The Influential Advisor

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

• Paul G. McManus

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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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Speaker 1:

If you're like many advisors, your practice feels increasingly transactional, despite your best efforts. Clients want more than portfolios. They want purpose. Staff want more than paychecks, they want meaning. And you, you want to build something that matters. Morgan Nichols has cracked the code on transforming financial advisory from a business into a legacy. As the leader of LifeBranch Wealth Partners, 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. Clients across generations while developing advisors across generations, too. In today's conversation, we'll unpack the practical steps to building a values-driven practice that nurtures deep client relationships, attracts like-minded advisors. And to the Influential Advisor podcast and this is unique for me because you were just a guest on the podcast, I want to say, a few weeks ago, so welcome back.

Speaker 2:

It's great to be here and get to have a conversation with you again.

Speaker 1:

Yeah, definitely, and the first conversation we had was what I would describe as an author interview, and I can see the book there in the background. So about your brand new book that you're rolling out Intentional Legacy, which is really geared towards more the retail client or investor, and so we had a great conversation about that. In today's conversation, we to be more focused on how you and your firm LifeBranch work with advisors and, I would dare say, to help them create their intentional legacy. Are you ready for the conversation?

Speaker 2:

Absolutely.

Speaker 1:

All right. The first question I have for you, morgan, is that you come from a family of financial advisors, so mom and dad are financial advisors. I'd love to hear a little bit more about that. So what's your path? What inspired you to eventually build your own practice coming from this family and, by extension, what lessons from growing up in that environment have really shaped the way that you lead your practice today?

Speaker 2:

You mentioned it, so I've always known financial advising in one way or another. I've actually heard stories with my parents working. I went to the office as an infant but really, with this being part of my life since I was a kid, I remember dinner at the conference table. Right, I would come home from school to the office, do homework at the conference table, have some dinner and then get the chance to make a few dollars and put away a few files. I like to joke that I started in this industry at the age of eight.

Speaker 2:

My jobs were quite easy, but with time I earned the ability to get more responsibility. When watching my parents, what I found was that for them, it just wasn't about numbers. I really saw them working with people and making an impact in their lives. So that's probably what piqued my interest in this industry. Fast forward, I went off to college, thought about what did I want to do? I wanted to work for a big company, so I spent time in corporate America and then had the opportunity to come back because I wanted to be involved in something that did provide that meaningful impact and I joined my father-in-law in practice and he's been a huge influence on me as well.

Speaker 2:

You asked like the lessons that I learned. I think in working with him it's just watching his integrity. He has always held really high standards and with time I've seen both when he was in practice and still after he has retired, just seeing the respect that clients have had for him. I really I aspire to have that level of respect with time. It takes intentional focus to build that and helping both the team but also clients.

Speaker 1:

So we're here to give great advice but we also really care about the people that we help, yeah, and so I heard you say your father-in-law. So you have it both your parents as well as your husband's father.

Speaker 2:

Correct, so I have it on all sides. No pressure on the next generation, my daughter's two and a half and she's fierce and I can see a future there.

Speaker 1:

It's like you can do whatever you want. Yep, all right, very cool. Your book Intentional Legacy, emphasizes aligning financial decisions with personal values, and that's a perspective that really stands out in the industry. How did that philosophy become such a cornerstone of your practice?

Speaker 2:

Yeah, paul, after spending about a decade coming into this industry wanting to do the best I could for my clients, sharpening my analytical skills, I realized we can provide really good analysis. But it takes a little bit more than just the analysis for the clients we work with to feel secure, to feel understood. So the math part, analytics, it's very critical, but it's more than just the numbers really getting to know the people we work with. Not everyone has the exact same values as me or the exact same story or the exact same perspectives. So when I can really work with clients and turn my filter off but understand their dreams what are their fears, what are their values and how do they define that, that makes a big difference. If we sit there and we don't really take time to realize how much our emotions, our personal histories and our biases shape up, I ask my clients more and more what did you learn about money growing up? Because our childhood shapes us Clients that have very strong retirement plans but they really have a hard time spending. If you learn that they grew up in a really poor background and there's just some history there and you understand why they respond the way they do, you can really coach to that, so I really like to lean into that. I also think it's a big deal to work with our clients and we talk about personal values.

