Podcast Summary: Managing Your Practice

Episode: Leading with Purpose: How Your “Why” Drives Growth in a Financial Advisory Firm
Host: Catherine Williams, Dimensional Fund Advisors
Guests: Gordon Bernhardt (Modera Wealth Management), Scott Oath (Cahill Financial Advisors)
Date: November 22, 2024

Main Theme

This episode explores how financial advisors can uncover and harness their personal "why"—the deep, driving purpose behind their work—to foster stronger client relationships and fuel growth through authentic connection. Drawing on personal stories, professional experiences, and research, the discussion highlights how passions and values outside the workplace can be integral to client trust, engagement, and advisory business success.

Key Discussion Points & Insights

1. The Importance of Knowing Your "Why"

• Top-performing advisory firms demonstrate a clear understanding of both firm-wide and individual advisor purpose.
• Identifying and articulating one’s personal why enables deeper client connections and serves as a catalyst for referrals and growth.
• “What allows you to connect deeply with your clients I think is something that’s really, really important in our work with firms.” – Catherine Williams [00:44]

2. Personal Journeys Into Financial Advice

Gordon Bernhardt:

• Grew up on a Nebraska farm, forming strong values but lacking early financial education.
• Entered financial services after feeling unfulfilled as a CPA; disillusionment with commission-based models led him to launch a fee-only practice.
• “I said, you know, I’m not living my why… I didn’t feel fulfilled in doing what I was doing as a CPA.” – Gordon [03:19]

Scott Oath:

• Influenced by a father interested in personal finance, early exposure to economics and finance through schooling.
• Shifted from disliking math to enjoying its application in finance; pursued work with direct impact on people rather than corporations.
• “All of a sudden this was exciting to me. It was how you can use these skills as a tool.” – Scott [05:01]

3. Passions Outside of Work—Nature and Adventure

Scott Oath: Wilderness Survival and Guiding

• Lifelong outdoors enthusiast; Boy Scouts and wilderness trips played pivotal roles in his development.
• Draws a direct analogy between wilderness guiding and financial advising: both require preparation, communication, expectation management, and leadership.
• “There’s just direct parallel between being someone’s wilderness guide and being a financial guide.” – Scott [14:39]

Gordon Bernhardt: The Camino de Santiago

• Undertook the Camino, a 618-mile pilgrimage across Spain, drawn by its history and spiritual resonance.
• Experience provided profound personal insights, influencing both life and practice.
• “It was the best experience of my life.” – Gordon [10:58]

4. The Power of Storytelling in Advisory Relationships

• Moving beyond numbers: Genuine storytelling—sharing personal experiences and asking clients to do the same—builds trust.
• Social media and personal projects (like Scott’s “Bull Moose Patrol” and Gordon’s book Buen Camino) create engagement and open doors for deeper conversations.
• “If I share something that’s authentic to me… then I could find out things about them too, which led to again, a deeper conversation.” – Gordon [16:27]
• Gordon’s favorite question to foster connection: “Describe an object of great personal importance.” [17:07]

5. Authenticity & Client Engagement

• Authentic, non-transactional networking is critical; clients value knowing their advisor genuinely.
• Advisors shouldn’t force their passions for business gain alone—the sincerity of interest is what resonates.
• “It can absolutely serve you… but it becomes a quick and meaningful, authentic go-to way to engage with prospective clients.” – Catherine [33:59]

6. Business Growth & Personal Branding

• Personal stories and authentic passions can differentiate an advisor and contribute to organic growth.
• Visibility in the community (through unique hobbies or endeavors) encourages natural connections with prospective clients.
• “Clients want to work with people like me.” – Referenced from Dimensional’s client study [24:10]

7. Nature, Solitude & Leadership Recharge

• Both Gordon and Scott credit time in nature for recharging, reflection, and leadership development.
• Solitude brings clarity amid the noise of the financial industry.
• “Outdoor stuff, I get myself to that state just naturally, literally and figuratively.” – Scott [37:12]
• Gordon highlights learning from the broader business community and peer groups as key to his leadership growth. [38:14]

Notable Quotes & Memorable Moments

• “You have two ears and one mouth, so you should listen twice as much as you do talk.” – Gordon [20:50]
• “[Buen Camino] means Happy Trails… whatever I do, I want to wish everybody that I meet… a great journey.” – Gordon [28:32]
• “It’s not about smoke and mirrors per se at all. It’s more of how do we connect?” – Catherine [31:23]
• “You want them to know that you are again, a good listener, that you care, that certainly you’re competent, that in your building chemistry.” – Gordon [32:58]
• On career advice and passion: “You can’t pursue a hobby… simply for getting more clients in the door, but it can absolutely… be a tool in your toolkit.” – Catherine [34:31]

Timestamps for Important Segments

• [00:06] Introduction & the theme of knowing your "why"
• [02:52] Gordon’s origin story: from farm to finance
• [04:41] Scott’s story: early influences, love for economics/finance
• [07:27] Wilderness survival & the power of outdoor passions
• [09:22] Camino de Santiago: background and meaning
• [13:05] Correlating personal passions with professional growth
• [15:35] The pivot to storytelling and connecting with clients
• [20:50] Authenticity in networking and building trust
• [23:56] What clients really value: “my advisor works with people like me”
• [26:44] The power of meaningful symbols and stories in opening conversations
• [32:05] Personal branding: moving beyond the generic advisor bio
• [34:58] How passions can lead to business growth
• [36:25] Solitude, nature and their role in leadership recharge
• [38:14] The value of peer learning and broader business communities

Conclusion

“Leading with Purpose” spotlights how financial advisors can nurture growth and client trust by embracing the authentic, deeper motivations that drive them—both in and out of the office. By sharing personal journeys, encouraging clients to share theirs, and staying true to one’s own passions, advisors cultivate meaningful, lasting relationships that are the foundation of successful practices.

Find more:

• Gordon Bernhardt: moderawealth.com | gordonjbernhardt.com | Profiles in Success
• Scott Oath: bullmoosepatrol.com | cahillfa.com
• Host: Catherine Williams, Dimensional Fund Advisors
• Dimensional resources: dimensional.com

End of summary.