Financial Advisor Success

Ann Garcia is a partner of Independent Progressive Advisors, an RIA based out of Portland that oversees approximately $115 million in assets under management for 120 clients. Ann has distinguished herself by developing a nationally recognized expertise in college financial planning, a specialty that has grown alongside her advisory business, now focusing on mid-career professionals who balance saving for their children's college education with their own retirement planning. This dual focus reflects the evolving needs of her clientele as they navigate significant financial milestones. Listen in as Ann shares how she developed her reputation as a college planning expert by transforming client queries into a specialized blog that gained national attention, eventually leading to the publication of a book on college planning and the creation of an online course. She also discusses how her expertise has attracted mid-career professionals, to the point where her firm is nearing capacity in its current form, how purchasing a retiring advisor's practice laid the groundwork for the firm she desired, and how she refined her sales skills early on by taking meetings with all prospects who approached her, even if they were not a good fit for her firm. Ann also emphasizes the importance of initiating early discussions on college affordability within families and describes her decision to leave a prominent firm to create one that aligns with her values, allowing her to serve clients she truly understands and appreciates. For show notes and more visit: https://www.kitces.com/404

Eric Stein is a Partner at East Bay Investment Solutions, a firm that offers fractional Chief Investment Officer services, supporting over $6 billion in assets under advisement across 26 advisory firm clients. In this episode, we discuss how Eric leverages his extensive investment expertise not by managing portfolios for individual clients as a traditional financial advisor, but rather by embracing his role as an 'investment nerd' serving as a fractional Chief Investment Officer, supporting multiple advisory firms and their clients. Listen in as Eric shares how his fractional Chief Investment Officer service operates, providing investment research, portfolio design, and market commentary while leaving portfolio implementation up to the advisor themselves. He also discusses his winding career path, from commercial banking to Goldman Sachs Asset Management and as a CIO for a national RIA, to his current role, which he found after a careful 'dating' process with his business partner to ensure their visions aligned. Eric also reflects on his experiences across large national businesses and smaller firms, emphasizing the importance of role exploration, effective management practices, and learning from both successes and failures to navigate challenges that arise. For show notes and more visit: https://www.kitces.com/403

John Mason is the President of Mason & Associates, an RIA based out of Virginia that oversees $370 million in assets under management for approximately 390 client households. What's unique about John, though, is how joining a firm that served the niche of Federal government employees allowed him to quickly accelerate his own learning curve and demonstrate his expertise early in his career as a 20-something—ultimately enabling him to more quickly begin bringing in his own clients. Listen in as John shares how his firm's specialization in serving Federal employees allows it to operate efficiently and develop deep relationships with clients, and how his firm generates client leads through a podcast focusing on the issues facing its ideal target client. He also discusses his firm's transition from a broker-dealer to the RIA model, which boosted its per-client revenue while bringing down all-in costs for clients, how he managed the delicate process of transitioning unprofitable clients to more suitable advisors, why he thinks fee-only advisors sometimes underrate the importance of insurance planning, and more. For show notes and more visit: https://www.kitces.com/402

Zack Hubbard is the Director of Financial Planning and Participant Engagement of Greenspring Advisors, an RIA based out of Maryland that manages $2 billion of private wealth assets under management for 1,300 client households and advises on an additional $5 billion in retirement plan assets. Zack and his firm have developed a financial wellness offering that profitably delivers both self-serve technology and direct one-on-one financial advice to employees of businesses using their fiduciary 401(k) services. This approach not only supports plan participants, but also generates a steady stream of referrals for his firm's private wealth services. Listen in as Zack shares how his firm uses a three-tiered approach to fiduciary financial wellness for 401(k) plan participants, comprising of education, one-on-one advice, and implementation support, how his firm develops new advisors by allowing them to have many 'at bats' with retirement plan participants, and how he made the decision to shift from client-facing roles to his current position as a manager. For show notes and more visit: https://www.kitces.com/401

Mark Tibergien is the former CEO of Pershing Advisor Solutions, a former Principal with Moss Adams Consulting, and a longtime practice management consultant and thought leader in the financial advisory industry. Over his 50-year career in financial services, Mark has witnessed the evolution of the financial advice industry and has actively defined best practices for advisory firms aiming to scale up and build enduring businesses. His extensive experience has enabled him to measure and track the key strategies that help firms not just grow in size, but also enhance their scalability and operational efficiency. In this episode, Mark shares his insights on the crucial distinction between growing in size and truly scaling an advisory firm, emphasizing that genuine scale is achieved when revenue increases outpace expenses. He also discusses the ongoing industry consolidation and outlines the different types of firms looking to acquire RIAs—financial, tactical, and strategic buyers—highlighting how smaller firms can still thrive by focusing on local excellence or specific client demographics. Listen in to learn about the importance of proactive succession planning and defining personal measures of success, which influence both strategic decisions and the broader impact of the advisory business on the community and the industry. For show notes and more visit: https://www.kitces.com/400

