May 10, 2025 • 40 mins
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:
- Email: morgan.nichols@ampf.com
- Website: lifebranchwealth.com
- Book Website: intentionallegacybook.com
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
If you're like many advisors, your practice feels
increasingly transactional,despite your best efforts.
Clients want more thanportfolios.
They want purpose.
Staff want more than paychecks,they want meaning.
And you, you want to buildsomething that matters.
Morgan Nichols has cracked thecode on transforming financial
(00:23):
advisory from a business into alegacy.
As the leader of LifeBranchWealth Partners, she's pioneered
an approach that puts values atthe center, creating what she
calls simultaneousmulti-generational success a
practice that serves clientsacross generations while
developing advisors acrossgenerations, too.
(00:44):
Clients across generationswhile developing advisors across
generations, too.
In today's conversation, we'llunpack the practical steps to
building a values-drivenpractice that nurtures deep
client relationships, attractslike-minded advisors.
And to the Influential Advisorpodcast and this is unique for
(01:13):
me because you were just a gueston the podcast, I want to say,
a few weeks ago, so welcome back.
Speaker 2 (01:19):
It's great to be here and get to have a conversation
with you again.
Speaker 1 (01:23):
Yeah, definitely, and the first conversation we had
was what I would describe as anauthor interview, and I can see
the book there in the background.
So about your brand new bookthat you're rolling out
Intentional Legacy, which isreally geared towards more the
retail client or investor, andso we had a great conversation
about that.
In today's conversation, we tobe more focused on how you and
(01:44):
your firm LifeBranch work withadvisors and, I would dare say,
to help them create theirintentional legacy.
Are you ready for theconversation?
Speaker 2 (01:54):
Absolutely.
Speaker 1 (01:54):
All right.
The first question I have foryou, morgan, is that you come
from a family of financialadvisors, so mom and dad are
financial advisors.
I'd love to hear a little bitmore about that.
So what's your path?
What inspired you to eventuallybuild your own practice coming
from this family and, byextension, what lessons from
growing up in that environmenthave really shaped the way that
(02:18):
you lead your practice today?
Speaker 2 (02:20):
You mentioned it, so I've always known financial
advising in one way or another.
I've actually heard storieswith my parents working.
I went to the office as aninfant but really, with this
being part of my life since Iwas a kid, I remember dinner at
the conference table.
Right, I would come home fromschool to the office, do
(02:41):
homework at the conference table, have some dinner and then get
the chance to make a few dollarsand put away a few files.
I like to joke that I startedin this industry at the age of
eight.
My jobs were quite easy, butwith time I earned the ability
to get more responsibility.
When watching my parents, whatI found was that for them, it
(03:03):
just wasn't about numbers.
I really saw them working withpeople and making an impact in
their lives.
So that's probably what piquedmy interest in this industry.
Fast forward, I went off tocollege, thought about what did
I want to do?
I wanted to work for a bigcompany, so I spent time in
corporate America and then hadthe opportunity to come back
(03:25):
because I wanted to be involvedin something that did provide
that meaningful impact and Ijoined my father-in-law in
practice and he's been a hugeinfluence on me as well.
You asked like the lessons thatI learned.
I think in working with himit's just watching his integrity
.
He has always held really highstandards and with time I've
(03:48):
seen both when he was inpractice and still after he has
retired, just seeing the respectthat clients have had for him.
I really I aspire to have thatlevel of respect with time.
It takes intentional focus tobuild that and helping both the
team but also clients.
Speaker 1 (04:07):
So we're here to give great advice but we also really
care about the people that wehelp, yeah, and so I heard you
say your father-in-law.
So you have it both yourparents as well as your
husband's father.
Speaker 2 (04:22):
Correct, so I have it on all sides.
No pressure on the nextgeneration, my daughter's two
and a half and she's fierce andI can see a future there.
Speaker 1 (04:34):
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 theindustry.
How did that philosophy becomesuch a cornerstone of your
practice?
Speaker 2 (04:55):
Yeah, paul, after spending about a decade coming
into this industry wanting to dothe best I could for my clients
, sharpening my analyticalskills, I realized we can
provide really good analysis.
But it takes a little bit morethan just the analysis for the
clients we work with to feelsecure, to feel understood.
(05:16):
So the math part, analytics,it's very critical, but it's
more than just the numbersreally getting to know the
people we work with.
Not everyone has the exact samevalues as me or the exact same
story or the exact sameperspectives.
So when I can really work withclients and turn my filter off
(05:37):
but understand their dreams whatare their fears, what are their
values and how do they definethat, that makes a big
difference.
If we sit there and we don'treally take time to realize how
much our emotions, our personalhistories and our biases shape
up, I ask my clients more andmore what did you learn about
(05:59):
money growing up?
Because our childhood shapes usClients that have very strong
retirement plans but they reallyhave a hard time spending.
If you learn that they grew upin a really poor background and
there's just some history thereand you understand why they
respond the way they do, you canreally coach to that, so I
(06:19):
really like to lean into that.
I also think it's a big deal towork with our clients and we
talk about personal values.
I had a great conversation witha client last week and she read
our book, which was great.
She found so much value in itand I've actually spoken with a
few clients who've read our bookand it just in one area or
(06:42):
another, it gets them thinking alittle bit deeper about their
lives, what really matters tothem.
And she realized she's built upher assets.
She wants her children tobenefit, but also wants to be
remembered by something and wedug into what does that mean?
And she really had to take sometime, think about it and I've
(07:04):
known her.
There's a lot of organizationsor causes I thought she was
going to save, but she came backwith me that she really wants
to be remembered for making animpact in children that need
adoption or families that wantto adopt and organizations that
serve children in need.
(07:25):
I don't think we would haveknown that if we didn't dig deep
in the conversation with herand really get her thinking.
And, quite frankly, it has mereally excited right now because
we get to take that, startbuilding on it and make sure
that she really feels good aboutthe high net worth clients.
It's that tailored approach,the personal approach.
(07:47):
It makes a difference.
We can help them liveintentionally.
They have to be analytic, butwe don't just wrap our arms
around the numbers, we reallywrap our arms around the whole
individual and I just thinkthat's really where we can make
a strong impact.
Speaker 1 (08:03):
How common is that in the industry?
I?
Speaker 2 (08:05):
don't think it is as common, I think, comprehensive
advice.
What I found out is there'sareas that we get into that most
advisors don't.
A lot of practices will saythey do financial advice, but
literally they're typicallyhitting things at a pretty high
level.
The coaching element.
That's what people are lookingfor.
(08:25):
There's a lot of information onwebsites, but it doesn't really
help tailor the advice.
It doesn't help bring meaningto the advice and times like
right now, when marketvolatility picks up, they really
want that comprehensiveexperience.
Speaker 1 (08:42):
And.
Speaker 2 (08:42):
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 (08:49):
That's awesome.
So a lot of advisors today, Ithink, are drawn to the idea of
bringing more purpose andmeaning into their work, and so
how is your commitment tohelping clients build what you
describe as these intentionallegacies shaped your own journey
as an advisor?
Speaker 2 (09:06):
Yes, we're talking about comprehensive planning.
There's just so muchintentionality 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 aboutbeing intentional, let's just
talk about the currentenvironment.
Right?
We've seen a rise in marketvolatility and even clients with
(09:30):
very strong financial plans.
There's a sense of unease whenyou see your market portfolio
fluctuate and, quite frankly, ifyou're a high network client
and even a 1% fluctuation inyour portfolio, if they're just
looking at the dollars thatsometimes puts a little bit of a
pit in their stomach.
I've been doing dozens of callsover the last several weeks
(09:51):
because I want to check in on myclients Again, part of that
intentional connection, butunderstanding the fact that
we've done the pre-work on theirplan and that we understand
their values, that during thesetimes when things feel
uncomfortable, we can talk withthem, help them understand hey,
this is what's in place for thenext 12 months and here's the
(10:13):
strategy we already have inplace for, let's just say, like
the next three to five years,and that those are decisions
that we've made together andthat they.
I don't think we can ignoreemotions.
The emotions don't just go away, but we've got to work through
them.
So if we can help them calmtheir nerves a little bit,
that's just part of our ongoingfocus of building a building
(10:36):
trust.
I think the reality is, Paul,that emotions absolutely
influence financial decisions,especially when we see
uncertainty.
