5/25/216 – Singles in Retirement have it extra tough as it can be a very lonely world out there where important decisions have to be made. This is the message Mike gave to a reporter for USA Today.
Note: Generosity Wealth Management is a financial services company, with Michael Brady, an Investment Advisor Representative, offering advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor
Interviewer: This is Eric Dye and once again welcome to Enterprise Radio your EPN channel for exclusive interviewers with entrepreneurs, small business owners and some of the world’s top executives who are having great success. This is where they share their latest creations, products, services, experiences as well as business strategies and insights that can all help you build your business leading through your business and personal success. Today, once again, we are speaking with Mike Brady; founder and president of Generosity Wealth Management, a mission-based wealth planning firm that works with the clients to develop comprehensive long-term diversified strategies to build their wealth. Mr. Brady welcome back to Enterprise Radio.
Mike Brady: It is my pleasure to be here. Thank you.
Interviewer: Yeah. And the pleasure is ours as well. Good to have you back. Hope you’re off to a great start to this year. So first of all, for starters, tell me a little bit more about your work as a financial advisor and how you work with your clients to establish and meet their goals.
Mike Brady: Yeah first a little bit about me. I’m 24 years in the financial business, 16 as a junior partner in a firm and seven as a sole entrepreneur, as the founder of Generosity Wealth Management. And I bring that up because it really was a great experience for me because when I was a junior partner I was able to really work on my skill set of working with clients and I was able to bring that into having my own firm and running it my way with my own vision and my own goals. And so when I hear your question about how do I work with her clients to establish a meet their goals, I think of it in two ways. I mean the clients have goals and I help them create them and work towards those goals, but I also have my own individual goals, which, of course, should complement of theirs. Goals are individual and one nice thing about as I work with clients is they get to be the entrepreneur of their own life. I mean I believe that 80 percent of reaching your goals is defining them and having a plan for some of the speed bumps along the way. But you also don’t want to get distracted by bright shiny objects. I joke squirrel, if you’ve ever had a dog that gets distracted, squirrel, squirrel, well our life can be that way as well on the path towards our goals. And so I think that it’s important that clients understand that you have to define them and really have a good plan for how to get there. As an advisor I have goals as well and one of my goals is I want to make an impact on their lives and I also want to make an impact in my community. And one of the ways that I do that is with long-term goals with the clients that is trusting – long-term relationships, excuse me, long-term relationships with clients that’s trusting but it’s fun for both sides. And so this is one of the goals that I go into and I define it very clearly with clients is saying this is what I want out of our relationship is long-term. It will be fun. It will be interesting. We’ll go through this together, but also let’s make sure that I have the ability to have an impact in your lives. That’s how I think of establishing and meeting goals.
Interviewer: So how do you secure new clients and build lasting relationships with these clients?
Mike Brady: Well, I’m incredibly involved in many different organizations. I’m on a number of different boards. I’m involved in Rotary. I’m involved in so many different things that I have a passion for. And I think that that’s really important that you’ve got to do something that if you where to get no compensation or no clients or any referrals from you still would do it with 110 percent passion. And it shows in each one of the organizations I’m involved in I make an impact on that organization and the people who are involved in that get to know me. And because of that they think highly of me. They get to know me. They get into a relationship with me on a personal level, which then transcends into the business world as well. I mean everywhere I go I’m making friends and being engaged in the world. I mean even if that’s the barbecue in my neighborhood. I mean I’m out there; I’m talking; I’m genuinely curious about other people. And since I’m upfront and honest in my non-professional world I think that people get the idea that and understand that I’ll be the same in my professional world. And so the way that I secured new clients and build lasting relationships with them is by being out there really the networking. Touching them. Rubbing elbows and being who I am as authentically as I can and that draws people to me. And so because of that I’m constantly getting people who say how do I become a client of yours? And it’s a great honor when they ask that.
Interviewer: Mike, I would be curious what do you do to give your clients a positive overall experience?
