Considering a transition but worried about timing? Concerned that repapering will spook skittish clients? It might be time to let some of those fears go (and embrace the significant upside of outsized packages firms are still offering for top talent).
In this exclusive conversation, we sit down with Jason Lambert, a PNW advisor who moved during what may very well have been the most challenging circumstances we’ve faced in the past few years.
Lambert was able to grow his book by over $100 million in the first 24 months after the move. That kind of growth would be considered remarkable under any circumstances, let alone during a global pandemic. Moving to a new model enabled Lambert to focus on where his skills were most needed (growth, engaging clients and prospects), not in the minutiae (which CRM to choose or compliance solution to pursue).
Broker-dealers are incented to help you succeed and that starts with your move. The amount and quality of tools now available to advisors to help them make the most seamless move possible has grown exponentially. Like anything, advisors need to step up during this time too and Lambert and his team were more than ready for the task. You’ll hear in the interview just how ready they were for launch day and how that led to their success (moving 94% of assets in under 40 days).
Watch the below video for more insights and to learn his secret to success. If you are ready to dive in, visit 3xEquity.com/qs to secure multiple offers all while you remain 100% anonymous.
Hi, I’m Jeff Crosby, CEO and founder of 3 X Equity. I’m also a barons adviser so I can walk in your shoes and help you make the decision that makes the most sense for you, whether you stay where you are or perhaps you go to a new broker deal or a new opportunity for yourself and for your growth. Today, we’re talking to an adviser, Jason Lambert, who we helped transition in 2020, who’s had explosive growth to the new firm that he went to. Jason Lambert is a Managing Director of Financial Solutions, a wealth management practice in the Portland, Oregon area. And he has a little over 10 years of experience in his broker dealer as Ameriprise Financial Services. And he’s experienced one of the highest levels of success inside Ameriprise since its transition. Jason grew up in California playing baseball at Grossmont College. He even actually played semi professional baseball as well. Big Padres fan. But most importantly, he’s a husband, father, and elder at his church. I’m thrilled to introduce you to Jason Lambert so you can apply perhaps some of his success story to your success story if you’re one who wants to make a transition.
[00:01:25.130] – Jeff Crosby
Jason, thanks again for choosing to be on our podcast and giving some helpful information to the audience out there. I think they’ll learn a lot from you.
[00:01:35.570] – Jason Lambert
Absolutely. Appreciate being here, taking this opportunity to chat with you. It’s good seeing you here virtually.
[00:01:40.870] – Jeff Crosby
Yes, outstanding. So, Jason, we talk to a lot of advisors at 3x Equity, helped them transition. And you’ve been a real success story on the RA that you came from and haven’t actually moved to Ameriprise. And your AUM has grown from the past two years when you moved over to Ameriprise, over 50 %. So can you talk to the audience, how did you grow your book when you came over to? What were some of the things that you really contribute to this incredible growth in your transition to Ameriprise.
[00:02:15.870] – Jason Lambert
Yeah. I mean, it’s a lot of different aspects, obviously. But we went from $140 million to $238 million over the last two years. Wow. Big growth over the last couple of years. A lot of it we attribute to our team here. Obviously, we have fantastic staff and team. The tools and resources that we have now available to us over at Ameriprise that on the RA channel, I didn’t have the ability to pay for those same programs. Those aren’t cheap. And so when you’re on your own, you have to pay for everything. So we’ve been able to leverage a lot of the different tools here to be able to really uncover new assets and find the opportunity to move more assets over.
[00:02:54.900] – Jeff Crosby
I’m going to stop you there for a minute. So I’m going to be tough on you for a minute. So a lot of in our experience talking to a lot of firms out there, everybody says, oh, we got good technology. Come to our firm. We got good technology. We got good technology. How would you differentiate the technology that you experienced at Ameriprise that you didn’t have before?
[00:03:15.270] – Jason Lambert
Yeah. So on the independent channel, we use programs like Retire app was our financial planning software, which was a company that was created from an annuity company. So they made annuities look really good, but they didn’t do a great job of uncovering other assets. Here, looking at Total View, we have everybody link up their assets and we can see what their mortgage balances, we can see what their checking balances, and we just have everything integrated into one program. So I’d say that on the technology side.
[00:03:43.860] – Jeff Crosby
So let me stop you there. My understanding from Ameriprise experience at Total View. Total View is this consolidator that you can see all the clients at outside assets that they might have somewhere else, which probably by you having that visibility to those assets, it allows you to do better financial planning and then obviously try to bring those assets in under your management. Is that correct?
[00:04:05.680] – Jason Lambert
Yeah, that’s correct. You got the right understanding of it. Even all the way down to the mortgage payment. I had a client that had a mortgage payment that was falling off. I saw it in Total View. I said, Hey, why don’t we stop sending you that $2,000 a month because the mortgage is now paid off. Just simple things like that could be things that we picked up on.
