Shaping What’s Next: Legacy, Leadership, and Next-Gen Talent with Tim Burklow

What first inspired you to become a financial advisor and what keeps you about passionate about the profession today?

[00:00:30] Tim Burklow: Great question. Growing up my father had a financial advisor. My father was heating and air conditioning contractor by trade. Worked his tail off. Incredible model.

Began investing in real estate and I witnessed his relationship with a financial advisor. And so that individual became a mentor to me. And I told him when I was a freshman in high school, someday I want to do what you do. So he guided me along the way and as it turns out, I went on to study economics at Rutgers University.

And my junior year, I just stayed in touch with him. Said, what should I be doing? And he encouraged me to get some experience in sales, interacting with people. And he said it didn't necessarily have to be in the financial industry, but if you can get some exposure there, do that. So I did a summer working on the commodities exchange, and by the time I graduated, I called him up to let him know I got an offer with Lehman Brothers. And he said, before you do that, let's sit and have breakfast. And that's when he really differentiated the difference between the path I was going down and true financial planning, which was so much more appealing to me.

The connections, the relationships, and building it slowly over time the right way.

[00:01:58] Doug Heikkinen: Did you join his firm?

[00:01:59] Tim Burklow: I did. He hired me and that was in 1991. And I gave it all I had and I succeeded. And within three years, I became director of new advisor development at that time, American Express Financial Advisors, that evolved to become Ameriprise. And after having success doing that, I spent another additional five years as a district manager before teaming up with my partner in 1999, which is the firm that evolved into Mainstay Wealth Management.

[00:02:35] Doug Heikkinen: And then you moved on to Steward Partners and you're kind of new to Steward Partners.

So what was the experience like and what led you there?

[00:02:43] Tim Burklow: I tell you, it was a remarkable journey. I spent 33 years in the industry with the same firm all along. And, over time I found that I wasn't running from something, it was something I was running to. The scale of the number of people that were on our team, really developing that next generation.

The thought about succession planning was such a big part of, how are we going to play this out and prepare for the next 10 years. And my partner and I, along with two other founders, said, let's get ahead of it. And that's when we really started to explore. We brought in some consultants to work with us, and that's when we became more acquainted and aware of the RIA platform, but we didn't know where to begin.

[00:03:40] Doug Heikkinen: So you chose Steward Partners. It's been six to seven months now. How would you describe the experience being someplace for so long, making this scary transition, and now you're here? Surprises? Highlights?

[00:03:52] Tim Burklow: Yeah. So the best way I can describe it, for me, if we use an analogy of a fighter pilot, you think of the original Top Gun flying the F 14.

There was a lot I was able to do as a financial advisor, feeling that level of confidence, becoming a Forbes Best in State wealth manager. But even with that confidence, you go to a new platform like this with all the added tools and technology, all of a sudden I'm sitting in the cockpit of an F 22 Raptor. So it's all the same tools that get you from takeoff to safe landing, but all the instruments are in different places. There's even more enhanced instruments that you've never saw before. So there was a little bit of time to really work through the process of things taking 15 minutes instead of five minutes, and really educating yourself and getting acclimated. Once that took place, we were off and running.

[00:04:55] Doug Heikkinen: So Tom made that transition from the F 14 to the new thing and you did too.

Yeah. How have your clients responded to the move? Has it been a seamless transition or have there been noticeable changes in the way you serve them?

[00:05:09] Tim Burklow: Okay, so I will say seamless from the standpoint, everything we set out to accomplish in a successful transition took place. The hardest thing is following industry protocol.

We were not able to communicate with clients what was taking place, and even though that was many months in the works, thank goodness Steward gave us the support with a communication plan to quickly help clients get some understanding of what was taking place. But for me, sure, I would've rather been very clear in helping them understand prior, but we did it the right way.

And for many of our clients, it was like, yeah, we're with you. What needs to take place here? Others, we need to take a little time to educate and take our time with some handholding, but we're well over 90% retention.

[00:06:05] Doug Heikkinen: So what feedback have you received from your team about the transition to Steward Partners and the new Mainstay Wealth Management identity?

[00:06:14] Tim Burklow: One thing I can tell you, it did generate some enthusiasm and excitement. This was change, but when there's change, there's also some discomfort with that. So what I can tell you is our team was very trusting. They said that you've never led us the wrong way in the past. So we're going to trust you on this one.

