The Achieve Podcast - Chris Hilyer (Heritage Wealth Solutions)

Welcome to another episode of the Achieve Podcast, the show where we highlight leaders, creators, and entrepreneurs, those who are building meaningful businesses, shaping their industries, and having an impact. I'm Taylor Baker Baker, your host, and excited today to be joined by Chris Hillier, the founder and president of Heritage Wealth Solutions, and you can find them at heritagewealth.pro. Chris, first, thanks for coming on and joining us today.

Absolutely, appreciate being here.

Absolutely. And for those getting to know you guys and what you guys do, give us the backstory on how you got into the space and who you're currently serving.

Yeah, so, um, I actually— my background prior to being in financial services was actually, um, some accounting and sales types roles, which, as it turns out, being in those types of, um, service positions are— it's good for servicing financial services clients. So, um, I was recruited into the business in 2009, mostly due to my, um, prior employment, and, um, entered into a training program and, and kind of learned the business through, through that recruiting. Um, uh, my business partner came over from, um, actually more the medical side of things, physical therapy, um, and, and, uh, that helped shape I guess his trajectory and his clientele, um, making that career change. So, um, we're a, a small, uh, intentionally small but agile group of advisors. Um, there's 3 of us advisors, one junior, and then, um, we have a client relationship manager and then a shared admin.

Okay, and what would you say is driving growth for the organization right now?

I think, I think there's a number of different things that are, um, driving, driving growth or driving client decision-making. You know, it, it comes from— at this stage of the business or in our careers, a lot of it is referral-based. So whether that's from existing clients, um, centers of influence and other client-facing roles, whether that's, you know, real estate professionals, if it's estate attorneys or CPAs, things like that. And then I think a big shift in the last handful of years have been the pre-retiree kind of DIYers that have spent their whole career accumulating and kind of self-managing their 401 type of assets, and then all of a sudden feeling kind of vulnerable with their retirement planning and realizing that, okay, well, I was told how to save the money, but now I don't know how to transition from accumulation to decumulation, or, you know, creating that retirement income. So I think we're seeing a big shift in that, from that DIYer to that, well, maybe I do need a little help just for that peace of mind.

That makes a lot of sense, and I can see that. And now that you have something, how do I protect it, right? So looking back for you, what turning points would you say have had the greatest impact or change the way you think about running the organization?

Well, earlier in my career, I was in a management type of role. I was promoted, I guess, out of client-facing into more advisor support and obtained a principal license and was put in charge of new rep development for a Phoenix-based financial services firm and did that for a few years. Was successful in the role, but really wasn't my path. Um, I, I, I had quite a few people underneath me and I was working a ton of hours and it was just kind of a burnout path for me. And so that was a defining moment because while it seemed like it was a good opportunity to be in leadership, it wasn't my passion. And I felt like what I needed to get back to was just focusing on serving my own clients and having a better work-life balance. And so while I think it was an important learning experience, what I learned was it wasn't my path. And but it drove me even harder back into client-facing. And then I knew that that was where I needed to be to properly serve my clientele.

I love that. And it's amazing the power that comes with that clarity.

Yeah, absolutely. I failed up, I guess. Yeah.

When you know you're building something strategically, intentionally and it has long-term value. So when you think about your marketing and messaging, your outreach programs, what do you feel like has been working well to attract and retain clients?

So, um, I think most recently we've been very intentional on having just more touch points. Um, you know, data moves very quickly. We are, uh, for better or for worse, the way it is now, people read headlines and they don't necessarily dive too deep into the story. And I think you know, the scrolling headline mentality of a lot of folks. I don't think it's intentional on their part, but I think that's just where we are today. I think it's important to have, um, regular touches, short, um, digestible topics. So we've been doing more just kind of quick hit recaps, um, multiple touch points throughout the month. And then more recently we've been implementing quick like video, um, explanation type videos, um, whether it's, you know, recently we had a, um, an executive order that was signed in, and so it was framing what that looks like even though it's not live yet. It's, it's going to go live next January, but it's like, here's what it is, here's what we know so far, here's what we can expect. Um, so just kind of stuff like that where it's something that is short, digestible, but the client can click on it And then if they want a deeper dive, there's always an opportunity to schedule a follow-up phone call with us. So I think it's again, that's those touchpoints, but then making ourselves available for the folks that want to go deeper. Um, if they want to get into the article past the headline, that opportunity is there and our calendars are always open to our clients.

