Growing Your High Net Worth Practice – Julie Murphy in Conversation with Jon Doyle
To kick off this interview with Julie Murphy, Managing Director, Senior Investment Consultant at City National Rochdale Investment Management Jon Doyle asks…
“We’re really glad that you found us here at City National Rochdale. And thank you for that partnership. Let’s talk a little bit about your growth for a minute. Your practice has really grown phenomenally in the years that we’ve worked together. What role has City National Rochdale played in that growth?”
Incredible volumes. And here’s why – City National Rochdale provides this level of customization that emotionally makes the client feel like they matter. They’re not being shoved into an ETF that everybody in the world has. They’re not being shoved into, “Hey, I have this product platform that I’m going to take every single one of my clients and you’re going to pick numbers one through six, and you’re going to fit in there”.
It’s about the fact that my growth over the years has occurred in a major way.
Because the relationship with City National Rochdale allows my clients to actually feel like they have a voice with these really smart money analysts. People often work with advisors because they don’t feel like they’re necessarily smart about their money. City National Rochdale partners not only with the advisors, but also with the client, and it makes the client feel like they’re a good steward of their own money, even though they don’t know what the heck they’re talking about.
So it has to do with the fact that I am an asset gatherer, I am not an asset manager. I can manage money better than most people in the world, right? But City National Rochdale can do it way better than I can with their analytics. And it has freed up my time, it streamlined my operations and processes inside my company, so that I could go do what I love.
As an example, we had this whole market downturn with the pandemic. I was so grateful for the fact that I could get out there and create a whole marketing online series to help people with their life choices and everything that’s going on right now. And I could do that with those marketing efforts to attract more money and more people to me, while City National Rochdale was sitting there doing joint Zooms, whether I was on them or not, but offering them to my clients.
And then having customization calls with Wayne – I love Wayne- he my guy! Internally Wayne and his team handle the techie stuff. I’m a finance major from the University of Illinois and I have my MBA from Notre Dame. So I can do the Finance, but this balance has allowed me to be able to really zone in on the marketing aspect and helping people on the emotional front this past year!
So while you guys are doing the techie stuff, I could be the asset gatherer, while you guys are the asset manager, wow, it has exponentially helped my growth.
Personally, my emotional payoff is that I feel way more grounded in my business. I feel like if I ever had holes in my practice over the years, you guys have been able to fill in that Achilles heel.
As a smaller shop – because we’re not a $20 billion dollar firm at JMC Wealth Management – you know that it’s helped me really play with the big dogs that much better. And like I said, we’ve had exponential growth thanks to working with City National Rochdale.
Click play below to tune into the full interview!
