Advisor Marketing Made Simple: Episode Summary
Title: Advice Line: How to Build a Clear Marketing Roadmap (Stephen Mulholland)
Release Date: July 2, 2025
Hosts: Taylor Schulte and Kendra Wright
Guest: Stephen Mulholland, Mulholland and Cooper Stock Asset Management
Introduction
In this engaging episode of "Advisor Marketing Made Simple," hosts Taylor Schulte and Kendra Wright welcome Stephen Mulholland from Mulholland and Cooper Stock Asset Management. Stephen's firm, a two-person team, has achieved impressive growth with $500,000 in revenue and $50 million in Assets Under Management (AUM). Ambitiously, they aim to expand to $200 million in AUM in the coming years. Stephen seeks expert guidance on refining his marketing strategy to attract more doctor groups, a key source of client referrals.
Identifying the Marketing Challenge
Stephen opens up about his longstanding marketing dilemma:
“I have a great doctors group. They help people for a living. How do I find more doctor groups?”
[00:33]
He elaborates on his successful collaboration with a multi-specialty doctor group, highlighting the potential in targeting larger groups for efficiency:
“Any group that's four doctors or more is just the most efficient. Helping one cardiologist helps you help five.”
[01:48]
Current Marketing Efforts and Limitations
Stephen shares that his current client acquisition is largely based on personal favors and word-of-mouth referrals rather than structured marketing:
“We really haven't done much. We've grown from zero to 50 million in AUM just by partner and I, two people.”
[05:04]
He acknowledges the lack of a formal sales and marketing plan but expresses motivation inspired by the hosts:
“If you don’t market, you take whatever clients show up at your door. But when you market, you can choose who your clients are.”
[05:53]
Leveraging Strengths: Public Speaking
Stephen identifies public speaking as his forte, having successfully presented to groups of doctors and simplifying complex financial topics:
“I like public speaking. I haven't done much on video, which I'm open to doing more of.”
[04:50]
The hosts encourage building a marketing strategy around his strength in speaking, emphasizing the importance of choosing a medium that feels natural.
The Importance of Niching Down
A significant portion of the discussion revolves around the need for Stephen to narrow his focus to achieve predictable and sustainable growth. Taylor highlights the complexity of servicing diverse client groups and the benefits of specializing:
“If you try a scattered approach, it's not going to grow as quickly as you might want.”
[12:43]
Kendra stresses the importance of defining a clear target audience to streamline marketing efforts and operational efficiency:
“You might need to create your own separate marketing channel and your own separate website so that everything speaks exactly to that target client of yours.”
[22:45]
Strategizing Client Acquisition
Stephen contemplates focusing on individual doctors rather than groups, recognizing the operational challenges of handling multiple client types:
“Individual doctors, great. I would much rather spend my time doing like speaking engagements, education, and then on the investment side.”
[14:32]
Taylor advises on identifying specific niches within the individual doctor segment, such as doctors nearing retirement with tax issues or those seeking early retirement:
“Are they early retirees? Are they traditional retirees? The challenges are very different.”
[16:02]
Actionable Steps and Recommendations
Kendra and Taylor provide Stephen with a roadmap to solidify his marketing foundation before building a funnel:
- Define the Ideal Client: Decide whether to focus on individual doctors or doctor groups.
- Research and Commit: Spend time understanding where to find and how to reach the chosen niche, such as attending specific conferences or engaging in targeted speaking opportunities.
- Adjust the Website: Tailor the website to reflect the focused niche, possibly by creating separate sections or even distinct websites for different client types.
- Build Trust and Authority: Continue leveraging public speaking and consider expanding into other mediums like video to enhance credibility.
Stephen takes note of the actionable advice, acknowledging the necessity of a focused approach:
“To your point, Kendra, we've done a good job growing without having a sales and marketing plan, but really solidifying that foundation.”
[31:22]
Conclusion and Next Steps
The episode wraps with the hosts encouraging Stephen to lay a strong foundational strategy by clearly defining his target audience. They emphasize that this clarity will significantly enhance the effectiveness of his marketing funnel. Kendra also suggests an additional resource:
“Check out our episode with Neil Chaco about getting in front of your ideal client using speaking.”
[32:14]
Stephen leaves the conversation motivated to implement the strategic recommendations, focusing his efforts on individual doctors and refining his marketing approach to support sustainable growth.
Key Takeaways:
- Importance of Niching Down: Focusing on a specific client type enhances marketing efficiency and operational effectiveness.
- Leverage Strengths: Utilize natural talents, such as public speaking, to build trust and authority within the target niche.
- Foundation Before Funnel: Solidify a clear marketing foundation by defining and understanding the ideal client before developing a marketing funnel.
- Continuous Learning: Engage with resources and podcasts to stay informed and inspired to implement effective marketing strategies.
Notable Quotes:
- “If you don’t market, you take whatever clients show up at your door. But when you market, you can choose who your clients are.”
Steven, [05:53]
- “It might be helpful for you to start with your website because there's a lot of different things here on your website that don't quite fit together.”
Taylor, [17:45]
- “It can sometimes be good to fall on what's safe and cash balance plays always catch people's attention. But is that where I'm adding the most value?”
Steven, [31:22]
For more insights and strategies on advisor marketing, subscribe to "Advisor Marketing Made Simple" and join Taylor and Kendra each Wednesday for actionable advice to grow your financial services business.