We’re back with season two of Secrets to Scale, where we’ll be joined by advisors to talk about how they’re using technology to scale their businesses.
Our first guest is Scott Sheffer, CEO of Carnegie Wealth Management, and one of LibertyFi’s first clients. His story is unique because he acquired Carnegie when the original founder was ready to retire. By implementing his vision, he has retained the original clients and added new clients.
Click here to view Scott's podcast episode or read some highlights from Alli and Scott's conversation below.
“I'm of a mind that if we're not constantly changing, your business long-term will be in big trouble.”
Lead with financial planning
Scott and his team have found that while investment performance is essential to clients, that one isn’t enough of a differentiator between Carnegie and other RIAs. To further show their value, the Carnegie team leads with planning, as this is more than just investments—it’s credit, lending, risk, and more. It is more than, "Am I under or outperforming some benchmark or blended benchmark?" When a client works with the Carnegie team, they know their wants and needs are anticipated for, because there is a plan in place.
Improvement over Change
“If you can't grow your own business and grow your client relationships … odds are, you're not going to do a good job growing somebody else's business that you somehow acquired.”
As Scott became more involved in his growing business, he saw the need for improvements — not changes. They included making the firm an RIA, switching to a custodian at Schwab, and partnering with LibertyFi. When improvements are conducted with the client’s best interest in mind, they have a better chance of succeeding.
Scott’s advice? Keep swimming. Otherwise, you’ll sink. Always be on the lookout for new opportunities and ways to improve your business.
Time is your biggest commodity
When it comes to scale, the one asset Scott believes we can control is time. As the competition for talented people and the cost of talent grows, businesses should seize opportunities to add technology that will help their business scale and empower their employees.
To learn more about how Carnegie Wealth Management, visit https://carnegiewealth.com/.