So our job as advisors, ascoaches, it's really to be that
steady voice, coaching them,helping them stay grounded,
really revisiting the goals thatwe've worked with them on so
(10:58):
that there isn't a reactionaryresponse and that we can really
focus on maybe not over-focusingon certain elements of the
headlines, but also making surethat they understand we've put a
thoughtful plan in place.
I also, if you don't mind, as Ithink about it as we're talking
, there's so much intentionalitythat goes into the planning
(11:19):
with our clients, but it also iswith the advisors on our team,
because our clients plan, wework for a planning of a very
coordinated approach, but withadvisors on our team, do they
have strategic planning for thefuture of their practices?
Have we prepared for the future?
Do they have a thoughtfulsuccession plan and are we
(11:40):
preparing them for the decadesto come?
I think we as a practice take avery long-term mindset and want
to be able to consistentlyadapt but be able to evolve with
the needs for both clients andalso for advisors.
Speaker 1 (11:54):
Speaking of advisors, so I love this transition to
really talk about advisors andtheir legacy.
Right, we all want to leave alegacy, and so in your book you
talk about helping clientsuncover the true values, and I'm
curious how have you appliedthat same approach internally
within your own team to buildthat strong and cohesive culture
(12:15):
?
And so what you do and whatyou're describing in the terms
of how you help your clients,how do you help, mentor or guide
or facilitate the advisors thatwork with you to do the same?
Speaker 2 (12:30):
Great question, paul.
We really want to make surethat all the advisors on our
team are operating from the sameI'll call it code mindset.
We took the values approach and, as a team, really collaborated
and said you know what is ourpromise to clients?
Because it's so much more thanjust a mission statement.
We really want to make sure wehave values in how we show up at
(12:50):
work every day, both for ourclients, I think, and also for
one another.
As we've thought about it, wehave five core values that
define how we work.
First one, I think about itresponsive.
We live in an age where you canorder something on your phone
and have it at your house sameday, right?
This is the proactive clientfocus.
(13:12):
It's not something that'soptional.
This is very standard to ourexpectations and I think, with
the responsiveness, it's alsoshowing up and being dependable.
Clients want to have clearinsight.
They also want to make surethat they're getting informed
advice and that remainsconsistent.
And I think when you'reresponsive and dependable, that
(13:33):
builds trust.
So trustworthiness is somethingthat we hold as a very high bar
, that idea of honesty,integrity and that's working
across how we work with oneanother and also in how we're
working with our clients.
And as we wrap that around, wewant our clients to feel
empowered.
We want to know that they knowwhat they need and then they can
(13:56):
go live the rest of their livesjust at peace.
Yep.
But we also, I think, from ateam approach we're not here to
micromanage everyone we wantpeople to feel empowered to own
their responsibilities, owntheir jobs and see how they can
continue to make things better.
So responsive, dependable,trust, empowering and then that
(14:17):
true team effort.
When you're with LifeBranch,there's a strength behind our
collaborative expertise.
There's a strength behind ourcollaborative expertise and we
want to make sure that we're allworking together as a team, but
also especially for the benefitof our clients, as I mentioned
in the beginning.
So you have the missionstatement, your value statement,
your vision, and so for us,we've really made sure this is
(14:40):
not something we want to put ona poster and stick in our lobby.
It's good to do that Nothingagainst those who do but this is
something we bring up in ourweekly team meetings and we
really center and come togetheras a team on because we want to
make sure we can be supportiveand that we keep this at the
forefront of our focus.
We're on a nonprofit board andit was great they did a pop quiz
(15:03):
on us on what the values are,and I remember in that board
meeting taking the notes so Ican look back because it's good
to be able to define it quicklyand make sure the whole team has
the same messaging andunderstanding.
Speaker 1 (15:16):
Yeah, and so I think it's cool that what you said
about on a weekly basis, teambasis because at the end of the
day, when it's an operatingsystem right and so you want to,
people need to have thesethings inputted and to actually
act those out on a daily, weeklybasis, and so I think that's
really cool how you implementthat and you're not the person
that just has it on the wall.
I feel like that.
Next question In your book youtalk about the idea of
simultaneous multi-generationalsuccess, so different
(15:40):
generations simultaneouslyhaving success when it comes to
your clients.
So this is grandma, this is mom, this is the kid.
How does that concept show upin the way you develop talent
within your own organization?
So how do you make thatapplicable for your advisors?
Speaker 2 (15:56):
You're right, it is simultaneous, multi-generational
success.
It's a mouthful but it is animportant concept that we
believe in.
So we try to live it out withour clients as well as our team.
And part of that was our choiceto rebrand.
So we rebranded to LifeBranchWealth Partners and we wanted to
(16:16):
use that as part of telling ourbigger story.
When I think of LifeBranch andwe do have the imagery of the
tree as the idea of every seasonof life we're there, we're
going to branch from onegeneration to the next and we
want to serve today and into thefuture.
This organization is biggerthan any one person.
We need sustainability, we needto have depth and we're
(16:40):
starting to really see thefruits of this concept and
bringing that multi-generationalsuccess together.
We talked earlier.
The advisor who originallyfounded this practice that I
joined built this practice oneclient at a time over more than
20 years, and I think that'samazing.
I had the opportunity to joinhim a decade ago.
(17:02):
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 toservice 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 beendoing this around 20 years, but
(17:25):
we also have newer advisors thatare a few years out of school
or in their 30s and maybehaven't seen all the market
downturns that our more seasonedadvisors have To be successful.
To have that in place, I thinkwe need to be collaborative.
We really share information.
We have shared team trainings toshare best practices, new
(17:46):
thoughts and really positioningour practice.
Again, we need the more seasonedadvisors, but we also need to
be continuing to lean in andbuild that bench of the next
generation of advisors so thatthe reality is, there's a lot of
advisors that have clients thesame age as them and some of
those clients are starting tothink about retirement and some
of those clients are starting tothink about retirement and some
(18:08):
of the clients are realizingtheir advisor might not be their
advisor for the rest of theirlives.
So how can those advisors leanin and be part of a team that
also has that next generation inplace to continue to serve them
with the same values, withtrust, but that we're leaning
(18:28):
into one another and having thatgroup to be a sounding board is
just such a great part of it.
Again, we have some advisors onour team that weren't advisors
in 2008 and haven't seen everymarket downturn that some of our
more experienced advisors have.
So sharing is a big thing teamtraining, connecting, having the
ability to have a soundingboard and I don't think that
(18:51):
level of learning anddevelopment it doesn't happen
just by accident.
It's something I'm going to use.
Speaker 1 (18:58):
The word again, paul, the I word.
Speaker 2 (19:01):
The I word.
It's something we have to beintentional about.
I think it creates confidencefor 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 alsobe able to serve them well into
the future.
Speaker 1 (19:15):
Yeah, that's awesome.
That sounds like a great placeto be.
Speaker 2 (19:19):
We want great people on our team.
Speaker 1 (19:22):
Next question for you .
The financial services industryis often seen as transactional,
which means that it's morefocused on products than people.
How have you built yourpractice differently to create
that deeper, more meaningfulclient relationships, especially
when it comes to legacyplanning?
Speaker 2 (19:40):
I'll be honest, I'm probably going to get somewhat
passionate in this answer.
I really have a strong aversionto the transactional model.
I think it completely missesthe point about what real
financial planning is about.
It's not about selling aproduct.
It's not about checking a boxtrying to get sales in the door.
It's got to be aboutcomprehensive, intentional
(20:02):
planning.
So you're transactional and thenthe markets get volatile or
uncertainty rises and advisorscome asking questions and
there's not really much valuethat the transactional
relationship can provide.
If we're being transactional,we're really missing that
ability to understand clients,their goals, their fears, what
(20:22):
means the most to them, and thenthe client are left feeling
empty, like their advisordoesn't really understand them,
or sometimes it might put a badtaste in their mouth for what
financial advisors really do.
Again, we're not here to handover a portfolio and wish our
clients love.
We have to be comprehensive, wehave to stay engaged, we have
to coach and that's where webuild the trust that I think is
(20:45):
so important.
Every client conversation,every piece of advice, we really
need to make sure it's focusedin a longer term vision, not
just the short term transaction.
Speaker 1 (20:55):
I couldn't agree more .
I was on a call yesterday withmy advisor and I'm interviewing
for a new CPA and I asked myadvisor to join if he was
available.
