Nathan Krampe–Helping His Firm By Helping COIs

December 12, 2024 • John J. Bowen Jr.

When advisor Nathan Krampe thinks back to the state of his business just a few years ago, he sums it up with one word: drudgery. “I was burnt out and not enjoying myself at all,” says Krampe, founder of Lion’s Wealth Management in St. Louis Park, Minnesota.

The problem was one that so many driven advisors face: Too many clients to serve—and serve well. “At that time, I had more than 350 clients, which meant four to five meetings every single day week after week,” he recalls. “I was doing financial plans in between meetings and giving each client about 30 minutes of my time, tops. It was draining.”

In search of a better approach, Krampe began working with advisor coaching and research firm CEG Worldwide—first as part of its introductory program and later as a member of its mastermind roundtable. “I learned not only that I didn’t need to have so many clients, but also how to reduce that number, serve the clients I keep better and come out ahead both financially and personally,” he says.

Today, Lion’s Wealth Management focuses on just 43 clients. Despite that nearly 90% reduction in client base, the firm has maintained its total AUM. “Our ability to really engage with clients and propel their wealth plans forward has never been stronger,” he notes.

Even better, Krampe is implementing CEG Worldwide strategies to better attract new, high-net-worth clients who are ideal for the firm. One key action step he’s taken is to connect deeply with centers of influence—accountants, estate attorneys and other providers who also work with the affluent, and who can serve as referral sources.

Many advisors find it difficult to make inroads with these professionals. But Krampe is having success by coming at these relationships from a unique position. Rather than act like he’s trying to get something—referrals, for example—Krampe makes sure he gives them something of value: action-oriented thought leadership content (produced by CEG) that the COIs can use to help their clients address challenges and pursue opportunities.

Example: Estate planning attorneys’ wealthy clients often worry about their children’s level of financial responsibility. So Krampe shares content with these COIs containing advice on how families can instill good financial stewardship in their kids. COIs can use the content to inform their discussions with clients as well as provide clients with the content itself so they can be exposed to new ideas. “That level of value is something that they have never had another financial advisor come to them with,” he says.

As a result, COIs have come to see Krampe as a trusted resource they can come to for advice and ideas that will help them look like heroes to their clients. It also positions Krampe and his team as the “top of mind” financial advisors for when these COIs’ clients require wealth management solutions.

While these and other CEG strategies are helping Krampe grow his practice, he highlights another key benefit: “I’ve really started having fun again, because I have the time to spend with clients I enjoy and I know I’m actually helping them,” he says. “That’s a huge psychological boost—work doesn’t feel like work anymore—but it also means clients are happier, which motivates them to refer other people to us.”

Krampe offers the following advice to advisors out there feeling burnt out:

1. Focus on the long-term. It’s easy to get caught up in the “I need a client—any client—right now” mindset. But, says Krampe, that approach often leads to clients who either don’t stick around for long—or who aren’t a good fit but do stick around and make you work too hard. A prospecting method that focuses on building strong, long-term relationships with clients, prospects and COIs may take longer to bloom—but it often leads to ideal clients and higher client retention over time.

2. Identify the right professional relationships for you. Not all COIs are a good fit for your business and your goals (even ones who may be driven and highly skilled). Better to build relationships with a handful of ideal COIs—ones who can deliver value to your client base and to whom you can provide good advice—than surround yourself with lots of “just so-so” COIs.

3. Bring value-added to the table. COIs are used to advisors seeking them out to get referrals—and they’re increasingly wary of such advisors. Differentiate yourself. Show COIs you’re not simply a “taker” by offering them valuable insights and advice they can bring back to their clients.

Investment advisory services offered through Lion’s Wealth Management, a Minnesota Registered Investment Advisor.

John J. Bowen Jr. is the CEO and founder of CEG Worldwide and CEG Insights.

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