Kelli Kiemle is the Managing Director of Growth and Client Experience of Halbert Hargrove, an RIA based out of California that oversees $3.1 billion in assets under management for 75 households. Kelli uniquely spearheads initiatives at Halbert Hargrove to uphold the firm's four core values and foster a strong corporate culture, a critical task as the company expands to 50 employees across 10 offices in the western United States. This growth makes even their in-person offices effectively 'remote' and 'virtual' relative to the leadership at the firm's main headquarters. Listen in as Kelli shares how she has implemented effective communication and relationship-building programs at Halbert Hargrove, including biannual in-person meetings and weekly all-hands sessions to enhance accountability and integrate new hires through a formal two-year mentorship program. She discusses initiatives that reinforce the firm's core values—like sharing 'Gladiator Stories' and 'Goofs That Give Us Guidance'—and aligns employee benefits with these values by supporting education, charitable contributions, and family care, while also managing a unique vacation policy to prevent burnout. Additionally, Kelli explains her strategic role in growing the firm's AUM past $3 billion, utilizing external PR and SEO, and integrating sales coaching to enhance client acquisition efforts without compromising the firm's fiduciary commitments. For show notes and more visit: https://www.kitces.com/399

Eric Wulff is the CEO of Marcum Wealth, an RIA based out of Cleveland that oversees $2.5 billion in assets under management for approximately 2,700 households. Eric has uniquely developed Marcum Wealth into a multi-billion-dollar firm under the umbrella of a national accounting firm, largely by fostering mutually beneficial relationships with internal CPAs to secure referrals of their accounting clients to his financial planning business. This strategy has effectively integrated and leveraged the firm's existing services to expand its client base and enhance its financial planning division. Listen in as Eric shares his strategic approach to generating internal referrals at his firm, using a "give to get" philosophy with CPAs to ensure his advisors are top of mind for financial planning referrals, especially through exit planning services that help maintain CPA-client relationships beyond traditional business needs. He also explains how his firm standardizes financial planning across national offices through a centralized team, the effectiveness of presenting detailed financial plans to prospects before they commit, and his targeted acquisition strategy focusing on growth-minded mid-career advisors. For show notes and more visit: https://www.kitces.com/398 Headers: What Marcum Wealth Looks Like Today [6:35] Using A Team-Based Approach To Building Financial Plans [16:10] Linking Marcum Wealth's Planning Process To Its Asset Allocation Frameworks [28:44] Converting Prospects Into Clients Through The Plan Delivery Process [33:06] How Marcum Wealth Generates Referrals From Its Attached CPA Firm [46:10] Dividing Advisory Teams By Geography And Client Segments [57:43] Marcum Wealth's Strategic Approach To Acquisitions [1:04:21] What Surprised Eric The Most Building An Advisory Business [1:15:40] The Low Point On Eric's Journey [1:17:34] What Eric Would Tell His Younger Self [1:22:58] Eric's Advice For Younger Advisors [1:24:15] What Success Means To Eric [1:27:25] The following contains the thoughts and opinions of Eric Wulff, CEO, of Marcum Wealth, LLC. Marcum Wealth is an investment adviser registered with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The statements herein are intended as brand and general educational and informational content only, and no viewer should construe any statements as an offer of Marcum Wealth's advisory services. Viewers are encouraged to discuss the content of this broadcast with, and direct any questions to, the financial professional of their choosing.

Jaime Benedetti is the Managing Principal of Benedetti, Gucer, and Associates and BEAM Wealth Advisors, hybrid advisory firms based out of Georgia and Louisiana that oversee a total of $1.2-billion in assets under management for approximately 900 households. Jaime's firm has uniquely expanded to over $1 billion in AUM over the last 20 years, largely through six strategic acquisitions of mixed fee-and-commission practices from retiring local advisors, which he successfully converted into ongoing, recurring revenue financial planning clients - an approach that has not only fueled growth but also streamlined the firm's revenue model into a more predictable and sustainable framework. Listen in as Jaime shares how he has skillfully managed the acquisition of firms with assets ranging from under $10 million to nearly $500 million, evolving from using personal funding sources to securing bank-financed loans that cover the full purchase price. He explains his strategic approach to converting acquired firms from commission-based to fee-based models, details his method for identifying potential acquisition targets through a combination of recruiters, marketplaces, and networking, and shares the importance of taking time to integrate new acquisitions thoroughly, which has not only retained clients but also attracted sellers who prioritize the welfare of their clients post-acquisition. For show notes and more visit: https://www.kitces.com/397

Michelle Klisanich is a Wealth Advisor for Financially Wise Divorce, a hybrid advisory firm based out of Minnesota that oversees $87-million in assets under management for 91 households. Michelle stands out by effectively applying insights gained from multiple business coaches throughout her career, enabling her to precisely target and market to her desired clientele—women undergoing divorce. This focus allows her to transition these women into long-term advisory clients, with whom she builds deep, enduring relationships. Listen in as Michelle shares how she developed a structured process to guide clients through divorce, linking them with pre-vetted professionals and providing a roadmap for life post-divorce, while ensuring they are interested in ongoing advisory relationships. She discusses leveraging her early career challenges and business coaching to specialize in divorce planning, using online networking to build influential connections and streamline her client base from 350 to 90 focused, profitable relationships. Michelle also reflects on how her personal divorce experience inspired her to help similar women, overcoming "impostor syndrome" by gaining confidence through small wins and recommending that newer advisors learn from experienced colleagues to navigate early career challenges. For show notes and more visit: https://www.kitces.com/396

