078: Building A Values-Driven Advisory Practice With Morgan Nichols The Influential Advisor podcast

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078: Building a Values-Driven Advisory Practice with Morgan Nichols

1d ago 40:21

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Episode Summary:

Many financial advisors find their practices increasingly transactional despite their best efforts. In this conversation, Morgan Nichols unpacks how she's pioneered an approach that puts values at the center, creating what she calls "simultaneous multi-generational success" - a practice that serves clients across generations while developing advisors across generations too. Morgan shares practical steps to building a values-driven practice that nurtures deep client relationships, attracts like-minded advisors, and creates fulfillment that transcends financial success.

About the Guest:

Morgan Nichols comes from a family of financial advisors - both her parents and father-in-law are in the industry. She started in corporate America before joining her father-in-law's practice, learning valuable lessons about integrity and building client respect. She rebranded to Life Branch Wealth Partners in April 2024 to better reflect her values-driven approach.

The Five Core Values of Life Branch Wealth:

1. Responsive: Being proactive and client-focused in an age of instant gratification

2. Dependable: Providing clear insight and consistent, informed advice that builds trust

3. Trustworthy: Maintaining honesty and integrity in all client and team interactions

4. Empowering: Helping clients feel confident while encouraging team members to own their responsibilities

5. Team-Oriented: Leveraging collaborative expertise for the benefit of clients

Key Concepts Explained:

Simultaneous Multi-Generational Success: Life Branch's approach to serving multiple generations of clients while developing multiple generations of advisors. This creates sustainability and ensures clients have advisors who can serve them for decades.

Beyond Transactional Relationships: Morgan emphasizes comprehensive planning rather than product sales, creating trust that withstands market volatility and uncertainty. This approach focuses on understanding clients' personal values, emotions, and life goals beyond just portfolios.

Values-Aligned Advisor Recruitment: Morgan looks beyond technical skills to find advisors with purpose, integrity, work ethic, and a desire to make a positive impact. She seeks those who think long-term and are committed to stewardship rather than focusing primarily on payout rates.

Navigating Client Transitions:

Morgan trains her team to help clients through major life transitions, particularly retirement. She emphasizes that retirement isn't just a financial milestone but an emotional one that affects identity. Her advisors help clients address questions like "Who am I without my job?" and consider practical aspects like retirement timing (avoiding retirement at the beginning of Chicago winters).

Questions for Advisors to Consider:

For advisors wondering if they're in the right practice environment:

Are you still learning and growing?
Do you have a collaborative environment where you can lean on peers during challenging times?
Have you planned for what will happen to your clients if you retire or face health challenges?
Do you enjoy running the business side, or would you prefer focusing on being an advisor?

Connect with Morgan:

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Chapters

1. Financial Advising with Purpose (00:00:00)

2. Aligning Decisions with Personal Values (00:05:34)

3. Building Trust During Market Volatility (00:09:41)

4. Creating Multi-Generational Success (00:16:13)

5. Beyond Transactions: Meaningful Client Relationships (00:21:46)

6. Developing a Values-Driven Team (00:31:04)

7. Building an Intentional Legacy (00:36:25)

81 episodes

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