And it was just interestingbecause after the call we had a
little conversation and myadvisor really understands me,
my goals and this has only beena six month plus relationship
but just grounds me in my owngoals and vision that he
understands and can hold thatmirror up almost where it's okay
(21:18):
.
The choice is yours.
Does this help?
So it's just, it was really so.
I'm experiencing what you'resaying which is very powerful.
Speaker 2 (21:26):
You want to feel that connection and I think, with
clients that we work with.
Over time they become likefamily in some ways, not like
the family.
I'm not going to invite themall over.
I'm going to be clients.
I want to invite over to dinnerbut, I, give a lot of my
clients hugs when they leave thedoor, when they come in.
There's just a real bomb thatgets created when you can really
connect with them.
Speaker 1 (21:45):
All right.
Next question when you'rebringing new advisors into your
practice, what are you lookingfor beyond just the technical
skills?
So what qualities or mindsetsreally stand out to you for
who's going to make, who's goingto be a good fit for LifeBranch
?
Speaker 2 (22:01):
Technical competence.
I think it's important, butit's really the starting spot If
you're going to be part of ahigh performing team, a very
trusted team.
That's table state.
I really look for advisors thathave a sense of purpose.
They really want to learn andgrow and show up for their
clients in meaningful ways.
(22:22):
There's work ethic, there'sintegrity.
Further, clients in meaningfulways.
There's work ethic, there'sintegrity non-negotiable.
Those have to be there to bepart of our team.
But if I can look at advisorsand say, why do you do this?
Are you trying?
And when you hear answers abouttrying to make a positive
impact in the lives of others,that fits our culture.
Also, it's a great opportunityto get to know advisors on a
(22:45):
personal level and learn okay.
So when you're not working likewhat else do you do?
Where else are you engaged in?
And I think that can tell you alot about priorities.
And I love hearing when there'ssomething people are passionate
about, even outside of work.
That makes a difference.
When I'm talking to advisorsand considering advisors, that
might make sense for our team.
(23:06):
When I hear advisors that talkabout their clients having a
good home even after they'reretired, even long after they're
gone, I think that picks up onanother thing I value highly,
which is stewardship and thatidea of building something that
lasts beyond just yourself.
I think that's really powerfulPeople who think long-term,
(23:26):
people who have their thoughtsaligned with things that are
really important to us.
As we just talked aboutpreviously about that
transactional nature, we're notlooking for transactional, but I
want to look for clients oradvisors who are hungry to get
better because they want tocontinue to elevate what they
bring to their clients.
I think there's just a mindsetaround that we have many
(23:48):
advisors on our team that havequite a number of credentials
past their name, and for me,it's not just about the
credentials.
It's about the learning, thegrowing, the keeping their
mindset sharp, knowing what'scoming out in the industry, and
then the willingness tocollaborate with one another on
that, so we can all be betterand all make a difference.
Speaker 1 (24:06):
Very cool when you're talking to a new advisor who's
a potential, who's interested injoining your firm.
Is there like a I'm sure it'snight and day, I would imagine
in terms of that fit, did youfind that like it's like 50-50?
Like oh wow, this person couldbe a good fit, and oh wow, that
person can't be a good fit.
And oh wow, that person can'tbe a good fit?
Or how does it stand out to youin terms of just when you have
those core values and you'reintentional?
(24:27):
I think the people that youcome across, because you're
looking beyond the technicalcapacity, because, as you said,
those things are table stakes,right, the other things that
they bring to the table, you canascertain pretty quickly by
observation and talking to them.
Speaker 2 (24:41):
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 thecompensation that it's a right
fit.
Speaker 1 (24:51):
That's the transactional nature.
Speaker 2 (24:53):
That's the transactional, I think, when
they're asking questions andtrying to understand okay, what
are the values?
What do you bring that I don'thave access to already?
What do you guys stand for howdon't have access to already?
What do you guys stand for?
How are you serving yourclients?
I'm trying to try us on forsize and they're looking in the
mirror to see what do they likeand I think when we can start
having those deeper questions wehave to figure out.
(25:15):
I have several advisors on myteam and, quite frankly, all of
their goals are slightlydifferent from one another.
But if we can have authenticconversations and really get to
know what's most meaningful andsee, is it a good fit?
Is there something that we canbe better together than we can
be individually?
Does it financially make sense?
Speaker 1 (25:34):
Of course, and do you work with advisors throughout
the country, or how does that sotypically are the advisors in
Texas who are?
Or do you work with advisorsthroughout?
Speaker 2 (25:42):
the country.
So we have we currently haveoffices in three states.
So we're here in Texas, we havetwo Texas locations.
We have an office in Virginia,in Harrisonburg, virginia, and
then we also have an officeoutside of Chicago.
We actually service clients injust shy of 40 different states.
We're very open to havingadditional offices around the
(26:04):
country, are very open to havingadditional 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 wehad to learn how to meet with
clients virtually.
We were already doing that.
So on the advisor side, I lookat that as well.
We're already working withadvisors across the country and
figuring out how to collaborateand keep that connection.
So the geography isn't so muchthe determiner.
(26:27):
It's the right fit.
Speaker 1 (26:28):
Okay, so next question your book really
captures the heart of yourfirm's philosophy and I think
this conversation that we've hadso far does a great job of
capturing that philosophy.
How has having such clearpositioning helped you attract
both clients and advisors toyour practice?
Speaker 2 (26:47):
Yeah.
So our philosophy, that lifebranch, financial confidence for
life, making a positive impactfor generations to come, really
making that our philosophy I'llcall it in some ways our rally
cry and really giving us that tolive by, it's been a game
changer.
It really creates the clarity,I think, for both clients and
(27:07):
advisors, for what we stand for.
It's not just a catchy sloganthat we're going to put on a
coffee mug, but it truly is.
It's how we choose to show upevery day and as that constant
reminder and that reinforcementI can walk into my office in the
day and be like I have a bunchof client meetings, I'm here to
create financial confidence forlife.
(27:27):
There is a generational focushere keeping that mindset as we
show up to keep it at theforefront.
It's keeping that mindset thatwe're focused on the big picture
.
We're going to dig intoeverything.
I think for clients it's made alot of sense.
It's given them a sense thatthis is a home that they can
come join us.
We're going to focus on theirwhole situation.
(27:48):
So comfort and trust really abig thing there.
I think for advisors it justreinforces we are here for the
long haul.
It's not just about thetransactions but it's about the
relationships, the philosophy,financial confidence for life,
positive impact for generationsto come.
It's about being so much morethan just a paycheck.
It's about understanding whatwe offer, how we serve our
(28:10):
clients, being able to evolve inan ever-evolving marketplace
and making sure that it is oursecret sauce that can people
come and have confidence in ourteam.
Speaker 1 (28:19):
Yeah, and I have to ask how much of your philosophy
today was inspired by yourparents or your father-in-law,
and how much of this have youlearned and developed since
you've been an advisor doingthis?
Speaker 2 (28:30):
I mentioned early on, I was in corporate America for
a while and then I really wantedto do something that I was, my
clients were advisors and I waswholesaling.
I was selling a product andwanting our investment
strategies to be used and itjust it left me with a lack of
fulfillment.
So I think, even sitting therein my early 20s, I realized I
(28:52):
wanted there to be more meaningand more depth there.
I do think life experiencesshape you and it's a series of
building blocks.
I feel like it really came tofruition when we did go through
our replanting, when we becameLife Branch Wealth Partners,
because I'm good at math, I'mgood at analysis, but coming up
with a name and coming up with abrand like a little outside of
(29:15):
my skillset, marketing is not myfirst strength.
What really happened is theyasked so many questions and they
wanted to get at the heart ofwho we are, how we show up for
our clients, what we'repassionate about.
So I feel like this has beenthere all along.
We've just been able to reallyrefine that story and continue
(29:35):
to tell it in a way that, again,is bigger, is growing, is
bigger than one person.
In college, servant leadershipwas a really big focus at my
university.
I went to Pepperdine Universityfor my undergrad, so I think
that servant leadership focuseven from the college days or
volunteering.
Growing up in high school andin junior high, there's always
(29:58):
been elements there about doingsomething meaningful.
I used to really struggle withthe idea of doing something
meaningful, but I work withmoney and finance and numbers
and so I think you just have tobe authentic to yourself and
look back and see where how canyou use your skillset to do good
.