Speaker 2:

I had a great conversation with a client last week and she read our book, which was great. She found so much value in it and I've actually spoken with a few clients who've read our book and it just in one area or another, it gets them thinking a little bit deeper about their lives, what really matters to them. And she realized she's built up her assets. She wants her children to benefit, but also wants to be remembered by something and we dug into what does that mean? And she really had to take some time, think about it and I've known her. There's a lot of organizations or causes I thought she was going to save, but she came back with me that she really wants to be remembered for making an impact in children that need adoption or families that want to adopt and organizations that serve children in need.

Speaker 2:

I don't think we would have known that if we didn't dig deep in the conversation with her and really get her thinking. And, quite frankly, it has me really excited right now because we get to take that, start building on it and make sure that she really feels good about the high net worth clients. It's that tailored approach, the personal approach. It makes a difference. We can help them live intentionally. They have to be analytic, but we don't just wrap our arms around the numbers, we really wrap our arms around the whole individual and I just think that's really where we can make a strong impact.

Speaker 1:

How common is that in the industry? I?

Speaker 2:

don't think it is as common, I think, comprehensive advice. What I found out is there's areas that we get into that most advisors don't. A lot of practices will say they do financial advice, but literally they're typically hitting things at a pretty high level. The coaching element. That's what people are looking for. There's a lot of information on websites, but it doesn't really help tailor the advice. It doesn't help bring meaning to the advice and times like right now, when market volatility picks up, they really want that comprehensive experience.

Speaker 1:

And.

Speaker 2:

I really think our firm leans into that in a way that you don't see as often, just generally in our industry.

Speaker 1:

That's awesome. So a lot of advisors today, I think, are drawn to the idea of bringing more purpose and meaning into their work, and so how is your commitment to helping clients build what you describe as these intentional legacies shaped your own journey as an advisor?

Speaker 2:

Yes, we're talking about comprehensive planning. There's just so much intentionality around that. It is so central to who I am, how I operate and everything we do in our practice. You know, if I think about being intentional, let's just talk about the current environment. Right? We've seen a rise in market volatility and even clients with very strong financial plans. There's a sense of unease when you see your market portfolio fluctuate and, quite frankly, if you're a high network client and even a 1% fluctuation in your portfolio, if they're just looking at the dollars that sometimes puts a little bit of a pit in their stomach.

Speaker 2:

I've been doing dozens of calls over the last several weeks because I want to check in on my clients Again, part of that intentional connection, but understanding the fact that we've done the pre-work on their plan and that we understand their values, that during these times when things feel uncomfortable, we can talk with them, help them understand hey, this is what's in place for the next 12 months and here's the strategy we already have in place for, let's just say, like the next three to five years, and that those are decisions that we've made together and that they. I don't think we can ignore emotions. The emotions don't just go away, but we've got to work through them. So if we can help them calm their nerves a little bit, that's just part of our ongoing focus of building a building trust.

Speaker 2:

I think the reality is, Paul, that emotions absolutely influence financial decisions, especially when we see uncertainty.

Speaker 2:

So our job as advisors, as coaches, it's really to be that steady voice, coaching them, helping them stay grounded, really revisiting the goals that we've worked with them on so that there isn't a reactionary response and that we can really focus on maybe not over-focusing on certain elements of the headlines, but also making sure that they understand we've put a thoughtful plan in place. I also, if you don't mind, as I think about it as we're talking, there's so much intentionality that goes into the planning with our clients, but it also is with the advisors on our team, because our clients plan, we work for a planning of a very coordinated approach, but with advisors on our team, do they have strategic planning for the future of their practices? Have we prepared for the future? Do they have a thoughtful succession plan and are we preparing them for the decades to come? I think we as a practice take a very long-term mindset and want to be able to consistently adapt but be able to evolve with the needs for both clients and also for advisors.

Speaker 1:

Speaking of advisors, so I love this transition to really talk about advisors and their legacy. Right, we all want to leave a legacy, and so in your book you talk about helping clients uncover the true values, and I'm curious how have you applied that same approach internally within your own team to build that strong and cohesive culture? And so what you do and what you're describing in the terms of how you help your clients, how do you help, mentor or guide or facilitate the advisors that work with you to do the same?

