I will admit that sometimes I need encouragement. Sometimes I need to have someone to say to me “Hey – I agree with you, I do what you say to do and it works and no you are not crazy and YES if everyone did this the entire world would be a better place.”
Twice in the last year that person was the same guy – Evan Shear.
You might remember my blog called The Perfect Pitch, I wrote it about my friend Melissa who sells about 400,000,000 worth of product in a good year. Most of her years are good ones.
She was very eager for me to meet one of her favorite people in her business – Evan Shear. Melissa and I had a few meetings that day, but she had blocked off some time with Evan.
“What will he want to talk about? What is he struggling with? How do you think I can help him?” Is what I asked Melissa. She just smiled and said, “I don’t care what you two talk about, I just want to get the two of you in one space at the same time and watch it.” Then she said, all in one word: “Ohmygodyou’regonnalovehim.”
We all had lunch in Florida, then again in Las Vegas a couple of months ago. Just like the first time I met him I walked away thinking “This guy should work with me.” The only problem is, I’m not qualified.
Evan is a professionals professional. He runs a very sound business, he is motivated to help his clients and he invests in his people and his community. His heart is in the right place, he cares, and when he talks about his kids, he doesn’t mind if he gets tears in his eyes. He readily admits to wearing his heart on his sleeve. He uses the word “love” a lot and means it. He loves his mom. He loves his job. He loves his business partner, Dale.
When he talks about his success, he talks about his staff. When I ask him about his values, and what sets him apart he talks about his mom and dad, or tells a story about something that a client said to him that made a difference, that set him apart.
This guy is one of the good ones – I hope you enjoy this interview.
Personal Bio:
Name: Evan Matthew Shear, CFP
Family: Jana (wife), Ethan (11), Hadyn (7), Jared (5)
Currently Position: Branch Manager, CFP The Crossley Shear Group of Raymond James
Years in Business/Brief History: 13
Staff: 3 admin (2 series 7 reg), 2 business partners
Assets Under Management: 150 Million
DMW: How did you get into this line of work?
ES:The gentleman who serviced my wife’s TSA sat down with us for some insurance planning after our wedding and thought I could be successful. At the time I was a part owner of a magazine geared toward 20 somethings and college life. Obviously this was a lot of fun but it was coming to an end. I was losing interest.
So this meeting was really important because I knew it was a real business, something I could grow and depend on, but also I would be able to leverage my people skills – I’ve always been a very clear communicator, and I’ve always understood how valuable that is.
DMW:Were your folks also entrepreneurs?
ES:No. My Mom was a school guidance counselor and my Dad was a school psychologist. I grew up in a comfortable, conservative, secure household. Great memories. They stressed the importance of education and never lived beyond their means which I find myself stressing to my own clients – even those clients who are millionaires a few times over. Good advice is good advice.
The funny thing is that my brother Scott was always the entrepreneur – we’d cut lawns for money, and when I made the money I set out to make I would be happy to stop. Not Scott. He was always pointing out that we could make extra money which wasn’t a big motivator for me. I will freely admit that I liked taking easy jobs like working in a movie theater.
DMW: To what do you most attribute your success? What would say are the five key elements for starting and running a successful financial planning practice?
ES:The biggest reason for my success is the decision to partner with another planner, Dale Crossley. We both were hungry and eager to grow a profitable planning firm.
The five most important elements would be:
1) Being open minded. You have to realize that someone might have a better idea than you do. If you are considered open to suggestions or input, you’ll hear about a new idea. If not, you risk being isolated.
2) Being able to ask for help and advice and implement it. I have no shame – I don’t take myself too seriously, I have no problem telling someone I am totally lost and need help. I guess I assume that everyone is like this.
3) Be willing to work as a team. When Dale and I formed our partnership we were not afraid to “split” income or responsibilities. We were young, and we struggling. Our old manager would say “why would two struggling guys get together, you will bring each other down” but we didn’t see it that way. We saw how we could compliment each other, Dale had CPA relationships, and I knew a lot of teachers, and smaller accounts which kept the bills paid. As I said earlier, I was never afraid to talk to people and early on I developed a really easy rapport.
4) Be willing to listen to your clients and their wants and needs, not yours. Clients are always shifting – always. You have to not only listen to them, you have to hear them. You have to sometimes listen for what they are trying to tell you.
5) Be willing to make mistakes along the way. I mean that for everything inside and outside the business. Learn from your mistakes, get over it, get on with it.
