In Episode #07 of Integrated Financial Group’s podcast What Works: Over 2500+ Years Experience in Financial Planning, we’re talking about adapting to change, niching down, and focused communication strategies with Rich Lombardi of Integrated Wealth Strategies – located right here in IFG’s Atlanta headquarters.
As a founding member, Rich has been instrumental in helping shape IFG’s success, serving diligently on the advisory board for over 20 years and co-founding its pivotal investment committee. His commitment stems from a blend of personal drive—he wants to have an impact on how things are done—and a profound appreciation for the collective contributions of his peers. Rich’s journey is a testament to resilience and strategic thinking, offering invaluable lessons for every advisor striving for more effective business growth strategies. His connection with IFG is deeply rooted in their shared commitment to empowering advisors and providing comprehensive support for holistic financial planning.
Don’t feel like reading? To listen to the full conversation, find the What Works podcast here.
How Rich Lombardi Started His Financial Planning Career
Rich Lombardi’s story is far from conventional. After selling a small family-owned business in Connecticut, he and his wife Rhonda moved to Atlanta in 1998, seeking new economic opportunities. What followed was a deliberate, yet unconventional, career pivot. Rich, at 36, chose to pursue financial planning over a high-paying technical sales position at Lucent. He wasn’t fulfilled working for others, a feeling that grew stronger after managing 46 people in his previous venture. This deep self-awareness—knowing what he disliked and what truly motivated him—was crucial. His first job out of college at Cigna had provided some insurance background, and as a small business owner, he’d managed benefits, giving him a foundational understanding of the financial landscape.
His decision to enter financial planning, a challenge he was eager to embrace, proved prescient, especially given Lucent’s eventual bankruptcy. Rich was motivated by the prospect of building another business for himself, appreciating the “wonderful business model” of financial advisory compared to the “awful” and “difficult” one he’d previously run. This clarity on his strengths and weaknesses, combined with his wife’s unwavering support, laid the groundwork for a truly impactful career transition.
What Works.
Cultivating a Unique Niche and Building a Client Base
Starting from scratch in a new city with no existing relationships, Rich initially adopted a broad approach, willing to speak with anyone who had a “pulse.” His breakthrough came when he stumbled upon a niche working with outplacement companies. These firms, specializing in career transition support for individuals who had lost their jobs, needed resources to help their clients with the financial decisions that come with job loss.
Rich developed a “financial transition planning workshop,” offering invaluable guidance on topics like cash reserves, debt management, severance pay, 401k rollovers, budgeting, and making money last during unemployment. This service was a win-win: Rich provided critical assistance to people in need, and the outplacement companies received a valuable, unpaid resource. He went above and beyond, traveling extensively to conduct these workshops and even generating leads for the outplacement companies themselves.
These workshops served as highly efficient “opener” meetings, allowing Rich to connect with 15-70 people at once in a non-threatening environment. From these initial connections, his conversion rate was impressive: 20% to 30% of workshop attendees would become clients. His process involved a “fact-finder” meeting to gather financial information for a comprehensive plan, followed by a plan presentation where he would outline recommendations and investment strategies. He found that doing a financial plan first, often without an upfront charge, was a powerful way to demonstrate value and build trust, ultimately leading to client conversion.
Niching down provided a consistent stream of clients, many of whom were in their 40s and 50s. This meant Rich was acquiring clients early in their financial journey, setting the stage for long-term relationships that would evolve as clients transitioned to new jobs, eventually nearing and entering retirement. This “second bite at the apple” strategy became a unique and powerful aspect of his business model.
Pivoting to a Referral-Based Financial Practice
The COVID-19 pandemic significantly impacted Rich’s well-established outplacement niche. The shift to virtual operations disrupted the hands-on, in-person model that had been so successful. This forced Rich to “reinvent” his practice, moving towards a more traditional, referral-based model.
Initially, Rich admits he didn’t focus heavily on referrals because his workshop-driven pipeline was so robust. If a client had someone to refer, he’d tell them to call him directly. But with the outplacement volume diminished, he made a conscious effort to actively ask for referrals. He uses both “referral” and “introduction,” and his approach is direct and empathetic. He tells clients, “I’m trying to grow my business, and the best way for me to grow my business is to meet more people like you.” Crucially, he acknowledges that asking is uncomfortable for him, and that clients are “sticking their neck out” by providing an introduction. He assures them that he will act professionally and treat their referrals with the same care and attention he gives them. This honest and appreciative approach has begun to generate traction in his referral network.
Streamlining Financial Advisor Operations and Client Service
With a high-volume practice, efficient operations are key. Rich’s team is segmented: Crystal handles compliance and administrative tasks, Erica focuses solely on client service work (which has significantly increased as clients age and their needs become more complex), and Adit manages the financial planning data entry and follow-up process for plan updates. Rich himself focuses on new business development, working with referrals, and overseeing client service needs.
Rich has also been very deliberate about managing client expectations. He doesn’t barrage clients with emails or newsletters, believing that a focused client communication strategy ensures his messages are opened and read. He tells clients they can expect four to six touches a year—a phone call, email, or a mailed item. Full financial plan updates are typically done every other year, or more frequently for those nearing retirement. He actively encourages open communication, telling clients, “If you’re trying to decide whether you should pick up the phone or send me an email about something, that means you already should have.” This proactive approach to setting boundaries and encouraging communication contributes to high client satisfaction and retention, even during challenging market periods like the 2008 financial crisis.
The Core Values of a Successful Advisor and the Power of Community
Rich Lombardi’s commitment extends beyond his own practice to our community here at the IFG Brain Trust. To say his role here at the consortium has been instrumental in shaping IFG’s success would be an understatement. As a founding member and influential contributor, his rationale for this extraordinary commitment is a blend of self-interest (“I want to try to have an impact as to how things are done around here”) and a deep appreciation for the collective (“so many people give way more to the consortium than I do”). This embodies the spirit of collaboration and mutual support that defines IFG.
When reflecting on the traits that have driven his success, Rich highlights persistence and self-motivation, considering them intertwined. He also emphasizes the critical combination of fairness, optimism, and humor, believing that genuine optimism requires a foundation of fairness. Lastly, he champions decision-making and humility—the ability to act decisively, coupled with the wisdom to look inward and acknowledge when adjustments are needed. These core values, combined with the strong community and shared learning environment provided by Integrated Financial Group, have allowed Rich to build an extraordinary business. His journey is a testament to the fact that continuous learning, strategic adaptation, and a genuine desire to serve others, all within a supportive framework like IFG, are the true markers of what works in financial advisory.
To learn more about Rich Lombardi’s story and strategies, listen to the full conversation on the What Works Podcast with Don Patrick.
