Know Your Financial Advisory Practice’s Story through Data with Erica Pauly

Model FA Podcast

Erica Pauly is a data storyteller for financial advisors and the Founder of Track That Advisor, a data analytics company that helps financial advisors bring clarity to company statistics. Before founding Track That Advisor, Erica worked as the Office Operations Manager and Marketing Director for GrowSecure Inc. Insurance and Financial Services and as the Marketing and Office Manager for the Layman Lewis Financial Group. As a data analyst and storyteller, Erica’s unique perspective and approach to data storytelling bring a fresh perspective and holistic view to financial advisory practices across the nation.

Erica joins me today to discuss the power of tracking various metrics in your financial advisory practice. She outlines the top activities financial advisors should track in their practice and shares her recommendations on costs-per-client, close rates, and average case sizes. She describes the data analytics and storytelling process and explains how Track That Advisor fills in the gap between data gathering and data analytics. She also debunks common misconceptions about data tracking and analytics and discusses the first steps financial advisors can take to start tracking their data.

“Advisors are salespeople, but owning an advisory practice means you need to put on a CEO hat—and that’s where good data and reporting can help.” - Erica Pauly

This week on The Model FA Podcast:

• Erica’s background and her journey to data analytics and founding Track That Advisor
• Model FA’s energy audit and the power of making data-informed decisions
• Creating a constellation of data points and the top five activities or metrics to track in an advisory practice
• The value of tracking your practice’s close rate and average case size
• Erica’s recommended benchmark for costs-per-client and ROIs
• Why new financial advisors need to focus on referrals and building relationships with centers of influence
• Why ROIs could be a false summit
• Debunking myths around tracking metrics and data analytics
• Building the habit of tracking your business’s data and how much time it takes to track data daily

Resources Mentioned:

• Book: Traction: Get a Grip on Your Business by Gino Wickman
• Book: What the Heck Is EOS?: A Complete Guide for Employees in Companies Running on EOS by Gino Wickman and Tom Bouwer
• Book: Run with the Horses: The Quest for Life at Its Best by Eugene H. Peterson

Our Favorite Quotes:

• “Anything you can track and measure, you can manage and improve.” - David DeCelle
• “Regardless of your industry or experience, you’re not going to close 100% of the people you meet.” - David DeCelle
• “Data analytics shows the picture, but identifying the problems and taking action on them is where the gold is.” - Erica Pauly

Connect with Erica Pauly:

• Track That Advisor
• Book: Tracking Your Trek: Looking Backward to Determine Your Forward
• Track That Advisor on LinkedIn
• Erica Pauly on LinkedIn
• Email: [e-mail]

About the Model FA Podcast

The Model FA podcast is a show for fiduciary financial advisors. In each episode, our host David DeCelle sits down with industry experts, strategic thinkers, and advisors to explore what it takes to build a successful practice — and have an abundant life in the process. We believe in continuous learning, tactical advice, and strategies that work — no “gotchas” or BS. Join us to hear stories from successful financial advisors, get actionable ideas from experts, and re-discover your drive to build the practice of your dreams.

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Our Team:

President of Model FA, David DeCelle

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