The Virtual Advisor Revolution Nobody Saw Coming with Derek Notman

Prepared transcript (edited for clarity) Notes This transcript was edited from an audio recording for readability. Filler words, false starts, and repeated phrases were removed where they did not change meaning. No recommendations or statements in this transcript should be construed as investment, tax, or legal advice. Transcript Nick (Host): Derek, how are you doing? I’m pumped you’re here on the Seven Figure Advisor podcast. We met through Rebel Dads on a retreat at Necker Island, which was an amazing experience.

I’d love to hear your journey starting as an advisor, building a firm, and then transitioning into what you’re doing now—and how that intersects with family. Derek (Guest): Happy to share the major transition points. I originally studied archeology. I wanted to be Indiana Jones. But I realized it wouldn’t support a family the way I wanted. I was always interested in investing and in working with people. I got recruited into the industry through New York Life as a life insurance agent. It was hard, but I found success early. My first year I was the top new advisor in the state of Vermont. For about seven or eight years, I worked the traditional advisor model. New York Life trained me well, and I became a top-producing advisor nationally. Nick (Host): What were keys to that early success? Derek (Guest): I was willing to do what most people weren’t willing to do. I worked a lot of hours, drove anywhere, talked to anyone, and I got good at asking for referrals. I also learned to sell through relationship rather than relying on illustrations. I focused on deep conversations, trust, and simplifying complexity.

One small but meaningful example early on I’d show up in a suit and tie. In rural Vermont, that created distance. I started asking clients if I could remove my tie and jacket, and it broke down barriers quickly. Nick (Host): Where did the relationship approach come from? Derek (Guest): I think training brought it out in me. Before the industry, I worked as a counselor at an at-risk youth treatment center, so I learned how to have deep conversations and help people work through hard things. Nick (Host): What was your next major transition? Derek (Guest): Moving from a commission-only model to an AUM-focused model. I spent one to two years exploring it—what a CFP is, what the future of the industry looked like. I also wanted to reduce the stress of constantly selling to pay bills. Going all-in on AUM was both a growth strategy and a more sustainable model. Nick (Host): Then came another big shift? Derek (Guest): Going virtual. I moved from Vermont to Wisconsin for a business opportunity that later fell apart. I was flying back to Vermont every two to three weeks to see clients. It was exhausting and it pulled me away from family. We tried a remote meeting using Skype, with clients in my Vermont office and me in Wisconsin. It worked. That was in 2013. I started improving the process—equipment, client workflows, and eventually clients meeting from their homes. Many people doubted it, but it gave me time back and helped me scale. Nick (Host): Big lesson: it’s not about what happens—it’s what you do next. Derek (Guest): Exactly. You can’t control what happens, but you can control what happens next. Nick (Host): You mentioned being good at referrals. What worked for you? Derek (Guest): I used a system that felt natural and respectful. After a client decided to do business with me, while I was completing paperwork, I would ask them to write down five to ten people who might benefit from a conversation. I would then give the client a copy and ask them to contact those people first to let them know I’d be calling. And if anyone didn’t want to hear from me, the client would tell me and I wouldn’t contact them. It worked because it was warm, it protected relationships, and it didn’t feel pushy. Nick (Host): Thank you, Derek. Great story on resilience, business model shifts, and building leverage through intentional decisions.