Dustin Mangone is the Director of Investment Advisor Services of PPL Loan, a firm based out of Texas that facilitates conventional bank loans to financial advisors. Dustin's firm uniquely enables financial advisors to access bank lending—a traditionally difficult source of debt capital in the advisory industry—for financing various transactions, including RIA and independent broker-dealer acquisitions, internal succession plans, and other growth initiatives. This approach provides vital support for advisors looking to expand or transition their businesses. Listen in as Dustin shares how his firm partners with banks to provide loans to financial advisors purchasing advisory firms, enabling sellers to receive the purchase price upfront and increasing loan amounts as advisor repayment success grows. He discusses the key financial metrics used to determine loan amounts for mergers and acquisitions, such as the buyer's capitalization and the selling firm's recurring revenue, and explains how these loans support both full purchases and partial buy-ins during internal firm successions. Dustin also touches on current trends in advisory firm valuations, the differences between conventional bank loans and Small Business Administration loans, and the continued robust financing opportunities for advisory firm transactions, underscoring the inherent stability of these businesses due to their long-term client relationships. For show notes and more visit: https://www.kitces.com/395

Christi Van Rite is the Founder of White River Consultants, a firm that provides administrative family office services to 17 ultra-high-net-worth households. Christi, whose firm is on track to generate nearly $1.5M in revenue this year, offers her insights into the complexities of managing extensive personal finances. You'll learn about the four primary pillars of Christi's services—personal bookkeeping, payroll for household employees, property management, and information and document management—and how each of these plays a role in maintaining financial order and security. Join us as we delve into Christi's journey from a traditional financial advisor to a leader in administrative family office services. You'll hear about her strategies for managing the financial needs of complex client households, the importance of using a client-owned tech stack for flexibility, and the role of robust referral pipelines in growing her business. Christi also shares her approach to curating, onboarding, and training specialized team members, managing risks associated with serving high-dollar families, and why she believes this niche is a fulfilling career path for financial advisors. For show notes and more visit: https://www.kitces.com/394

Alex Lewis is the owner of Blackbridge Financial, a hybrid advisory firm based out of South Carolina that oversees approximately $330 million in assets under management for 415 households. At just 29 years old, Alex boldly acquired his firm through a multi-million-dollar loan, stepping in as the successor to the founder. Over the past four years, he has transformed the business by overhauling the staff, technology, and service structure—nearly doubling the firm's AUM in the process. Listen in as Alex shares how he gained trust and smoothly transitioned into ownership by increasing his client-facing roles and negotiating a seller-financed purchase, setting the stage for financial challenges that included managing a hefty initial loan payment. You'll learn how his firm categorizes clients into five service tiers, tailors experiences with personal touches like preferred beverages, and expands the team to uphold a high-touch service model, ensuring each advisor manages no more than 150 clients. We also discuss Alex's career shift from public accounting to financial planning, his strategic fee adjustments that reinforced client trust, and his use of influential business strategies from books to continuously refine and grow the firm he envisioned. For show notes and more visit: https://www.kitces.com/393

Kristopher Heck is a Founding Partner of Tanager Wealth Management, an RIA based out of London that oversees approximately $1.1 billion in assets under management for 630 households. Kristopher's firm stands out by scaling to over a billion dollars in AUM, specializing in serving clients with financial and personal ties to both the United States and the United Kingdom, a niche lacking a standard playbook. This unique focus on complex transatlantic tax, estate, and planning issues has allowed them to develop a highly differentiated expertise in the marketplace over the past decade. Listen in as Kristopher shares his journey of founding Tanager Wealth, drawing on his personal experiences as a US expatriate to specialize in cross-border US-UK financial planning. He explains how his firm fosters a learning environment through internal blogs, videos, and lunch-and-learns, as well as how establishing early partnerships with other expatriate-focused professionals has cultivated a robust referral network. We also discuss the structure of separate advisory and planning teams that enhance career development and knowledge sharing within the firm, highlighting the importance of combining the right people and technology to effectively scale and succeed in the financial advisory landscape. For show notes and more visit: https://www.kitces.com/392

Christopher Jones is the Founder of Sparrow Wealth Management, an RIA based out of Orlando that oversees approximately $110 million in assets under management for 69 households. Chris has distinguished himself by building a highly efficient solo practice that operates under 25 hours per week, enabling him to spend more time with his family. He achieved this by concentrating solely on the most crucial financial planning tasks for his clients—and outsourcing or eliminating all other activities. Listen in as Chris shares how he streamlines his financial planning process by collaboratively working through plans during annual meetings, focusing on clients' goals instead of detailed cash flow analyses, and managing cash requests through a single annual distribution. He explains his efficiency improvements through a curated tech stack of specialized AdvisorTech products and the strategic decision to manually update client balances, a move away from excessive customization that has significantly grown his AUM. We also discuss how transitioning to a remote practice has allowed Chris to live closer to family, how he generates referrals from well-connected clients, and his approach to managing perfectionism by outsourcing tasks to alleviate time constraints and reduce anxiety. For show notes and more visit: https://www.kitces.com/391

Brent Carnduff is the Founder of Advisor Rankings, a marketing firm based out of Idaho that specializes in search engine optimization for financial advisors. Brent's firm uniquely assists advisors by enhancing their organic SEO through targeted content creation, designed to attract prospects with specific planning needs, and also boosts advisors' local SEO, ensuring top placement in Google rankings when consumers search for nearby financial advisors. Listen in as Brent shares how he guides advisors to enhance their local SEO by starting with a fully optimized Google Business Profile and encouraging systematic client reviews to improve search rankings and increase website traffic. We also discuss strategies for boosting organic SEO, the importance of serving a specific niche for better Google rankings, the different timelines for seeing results with local versus organic SEO, and how hiring a coach has transformed Brent's business practices, enabling him to focus on delivering top-tier SEO advice. For show notes and more visit: https://www.kitces.com/390