Speaker 2:

Great question, paul. We really want to make sure that all the advisors on our team are operating from the same I'll call it code mindset. We took the values approach and, as a team, really collaborated and said you know what is our promise to clients? Because it's so much more than just a mission statement. We really want to make sure we have values in how we show up at work every day, both for our clients, I think, and also for one another.

Speaker 2:

As we've thought about it, we have five core values that define how we work. First one, I think about it responsive. We live in an age where you can order something on your phone and have it at your house same day, right? This is the proactive client focus. It's not something that's optional. This is very standard to our expectations and I think, with the responsiveness, it's also showing up and being dependable. Clients want to have clear insight. They also want to make sure that they're getting informed advice and that remains consistent. And I think when you're responsive and dependable, that builds trust. So trustworthiness is something that we hold as a very high bar, that idea of honesty, integrity and that's working across how we work with one another and also in how we're working with our clients. And as we wrap that around, we want our clients to feel empowered. We want to know that they know what they need and then they can go live the rest of their lives just at peace. Yep. But we also, I think, from a team approach we're not here to micromanage everyone we want people to feel empowered to own their responsibilities, own their jobs and see how they can continue to make things better. So responsive, dependable, trust, empowering and then that true team effort.

Speaker 2:

When you're with LifeBranch, there's a strength behind our collaborative expertise. There's a strength behind our collaborative expertise and we want to make sure that we're all working together as a team, but also especially for the benefit of our clients, as I mentioned in the beginning. So you have the mission statement, your value statement, your vision, and so for us, we've really made sure this is not something we want to put on a poster and stick in our lobby. It's good to do that Nothing against those who do but this is something we bring up in our weekly team meetings and we really center and come together as a team on because we want to make sure we can be supportive and that we keep this at the forefront of our focus. We're on a nonprofit board and it was great they did a pop quiz on us on what the values are, and I remember in that board meeting taking the notes so I can look back because it's good to be able to define it quickly and make sure the whole team has the same messaging and understanding.

Speaker 1:

Yeah, and so I think it's cool that what you said about on a weekly basis, team basis because at the end of the day, when it's an operating system right and so you want to, people need to have these things inputted and to actually act those out on a daily, weekly basis, and so I think that's really cool how you implement that and you're not the person that just has it on the wall. I feel like that. Next question In your book you talk about the idea of simultaneous multi-generational success, so different generations simultaneously having success when it comes to your clients. So this is grandma, this is mom, this is the kid. How does that concept show up in the way you develop talent within your own organization? So how do you make that applicable for your advisors?

Speaker 2:

You're right, it is simultaneous, multi-generational success. It's a mouthful but it is an important concept that we believe in. So we try to live it out with our clients as well as our team. And part of that was our choice to rebrand. So we rebranded to LifeBranch Wealth Partners and we wanted to use that as part of telling our bigger story.

Speaker 2:

When I think of LifeBranch and we do have the imagery of the tree as the idea of every season of life we're there, we're going to branch from one generation to the next and we want to serve today and into the future. This organization is bigger than any one person. We need sustainability, we need to have depth and we're starting to really see the fruits of this concept and bringing that multi-generational success together. We talked earlier. The advisor who originally founded this practice that I joined built this practice one client at a time over more than 20 years, and I think that's amazing.

Speaker 2:

I had the opportunity to join him a decade ago. It's crazy it's been a decade, but learning from his leadership building on that foundation, and now he is retired and our practice has continued to service clients and continue to grow. When I'm looking at my team now, we have multiple advisors that are seasoned. I say seasoned, they've been doing this around 20 years, but we also have newer advisors that are a few years out of school or in their 30s and maybe haven't seen all the market downturns that our more seasoned advisors have To be successful.

Speaker 2:

To have that in place, I think we need to be collaborative.

Speaker 2:

We really share information.

Speaker 2:

We have shared team trainings to share best practices, new thoughts and really positioning our practice.

Speaker 2:

Again, we need the more seasoned advisors, but we also need to be continuing to lean in and build that bench of the next generation of advisors so that the reality is, there's a lot of advisors that have clients the same age as them and some of those clients are starting to think about retirement and some of those clients are starting to think about retirement and some of the clients are realizing their advisor might not be their advisor for the rest of their lives.

