Jeremy Stanley emphasizes the importance of financial professionals committing to a specific niche to become recognized as the “go-to” expert in that area, sharing insights from his personal experience in serving CRNAs.

Show Notes Info:

To learn more or to have Jeremy speak at your next event, visit crnafinancialplanning.com. 

Hi I’m John.

And I’m Julie.

We’re the hosts of the Hartford Fund’s human-centric investing podcast.

Every other week we’re talking with inspiring thought leaders to hear their best ideas for how you can transform your relationships with your clients.

Let’s go!

Jeremy, welcome to the Human Centric Investing Podcast. I’m so excited to have you here today.

Awesome, Julie. I’m excited to be here.

So Jeremy, you’re the president and founder of CRNA Financial Planning and CRNA Tax Associates, and you specialize in guiding CRNAs in all stages of their financial life. Could you tell our audience today a little bit about your financial services practice as well as maybe what a CRNA is?

You’ve got to say that like- Start with the definitions here. So a CRNA is a certified registered nurse anesthetist. They just went through a little bit of a name change and we might get into this a little bit. There is this ongoing battle between the CRNA and the anesthesiologist who’s an MD. Um, so... There’s a respect issue, there’s a lot of things that go on, a lot a political stuff that gets into it. But instead of a nestetist, it is the certified registered nurse anesthesiologist. So a lot of background there, you know, you dig deep and you learn a lot.

Well, and that’s really what this is about today is really, you know, thinking about how does a financial professional cultivate their niche and really separate themselves from others. Will you talk to us a little bit about how you got into this and what started it and just sort of the foundation? Because I think it’s so fascinating.

Yeah, I mean, like most good things, Julie, you know, it was a happenstance. It really was. Um, you, I started out in the business and it took everybody that walked through the door, you anybody that would talk to me, that would breathe, um, Hey, come on in and you got money. I’ll take it. Right. Um, and then along the way, our office did a lot of target marketing to certain groups. In. You know, I got involved with the the CRNA group and and what I quickly learned is As opposed to some other specialties that think they know more than we do about what we do on a daily basis I’m gonna leave that specialty out CRNAs are nurses by background. They don’t get a lot of business training extremely bright extremely smart, but they listen they took advice And they knew they weren’t the experts and and then as I got to know them even better. I learned gosh they they make good money That I really like them. They’re cool people we can hang out together. I’m type a they’re type a This just might work and here we are

It’s so interesting. I’ve always thought that the financial services industry is a people helping people business, much like the healthcare industry. So I can see where there are probably some parallels and each of you have your area of expertise and then you come together and educate each other. Yeah. You know, when you think about the industry today, do you think having a niche or a focus area is important to financial professionals?

I think is extremely important today. There’s so many more financial professionals out there, so many CFPs out there. And the majority in our industry are generalists. And they really, really struggle to stand out. Niches are where trust, expertise and long-term relationships are really built. And I think that I would implore every advisor out there to think of what that is and it’s not going to be Hey, I work with retirees. That’s not a niche, guys. I’m sorry. Hey, work with business owners. That’s no a niche either. You’ve got to really target, hey, I worked with, you know, retirees of AT&T. That’s a niche. I work business owners that on landscaping businesses. That’s an edge. But just being a generalist today is a very tough way to make a living.

How did you educate yourself on your niche? Because I would imagine that you need to be somewhat fluent and conversant in their language, if you will. What have you done personally? How have you structured your team? Will you talk to us a little bit about how you put this really interesting niche together?

