Accountants Turned Advisors, Life Discovery, and the Importance of Empathy with Scott Lucia

In this episode, Steve talks with Scott Lucia of Andrews, Lucia Wealth Management about putting clients first, turning challenges into opportunities, and the need for innovative technology when it comes to fast growth.

Scott began his career as an analyst at an investment strategy firm and quickly discovered Larry Swedroe’s investment principles. Meanwhile, Scott’s Uncle Bob owned a CPA firm and noticed how many clients wanted advisor referrals. Putting two-and-two together, and despite doubts from industry colleagues, Bob and Scott launched Andrews, Lucia Wealth Management in 2004, with the end goal of helping clients invest better.

Andrews, Lucia Wealth Management approaches business with a client-first focus, providing educational opportunities whenever possible and diving deep into a client’s money goals. Scott credits their fast growth with technology and industry resources that allow them to focus on clients over mundane administrative work.

Scott and Steve discuss why accountants make great advisors, why performance won’t tell the whole story, and how opportunities can arise from the most unlikely scenarios.

“There’s some interesting overlap between flying and wealth management. In flying there’s this process called aviate, navigate, communicate. Aviate means fly the plane first, navigate, where are you going, and communicate, talk to air traffic control. And the wealth management version of this would be aviate, your investment strategy, navigate would be creating the plan, and then of course the communicate would be working with your advisor. In flying there’s this incredible sense of freedom in the sky just as there’s a sense of freedom in having a well-constructed wealth plan. ~ Scott Lucia

Main Takeaways

  • Accountants make great advisors because they’re independent and trustworthy. In other words, they won’t constantly pitch products. And while there may be initial doubts as to whether a firm can handle both accounting and wealth management, resources like Buckingham help firms do both without burning out.
  • Many advisors focus solely on performance, but great wealth management looks holistically at a client’s financial portfolio. That includes CPA specialties, like how taxes might impact a client’s bottom line on investment returns.
  • Approach business with a life discovery focus. Ask what money means to your clients and dig deeper to provide a plan that works long-term.
  • The challenges of quarantine have actually allowed for more personalized and convenient virtual educational sessions for clients.
  • Empathizing with your clients will help you serve them.

Links and Important Mentions

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