In this episode of The Purpose Focused Advisor podcast, Rob Brown interviews Knight Colman, a second-generation partner at Colman Knight Advisory Group. They explore Knight’s journey into the financial planning industry and the vital role of intentional succession planning. Knight shares his perspective on the unique challenges and opportunities that Gen 2 advisors face, emphasizing the importance of understanding and building on the firm’s foundational values. The conversation delves into how engaging clients through deeper conversations can transform their financial paths by aligning their lives with their financial goals. Rob and Knight also discuss the collaborative dynamic between first and second-generation advisors, underscoring the crucial role of trust and communication in the success of financial advisory practices.
Key Takeaways:
- Gen 1 advisors should start succession conversations early to ease transitions for Gen 2 partners.
- Gen 2 partners need to align with the firm’s core values while modernizing processes to uphold the original mission.
- Automating systems and adopting new technologies can enhance client engagement without losing the personal touch.
- Reframing how clients view new processes can strengthen relationships by emphasizing the firm’s commitment to their overall well-being.
- The real value in financial advising is deep client engagement, where aligning life goals with financial planning creates a transformative experience.
Knight Colman: “There is a different skill set necessary for starting a firm from nothing and taking a firm that already has really established beautiful pieces, and I would say, almost enhancing it, or breathing new life energy into it in a different way.”
Rob Brown: “Be happy for your clients, be curious, and really want to dig deep. Your career and your business, and the things you’re doing for your clients, will go a long way.”
About Knight Colman: Knight Colman, a Gen 2 partner at Colman Knight Advisory Group, holds his CFP and Certified Financial Transitionist designations. The firm’s integral methodology and mission to connect the practical elements of finance with the human side of money align with his values. Knight began his career at JP Morgan developing his talents in asset management and operations. At Colman Knight, he specializes in financial planning, investment management and oversees daily operations.
At Kenyon College, he earned a B.A. with a double major in economics and political science. He is an avid sports fan, holds a third-degree blackbelt in Kenpo Karate, and serves underprivileged communities advocating financial literacy and volunteering as a CFP Board Mentor.
Connect with Knight Colman:
Website: https://www.colmanknight.com/
Email: knight@colmanknight.com
LinkedIn: https://www.linkedin.com/in/knight-colman-cfp%C2%AE-728156114/
Episode References:
Connect with Rob Brown:
Website: http://truestfan.com/
LinkedIn: https://www.linkedin.com/in/truestfan/
YouTube: https://www.youtube.com/@truestfancoaching
Facebook: https://www.facebook.com/truestfan