Yeah, I mean, when I say I eat, sleep, live and breathe, CRNA, I really do, Julie. You know, I started out in the business and we got one CRNA and then we got two and then got 10 and then 100 and we literally have thousands of CRNAs all across the country. We have clients in every single state and along the way, I’ve made a lot of friends. You know I’ve put myself in situations where I’m always. In the middle of CRNAs, literally in the middle because my wife is also a CRNA who I met along the way. I was actually speaking at a meeting and her and I met and you know we knew each other for a few years and then finally ended up going out on a date one night and the rest is history as they say. So this industry I mean not only have I made a lot of friends, you know, my wife is in it. We really do eat, sleep, live, and breathe it. And we’ll talk a lot about this. I mean, I’m part of the ANA’s foundation board, the American Association of Nurse Anesthetists or anesthesiology, whatever you wanna say. At this point, I sit on their foundations board. I hear the decisions being made by a lot of smarts here and A’s in that room and I chime in when I can. I go to their meetings. Um, you know, I have friends, I try to talk their language, you know, and I mean, I know what intubate means and extubate and propofol and you know and I talked to my wife about this stuff. And then as you know Julia also have my own podcast. Yes. And on that podcast, it has been drink from a firehose because these people are all CRNAs they speak a completely different language than you and I do Julie. Right. And I’ve had to learn. And they get on there and they’re talking about cases and what they did in the OR and the tools they use and I’ve had to learn that by trial and error. And, you know, it’s just built that. And then we built our staff to be able to speak that language. You know, we talk to CRNAs every day and not only do we help them on the financial side, we help on. On the tax side because they have the unique opportunity to do what’s called locum tenants or 1099. And they have different needs and different ways they need to structure their business. And so we speak that language, we talk to recruiters that recruit them. You know, and I try to give that knowledge back to our staff, you know, in places that I think makes sense for them to understand and learn. So it’s really been a culture that we’ve built. And, you know, I alluded to it earlier, you know, this battle between the anesthesiologists, the MDs, and the CRNAs. And our staff understands that. And when we talk to a CRNA, a lot of CRNA’s believe that I am a CRNNA. They really do. They think that I am a CRNA, which is crazy to me. But you know, and I think that’s what you’ve got to do. You’ve got really immerse yourself in it. You got to build a culture around it. When you talk to us, you know that we know the CRNA industry. Because we will say things that you would never hear from your average financial advisor out there, your or your average CPA firm. They have no idea what these people do on a daily basis.

So the trust and the relationship that you’ve gained and built because you and your team speak the language, I would imagine it’s just irreplaceable in that. Process.

It is and you know nowadays I mean people are looking for that they want to have a relationship with their advisors. They want to be able to trust them. I mean this world is not a trustworthy place. You know, Madoff and all the things that’s happened in our industry, lawsuits and things that have happened throughout the years. It’s made it really hard to trust someone and give them your money and give them your tax returns and give them your social security number. Are they going to do the right thing? Are they doing it for me or are they doing it for themselves just to make money? Um, and I tell people this all the time, you know, it’s, it’s interesting to me and I’ve been doing this for, uh, I started in the business in 96, so going on 29 years now, I have walked by people, talk to people at meetings. Gone out and had a glass of wine with people, had dinner with them, they’d never done a liquor business with me. And then all of a sudden, one day, 20, 25 years later, they’ll go, you know, I’m really thinking about retirement. I don’t know why I haven’t talked to you sooner, Jeremy. I’ve got three and a half million dollars in my retirement plan. I need to do something with that. Will you work with me? You know, and it’s just about being there, being present, supporting them. I mean, some people are more trusting and you’ll get that day one or day five or day seven or one year. Other people, it might take 15, 20 years and they see you, they see at meetings and they, they, see you in the environment and you’re promoted in places and every time, it’s like, oh, there’s Jeremy, oh, here’s Jeremy. Oh, there is Jeremy. Oh, they’re CRNA financial planning. And then finally... There’s a need and you’re there.

What percentage of your practice today is CRNAs? Are you at nearly 100% or is it something different?

Yeah, overwhelmingly, I mean, on a percentage base, I don’t exactly know the number, but I would say it is way the majority of our practice. We do have some people that are non-CRNAs, and usually they’ve either come from friends relationships throughout the years, or someone has referred us to their neighbor or anesthesiologist an M.D. That they work with. But yes, overwhelmingly, our practice is CRNA-centric.

If you reflect back onto a time, probably decades ago, when you were just starting to build this niche and you had a handful of CRNAs, but you felt like this was the direction you wanted to go, you were committed, how did you balance being a financial professional to anyone, if you will, and then also building this niche or specialty? Just, I’m trying to think for our listeners that maybe our- just embarking on this path or considering this path. I’m sure that’s something they’re thinking. Like, how do I be two things at once? How did you balance that?

And that’s tough. I mean it is if you don’t have a natural affinity for that market It takes a while to build it

Mm-hmm.

And a lot of times you’ve got to build your niche while you’re still servicing everyone as well. And that’s okay. You know, I will tell people that’s OK. Just because you specialize with a certain group doesn’t mean you’re going to do a bad job for anybody else that walks through the door. My clients who are non-CRNAs understand that I have this niche market. They walk in my office and they see the name up there and some of them know what CRNA means now and some don’t. But they don’t have a problem with that. I think we get in our own heads sometimes. Maybe we have more of a problem that a client does. If you’re a CFP or a CPA or an enrolled agent, you still know your stuff. Um, you know, but when you develop that niche, you just know more about that segment of the population than the majority of advisors out there. So I would say along the way, continue doing what you’re doing, but then compensate with building that niche and being there for that niche along the way. So you can’t just go cold Turkey and say, Hey, I’m going to do this. Um, probably go hungry.

