BRX Pro Tip: Success Story – Wealth Management Firm
Stone Payton: [00:00:00] Welcome back to Business RadioX Pro Tips. Lee Kantor and Stone Payton here with you this morning. Lee, for our success story series, wealth management firm.
Lee Kantor: [00:00:12] Yeah. We had a client that came to us, they were a wealth management firm, and they were having a difficult time differentiating themselves from all the other financial advisory firms that were in the market. So, we talked about the types of clients that were important to them, who were they really good at serving. And they kind of landed or we landed on family business. Business owners were a good market for them as a whole, and specifically family owned businesses. That was an area that they thought they could do a really good job in serving them and really provide a lot of value for them.
Lee Kantor: [00:00:51] So, we said that we would create a family business radio show that would talk about the good, the bad, and the ugly about running a family owned business. And for people who aren’t familiar about family owned businesses, there’s a lot of kind of unique aspects about them that traditional businesses don’t have to deal with. Like, they have to deal with the family member who isn’t part of the business that still might, in the future, financially benefit from the sale of the business. Or a succession plan, a lot of time the person running the business wants to keep working until they’re, you know, 70, 80 years old. And then, this kind of makes it where the younger person never gets a chance to lead. And they could be, you know, 50 years old and never having a chance to kind of put their stamp on things.
Lee Kantor: [00:01:39] So, there’s a lot of challenges on that, not even talking about, like, how do they handle holidays and family events. So, there’s a lot of kind of landmines in that. So, we talked about all those things. And what this did was, in the short period of time, it enabled our client to penetrate that space, become an authority in that space. They were invited to go to events, conferences, because they were no longer seen as a vendor. They were seen as a trusted resource to that ecosystem, and it really impacted their business in a positive way.