Speaker 2:

So how can those advisors lean in and be part of a team that also has that next generation in place to continue to serve them with the same values, with trust, but that we're leaning into one another and having that group to be a sounding board is just such a great part of it. Again, we have some advisors on our team that weren't advisors in 2008 and haven't seen every market downturn that some of our more experienced advisors have. So sharing is a big thing team training, connecting, having the ability to have a sounding board and I don't think that level of learning and development it doesn't happen just by accident. It's something I'm going to use.

Speaker 1:

The word again, paul, the I word.

Speaker 2:

The I word. It's something we have to be intentional about. I think it creates confidence for the clients when they know that they're part of a practice, they're part of a team that's going to serve them now but also be able to serve them well into the future.

Speaker 1:

Yeah, that's awesome. That sounds like a great place to be.

Speaker 2:

We want great people on our team.

Speaker 1:

Next question for you. The financial services industry is often seen as transactional, which means that it's more focused on products than people. How have you built your practice differently to create that deeper, more meaningful client relationships, especially when it comes to legacy planning?

Speaker 2:

I'll be honest, I'm probably going to get somewhat passionate in this answer. I really have a strong aversion to the transactional model. I think it completely misses the point about what real financial planning is about. It's not about selling a product. It's not about checking a box trying to get sales in the door. It's got to be about comprehensive, intentional planning.

Speaker 2:

So you're transactional and then the markets get volatile or uncertainty rises and advisors come asking questions and there's not really much value that the transactional relationship can provide. If we're being transactional, we're really missing that ability to understand clients, their goals, their fears, what means the most to them, and then the client are left feeling empty, like their advisor doesn't really understand them, or sometimes it might put a bad taste in their mouth for what financial advisors really do. Again, we're not here to hand over a portfolio and wish our clients love. We have to be comprehensive, we have to stay engaged, we have to coach and that's where we build the trust that I think is so important. Every client conversation, every piece of advice, we really need to make sure it's focused in a longer term vision, not just the short term transaction.

Speaker 1:

I couldn't agree more. I was on a call yesterday with my advisor and I'm interviewing for a new CPA and I asked my advisor to join if he was available. And it was just interesting because after the call we had a little conversation and my advisor really understands me, my goals and this has only been a six month plus relationship but just grounds me in my own goals and vision that he understands and can hold that mirror up almost where it's okay. The choice is yours. Does this help? So it's just, it was really so. I'm experiencing what you're saying which is very powerful.

Speaker 2:

You want to feel that connection and I think, with clients that we work with. Over time they become like family in some ways, not like the family. I'm not going to invite them all over. I'm going to be clients. I want to invite over to dinner but, I, give a lot of my clients hugs when they leave the door, when they come in. There's just a real bomb that gets created when you can really connect with them.

Speaker 1:

All right. Next question when you're bringing new advisors into your practice, what are you looking for beyond just the technical skills? So what qualities or mindsets really stand out to you for who's going to make, who's going to be a good fit for LifeBranch?

Speaker 2:

Technical competence. I think it's important, but it's really the starting spot If you're going to be part of a high performing team, a very trusted team. That's table state. I really look for advisors that have a sense of purpose. They really want to learn and grow and show up for their clients in meaningful ways. There's work ethic, there's integrity. Further, clients in meaningful ways. There's work ethic, there's integrity non-negotiable. Those have to be there to be part of our team.

Speaker 2:

But if I can look at advisors and say, why do you do this? Are you trying? And when you hear answers about trying to make a positive impact in the lives of others, that fits our culture. Also, it's a great opportunity to get to know advisors on a personal level and learn okay. So when you're not working like what else do you do? Where else are you engaged in? And I think that can tell you a lot about priorities.

Speaker 2:

And I love hearing when there's something people are passionate about, even outside of work. That makes a difference. When I'm talking to advisors and considering advisors, that might make sense for our team. When I hear advisors that talk about their clients having a good home even after they're retired, even long after they're gone, I think that picks up on another thing I value highly, which is stewardship and that idea of building something that lasts beyond just yourself.

