From Frugality to Flourishing: Transforming Financial Advisory Practices

In a recent episode of "The Thoughtful Entrepreneur," host Josh engages in a compelling conversation with Tate Kerst and Ben Mossman, co-founders of the coaching firm What's Next. This episode delves into the unique challenges faced by financial advisors and business owners as they strive to grow their practices and enhance operational efficiency. Tate and Ben share their expertise on best practices for growth, understanding financials, and the importance of effective delegation. Here, we break down the key insights and actionable advice from the episode to guide financial advisors and business owners on their growth journeys. Tate and Ben founded What's Next to help business owners, particularly those in the financial advisory space, identify their next steps for growth. They recognized a gap in the market for guidance specifically designed for financial advisors transitioning into business ownership. Their firm provides tailored support to help clients navigate their individual journeys, leveraging their extensive experience in the financial services industry. Many financial advisors enter the industry with a strong desire to help clients make sound financial decisions. However, as they build their businesses, they often encounter challenges related to staffing, human resources, and financial management. Tate emphasizes the importance of understanding the story behind the numbers in financial statements. Advisors should look beyond the top or bottom line to gain valuable insights that can inform hiring decisions and operational strategies. Ben highlights that successful advisors build their capacity to serve more clients without becoming overwhelmed through effective delegation. Financial advisors are often conservative in their spending habits, which can be both an advantage and a hindrance. While frugality can help maintain financial stability, it can also stifle growth if advisors revert to doing everything themselves. Tate and Ben encourage listeners to visit the What's Next website to learn more about their process and the resources available.

About Tate Kerst:

The path that Tate has taken over the last 25 years has truly made a difference not only for the people that have engaged him in impacting their business but for the many clients and customers they serve. Tate’s original path led him to leave college to impact young people in secondary education to allow Tate to be a coach to athletes at that level. He quickly learned that English, reading and writing are something Tate enjoys so he figured it would make getting through college easier, would allow him to share the passion he has for the great writings while allowing him to lead sports teams to championships. Quickly Tate realized that English wasn’t everyone’s favorite topic and that he actually had to read all the essays he assigned. A few years of teaching led Tate to pursue alternatives where he had more control of the direction and impact he could have. Tate’s career in financial services began in Oakley, KS as a Financial Advisor with Waddell and Reed. He reached production recognition levels every year he was in his advisory role and his success in that role and his educational background led him to have an impact not just on his practice but his peers as well. This was a turning point, that wasn’t recognized by him at the time, that would lead him down a road that few people understood and even fewer people received full benefit of–Practice Development. It honored Tate to be tapped by Waddell and Reed to start their first Practice Development program and grow it to the level that allowed advisors to find unprecedented success. Tate pulled from contemporary practice management literature...

2026 – Navigating Growth and Operational Efficiency with What’s Next 4 Financial Advisors’ Tate Kerst and Ben Mossman

The Thoughtful Entrepreneur

2026 – Navigating Growth and Operational Efficiency with What’s Next 4 Financial Advisors’ Tate Kerst and Ben Mossman