#FA Success Ep 295: Systematizing A Planning Process To Maximize The Return On Life For Clients, With Shari Greco Reiches

#FA Success Ep 295: Systematizing A Planning Process To Maximize The Return On Life For Clients, With Shari Greco Reiches

Welcome back to the 295th episode of the Financial Advisor Success Podcast!

My guest on today’s podcast is Shari Greco Reiches. Shari is the Co-Founder and Chief Visionary Officer of Rappaport Reiches Capital Management, an independent RIA based in Skokie, Illinois, that oversees more than $800 million in assets under management, for 350 client households.

What’s unique about Shari, though, is how after a life-changing experience she went through in trying to get clear in articulating her own most important values, she created a 5-step “Maximize the Return on Life” framework to use with her clients, and then created what she calls her “CFO Family Checklist” as a form of living financial plan to help clients stay focused on whether they’re not just on track with their financial plan but that their plan is consistent with their values.

In this episode, we talk in-depth about how Shari developed her 5-prong “Maximize the Return on Life” approach with clients and how she and the rest of the advisors in her firm iteratively built over time their “CFO Family Checklist” of planning issues to discuss with clients, how Shari’s firm uses the Diamond Teams approach to both more clearly establish roles for each team member, and outline pathways for promotion to help grow the firm from within, and how Shari and her firm leverage their financial planning plus passive investment approach as a way to gain more referrals, including from other financial advisors who have higher asset minimums, by highlighting how their passive investment philosophy means a referrer will never get embarrassed by having the firm they referred to deliver returns that are significantly below benchmark (because by definition, Shari’s passive approach is to own the benchmark in the first place).

We also talk about how Shari was first inspired to create the “Maximize Your Return On Life” framework after attending a workshop for advisory firm owners where the attendees were prompted to find the values that mean the most to improving their own lives as business owners (which also helped her rediscover what she values most), how Shari leverages a weekly newsletter, social media, webinars, and her book to attract and connect with prospective clients, and the internal three-times-a-week meeting structure Shari and her firm use to not only discuss client planning strategies as a team, but to also connect with one another and deepen team collaboration.

And be certain to listen to the end, where Shari shares the early struggles that she had in hiring and turnover (especially when the firm was so small that one person leaving could really pull everyone down), how Shari eventually became comfortable with letting go of having control over all the aspects of the firm and found she didn’t really have to touch every client relationship for them to get the quality experience that she wanted every client to have, and the challenges that Shari faced by having taken on every client they could (regardless of fit) because the firm was just so anxious to get any clients early on, to the point that eventually Shari found the frustration was dragging down her team members, and that it was better to lift team morale by just starting to refer out the bad-fit clients instead.

So, whether you’re interested in learning about how Shari’s 5-prong approach to financial planning helps her better align her clients’ financial goals to their values, why Shari and her firm incorporate a “CFO Family Checklist” to systematize processes and meeting cadences, or how Shari’s “Road to a Billion” vision has molded every business decision made along the way, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Shari Greco Reiches.

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