Wow. I think you touched on a very crucial point right there with all the information that's coming out at us all the time. We all just read the headlines, like you said. Yeah, that constant communication, you become top of mind for those people.

Yeah.

Wow. So with your sales and marketing, where do you feel like there's still opportunity?

Well, I think, I think opportunity is just being agile in a marketplace that is ever-changing. So, um, I think one of the advantages that, um, my partner David and I, um, while we're both nearly 20 years in, um, we're experienced, but we're still I think, of the generation that we were used to things changing quickly. So that gives us the opportunity to test and implement technologies that make sense. And so the opportunity is just continuing to keep our eyes and ears open for new technologies. And we are very tech-focused, very— we lean very heavily on technology. Being, being a small team, you know, we don't have a lot of payroll fluff where there's somebody to do everything. We all wear a lot of hats and lean on technology to do those things. So I think the opportunity is just continuing to leverage new technologies that are coming out.

Yeah, there's so much with all the AI and automations. So where have you guys found ways internally to utilize some of those tools?

Well, speaking of AI, I think that's on everyone's, you know, list of headlines that they're seeing every single day. So As an industry that is protective of clients and their information, AI has been both an opportunity and a concern. So, you know, we see, we see it being leveraged everywhere from whether it's fund management using AI to crunch analytics faster than we've ever been able to do that before for, you know, portfolio maintenance and things like that for the investments, all the way down to note-taking systems for CRM notes and just better documentation of client conversations. So it, it's really kind of encompassing of all areas of our industry now, but we've been very thoughtful on what is implemented. Again, going back to protection of clients, um, early on, note-takers— since I brought that one up— we weren't really clear on where that information went after it was recorded. How secure was that cloud? And so it was something where, again, very intentional in, in taking a look at it from a data protection standpoint until somebody could come to the table and show how that information was stored on the back end, that we could properly secure client information in those conversations before it was implemented. So I think it's an ever-evolving landscape. It's going to get better. There might be scary attributes to it, but I think there are opportunities to make things better for our clients and for ourselves, um, to, to help serve those clients.

Wow, I think you touched on a very valid point right there with that protection, because a lot of people don't even give it a second thought and just throw it up to any AI tool and it becomes public knowledge. That's all— that's a lot of wisdom there. I love that.

Thank you.

So when you think about the trajectory of the business, if you had to focus on one constraint to solve over the next 90 days, what would it be?

90 days is— I'd love to say that that's a really easy timeline to work with, but, um, I, I think positioning our relationships— I mentioned centers of influence, whether that's, um, you know, tax professionals, estate professionals. One thing that I lean on quite a bit is a philanthropy designation, because I think more of our clients, as they are aging and they realize that they've done a good job saving, that we've done a good job planning for their retirement years. Um, they don't necessarily— again, this is their choice— but they don't necessarily want to leave everything to the kids. They want to try to make community impact. Um, philanthropy focus has been a big topic for us here recently. So I think a 90-day challenge, if I could call it that, is just honing those relationships with centers of influence in our sphere to better serve our clients. I think, I think there are a lot of ideas out there that one professional or another may have, but it doesn't necessarily make its way through the whole advising sphere. And maybe clients aren't getting those ideas because they're not hearing it from the professional that has it. So I just think nurturing those relationships are probably very high. And this is a good time of year because Some of our tax professional friends are coming up for air after tax season.

Yeah, I can see that focus on the philanthropy side. It's like you get these baby boomers who are wanting to leave a legacy. They want to do something intentional.

And that legacy, while it's extremely important, it's not necessarily familial. It's community. And I think, you know, as that focus, that community focus, increases, I think there's an opportunity to teach next generation, whether that's kids or grandkids or beyond that, how to be, um, good stewards of the money and be an extension of the values rather than just the generation that spends the money. So I think that's a really important piece of the puzzle.

Say that line again, that's a great one.

Extension of the values. Yeah, and I just love to spend the money.

That is a beautiful way to put it. I love that. I love that.

