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Book Summary

Many mid-career advisors with $300,000 to $400,000 practices have the infrastructure, skills, and experience to double their revenue by making simple but powerful changes in their mindset and client-service model. In Practice on Purpose, three senior executives in the largest independently owned financial services firm in the world reveal proven strategies for conquering performance plateaus. The authors describe practical steps advisors can take to build a Practice on Purpose—a practice built around the advisor’s personal purpose and in an intentional way, on purpose. Advisors will learn how to create an exceptional client experience, charge appropriately for financial advice, and design a practice that ultimately can be sold for a profit. The authors make a compelling case for building ongoing financial advice relationships with clients. This model benefits clients and advisors alike because it aligns them in a fiduciary relationship. Many countries worldwide are imposing the fiduciary standard through legislation and regulation of the advisor–client relationship. In some cases, advisors are not permitted to be paid product commissions, and their entire compensation is from financial advice. This book is intended to prepare advisors for that possibility wherever they practice and wherever the fiduciary standard is required or preferred. An encore chapter for those who coach and lead advisors offers tips for guiding advisors toward the Holy Grail in the insurance and financial services industry: the $1 million Practice on Purpose.

Price: $29.95

Discount Pricing: Contact Jacci Umphress at 612.617.6167 or by email jacquelyn.umphress@northstarfinancial.com.

About the Authors

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Gary H Schwartz, CLU®, ChFC®, CRPC® provides professional consulting services to advisors on developing teams and composite practices, succession planning, and executive leadership. He also specializes in providing experienced advisor coaching services and developing practice-management analytics designed to improve practice growth, productivity, and effectiveness.

He was an adjunct professor emeritus for the University of Saint Thomas Graduate School of Business, where he taught the course “Financial Services in the Twenty-First Century.”

He is a past Chair of LIMRA International’s Career Agency Building Committee, a Securian Ambassador, and a Diplomat to GAMA International. He has presented at GAMA International’s LAMP meeting on the topic of coaching experienced advisors.

When Gary was with what is now known as Ameriprise Financial, his territory was perennially among the top five territories and was number one during three of his ten years there. Gary’s team had an average advisor retention rate of 97 percent and average advisor productivity of more than $450,000. By 2011, he had developed sixteen practices that exceeded more than $1 million of gross revenue, after having only one exceed that amount in 2005. He accomplished this achievement through teaming, aggressive asset and client-acquisition strategies, succession planning, and practice branding.

Previously, as Vice President of Field Management and Development for the Securian Financial Network, the individual distribution system for Minnesota Mutual, Gary directed the field-management and sales-promotion functions for sixty regional firms and twelve hundred advisors. He developed the advisor and managing partner recruiting and selection system, initiated and drove the development of Securian University, partnered with Saint Thomas University to develop a Mini MBA in entrepreneurial excellence, and designed and implemented the successful advisor coaching program known as Breakthrough.


Richards_Phil_2001.JPGPhillip C. Richards, CFP®, CLU®, RHU® entered the insurance and financial services industry in 1962. He acquired North Star Resource Group in 1969.

A winner of numerous industry awards, Phil is the 2005 Inductee into the GAMA International Hall of Fame, is a GAMA past president, and founded GAMA Thailand. He is the only firm leader in the world to have received the International Management Award from GAMA every year since the inception of that award in 1975. In 2007, Phil received the sixty-sixth annual John Newton Russell Memorial Award, the highest honor in the insurance industry, from The National Association of Insurance and Financial Advisors.

His first book, Twenty-Five Secrets for Sustainable Success, was published in 2007, and he donated more than $250,000 in proceeds to GAMA International. His second book, The Sky Is Not the Limit: Discovering the True North for Your Life’s Path, which he co-wrote with sports psychologist Dr. Jarrod Spencer, was published in 2013. He donated the proceeds to five nonprofits that have enriched his career and life.

Phil is an adjunct professor emeritus for the Carlson School of Management at the University of Minnesota and a former adjunct professor at Central University of Finance and Economics in Beijing, China. He is a four-time Chairman of Securian’s National Advisory Board, and in 2008, he was inducted as the nineteenth member of its Hall of Fame.

Phil currently serves on the Board of Trustees for The American College in Philadelphia and on the Mayo Clinic of Arizona Leadership Council. He is the treasurer of the Arizona Heart Foundation’s Board of Trustees, and he chairs the Scott Richards North Star Charitable Foundation. In 2009, he was elected to the Board of Trustees of his alma mater, Temple University, and was inducted into the National Wrestling Hall of Fame.

He has been a featured speaker in more than a dozen countries on topics including strategic planning, leadership, and alternate distribution systems in the financial services industry in the twenty-first century. He has addressed the annual meetings of more than one hundred and fifty companies.

GAMA International is a membership organization for which individuals must submit applications and payment. The organization is geared toward those in a recruiting, training, or supervision role in the financial services industry. Awards are based primarily on -commissions, premiums, or fees generated from investment and insurance products and other criteria relative to leadership, achievement, and recruiting selected by the applicant. Individuals must be current with membership dues and submit an application fee for consideration. Working with this individual is not a guarantee of future financial results. Investors should conduct their own evaluation.


Deutschlander_Ed_2013_Web.JPGEdward G. Deutschlander, CLU®, CLF® is the CEO at North Star Resource Group. In 2002, he became the youngest Managing Partner nationally for Minnesota Mutual’s Securian Advisor Network, which has more than forty advising firms throughout the country.

Ed is a past president of GAMA International. In 2001, at age twenty-nine, he became the youngest board member in the organization’s fifty-year history. He has been published in numerous publications on the topics of recruiting, leadership, selection, training, and development of financial advisors. His “Recruiter’s Creed” is often used and cited at industry meetings and events.

Ed is recognized as one of the premier recruiters in the financial services industry, and he has educated tens of thousands of managers and advisors. He is the creator of “Recruiting University” and “Do Well by Doing Good.” These two products have educated thousands of financial services leaders.

Since 1998, Ed has been a consultant to many of the largest insurance companies in the world, leading them to improve their recruitment, training, and leadership-development programs. Ed has been asked to present in China, Thailand, Singapore, South America, and Canada.

GAMA International is a membership organization for which individuals must submit applications and payment. The organization is geared toward those in a recruiting, training, or supervision role in the financial services industry. Awards are based primarily on -commissions, premiums, or fees generated from investment and insurance products and other criteria relative to leadership, achievement, and recruiting selected by the applicant. Individuals must be current with membership dues and submit an application fee for consideration. Working with this individual is not a guarantee of future financial results. Investors should conduct their own evaluation.