Behind The Advisor

We often talk about the utility of the retainer model here at XYPN. One of our earliest members, Cristina Guglielmetti, is cleverly combining retainer clients with a lot of project work to craft an uber-flexible schedule that you'll find interesting. Cristina shares how she's created a business and schedule that work for her life as she raises a son and invests in a local bar with her husband and a group of friends from her MBA days. While she only has about ten retainer clients, she leverages interesting and productive project work to create the practice she wants. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/112

Mike Solari started his own independent firm in 2012 without a single client. He joined us here at XYPN in 2014, and we've gotten to witness his business grow as he's built a practice that serves about 26 people - two-thirds of which are on retainer. In this interview, Mike talks about his biggest struggles and successes running the business, and how he's made up for his own shortcomings with grit and education. We talk retainer fees, networking to find clients, and hitting that 5-year business milestone. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/111

We know our mailbag is overflowing, so we're back with another Alan & Kitces Unhinged episode to answer as many of your questions as possible! We've also received questions about how to talk to clients about transitioning from an AUM only model to a retainer + AUM model. Often it seems trickier than it is, and we've got some guidance on how to make it easy. And we'll talk about the relevance of performance reviews, and whether or not you should be providing them to your clients - especially the younger ones. This episode is chock-full of answers to your questions from the XYPN Radio VIP Community. Don't miss out, and join today so you can hear your question answered next round! You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/110

Farnoosh Torabi is one of our keynote speakers at #XYPN17 this year, and on this episode she gives a little sneak preview of what she'll be talking about. Farnoosh kicks things off by telling us how she became one of the country's most popular financial experts. After studying finance in college, she decided she wanted to marry her expertise with money to her fascination with journalism so she could spread her knowledge to people of all walks of life. We also talk about why and how she wrote her first book, You're So Money, and how she capitalized on its success to build her media career. Then she shares a little about what she'll dive into at #XYPN17 - the challenges of planning for couples when a woman in a partnership is the primary breadwinner. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/109

Helen Ngo is here today to share her experience working her way into the financial planning world and starting her own successful business by the age of twenty-six. There's a whole lot to take away and apply to your own business plan, whether you want to start a business or you're already in the process. Starting out in a male-dominated field definitely didn't make Helen shy away from business; it actually gave given her the motivation to quit an aging practice and start her own unique, passion driven firm. She talks about everything from getting her CFP certification to the beginnings of her business. She started out by getting clients through knocking on doors, and now she is starting to face scaling issues that demand she re-work her pricing and marketing. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/108

Nannette Kamien took a long and winding road to becoming an entrepreneur in the world of financial services, but her previous career continues to improve her offering as a financial services professional. To build a modern practice, she's drawn on her background in information technology. This technical expertise has allowed her to serve clients and move fast toward establishing her own firm. In this interview, we discuss breaking into a new market, executing a career change, and capitalizing on a diverse background and network for success. Nannette also had to move her firm from Chicago to San Diego to accommodate her husband's career, and she shares what that experience was like. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/107

When Bill Nelson realized that working on Capitol Hill wasn't for him, he joined Price Waterhouse Cooper and became an expert on compliance. But when he and his future wife decided to move so she could attend medical school, Bill considered opening his own firm. In this interview, Bill shares why he took the safe route when he first moved rather than start his own RIA. He talks about what he learned working for a big broker dealer, why working in the industry was so helpful before starting his own business, and what his business looks like today as he finally niches down. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/106

Oftentimes we're so excited about financial planning around here that we can gloss over some of the tougher, less glamorous aspects of running your own business. After a 12-year career in tech herself, today's guest, XYPN member Meg Bartelt decided to get a Masters in financial planning and switch careers entirely. Meg shares candidly about the obstacles that she's confronted in her first year of business. The unique challenges of having an entirely virtual firm, learning to practice self care, and hiring a business coach are just a few of the topics Meg generously covers in this interview! You can find show notes and more information by clicking here: www.xyplanningnetwork.com/105

We're super excited to be hosting today's guest, Mitch Anthony, because he's also going to be our keynote speaker at #XYPN17 this year! Mitch is a communication guru and longtime advisor of financial advisors - and he's got a great system for getting to the root of clients' needs. In this interview, Mitch shares how he stumbled into the financial planning industry and how he applies storytelling principles to working with advisors and clients alike. He also details the importance of understanding a client's history, transitions, principles, and goals (though he prefers the term possibilities). You can find show notes and more information by clicking here: www.xyplanningnetwork.com/104