Have you faced any challenges or pushback from prospects that have met with you and have felt like you’re too focused on that niche or it’s just not the right fit? Or if it isn’t the right, has it been for other reasons completely separate from your focus on CRNAs.

Yes. I think what you’re asking is if somebody who’s a non-CRNA. Yes. Yeah. So yes, I mean, I have, absolutely. And, you know, I feel like there’s been a couple of cases where I’ve lost business because of that as well. You know, I can think of one right now that was not too long ago, completely different. Socioeconomic path than what a CRNA would typically have.

Mm-hmm.

Um, and they, I feel like, and they never said this, but I do feel like we lost that business because they felt like we weren’t catering to them and where they were, we were catering to someone else and where they were. And I get it. Um, And, uh, I completely understand that you never like to lose business. Um, but as long as you understand why you, why you lost that, I think that’s part of the battle.

Absolutely. Well, and at the end of the day, either it’s a fit or it’s not a fit, right? And understanding that and either moving on together or separately is probably the best for all parties involved. If you reflect back again onto the early years of creating this, just for the education of our listeners, what is something that you wish you knew earlier about creating a niche and having this specialty? If you could share that with our listeners.

Yeah, I think one of the things that has been really interesting as I look back is just the amount of time it’s taken me. Um, you know, being involved and being involved with the idea of it’s not about me, it’s about them and what can I do to support and help them? And I did not get that in the beginning. I was around, people knew I was. Um, but I didn’t give back as much early on as I do now. Um, and I think that’s really part of it. There’s a lot to what I do. Now. That I don’t get paid for, right? But it comes out in the wash. I do get paid in the grand scheme of things. But early on, I think you’ve got to show these people, whoever your niche is, that you’re there for them come thick or thin. And it’s hard if you haven’t been around to make them understand that. And you’ve gotta be in the long game. You’ve gotta know that this is something I’m gonna do. I might not get that business today. But just like there’s people that have walked by me 20 years, 15 years, 10 years, eventually you will get that business if you’re there long enough.

That makes sense, what would you say has been the most rewarding part of committing to CRNAs and having your specialty?

My wife, of course.

There we go. I love it.

There you go. That’s definitely been my wife and kids. You know, it’s been a great ride. I mean, you know, I just got nominated. I learned this summer, but it just came out as honorary member of the American Association of Nurse Anesthetists.

Congratulations, that is incredible.

Yeah, there’s not been many people who are non-CRNAs that have ever gotten it. In fact, I think we can count them on one hand or less throughout their history. You know, which I’m very excited about. I mean, I’m humble, but it’s great for them to see that I’m not just there for me and I’m trying to raise the specter of CRNAs in everything I do. So, you know, I think that’s rewarding. My wife, obviously, has been absolutely the most rewarding thing I’ve ever done. My kids. And now, Julie, I have two kids that want to be CRNAs. I have one that is a nurse at Duke. Right now, she’s my oldest daughter and she’s wanting to go back to CRNA school right now. And then I have a little girl who’s 12. Who wants to follow in her mom and big sister’s footsteps, and she wants to be a CRNA as well. So I don’t know what my son wants to do yet, but both of them want to be CRNAs, which is just amazingly rewarding for me as well

Absolutely. And I was going to say what you mentioned at the beginning, that oftentimes your CRNA clients think that you are one. I mean, to me, that would be the greatest reward or compliment of all, right? When they think that your such a peer that you’re speaking their language. If you had any advice for our listeners about finding their niche or honing in on it. You know, because I know these are coaching conversations that I have with advisors and teams every day. What could it be, should we have one, you know the reflective moment. What is the first step that you would guide someone to take that wasn’t quite sure what theirs was, or, you know how do they begin the process?

Yeah. Well, you know, I think the first thing is, is to figure out who you gel with. Um, and sometimes you do that by trial and error, um, and start small, you know? One profession, one problem, one solution at a time.

Mm-hmm.

