Podcast
Financial Advisor Success
Hosted by Michael Kitces · EN
The Financial Advisor Success podcast brings you real success stories and insights from the most successful financial advisors, and leading industry consultants, about how to take your advisory business to the next level. Get a glimpse of what it's like behind the scenes building a successful advisory business, and how entrepreneurial advisors navigate the inevitable highs, and lows, of growing a firm. Whether you're a new financial advisor trying to get started on the right foot, or an experienced advisor who's hit a wall, we're here to give you the insights and inspiration you need to break through and reach the level of success you want to achieve. Subscribe to the show, and get even more at the leading industry blog Nerd's Eye View at www.Kitces.com.
144episodes
Episodes
Newest firstAll episodes
Ep 358: Accelerating Growth By Asking For Referrals After Celebrating Shared Success With Clients With Veronica Karas
Nov 7, 202301:30:56Tap to summarizeVeronica Karas is a Senior Financial Advisor at CAPTRUST and works from the RIA’s Lake Success, New York office, where she oversees $360 million in assets under management for 200 households. What sets Veronica apart is her distinctive 3-question method to garner referrals from clients, centers of influence, and even prospects—all while maintaining a genuine and non-aggressive demeanor. In this episode, Veronica dives into her blueprint for onboarding new clients, leveraging a modular planning method spread over a year, and explains the firm's structure that allows associate advisors to work with multiple senior advisors, fostering a rich learning environment and high-touch client service. We also discuss her early-career challenges, her proactive strategy of daily outreach that bolstered her lead generation, and her commitment to ethical practices, even when faced with tough career decisions. For show notes and more visit: https://www.kitces.com/358
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Ep 357: Building A High-Tech High-Touch Advisory Firm With The Modern Advisor Tech Stack With Jon Henderson
Oct 31, 202301:44:43Tap to summarizeJon Henderson is the Founder and CIO of Echo45 Advisors. Based in Walnut Creek, California, Echo45 Advisors oversees $163 million in assets under management for more than 180 client households. What sets Jon apart is his meticulous approach to integrating technology and personalized service, culminating in a finely-tuned advisor tech stack and a dedicated "Client Concierge" team member armed with a series of checklists to ensure unparalleled client experiences. In this episode, we delve deep into Jon's journey, from his transition to his own firm after he left his more-than-$1 billion AUM team serving 420 clients at Merrill Lynch to his strategic use of technology. You'll learn about his "high tech and high touch" mindset as he expertly navigates the dynamic landscape of financial advisory and hear insights on his holistic perspective on delivering financial services in the modern age. From his pursuit of blockchain and digital asset knowledge to his unique amalgamation of cutting-edge software and personalized service, Jon's story is a testament to the coexistence of technology and human interaction in the realm of wealth management. For show notes and more visit: https://www.kitces.com/357
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Ep 356: Scaling To (Nearly) $2M Of Revenue As A Flat-Fee, Advice-Only Firm, With Sarah-Catherine Gutierrez
Oct 24, 202301:29:59Tap to summarizeSarah-Catherine Gutierrez is the founder of Aptus Financial, a fee-only financial planning firm based out of Arkansas that is nearing $2 million in revenue for 480 client households. What stands out about Sarah Catherine is how she has built a multi-advisor, flat-fee, advice-only firm, challenging the industry's common reliance on AUM. Her success is attributed to sustainable marketing systems that allow advisors to concentrate solely on efficient financial planning, free from the distractions of client prospecting. Listen in as Sarah-Catherine shares her strategic approach to transparently communicate her value through her financial planning fee structure and the creation of a trust-based Center of Influence, which eliminates the stress of prospect acquisition. We also discuss her efficient onboarding process that transforms prospects into clients within just two calls, her decision to segment planning fees, and the inspiration behind her custom financial planning spreadsheet. You'll hear about her tailored cashflow strategies for new physicians, her journey in trusting her instincts as a founder, and the ways her unique marketing approach has opened doors to speaking engagements and fresh prospect avenues. For show notes and more visit: https://www.kitces.com/356
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Ep 355: Scaling Worksite Financial Planning As An Employee Benefit For The Average Worker With Brad Arends
Oct 17, 202301:34:13Tap to summarizeBrad Arends is the co-founder and CEO of Intellicents, an independent RIA based out of Minnesota that oversees $6 billion in assets under management for more than 3,000 households. Brad stands out for having built a multi-billion-dollar advisory firm by offering comprehensive financial planning to large company employees as an added benefit, rather than targeting multi-millionaire clients. Listen in as Brad delves into his transition from focusing on 401(k) plan participants to expanding into wealth management, addressing the challenges of shifting advisors' mindsets and the evolution of his multi-pronged business model. We also explore the implications of the Pension Protection Act on his decision-making, his strategic move to sell a significant portion of his business to prioritize personal wealth management, and his innovative use of data to craft personalized financial plans. For show notes and more visit: https://www.kitces.com/355
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Ep 354: Making Advisor Transitions Less Scary With Effective Transition Preparation And Support Services With Grier Rubeling
Oct 10, 202301:28:31Tap to summarizeGrier Rubeling is the founder of Advisor Transition Services, a consulting firm based out of North Carolina that helps advisors move from one broker-dealer or custodian’s platform to another—often while breaking away to start their own firm. Grier stands out with her meticulous approach to aiding firms in swiftly transitioning custodians, a complex task both legally and emotionally. She has developed advanced, real-time Excel tools to keep advisors updated throughout the entire transition process, enabling them to resume their billing services as promptly as possible. Listen in as Grier shares her strategic approach to aiding advisors in navigating the intricate terrain of transitioning between Broker Protocol, non-Protocol, and Protocol Not Applicable (PNA) scenarios, ensuring efficient client data organization and getting advisors back to billing as soon as possible. We also discuss Grier's unique journey into the financial realm (where her intrinsic ability to streamline systems and processes established her as a distinctive expert in advisor transitions), the challenges of hiring and firing her first full-time employee, and what poses the most significant obstacle in advisor transitions. For show notes and more visit: https://www.kitces.com/354