It's no secret the first year of running your own RIA is no walk in the park. But this week's guest and XYPN member Shawn Tydlaska has had some unique and impressive success in his first year as an independent advisor. Shawn talks about how his long and winding path through the financial services industry led him to practicing true financial planning. He walks through the obstacles he's overcome and many false starts he experienced before establishing his firm. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/103

You've undoubtedly heard about FMeX if you're a regular listener and lover of finding innovative ways to connect with your clients. We're lucky enough to have Ric McConkey, Managing Partner at FMeX, with us today to talk about how his service helps advisors provide clients with valuable, relevant content and improve your marketing. Ric shares how the rapid rise of technology has forced advisors to adapt their practices, and how targeted content marketing is perfect for landing new clients, maintaining relationships with current ones, and building your overall brand. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/102

It's been a while since we dug into our mailbag, so we're back with another Alan & Kitces Unhinged episode. On this edition: the differences between prospecting and marketing, varying service models, how to educate yourself on financial planning, and E&O insurance. We start off by digging into prospecting and marketing and explaining why we generally focus more on the latter here at XYPN. We also discuss the best CRMs for firms of different sizes and how your service model should change based on who you're serving and what they need to hear from you. Then we run through a list of our best recommendations for advisors hoping to get educated on true financial planning, and wrap up with a speedy overview of E&O insurance. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/101

It's hard to believe we've already made it to episode 100, but here we are! We're so thrilled you've been with us this long, whether you've listened to every single episode or you only recently discovered the podcast. We're doing something a bit different for this episode to celebrate! From tips on entrepreneurship and persistence to those on having fun and being positive, tune in to our one-hundredth episode for some excellent insights from standout guests. There are many ways to define and find success - and these guests all have their own. Thank you again for being a part of the XYPN community, and join us for the next 100! You can find show notes and more information by clicking here: www.xyplanningnetwork.com/100

Many of you listeners will be familiar with (and undoubtedly excited to hear from) our very own Director of Getting Shit Done, Maddy Roche. She's shifted from being our first hire and a jack-of-all-trades member of XYPN, to a manager, leader, and member engagement expert within the company. In this interview, Maddy shares how she's grown along with XYPN and some of the key things she's learned along the way. She talks about the challenges of learning to be a leader and a manager, and the critical role mentorship has played in her journey. She caps off the episode by sharing her Personal Leadership Philosophy, which will undoubtedly get you thinking about your own. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/99

Arlene Moss re-entered the workforce after raising children, and became a coach for the Alliance of Comprehensive Planners. After realizing there were some shortcomings to the one-off coaching model, she decided to go it alone and begin her own coaching business. In this episode, Arlene and I talk about how coaching can take your advisory to the next level. Arlene shares her highly personalized style of coaching and how she found her own business coach. We also talk about why planning one, five, and ten years out is essential to designing the life and business that you want. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/98

Just a few years ago, Dan Andrews was working as an investment manager for a broker dealer and running a side blog about personal and professional development. After attending the 2015 FPA Conference in Boston, Dan realized that there was a path in the financial services industry that was more aligned with his interests, expertise and values. In this interview, Dan and I talk about his journey to becoming an independent financial planner at his firm Well Rounded Success. He shares his experience as an investment manager and the blog that helped him realize being a financial planner was the right move for him. Dan also opens up about his very intentional practice of self-reflection, and how you can integrate it into your work, too. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/97

Seth Johnson of Redi2 Technologies was working for an enterprise software company where his team focused on building an excellent billing software for big broker dealers. The burst of the dot-com bubble and strain on the company gave he and his co-founder-to-be a unique opportunity. They pitched an all-new company, exclusively dedicated to billing software, to their CEO - and got the green light. In this interview, Seth talks about the growth of Redi2 and its softwares, including the independent-RIA crafted BillFin. He shares how Redi2 grew into a major player in the software space by applying the all-important entrepreneurial principle of solving problems for your customer. We talk about what it's really like bringing a product to market, and why bringing advisors in on the Billfin design process was such a critical part of its success. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/96

It's always fun to catch up with longtime members of XYPN because we've witnessed eachothers' struggles and triumphs alike. Today's guest, Jason Mirabella, has been with us from nearly the beginning. Jason started his first RIA just before the 2008 financial downturn, and had to return to other financial jobs before embarking on his next entrepreneurial venture. Jason talks about his new firm Henfruit and his emphasis on helping clients practice wealth-building behaviors. We walk through the process of prepping and launching his second RIA, what he learned from his first attempt, and why he always keeps scale in mind when he makes business decisions. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/95

