Episode 093: Terry Parham Jr is the Co-Founder, Wealth Advisor, CFO, and CCO at Innovative Wealth Building. Terry joined the financial services industry in 2011 and has held positions as a Financial Planner, Corporate Trainer, and District Manager.
This week, Kyle talks with Terry about the power of referrals and how having a structured approach can lead to exponential growth. Terry shares his strategy, which combines confidence and competence to generate consistent client introductions. They also explore how technology transforms client engagement, onboarding, and financial planning.
In this episode:
(00:00) - Intro
(02:19) - Terry's money moment
(04:42) - The role of psychology in Terry's career
(06:01) - Why being an educator is crucial to being a financial advisor
(12:21) - Terry’s strategy for a "one-of-one" client experience
(14:14) - The motivation behind becoming a content creator
(15:54) - The importance of communicating via any medium
(17:51) - Terry's strategies for simplifying financial concepts
(21:24) - How Terry built a referral system from scratch
(27:51) - How technology makes IWB a better firm
(31:06) - The future of financial advice
(33:19) - Terry's Milemarker Minute
Key Takeaways
Confidence and competence play a key role in gaining client referrals.
Asking for referrals in a way that aligns with your personality increases effectiveness.
Creating a streamlined process makes it easy for clients to introduce new prospects.
Leveraging technology enhances efficiency, from onboarding to financial health assessments.
Quotes
"Educating is like teaching someone how to fish so they can feed themselves and their family forever." ~ Terry Parham Jr
"The biggest thing I learned about getting referrals is that you have to provide value." ~ Terry Parham Jr
"By getting referrals from your new clients and then getting referrals from those new clients, you have an unlimited stream of people you can help if you just systematize the process and follow the process." ~ Terry Parham Jr
Links
Terry Parham Jr on LinkedIn
Innovative Wealth Building
Kitces Marketing Summit
Kennah Parham
Tyler Chavel
Coy Baldwin
Carman Kubanda
Warren Brooks
Jennifer Hill
fpPathfinder
Holistiplan
The American College of Financial Services
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
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