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The Profitable Advisor Podcast


Every month, million dollar fee-based financial advisor Dan Cuprill shares ideas and strategies on how build profit-driven planning practices. For more information, visit www.ProfitableAdvisor.com.

Mar 1, 2021

Every advisor wants to find ways to increase AUM and the best way to do that is by maximizing the clients you’re already working with.

Few businesses do that better than the Duffy Law Office in Davenport, Iowa. Along with estate planning, attorneys Dennis Duffy and Ryan Denman also provide a variety of financial planning services for their clients as part of Abundance Financial. It was a logical expansion of the business and one they continue to fine tune over time.

On this episode of the Profitable Advisor, we’re going to get into a very detailed conversation on their process for bringing clients from the law side to the financial side, how they nurture existing clients, and why they’ve been so successful with this strategy. There’s a lot of great information in this conversation and we appreciate their time.

So as you go through the episode today, keep an ear out for some of these topics that we cover:

  • The path from law to finance
  • Why relationships and rapport are most important
  • The process they use to bring awareness to the financial side of the business and the way they bring law clients over.
  • The different styles that they use to work with clients
  • Working with the entire family on planning
  • How they nurture clients over time that haven’t moved to the financial side
  • How they’ve been able to build a tremendous business in a small market
  • Dan’s opinion on their business and whether they should make changes
  • Creating a succession plan
  • How to become more selective with clients and establishing a process for that.

For more on this topic and other strategies to growing your business, join us over at RenegadeAdvisor.net.

 

What we discuss on this episode: 

1:34 – Background on the Dennis and the business

6:28 – How clients find the financial side of the business

10:56 – Ryan’s process for bringing law clients over to finance

18:38 – How Dennis’ approach is different from Ryan

23:12 – Dealing with the family

27:50 – Tough conversations with married couples

31:15 – Nurture systems

34:50 – Only taking clients who want full package

38:24 – Building a business in a small community

46:10 – Should they change the business model?

51:15 – Two issues to address

55:40 – Becoming more selective