Navigating the Challenges of Transferring Ownership in Financial Advisory with Matthew Delaney

The Admired Advisor Podcast

The transition of ownership within a firm can be a challenging process for both clients and advisors alike. It's at this point where the delicate balance of trust, transparency, and open communication becomes so important. While a change in ownership or leadership can stir feelings of uncertainty and concern, advisors who have established trust and transparency with their clients are better equipped to handle these changes.

In this episode, Steve talks with Matthew Delaney, Managing Partner at JDH Wealth Management. His passion is working with people and helping them get their arms around their financial world. Having left Smith Barney (now Morgan Stanley) in 2005, Matt brought his knowledge of big-box financial advising to the boutique firm of JDH Wealth. His firm is now close to $400 million in collective assets.

A second-generation financial advisor, Matt talks with Steve about navigating the big changes in transitioning and owning an advisory business. He shares his insights on what he learned that works and doesn't work when going through an ownership change. Matt also discusses the importance of transparency and open communication in client relationships during the transition process and the value of being involved in all aspects of the business.

Key Takeaways

• [01:54] - How JDH Wealth Management was founded.

• [06:01] - The lessons Matt learned from his experience working in the brokerage industry.

• [10:29] - An overview of the team at JDH Wealth Management.

• [11:33] - The client profile that is best suited for JDH's services.

• [12:40] - The process of changing ownership for JDH.

• [17:50] - What worked and what didn't when Matt took over JDH.

• [21:57] - The challenges related to the process of transitioning advisors.

• [25:25] - The mindset of staying involved and trusting the process of others.

• [30:52] - How Matt handles difficult clients.

• [37:26] - What motivates Matt to feel enthusiastic about the work he does for his clients?

Quotes

[08:55] - "I've told advisors on the broker side that it's not that clients mind paying fees. The problem is that they're often hidden." ~ Matthew Delaney

[25:52] - "It's so important for advisors to have a sense of what goes on day-to-day and behind the scenes and be close to the details that are the backbone of our business." ~ Matthew Delaney

[31:21] - "Over the years, I've gotten better at recognizing that life is too short to work with people you don't want to work with or don't let you do your job." ~ Matthew Delaney

Links

• Matthew Delaney on LinkedIn

• JDH Wealth Management

• Adam Birenbaum

• Your Retirement Bodyguard

Connect with our host

• Steve on LinkedIn

• Buckingham Strategic Partners

Subscribe and stay in touch

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• Steve on LinkedIn

• Follow Buckingham Strategic Partners onTwitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)