Mellin: Can you talk about how you moved from acquiring a practice to building and integrating a successful firm? What was that like?
Littlefield: Obviously, we were a small firm before—there were three of us, and then two of them retired. That was a really great opportunity to build the team I wanted and turn it around from an individual’s practice to a team-based practice that would live indefinitely based on our core values, which were commitment to the client and commitment to financial planning and upholding a very high moral standard for our team members.
In year two we start moving. We had two other senior advisors and me, and one junior advisor. Fast-forward one more year, and we’ve gained one more junior advisor we were also doing some joint work with who met our standards and seemed like a good fit. So that’s where we are today: three senior partners and two junior advisors.
Mellin: I hear people talk about the desire to have a true team that integrates. And as I listen to you talk about the inception of this firm, it feels like you built a foundation of a shared vision right at the outset.
Littlefield: It was very important for us that we took a financial planning approach with our clients and had a very high bar for the promises we would deliver to the clients. And so we decided to focus on having a certified financial planner designation for all of our advisors and to act as a fiduciary for our advisors. What we really wanted to be was one of the leading financial planning firms in our area.
Mellin: What is impressive to me was how sophisticated your team has become about providing value. Can you walk me through how you built that and what advantage that provides for clients?
Littlefield: One of the keys to my success has been delegating early on. When you’re doing a lot of different things and you’re spread very thin, you’re not doing a great job at anything. You’re just doing a lot of stuff. And so we have different committees across the firm—investment, financial planning, team events and so on—and all five advisors who are on our team have responsibilities across a couple of different committees. It really lets us home in on our distinct processes to accelerate and enhance our client experience and build in the systems that would support that from the client level.
Plus, we have a team of seven support staff. I think our support-staff-to-advisors ratio is heavier than most folks I talk to. But for us, it’s just been the way to grow quickly. This was purposeful so we could focus 100% on client engagement and elevating the practice, and delegate everything else to the staff.
Mellin: Did your team go through the formal Equitable Advisors teaming program?
Littlefield: Yes, we did. It just opened our eyes to what other successful firms were doing. We got some great coaching, and it let us think about the big picture. We got to brainstorm: “What do we want? What’s important to us? What do we want this firm to look like, not only now but five years, 10 years down the road?” We got a lot out of that process and continue to use the firm’s Elite Advisory Group (EAG) as a strong resource for our partnership. I also sit on the National Associate Forum (NAF) and get to have direct input on company decisions that impact our businesses each and every day.
Mellin: We are very proud of NAF, with which I partner to help shape the future of Equitable Advisors. Additionally, we see the EAG Steering Committee, which is really for principals of firms like you, as one of our key differentiators, providing another level of feedback, input and support. Senior advisors, like you, are gaining knowledge from firm members who may be five, 10, 15 years ahead of you, and you’re asking them, “How did you deal with this?”
Littlefield: That support and insight have been invaluable. What I’ve seen and appreciated over the years is the openness and willingness of other advisors who are much more successful than I ever was in the early stages to talk to us and spend time. No one I’ve ever reached out to at Equitable Advisors has ever said no to “Can I pick your brain at a conference? Can I follow up with a one-on-one call later?”
Mellin: That’s deeply ingrained in the Equitable Advisors culture. A unique element of our value proposition is that we will bring in 600 to 700 brand-new advisors per year, and that ends up being a fertile ground to develop joint work relationships, with the potential for advisors to eventually join a firm or team. It seems like everyone in our organization benefits from the wisdom, advice, caring and process from those who started before us.
Littlefield: What other key things do you view as being successful for other firms like ours?
Mellin: We’ve developed 11 elements to provide guidance on the core elements of success | LISTEN that align with planning, process and people. We provide them to all of our teams. And our drive is to partner with that firm lead, as you know—identify what their vision is, figure out what their sticking points are and then help them grow. And every step of the way, they’re getting connectivity and interaction with other teams. Jennifer, I’m curious about your view on other parts within Equitable Advisors that have helped your firm grow.
Littlefield: Equitable Advisors has a program where we partner with CPAs. It’s a huge piece of our business. About 25% of our new business annually is coming from my CPA relationships, so it’s been a focus of mine for many, many years—connecting with CPAs, sharing what we do with them and, over time, building these relationships.
Mellin: Here you are among the top 10 women advisors with Equitable Advisors, 12 years into the business. You’ve successfully gone through the acquisition of a practice, and now you’ve built one of the most successful firms in the country. What does the future look like?
Littlefield: We have a system that will continue for our younger advisors. We’ve already gone through selling off tranches of our clients to our junior advisors, so they get an opportunity to take over some of our clients and buy into a practice for themselves.
Additionally, acquisition is definitely on our radar. We’re looking for partnerships, to bring in an advisor who is looking for a team, a support system. We’re actively looking for more experienced advisors to join the team. Specifically, we are looking for women advisors.
Mellin: We think there is a massive opportunity for women advisors in the future. We know wealth management continues to be a male-dominated industry, but is it changing?
Littlefield: Acquiring my own firm was terrifying, exhilarating and very rewarding, all at the same time! I came in when my son was a year old. He’s now almost 13. At the beginning, I put in so much hard work, time and investment, and that has just completely paid off. You have the ability to create a business with the support of Equitable Advisors. It’s really your own, and you can create it based on your values and the way that you want it to be. And for me, as a woman advisor and a mom, it’s been fantastic.
Mellin: What you’ve done in 12 years is just extraordinary. Congratulations—and thanks for sharing it with everybody.
Littlefield: Thanks. I feel very lucky to be part of the Equitable Advisors team. I don’t think I would have had nearly the same success I’ve had without their incredible support. I had no idea what I was getting into when I started, but it’s obvious that I’m on this amazing journey.