Speaker 2:

I think that's really powerful People who think long-term, people who have their thoughts aligned with things that are really important to us. As we just talked about previously about that transactional nature, we're not looking for transactional, but I want to look for clients or advisors who are hungry to get better because they want to continue to elevate what they bring to their clients. I think there's just a mindset around that we have many advisors on our team that have quite a number of credentials past their name, and for me, it's not just about the credentials. It's about the learning, the growing, the keeping their mindset sharp, knowing what's coming out in the industry, and then the willingness to collaborate with one another on that, so we can all be better and all make a difference.

Speaker 1:

Very cool when you're talking to a new advisor who's a potential, who's interested in joining your firm. Is there like a I'm sure it's night and day, I would imagine in terms of that fit, did you find that like it's like 50-50? Like oh wow, this person could be a good fit, and oh wow, that person can't be a good fit. And oh wow, that person can't be a good fit? Or how does it stand out to you in terms of just when you have those core values and you're intentional? I think the people that you come across, because you're looking beyond the technical capacity, because, as you said, those things are table stakes, right, the other things that they bring to the table, you can ascertain pretty quickly by observation and talking to them.

Speaker 2:

If they start off and the only thing that they care about is payout rate Granted. This is a business. We need to make sure the compensation that it's a right fit.

Speaker 1:

That's the transactional nature.

Speaker 2:

That's the transactional, I think, when they're asking questions and trying to understand okay, what are the values? What do you bring that I don't have access to already? What do you guys stand for how don't have access to already? What do you guys stand for? How are you serving your clients? I'm trying to try us on for size and they're looking in the mirror to see what do they like and I think when we can start having those deeper questions we have to figure out. I have several advisors on my team and, quite frankly, all of their goals are slightly different from one another. But if we can have authentic conversations and really get to know what's most meaningful and see, is it a good fit? Is there something that we can be better together than we can be individually? Does it financially make sense?

Speaker 1:

Of course, and do you work with advisors throughout the country, or how does that so typically are the advisors in Texas who are? Or do you work with advisors throughout?

Speaker 2:

the country. So we have we currently have offices in three states. So we're here in Texas, we have two Texas locations. We have an office in Virginia, in Harrisonburg, virginia, and then we also have an office outside of Chicago. We actually service clients in just shy of 40 different states. We're very open to having additional offices around the country, are very open to having additional offices around the country. It's just going to be. Is it the right fit? And I think back to COVID time. We went into a time where we had to learn how to meet with clients virtually. We were already doing that. So on the advisor side, I look at that as well. We're already working with advisors across the country and figuring out how to collaborate and keep that connection. So the geography isn't so much the determiner. It's the right fit.

Speaker 1:

Okay, so next question your book really captures the heart of your firm's philosophy and I think this conversation that we've had so far does a great job of capturing that philosophy. How has having such clear positioning helped you attract both clients and advisors to your practice?

Speaker 2:

Yeah. So our philosophy, that life branch, financial confidence for life, making a positive impact for generations to come, really making that our philosophy I'll call it in some ways our rally cry and really giving us that to live by, it's been a game changer. It really creates the clarity, I think, for both clients and advisors, for what we stand for. It's not just a catchy slogan that we're going to put on a coffee mug, but it truly is. It's how we choose to show up every day and as that constant reminder and that reinforcement I can walk into my office in the day and be like I have a bunch of client meetings, I'm here to create financial confidence for life. There is a generational focus here keeping that mindset as we show up to keep it at the forefront. It's keeping that mindset that we're focused on the big picture. We're going to dig into everything.

Speaker 2:

I think for clients it's made a lot of sense. It's given them a sense that this is a home that they can come join us. We're going to focus on their whole situation. So comfort and trust really a big thing there. I think for advisors it just reinforces we are here for the long haul. It's not just about the transactions but it's about the relationships, the philosophy, financial confidence for life, positive impact for generations to come. It's about being so much more than just a paycheck. It's about understanding what we offer, how we serve our clients, being able to evolve in an ever-evolving marketplace and making sure that it is our secret sauce that can people come and have confidence in our team.

Speaker 1:

Yeah, and I have to ask how much of your philosophy today was inspired by your parents or your father-in-law, and how much of this have you learned and developed since you've been an advisor doing this?