Speaker 1 (30:15):
When did you do the rebrand?
Speaker 2 (30:17):
We did the rebrand.
I can't believe this.
It feels like it was a lotlonger ago.
We did it just over one yearago, April 1st of 2024.
Speaker 1 (30:26):
Very cool.
Okay, next question Manyadvisors struggle with the
emotional side of clientrelationships and I can imagine,
especially during marketvolatility, these things are
coming to a head right.
Yes, and so how do you trainyour team to navigate these
deeper conversations effectively?
Speaker 2 (30:45):
There's a lot of big life things that come up, but I
think retirement is one of thoseconsistent 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 andfor people that have been
working more decades than I have, it's probably reinforced even
(31:06):
more and more.
So that question of okay, sowho 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'mgood sitting at home and
watching football.
Yeah, it's not everybody.
For other people I think it cancreate some real anxiety and I
think for most people it's acombination.
(31:27):
It's helping them understandokay, there's spreadsheets,
there's analysis, there's themaking sure, do the numbers work
?
Do we have a healthyprobability of success?
But it's getting into thebehavioral financial advice side
with the clients and helpingthem, ask them the questions.
I'm working with clients and Ihave one client I'm working with
(31:47):
right now getting ready toretire and he works a lot of
hours right and it's sittingthere and saying okay, very high
pressure job, so what are yougoing to do with your time in
retirement.
I think a lot of people havethe idea of this is what I'm
going to do the first couple ofweeks, the first couple of
months.
But sometimes it's that biggerpicture and clients are so
focused on the retirementmilestone that they kind of miss
(32:09):
taking the time in preparationto 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?
know, one client who's yes,we'll be able to watch our
children, grandchildren all thetime, and the other spouse is
that's great, but that is notwhat I want to do full time in
retirement.
So having authenticconversations and, I think,
(32:32):
getting our clients to startrealizing it's not just the
milestone for some people.
Maybe they still need to workpart time, not because they need
the money, but because theyneed the mental stimulus or they
need a transition period.
So retirement's the big one.
I think I've seen it bring upsome pretty strange emotions at
times and there's such a varietyof feeling and it's normal.
(32:55):
Kelly on our team she brings upa great point because she lives
up in Chicago and she goes.
You might really want to thinkabout the time of year that you
retire.
If you're sitting there andyou're retiring in Chicago in
December, you've got a winterahead of you and that's.
We want to balance the mentalhealth side of that as well and
making sure that you're settingyourself up for success both on
(33:16):
the bank account side but alsoworking with clients on their
emotional well-being.
So there's a lot of focus anddiscussions we have with our
advisors to help prepare them tohave those conversations in a
meaningful way Right.
Speaker 1 (33:29):
I've enjoyed this conversation so far, so I'm
starting to wrap up.
The question I have is what'sthe most fulfilling aspect for
you?
Building a team of advisors whoshare your values-based
approach.
Speaker 2 (33:41):
I find a lot of fulfillment out of growing a
team of advisors that standbehind our brand, that care
about the values.
Getting back to meaningfulimpact the more advisors we have
, as our team grows, we're ableto make an impact with more
people in a meaningful way.
Let's be honest, paul as oneadvisor you can only service so
(34:02):
many clients or so manyhouseholds and keep the level of
high touch, personalizedexperience consistent.
We need to have a growing team.
We need a team growing theirskillset that can deliver,
collaborate, share the samevalues-driven approach and that
really helps us again, keep thatconsistency but maintain that
(34:23):
level of tailored, comprehensiveadvice that we really hold
ourselves out to our clients andto the greater community.
For us, building a team it's notjust about the number of
households.
It's making sure that everyclient that works with us, they
feel like they're getting thatdedication, they're getting that
care and that our whole teamhas a sense of pride in knowing
(34:44):
that we're showing up in the waythat we say, that we're going
to and that we're all continuingto maintain those high
standards as the team grows.
I'd also say like seeing thegrowth of advisors and seeing
their ability to deliver thatexperience.
It's really fulfilling, it'srewarding, it's giving good
financial advice, helping peoplebe good stewards with their
(35:04):
assets is something that's soimportant.
So seeing the growth ofindividuals be able to help
people who this is not what theylove thinking about all day,
every day, but giving them thatpeace of mind, that just makes
me feel the right practiceenvironment versus the
conversation that we've had,what are?
Speaker 1 (35:21):
some of those questions that they should be
asking themselves about theircurrent situation, to help them
determine that.
Speaker 2 (35:41):
Absolutely Great question, paul.
I think if you're an advisorand you're listening to this,
I'd sit there and I'd say areyou still learning and still
growing Because we can get inroutines and with the practice
you're part of, or if you'resiloed, are you having those
opportunities to develop yourskills?
I think sometimes we feel likewe've hit a ceiling or it gets
(36:01):
boring or monotonous and I thinkhaving that can help bring that
to life again is so importantand I think that leans also into
then.
Do you have that collaborativeenvironment?
Can you lean on your peers forsupport?
Do you have someone to askquestions to?
Financial advising?
It can be lonely at times andI'm going to talk about even
just periods of marketvolatility, like on our team
(36:23):
just having the advisors cometogether and say hey, that was a
hard week of calls or okay,we're supporting each other.
Here's our messaging.
We don't have to do this alone.
If you're in the rightenvironment, I think also.
So questions to think about ishave you thought about what's
going to happen to your clientsin your practice If you retire
or if you're faced with a healthchallenge?
(36:45):
We encourage our clients toplan, so I think it's really
important to plan as advisors aswell, and I think even clients
find peace of mind and sometimesknowing that our advisors have
thought through this.
So, even if these things feelfar off, it's still important to
think about.
I mentioned my father-in-law andI see this with many advisors
that have been doing this for 20years or so.
(37:08):
It's this idea that they'vebuilt their practice.
They really got into thisindustry because they want to
serve clients and they want tobe an advisor.
You have been a good advisor.
You've added clients over timeand eventually you're running a
business.
You've added more staff.
You have more businessconsiderations.
So sitting there and thinkingabout, do you really enjoy
(37:28):
running the business side or doyou really want to focus on
being that advisor and be partof a team that's bringing some
of those business considerationsand helping you take care of
them is something to think about.
And then also, I just think weneed to all do a healthy
analysis every three to fiveyears.
It's easy to get comfortable indoing our day-to-day working in
(37:52):
the practice, but I think,stepping back and thinking on
your practice, being aware ofthe changing landscape and just
revisiting what's out there.
So those are some of thequestions I think about in
conversations that I have withadvisors, and if those questions
make you think, I'm happy tohave a conversation.
We always want to haveconversations with advisors,
(38:13):
learn their values, learn whatthey're doing to grow.
So that collaboration is justhuge.
Speaker 1 (38:18):
Final question how can an advisor get in touch with
you?
Speaker 2 (38:22):
That's a great question, because I'd love to
get in touch with advisors thatshare our mindset.
We have a few different ways.
First of all, there's my emailset.
We have a few different ways.
First of all, there's my email.
My email is morgannichols atampfcom.
We have our website, which islifebranchwealthcom.
(38:43):
I'd also say go to our bookwebsite, because there's even
more that just delves into howwe serve our clients, how we
think about things, and we'd beglad to send you a free copy.
So our book website isintentionallegacybookcom.
Speaker 1 (39:00):
Final question what's your vision for the future?
Where do you want to be as theleader of LifeBranch in five
years, 10 years, 20 years?
Speaker 2 (39:09):
I still want to be here, but I don't want Life
Ranch to just be tied to thename Morgan Nichols.
We already have a deep bench ofadvisors but, as I look forward
continuing to grow the practicein a way that we have advisors
around the country, we have justsuch a learning environment and
(39:30):
that number of clients forservicing continues to grow
because they see the value.
That's really what's passionateto me.
As I grow up running thebusiness side, I'm investing in
adding more people to the teamfrom a business mindset, so I
still love meeting with clients.
I meet with clients thattypically have more advanced tax
(39:52):
strategy work, a little bitmore complicated situations, but
I will probably be doing thatwith a smaller group of clients,
while also building the firmand coaching and mentoring the
team that I have and that Icontinue to build Morgan Nichols
.
Speaker 1 (40:07):
thank you very much for your time today.
I've enjoyed the conversation.
