Industry icon Ron Carson was like a lot of other rookies when he started in the business in 1983.
The Nebraska farm boy struggled at first but through hard work eventually built a practice. Now Mr. Carson, 48, is
LPL Financial's biggest affiliate.
As founder and chief executive of Carson Wealth Management Group, an independent hybrid, he has always been a stickler for systematizing everything he does.
PHOTO GALLERY 15 transformational advisers
So in 1993, he began hosting workshops for other financial advisers, teaching the lessons learned in building his own practice. In 2001, the workshops morphed into a formal coaching program called the Peak Advisors Alliance, which has more than 1,000 advisory firms or branch offices enrolled.
Mr. Carson's coaching business has had an effect on a lot of advisers.
Joseph Parsons, founder of Investment Advisors Asset Management LLC, is one example. He joined Peak about six years ago.
“I was 55 at the time [and] had gotten to the point where I just needed to put things in perspective and put more systems in place,” Mr. Parsons said. “I was impressed by a program run by a substantial producer.”
Peak's “blueprinting” process was especially helpful, Mr. Parsons said.
It involves mapping out what one wants in life: “personally, in business, with family, the religious aspects, all the way down to what your ideal office looks like,” he said.
The exercise inspired Mr. Parsons to buy a second home in the Caribbean and plan more time with family.
In fact, it worked so well that he has had clients go through the program as a way to plan for retirement, he said.
One of the biggest effects that Peak has had over the years has been to help advisers transition to fees, Mr. Carson said.
Overall, the focus is on scalability and implementation of a broad range of practice management ideas.
LOVE AFFAIR MARKETING
Chief among them is what Mr. Carson calls love affair marketing — “that is, doing extra special and surprising things for clients that turn them into passionate referral sources.”
Advisers need “a high-level communication strategy, because the big complaint from clients is that they don't hear from you enough,” he said.
Sharing what he does makes Mr. Carson unique, said John Furey, founder of Advisor Growth Strategies, a consultant who works with Mr. Carson through the Alliance for RIAs, a group of large advisory firms that produce information on buying and selling advisory firms.
“He's willing to share everything he's learned,” Mr. Furey said. “That's what Peak is. A lot of advisers aren't like that."
Mr. Carson insists that Peak isn't about making money for himself.
“It's not that great a business, really. I just love teaching,” Mr. Carson said.
“I get a thrill out of making a difference” for advisers who need help, he said.
The Peak program also is the springboard from which Mr. Carson plans to make Carson Wealth Management into one of the biggest players in the industry through acquisitions. In 2011, he moved the bulk of his assets into his own registered investment adviser firm, a move designed to facilitate his growth plans.
Last October he launched a business, Carson Institutional Advisory, which offers a number of turnkey services to smaller firms, including a chance to become part of Carson Wealth Management. Partner firms pay between 45 and 65 basis points.
His buying power cuts advisers' costs and solves the problem of clients' wanting more for less, Mr. Carson said.
“They want tax planning,
estate planning, retitling assets and
trust services,” he said. “If you can't provide it, they'll probably go where they can get it.”
By the end of this month, Mr. Carson expects to have six offices with about $1 billion in client assets using CIA services.
Carson Wealth Management advises on about $3.5 billion and has 75 employees total, including 29 who work on the Peak side.
“In 10 years, we could be at $20 billion in assets,” Mr. Carson said.
“That's not a big stretch,” he said. “It's the relationships we have with the Peak advisers.”
Mr. Carson is “probably the best-in-class salesperson I've ever seen,” Mr. Furey said.
“He's also a great business manager … Not all advisers are. It wouldn't matter what industry he was in, he'd be successful,” Mr. Furey said.
