Episode Summary: Top Advisor Podcast #100

From Top Advisor to Industry Leader: Derrick Kinney’s Secrets for Making Competitors Irrelevant and Attracting Clients
Host: Bill Cates
Guest: Derrick Kinney
Date: October 22, 2025

Overview

In this milestone 100th episode, Bill Cates interviews Derrick Kinney—former #1-ranked Ameriprise financial advisor, acclaimed author, media personality, and business growth expert. Derrick shares how he rose to the top of financial advising, why he sold his successful practice, and the signature strategies behind his “Good Money Revolution.” The discussion centers on standing out in a crowded industry, defining and communicating value, the power of specialty and story, generosity of purpose, and becoming “competitor-irrelevant” in your market.

Key Discussion Points & Insights

Derrick’s Path from Top Advisor to Industry Thought Leader

• Background: Derrick was Ameriprise Financial’s top fee-based advisor for many years. He found that clients who paid fees were more committed, leading to faster and more enjoyable success for everyone.
  • “[Clients] achieved their goals quicker and they enjoy success faster. And I enjoyed working with them more when they were paying me to help them reach those goals.” —Derrick (04:38)
• Turning Point: Derrick stepped away from advising after a reflective annual sabbatical revealed it was time for “Derrick 2.0.” He wanted to impact the industry beyond his book of business.
  • “I wrote down things like write a book, launch a podcast, coach, speak, consult. And, Bill, shockingly on that list, was not being a financial advisor. That’s when I knew…” —Derrick (06:13)
• Transition Emotion: Personally called each client to ensure they felt “handed up, not off.” Derrick describes this as “one of the most emotionally draining things” he’s ever done. (07:15–07:49)

The #1 Mistake Advisors Make—and How to Fix It

Timestamp: 08:14–14:06

• Mistake: Generic self-description (“I’m a financial advisor”) sabotages opportunity by triggering preconceived (often negative) notions.
  • “The number one mistake that most financial advisors make unknowingly is when they get asked by a prospect, what do you do for a living? They say, 'I’m a financial advisor.' ...and oftentimes you see people’s eyes start to glaze over...” —Derrick (10:02)
• The Antidote: Tell Stories, Connect with Pain
  • Use a “you know how…” story to connect with prospects’ problems instantly.
  • Examples:
    • “You know how so many people worry about running out of money in retirement? …[We] craft a strategy that lets them live the life they want so they can have peace of mind and confidence. I’m a personal retirement specialist.” (12:29)
    • “One of the biggest worries that business owners have… is what if they pass away—will their kids or grandkids run the business into the ground…?” (13:10)
  • Position yourself as a specialist, not a generalist. This attracts your ideal clients like a magnet, even making those outside your niche want to work with you simply because of your focus.

Language & Positioning: Play the “Specialist” Game

Timestamp: 14:13–16:48

• Framing yourself as a specialist increases trust, perceived value, and willingness to pay.
  • “People love to work with a specialist… It’s like a magnet that attracts people to them.” —Derrick (16:29)
• Even if compliance restricts certain terms (“expert”), you can always say, “I specialize in…” or “My expertise is…”

The Power of Not Solving Problems Too Quickly

Timestamp: 19:45–22:57

• Counterintuitive Advice: Don’t solve prospects’ problems in the first visit. Instead, “stir the problem”—dig deep, explore the client’s emotional relationship to their challenge.
  • “You want to stir the problem and not solve the problem.”—Derrick (20:44)
• Visit, Don’t ‘Meet’: Use warm, relatable language: “Let’s have a visit,” not “meeting.”
  • “A meeting…is what you have with your proctologist…But a visit is warm and friendly and inviting.”—Derrick (21:07)
• The Four Questions:
  1. What would be the greatest service I could provide for you?
  2. What concerns you most about [problem]?
  3. Why is that a concern?
  4. What would happen if you don’t solve that problem?
  • Finish with: “Is that something you’d like my help with?” (21:45–22:50)
• Bill’s Magic Words: “Just tell me more,” fostering deeper rapport. (22:57)

Resources for Advisors

Timestamp: 23:40–24:34

• Free Guide: “10 Conversation Mistakes Financial Advisors Make And How To Avoid It” — successforadvisors.com
  • “Words equal wealth and the right word spoken at the right time…can lead to great profits.”—Derrick (23:45)
• Tool for Teens: Business and conversation skills course at simpleteensuccess.com (24:34)

Making Competitors Irrelevant

Timestamp: 27:30–30:23

• Common Error: Pitching with credentials, not client-centric problems.
• Own the Problem: Shift from product/feature-speak to being the “owner” of a client’s one big problem.
  • “If you own a problem, you own your success. You are simply the owner of a problem that you talk about all day and all night.” —Derrick (28:10)
  • Look for emotional “before and after” of your five best clients, and use that transformation as your story.
• Why This Works: Stories (especially pain and transformation case studies) are up to four times more memorable than facts/statistics.
  • “How can you talk like a third grader where a person can instantly…figure out what problem you solve?” —Derrick (31:12)
• Bill’s Synthesis: Advisors should focus less on analytics/facts, more on stories and emotions (30:23)

Becoming a Media Personality as an Advisor

Timestamp: 31:49–34:45

• Derrick’s early strategy: Reached out persistently to local TV news, offering to “explain complicated financial matters in an easy to understand way.” First breakthrough came via fax!
• Continued regular TV contributions built visibility, attracted clients, and now helps amplify his voice for industry change.
• “I never like to coach on things I’m not actively doing myself.” —Derrick (33:47)
• TV exposure serves both his mission to educate the public and his consulting/coaching brand.

Notable Quotes & Memorable Moments

• On the power of emotionally-present language:
  “If you want to make it rain, connect with pain.” – Derrick (11:00)
• On the emotional challenge of exiting a beloved practice:
  “On my last call, I wept like a baby. So much emotion. I felt just like, oh, I can’t believe I did this.” —Derrick (07:26)
• On the art of not rushing solutions:
  “The only problem you’re solving in that first visit is in their mind: ‘Does this person get me? Do they understand me and do they have the ability to solve my problems?’” —Derrick (22:24)
• On what makes competitors irrelevant:
  “If you own a problem, you own your success.” —Derrick (28:11)

Timestamps for Key Segments

• Derrick’s background, decision to sell practice: 04:10–07:49
• The “big mistake” in advisor self-intros: 08:14–14:06
• Specialist vs. generalist positioning: 14:13–16:48
• Why not to solve problems too fast: 19:45–22:57
• Free guide and teen leadership tool: 23:40–24:34
• Making competitors irrelevant, power of story: 27:30–30:23
• Derrick’s path to media presence: 31:49–34:45

The Episode in a Nutshell

This episode distills Derrick Kinney’s wisdom for not just growing an advisory practice, but making yourself stand out in a deeply human, story-driven, and emotionally resonant way. Advisors are urged to stop generic self-descriptions, own a narrow and valuable problem, engage in deep client conversations before solving, and always use story over statistics.

Both seasoned and aspiring advisors will find actionable language strategies and inspiration for bold career moves and greater purpose.

Resources Mentioned:

• successforadvisors.com – Free guide for advisors
• simpleteensuccess.com – Teen business & life skills program
• “Good Money Revolution” by Derrick Kinney
• thehiddenheist.com – Bill Cates’ business parable

For full show notes and more, visit Top Advisor Podcast or proudmouth.com/k8s.