A Conversation with Joe Milano

Model FA Podcast

Joseph Milano is the Managing Partner at New South Wealth Management. Joe is originally from Staten Island, NY and he moved to Charlotte, NC where he started his journey with New South Wealth Management. Joe obtained his bachelor’s degree from Villanova University where he developed and established his passion for the financial industry. Joe is excellent at educating families and business owners on innovative and personalized strategies.

Joe Milano talks about the difficult decision to transition out of Northwestern Mutual, joining AIG Financial Network, where they had the opportunity to build and expand the investment and insurance practices, and losing this job. This unexpected turn of events led him to take a year off to reconnect with friends and family. During that time, he observed flaws in the industry's models, with corporate profits taking precedence over clients and producers. In 2017-2018, they built their own model, focusing on putting clients and producers at the center.

"A lot of the shops are broken. Instead of putting the producer or the client at the center, they put corporate profits at the center." - Joe Milano

This week on The Model FA Podcast:

• Joe’s transition from intern to full-time rep.
• What was it like to run his own office and shift from being an intern to a field director?
• Joe’s first stop after Northwestern was AIG Financial Network. AIG had a very big investment practice and insurance practice.
• What is the current status of the business in terms of human infrastructure?
• What keeps Joe going in the business.
• How can you stay committed and refocused?
• Joe’s thoughts on how anyone can become a financial advisor .
• Joe shares a story about how he’s been able to use the “back of the napkin” approach in his business.
• The Dichotomy of Leadership by Jocko Willink.

Our Favorite Quotes:

• "When you hit a point in your career where you recognize, I want to work with high net worth people or closely held family businesses, these big career weather agencies or wirehouses aren't necessarily a fit for those individuals." - Joe Milano
• "It's a hard pill to swallow when you start at one year old and now you're 35 years old, and this is what you've committed all your time, effort, and energy to." - Joe Milano
• "When I transitioned out, one of the biggest things was leaving behind my friends who were like family in the office." - Joe Milano
• "I really think that time, a lot of these home offices started to really evaluate their models and try to figure out what they were doing." - Joe Milano
• "A lot of the shops are broken. Instead of putting the producer or the client at the center, they put corporate profits at the center." - Joe Milano
• "We take a holistic approach, focusing on clients with insurance, investments, taxes, and legal aspects." - Joe Milano
• "Our model ensures that each cornerstone of a client's financial plan is fully sound to achieve both short-term objectives and long-term plans." - Joe Milano
• "We prioritize client needs and objectives without being constrained by corporate profit-driven agendas." - Joe Milano

Connect with Joe Milano:

• New South Wealth
• New South Wealth on Facebook
• New South Wealth on Twitter
• Joe Milano on LinkedIn

About the Model FA Podcast

The Model FA podcast is a show for fiduciary financial advisors. In each episode, our host David DeCelle sits down with industry experts, strategic thinkers, and advisors to explore what it takes to build a successful practice — and have an abundant life in the process. We believe in continuous learning, tactical advice, and strategies that work — no “gotchas” or BS. Join us to hear stories from successful financial advisors, get actionable ideas from experts, and re-discover your drive to build the practice of your dreams.

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Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. These are the opinions of New South Wealth Management and not necessarily those of Cambridge Investment Research, are for informational purposes only, and should not be construed or acted upon as individualized investment advice. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. New South Wealth Management and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.