Speaker 2 (40:10):
Thank you, Paul.
I appreciate you having me onthe podcast.
If you're like many advisors, your practice feels
increasingly transactional,despite your best efforts.
Clients want more thanportfolios.
They want purpose.
Staff want more than paychecks,they want meaning.
And you, you want to buildsomething that matters.
Morgan Nichols has cracked thecode on transforming financial
(00:23):
advisory from a business into alegacy.
As the leader of LifeBranchWealth Partners, she's pioneered
an approach that puts values atthe center, creating what she
calls simultaneousmulti-generational success a
practice that serves clientsacross generations while
developing advisors acrossgenerations, too.
(00:44):
Clients across generationswhile developing advisors across
generations, too.
In today's conversation, we'llunpack the practical steps to
building a values-drivenpractice that nurtures deep
client relationships, attractslike-minded advisors.
And to the Influential Advisorpodcast and this is unique for
(01:13):
me because you were just a gueston the podcast, I want to say,
a few weeks ago, so welcome back.
Speaker 2 (01:19):
It's great to be here and get to have a conversation
with you again.
Speaker 1 (01:23):
Yeah, definitely, and the first conversation we had
was what I would describe as anauthor interview, and I can see
the book there in the background.
So about your brand new bookthat you're rolling out
Intentional Legacy, which isreally geared towards more the
retail client or investor, andso we had a great conversation
about that.
In today's conversation, we tobe more focused on how you and
(01:44):
your firm LifeBranch work withadvisors and, I would dare say,
to help them create theirintentional legacy.
Are you ready for theconversation?
Speaker 2 (01:54):
Absolutely.
Speaker 1 (01:54):
All right.
The first question I have foryou, morgan, is that you come
from a family of financialadvisors, so mom and dad are
financial advisors.
I'd love to hear a little bitmore about that.
So what's your path?
What inspired you to eventuallybuild your own practice coming
from this family and, byextension, what lessons from
growing up in that environmenthave really shaped the way that
(02:18):
you lead your practice today?
Speaker 2 (02:20):
You mentioned it, so I've always known financial
advising in one way or another.
I've actually heard storieswith my parents working.
I went to the office as aninfant but really, with this
being part of my life since Iwas a kid, I remember dinner at
the conference table.
Right, I would come home fromschool to the office, do
(02:41):
homework at the conference table, have some dinner and then get
the chance to make a few dollarsand put away a few files.
I like to joke that I startedin this industry at the age of
eight.
My jobs were quite easy, butwith time I earned the ability
to get more responsibility.
When watching my parents, whatI found was that for them, it
(03:03):
just wasn't about numbers.
I really saw them working withpeople and making an impact in
their lives.
So that's probably what piquedmy interest in this industry.
Fast forward, I went off tocollege, thought about what did
I want to do?
I wanted to work for a bigcompany, so I spent time in
corporate America and then hadthe opportunity to come back
(03:25):
because I wanted to be involvedin something that did provide
that meaningful impact and Ijoined my father-in-law in
practice and he's been a hugeinfluence on me as well.
You asked like the lessons thatI learned.
I think in working with himit's just watching his integrity
.
He has always held really highstandards and with time I've
(03:48):
seen both when he was inpractice and still after he has
retired, just seeing the respectthat clients have had for him.
I really I aspire to have thatlevel of respect with time.
It takes intentional focus tobuild that and helping both the
team but also clients.
Speaker 1 (04:07):
So we're here to give great advice but we also really
care about the people that wehelp, yeah, and so I heard you
say your father-in-law.
So you have it both yourparents as well as your
husband's father.
Speaker 2 (04:22):
Correct, so I have it on all sides.
No pressure on the nextgeneration, my daughter's two
and a half and she's fierce andI can see a future there.
Speaker 1 (04:34):
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 theindustry.
How did that philosophy becomesuch a cornerstone of your
practice?
Speaker 2 (04:55):
Yeah, paul, after spending about a decade coming
into this industry wanting to dothe best I could for my clients
, sharpening my analyticalskills, I realized we can
provide really good analysis.
But it takes a little bit morethan just the analysis for the
clients we work with to feelsecure, to feel understood.
(05:16):
So the math part, analytics,it's very critical, but it's
more than just the numbersreally getting to know the
people we work with.
Not everyone has the exact samevalues as me or the exact same
story or the exact sameperspectives.
So when I can really work withclients and turn my filter off
(05:37):
but understand their dreams whatare their fears, what are their
values and how do they definethat, that makes a big
difference.
If we sit there and we don'treally take time to realize how
much our emotions, our personalhistories and our biases shape
up, I ask my clients more andmore what did you learn about
(05:59):
money growing up?
Because our childhood shapes usClients that have very strong
retirement plans but they reallyhave a hard time spending.
If you learn that they grew upin a really poor background and
there's just some history thereand you understand why they
respond the way they do, you canreally coach to that, so I
(06:19):
really like to lean into that.
I also think it's a big deal towork with our clients and we
talk about personal values.
I had a great conversation witha client last week and she read
our book, which was great.
She found so much value in itand I've actually spoken with a
few clients who've read our bookand it just in one area or
(06:42):
another, it gets them thinking alittle bit deeper about their
lives, what really matters tothem.
And she realized she's built upher assets.
She wants her children tobenefit, but also wants to be
remembered by something and wedug into what does that mean?
And she really had to take sometime, think about it and I've
(07:04):
known her.
There's a lot of organizationsor causes I thought she was
going to save, but she came backwith me that she really wants
to be remembered for making animpact in children that need
adoption or families that wantto adopt and organizations that
serve children in need.
(07:25):
I don't think we would haveknown that if we didn't dig deep
in the conversation with herand really get her thinking.
And, quite frankly, it has mereally excited right now because
we get to take that, startbuilding on it and make sure
that she really feels good aboutthe high net worth clients.
It's that tailored approach,the personal approach.
(07:47):
It makes a difference.
We can help them liveintentionally.
They have to be analytic, butwe don't just wrap our arms
around the numbers, we reallywrap our arms around the whole
individual and I just thinkthat's really where we can make
a strong impact.
Speaker 1 (08:03):
How common is that in the industry?
I?
Speaker 2 (08:05):
don't think it is as common, I think, comprehensive
advice.
What I found out is there'sareas that we get into that most
advisors don't.
A lot of practices will saythey do financial advice, but
literally they're typicallyhitting things at a pretty high
level.
The coaching element.
That's what people are lookingfor.
(08:25):
There's a lot of information onwebsites, but it doesn't really
help tailor the advice.
It doesn't help bring meaningto the advice and times like
right now, when marketvolatility picks up, they really
want that comprehensiveexperience.
Speaker 1 (08:42):
And.
Speaker 2 (08:42):
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 (08:49):
That's awesome.
So a lot of advisors today, Ithink, are drawn to the idea of
bringing more purpose andmeaning into their work, and so
how is your commitment tohelping clients build what you
describe as these intentionallegacies shaped your own journey
as an advisor?
Speaker 2 (09:06):
Yes, we're talking about comprehensive planning.
There's just so muchintentionality 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 aboutbeing intentional, let's just
talk about the currentenvironment.
Right?
We've seen a rise in marketvolatility and even clients with
(09:30):
very strong financial plans.
There's a sense of unease whenyou see your market portfolio
fluctuate and, quite frankly, ifyou're a high network client
and even a 1% fluctuation inyour portfolio, if they're just
looking at the dollars thatsometimes puts a little bit of a
pit in their stomach.
I've been doing dozens of callsover the last several weeks
(09:51):
because I want to check in on myclients Again, part of that
intentional connection, butunderstanding the fact that
we've done the pre-work on theirplan and that we understand
their values, that during thesetimes when things feel
uncomfortable, we can talk withthem, help them understand hey,
this is what's in place for thenext 12 months and here's the
(10:13):
strategy we already have inplace for, let's just say, like
the next three to five years,and that those are decisions
that we've made together andthat they.
I don't think we can ignoreemotions.
The emotions don't just go away, but we've got to work through
them.
So if we can help them calmtheir nerves a little bit,
that's just part of our ongoingfocus of building a building
(10:36):
trust.
I think the reality is, Paul,that emotions absolutely
influence financial decisions,especially when we see
uncertainty.