[00:04:22.140] – Jeff Crosby
On a question like that. Inside Ameriprise in the reporting, can you see which clients are signed up for Total View and which ones aren’t so that therefore, those that aren’t, you can coach them to get signed up so that helps you consolidate and bring over those other assets?
[00:04:37.060] – Jason Lambert
Absolutely. That’s absolutely what we do is look through them and say, Hey, these are the places we see opportunities right now.
[00:04:43.080] – Jeff Crosby
Okay, outstanding. Total View, what else helped you in technology that’s a differentiator coming over to Ameriprise for the almost over 50 % growth in AUM?
[00:04:51.530] – Jason Lambert
Yeah. I’d say CRM by Salesforce is one of the most robust programs I think I’ve ever seen in my life. It can do just about everything. I think I’ve scratched the surface of it. It’s like an iceberg. You just see the top of it. But there’s so many more depths that you can go into where I track my opportunities, I track who I met with. I can say, Hey, this is the person. I’ve identified these assets, and then I can move them along the system on my sales funnel. So it makes it very simple. And then that still integrates back into all the other software programs, which we had a CRM before, we lived and died by it. But the fact that we have this one now, it’s 10 times more robust than what we were using before.
[00:05:33.340] – Jeff Crosby
So difference between living and dying by it versus growing by it, quite a big difference. Yeah. So it sounds like you’re able to grow through the CRM process in your experience in American Prize, which helped you bring over the assets.
[00:05:48.230] – Jason Lambert
Well, and to your point from being a business owner where you’re focused on HR, on staffing, on every single piece of it. When we moved over to Ameriprise, Ameriprise said, Hey, let me take these headaches from you. Then you work on the business, work on your clients, and focus on the things you care about, which then freed up my time to now work on what’s most important on growing the business.
[00:06:11.210] – Jeff Crosby
That’s how you’re making money, get in front of clients, bringing over assets versus trying to figure out CRMs?
[00:06:16.840] – Jason Lambert
Yeah, exactly. That’s exactly it.
[00:06:18.930] – Jeff Crosby
You’re a smart guy.
[00:06:20.970] – Jason Lambert
You spent so much time doing that. Then you’re wasting time that you could be in the conference room talking to clients.
[00:06:27.510] – Jeff Crosby
I want to come back to this real quick is that you’re actually in the W2 model at Ameriprise, but what I’m hearing from you as well is that you feel like you also can operate as your own independent business in this W2 model. Do you feel that way?
[00:06:42.130] – Jason Lambert
Absolutely. I think, Jeff, when we first talked about this years ago, that is why Ameriprise seemed like the best fit for our team. It’s because we were going from independent and going from independent to wirehouse is difficult to do because you’re used to doing everything in total autonomy. But now over here, you have a little bit more checks and balances. But that’s why Ameriprise was probably the best fit for our team is because it feels the most independent of any of the larger firms.
[00:07:11.210] – Jeff Crosby
Wow, what a compliment. So another thing that I thought was interesting in your situation is that based on the statistics or information we had, you brought over almost 95 % of your assets, I think 94 % of your assets in 40 days. Is that true or is that fake news?
[00:07:27.700] – Jason Lambert
No, that’s true.
[00:07:28.680] – Jeff Crosby
That’s true. How did Ameriprise or the process help you do that so quickly to bring over those assets?
[00:07:35.340] – Jason Lambert
Yeah. So we were set up day one. The second that we transitioned, that we transferred over and sent my resignation to the old firm, we were on the phones calling, sent out the mail to everybody day one and then try to call as fast as possible to make sure everyone is aware. Now, we also had the blessing of it being in the middle of the pandemic. And so we are August 2020 is when we transitioned and people were picking up their phones when your financial advisor was calling at that time. So that was very helpful. So that we also had that side. But Ameriprise did a great job giving us transition safe where we uploaded everybody in there on a protocol firm. So we moved everybody’s information over and we were able to just hit the ground running right away.
[00:08:17.390] – Jeff Crosby
It sounds like to me, what I just heard you say, in some ways, moving through the pandemic would be the absolute worst time to move a practice. But you did it and you had tremendous success. It sounds like to me, not trying to put words in your mouth, but when you’re ready to move, it doesn’t really matter the timing of things. If it’s the right opportunity, you just make it work.
[00:08:37.430] – Jeff Crosby
If it’s done the right way with the right support with the team.
[00:08:40.530] – Jason Lambert
I would agree with that. It doesn’t feel like during the pandemic… Well, honestly, when we made the transition, we were the only people allowed in the office. They made an exception for us, and it was just our team, so we could be on the phone and make those calls, and everybody else was still working from home. So, yeah, it was quite the experience, that’s for sure.
[00:08:58.710] – Jeff Crosby
Yeah, sounds like quite a bit of entrepreneurship inside a Ameriprise. So probably one of the reasons why it’s been a good experience. So a little bit of 3X Equity, if you don’t mind. So when you first came out to 3X Equity and whatnot, you said that you had this statement that you kicked the tires and all you got to do is come up for the test drive. We, through 3X equity, introduced you to these different broker dealers out there and you just had to show up. We did pre screening. Can you talk just real briefly about that experience that you had?