DMW:If you spoke with a squeaky new F.A. on their first day of work – what is the most important thing you would put on their to-do list?
ES:I would tell him to get his nose out of the books and go out and meet as many people as he can. We suggest they “get bloody” by networking and having doors slammed in their faces. It’s a numbers game, especially in the beginning. The more people who you speak to, the greater the opportunity is to do business with some of them.
And I mean it – we would drop in on businesses and trade cards, and then follow up. We were respectful, we were polite, we were professional but we were tenacious. If we said we’d call you in a week, it was a week. We were calling on business owners. Very few business owners succeed without having had to pay their dues – that was what we had in common with our prospects – we, like them, were working hard to make it work and they respected us for it.
DMW: We all know what that is like (talking to anyone who will listen), and I imagine you met a few interesting people along the way?
ES:Oh yeah. We would call on mechanics early in our partnership, these guys would pull out stacks of hundred dollar bills and want to get it invested somehow – I guess they got paid under the table all the time. I was so new, trying to convince them to start an IRA. Hysterical when I think about it.
DMW: So you and Dale are willing to work hard, listen for better ideas and take care of your clients. Perfect. When did your tipping point come, what happened, and why do you think it did?
ES:I’m going to tell you the truth first, and then the answer that everyone expects second.
The truth is that I realized that I should spend more time with my clients educating them, and ensuring they were completely informed rather than do the same thing for prospects.
We were hosting all kinds of seminars in the early 2000s, and they were going really well. We knew how to fill a room, make it a nice event, and we had our messages down pat. I was really proud of those seminars.
One day I realized how fearful all of these people were. I realized that the reason our seminars were so successful was that people were scared, and we were more or less showing them the way out – how to take control.
I started to think that if these prospects were always so scared – our clients were probably scared too. So I started to not take their confidence for granted. I started talking to them (my clients) more often, seeing them more often, and keeping them on a schedule. To this day I worry about nothing but my clients first and I more or less let referrals happen on their own.
Now the second answer is that we bought a practice, so if you are a cynic you could say “Well there you go – He bought a bigger book” but that would be mistaken. A lot of people think that if you buy a practice you are solving your problems, but having done it I know what is involved, and for most people I wouldn’t suggest it. You have to be really good to make it work.
A lot of people think it’s a panacea, to buy a practice – but it isn’t.
If you are reading this and you are thinking of buying a practice just remember this – when your business is only you, or in our case Dale and I, all you mange is you. Everything is about meeting your needs, goals, preferences. So It’s relatively easy to create a perfect business. When you add more people, you require more management, which means that there is much more to consider.
DMW: What keeps you interested about this career?
ES:The freedom it allows me to do things with my family. Very few careers are as rewarding from a monetary, time and fulfillment standpoint. You get to help people achieve their dreams and sometimes hold their hands in times of trouble. It is spiritually rewarding when that happens.
I have had clients tell me that we have saved their lives and that they thank God every day we were brought into their lives. That hits home very hard.
At the same time, never forget that we (Financial Advisors) are all replaceable.
The majority of Financial Advisors out there care about their clients. I think my clients are very well served by me, and what I remember at all times is that people are fickle, and the day you start to believe they will never leave you is the day they leave you.
Never take their trust for granted. Earn it, and then work to keep it every day.
DMW: Tell me about a time when you had to overcome difficult times in your practice, and what you did to get through it.
ES:In October 2008 I physically got sick as the markets were tanking. We had to revisit what we did and why. We increased the level of communication with our clients and spoke to as many strategists/economists as we could to get an idea of where things may go.
Fortunately, most of our clients listened to us and reaped the rewards of a potential once in a generation rally off the bottom.
DMW: Can other F.A’s duplicate your success by embracing your philosophy?
ES:We have a process for everything. We rank our clients and service them accordingly. We meet with our clients, speak to them and have ongoing communication. We also care about them and treat them like family. We honestly care about their happiness and we know we are making a difference in their lives.
Ours is not a unique model and was primarily “stolen” from other planning firms – so yes, if we are just a copy or several copies of successful advisors we know or have been exposed to – then yes absolutely our success can be duplicated.
The thing you cannot duplicate is the experience that Dale and I bring to the table, lots of advisors can get high returns for their clients but few can match the dedication of going the extra mile and work ethic we have.
DMW:I agree. This is why its so important to work on your experience – its the hardest thing to duplicate. Finish this sentence … “I can’t believe …”
ES:I can’t believe advisors don’t meet quarterly with their clients.
