27 Aug ADVISOR SPOTLIGHT WITH Daniel Weiss, Philadelphia, PA
We are pleased to bring you the Summit Advisor Spotlight. These interviews aim to learn how advisors have dramatically increased their production through leveraging tools and services provided by Cetera and Summit Financial Networks.
This edition of Advisor Spotlight features Daniel Weiss, co-founder of W Financial Advisors, located in Philadelphia, PA. Daniel recently sat down with Josh Gomez, Summit’s Sr. Relationship Manager, and Gordon Jahnig, Summit’s Director of Sales Support. We are grateful to Daniel for taking time out of his busy day to share his insights. Let’s get started.
JG: Daniel, how long have you been a financial advisor?
DW: 13 years.
JG: How long have you been with Summit Financial Networks?
DW: My brother Alec and I came over in early 2020.
JG: Two and a half years, time flies, doesn’t it? Transitioning your business during the pandemic must have been an interesting/challenging experience.
DW: Since it was the start of the pandemic, I was already communicating with clients, which allowed me to maintain communication in a positive light. I always referred to the expression, even the darkest shadows have the brightest lights. I told them we’d get through the pandemic and to stay positive. Under different conditions, I would have seen every client face to face during our transition. Instead, we sent clients their documents via FedEx or whatever was required to get them done. There are pros and cons to being forced to do business that way, but you take the cards you’re dealt and move forward.
JG: It sounds like your move to Summit was successful despite the unique circumstances, which is undoubtedly a testament to the relationship and trust your clients have in you.
DW: I can think of one, maybe two households that did not come with us. We do an excellent job of keeping our clients, and they reward us by referring their friends and family. We try to focus on relationship building as much as possible using whatever means. We have clients we haven’t been able to see face to face for over two years, but we’ve worked hard to maintain those relationships, and they are as solid as ever.
JG: Referrals equal new business, and that means growth. The results speak for themself. Please talk about your success and what has been driving it.
DW: We’ve had tremendous growth. In 2021, we grew 23%, and so far, this year we’re on track for 18% growth. For us, it has been all organic growth, and all referrals. I believe our referral system is pretty good, especially when we have people calling us, which is excellent.
JG: Let’s discuss your approach to managing money and your valuation proposition. What differentiates you from other advisors?
Well, I stand behind what I have been doing for years. I surround myself with experts in their respective fields so things get done in the most efficient manner possible. I tell clients that I am very good at what I do regarding managing money and in terms of picking portfolios. Am I the best in the country? Am I the best in the world? No, probably not. To get things done efficiently, I rely on the resources and technology at our fingertips. When it comes to managing money, I do not want to be in front of a computer 24/7 trading. If I spend my time researching and trading individual stocks, I would not be able to provide the same level of service to my clients. For me, it is essential to be the face to my clients.
The analogy I give to my clients is to imagine yourself as a sports franchise owner. I am the coach; the money managers are the players. The job of the owner is to collect the revenue.
The coach’s job is to put together the right team, and the players’ job is to go out there and perform. If, after a season or two, the players aren’t performing well, the coach needs to find a new roster, and if after three or four seasons, the team is still not performing well, the owner might want to find a new coach.
My clients seem to really pick up on that analogy.
JG: Are there other areas where you differentiate yourself?
DW: First, it is vital to do continuing education. We do about two to three hours every single week. That includes meeting with wholesalers and learning about new products, new funds, and third-party managers. I genuinely mean this. I do not think you will find many advisors out there that know more about products than we do. We pride ourselves on learning all the ins and outs of these investments so we can educate our clients. Our business is not only about bringing on new clients but making sure we take care of our current clients, see opportunities, and offer better solutions than they can find elsewhere. We want to identify the managers, funds, and products that are the best available.
Second, and I do not know if I have emphasized it enough, our core competency with our clients is building long-term relationships. Anybody can trade a stock or a fund for them. If you are not providing communication or the relationship they are looking for, the client could easily go somewhere else. I have found that everybody will talk to their clients when things are going well. But when things are not going well, the communication dies down, and that’s when we should be picking up the phone and calling clients. Sometimes, difficult conversations must be had, and we do not shy away from making those calls.
JG: I think you have laid out a clear vision of how you operate and handle clients. Where do you see yourself and your practice in the next couple of years? Are there areas you want to expand your practice into?
DW: I have some very clear goals for where I would like my assets under management to be within ten years and with the way we have been able to grow, I might get there sooner. We have been working recently to purchase the practice of a retiring advisor. They say, don’t count your chickens before they hatch, right? So, I never do, but I think that will be finalized by month’s end.