[00:09:37.530] – Jason Lambert
Well, so that was one of the important aspects of working with you guys is that we were independent. I was looking to move to a bigger broker dealer, and I said, Jeff, these are the things that I need. You guys went out and found the firms that said, These would be the best fits for you. And this is why. And they check these boxes. And then I had to say, Okay, this is what the package looks like. This is what the package looks like. And then I just had to pick from, hey, here’s your three options now we whittled it down for you.
[00:10:05.140] – Jeff Crosby
Cool. And I wish I could take success or credit for that, but, like, how you’ve got a great team. I’ve got a great team. And Lisa Johnston and Chris Stacy from our team is really the one that bulldog that, because I might have just given up, but instead they went out. I’m teasing, but they went out, found the right opportunity. So, yeah, great teamwork on both parts. So outstanding. And then any other comments that you have inside working with the Ameriprise, for example, I hear you’re working on this very creative marketing approach. I’m surprised that they’re willing to consider it. And so to me, it’s a real strength of this entrepreneurship that you have inside Ameriprise and their willingness to consider it. Any other comments that you’d have about your experience at Ameriprise that’s made the transition successful?
[00:10:55.900] – Jason Lambert
Well, it’s difficult that any firms would allow you to have a radio show, and it was important for us coming over. We had a radio show coming over, and we wanted to continue it. But the bigger piece that we’re trying to do now is we’re doing a full video studio. So we’re building out a studio, and it’s going to be a full news desk. It’s going to be everything. We host our webinars because we do a monthly webinar with our clients, but now we’re trying to do bite size social media segments where we can post to LinkedIn, Twitter, Facebook. Right. And we have all these other pieces out there as we build up this video library. Not saying that I’m the prettiest to see on camera, but it’s better when people can connect with you via video. They can see you. And so that’s really what the big process is right now, and then being able to disseminate that and send that out everywhere we possibly can.
[00:11:41.940] – Jeff Crosby
Nice. Outstanding. So for those advisors listening, hopefully what you’ve heard, one of the things you’ve heard through this is that Jason and his team are already successful. Jason, his team already make enough money, have enough AUM, but what they’re doing is they’re breaking it to make it better. If you’re not grown, you’re kind of dying. So here’s Jason already successful in the industry, at the top of his game, and he’s breaking things to make it better. He’s grown his business through this creative video marketing strategy, social media. So congratulations to you, Jason.
[00:12:14.020] – Jason Lambert
[00:12:15.040] – Jeff Crosby
And sure, Ameriprise is thrilled and proud of you to have you on the team with that.
[00:12:21.100] – Jason Lambert
That’s the fun stuff, right? That’s the fun stuff. Yeah.
[00:12:23.700] – Jeff Crosby
Not doing paperwork, not managing compliance, not ordering copiers, not managing front desk people. Just going out, meeting clients, growing the business.
[00:12:32.420] – Jason Lambert
Exactly. Not trying to figure out who has PTO and not and, yeah, it’s a lot better. I’m not checking the clock, what time people are walking in the door anymore.
[00:12:39.850] – Jeff Crosby
Outstanding. So any parting advice that you would give to an advisor who’s looking at transition again, this is Jason Lambert, total successful. Grew his business 50% coming over to Ameriprise within two years on his AUM. And it sounds like they’ve delivered even more than they promised. It’s been a great experience, but any parting advice that you’d have to advisors who are looking to transition?
[00:13:01.030] – Jason Lambert
Transitioning is difficult. I’m not going to sugarcoat that. But it can be worth it. As long as you have everything put in place first and get ready to hit the ground running and work hard for your first couple of months, then it becomes a whole lot easier. Right. Your first couple of months, you’re trying to figure out where the bathrooms are, but once you know that, then it becomes easier and easier. So I’d say it’s definitely worth it. To your point earlier, the timing, yeah, you could be in the middle of a pandemic or it could just be a Tuesday afternoon. Right. It doesn’t matter too much. Just making sure you have everything lined up. Be prepared as much as you possibly can, have everything loaded up, and then get ready to make those calls. And it’s not too difficult once you do.
[00:13:40.760] – Jeff Crosby
Outstanding. So, Jason, congratulations. Thanks for trusting 3X Equity helping you transition. Congratulations to you on a successful transition and keep breaking it to make it better. And you’re going to continue to build a tremendous career. So thank you. Given to the audience out there and advisors.
[00:14:00.310] – Jason Lambert
Thank you, Jeff. And we couldn’t have done it without 3X Equity on our side, so I appreciate all your help along the way.
[00:14:05.370] – Jeff Crosby
Outstanding. Okay. Thanks a lot.
[00:14:07.310] – Jason Lambert
All right. You’re welcome.