Usually when we talk to new advisors on the show, they're a couple of years into the process and have figured out the pacing of their practice. But today's guest, Ryan Frailich, is still right at the beginning of establishing his own firm, and has generously agreed to share the ups and downs of his daily experience. Ryan talks about why he decided to get into financial planning, why he started his business while still completing CFP training, and how the launch of Deliberate Finances has been so far. He perfectly articulates the impostor syndrome feeling that many of us deal with, and shares his struggles with finding a balance between crafting a niche and getting his business of the ground. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/94

Being an independent advisor is often the second, third, or even fourth stop in many advisors' careers. Sean Kernan, independent RIA owner and host of the How to Go Independent podcast, joins us today to talk about what the transition from employee advisor to independent business owner looks and feels like. Sean talks about his time as a broker dealer for Edward Jones at the beginning of his career and how he slowly built a more independent business model over time. We also dive into some of the nitty gritty details of broker dealers and debate the best way of dealing with trails and moving your book of business as you become more independent. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/93

We're very excited to have Chris Rodriguez of the National Disability Institute with us to teach us about ABLE accounts, a relatively new benefit for people with disabilities and their families. Chris talks about the core mission of the National Disability Institute, and how he and his colleagues collaborate with other organizations to craft progressive policies that help people with disabilities become more financially independent. Then we talk in depth about ABLE accounts themselves and what you as an advisor should know about them. We compare ABLE accounts with the Special Needs Trust and discuss the importance of financial literacy, while also touching on how you can get involved with the NDI's great work. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/92

Scott and First Ascent are blowing up industry norms on the asset management side of financial planning, freeing the firm from the legacy data that holds others back. Scott talks about what pushed him to start his own firm after helping get several other small firms off the ground. He shares his thought process about the flat-fee model that First Ascent uses and why there's less incentive today to use an AUM fee structure. We also dig how technology is streamlining so much of the back office work in financial planning. Since Scott's firm can outsource much of the administrative work, they have more time to focus on excellent client service. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/91

Fee compression might sound like a strange or complicated term, but it's basically the idea that as the financial planning/asset management space becomes more crowded, advisors with smaller firms will have to reduce their fees and eventually go out of business. Kitces and Alan break down the different versions of fee compression that they do and don't see in the financial advisory marketplace, and they talk about why they think niched advisors are going to continue to succeed. They also touch on the legitimacy that big companies like Vanguard and Schwab are bringing to our profession, making financial advising more familiar and accessible to more people. Alan highlights the benefits these big moves will have for younger advisors, who will be able to get legitimate financial planning experience much earlier in their careers. Long story short: we'll be just fine, and a niche is (almost) always a good idea. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/90

Nancy Bleeke is the founder of Sales Pro Insider and the developer of the Genuine Sales Process. Nancy is a goldmine of great information and has an exciting announcement about her sales course which explores distractions that present as obstacles to our ability to generate sales. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/89

Chloé graduated from the University of Alabama and immediately started studying to become a CFP. After several jobs as an associate planner and manager at various firms throughout the southern U.S., Chloé decided to start her own consulting and advising businesses. Chloé and I talk about the brilliant path she's taken as a financial planner, starting her career by advising high net-worth clients with complex needs. She also talks about some of the challenges she's faced as a young woman of color in a predominantly older and white male industry, how organizations like the Association of African American Financial Advisors are working to support each other, and how we can all contribute to making the industry more diverse. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/88

On today's episode we hear from André Novaes, founder and CEO of Life FP. Life FP is a monthly retainer firm in Brazil with about 3,000 clients, 45 advisors, and a grand vision. If André had his way, 95% (or more) of Brazil's population would have the opportunity to design their lives with great financial planning. In this interview, André talks about his journey to establish Life FP and build the financial planning landscape in Brazil. He discusses why they don't have assets under management at Life FP, just dreams under management, and the tools he uses to build strong rapport with clients. André also shares how he makes the monthly retainer model work for him and his advisors, and how he gets clients to pay 5% of their income for financial planning services. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/87

Virtual paraplanning is probably the most requested interview topic from listeners. Jennifer Pritchard has one of the most unique and awesome jobs in financial planning. She's a financial planner who's been mentioned on the podcast before because she's built a virtual paraplanning business working with a number of our XYPN members. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/86