By just meeting with them you take care of a litany of things – compliance (to an extent) relationship management, monitor life changes which leads to business, and also referrals. Sitting in front of my clients is the #1 activity I do that leads to new business.
DMW:I agree with you. The only thing that you have, that your competitors wish they had is permission. You have permission to call your clients and speak to them, or ask them a question. Lots of advisors tell me that their clients are too busy.
ES:That’s an excuse – you are the one that is too busy – and you don’t want to meet with your clients.
We lay out our communication schedule. Our clients already know they will see us quarterly and we explain, up front, that if there really is nothing to talk about and its the middle of the summer, fine, you can miss one. But its all at our discretion, and its only one. That is our rule and our clients appreciate it.
DMW: What kind of culture exists in your organization?
ES:Work hard, play hard. Do the right thing for the client and you will be rewarded.
We like to help people move up. She had a shitty phone we got her an iPhone, we believe in bonuses – so their success are tied to our success. Ideally we want to compensate people and have them succeed with us. Our clients love our staff – and that is important.
Dale and I are very laid back when it comes to time off – people need to see family, friends. People need to recharge.
If our clients are not being taken advantage of by our corporate culture, then we are too happy to support the recharging of our staff. We want them sharp, engaged, and interested in their work and career. As we are.
The truth is there are some times of the year where time off is out of the question – for all of us. Our clients need us, and we are all going to be here, and we are probably going to work longer days.
So it’s just that much more important to make sure everyone gets some down time when it’s possible – it keeps people smiling.
DMW: What 3 pieces of advice would you give to a financial advisor who wants to realize a significant breakthrough in his or her career?
ES:Listen with your ears…don’t talk so much. Beg, borrow and steal from those you admire. Take the time to enjoy your spoils otherwise whats the point of it all. If your clients are going to be mad at you for spending time with your family or golfing, then you don’t want them as a client.
DMW: How do you go about marketing your business? What has been your most successful form of marketing?
ES:We have done it all from billboards, seminars, print, direct mail…. The most successful marketing program is from the introductions from our existing clients. We end every meeting with reminding them that we would love to meet people they know, who are successful like themselves.
We stopped prospecting. We do educational events that are fun for our clients.
You are always on – so when you are out coaching little league, or playing golf, or anywhere – you are a professional financial advisor. People are always watching.
Tonight at 5PM I go to a Thursday night 9-hole scramble. I’ll meet some new people tonight. I want club members as clients. I can justify doing something I love with business development.
DMW: Excluding yours, what company or business do you admire the most?
ES:I admire Howard Schultz and Starbucks. More than once he has turned that business around by realizing what the consumer wanted and gave it to them.
I also admire Steve Jobs and Apple. Their story is the ultimate success story in my mind. He turned around the company and learned from their early mistakes. They have now created a CULTure where people want and NEED their products. They did not create the computer, the mp3, tablet or cell phone, but somehow they made them cooler and easier to use.
Bonus Round …
DMW:Ever heard of poutine?
ES:Ummm no but it sounds disgusting.
DMW: Disgusting is as disgusting does.
DMW:Have you ever visited Canada?
ES:Next month – we are going to Calgary to Banff on the train.
DMW: What book are you reading right now ?
ES:Daniel Pink’s “Drive” comes next, the most recent was “Touchdown” by Kevin Elko.
DMW: I have worked with him (Kevin Elko) a few times … One time he got a standing ovation just before I went on to speak. I am a pretty dynamic speaker, but nobody can follow a standing ovation very easily. I saw him later in the airport and I think he said “Sorry about that.” It was pretty funny.
DMW: Favourite Sport – Favourite Team?
ES:Football. I coach it but I never played it. So I watch it to learn about it, and I love it. I am the head coach now, we make the playoffs, and frankly I am really proud of what I am learning – not just the motivating the kids, but the strategy of the game is really fun.
Teams though … well The Yankees, The Gators, The Bucs.
DMW: The Yankees? Oh Gawd. If I were not in my own home I would spit on the ground.
DMW: Favorite Band?
ES:U2.
DMW: Which of the two Bush presidents do you feel you look most like?
ES:I’m not even going to go there.
DMW: Evan please would you look at the picture … You could fake your way into a great table anywhere in Kennebunkport. If I were to bring you to a party and say “this is Bob Bush, he is Jeb’s son …” People would believe it.
You should get Dale to dress up like a secret service agent and talk into his sleeve all the time.
DMW: What’s the first thing you picture when you think of Canada?
ES:Snow capped mountains.
