45. Being a Spartan Warrior, Your Authentic Self, and Embracing Your Heritage While Achieving Your Goals With Penny Phillips, Co-Founder and President of Journey Strategic Wealth

CEO owner leader company staff member portrait, possibly finance, accountant, manager

We’re thrilled to welcome Penny Phillips In The Suite. Since her Twitter bio says it best, Penny is President and Co-Founder of Journey Strategic Wealth; she’s an industry consultant and speaker who emphasises on real talk to combat all the b.s. in this industry. As a lifelong New Yorker and Greek-American, Penny is the perfect example of the enchanting melting pot of the United States.

As Penny puts it, her story began because she was “relentlessly causing trouble and trying to get my voice heard.” 

She is President and Co-Founder at Journey Strategic Wealth, an RIA for advisors seeking independence and full fledged practice management support. Penny is Founder of Thrivos Consulting and has been a board Board Member of the Macaulay Honors College Foundation Board since 2019. Before Thrivos, she spent nearly 6 years at New York Life as Corporate Vice President in the practice management division and she also worked at Envestnet.

She launched Thrivos because she wanted to not only see a consulting firm run by a female millennial, but found magic in making it happen herself. “There weren’t too many of us doing that type of work,” Penny says. She wanted that to be their differentiator.

If this year has taught us anything, it’s that we need continuous support to run our businesses. Penny has been in the practice management space for a long time. She has seen the struggles and the challenges that can evolve advisors from a modern perspective. 

When it comes to business, she wanted to craft her own recipe, creating something that combined the best that the RIA space has to offer. She added a dash of resources, a heaping serving of practice management, and a sprinkle of ongoing coaching and consulting experience for advisors.

She found a lane and decided to drive it at top-speed, never wavering, never weaving, always leading in innovation. How does she do it, you might ask? How is it possible that she finds the best of the best? “Get on social media and record a video,” says Penny. “Talk about your culture, blast it out and tell people ‘we want young, incredible talent on our team.’ That’s how you attract people now. It’s not the traditional ways.”

Penny even found that she enjoys being the on-air talent, on YouTube that is. “The best thing I did was never script anything and teach myself how to talk on the fly,” Penny says. “I do recommend stumbling a bit at the beginning. It’s better for you in a long, long haul with content.

There is always room to grow, stretch those roots a bit and pop out a new leaf or two. There are some people who simply cannot evolve, Penny tells us, but most people can. Make decisions this year and use that to feel out what the next five to 10 years looks like. 

Whether it is through her YouTube Series Practice Management with Penny, Videos on LinkedIn and Twitter, and President and Co-Founder of Journey Strategic Wealth, Penny’s Spartan Strength is a direct result of putting in the work, fiercely and unapologetically.

In this episode, we discuss some pretty powerful topics such as how to evolve your way of thinking about how to attract, why you don’t have to have a traditional career start, and so much more. Don’t miss Penny’s tips and tricks within this episode. Listen in and take notes to help you get a handle of the future of tech and hiring. 

  1. Hire outside the box. Thinking differently and being open to new ways to interact as a team. Think about how multi-generations can successfully build your “tool kit” in the business setting.
  2. Focus on the next 10 years. The future comes quicker than you’d think. It’s not enough to set goals for this year, you have to think years ahead. “I want advisors to take this year to decide what the next 10 years looks like for them. Is it lifestyle practice? Is it virtual only practice? Is it only one type of client? Is it subscription fees?,” Penny says. “Make those decisions this year and use that to feel what the next five to 10 years looks like for you.”
  3. Be your authentic self. The key is to be your authentic self, from being transparent on social media to embracing your values and heritage. Penny credits her success “to social media, being my authentic self, my partner’s being their authentic selves, and attracting people who were looking to get out of the corporate grind and wanting to work somewhere where authenticity and compassion are leading values.”

Show Notes:

Today’s episode of In The Suite with Penny Phillips is all about being your authentic self. Since her Twitter bio says it best, Penny is President and Co-Founder of Journey Strategic Wealth; she’s an industry consultant and speaker who emphasises on real talk to combat all the b.s. in this industry. As a lifelong New Yorker and Greek-American, Penny is the perfect example of the enchanting melting pot of the United States.

Tina Powell · Being a Spartan Warrior w/Penny Phillips Co-Founder President Journey Strategic Wealth

She is President and Co-Founder at Journey Strategic Wealth, an RIA for advisors seeking independence and full fledged practice management support. Penny is Founder of Thrivos Consulting and has been a board Board Member of the Macaulay Honors College Foundation Board since 2019. Before Thrivos, she spent nearly 6 years at New York Life as Corporate Vice President in the practice management division and she also worked at Envestnet.

She launched Thrivos because she wanted to not only see a consulting firm run by a female millennial, but found magic in making it happen herself. “There weren’t too many of us doing that type of work,” Penny says. She wanted that to be their differentiator.

If this year has taught us anything, it’s that we need continuous support to run our businesses. Penny has been in the practice management space for a long time. She has seen the struggles and the challenges that can evolve advisors from a modern perspective. 

We discuss some pretty powerful topics such as how to evolve your way of thinking about how to attract, why you don’t have to have a traditional career start, and so much more. In this podcast episode, Penny shares the importance of embracing her heritage, how to be your authentic self, and her keys to being fierce within the industry. She also shares how she is assisting others within the industry through her educational weekly discussions on her YouTube Series Practice Management with Penny, Videos on LinkedIn and Twitter.

Join the conversation to hear about:

  • Welcome Penny to In the Suite! (01:55)
  • Reframing what practice management means in the RIA space (05:20)
  • How to attract, retain, develop, and mentor talent (08:15)
  • Why social media is vital for advisors and business (11:30)
  • How to evolve your way of thinking (17:00)
  • Penny’s Greek upbringing (21:05)
  • Why Penny launched Thrivos Consulting (23:30)
  • Building a network and coaching roster in a modern world (26:00)
  • Penny’s tip for leaders navigating a virtual workforce (30:20)
  • What events Penny is looking forward to this year (37:50)
  • Why you need to start a YouTube series (40:20)
  • How Penny knew what she wanted to study at university (45:00)
  • You don’t have to have a traditional start (48:45)
  • Define success for themselves now and moving forward (51:50)
  • What’s your best recommendation for 2021? (55:00)

Referenced Materials

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Torie Happe (connect with her on LinkedIn) is taking a seat in the suite with us on this inspirational episode! She’s head of Business Development for Onramp Invest, a crypto asset integration platform for financial advisors, started in August 2021. You’ll also recognize Torie as the cohost of TacoTech with Johnny Sandquist, a podcast where two friends talk about fintech trends in the wealth management industry and tacos 🌮.

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