Mark Berg is the Founder of Timothy Financial Counsel, an RIA based out of Illinois that's on track to generate $5 million in annual revenue this year serving 800 households. Mark's firm stands out for its rapid growth, scaling from $1.8 million to $5 million in revenue within just six years while maintaining a 25% profit margin, achieved entirely through an hourly fee model. Listen in as Mark shares how he structured his firm to succeed with an hourly fee model, his strategic implementation of time-tracking software for efficient billing and capacity management, and how he uses a client waitlist to handle increasing demand. We also discuss Mark's innovative approach to scaling the firm by hiring a president without a financial planning background, as well as why he sees the hourly fee model as a vast opportunity for reaching a broader client base. For show notes and more visit: https://www.kitces.com/389

Freeman Linde is the cofounder of La Crosse Financial Planning, an RIA based out of Wisconsin that oversees nearly $50 million in assets under management for 73 clients. Despite industry norms suggesting the need for tens of millions in assets to go independent, Freeman launched his own RIA with just $7M in AUM, shared with a business partner. Leveraging the freedom to create an SEO-optimized website tailored to their local community, they rapidly expanded the firm to $40M in less than four years. Listen in as Freeman shares his strategic decision to operate as an independent RIA, utilizing a custom spreadsheet to analyze and favor the financial benefits over traditional broker-dealer models, including flat-cost expense management and the ability to offer lower client costs while raising AUM fees. He also discusses how adopting a focused local SEO strategy and creating distinct websites for niche markets accelerated his firm's growth, as well as his effective client-conversion approach. You'll hear how expanding his service offerings has solidified client loyalty and supported a sustainable business model that prioritizes recurring revenue over constant new client acquisition, inspiring newer advisors to start in fee-only environments. For show notes and more visit: https://www.kitces.com/388

Today we're joined by Jenny Martella, Principal and Wealth Manager at Modera Wealth Management, whose unique journey in the financial advisory world saw her and her partner achieving remarkable success in growing their firm from $19 million to $250 million in assets under management within 7 years. Jenny and her previous partner were so successful that they decided to seek a merger with Modera Wealth, a much larger enterprise, so they could focus on their strengths. In this episode, we explore Jenny's strategies for growth, the challenges of operational responsibilities, and the decision-making process behind merging with a larger firm. Listen in as Jenny discusses the intricacies of the merger process, from exploring potential partners to navigating the transition of clients and brand identity. She also shares lessons about managing change, adapting to new technologies, and finding her place within the larger organization. You'll learn about her methods for effective client communication and maintaining personal inspiration in the face of professional challenges, ideas for preserving brand identity during a merger, and more. For show notes and more visit: https://www.kitces.com/387

Dann Ryan is a Managing Partner at Sincerus Advisory, an RIA based in New York City that oversees approximately $165 million in assets under management for nearly 150 client households. Despite 17 years in the financial advisory business, Dann's persistent imposter syndrome fuels his anxiety before every client meeting, driving him to maintain high standards and accountability. This relentless pursuit of excellence has enabled Dann to build a thriving financial planning business that consistently attracts new client referrals. Listen in as Dann shares how he and his partner have successfully quintupled their AUM in five years through exceptional client service that spurred referrals and led to a waitlist system, and why they continue to use an AUM fee model despite a shift towards more planning-centric services. He discusses his early career at a fee-only advisory when such paths were less common, the long hours spent building financial plans as crucial career investments, and his decision to start his own firm after not becoming a partner at his previous job. We also explore his agile approach to financial planning, his openness to incorporating clients' investment ideas, and how serving a diverse client base while building lasting relationships has helped manage his imposter syndrome and enhance his career success. For show notes and more visit: https://www.kitces.com/386

Danielle Howard is the owner of Wealth By Design, a hybrid advisory firm based out of Colorado that oversees about $35 million in assets under advisement for 35 client households. Danielle's unique "Financial Fingerprints To Footprints" process assists clients who have difficulty implementing financial plans by uncovering and addressing their money memories. This approach helps them understand how past financial lessons shape their current financial identities and may hinder future goal achievement. Listen in as Danielle shares how she structures her financial planning engagements, using a 5-meeting sequence focused on understanding the client's financial situation and the psychological factors influencing their money management. She discusses her transition to a planning-centric business, influenced by personal experiences with life planning questions, and explains how she adapts her client headcount to suit different life stages. We also explore the unique contributions women can make in the financial planning industry, Danielle's evolving definition of success, and the personalized career paths available in the industry that allow for personal fulfillment while aiding clients in achieving their financial goals. For show notes and more visit: https://www.kitces.com/385

Hannah Provost is a partner and financial advisor at Lomanto Provost Financial Advisors, a hybrid advisory firm based out of New York State that oversees approximately $150 million in assets under management for 380 households. Hannah's unique journey in finance began with retail banking, progressing from lending and teller roles to a bank-based financial advisor, before she decided to broaden her expertise by working as an assistant under a seasoned advisor. This strategic move enriched her skills and knowledge, eventually propelling her to become a lead advisor and later a joint partner in the firm. Listen in as Hannah shares her journey of balancing work, family, and education to advance her career, emphasizing how the CFP certification guided her path and how early participation in client meetings fast-tracked her to a lead advisor role. She also reveals how leveraging community visibility and smart automation tools has been key to managing a growing client base, the importance of seeking supportive mentors as "green flags" in the industry, and how her early investments have paid off in a successful practice and robust work-life balance. For show notes and more visit: https://www.kitces.com/384