Speaker 2:

I mentioned early on, I was in corporate America for a while and then I really wanted to do something that I was, my clients were advisors and I was wholesaling. I was selling a product and wanting our investment strategies to be used and it just it left me with a lack of fulfillment. So I think, even sitting there in my early 20s, I realized I wanted there to be more meaning and more depth there. I do think life experiences shape you and it's a series of building blocks. I feel like it really came to fruition when we did go through our replanting, when we became Life Branch Wealth Partners, because I'm good at math, I'm good at analysis, but coming up with a name and coming up with a brand like a little outside of my skillset, marketing is not my first strength. What really happened is they asked so many questions and they wanted to get at the heart of who we are, how we show up for our clients, what we're passionate about. So I feel like this has been there all along. We've just been able to really refine that story and continue to tell it in a way that, again, is bigger, is growing, is bigger than one person.

Speaker 2:

In college, servant leadership was a really big focus at my university. I went to Pepperdine University for my undergrad, so I think that servant leadership focus even from the college days or volunteering. Growing up in high school and in junior high, there's always been elements there about doing something meaningful. I used to really struggle with the idea of doing something meaningful, but I work with money and finance and numbers and so I think you just have to be authentic to yourself and look back and see where how can you use your skillset to do good.

Speaker 1:

When did you do the rebrand?

Speaker 2:

We did the rebrand. I can't believe this. It feels like it was a lot longer ago. We did it just over one year ago, April 1st of 2024.

Speaker 1:

Very cool. Okay, next question Many advisors struggle with the emotional side of client relationships and I can imagine, especially during market volatility, these things are coming to a head right. Yes, and so how do you train your team to navigate these deeper conversations effectively?

Speaker 2:

There's a lot of big life things that come up, but I think retirement is one of those consistent big ones. It's not just a milestone, there's also a lot of emotions tied up in that. I don't know about you, paul, but there's a lot of my identity that's tied up in my job and for people that have been working more decades than I have, it's probably reinforced even more and more. So that question of okay, so who am I without my job For some people I think they're excited, they're like I'm ready to be done, let's go on vacation, I'm good sitting at home and watching football. Yeah, it's not everybody. For other people I think it can create some real anxiety and I think for most people it's a combination. It's helping them understand okay, there's spreadsheets, there's analysis, there's the making sure, do the numbers work? Do we have a healthy probability of success? But it's getting into the behavioral financial advice side with the clients and helping them, ask them the questions.

Speaker 2:

I'm working with clients and I have one client I'm working with right now getting ready to retire and he works a lot of hours right and it's sitting there and saying okay, very high pressure job, so what are you going to do with your time in retirement. I think a lot of people have the idea of this is what I'm going to do the first couple of weeks, the first couple of months. But sometimes it's that bigger picture and clients are so focused on the retirement milestone that they kind of miss taking the time in preparation to really think about where am I going to spend my time? What scares me? What am I looking forward to? Is it family time? I?

Speaker 2:

know, one client who's yes, we'll be able to watch our children, grandchildren all the time, and the other spouse is that's great, but that is not what I want to do full time in retirement. So having authentic conversations and, I think, getting our clients to start realizing it's not just the milestone for some people. Maybe they still need to work part time, not because they need the money, but because they need the mental stimulus or they need a transition period. So retirement's the big one. I think I've seen it bring up some pretty strange emotions at times and there's such a variety of feeling and it's normal.

Speaker 2:

Kelly on our team she brings up a great point because she lives up in Chicago and she goes. You might really want to think about the time of year that you retire. If you're sitting there and you're retiring in Chicago in December, you've got a winter ahead of you and that's. We want to balance the mental health side of that as well and making sure that you're setting yourself up for success both on the bank account side but also working with clients on their emotional well-being. So there's a lot of focus and discussions we have with our advisors to help prepare them to have those conversations in a meaningful way Right.

Speaker 1:

I've enjoyed this conversation so far, so I'm starting to wrap up. The question I have is what's the most fulfilling aspect for you? Building a team of advisors who share your values-based approach.

Speaker 2:

I find a lot of fulfillment out of growing a team of advisors that stand behind our brand, that care about the values. Getting back to meaningful impact the more advisors we have, as our team grows, we're able to make an impact with more people in a meaningful way. Let's be honest, paul as one advisor you can only service so many clients or so many households and keep the level of high touch, personalized experience consistent. We need to have a growing team. We need a team growing their skillset that can deliver, collaborate, share the same values-driven approach and that really helps us again, keep that consistency but maintain that level of tailored, comprehensive advice that we really hold ourselves out to our clients and to the greater community.

