Published November 7, 2018
When the temperature starts to drop, what do you do? Well, we packed our bags and headed down to sunny Florida with 70 top PAG advisors for an incredible time of growth and networking. Just a week ago our selected top advisors and strategic partners gathered in Boca Raton for our annual Elite Retreat. As expected, this year’s opportunity to learn left no one disappointed. Each advisor came away with industry insight and a practical education sure to benefit their individual firms. Of course, being near the beach was just an added perk!
So Much More than Another Seminar – Practical Application Advisors Can Use
While the elite retreat is certainly an opportunity for networking, the event serves as an extension of PAG’s commitment to providing advisors with the tools and support they need to be successful in their individual firms. Private Advisor Group is continually dedicated to providing service for advisors across four key areas including advocacy, growth, compliance, and operational support. Pat Sullivan, Managing Director, kicked off the event by highlighting the compounding growth of PAG over the last seven years and new offerings for advisors including virtual admin programs, retirement plan management software, and new partnerships.
We didn’t waste any time jumping right in on Monday morning with a presentation from Fox Financial, given by their CEO and Founder Deborah Fox. Every advisor knows how crucial workflows can be to running an efficient advisory firm, but not every advisor knows how to go about putting them in place. In her session on Creating Efficiencies in Your Office Through Workflows, she helped advisors walk through the components and procedures of a successful Workflow System.
Advisors Learn Keys to Firm Growth
Our second presentation delivered by Ken Haman of AllianceBernstein covered practical steps to gaining those coveted professional referrals. He helped us understand the difference between a message that is simply valuable and one that is referable, offering four specific strategies for executing a messaging process to professional intermediaries who serve as gatekeepers to wealthy families.
Each year at our Elite Retreat we offer a session or two where advisors have the opportunity to hear from panelists at multiple firms on a particular topic. This session’s moderator was Mike Kubik, CFA of T. Rowe Price and our panel included individuals from T. Rowe Price, LPL Financial, and an elite PAG advisor from Forge Wealth Management. With today’s increased competition and laser focus on fiduciary responsibilities, fee compression, and performance, our panel showcased a Portfolio Solutions Toolkit, highlighting resources to scale and enhance an advisory practice.
Speaking of panels, what better way to learn from others than hearing how they themselves took their firm to the next level? In a session titled Grow Your Practice, I moderated an exemplary group of PAG advisors who each shared their own stories of growth and expansion. From finding a niche market, a new tool, or a unique way of doing business, this panel had one inspiring story after another.
Attracting Talent and Meeting Client Expectations
Jonathan Lemco, Ph.D. and Principal and Senior Investment Strategist at Vanguard offered a session on investment perspectives, analyzing global developments for investors. We also gleaned from a session on Top Practices of Elite Advisors with Matthew Barthel, Executive Editor at the Dow Jones Wealth and Asset Management Group. He closed his session with guidance for advisors on getting their own firm ranked in Barron’s Top Independent Advisor Listing!
A particularly fascinating session from FS Investments, with Scott Kiefer of the Oliver Group, was on how predictive analytics can help advisors attract and develop talent, understand their human capital needs, and establish a common business language within the workplace and between both staff and clients. Participants completed a brief questionnaire beforehand, yielding their Predictive Index Outputs, which can be used to understanding motivating needs and behaviors.
Our very last session covered something every advisor faces in client interaction: objection. Paul Zaccaria, Regional Vice President at Resource, helped us redefine client objections, seeing them as an opportunity to explain new ideas to a client and as a natural part of the decision-making process, instead of a roadblock or a barrier. He walked us through common objections and gave us several alternative strategies to the way we respond.
We want to thank everyone who joined us this year for the 2018 PAG Elite Retreat. Every session offered valuable insights and knowledge for our top advisors. Don’t worry, we made time for fun as well, with cocktail hours, a dinner reception, and of course some free time to enjoy the resort. To find out more about the Elite Retreat or other PAG events, visit our conferences page.