Wow.

So, Chris, when you think about your journey, the wins, the mistakes, what lessons stand out to you? And maybe which ones do you feel like took longer to learn than they probably should have?

Yeah, I think, I think one of the biggest hurdles for me was identifying, um, I wish I had identified going independent sooner.

Okay.

My— while it was great training as a new, a new advisor in the business, like I said, I transitioned from more the accounting and sales side of, um, uh, different industries. Um, coming into financial services specifically, I had training, but I had training in a captive environment. So, um, you know, imagine a horse is being trained to, to run in a race, but blinders on, like don't look at what's going on next, you just go forward. A certain amount of that is important, but I think it's also important to know what, um, a peer advisor is able to do that I'm maybe not able to do. And once I— the more I learned, the more I realized I wasn't being taught. And so the decision to go independent was critical for me. Um, and I, I don't want to speak for him, but I think my partner would agree. We were both kind of trained and brought up in a captive environment that going independent was not only important for us to be able to serve our clients the way we wanted, but then giving our clients the opportunity to be served in an independent manner. We're not beholden to any brand loyalty or anything like that. What's best for our client is what we implement, and that isn't always an opportunity in that captive environment.

That makes a lot of sense. And to do what's right. So last question for you, Chris. Okay, think about the next stage of the business. What are you most excited about?

I think, um, our growth is exciting right now. Um, you know, we are— I mentioned my partner David a couple times, you know, we're both right around that closing in on 20 years of experience, and then another team member— we, I mean, we have nearly 80 years of combined experience on the team. Between the 3 licensed advisors. And, um, I think what's exciting is, um, where we're positioned with our tenure but still our runway to retirement, we're serving— we're beginning to serve more and more older clientele that are looking for a retire— a retirement strategy that doesn't retire with their advisor. Because folks that are using advisors that are their age know that that person's also going to retire. Maybe around the same time. So they're looking for a partner that can help take them through their retirement, not retire with them. So, um, that's exciting because that's a big opportunity for us to deepen relationships with folks that are a little bit older but still serve a, um, kind of a, a Gen X or elder millennial group that is coming into leadership in their roles and, and their, their personal finances beginning to be more complex, and they're looking for that planning partner. So as, as those two different age groups for different reasons are seeking advisor relationships, and we're excited to see those relationships deepen.

I love that, looking for somebody to retire, to help them retire, not retire with them, right? That's a fascinating—

not to say they can't go golfing with their former advisor, but they want to see somebody that's going to be there with them long term.

Yeah, I can totally see that. I've never even thought of that aspect. So Chris, thank you for coming on and joining. Any final thoughts or words for our listeners or others on a similar journey?

No, I think, um, folks that are maybe looking for a professional advisor relationship, there's a lot of options out there, and I think what's important is that they find somebody that they mesh well with, because while the strategy may vary a little bit from firm to firm, realistically we're all investing in the same marketplace. So I think the relationship with their advisor is very, very important, and I encourage people to find somebody that's a long-term relationship, not just dating, somebody that you want to marry. So, you know, Maybe that's words of wisdom, I suppose.

Yeah, that's a great paradigm right there. Just the amount of effort you put into that relationship. I mean, they're handling your, your finances, they're handling your, your life legacy.

Yeah. And hopefully long term, you know, we encourage multi-generational planning. So if we serve one, one generation well, we hope to serve the next couple also. And so again, you know, informing that long-term relationship.

Wow. So for those who want to learn more, they can reach out on LinkedIn or heritagewealth.pro. Anywhere else you want to send them?

You know, we're, we're working on YouTube. I'm trying to build that out. Just again, those quick hit videos. We'll be expanding into Instagram soon, but I think those two locations are best for now.

Awesome. We'll get those linked in the show notes. And thank you to today's sponsor as well, Achieve Fractional, which provides Fractional Executive Leadership for Growing Businesses. And if you enjoyed the episode, share it with a friend, with a colleague. If you're not sure what to do with your finances, you've been a DIY and you're like, all right, I have a nest egg, what do I do with it? Reach out to Chris and the team, they'll help you out, give you some good guidance. Tune in to their little notes, they're sharing little video clips, and we'll see you all in the next episode of the Achieve Podcast.