Speaker 2:

For us, building a team it's not just about the number of households. It's making sure that every client that works with us, they feel like they're getting that dedication, they're getting that care and that our whole team has a sense of pride in knowing that we're showing up in the way that we say, that we're going to and that we're all continuing to maintain those high standards as the team grows. I'd also say like seeing the growth of advisors and seeing their ability to deliver that experience. It's really fulfilling, it's rewarding, it's giving good financial advice, helping people be good stewards with their assets is something that's so important. So seeing the growth of individuals be able to help people who this is not what they love thinking about all day, every day, but giving them that peace of mind, that just makes me feel the right practice environment versus the conversation that we've had, what are?

Speaker 1:

some of those questions that they should be asking themselves about their current situation, to help them determine that.

Speaker 2:

Absolutely Great question, paul. I think if you're an advisor and you're listening to this, I'd sit there and I'd say are you still learning and still growing Because we can get in routines and with the practice you're part of, or if you're siloed, are you having those opportunities to develop your skills? I think sometimes we feel like we've hit a ceiling or it gets boring or monotonous and I think having that can help bring that to life again is so important and I think that leans also into then. Do you have that collaborative environment? Can you lean on your peers for support? Do you have someone to ask questions to? Financial advising? It can be lonely at times and I'm going to talk about even just periods of market volatility, like on our team just having the advisors come together and say hey, that was a hard week of calls or okay, we're supporting each other.

Speaker 2:

Here's our messaging. We don't have to do this alone. If you're in the right environment, I think also. So questions to think about is have you thought about what's going to happen to your clients in your practice If you retire or if you're faced with a health challenge? We encourage our clients to plan, so I think it's really important to plan as advisors as well, and I think even clients find peace of mind and sometimes knowing that our advisors have thought through this. So, even if these things feel far off, it's still important to think about.

Speaker 2:

I mentioned my father-in-law and I see this with many advisors that have been doing this for 20 years or so. It's this idea that they've built their practice. They really got into this industry because they want to serve clients and they want to be an advisor. You have been a good advisor. You've added clients over time and eventually you're running a business. You've added more staff. You have more business considerations.

Speaker 2:

So sitting there and thinking about, do you really enjoy running the business side or do you really want to focus on being that advisor and be part of a team that's bringing some of those business considerations and helping you take care of them is something to think about. And then also, I just think we need to all do a healthy analysis every three to five years. It's easy to get comfortable in doing our day-to-day working in the practice, but I think, stepping back and thinking on your practice, being aware of the changing landscape and just revisiting what's out there. So those are some of the questions I think about in conversations that I have with advisors, and if those questions make you think, I'm happy to have a conversation. We always want to have conversations with advisors, learn their values, learn what they're doing to grow. So that collaboration is just huge.

Speaker 1:

Final question how can an advisor get in touch with you?

Speaker 2:

That's a great question, because I'd love to get in touch with advisors that share our mindset. We have a few different ways. First of all, there's my email set. We have a few different ways. First of all, there's my email. My email is morgannichols at ampfcom. We have our website, which is lifebranchwealthcom. I'd also say go to our book website, because there's even more that just delves into how we serve our clients, how we think about things, and we'd be glad to send you a free copy. So our book website is intentionallegacybookcom.

Speaker 1:

Final question what's your vision for the future? Where do you want to be as the leader of LifeBranch in five years, 10 years, 20 years?

Speaker 2:

I still want to be here, but I don't want Life Ranch to just be tied to the name Morgan Nichols. We already have a deep bench of advisors but, as I look forward continuing to grow the practice in a way that we have advisors around the country, we have just such a learning environment and that number of clients for servicing continues to grow because they see the value. That's really what's passionate to me. As I grow up running the business side, I'm investing in adding more people to the team from a business mindset, so I still love meeting with clients. I meet with clients that typically have more advanced tax strategy work, a little bit more complicated situations, but I will probably be doing that with a smaller group of clients, while also building the firm and coaching and mentoring the team that I have and that I continue to build Morgan Nichols.

Speaker 1:

thank you very much for your time today. I've enjoyed the conversation.

Speaker 2:

Thank you, Paul. I appreciate you having me on the podcast.