Brian is the owner of Face 2 Face Financial Planning, a fee-only RIA in Kalamazoo, Michigan. He's a second generation planner who was introduced to the industry by his father. In 2007, he started his career in a wirehouse, but found the work unsatisfying after two years. He ultimately learned that he could serve customers in a way that provides value and while he earned a living. His experience is a wonderful case study describing how to establish a new firm, convince clients to join you, and transition from an existing RIA without burning bridges. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/85

Today we're talking about some topics that don't often get discussed in the financial planning space: how your mental health and business are related, and what happens when you struggle with them both. Dave Grant, now the head of Retirement Matters, shares his journey as a financial planner and entrepreneur, and opens up about his recent experience with depression. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/84

Rick Frisbie, the newly minted CEO of Robust Wealth, offers a thoughtful take on the state of technology in the financial services industry and what we can expect in the next 18 - 24 months. Robo-advisors, or automated wealth platforms, are here to stay. However, advisors will appreciate the suggestions Rick to best incorporate these tools in a way that drives growth. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/83

This week, J.D. Bruce - President of Abacus Wealth Partners - shares his experience of growing a firm from a solo practice to an established business with a professional management, a board of directors, and a governance structure. J.D., a CPA with management experience across a variety of industries, was hired at Abacus to help merge two solo firms into the successful operation that exists today. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/82

We closed 2016 out with 350 members; hitting our 20-year goal in just two years. Whoa! As accidental entrepreneurs who sought the freedom to build a lifestyle on their own terms, we discuss the pros and cons of pursuing an aggressive growth strategy in business. In this episode, we reflect on how we were able to meet this challenge and the tools that made delegating much simpler. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/81

Inga Chira is the President and Founder of Attainable Wealth, a fee-only RIA based in Los Angeles. She specializes in financial planning services for college professors and teachers. Inga has an awesome story and a very cool career path. During her first year, she has started working with 23 new clients while maintaining her full-time position as an Assistant Professor of Finance. On this episode, we discuss her time management strategies and a simple, yet effective technique to connect with her ideal client. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/80

Cady North, like most of our guests on the #XYPNRadio podcast, didn't begin her career as a financial planner. She was a political science major and became the leading expert on the Dodd-Frank bill as it was being written. After getting her MBA, she decided to make the leap into fee-only financial planning. She started her firm, North Financial Advisors, to bring independent and affordable financial advice to young professionals with an emphasis on women. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/79

Jim is the President of Financial Planners Assistance Corp. FPAC is a compliance firm that works with independent RIAs and financial planning firms. We talk about quite a few topics from what to expect when being audited to how giving gifts can create unintended consequences. Obviously, all information offered today should be considered general advice. Follow up with your state regulators for more specific information. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/78

Kristin Harad followed a very non-traditional route before landing in the financial planning industry. She initially dreamed of becoming an advertising executive on Madison Avenue in New York City and began her career as a direct marketer. This is where she honed her expertise building brand awareness for various firms and developing customer loyalty programs. Her success led to new opportunities helping financial advisors develop their marketing campaigns. She's become a noted speaker and sought-after consultant in the financial planning industry. The increased notoriety ultimately led her to choose between running her financial planning firm and nurturing this burgeoning advisor-facing practice. She talks about which path she chose and why selecting one is essential for consistent growth and a balanced lifestyle. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/77

In the hustle of this always-busy time of year, we thought it'd be a great idea to answer several of the mailbag questions from our private XYPN network. We start off with an announcement about the wide release of Advice Pay, our payment processor for advisors that follows the rules of all 51 states. Alan and Michael then spend a couple questions discussing the effects of the Department of Labor's new fiduciary laws, and which firms will have to change the most to accommodate them. We also dig into compliance regulations and how to limit risk when you're advising on 401Ks. The co-hosts also cover going solo as an advisor, how you need to market yourself, and how other advisors have transferred clients from a commission-based model to a net-worth retainer model. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/76

This week, we're excited to welcome Hui-chin Chen, a Certified Financial Planner and co-owner of Pavlov Financial Planning, a fee-only firm based in Washington D.C. This Taiwanese native received an undergraduate degree in business before relocating to the United States to pursue her master's degree at Carnegie Mellon. Specializing in financial planning for digital nomads, Hui-chin has created a location independent practice that caters to expats with assets in both Taiwan and the United States. As a digital nomad herself, she's been able to build her practice while relocating between various countries with her husband - a professional in the Foreign Service. Hui-chin's experience will shed new light on a world of possibilities for financial planners with a sense of adventure. She lays out the benefits and challenges of operating as an advisor in a global environment. After learning about Hui-chin's location independent lifestyle, you may never look at financial planning the same way again. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/75