Troy Sharpe is the Founder and CEO of Oak Harvest Financial Group, an RIA based out of Houston that oversees $750 million in assets under management for 1,000 households. Troy's firm uniquely grew its AUM from $85 million to $750 million in five years by focusing on organic growth through diverse marketing strategies, including a radio show, in-person seminars, and notably, a scalable YouTube channel. Listen in as Troy shares his innovative marketing strategies that transformed educational seminar content into targeted YouTube videos for pre-retirees and retirees, emphasizing trust over immediate sales pitches, and aiming for a threefold return on marketing investments. He also discusses the expansion of his firm's marketing and advisory teams to support its growth, the adoption of a 3-advisor pod system for enhanced client interaction, and the creation of the "Retirement Success Plan" for dynamic retirement planning. For show notes and more visit: https://www.kitces.com/383

Tyson Ray is the CEO of FORM Wealth Advisors, a hybrid advisory firm based out of Wisconsin that oversees approximately $900 million in assets under management for just over 800 client households. Tyson's unique "Total Relationship" planning approach emphasizes assessing clients' immediate lump sum spending needs, such as new car purchases or vacations, to ensure their portfolios maintain sufficient cash reserves for these goals. Listen in as Tyson talks about his firm's unique approach, their strategic growth through acquisitions, and the crucial lessons learned on due diligence. He also shares the operational challenges he experienced, as well as the solutions he found that have streamlined his firm's operations. For show notes and more visit: https://www.kitces.com/382 Securities through Raymond James Financial Services, Inc. Member FINRA / SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors Inc. FORM Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services. Raymond James and its advisors do not provide tax advice. Podcast guest is Tyson Ray, CEO, Founding Partner, Senior Wealth Advisor at FORM Wealth Advisors. FORM Wealth Advisors is located at 431 Geneva National Ave S, Lake Geneva, WI, 53147; 262-686-3005.

Ashley Quamme is the Founder of Beyond The Plan, a consulting firm based out of Georgia that offers a Fractional Financial Behavioral Officer service, including consulting and training to advisory firms for new or existing clients. What sets Ashley apart is her expertise in psychology and couples therapy, which enables her to assist clients in managing their financial relationships and also equips advisors with strategies to overcome client obstacles. Listen in as Ashley shares insights into her work with advisory firms and her unique approach to understanding financial behaviors and biases. You'll learn how this has been instrumental in advising on challenging client situations, the ups and downs she experienced launching a consulting practice during the COVID-19 pandemic, and the tools she uses to enhance clients' self-awareness regarding their money mindset. For show notes and more visit: https://www.kitces.com/381

Andrew Leonard is the Managing Partner of Geometric Wealth Advisors, an RIA based out of Washington, D.C. that oversees approximately $750 million in assets under management (AUM) for 200 clients. Andrew's firm stands out for tripling its AUM in four years, achieving this growth by mirroring the management consulting approach of their clientele—focusing first on scaling their team's talent density through careful hiring and training, then determining the number of new clients they can onboard annually based on the team's growth capacity. Listen in as Andrew shares insights on Geometric's growth strategies, from adopting management consulting firm lessons for hiring and training to the early appointment of a COO for overcoming people-management hurdles. We also discuss how he maintains a vibrant company culture virtually, provides high-touch services to affluent clients, and integrates unique investment opportunities—all while navigating the firm's expansion through the 'dangerous middle' from $200 million to $2 billion in AUM. For show notes and more visit: https://www.kitces.com/380

Hans Blake is the founder of Intelligent Investing, an RIA based out of South Carolina that oversees $50 million in assets under management for 40 households. What's unique about Hans is how he developed Intelligrations, a financial dashboard software that simplifies clients' financial data into a single-page, comprehensive visual overview of their assets, through his desire to create a more centralized dashboard for his clients and his deep fascination of technology as a behavioral finance tool. Listen in as Hans shares his journey from the initial concept of Intelligrations, focusing on high-level financial goals and guiding client behaviors, to its development into a comprehensive software integrated with industry vendors. We also discuss how he positions Intelligent Investing as a boutique advisory for high-net-worth executives—emphasizing core values to highlight the firm's approach and distinguish between long-term and short-term clients—his discovery process for understanding client finances and values, and how he has transformed initial rejections into opportunities. For show notes and more visit: https://www.kitces.com/379

Michael Collins is the CEO and Founder of WinCap Financial, an RIA based out of Boston that oversees $80 million in assets under management for 70 client households. Since 2021, Michael has distinguished himself by growing his firm by over $10 million in assets under management annually, utilizing leads purchased through SmartAsset and investing $5,000 per month, which has allowed him to achieve a return of $10,000 in recurring revenue within less than 100 days. Listen in as Michael shares insights into his marketing and content creation strategies, including maintaining a $5,000 per month marketing budget with a 95% failure rate by focusing on the financial ROI from successful prospects, and enhancing his SmartAsset lead conversion with a time-efficient blog writing process involving ChatGPT. He also opens up about the transition's challenges and rewards, as well as the value of persistence, innovation, and the strategic use of technology in achieving business growth and client engagement. For show notes and more visit: https://www.kitces.com/378

