Financial Advisor Success, Ep 457: Making Financial Planning Less Scary for New Clients by Focusing First on What Brings Them Joy

Host: Michael Kitces
Guest: Larry Sprung, Founder of Mitlin Financial
Date: September 30, 2025

Episode Overview

In this episode, Michael Kitces speaks with Larry Sprung, founder of Mitlin Financial, about transforming the financial planning experience for new clients by focusing first on what brings them joy, rather than immediately delving into numbers and financial statements. Larry details how this client-centered, values-based approach not only eases prospective clients' anxieties about financial judgment but has also propelled the growth of his firm. The conversation also covers Larry’s intentional choices around practice size to match family priorities, leveraging personal content on social media to drive engagement and trust, and the business transition from a lifestyle firm to an enterprise by partnering with Carson Group.

Key Themes & Insights

1. Making Financial Planning Less Scary: The Power of Joyful Conversations

• Traditional Approach vs. Joyful Impact:
  Early in his career, Larry realized that focusing solely on financial data in initial meetings fostered client anxiety and fear of judgment. This led to a shift: start with what brings individuals and families joy before numbers (04:58).

  "Instead of being very number-focused and very financially focused, especially early on, we're not focusing in on any of that. We're really focusing in on with the families...what brings them joy." — Larry, 05:21

• How the Process Works:

  • First meeting is an "Is there a fit?" meeting — no financial documents needed.
  • Clients are prepared beforehand to expect a values-driven, open discussion.
  • Most of the meeting (80–90%) is about uncovering what brings the client joy and discussing what their ideal joyful life looks like (08:30–12:04).
  • Only 30% of the meeting is about how the firm works, compensation, etc. (23:36).

• Impact of Using the Word "Joy":
  Larry’s use of the word "joy," rather than more generic terms like "goals" or "happiness," is intentional. Joy is tangible and experienced in moments, making it easier for clients to discuss and visualize concrete positives in their lives (13:00–22:44).

  "Happiness is a constant state...that’s almost unattainable. Joy is something that gives us joy on a consistent basis, and it's something we can attain and we do know what gives us joy." — Larry, 15:10

  • Larry describes how asking “What did you do today that brought you joy?” opens up conversation and establishes rapport.
  • Occasionally, deeper issues emerge — e.g., a grieving client who didn’t feel joyful, allowing for flexibility and empathetic response (18:50–19:45).

Key Segment Timestamp

• Why and how to start client relationships with discussions about joy: 05:21–12:04
• The difference between joy and happiness, and why “joy” is intentional: 13:00–22:44

2. The Fit Meeting Structure and Approach

• Structure:

  • Use of minimal slides to facilitate discussion.
  • First slide: “What did you do today that brought you joy?”
  • Follow-up prompts if needed: What brings you joy? What does your ideal life look like? What do you do on weekends that brings you a lot of joy? (29:28)
  • Active inclusion of both partners/spouses in the conversation.
  • Later part of the meeting introduces the firm’s process and how they can bring order to client’s financial lives (23:36–27:25).

  "Probably the one visualization that we use that resonates so well with families is we show them this slide where...they have all these financial planning, business, personal things...all disconnected...then the next picture where we’re at the center...organizing that chaos." — Larry, 26:38

• Follow-up:

  • Fit meeting ends with both parties having the chance to reflect if there’s a mutual fit.
  • Second meeting, if proceeding, covers financial details and explores how assets align with what brings the client joy (32:45).

Key Segment Timestamp

• The literal process of running the fit meeting: 23:36–30:46

3. Business Growth Through Values, Social Media, and Client Alignment

• Intentional Small Practice:
  Larry deliberately kept Mitlin Financial small for many years to focus on his family.

  “Family’s always been important to me... I wanted to be there for all their hockey games, all their life events.” — Larry, 40:37

• Growth Transition:
  After his children left home, he chose to scale the firm — transitioning from a lifestyle to an enterprise practice.

  "Now's the time for us to really grow this from a lifestyle practice to more of an enterprise practice." — Larry, 42:57

• Social Media Engagement:

  • In 2019, Larry began sharing more personal and business-related content online.
  • Anecdote: After sharing his family safari trip, a homebound client emailed him, grateful to experience it vicariously (53:29).
  • Clients often felt connected before ever meeting — one client followed him for seven years online (37:54).

  “People want to know that they can trust you. They can like you. You're somebody that's out for their best interests.”— Larry, 39:11

• Attracting Aligned Clients:
  Transparent sharing of values (such as taking Fridays off to be with family) attracted similarly value-aligned clients, rather than repelling business as some advisors fear (47:37–51:31).