Mike Brady: Well, communicate, communicate and communicate. It’s my belief that people want to be treated with respect. And that is a key part. When you don’t have respect between people that’s where there’s a lot of breakdown. And so therefore I try to set expectations with people; I talk to very plainly and honestly about what I can and cannot to do; absolutely don’t overpromise. Unfortunately we live in a world where whether it’s a TV commercial or it’s a salesman in a store, many times there’s an overpromise, an over expectation and it’s the lack of exceeding that expectation that gets people very frustrated. And I’m very interested in ensuring that people have a good positive experience by being in partnership with them and being in relationship. And I’ve use those words a couple of times in our conversation here, but that really is a key. We don’t know what the future holds. Nobody does. But I for one, and one who admits that very humbly with a client, but says we’ll go through this together. We’ll be partners. We’ll figure this out together. I can’t guarantee exactly what problems we might have to overcome in reaching your goals. I might not know exactly what the outcome will be but our intention will be to do the very best that we can together in a relationship. And communicate, communicate, communicate is what I said at the beginning because the client can’t read your mind and I can’t read their minds and so therefore part of relationship, part of partnership is communicating this is what I’m thinking, what do you think? It’s a fluid relationship to figure this out together and I think that that leads to a positive overall experience.
Interviewer: Today we’re joined by Mike Brady founder and president of Generosity Wealth Management; a mission-based wealth planning firm that works with clients to develop a comprehensive long-term diversified strategies to build their wealth here on Enterprise Radio, a part of the Entrepreneur Podcast Network. And you can also follow the show on Twitter simply @EPodcastNetwork. Mr. Brady, why is it important to show your clients that you do appreciate them? Get into that some if you would.
Mike Brady: Absolutely. Well, the first thing that I would say is I think it’s the kind thing to do. Hopefully it’s a lifestyle and an attitude. I mean hopefully you show appreciation for your family and your spouse and the person who is serving you food and the people that you see walking down the street. So I think appreciation goes a long way in all aspects of our lives. In our businesses I think that showing appreciation is a way of showing respect. And respect with another person does build some loyalty. And so one of the big benefits of showing appreciation is loyalty, but also some fun. I mean many times people think of the people that they work with professionally as it’s just business. No, we’re human beings. We’re emotional beings as well and let’s have some fun. Let’s be very serious about things absolutely. But let’s also understand that life is to be enjoyed and let’s go through this together so that it’s not so much work that you never want to do it. Some ways that I’ve shown appreciation for clients, a lot of times people have an appreciation dinner and wine and cheese and things of that nature and that’s not really me. That’s not who I am. That would be disingenuous if I did something like that for my clients who know me. So they know that I’m a science-fiction kind of nerd and I had a Hobbit movie and I rented out the whole movie theater. And most recently Star Wars A Force Awakens, I secured the entire movie theater and invited my clients and my friends the night before it opened. It opened on a Friday; I had it on a Thursday for a prescreening. That was one way that I showed some appreciation. But, of course, on a daily basis I show clients that I appreciate them by giving them a call, by listening to them. One the client said that her goals were to travel the world. And I immediately got done with that meeting, went to Amazon and bought a book and had it delivered to her. I think it was 500 Great Places to See Before You Die. I mean it was all a book about wonderful places around the world. And that showed her that I was listening to her, I appreciate her goals and that I want to be a part of helping her achieve those goals. That’s I think some of the ways from big events to just daily events that we can show that you appreciate them.
Interviewer: Certainly some good stuff right there. Certainly appreciate you’re sharing that. Lastly, what are some tips you can give it to entrepreneurs on building new client relationships and improving upon consisting ones?
