--- title: "Serving Small Markets, Making a Big Impact with Daniel Spurgeon" description: "This week, Kyle Van Pelt talks with Daniel Spurgeon, Managing Partner at Commonwealth Financial Services. This week, Kyle Van Pelt talks with Daniel…" url: https://www.milemarker.co/podcast/serving-small-markets-making-a-big-impact-with-daniel-spurgeon updated: 2025-03-18 --- [Now playing](https://www.milemarker.co/podcast) [Podcast**Next Mile**](https://www.milemarker.co/podcast) [Episodes](https://www.milemarker.co/podcast)[Guests](https://www.milemarker.co/podcast/guests) [YouTube](https://www.youtube.com/@milemarkerinc) [Apple](https://podcasts.apple.com/us/podcast/the-connected-advisor/id1691759257) [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) Episode 85 · Mar 18, 2025 · 38 min # Serving Small Markets, Making a Big Impact with Daniel Spurgeon [**Daniel Spurgeon***Managing Partner, Commonwealth Financial Services*](https://www.milemarker.co/podcast/guests/daniel-spurgeon) [Apple Podcasts ↗](https://podcasts.apple.com/us/podcast/the-connected-advisor/id1691759257) [Spotify ↗](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) ## About this episode This week, Kyle Van Pelt talks with Daniel Spurgeon, Managing Partner at Commonwealth Financial Services. They discuss building a thriving RIA in a small market, how to overcome the challenge of establishing trust as a young advisor, and how focusing on specific niches can fuel dramatic growth. Daniel also shares the journey of Commonwealth Financial Services from its humble beginnings to becoming one of the two fastest-growing firms in West Virginia, along with the technology strategy that helped scale operations and enhance client service. In this episode: - (00:00) - Intro - (01:07) - The story behind Commonwealth Financial Services' name - (02:45) - Daniel's money moment - (04:03) - How Daniel got into the financial services industry - (07:03) - The lab rat experience - (08:43) - Daniel's career journey and growth - (11:37) - Establishing trust as a young advisor - (13:42) - The influence of college basketball on Daniel's work ethic - (15:54) - The secret to Commonwealth's success and growth - (17:46) - Commonwealth's niche markets - (19:25) - The Wealth Wednesday program - (23:14) - Commonwealth's technology strategy - (26:33) - Daniel's outlook on the future of the industry - (34:53) - Daniel’s Milemarker Minute **Key Takeaways** - In close-knit communities, word-of-mouth referrals are extremely effective. - Genuine care for clients, building trust, and operating with integrity are instrumental in a firm's growth and success. - Honesty and vulnerability are important, especially when working with clients who may be hesitant to trust younger advisors. - Focusing on a specific niche has allowed Commonwealth to uniquely cater to their clients’ needs and build a loyal following. - Building an intentional tech stack has allowed Commonwealth to serve more clients efficiently and streamline operations. **Quotes** "The biggest thing you can do as a young person or just a new person in this industry is to own the fact that you don't have experience but make up for it in a knowledge base." ~ Daniel Spurgeon "When things are hard in the business, and you're new, and you're not getting clients left and right, the willingness to pick yourself back up and just keep taking the next step forward is paramount because it's not for the weak of heart." ~ Daniel Spurgeon "People don't care how much you know until they know how much you care. If you're willing to go the extra step and take care of people, even though it may not immediately make a financial difference for you, people remember that." ~ Daniel Spurgeon "This world's always changing. So you have to be willing to adapt, and technology's an easy way to make things more efficient and scalable." ~ Daniel Spurgeon **Links** - [Daniel Spurgeon on LinkedIn](https://www.linkedin.com/in/daniel-spurgeon-cfp%C2%AE-87314441/) - [Commonwealth Financial Services](https://cfswv.com/) - [Raymond James](https://www.raymondjames.com/) - [LPL Financial](https://www.lpl.com/) - [Edward Jones](https://www.edwardjones.com/us-en) - [Merrill Lynch](https://www.ml.com/) - [DuPont](https://www.dupont.com/) - [Wealth Wednesday | Podcast on Spotify](https://open.spotify.com/show/3xphYSrRNpF7OO4rYv0RB9) - [Shanell Jeffrey](https://www.linkedin.com/in/shanell-jeffrey-fpqp%E2%84%A2-awma%C2%AE-023318b1/) - [Alyssa Williams](https://www.linkedin.com/in/alyssa-williams-fpqp%E2%84%A2-164586193/) - [Orion Advisor Solutions](https://orion.com/) - [eMoney Advisor](https://emoneyadvisor.com/) - [Joe Duran](https://www.linkedin.com/in/joe-duran-711167/) - [Quantitative Value](https://www.amazon.com/Quantitative-Value-Web-Site-Practitioners/dp/1118328078) **Connect with our hosts** - [Milemarker.co](https://www.milemarker.co/) - [Kyle on LinkedIn](https://www.linkedin.com/in/kylevanpelt/) - [Jud on LinkedIn](https://www.linkedin.com/in/judmackrill/) **Subscribe and stay in touch** - [Apple