The big difference between us and other people who say they want to buy practices is we really want to grow. Advisors don’t understand the buying process and the commitment required to transition the clients. I didn’t fully understand it until we went through it. I think it’s something that we absolutely can handle and hope to do more going forward.
JG: You and I have previously discussed your desire to add more advisors to your practice. Is that something you are still pursuing?
DW: Originally, my ultimate goal was to have an office of 20 plus advisors. I also like the idea of having my own book and an entire business aside from mine to manage. That is still a goal of mine, to build a successful practice. It’s really a matter of finding the right people and I am grateful for Cetera’s assistance in helping me find them.
JG: How did you end up joining Summit? What was the appeal for you to change firms?
DW: In 2019, I got a call that there’s this firm, a region of Cetera Advisor Networks called Summit Financial Networks and that I should sit down with and hear what they are about. We knew we wanted to go somewhere that was a true independent. Not that we weren’t an independent before, but our prior firm was still backed by an insurance carrier. We also didn’t want to join some no-name broker-dealer. At that time, Cetera, I believe, was the second largest independent broker-dealer. The mix of Summit and Cetera seemed extremely beneficial because not only are you getting a broker-dealer with the backing of a large independent, but we were also getting a firm that used to be their own broker-dealer. We would have resources from two separate areas by making one move. Looking where we came from, you had the broker-dealer, a compliance person, and his secretary, but that was pretty much it. There was hardly an support with things like growing your business. So, having Summit where we could directly communicate with them was significant. It’s good to have a full team of people who will know you more personally than calling an 800 number.
JG: We have two more “serious” questions and want to hear a little about life outside of the office. As you are coming up on three years with Summit, what has your experience been like?
DW: To be brutally honest, for the first few months, it was not 100% smooth sailing, and I could chalk that up to several things. However, there are always going to be problems. I will tell you this, over the last ten months, there have been zero problems. So, what Cetera and Summit have done to fix it has been great.
I was at my last firm for ten-plus years. I did not have one conversation like this one. Hey, this advisor needs succession planning. I do not recall one conversation with regards to an advisor looking to join an office. I had no discussions with people from an annuity department or funds department. That just never happened. The only person you communicated with was an 800 number and maybe the OSJ’s administrative assistant to say I’m coming in to review your office or don’t forget to send me your correspondence log or checkbox. That was it. With Summit and Cetera, there is just a lot more support.
GJ: All that said, what would you tell an advisor considering joining Summit?
DW: As I do with anybody, I’d first say take a step back and say what are you looking for? Do you value the name on the front of the business card? Are you relying on the name of your broker dealer to acquire clients? If you rely on a name, that will not benefit you here. If you genuinely value running your own business and your clients value knowing that they are working with you, backed by a prominent player in the field, then the Summit/Cetera model is a good fit. In the end, it comes down to quality, and in my opinion, Cetera is the best, partly because I have so many resources backing me.
If you appreciate technology, this is the place to be because where I was, they were so far behind when it came to technology. You would have thought that you were doing business in the early 2000s. In my opinion, My Advice Architect is an excellent program. When I first came over, I had no idea what it was, but I will tell you, once I understood it, it was like night and day versus where I came from.
JG: Enough with the business questions; let’s know what your life is like outside the office. What do you like to do when you’re not working?
DW: Number one is being a dad, without a doubt.
JG: I agree 100% – being a dad is what it’s all about. How many kids do you have?
DW: 3 kids
JG: What else do you enjoy when you’re not in dad mode?
DW: Physical fitness is important to me, staying sharp. If I have 3 hours, I go to the track to run. I probably do cardio 3-4 times a week and lift 2-3 days a week. I’m also a big movie guy. Not many people know my favorite movie is The Great Escape. Other than that, I enjoy traveling.
GJ: Yeah, nothing like that scene with Steve McQueen riding his motorcycle over the hills, into the fences, and the barbed wire. Don’t forget the scene where he’s throwing the baseball against the prison cell wall.
JG: The last question, since you like to travel, are there any especially memorable places you’ve been? Do you have any big travel plans coming up?
DW: Well, my favorite beach in the world is Turks and Caicos, and I’ve been three times, one of which was to propose to my wife. Also, going to Patagonia was incredible and just getting there was an experience.
Regarding upcoming travel, we are taking our first family vacation to Mexico at the end of the month, so that should be fun. Then I recently booked a trip to Portugal in October to celebrate my wife’s birthday. It’s nice to finally be able to start traveling again.
JG: Daniel, thank you for taking the time to do this, and we appreciate your thoughtful comments.
Daniel Weiss – Registered Representative offering Securities and advisory services through Cetera Advisor Networks LLC, member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Summit Financial Networks is a region of Cetera Advisor Networks LLC, Cetera is affiliated and under separate ownership from any other named entity.
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