We all know the importance of the work that police officers do to protect us and keep us safe. And we would probably think it somewhat unusual that the police officer who can take on hardened criminals is also the person who could launch a very successful financial services group that would advise us on how we should deploy our capital to secure our financial futures.
Welcome to David Leist, former police officer, who pivoted in his career to found his own financial service group that has attracted hundreds of clients who trust the advice and help they receive.
In the world of innovation creating a new product or service is the gold standard. It’s called disruptive technology and a new medical device or a breakthrough drug or a new advanced manufacturing process would all qualify.
But what if we launch a business in a highly competitive industry when just about everything in terms of new financial products has been invented and is available to your competitors?
The goal for any such a business is to distinguish their brand on what they deliver from the competition to make it so unique that customers will keep coming back. In fact the cover story for the April 2018 issue of Kiplinger’s magazine was how to go about selecting a financial advisor from the thousands available throughout the country.
Early on David Leist decided the best way to distinguish his business so he would stand out from his competitors is to focus on the experience of the customer which translates into building strong relationships with service comparable to none. The core of that experience is to educate his clients so they better understand the various steps they need to take to secure their financial future.
It worked as he now has over 350 clients and over $180 million under management.
His shop offers ongoing education workshops and most importantly specific educational outreach to teach people the ins and outs of Social Security, Medicare, 401(k)’s even completing their tax returns and making sure they understand more efficient tax planning.
In the financial services people will claim they give great service. However all too often that amounts to a meeting with the client and then recommending a set of investments the advisor thinks appropriate.
The Leist Group has an entirely different holistic approach. They insist on a series of meetings with the clients so they can build an information bank and then help that client to understand all of the options and ins and outs of all approaches.
David Leist recognizes that most people are intimidated by issues of money and that stems directly from the fact that they don’t really receive education about it either at the high school or college level.
As a result most adults start their working life frequently clueless about financial markets and more importantly almost terrified of dealing with their own money.
The Leist Group feels that with their process of ongoing client meetings focused on education and handholding ensure there client feel they received one on one attention. They become more confident in understanding the financial options available to them.The goal of his group is not to sell products but to offer education service and help to people wanting to take over their own financial destiny. This is particularly important in the financial products market because ultimately there selling something that’s “invisible”. A financial product such as a mutual fund or an annuity is only represented is not something someone can touch and feel. Hence the financial services industry is built on entirely on trust and everything the Leist Group does builds trust with the client. That requires “active listening” and really taking the time to understand the client.
Some financial advisors compete on performance but with consumers increasingly going to the Internet themselves and purchasing index funds from the folks at Vanguard or Fidelity a strategy based on investment returns is ultimately a risky one and probably not sustainable.
The hands-on relationship building approach has worked in making the Leist group a unique brand that gathers intense client loyalty.
Everything David Leist has taken on in life has been to learn as much as possible about any initiative and then execute flawlessly.
Don’t get him started on his golf game; it is outstanding!
Dan Steininger, President of Biz Starts; and President of Steininger & Associates LLC that helps companies drive new revenues through innovation. Dan can be reached at Dan@BizStarts .com