Notable Quotes

• “If he can be a father and raise the boys that he's raised the way he raised them, then he's got to be good enough to manage my money and help me through my financial life.” — Larry, recounting a client remark, 38:03

Key Segment Timestamps

• The business growth inflection, family priorities, and social media shift: 40:26–53:29
• Attracting aligned clients via family values: 47:37–51:31

4. The Transition to Carson Group: Structure, Communication, and Results

• Practical Reasons for the Move:

  • Hit a limit with solo RIA growth; administrative tasks were draining.
  • Sought institutional partner (Carson Group) for tech, compliance, operational leverage (56:40–60:17).

  “I didn't want to build it myself... technology is changing so quickly...I felt like [Carson] were going to be the best fit for what we were looking for.” — Larry, 58:52–60:17

• Transition Details:

  • At transition: ~80 families and mid–upper $40 million AUM.
  • Extremely smooth client transition, with transparent communication about pricing and enhanced services; only two clients did not continue (64:24–65:52).
  • Fee structure changed from tiered to flat, with transparent explanation matching all-in costs (67:32–73:39).
  • Savings from consolidated tech stack (e.g., Orion) improved practice profitability even as client fees held steady (72:59).

  "We wanted to make sure that the revenue of the firm in this transition did not, you know, retreat...And we were confident that we were going to deliver [added value]." — Larry, 71:53

Key Segment Timestamp

• Transition to Carson Group, transition communication, and fee structure: 56:05–74:21

5. Defining & Measuring Success

• Success for Larry:

  • Personally: Being the best dad and husband; being present for family milestones (87:18).
  • Professionally: Impacting as many generations as possible in a positive way and helping staff achieve their own personal successes (87:18).

  “If we help the families we serve reach their success, and... help our stakeholders reach their ideal personal success...that is creating a successful business and a successful life.” — Larry, 88:25

Key Segment Timestamp

• Defining success — personal and business: 87:18–89:03

Notable Quotes & Memorable Moments

• On Leaning Into Joy:

  "We want to make it as disarming as possible and as open and honest as possible...We spend, you know, probably 80 to 90 percent of that first meeting talking about what that looks like to them, what that means, and what that would feel like..." — Larry, 05:21

• On Joy vs. Happiness:

  "Happiness is a state that we all strive to attain, but it's unattainable...Joy is something that is so attainable and tangible that we do know." — Larry, 15:17

• On Client Engagement via Social Media:

  “I was following Larry and his family for seven years...If he can be a father...then he's got to be good enough to manage my money.” — Recapped by Michael & Larry, 37:54

• On Attracting Client Fit:

  "We all look at things differently...if families feel like it's not a good fit, what we found in our practice is when we separate from them, usually it just makes room for a number of different families to come in." — Larry, 66:28

Episode Timeline and Timestamps

• 00:27 — Michael introduces Larry Sprung, Mitlin Financial, and highlights of the “joy” approach.
• 04:58 — Michael and Larry discuss clients’ fear of judgment and vulnerability when starting financial planning.
• 05:21–12:04 — Larry explains how he leads with values and joy in fit meetings.
• 13:00–22:44 — Discussion on why “joy” is chosen, not just “goals” or “happiness,” and client reactions.
• 23:36–30:46 — Details of the fit meeting process, agenda, questions, and flow.
• 37:54 — Story of a client who followed Larry’s family life for seven years before engaging him.
• 40:26–53:29 — History and evolution of Mitlin Financial; business growth and personal priorities.
• 53:29 — Awakening to social media’s power after a client’s response to family trip content.
• 56:05–60:17 — Transition process to Carson Group; operational/cultural decision factors.
• 64:24–74:21 — Details of transition, client communication, pricing changes, and profitability.
• 87:18–89:03 — Larry’s definition of success and final thoughts.

Takeaways for Advisors & Listeners

• Lead with client values to deepen trust and reduce anxiety: Clients consistently react positively to starting with their vision of joy and ideal life, rather than jumping to numbers.
• Personal storytelling (online & in-person) is a critical business development tool: Sharing values, life moments, and even family time decisions resonate and attract aligned clients.
• Client transitions can be smooth with transparency and demonstration of increased value: Honest communication about reasons for changes, costs, and value-added services leads to exceptional client retention.
• Success is not just assets or revenue, but multi-generational impact and staff well-being.