So our job as advisors, ascoaches, it's really to be that
steady voice, coaching them,helping them stay grounded,
really revisiting the goals thatwe've worked with them on so
(10:58):
that there isn't a reactionaryresponse and that we can really
focus on maybe not over-focusingon certain elements of the
headlines, but also making surethat they understand we've put a
thoughtful plan in place.
I also, if you don't mind, as Ithink about it as we're talking
, there's so much intentionalitythat goes into the planning
(11:19):
with our clients, but it also iswith the advisors on our team,
because our clients plan, wework for a planning of a very
coordinated approach, but withadvisors on our team, do they
have strategic planning for thefuture of their practices?
Have we prepared for the future?
Do they have a thoughtfulsuccession plan and are we
(11:40):
preparing them for the decadesto come?
I think we as a practice take avery long-term mindset and want
to be able to consistentlyadapt but be able to evolve with
the needs for both clients andalso for advisors.
Speaker 1 (11:54):
Speaking of advisors, so I love this transition to
really talk about advisors andtheir legacy.
Right, we all want to leave alegacy, and so in your book you
talk about helping clientsuncover the true values, and I'm
curious how have you appliedthat same approach internally
within your own team to buildthat strong and cohesive culture
(12:15):
?
And so what you do and whatyou're describing in the terms
of how you help your clients,how do you help, mentor or guide
or facilitate the advisors thatwork with you to do the same?
Speaker 2 (12:30):
Great question, paul.
We really want to make surethat all the advisors on our
team are operating from the sameI'll call it code mindset.
We took the values approach and, as a team, really collaborated
and said you know what is ourpromise to clients?
Because it's so much more thanjust a mission statement.
We really want to make sure wehave values in how we show up at
(12:50):
work every day, both for ourclients, I think, and also for
one another.
As we've thought about it, wehave five core values that
define how we work.
First one, I think about itresponsive.
We live in an age where you canorder something on your phone
and have it at your house sameday, right?
This is the proactive clientfocus.
(13:12):
It's not something that'soptional.
This is very standard to ourexpectations and I think, with
the responsiveness, it's alsoshowing up and being dependable.
Clients want to have clearinsight.
They also want to make surethat they're getting informed
advice and that remainsconsistent.
And I think when you'reresponsive and dependable, that
(13:33):
builds trust.
So trustworthiness is somethingthat we hold as a very high bar
, that idea of honesty,integrity and that's working
across how we work with oneanother and also in how we're
working with our clients.
And as we wrap that around, wewant our clients to feel
empowered.
We want to know that they knowwhat they need and then they can
(13:56):
go live the rest of their livesjust at peace.
Yep.
But we also, I think, from ateam approach we're not here to
micromanage everyone we wantpeople to feel empowered to own
their responsibilities, owntheir jobs and see how they can
continue to make things better.
So responsive, dependable,trust, empowering and then that
(14:17):
true team effort.
When you're with LifeBranch,there's a strength behind our
collaborative expertise.
There's a strength behind ourcollaborative expertise and we
want to make sure that we're allworking together as a team, but
also especially for the benefitof our clients, as I mentioned
in the beginning.
So you have the missionstatement, your value statement,
your vision, and so for us,we've really made sure this is
(14:40):
not something we want to put ona poster and stick in our lobby.
It's good to do that Nothingagainst those who do but this is
something we bring up in ourweekly team meetings and we
really center and come togetheras a team on because we want to
make sure we can be supportiveand that we keep this at the
forefront of our focus.
We're on a nonprofit board andit was great they did a pop quiz
(15:03):
on us on what the values are,and I remember in that board
meeting taking the notes so Ican look back because it's good
to be able to define it quicklyand make sure the whole team has
the same messaging andunderstanding.
Speaker 1 (15:16):
Yeah, and so I think it's cool that what you said
about on a weekly basis, teambasis because at the end of the
day, when it's an operatingsystem right and so you want to,
people need to have thesethings inputted and to actually
act those out on a daily, weeklybasis, and so I think that's
really cool how you implementthat and you're not the person
that just has it on the wall.
I feel like that.
Next question In your book youtalk about the idea of
simultaneous multi-generationalsuccess, so different
(15:40):
generations simultaneouslyhaving success when it comes to
your clients.
So this is grandma, this is mom, this is the kid.
How does that concept show upin the way you develop talent
within your own organization?
So how do you make thatapplicable for your advisors?
Speaker 2 (15:56):
You're right, it is simultaneous, multi-generational
success.
It's a mouthful but it is animportant concept that we
believe in.
So we try to live it out withour clients as well as our team.
And part of that was our choiceto rebrand.
So we rebranded to LifeBranchWealth Partners and we wanted to
(16:16):
use that as part of telling ourbigger story.
When I think of LifeBranch andwe do have the imagery of the
tree as the idea of every seasonof life we're there, we're
going to branch from onegeneration to the next and we
want to serve today and into thefuture.
This organization is biggerthan any one person.
We need sustainability, we needto have depth and we're
(16:40):
starting to really see thefruits of this concept and
bringing that multi-generationalsuccess together.
We talked earlier.
The advisor who originallyfounded this practice that I
joined built this practice oneclient at a time over more than
20 years, and I think that'samazing.
I had the opportunity to joinhim a decade ago.
(17:02):
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 toservice 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 beendoing this around 20 years, but
(17:25):
we also have newer advisors thatare a few years out of school
or in their 30s and maybehaven't seen all the market
downturns that our more seasonedadvisors have To be successful.
To have that in place, I thinkwe need to be collaborative.
We really share information.
We have shared team trainings toshare best practices, new
(17:46):
thoughts and really positioningour practice.
Again, we need the more seasonedadvisors, but we also need to
be continuing to lean in andbuild that bench of the next
generation of advisors so thatthe reality is, there's a lot of
advisors that have clients thesame age as them and some of
those clients are starting tothink about retirement and some
of those clients are starting tothink about retirement and some
(18:08):
of the clients are realizingtheir advisor might not be their
advisor for the rest of theirlives.
So how can those advisors leanin and be part of a team that
also has that next generation inplace to continue to serve them
with the same values, withtrust, but that we're leaning
(18:28):
into one another and having thatgroup to be a sounding board is
just such a great part of it.
Again, we have some advisors onour team that weren't advisors
in 2008 and haven't seen everymarket downturn that some of our
more experienced advisors have.
So sharing is a big thing teamtraining, connecting, having the
ability to have a soundingboard and I don't think that
(18:51):
level of learning anddevelopment it doesn't happen
just by accident.
It's something I'm going to use.
Speaker 1 (18:58):
The word again, paul, the I word.
Speaker 2 (19:01):
The I word.
It's something we have to beintentional about.
I think it creates confidencefor 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 alsobe able to serve them well into
the future.
Speaker 1 (19:15):
Yeah, that's awesome.
That sounds like a great placeto be.
Speaker 2 (19:19):
We want great people on our team.
Speaker 1 (19:22):
Next question for you .
The financial services industryis often seen as transactional,
which means that it's morefocused on products than people.
How have you built yourpractice differently to create
that deeper, more meaningfulclient relationships, especially
when it comes to legacyplanning?
Speaker 2 (19:40):
I'll be honest, I'm probably going to get somewhat
passionate in this answer.
I really have a strong aversionto the transactional model.
I think it completely missesthe point about what real
financial planning is about.
It's not about selling aproduct.
It's not about checking a boxtrying to get sales in the door.
It's got to be aboutcomprehensive, intentional
(20:02):
planning.
So you're transactional and thenthe markets get volatile or
uncertainty rises and advisorscome asking questions and
there's not really much valuethat the transactional
relationship can provide.
If we're being transactional,we're really missing that
ability to understand clients,their goals, their fears, what
(20:22):
means the most to them, and thenthe client are left feeling
empty, like their advisordoesn't really understand them,
or sometimes it might put a badtaste in their mouth for what
financial advisors really do.
Again, we're not here to handover a portfolio and wish our
clients love.
We have to be comprehensive, wehave to stay engaged, we have
to coach and that's where webuild the trust that I think is
(20:45):
so important.
Every client conversation,every piece of advice, we really
need to make sure it's focusedin a longer term vision, not
just the short term transaction.
Speaker 1 (20:55):
I couldn't agree more .
I was on a call yesterday withmy advisor and I'm interviewing
for a new CPA and I asked myadvisor to join if he was
available.