Um, but who do you like? Like, Julie, there are people I don’t like to work with. I, I know that and, and, truthfully, um, you know, CRNAs have a personality as well, and I mean, they’re type A and some are extremely type A kind of like us, um and, some are more laid back, like my wife is type A, um but she’s not the, the over the top type A. And, and that’s, you know, we have in flow together, but What works for you and your personality? Because if you’re working with people that don’t fit or mimic your personality, you’re not gonna wanna be around those people. You’re not going to enjoy it. They’re gonna pick up on it. Everybody’s gonna know, it doesn’t work. So first thing is, who do I like? Who do I look at my client base? Who do like working with? Who do have fun with? Who can I go have a glass of wine with? Who can take out to dinner and the conversation never stops. So, one profession, one problem at a time, solve a problem for that group. What is their problem? For CRNAs, they are the brightest people, smartest people I think I’ve ever met in my entire life, without a doubt. But the majority are not business minded. This is not their thing. They don’t like it. They need someone to help them and that’s where we’ve kind of designed our whole firm around them. So, you know, second thing is once you’ve defined that market, you got to go deep. You know, what are the nuances that whoever your target market is, what is the nuance in their financial world? What do they need from someone and what can you give them? I think that’s you know, another part. To that. What’s their pain point? What’s the problem? And then from there, you know, be visible. Teach. I mean, that’s a big thing. You know, I mean I go around to schools and I’ve done this for 20 plus years. These SRNAs are student registered nurse anesthetist. They don’t get their C until they graduate past their boards. But I go in and I teach financial services to these classes, to these SRNAs. What should they be thinking about? And 20 years later, some of these people are clients. But I do it just to educate, to teach them. It’s not, listen, right now, those students have nothing to offer me. They don’t have a million dollars in assets. They have no money, in fact. But I’m doing it to help them get better in the hopes that one day, maybe they’ll be clients maybe they won’t but they’re gonna be better off from knowing me and me helping them so teach educate you know bring value to them and if you do that clients will find you you know that’s another point to this being in this market I can’t tell you how many calls and emails we get a week from CRNAs all over the country that have heard me speak, that have read my books, that listen to the podcast, that maybe saw me 20 years ago at a meeting speak, that maybe I taught their class 10 years ago. They find you. Be committed. You know, you don’t build a niche in 90 days, guys. It takes years and years and year of focused service. Along the way, you’re going to build some great relationships. You’re going to build great friendships. You are going to become that person, the go-to person for that niche and they’re going recognize you as that. Be there. Be committed. I guess the last thing is to kind of end up this part of it is that you don’t need to be everything to everyone. You just need to be everything to someone and that is what our firm is about. We can be everything financial to a CRNA. We understand their industry. We speak their language. We’re involved. Our goal is to use the business, and anesthesia is a business, I know it’s healthcare, but it is a a business and I understand that business, I understand the side of it. How do we use the Business of Anesthesia to help our clients get to where they want to be financially? Whatever that is, whether it’s educating their kids, getting out of school loan debt, paying off their house, retiring, traveling. Going 1099, you know, making more money doing 1099. Accounting, taxes. That’s us.

That is amazing advice. Thank you for sharing that with our listeners. And thank you for showing all of your wisdom on creating a niche with us today. One of our favorite parts of the Human Centric Investing Podcast is what we call our lightning round. It’s just to get to know you a little bit better as a human being. So if you’re willing, I’d love to just fire off a few questions your way and just share with us the top of mind answer.

Now, Julie, I guess you’re putting me on the spot here.

I am, but this is just exactly, this is the high-end. Let’s go, I’m ready. Okay, so on a scale of one to ten, how good of a driver are you?

Oh, I mean like every male, I’m a ten.

Good to know. What’s your favorite holiday?

Oh, I’m going to say July 4th.

Oh, I love that. We don’t hear that one very often. That’s great.

Because my birthday is July 4th.

Oh my goodness. So it’s always a celebration for you that day.

And my daughter’s birthday is July 4th.

No way. That’s incredible. So that is a very special day.

Very special day. And I have to kind of chime in there, you know, so is April Fool’s because that is my son’s birthday. Okay. And my older daughter was actually due Halloween, but she decided to hang on as she came November the 1st. So all three of those days are amazing days.

I love that. What’s the best age?

Oh man, I don’t know that I’ve seen it yet, but it’s pretty good right now. People sometimes get scared of their 30s and then really get scared to their 40s. I would say that my late 30s and 40s have, that was really where I thought life got a lot more fun. I would stay there, but I have clients that say their 50s and 60s were the best. Um, so, you know, I think life is what you make of it. I think age is just a number, um, and that, you know, you, you make the best of every stage of life that you’re in.

I think that’s so true. Are you a fan of a paper to-do list or a digital one?

Paper. Still love the paper.

I hear you. Doesn’t it feel good to cross it off? That’s my favorite part. That’s my favorite part. For those of us that are very high type A, it’s like, yes, crossing that off.

Yes, yes, we got enough technology these days as well.

Well, Jeremy, I can’t thank you enough for joining us here today on the Human Centric Investing Podcast to share with our listeners how to create a niche of their own. And obviously, yours has been so incredibly successful. And for those of our listeners that want to learn more about Jeremy, don’t forget to check out his podcast called Beyond the Mask. So thank you again, Jeremy for your time today.

Thank you, Julie. I appreciate being on.

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The views and opinions expressed herein are those of the guest who is not affiliated with Hartford funds.