Listen to this week’s episode

Episode 153

On this week’s episode of Next Mile, I sit down with Brett Bernstein, CEO & Co-founder at XML Financial Group. Brett is an active financial advisor who assists clients with his holistic approach to goal-setting and problem-solving. He is also a serial entrepreneur, actively investing in many startups, and has led his firm through three acquisitions.

We talk about why advisors are going independent. He discusses why independence continues to attract both advisors and clients, what it takes to build trust and brand recognition as an independent advisory firm, and how firms can balance scale with personalization. Brett also addresses the realities of scaling a modern advisory firm, including aligning operations across multiple teams, attracting the next generation of investors, investing in cybersecurity, and thoughtfully adopting AI without compromising compliance. 

Key Takeaways

• Don't chase growth. Build for it. Sustainable growth starts from the ground up. Focus on your real costs, your people, and your clients’ needs first. Then let those realities define your growth targets.

• Reach the next generation before you need to. If your client base is aging, the clock is ticking. The children and grandchildren of your current clients are the next relationship to build. Connect and meet them where they're at. 

• Invest in expertise where it matters most. Cybersecurity, compliance, and technology aren't DIY functions. The cost of not investing is far greater than the cost of doing it right.

• Technology is a multiplier, not a replacement. AI and automation should enhance your ability to serve clients, not replace human relationships. Human connection, trust, and community engagement will always be core to advisory businesses, no matter how advanced technology becomes.

Quotes

"More money has been going to independent platforms. More people are starting their own firms. They're realizing that independence is a lot of times better for the client." ~ Brett Bernstein

"I want the people to continue doing what made them great and what the clients love." ~ Brett Bernstein

"AI needs to be your partner. Don't look at it as a replacement. And if you can lean into it as your partner, you're going to be better as a firm and better for your client." ~ Brett Bernstein

Links

• Brett Bernstein on LinkedIn

• XML Financial Group

• Merrill Lynch

• So What Else 

• Focus Financial Partners

Connect with our hosts

• Milemarker.co

• Kyle on LinkedIn

• Jud on LinkedIn

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Kyle Van Pelt