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Ep 353: Driving Growth By Setting A Clear Vision Of What You Do Best In Your Business(es) With Brett Danko
Oct 3, 202301:46:14Tap to summarizeBrett Danko is the Founder of Brett Danko Educational Center, a CFP Board Education and Exam Prep Provider, and the CEO and Managing Partner for Main Street Financial Solutions, an independent RIA based out of Pennsylvania that oversees nearly $2 billion in assets under management for 1,700 households. Brett stands out for combining his love for teaching with financial expertise, creating one of the nation's leading CFP exam prep programs and growing his own RIA to $2 billion in AUM. Listen in as he shares his unique approach to CFP exam preparation, as well as insights into his hourly financial planning model and the innovative structure of his firm—which empowers advisors to own their client relationships and design their own fee schedules. You'll also hear about his personal journey from job loss and depression to renewed purpose, highlighting the importance of delegation, mentorship, and self-awareness in building a fulfilling career. For show notes and more visit: https://www.kitces.com/353
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Ep 352: Finding Personal Scale By Leveraging Yourself Through Outsourced Delegation With Bridget Venus Grimes
Sep 26, 202301:30:08Tap to summarizeBridget Venus Grimes is the President of WealthChoice, a virtual independent RIA that oversees nearly $80 million in assets under management for 68 families, and Co-Founder of Equita Financial Network, an advisor platform that helps advisors share resources. As a solo advisor, Bridget quickly grew her firm to $77M in AUM over 7 years, but found herself stretched thin managing various business aspects while serving her clients. Instead of scaling her firm by hiring more advisors, she chose to delegate non-financial-planning tasks to virtual outsourced contractors, freeing her from day-to-day management responsibilities. Listen in as Bridget shares her journey of building her firm by outsourcing various tasks like compliance, operations, and client scheduling to focus on her niche of female executives. We also discuss her unique approach to compensation and client service, which led her to launch her own firm, and how she invested $30,000 in writing a book for credibility rather than sales. Bridget also dives into the importance of business coaching, learning not to compromise on client fit, and her decision to bring on her daughter as part of a long-term succession plan. For show notes and more visit: https://www.kitces.com/352
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Ep 351: Facilitating Successful Advisor Mergers & Acquisitions By Avoiding The Conflicts Of A Success Fee With Jessica Polito
Sep 19, 202301:40:26Tap to summarizeJessica Polito is the Founder and Principal for Turkey Hill Management, a mergers and acquisitions consulting firm that assists financial advisors with the sale, acquisition, integration, or merger of their firms. Jessica stands out for her specialized practice in assisting financial advisors and firms, offering comprehensive guidance—from understanding business goals and educating clients on transactions to valuing firms—all without the conflict of an investment banker's success fee. In this episode, she delves into how her investment banking experience informs her unique approach to offering independent M&A advice, as well as why she advocates for a flat-fee model to ensure unbiased counsel. She also shares invaluable insights on navigating the complexities of potential buyers and discusses her personal and professional definitions of success, which include combating imposter syndrome through thought leadership and setting a resilient example for her children. For show notes and more visit: https://www.kitces.com/351
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Ep 296: Unblocking Clients Who Keep Not Implementing By Exploring Their Financial Psychology with Ed Coambs
Aug 30, 2022Tap to summarizeEd Coambs is the founder of Healthy Love & Money, a financial therapy practice based out of North Carolina that helps families uncover and understand the roots of their underlying financial conflicts. Ed himself is a former financial advisor turned financial psychologist, and he utilizes couples therapy techniques to help his clients get to the root of the issues that may be blocking them from achieving their financial goals. Listen in as Ed shares how he connects with clients on a deeper level so they can overcome their stalling points, as well as how he knows when he needs to refer a client out to a mental health professional. We also discuss his career trajectory, from firefighter to financial advisor to financial therapist, and how he overcame the challenges he faced launching his financial therapy business. For show notes and more visit: https://www.kitces.com/296
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Ep 292: Syndicating Private Real Estate Opportunities To Differentiate With HNW Clients with Matthew Topley
Aug 2, 2022Tap to summarizeMatthew Topley is the Founder and CIO of Lansing Street Advisors, an independent RIA based out of Pennsylvania that oversees $160 million in assets under management for 60 client households. Matthew has been able to differentiate his firm by offering high-net-worth clients the opportunity to diversify their investment portfolio by syndicating private real estate partnerships that directly purchase individual multi-unit rental properties. In this episode, Matthew shares the realization he had that led him to diversify his own investments, as well as how he was introduced to truly passive income. Listen in to learn why he built his firm around financial planning advice (even though his background is in portfolio management), why he outsources much of his back-office services to focus specifically on conversations around financial planning advice and real estate investing opportunities, and how he uses tools and systems to execute on syndication deals on an ongoing basis throughout the year. For show notes and more visit: https://www.kitces.com/292
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