Meredith Moore is the Founder and CEO of Artisan Financial Strategies, a hybrid advisory firm based out of Georgia that oversees $77 million in assets under management for 120 client households. Despite facing a daunting diagnosis of a 7cm Glioblastoma tumor in her brain in 2005—which led to years of surgeries, radiation, and chemotherapy—Meredith remarkably kept her firm operational and thriving, growing it to over $1 million in annual revenue while still serving her clients. Listen in as Meredith shares how she navigated significant challenges and drove her firm's growth through strategic early hiring, a pivotal revamp of the hiring process, and specializing in advising women senior executives and entrepreneurs. She also discusses the impact of her TEDx talk on couples' dynamics with money and leveraging it as social proof to expand her professional network, as well as what has been crucial to her sustained success. For show notes and more visit: https://www.kitces.com/377

Eric Simonson, Founder & CEO of Abundo Wealth, joins the show to share how his 'advice-only' RIA model revolutionized the financial planning landscape. Despite launching just four years ago, Abundo has soared to oversee $600M in assets for 420 client households, with a unique approach generating over 30 new clients monthly. In this episode, Eric shares his strategies for empowering clients to implement investment decisions, maintaining advisor workload balance, and navigating the evolution of Abundo's fee structure, all while embracing the entrepreneurial challenges and growth opportunities of building a groundbreaking firm. Listen in to hear why Eric believes the younger generation is shifting direction when it comes to giving up control of their finances, how his team schedules meetings with clients to ensure they feel comfortable, and the steps his team takes to set expectations for their clients. You'll learn about the pivotal role of referrals, the future of social media marketing, and Eric's unwavering commitment to his vision, even during the early days when financial sacrifices were necessary. For show notes and more visit: https://www.kitces.com/376

Rob Schultz is the Senior Partner of NWF Advisory, a hybrid firm based out of Los Angeles, where he oversees nearly $500 million in assets under management for 200 households. Rob has uniquely developed a streamlined meeting process with a standardized agenda that enables him to focus on individual client needs while managing over 20 meetings weekly, ensuring his firm's growth is both sustainable and efficient. Listen in as Rob shares how he efficiently manages those meetings through a structured agenda and the assistance of a paraplanner for preparation, alongside utilizing Microsoft Word's audio transcription for quick note-taking. He also discusses his unique journey from kinesiology and med school to finding his passion in financial planning at UCLA, a field that marries his desire to help people with his affinity for numbers, and his growth strategy through acquiring retiring advisors' practices and enhancing operational efficiency with outsourced TAMP providers and ETF model portfolios. For show notes and more visit: https://www.kitces.com/375

Dianne Nolin is the Managing Partner of Argent Bridge Advisors, a hybrid advisory firm based out of Virginia that oversees $500 million in assets under management for 350 households. Dianne uniquely enhanced her firm's marketing and profitability by transforming its loss-leading divorce financial planning service into a profitable revenue stream, recognizing its value and charging appropriately for the extensive time invested by her team. This shift in strategy capitalized on the existing benefits provided to clients and ensured fair compensation for their efforts. Listen in as Dianne shares her journey at Argent Bridge, from becoming aware of the firm's impactful service offerings to establishing new client relationships through divorce financial planning, which enhanced the firm's growth and referability in the divorce niche. We also discuss her transition to a more formal partnership structure, her approach to clear value communication, and the realization that her strength lies in knowing whom to consult rather than having all the answers. For show notes and more visit: https://www.kitces.com/374

Ben Hockema is the Founder of Illuminate Wealth Management, an RIA based out of Illinois that oversees $100 million in assets under management for 55 households. Ben's unique journey in the advisory world saw him rise from intern to partner over 13 years at a growing firm, only to discover a cultural mismatch. He navigated this challenge by engaging passive equity investors for his new startup RIA, enabling him to acquire a portion of his client base and establish the business he truly envisioned. Listen in as Ben shares his strategic journey in the financial advisory world and details his rapid growth from $16M to $100M in assets under management in three years. You'll also hear about his evolution from intern to partner, his realization of a misalignment with his firm's vision, and how he navigated the emotional challenges of leaving long-standing business relationships, finding invaluable support in a peer advisor study group and learning the power of asking 'dumb' questions for career growth. For show notes and more visit: https://www.kitces.com/373

Melody Townsend is the President of Townsend Financial Planning, an RIA based out of Kentucky that oversees $112 million in assets under management for 160 client households. Embracing a transformative business model, Melody's strategy centered around providing a comprehensive suite of services, blending financial planning with investment management. This significant shift from a fee-based to a value-based model underpinned the firm's remarkable growth trajectory, leading to a near-million-dollar revenue stream. Listen in as Melody shares the intricacies of her 20-year journey, detailing the pivotal transition from financial planning to a more inclusive wealth management approach, and how this strategic shift not only quadrupled the firm's revenue, but also enhanced the quality of client services. The discussion also covers the challenges of scaling a business, the importance of team building, and the evolution of Melody's role as a leader and advisor in the financial industry. For show notes and more visit: https://www.kitces.com/372

David Savir is the Co-Founder and CEO of Element Pointe Family Office, a fee-only RIA based out of Miami that oversees almost $1.6 billion in assets under management for 50 client households. David's unique approach at Element Pointe, developed over eight years and catering to high- and ultra-high-net-worth clients, involves an Equity Appreciation Rights plan that allows team members to share in the firm's growth. After a 3-4 year vesting period, key members can invest their earnings into becoming future partners, gaining equity, voting rights, and a place on the management team. Listen in as David shares his journey of working with ultra-high-net-worth clients, leading to a strategic focus on this group and a move away from "emerging wealth" clients to better align with their value delivery. He also discusses Element Pointe's evolution from investment management to offering comprehensive financial planning and family office services, his transition from a corporate background at Goldman Sachs and J. P. Morgan to establishing an independent firm, and the challenges of adapting to an independent firm's demands, from team management to technology integration. For show notes and more visit: https://www.kitces.com/371

