Dec 26, 2022
The process of succession planning is difficult enough, but the transition from gen one to gen two of managing an advisory business can be even more challenging. Having different values, goals, and priorities, how can the two generations of advisors make the transition successful?
In this episode, Steve talks with Aaron Terwedo, Vice President of Financial Planning at TFS Advisors. After completing his military career, Aaron wanted his civilian life to reflect one of his deeply held values - serving and helping others. He intended to work with Terwedo Financial Services while he worked his way through his law enforcement program, but spending time with clients has led him to find a different way to make an impact.
As a gen two advisor, Aaron talks with Steve about the challenges he had to overcome in transitioning from his gen one father, the three main principles that are important to both gen one and gen two advisors, and the importance of agreement on principles to find common ground and consistency from one generation to the next.
Key Takeaways
- [02:01] - What TFS Advisors is and how it serves its clients.
- [04:56] - How Aaron got started at TFS Advisors.
- [08:29] - How Aaron bridged the generational gap in managing the business.
- [12:04] - How Aaron overcame the challenges of transitioning into the family business.
- [17:26] - The core principles of managing a family business.
- [19:57] - What TFS Advisors' client service model looks like.
- [23:03] - Aaron's future plans for the company.
- [26:30] - How Aaron defines financial planning.
- [31:51] - What Aaron wished he had done earlier in his business career.
- [34:08] - How Aaron spends his week working on the business.
Quotes
[10:50] - "Finance is just one aspect of retirement. Many of the issues that people are struggling with, especially today, are the emotions of retirement. Approximately 50% of retirees go into depression. That is one of the gaps that we could help fill." ~ Aaron Terwedo
[27:50] - "Getting clients comfortable enough to share things they don't share with many people is very important in financial planning. The more we know about our clients, the better we can serve them." ~ Aaron Terwedo
[29:45] - "A lot of times, financial planning is thought of as the numbers. What impact does it have on the future if you make that decision? But if we never get to that future, it will never matter."~ Aaron Terwedo
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Disclosure
For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)