And it was just interestingbecause after the call we had a
little conversation and myadvisor really understands me,
my goals and this has only beena six month plus relationship
but just grounds me in my owngoals and vision that he
understands and can hold thatmirror up almost where it's okay
(21:18):
.
The choice is yours.
Does this help?
So it's just, it was really so.
I'm experiencing what you'resaying which is very powerful.
Speaker 2 (21:26):
You want to feel that connection and I think, with
clients that we work with.
Over time they become likefamily in some ways, not like
the family.
I'm not going to invite themall over.
I'm going to be clients.
I want to invite over to dinnerbut, I, give a lot of my
clients hugs when they leave thedoor, when they come in.
There's just a real bomb thatgets created when you can really
connect with them.
Speaker 1 (21:45):
All right.
Next question when you'rebringing new advisors into your
practice, what are you lookingfor beyond just the technical
skills?
So what qualities or mindsetsreally stand out to you for
who's going to make, who's goingto be a good fit for LifeBranch
?
Speaker 2 (22:01):
Technical competence.
I think it's important, butit's really the starting spot If
you're going to be part of ahigh performing team, a very
trusted team.
That's table state.
I really look for advisors thathave a sense of purpose.
They really want to learn andgrow and show up for their
clients in meaningful ways.
(22:22):
There's work ethic, there'sintegrity.
Further, clients in meaningfulways.
There's work ethic, there'sintegrity non-negotiable.
Those have to be there to bepart of our team.
But if I can look at advisorsand say, why do you do this?
Are you trying?
And when you hear answers abouttrying to make a positive
impact in the lives of others,that fits our culture.
Also, it's a great opportunityto get to know advisors on a
(22:45):
personal level and learn okay.
So when you're not working likewhat else do you do?
Where else are you engaged in?
And I think that can tell you alot about priorities.
And I love hearing when there'ssomething people are passionate
about, even outside of work.
That makes a difference.
When I'm talking to advisorsand considering advisors, that
might make sense for our team.
(23:06):
When I hear advisors that talkabout their clients having a
good home even after they'reretired, even long after they're
gone, I think that picks up onanother thing I value highly,
which is stewardship and thatidea of building something that
lasts beyond just yourself.
I think that's really powerfulPeople who think long-term,
(23:26):
people who have their thoughtsaligned with things that are
really important to us.
As we just talked aboutpreviously about that
transactional nature, we're notlooking for transactional, but I
want to look for clients oradvisors who are hungry to get
better because they want tocontinue to elevate what they
bring to their clients.
I think there's just a mindsetaround that we have many
(23:48):
advisors on our team that havequite a number of credentials
past their name, and for me,it's not just about the
credentials.
It's about the learning, thegrowing, the keeping their
mindset sharp, knowing what'scoming out in the industry, and
then the willingness tocollaborate with one another on
that, so we can all be betterand all make a difference.
Speaker 1 (24:06):
Very cool when you're talking to a new advisor who's
a potential, who's interested injoining your firm.
Is there like a I'm sure it'snight and day, I would imagine
in terms of that fit, did youfind that like it's like 50-50?
Like oh wow, this person couldbe a good fit, and oh wow, that
person can't be a good fit.
And oh wow, that person can'tbe a good fit?
Or how does it stand out to youin terms of just when you have
those core values and you'reintentional?
(24:27):
I think the people that youcome across, because you're
looking beyond the technicalcapacity, because, as you said,
those things are table stakes,right, the other things that
they bring to the table, you canascertain pretty quickly by
observation and talking to them.
Speaker 2 (24:41):
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 thecompensation that it's a right
fit.
Speaker 1 (24:51):
That's the transactional nature.
Speaker 2 (24:53):
That's the transactional, I think, when
they're asking questions andtrying to understand okay, what
are the values?
What do you bring that I don'thave access to already?
What do you guys stand for howdon't have access to already?
What do you guys stand for?
How are you serving yourclients?
I'm trying to try us on forsize and they're looking in the
mirror to see what do they likeand I think when we can start
having those deeper questions wehave to figure out.
(25:15):
I have several advisors on myteam and, quite frankly, all of
their goals are slightlydifferent from one another.
But if we can have authenticconversations and really get to
know what's most meaningful andsee, is it a good fit?
Is there something that we canbe better together than we can
be individually?
Does it financially make sense?
Speaker 1 (25:34):
Of course, and do you work with advisors throughout
the country, or how does that sotypically are the advisors in
Texas who are?
Or do you work with advisorsthroughout?
Speaker 2 (25:42):
the country.
So we have we currently haveoffices in three states.
So we're here in Texas, we havetwo Texas locations.
We have an office in Virginia,in Harrisonburg, virginia, and
then we also have an officeoutside of Chicago.
We actually service clients injust shy of 40 different states.
We're very open to havingadditional offices around the
(26:04):
country, are very open to havingadditional 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 wehad to learn how to meet with
clients virtually.
We were already doing that.
So on the advisor side, I lookat that as well.
We're already working withadvisors across the country and
figuring out how to collaborateand keep that connection.
So the geography isn't so muchthe determiner.
(26:27):
It's the right fit.
Speaker 1 (26:28):
Okay, so next question your book really
captures the heart of yourfirm's philosophy and I think
this conversation that we've hadso far does a great job of
capturing that philosophy.
How has having such clearpositioning helped you attract
both clients and advisors toyour practice?
Speaker 2 (26:47):
Yeah.
So our philosophy, that lifebranch, financial confidence for
life, making a positive impactfor generations to come, really
making that our philosophy I'llcall it in some ways our rally
cry and really giving us that tolive by, it's been a game
changer.
It really creates the clarity,I think, for both clients and
(27:07):
advisors, for what we stand for.
It's not just a catchy sloganthat we're going to put on a
coffee mug, but it truly is.
It's how we choose to show upevery day and as that constant
reminder and that reinforcementI can walk into my office in the
day and be like I have a bunchof client meetings, I'm here to
create financial confidence forlife.
(27:27):
There is a generational focushere keeping that mindset as we
show up to keep it at theforefront.
It's keeping that mindset thatwe're focused on the big picture
.
We're going to dig intoeverything.
I think for clients it's made alot of sense.
It's given them a sense thatthis is a home that they can
come join us.
We're going to focus on theirwhole situation.
(27:48):
So comfort and trust really abig thing there.
I think for advisors it justreinforces we are here for the
long haul.
It's not just about thetransactions but it's about the
relationships, the philosophy,financial confidence for life,
positive impact for generationsto come.
It's about being so much morethan just a paycheck.
It's about understanding whatwe offer, how we serve our
(28:10):
clients, being able to evolve inan ever-evolving marketplace
and making sure that it is oursecret sauce that can people
come and have confidence in ourteam.
Speaker 1 (28:19):
Yeah, and I have to ask how much of your philosophy
today was inspired by yourparents or your father-in-law,
and how much of this have youlearned and developed since
you've been an advisor doingthis?
Speaker 2 (28:30):
I mentioned early on, I was in corporate America for
a while and then I really wantedto do something that I was, my
clients were advisors and I waswholesaling.
I was selling a product andwanting our investment
strategies to be used and itjust it left me with a lack of
fulfillment.
So I think, even sitting therein my early 20s, I realized I
(28:52):
wanted there to be more meaningand more depth there.
I do think life experiencesshape you and it's a series of
building blocks.
I feel like it really came tofruition when we did go through
our replanting, when we becameLife Branch Wealth Partners,
because I'm good at math, I'mgood at analysis, but coming up
with a name and coming up with abrand like a little outside of
(29:15):
my skillset, marketing is not myfirst strength.
What really happened is theyasked so many questions and they
wanted to get at the heart ofwho we are, how we show up for
our clients, what we'repassionate about.
So I feel like this has beenthere all along.
We've just been able to reallyrefine that story and continue
(29:35):
to tell it in a way that, again,is bigger, is growing, is
bigger than one person.
In college, servant leadershipwas a really big focus at my
university.
I went to Pepperdine Universityfor my undergrad, so I think
that servant leadership focuseven from the college days or
volunteering.
Growing up in high school andin junior high, there's always
(29:58):
been elements there about doingsomething meaningful.
I used to really struggle withthe idea of doing something
meaningful, but I work withmoney and finance and numbers
and so I think you just have tobe authentic to yourself and
look back and see where how canyou use your skillset to do good
.
Speaker 1 (30:15):
When did you do the rebrand?