Tim Goodwin is the founder of Goodwin Investment Advisory, an RIA based out of Georgia that oversees $275 million in assets under management for 370 client households. Tim's distinct approach involves a strong focus on search engine optimization, especially Google Reviews, alongside paid search ads to attract individuals actively seeking a "financial advisor near me." This strategy has resulted in a thriving prospecting pipeline, leading Tim to triple his minimum fee requirements over the past two years due to the overwhelming demand generated. Listen in as Tim shares his journey of building a pipeline for growth through a systematic approach to online reviews, resulting in a staggering 50% of his clients posting on Google Reviews, and how his marketing strategies led to a 2.5X return in client revenue. We also discuss how Tim navigated the challenges of balancing firm profitability, employee well-being, and client service, as well as his approach to hiring from his client base, strategies for establishing trust as a young founder, and the creation of Mastermind groups to combat the loneliness at the top. For show notes and more visit: https://www.kitces.com/370

Michelle Ogden is the founder of Ogden Wealth, an RIA based out of Florida that oversees $50 million in assets under management for 120 households. Unique in her approach, Michelle chose a cautious and deliberate path for her business growth, avoiding rapid expansion and minimal staff reliance for over a decade. This strategy, however, led to a pivotal moment where the business's success depended entirely on her, prompting her to partner with a TAMP and subsequently more than double her business by focusing on her core strengths. Listen in as Michelle shares her initial reluctance to enter the financial industry, the pivotal moments that led her to establish her own thriving RIA, and how strategic partnerships with third-party platforms catalyzed significant growth at her firm. You'll hear about how her reputation as a trusted financial guide helped expand her client base, as well as her focus on joy in her work, overcoming management challenges, and boosting revenue without increasing workload. For show notes and more visit: https://www.kitces.com/369

Thomas Kopelman is the Co-Founder of AllStreet Wealth, a financial planning firm for millennial business owners and those with equity comp that has quickly grown to more than $500,000 of run-rate revenue generated from serving 70 ongoing households. Thomas stands out for his effective use of social media, particularly Twitter, to attract over 170 prospects this year by sharing concise, impactful blog posts. His content, though seemingly simple, directly addresses his audience's needs, making him the go-to financial advisor when they're ready to seek advice. Listen in as Thomas shares his journey from minimal social media engagement to harnessing the power of Twitter and ultimately driving substantial growth for his firm. We also discuss how he filters prospects to ensure quality interactions, his unique financial planning approach with visually appealing, customized templates, and his evolution from intending to run a solo firm to building a supportive team, enhancing both firm growth and workplace enjoyment. For show notes and more visit: https://www.kitces.com/368

Kimberly Enders is the Lead Financial Planner and Managing Partner of Enders Wealth Management, a hybrid advisory firm based out of Michigan that oversees $50 million in assets under management for 85 client households. Kimberly's unique journey in the financial industry began with rebuilding her practice from scratch after a divorce in 2015, starting with just 12 clients and $7 million in assets. Over the past eight years, she has successfully grown her business by implementing a highly customized 12-month onboarding process for new clients, fueling rapid growth through referrals. Listen in as Kimberly shares her journey of reinventing her career after leaving a joint business with her husband, focusing on her ideal clients and making it a priority to build strong advisor/client relationships. You'll hear about the lessons she learned from exploring various roles in the financial industry, the challenges she faced in starting her own advisory firm, and how her definition of success has evolved to prioritize autonomy and control over her time, rather than just financial success. For show notes and more visit: https://www.kitces.com/367

Stevyn Guinnip is the founder of Grow Wellthy, a health and wellness consulting firm based out of Missouri that specializes in working with busy (but not always healthy) financial advisors. Stevyn stands out for her unique approach, blending her family background in financial advice with her extensive experience in health and well-being coaching. She focuses on addressing 'The Big Swap' phenomenon, where financial success often comes at the expense of health, impacting both the quality of life and retirement plans of financial advisors. Listen in as Stevyn shares her insights on the prevalent health issues among financial advisors, stemming from demanding work schedules and personal life pressures, and the critical need for balancing financial success with physical well-being. She also discusses how she leverages advisors' affinity for data and metrics to guide them towards healthier lifestyles, her personal journey—including a life-altering experience in Australia (which reshaped her approach to health and wellness)—and the importance of proactive health management. For show notes and more visit: https://www.kitces.com/366

Rob Nelson is the CEO and Founder of NorthRock Partners, an RIA based in Minneapolis that oversees $5 billion in assets under management for 1,500 client households. Rob stands out in the advisory landscape by offering a wide array of services from bill paying to tax preparation, akin to a 'personal CFO'. He achieves this while maintaining competitive AUM-based fees, capitalizing on economies of scale to provide a comprehensive client experience at a cost similar to less extensive firms. Listen in as Rob shares insights into NorthRock Partners' impressive growth from $1 billion to $5 billion in AUM over six years, driven by organic growth, strategic acquisitions, and robust client referrals from high-earning individuals. He also discusses the firm's structure, which empowers advisors with centralized expert teams while maintaining direct client relationships, and his decision to partner with a holding company for long-term expansion. You'll learn about NorthRock's hiring strategies, the importance of practice for developing advisors, and Rob's belief in the firm's substantial untapped potential for future growth. For show notes and more visit: https://www.kitces.com/365

