Podcast Summary
Curious about the shift toward creating financial legacies that impact families in real-time? Join us for a transformative conversation with Brett Bernstein, CEO and co-founder of XML Financial Group, as we explore his journey from a major financial institution to starting his own independent firm. Brett opens up about the challenges and triumphs he faced when leaving Merrill Lynch, emphasizing the importance of client trust and education in building a successful business. We uncover the evolution of client interactions over the last two decades, noting an inspiring trend towards meaningful financial legacies that support loved ones during their lifetime.
As we continue, we explore the changing dynamics of the workforce and how different generations are reshaping the industry. I share personal insights into the gratifying journey of entrepreneurship, highlighting the growth of clients and team members alike. The episode reveals the importance of cultivating a team-oriented culture that fosters personal and professional growth, instead of centering around individual leaders. We also discuss the promising future of wealth management, as the retirement of seasoned advisors opens doors for succession planning and new talent to shine.
Episode Highlights
Journey from Merrill Lynch to Independent Success: Brett Bernstein shares his transition from the prestigious environment of Merrill Lynch to establishing XML Financial Group, an independent wealth management firm. He discusses the initial challenges of leaving a major financial institution and the nerve-wracking process of hoping clients would follow him to his new venture. The episode highlights the importance of client trust and education in building a successful independent business.
Evolving Client Relationships and Philanthropy: Brett notes a significant shift in client aspirations over the years, with more individuals wanting to make meaningful financial impacts during their lifetimes. This includes supporting their families in real-time rather than waiting to pass on wealth posthumously. The discussion also explores how client interactions have evolved, emphasizing the growing role of philanthropy in financial planning.
Cultivating a Team-Oriented Culture: The show delves into the dynamics of the modern workforce, contrasting the motivations of younger and more seasoned professionals. Brett emphasizes the importance of nurturing talent within the firm and creating a culture where team members can grow personally, professionally, and financially. He reflects on the fulfilling aspects of entrepreneurship, particularly the growth and development of both clients and team members.
Strategic Growth and Succession Planning: Brett discusses the strategic decisions that have propelled XML Financial Group’s growth, including mergers and partnerships. He highlights the importance of succession planning as older advisors retire, making way for fresh talent in the industry. The episode underscores the exciting opportunities for growth in the wealth management sector and the importance of adapting to new technologies and industry shifts.
Connect with Paul here:
Website: https://innovativewealth.com/
Instagram: https://businesslegacypodcast.com/
Connect with Brett here:
Website: https://www.xmlfg.com/
Enjoyed this episode? Leave us a review and rating here: https://podcasts.apple.com/us/podcast/legacy/id1575634019
Thank you for listening, and hope you enjoyed this episode.
Please take the time to rate and review our show. Great reviews help us to reach a wider audience and inspire us here at Innovative Financial Media to keep it up.
About Brett:
Brett Bernstein is the CEO and Co-founder of XML Financial Group. He manages the operations of the firm, including the firm’s M&A strategy. Brett is an active financial advisor assisting clients with his holistic approach to goal-setting and problem-solving.