Mike Brady: Yeah. Well for new client relationships I believe that chemistry is important. So if it’s not there don’t to go forward. I mean it’s easy for me to say because I’m in a place in my business and in my career where I’m able to pay the bills and do fine without trying to convert every single person who comes in from a prospective client into a client. But I believe that long-term you and the client are better if there’s chemistry, you guys are talking the same language and you just feel comfortable with one another, however that is. You know when is comfortable and when it’s not. And so therefore you’ve got to be willing to walk away. You don’t have to put a square peg in a round hole, willing to walk away and make sure that it’s right for both. And make small promises in the beginning and keep them. I’ll call you tomorrow to schedule that appointment. Well, that’s real important. That’s the first promise you might make to that person. Or you know what, I’ll send you a link with directions to my office. Well, that might not sound like a big deal but that’s a promise. And so if you’re not keeping the small promises how are you keeping the big promises? I like to talk about expectations about communication early. I communicate with them early and often. And, of course, once they become a client I have to continue that expectation and provide value at every interaction. The last thing I’ll say maybe about new client relationships is to differentiate yourself even to the degree of how you’re similar. I read this great book, and this is actually how I would give advice to someone about existing client relationships, by Scott McKain called Create Distinction. And I have no idea of who Scott McKain is except I saw him speak at a seminar once. So I’m not hocking is book only to the degree that I really liked it. It was called Create Distinction by Scott McKain. And what it talked about is that when you look around at the cars driving around your town, so many of them look alike, and if you look at many of the trucks, so many of them look the same. And so when something looks different it stands out. I remember a movie critic was once asked, “There’s all these movies, why do you movie critics always find these obscure movies to say they’re best for the year?” And the guy says, “You’ve got to understand we see two or three movies a day. Anything that is different and distinct stands out in our minds. All the rest kind of blur together.” And so I think that when developing and improving upon existing, differentiate yourself. Create distinction. Be easy to work with. No drama. People get enough of that in their own lives. I’m a relationship guy and I believe that if you’ve got an existing client relationship and you’re not personally involved in that relationship, you know, if they just see you as some vendor, and I define vendor as someone who just fits a purpose, no loyalty, you know, you just do the thing and I can replace you in a moments notice. Think about that because they deserve better. Do they deserve a trusted advisor, a trusted ally that’s going to be on their behalf? And you deserve more as well. And if you say to yourself I can’t; I’ve got to take every client. Or at this point I’ve got some clients but I can get rid of some of them. Well if you really have a goal for yourself of the type of business that you want perhaps five years from now, you got to start creating it today and get that fixed in your head and think about the perfect client for you. And if you can’t get rid of the clients that don’t meet that now just because of where you are and you’ve perhaps got obligations, start calling the ones that don’t fit. You get one that does maybe bring on new client, get rid of an old one. It’s not growing your business necessarily but it will start to change your business into one where you have a bunch of clients that perhaps aren’t exactly what you’re looking for or your vision, you’re slowly replacing them with ones that do. And over time you’ll be very happy and you’ll look at your client list or your customer base and say wow these people are a reflection of who I am and what I want and this is exciting to work with these people. It might take some time but I think that that’s a way that you can, with existing client relationships, start to improve upon them,
Interviewer: Well Mike, I want to thank you for sharing from a genuine and a passionate place and certainly valuable information. We really appreciate your time today. Tell our listeners where they can get more information once again about Generosity Wealth Management online.
Mike Brady: Yeah. Absolutely. Well, my website is www.generositywealth.com, generositywealth.com. I also have a Twitter account. It’s generosity_wm. And they can also look at my LinkedIn profile. Michael Brady in Boulder and there’s a number of different ways. And, of course, my email, Mike@generositywealth.com. Always love to talk with people and see if I can help them; see if there is a relationship that is just budding and waiting to happen.
Interviewer: Well Mike, once again thanks so much for your time and look forward to another conversation in the future right here on Enterprise Radio.
Mike Brady: Thank you very much sir.
Interviewer: And you’re more than welcome. We have been speaking with Mike Brady, founder and president of Generosity Wealth Management; a mission-based wealth planning firm that works with clients to develop comprehensive long-term diversified strategies to build their wealth. And for more information simply visit generositywealth.com. This is Eric Dye and you’ve been listening to Enterprise Radio, a part of EPN, the Entrepreneur Podcast Network. Pick up our iPhone or android mobile app for your mobile listening convenience. And once again we do thank you for tuning in.
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This is likely going to pain many borrowers who have little experience with a world in which interest rates are higher, said Michael Brady, president of Generosity Wealth Management in Boulder, Colorado