But, what I can tell you. Now that we're on the other side of it and they are seeing all the new doors that are opening for them, also the way we can communicate our brand. we are the lead voice with Steward Partners as an enhancement, whereas in the past, our broker dealer was the lead, with us more or less being a support behind it. It's the best way I can explain that.

And that just brought on a whole new culture and sense of ownership, among the team as a whole.

[00:07:09] Doug Heikkinen: So after more than three decades at your firm, what has this meant to you personally? You seem to be incredibly energetic or that just may be you.

[00:07:20] Tim Burklow: I think some of it is just my innate nature. But I can tell you if you had this discussion with me a year ago before making the change, I was a little flat. And, because I knew there was more we could be doing and we found a place to do that. So what has changed for me, I can tell you that the commitment I gave to being the best practitioner I could be all that time, I really began to see I need to work as hard, if not harder, at being the best leader I can be.

Because I'm sitting here at this conference and there's a lot of gray heads, bald heads. I'm looking at you across the way. Including, at myself. But, there's an aging population of veteran advisors and you're not seeing a lot of the next gen coming through. And the focus has to be on developing them, working with them, making sure they're starting to layer into these client relationships because that's going to be the future.

So that's what is exciting me. And something that's been the most rewarding is the deeper we go with that, I'm finding new freedoms. My wife is now getting more time with me as I'm giving more responsibility to others. In the past, if we're trapped with the mindset, we gotta do it all ourselves, you're crippling yourself.

[00:08:47] Doug Heikkinen: So that next gen advisor, was that something you had started before you moved and now this has just made it much, much faster and easier?

[00:08:55] Tim Burklow: That was it. In fact, this was something we really embraced five years ago. But, having the vision, there was still some roadblocks and hurdles to really carry that out well. Steward Partners gave us a very clear path that it was a win-win for the senior partners as well as the next gen advisors,

[00:09:18] Doug Heikkinen: Steward Partners emphasizes a culture of comradery and excellence. How have you and your team experienced this culture firsthand since joining? This is your first symposium and the energy here is you.

[00:09:30] Tim Burklow: Yeah, I, it's been overwhelming and, what I can tell you, I thought we were seeing the best of it when we were being recruited, so to speak.

But it continued thereafter. Two months in, I'm getting a call from the CEO and senior leaders. How are you doing? Anything we need to do to give you a helping hand? And then there were advisors that were within the radius of where our office was, just called in. Any questions, anything you need help with?

And some of the questions that I had, they said, maybe you can give me a few minutes on this. Better yet, how about I come to the office tomorrow and walk you through it? It's true partnering. This isn't just words or speak, from what you're hearing, this is real stuff, real culture.

[00:10:22] Doug Heikkinen: So what new tools, resources, or opportunities that Steward Partners have most impacted your ability to serve clients?

[00:10:29] Tim Burklow: Yeah, so not that I ever felt restricted, but I did not know how much I was missing. And what I can tell you, some of the strategic product offerings are remarkable. Specifically on the insurance side as well as annuities, you can custom tailor just about anything you need or you're looking for in working with a specific client. Also the wealth management platform. We work with our life wealth optimization model. So these are in-house models where we have a trading desk, a research team that we're able to custom tailor portfolios and sleeves of individual securities, ETFs, funds. But all of that in one consolidated asset management account as opposed to having sleeves spread in several different accounts. It may not sound like such a big deal, but the simplification for our clients is tremendous.

[00:11:35] Doug Heikkinen: Last one for you.

Looking ahead, what excites you most about the next chapter for Mainstay Wealth Management within Steward Partners?

[00:11:43] Tim Burklow: Yep. I gotta tell you, I find myself getting more energetic and excited about this decade than I was at the previous decade because of the opportunities I see here. And the team that is so eager to carry this forward. And you talk about legacy planning, we work with clients, talking about how do you want to be remembered? Where are the important things to you? And, important things to me is that clients are being cared for in the same way that we delivered that over so many years, and that the people we are developing are going to do just the same.

So that's what gets me up in the morning and excited to go to work.

[00:12:30] Doug Heikkinen: It's been quite a pleasure having you. Thank you so much for joining us, Tim.

[00:12:34] Tim Burklow: Thank you.

[00:12:35] Doug Heikkinen: To learn more about Steward Partners, please visit stewardpartners.com. We are on all social media platforms @Advisorpedia. Please give us a follow. For our producer Tory Miller and everyone at Advisorpedia, thank you so much for listening.