Speaker 2 (30:17):
We did the rebrand.
I can't believe this.
It feels like it was a lotlonger ago.
We did it just over one yearago, April 1st of 2024.
Speaker 1 (30:26):
Very cool.
Okay, next question Manyadvisors struggle with the
emotional side of clientrelationships and I can imagine,
especially during marketvolatility, these things are
coming to a head right.
Yes, and so how do you trainyour team to navigate these
deeper conversations effectively?
Speaker 2 (30:45):
There's a lot of big life things that come up, but I
think retirement is one of thoseconsistent 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 andfor people that have been
working more decades than I have, it's probably reinforced even
(31:06):
more and more.
So that question of okay, sowho 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'mgood sitting at home and
watching football.
Yeah, it's not everybody.
For other people I think it cancreate some real anxiety and I
think for most people it's acombination.
(31:27):
It's helping them understandokay, there's spreadsheets,
there's analysis, there's themaking sure, do the numbers work
?
Do we have a healthyprobability of success?
But it's getting into thebehavioral financial advice side
with the clients and helpingthem, ask them the questions.
I'm working with clients and Ihave one client I'm working with
(31:47):
right now getting ready toretire and he works a lot of
hours right and it's sittingthere and saying okay, very high
pressure job, so what are yougoing to do with your time in
retirement.
I think a lot of people havethe idea of this is what I'm
going to do the first couple ofweeks, the first couple of
months.
But sometimes it's that biggerpicture and clients are so
focused on the retirementmilestone that they kind of miss
(32:09):
taking the time in preparationto 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?
know, one client who's yes,we'll be able to watch our
children, grandchildren all thetime, and the other spouse is
that's great, but that is notwhat I want to do full time in
retirement.
So having authenticconversations and, I think,
(32:32):
getting our clients to startrealizing it's not just the
milestone for some people.
Maybe they still need to workpart time, not because they need
the money, but because theyneed the mental stimulus or they
need a transition period.
So retirement's the big one.
I think I've seen it bring upsome pretty strange emotions at
times and there's such a varietyof feeling and it's normal.
(32:55):
Kelly on our team she brings upa great point because she lives
up in Chicago and she goes.
You might really want to thinkabout the time of year that you
retire.
If you're sitting there andyou're retiring in Chicago in
December, you've got a winterahead of you and that's.
We want to balance the mentalhealth side of that as well and
making sure that you're settingyourself up for success both on
(33:16):
the bank account side but alsoworking with clients on their
emotional well-being.
So there's a lot of focus anddiscussions we have with our
advisors to help prepare them tohave those conversations in a
meaningful way Right.
Speaker 1 (33:29):
I've enjoyed this conversation so far, so I'm
starting to wrap up.
The question I have is what'sthe most fulfilling aspect for
you?
Building a team of advisors whoshare your values-based
approach.
Speaker 2 (33:41):
I find a lot of fulfillment out of growing a
team of advisors that standbehind our brand, that care
about the values.
Getting back to meaningfulimpact the more advisors we have
, as our team grows, we're ableto make an impact with more
people in a meaningful way.
Let's be honest, paul as oneadvisor you can only service so
(34:02):
many clients or so manyhouseholds and keep the level of
high touch, personalizedexperience consistent.
We need to have a growing team.
We need a team growing theirskillset that can deliver,
collaborate, share the samevalues-driven approach and that
really helps us again, keep thatconsistency but maintain that
(34:23):
level of tailored, comprehensiveadvice that we really hold
ourselves out to our clients andto the greater community.
For us, building a team it's notjust about the number of
households.
It's making sure that everyclient that works with us, they
feel like they're getting thatdedication, they're getting that
care and that our whole teamhas a sense of pride in knowing
(34:44):
that we're showing up in the waythat we say, that we're going
to and that we're all continuingto maintain those high
standards as the team grows.
I'd also say like seeing thegrowth of advisors and seeing
their ability to deliver thatexperience.
It's really fulfilling, it'srewarding, it's giving good
financial advice, helping peoplebe good stewards with their
(35:04):
assets is something that's soimportant.
So seeing the growth ofindividuals be able to help
people who this is not what theylove thinking about all day,
every day, but giving them thatpeace of mind, that just makes
me feel the right practiceenvironment versus the
conversation that we've had,what are?
Speaker 1 (35:21):
some of those questions that they should be
asking themselves about theircurrent situation, to help them
determine that.
Speaker 2 (35:41):
Absolutely Great question, paul.
I think if you're an advisorand you're listening to this,
I'd sit there and I'd say areyou still learning and still
growing Because we can get inroutines and with the practice
you're part of, or if you'resiloed, are you having those
opportunities to develop yourskills?
I think sometimes we feel likewe've hit a ceiling or it gets
(36:01):
boring or monotonous and I thinkhaving that can help bring that
to life again is so importantand I think that leans also into
then.
Do you have that collaborativeenvironment?
Can you lean on your peers forsupport?
Do you have someone to askquestions to?
Financial advising?
It can be lonely at times andI'm going to talk about even
just periods of marketvolatility, like on our team
(36:23):
just having the advisors cometogether and say hey, that was a
hard week of calls or okay,we're supporting each other.
Here's our messaging.
We don't have to do this alone.
If you're in the rightenvironment, I think also.
So questions to think about ishave you thought about what's
going to happen to your clientsin your practice If you retire
or if you're faced with a healthchallenge?
(36:45):
We encourage our clients toplan, so I think it's really
important to plan as advisors aswell, and I think even clients
find peace of mind and sometimesknowing that our advisors have
thought through this.
So, even if these things feelfar off, it's still important to
think about.
I mentioned my father-in-law andI see this with many advisors
that have been doing this for 20years or so.
(37:08):
It's this idea that they'vebuilt their practice.
They really got into thisindustry because they want to
serve clients and they want tobe an advisor.
You have been a good advisor.
You've added clients over timeand eventually you're running a
business.
You've added more staff.
You have more businessconsiderations.
So sitting there and thinkingabout, do you really enjoy
(37:28):
running the business side or doyou really want to focus on
being that advisor and be partof a team that's bringing some
of those business considerationsand helping you take care of
them is something to think about.
And then also, I just think weneed to all do a healthy
analysis every three to fiveyears.
It's easy to get comfortable indoing our day-to-day working in
(37:52):
the practice, but I think,stepping back and thinking on
your practice, being aware ofthe changing landscape and just
revisiting what's out there.
So those are some of thequestions I think about in
conversations that I have withadvisors, and if those questions
make you think, I'm happy tohave a conversation.
We always want to haveconversations with advisors,
(38:13):
learn their values, learn whatthey're doing to grow.
So that collaboration is justhuge.
Speaker 1 (38:18):
Final question how can an advisor get in touch with
you?
Speaker 2 (38:22):
That's a great question, because I'd love to
get in touch with advisors thatshare our mindset.
We have a few different ways.
First of all, there's my emailset.
We have a few different ways.
First of all, there's my email.
My email is morgannichols atampfcom.
We have our website, which islifebranchwealthcom.
(38:43):
I'd also say go to our bookwebsite, because there's even
more that just delves into howwe serve our clients, how we
think about things, and we'd beglad to send you a free copy.
So our book website isintentionallegacybookcom.
Speaker 1 (39:00):
Final question what's your vision for the future?
Where do you want to be as theleader of LifeBranch in five
years, 10 years, 20 years?
Speaker 2 (39:09):
I still want to be here, but I don't want Life
Ranch to just be tied to thename Morgan Nichols.
We already have a deep bench ofadvisors but, as I look forward
continuing to grow the practicein a way that we have advisors
around the country, we have justsuch a learning environment and
(39:30):
that number of clients forservicing continues to grow
because they see the value.
That's really what's passionateto me.
As I grow up running thebusiness side, I'm investing in
adding more people to the teamfrom a business mindset, so I
still love meeting with clients.
I meet with clients thattypically have more advanced tax
(39:52):
strategy work, a little bitmore complicated situations, but
I will probably be doing thatwith a smaller group of clients,
while also building the firmand coaching and mentoring the
team that I have and that Icontinue to build Morgan Nichols
.
Speaker 1 (40:07):
thank you very much for your time today.
I've enjoyed the conversation.
Speaker 2 (40:10):
Thank you, Paul.
I appreciate you having me onthe podcast.
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