going to be built off of the things that you put into it.”

Podcast Introduction

This week we are psyched to have two WFA Partners and Wealth Advisors on the War Room Huddle podcast: Chase Crump, CFP®, and Dany L. Martin, MBA. You might recall Dany L. Martin, MBA from War Room HuddleEpisode 2 and Chase Crump, CFP® on Episode 3.

WFA has 96 cumulative years of trusted advisor experience and 134+ cumulative years of administrative experience. We shake things up in this episode and flip a few chapters back to discuss the history of WFA, thoughtful and intentional succession planning, and intentionality around valuation. “Success is going to be built off of the things that you put into it,” says Dany.

Too many people don’t have a vision for the future. They have no plan, no direction, and no way to reach their goals. “As a younger advisor, you don’t have to wait for the retiree to show up and try to sell their business,” Dany says. “Go in there and just bring it up.”

We learn how WFA strategized succession planning in a multifaceted way. They thought about how the clients are going to be cared for and what the transition would be like. They considered the extension of mission vision values, branding, and communication as a team.

It’s all about “taking a step back and realizing it’s not about just you, it’s about clients,” says Chase, which circles back to the WFA motto of Plan. Invest. Inspire. WFA seeks to plant the financial seed, water it with equal parts caring and knowledge, and then watch it grow.

There is so much awesome information in this episode, we know you’re going to get fired up! Make sure to listen to this empowering War Room Huddle episode with Chase Crump, CFP® and Dany L. Martin, MBA, Partners and Wealth Advisors at WFA. They say you need to be what you wish to see in the world, so if you want to lead a more inspiring life, join RFG.

Join the conversation to hear about:

  • The history of WFA (4:24)
  • WFA Founder Tommy’s intentional approach to succession planning (8:25)
  • Transitioning, restructuring, and finding their groove as a new WFA (12:55)
  • How RFG helped navigate the path (18:00)
  • The power of a good team (21:22)
  • Intentionality around valuation: how much is your time worth? (24:24)
  • Chase’s tip to start the succession planning process (31:55)
  • Fellowship, conversations, and WFA’s mission-focused approach to business (32:40)
  • Crushing it and going remote during Covid (36:21)
  • Unattaching yourself from ego (39:00)
  • Dany’s advice for younger advisors thinking about upleveling their career (41:17)
  • Tips for advisors wanting to execute a succession plan (46:46)
  • Reach out and don’t be afraid to collaborate (50:20)

 

Podcast Overview

This week we are psyched to have two guests on the War Room Huddle podcast, Chase Crump, CFP®, and Dany L. Martin, MBA; both are Partners and Wealth Advisors at WFA. These two might sound familiar! Dany L. Martin, MBA came on as the War Room Huddle guest in Episode 2 and Chase Crump, CFP® was on Episode 3, where we talked to each of them about their story, diving into what WFA is up to now, and all the growth they’ve experienced.

We shake things up in this episode and flip a few chapters back to discuss the history of WFA, thoughtful and intentional succession planning, and intentionality around valuation. “Success is going to be built off of the things that you put into it,” Dany says.

Dany and Chase had known each other for years when they started working with Steve Carney, ChFC® Partner & Wealth Advisor at WFA within the Capital One banking system.

“Steve was a top producer at that time, so he was an incredible mentor who gave us a shot to get into the industry,” Chase says. Like powerful magnets, they were drawn together and ended up all working together again with Tommy Williams, CFP® Founder and Wealth Advisor at WFA. Cultivating and transferring values to successors is no easy task. There are a lot of moving pieces and a lot of critical transitions along the way. We dive into how WFA navigated the experience in this episode.

These days it’s hard to see past the present. WFA protects time by thinking about the long-term. “You’ve really just got to be aware of what’s going on out in the community,” says Dany. This episode is full of stories of growth and triumph, as we go deep into topics such as the power of a good team, intentionality around valuation: how much is your time worth, tips to start the succession planning process, and so much more insight to keep you on top of your game.

We learn how WFA really strategized succession planning in a multifaceted way. They thought about how the clients are going to be cared for and what the transition would be like. They considered the extension of mission vision values, branding, and communication as a team.

“As a younger advisor, you don’t have to wait for the retiree to show up and try to sell their business,” Dany says. “Go in there and just bring it up.” Dany explains that you can simply walk up to the office, knock on the door and say, ‘Hey, I like what you’ve done. Have you thought about succession planning?’

Too many people don’t have a vision for the future. They have no plan, no direction, and no way to reach their goals. It’s all about “taking a step back and realizing it’s not about just you, it’s about clients,” says Chase, which circles back to the WFA motto of Plan. Invest. Inspire. WFA seeks to plant the financial seed, water it with equal parts caring and knowledge, and then watch it grow.

If you are thinking about succession planning for your business or you are interested in taking the next step in working with someone to succession plan their business, you won’t want to miss this episode.

This podcast is brought to you by RFG Advisory. The War Room Huddle is available on Spotify, Apple Podcasts, and wherever you listen to podcasts. Hear host Shannon Spotswood, RFG President, and our financial advisor guests, talk about crushing everything. We’re here to help independent financial advisors amp up your A game and stay on top of what’s going on in the industry. Be prepared for anything, subscribe wherever you’re listening to this podcast and never miss an episode!

A wealth of tips

Go grab a coffee and get ready to redesign your succession planning mindset using the secrets from today’s show. Make sure to listen to this empowering War Room Huddle episode with Chase Crump, CFP® and Dany L. Martin, MBA, Partners and Wealth Advisors at WFA. Consider these three concepts to successfully strategize your succession plan. They say you need to be what you wish to see in the world, so if you want to lead a more inspiring life, join RFG.

  1. Start thinking about your succession plan now. Time is of the essence now more than ever. As Chase mentions in this episode, plan and make sure everything unfolds like you wanted to because it’s going to take time. If you decide today that you want to retire, the transition of your clients to whomever will take over can take one year to two years minimum. “Just get started,” Chase says. “Just take some small step in that direction, it could be as easy as getting the valuation, it could be as easy as reaching out to RFG.”
  2. If you want something, ask. As Dany explains in this episode, if you are a younger advisor thinking about your career’s next steps, you don’t have to wait for the retiree to show up and try to sell their business. “Just walk up to the office, knock on the door and say, ‘Hey, I like what you’ve done. Have you thought about succession planning?’
  3. Make data work for your clients. It is vital to understand what is the value of the business and not just the dollar monetary value. You have to think about the composition of clients, the attribution of revenue, the sources of revenue, the growth, the age, and so much more. Take all the data acquired from valuations over the years and start applying it in good ways to help your clients and to help your business build value.

Referenced Materials

Securities offered by Registered Representatives of Private Client Services (“PCS”). Member FINRA/SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities.