Financial Advisor Magazine Shares Blueprint’s Elite Advisor Playbook

Blueprint Investment Partners, an asset manager and pioneer in the creation of systematic, process-driven, and transparent investment strategies for financial advisors, as well as the firm’s “The Elite Advisor Playbook,” which provides an operational framework for top financial advisors, was featured in a Financial Advisors Magazine Q&A.

The interview between FA Magazine featured columnist Bill Hortz and Blueprint CEO and Co-Founder Jon Robinson addresses the differences between entrepreneurs and business owners in the context of a financial advisory firm. It also suggests resources for financial advisors, including “The Elite Advisor Playbook,” the “Are You An Elite Advisor?” quiz, and several how-to articles.

Below are two excerpts from the full interview.

Operating as an Entrepreneur Versus A Business Owner

Hortz: “That brings us to an interesting topic. How then would you characterize and define the difference between a business owner and an entrepreneur?”

Robinson: “Generally speaking, I believe the primary difference between business owners and entrepreneurs comes down to risk. This is both the types of risks taken, but also a person’s preference for risk. In my view, a business owner takes calculated risks that are well-defined and often linear. On the other hand, the entrepreneur is more likely to take larger risks on the basis of recognizing a larger opportunity, which is often unseen to most, even when standard measures might put the risk of ruin higher than the expected payoff. I often sum up the difference with the notion that business owners prefer calculus, while entrepreneurs prefer statistics.”

Are Financial Advisors Also Entrepreneurs?

Hortz: “How do you see this difference in mindset applies specifically and is relevant to financial advisors and the financial services industry?”

Robinson: “In my view, there is a common misconception that all financial advisors are also entrepreneurs. I do not see the advisory business as being statistically different from any other industry in terms of the mix between business owners/operators and entrepreneurs.

The difference in risk tolerance between the two manifests itself in how quickly and wholeheartedly they embrace change. Whereas an owner/operator may choose to more methodically scale their practice, an entrepreneurial advisor is more likely to rapidly implement larger-scale changes.

Even though the pace of change is more rapid among entrepreneurial advisors, that does not mean they do not hit a ceiling from time to time. In fact, hitting the ceiling is a common frustration we hear from advisors who fit the entrepreneurial mold. They see potential for their practice, they sense it is right in front of them, yet they just cannot quite get to that next level. That’s where the Entrepreneurial Operating System can add tremendous value. It is an accelerant that helps an advisor figure out how to get there.”

Strengthening the Business Decisions Of Financial Advisors

Hortz: “Are there any specific tools that you have developed as a result of creating “The Elite Advisor Playbook” that might assist advisors in strengthening their business decisions?”

Robinson: “Absolutely. Your question reminds me of the Buckminster Fuller quote, “If you want to teach people a new way of thinking, don’t bother trying to teach them. Instead, give them a tool, the use of which will lead to new ways of thinking.”

We developed several tools and resources as supplements to The Playbook. First is the “Are You An Elite Advisor?” quiz, which helps advisors compare their practice to a standard in operational performance in just a few minutes. Another concrete tool for top financial advisors is the Entrepreneurial Operating System, a practice management solution. We also have several, how-to articles on our website that correspond to each pillar of The Playbook.”