Podcasts](https://podcasts.apple.com/us/podcast/connected/id1691759257) - [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) - [YouTube](https://www.youtube.com/@milemarkerinc) ## **Produce game-changing content with Turncast** Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at [Turncast.com](https://www.turncast.com/). ## The write-up ?iv\_load\_policy=3&rel=0&modestbranding=1&playsinline=1&autoplay=0&mute=1” data-thumbnail=“Medium Quality” frameborder=“0” allow=“presentation; fullscreen; accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture”> [Listen to this week’s episode.](https://open.spotify.com/episode/0y4ih6b32JO1Krqqh5VhCP?utm_source=newsletter.milemarker.co&utm_medium=newseletter&utm_campaign=serving-small-markets-making-a-big-impact&_bhlid=9bd658214aa49a1f6f6ff081bbc06dd5c83d4e49#login) ## Episode 085 On this week’s episode of The Connected Advisor, I speak with [Daniel Spurgeon](https://www.linkedin.com/in/daniel-spurgeon-cfp%C2%AE-87314441/), Managing Partner at [Commonwealth Financial Services](https://cfswv.com/). We discuss how to build a thriving RIA in a small market, overcome the challenge of establishing trust as a young advisor, and how focusing on specific niches can fuel dramatic growth. Daniel also shares the journey of Commonwealth Financial Services from its humble beginnings to becoming one of the two fastest-growing firms in West Virginia, along with the technology strategy that helped scale operations and enhance client service. #### Key Takeaways In close-knit communities, word-of-mouth referrals are extremely effective. Genuine care for clients, building trust, and operating with integrity are instrumental in a firm’s growth and success. Honesty and vulnerability are important, especially when working with clients who may be hesitant to trust younger advisors. Focusing on a specific niche has allowed Commonwealth to uniquely cater to their clients’ needs and build a loyal following. Building an intentional tech stack has allowed Commonwealth to serve more clients efficiently and streamline operations. #### Quotes “The biggest thing you can do as a young person or just a new person in this industry is to own the fact that you don’t have experience but make up for it in a knowledge base.” ~ [Daniel Spurgeon](https://www.linkedin.com/in/daniel-spurgeon-cfp%C2%AE-87314441/) “When things are hard in the business, and you’re new, and you’re not getting clients left and right, the willingness to pick yourself back up and just keep taking the next step forward is paramount because it’s not for the weak of heart.” ~ [Daniel Spurgeon](https://www.linkedin.com/in/daniel-spurgeon-cfp%C2%AE-87314441/) “People don’t care how much you know until they know how much you care. If you’re willing to go the extra step and take care of people, even though it may not immediately make a financial difference for you, people remember that.” ~ [Daniel Spurgeon](https://www.linkedin.com/in/daniel-spurgeon-cfp%C2%AE-87314441/) “This world’s always changing. So you have to be willing to adapt, and technology’s an easy way to make things more efficient and scalable.” ~ [Daniel Spurgeon](https://www.linkedin.com/in/daniel-spurgeon-cfp%C2%AE-87314441/) #### Links [Daniel Spurgeon on LinkedIn](https://www.linkedin.com/in/daniel-spurgeon-cfp%C2%AE-87314441/) [Commonwealth Financial Services](https://cfswv.com/) [Raymond James](https://www.raymondjames.com/) [LPL Financial](https://www.lpl.com/) [Edward Jones](https://www.edwardjones.com/us-en) [Merrill Lynch](https://www.ml.com/) [DuPont](https://www.dupont.com/) [Wealth Wednesday | Podcast on Spotify](https://open.spotify.com/show/3xphYSrRNpF7OO4rYv0RB9) [Shanell Jeffrey](https://www.linkedin.com/in/shanell-jeffrey-fpqp%E2%84%A2-awma%C2%AE-023318b1/) [Alyssa Williams](https://www.linkedin.com/in/alyssa-williams-fpqp%E2%84%A2-164586193/) [Orion Advisor Solutions](https://orion.com/) [eMoney Advisor](https://emoneyadvisor.com/) [Joe Duran](https://www.linkedin.com/in/joe-duran-711167/) [Quantitative Value](https://www.amazon.com/Quantitative-Value-Web-Site-Practitioners/dp/1118328078) #### Connect with our hosts [Milemarker.co](https://www.milemarker.co/) [Kyle on LinkedIn](https://www.linkedin.com/in/kylevanpelt/) [Jud on LinkedIn](https://www.linkedin.com/in/judmackrill/) #### Subscribe and stay in touch [Apple Podcasts](https://podcasts.apple.com/us/podcast/connected/id1691759257) [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) [YouTube](https://youtu.be/US3GbWzu4yc) While there, please don’t forget to Download, Like, and Subscribe. If you’d like to schedule a time to talk with me about anything we cover on our podcast or [Milemarker](https://www.milemarker.co/), [click here for 15 minutes](https://meetings.hubspot.com/kyle-van-pelt). Kyle Van Pelt [**Daniel Spurgeon***Managing Partner, Commonwealth Financial Services*](https://www.milemarker.co/podcast/guests/daniel-spurgeon) Next Mile Conversations with the people building the next era of wealth management, hosted by Kyle Van Pelt. New episodes every Tuesday. 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