The Franklin wealth Team (above) of Innovative Advisory Partners is proud to be acknowledged by Forbes as one of the best advisory firms in the state of Tennessee.
Last week, Robert Pragnell and I attended an LPL conference in Florida rewarding its top advisors. I was looking forward to some time spent learning about upcoming developments and reconnecting with old and new friends - and, of course, spending time with Jennifer, who joined me on the trip. When checking into the conference, one of the things that was really refreshing were the personalized beach bags they provided. The company had asked us to list four of our favorite things and these were all listed in BOLD letters on the bags.
I had listed:
FAMILY, FAITH, FREEDOM & TRAVEL
This led me to think more about what is most important and what we had done over the last year to refocus on some of the most important ideals. I personally attribute much of our recent success to a renewed focus on people & culture.
Over the years, I have been fortunate to work with some truly exceptional people. Over time it has become more and more evident that we need to closely guard who we invite into our Franklin Wealth family and make sure they fit our culture.
Below are the top three characteristics(core values) for team members of Franklin Wealth:
- Open-minded & Collaborative – I feel great about how our current team is working together to get things done and leveraging off each other’s strengths.
- Results Driven & Resourceful – Our team members' compensation has grown over time. This is primarily a function of getting better results as we have continually found novel ways to accomplish goals and achieve higher service levels for our clients.
- Being playful & different, promoting team & family spirit to achieve results together - We have fun because we work hard at it and do all we can to embrace & reward teamwork. We enjoy spending time together in and outside the office, hosting clients for educational and fun events and developing creative solutions.
Likewise, we also built a list of characteristics for clients that make the grade:
- They recognize unique and varied talents and are willing to allow others to help them live their best lives.
- They appreciate people who don’t just dispense opinions but take a comprehensive approach to helping them plan their future.
- They are future oriented and grateful for their many blessings, finding the good in situations.
- Family and the legacy they leave behind are very important to them.
- They are looking for a partner to help them simplify their lives and find fulfilment. They believe in constant and never-ending improvement.
- They don’t just want an “advisor,” but to plug into a team of planning specialists, seasoned pros who can collaborate with one another.
- They see the value in tying their financial goals to their individually defined “why” to set the best path for the future.
- They understand that their own behavior determines their success more than any other factor, in every area of their life—including their finances
By refocusing our hiring practices and new client qualifications on the best fit characteristics, our goal was to make sure everyone’s interests are best aligned. We want everyone joining the family to be in the best position to be happy both in the short run and the long run.
Clearly its been working. Our team was recently added to the Forbes “Best-In-State Wealth Advisors” list for Tennessee.
This is the best list out there because they don’t simply rank advisors by qualitive criteria or un-verified numbers or figures. Forbes starts with nominations…29,334 to be exact. From that list, they invite 5,961 to complete a survey. From there, they do telephone and in-person interviews to arrive at a list for each state.
What are they researching to determine best advisors? Years of experience, no compliance problems, quantitative considerations such as revenue, quality of assets managed and client retention metrics. They also apply a heavy weighting to interviews (mine was close to an hour) to determine if advisors exhibit best practices, solid service models, processes, credentials, use of a team versus simply having administrative assistants, and community involvement.
We are proud of this recognition. We are proud of our reputation and we are proud of how our colleagues in the industry view Franklin Wealth Management and Innovative Advisory Partners.
But most importantly, we are proud to be able to engage with clients and team members we can grow with together and truly enjoy.
It gives us reason to celebrate!
Joe D. Franklin, CFP is Founder and President of Franklin Wealth Management, and CEO of Innovative Advisory Partners, a registered investment advisory firm in Hixson, Tennessee. A 20+year industry veteran, he contributes guest articles for Money Magazine and authors the Franklin Backstage Pass blog. Joe has also been featured in the Wall Street Journal, Kiplinger's Magazine, USA Today and other publications.
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