Ted Jenkin is the consultant of JPTD Partners, a consulting firm based in Atlanta that helps financial advisors gather offers, negotiate, and ultimately sell their advisory firms. What sets Ted apart is his firsthand experience of selling his own $2.2 billion AUM firm, cultivated over a decade. This unique perspective as a former owner deeply influences his approach, enabling him to empathetically guide other advisors through the nuances of mergers and acquisitions. Listen in as Ted shares the intricacies of mergers and acquisitions, diving into insights from his journey of building a consulting firm and the strategies he employed, such as the 'manufactured celebrity approach', which skyrocketed his firm's success but also led to burnout. He also discusses the nuances of how buyers evaluate advisory firms, the importance of niching down for scalability, and the lessons he learned about recognizing true profit margins and the real value of a firm. You'll hear about his transition from business owner to employee post-sale, the significance of outsourcing weaknesses early on, and invaluable advice for advisors aiming to maximize their firm's value when considering a sale. For show notes and more visit: https://www.kitces.com/364

Christa Madison is the Managing Director of Financial Planning and Business Development at Sebold Capital, a fee-only RIA based out of Chicago that oversees $300 million across more than 100 households. Christa's distinct approach lies in her adept use of business development and networking skills to rebuild her client base from scratch three times, amidst personal and professional changes. She transformed these challenges into opportunities, adapting to her evolving skills and competencies to seize larger, more profitable ventures. Listen in as Christa dives into her journey, highlighting the trials and triumphs of her initial foray into insurance sales and the pivotal role of her robust networking and follow-up strategies in rebuilding her client base through various career transitions. She also shares her belief that it takes about three years to transform initial prospecting efforts into a self-sustaining referral network, how she balanced the demands of her burgeoning career with family life, her strategic shift to the RIA channel, and how her early experiences in insurance sales fortified her skills as a financial advisor. For show notes and more visit: https://www.kitces.com/363

Jeff Brown is the President of Stratos Private Wealth, an RIA based out of San Diego that oversees nearly $1.5 billion in assets under management for over 350 households. Jeff's firm stands out for its innovative career track system, which features well-defined performance indicators across three levels to systematically guide junior advisors toward becoming lead advisors. This unique structure not only clarifies the path to leadership, but also fosters the firm's ability to cultivate senior advisors from within. Listen in as Jeff discusses his firm's strategy of generating leads for advisors to enhance client retention and explores their unique performance review system alongside growth tactics like client referrals, content creation, and acquisitions. Jeff also reflects on his journey from a wirehouse to embracing the supported independence of Stratos Wealth Partners, the pivotal career lessons from a challenging partnership breakup that now guide his approach to forming partnerships and operations agreements, and the importance of setting ambitious goals early in one's career. For show notes and more visit: https://www.kitces.com/362

Peter Tiboris is a Partner of Park Avenue Capital, an advisory firm affiliated with Northwestern Mutual based out of New York City that oversees $2.4 billion in assets under management for over 1,300 households. Peter and his business partner have distinctively grown their firm within the Northwestern Mutual ecosystem through organic expansion and strategic mergers and acquisitions. Their position as one of the largest Northwestern Mutual offices, coupled with their ability to leverage debt-financing, has given them a competitive edge that propels their growth. Listen in as Peter dives into Park Avenue Capital's growth strategies, highlighting their unique approach to acquisitions and the innovative bank financing arrangements that fuel their serial acquisitions. He also shares insights into the creation of 3-person advisor pods designed to enhance client capacity and the firm's commitment to a service-oriented culture that fosters client loyalty, reflects on his entry into the industry post-9/11, and breaks down his forward-thinking approach to business decisions. For show notes and more visit: https://www.kitces.com/361

Suzanne Powell is a Senior Financial Advisor that oversees approximately $110 million in assets under management for nearly 150 households at Meridian Wealth Management, an RIA based out of Kentucky. Suzanne stands out for her strategic scheduling, amassing over $100M in AUM by concentrating client and prospect meetings into two 3-month periods each year, enabling her to dedicate the rest of the year to family. She minimizes time on prospecting by efficiently managing a continuous stream of SmartAsset leads with a highly automated response system. Listen in as Suzanne shares her expertise on driving client growth by managing SmartAsset's lead-generation service, setting up effective communication automations, and strategically targeting leads to amass nearly $70M in new assets. We also discuss how she balances a packed schedule of client meetings with preparation and follow-up tasks, using technology to efficiently present financial plans to save time, her method for nurturing long-term client relationships, and her philosophy on integrating work with quality family life now, rather than waiting for retirement. For show notes and more visit: https://www.kitces.com/360

Eric Miller, Chief Financial Advisor and Co-Owner of Econologics Financial Advisors, joins the show today to discuss his innovative approach to financial planning. His unique Financial Prosperity Index, a comprehensive assessment covering 100 questions and 9 different domains, provides clients with a holistic view of their financial health—and helps Eric demonstrate the value of his financial planning services beyond traditional metrics like net worth and investment performance. Listen in as we discuss Eric's niche-focused practice, catering to healthcare professionals, and his successful strategies for acquiring new clients while delivering substantial value. You'll get insights into his client acquisition tactics, his evolving perspective on celebrating achievements, and his advice for young advisors on honing communication skills for a prosperous career in financial advising. For show notes and more visit: https://www.kitces.com/359

Veronica 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

Jon 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

Sarah-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

Brad 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