Adele Martin may just be one of the most famous guests ever interviewed on the XYPN Radio podcast. She's a recent recipient of the prestigious Independent Financial Advisor Excellence Award based on the innovative strategies she's using to expand her firm's reach while keeping costs low. This Australian planner is disrupting the industry down under with her fee-only firm, Experience Wealth. Adele provides an international perspective on the evolution of fee-only planning. Australian financial planners have transitioned to a business climate that is heavily regulated by the government. She shares a fascinating glimpse into the business environment as we discuss the impact of the new laws on firms and their customers. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/74

Steve Dunlap is our guest on the XYPN Radio podcast this week. He is the President and COO of FolioDynamix, a firm that employs technology to help advisors improve their business processes. This interview is a break from the norm. Instead of learning directly from a firm owner, Steve provides a unique take on the financial planning industry from a business development and software solutions perspective. He's at the forefront of changes in technology and lends his expertise to help us understand how those changes will impact the financial planning industry. Get full show notes and more information here: http://bit.ly/2eBJQZ7

Linden Cornett is working on an encore career by starting a financial planning firm, Seagrass Financial. At 40, she's pursuing a new entrepreneurial venture in an entirely new industry. And she can make it happen thanks to the years of dedication it took her to reach financial independence. This is an example of how to create a successful foundation for a profitable endeavor. Creating an RIA without financial planning experience is never easy, but Linden's story shows it is possible to pursue an encore career while helping others achieve financial success. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/72

Catalina Franco-Cicero joins #XYPN Radio to share one of the most unusual journies any financial planner has taken into the profession. She's currently a partner working to build the Fiscal Fitness Clubs brand, which offers a holistic financial planning service to clients that are often overlooked by traditional money managers. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/71

Daniel Wrenne revisits the podcast to provide an update on the progress he's having with his firm - Wrenne Financial Planning. Daniel is nearing client capacity after two years in business and he's doing so by successfully employing niche marketing. We last spoke with Daniel in episode #14 as he was just establishing the new firm. Today, we look back at his year of growth and dig into the processes he's developing to realize his growth goals. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/70

This week, John McCarthy joins us for a discussion about leveraging lessons learned after a failed attempt at running his previous business - an RIA. His experience should be a hopeful source of motivation for anyone facing a challenge with their current business model. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/69

This week our guest is Megan Carpenter, Co-Founder of FiComm Partners, a public relations firm specializing in creating custom marketing campaigns for independent advisory firms. We discuss her decision to break from working with insurance and broker-dealer firms to focusing exclusively on marketing campaigns for RIAs. This episode is loaded with valuable tips on why advisors should consider working with a public relations firm and how the exposure can grow their businesses. While you can work on marketing your firm independently, working with an expert can help you target the right media sources that will be most effective in establishing you as a subject matter expert. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/68

Michael and Alan are back for another Unhinged episode after wrapping up #XYPN16 in San Diego. We had a blast at the conference and loved the opportunity to spend some quality one-on-one time talking with members of the XYPN community. This mailbag episode covers the major questions received as well as highlights from the conference. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/67

Jake Kuebler is a 30-year-old planner at the helm of the very successful, fee-only firm, Bluestem Financial Advisors. He joins the podcast this week to discuss succession plans, the future of the retainer model, and how to seamlessly manage a firm's transition in ownership. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/66

We routinely receive requests for more shows with established planners who've found success implementing the strategies we champion, especially around defining your niche. Joe Messinger of Capstone Wealth Partners is the perfect example of an advisor running a firm doing just that. He specializes in helping families create a comprehensive college funding plan to maximize financial aid, minimize taxes, and effectively save for retirement at the same time. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/65

Trace Tisler walked away from a comfortable job in a successful, fee-only RIA to strike out on his own. He's now building his own fee-only firm... with one of our favorite financial planning firm names in the industry (listen to the podcast to find out what it is!). You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/64

Your cohosts address questions from the XYPN community on whether spamming potential clients is a reasonable marketing technique, why selling insurance doesn't vibe with the fee-only structure, when and why advisors should register an RIA, and more. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/63