Practice Management Case Study: Coaching & Consulting Work!
Securities America’s programs satisfy former-CPA Ken Buzek’s “show me” demands.
As a former CPA, Ken Buzek has a strong analytical side that often requires proof of results to satisfy his “show me” instinct. In undertaking two major conversions in their business since joining Securities America in 1996 – first from commission to fees and most recently from self-managing client investments to using third-party money managers – Buzek Wealth Advisors have been more than satisfied with the results. “When I went independent 13 years ago, I had one full-time assistant and did primarily commission-based mutual fund business, mainly with retirement accounts,” Buzek said in an interview prior to the conference. “Our practice today is six times what it was then in gross revenue, with two full-time staff and seasonal part-time staff. We’ve moved from commission to predominantly fee-based business, and through the Next Level coaching program, we’ve moved mostly to Managed Opportunities® with third-party money managers.” Buzek shared his story in his session, “Real Life Case Study: Successfully Growing Your Practice,” during Securities America’s National Conference this past June. Laurie Burkhard, Securities America senior business consultant, who worked with Buzek in his initial Securities America Practice Management Business Consultation, moderated the robust and insightful discussion.
Within a few years of making the transition to fee-based business, Buzek Wealth Advisors had doubled their business. Within six months of moving to Managed Opportunities, the practice transitioned $30 million in assets and became the first member of the first Next Level coaching class to earn the bonus that pays for the program fee of $4,495 plus travel expenses up to $2,100. “During our first Next Level session, Securities America shared the results of its $1 Million Producer Survey. One thing those producers were doing was outsourcing money management to third-party managers to enable the advisor to spend more time with clients and referrals,” Buzek said. “The consultants with Securities America Advisors had been telling us they thought we would be more successful if we converted to the Managed Opportunities platform, and my son Kevin, who runs the office, had been pushing for the same. The information at Next Level was what I needed to make the decision to pull the trigger.” Buzek said he now feels relieved of the investment management burden and more confident in his relationships with clients. “The world today is a totally different place from an investment and planning perspective,” said Buzek, who has adopted a more comprehensive planning approach using Income for Life™, Managed Opportunities and variable annuities. “It’s much more difficult to figure out what to do with clients’ money. Having third party money managers handle the investments and allocations enables us to spend more time on developing deeper client relationships. We feel more confident, especially after going through the horrendous markets of 2008 and the first quarter of 2009. Our client relationships are stronger and more enjoyable than ever and have created a higher quality of referral than before.” Earlier in their relationship with Securities America, Buzek Wealth Advisors made good use of the Practice Management business consultations to streamline office efficiency and segment clients to analyze time versus profitability. They have used HR Advantage to help them hire “the right people for the right positions with the right experience and personalities . ”
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