Financial Advisor Success

Grier Rubeling is the founder of Advisor Transition Services, a consulting firm based out of North Carolina that helps advisors move from one broker-dealer or custodian's platform to another—often while breaking away to start their own firm. Grier stands out with her meticulous approach to aiding firms in swiftly transitioning custodians, a complex task both legally and emotionally. She has developed advanced, real-time Excel tools to keep advisors updated throughout the entire transition process, enabling them to resume their billing services as promptly as possible. Listen in as Grier shares her strategic approach to aiding advisors in navigating the intricate terrain of transitioning between Broker Protocol, non-Protocol, and Protocol Not Applicable (PNA) scenarios, ensuring efficient client data organization and getting advisors back to billing as soon as possible. We also discuss Grier's unique journey into the financial realm (where her intrinsic ability to streamline systems and processes established her as a distinctive expert in advisor transitions), the challenges of hiring and firing her first full-time employee, and what poses the most significant obstacle in advisor transitions. For show notes and more visit: https://www.kitces.com/354

Brett Danko is the Founder of Brett Danko Educational Center, a CFP Board Education and Exam Prep Provider, and the CEO and Managing Partner for Main Street Financial Solutions, an independent RIA based out of Pennsylvania that oversees nearly $2 billion in assets under management for 1,700 households. Brett stands out for combining his love for teaching with financial expertise, creating one of the nation's leading CFP exam prep programs and growing his own RIA to $2 billion in AUM. Listen in as he shares his unique approach to CFP exam preparation, as well as insights into his hourly financial planning model and the innovative structure of his firm—which empowers advisors to own their client relationships and design their own fee schedules. You'll also hear about his personal journey from job loss and depression to renewed purpose, highlighting the importance of delegation, mentorship, and self-awareness in building a fulfilling career. For show notes and more visit: https://www.kitces.com/353

Bridget Venus Grimes is the President of WealthChoice, a virtual independent RIA that oversees nearly $80 million in assets under management for 68 families, and Co-Founder of Equita Financial Network, an advisor platform that helps advisors share resources. As a solo advisor, Bridget quickly grew her firm to $77M in AUM over 7 years, but found herself stretched thin managing various business aspects while serving her clients. Instead of scaling her firm by hiring more advisors, she chose to delegate non-financial-planning tasks to virtual outsourced contractors, freeing her from day-to-day management responsibilities. Listen in as Bridget shares her journey of building her firm by outsourcing various tasks like compliance, operations, and client scheduling to focus on her niche of female executives. We also discuss her unique approach to compensation and client service, which led her to launch her own firm, and how she invested $30,000 in writing a book for credibility rather than sales. Bridget also dives into the importance of business coaching, learning not to compromise on client fit, and her decision to bring on her daughter as part of a long-term succession plan. For show notes and more visit: https://www.kitces.com/352

Jessica Polito is the Founder and Principal for Turkey Hill Management, a mergers and acquisitions consulting firm that assists financial advisors with the sale, acquisition, integration, or merger of their firms. Jessica stands out for her specialized practice in assisting financial advisors and firms, offering comprehensive guidance—from understanding business goals and educating clients on transactions to valuing firms—all without the conflict of an investment banker's success fee. In this episode, she delves into how her investment banking experience informs her unique approach to offering independent M&A advice, as well as why she advocates for a flat-fee model to ensure unbiased counsel. She also shares invaluable insights on navigating the complexities of potential buyers and discusses her personal and professional definitions of success, which include combating imposter syndrome through thought leadership and setting a resilient example for her children. For show notes and more visit: https://www.kitces.com/351

Jason Wenk is the CEO of Altruist, a newer RIA custodian that has quickly grown to serve more than 3,500 advisory firms and has become the fourth-largest independent RIA custodian by firm count. In response to the inefficiencies he encountered with existing RIA custodians while building his own TAMP a decade ago, Jason developed an 'all-in-one' custodian platform for RIAs, which incorporates portfolio management and performance reporting software. Listen in as he shares his journey and his all-in-one solution for RIAs, leveraging his experiences as an engineer, RIA owner, and TAMP owner to offer advisors core investment systems at a lower cost. You'll hear about his early business ventures that led him to launch his own RIA, as well as how a client's question about a fixed index annuity sparked a niche content marketing strategy that attracted hundreds of prospects per month. We also discuss Jason's belief in the application of the fiduciary standard to vendors serving advisors, his gratitude for the experiences that prepared him for launching Altruist, and his passion for creating better industry standards to make financial advice accessible to all. For show notes and more visit: https://www.kitces.com/350

Olivia Luper is the Founder of Lexicon Advisor Marketing, a virtual outsourced digital marketing company that specializes in working with financial advisors to generate a steady flow of prospects. Olivia is unique in that she initially began as a ghostwriter for financial advisors before soon realizing that quality content needed a robust marketing system to truly attract prospects. Consequently, she expanded her firm to offer comprehensive outsourced marketing services, encompassing everything from lead magnets and mailing lists to social media ads and effective email campaigns. Listen in as Olivia unveils her three-step marketing strategy, emphasizing the importance of clarifying an advisor's message, crafting a comprehensive marketing funnel, and offering hands-on implementation for those who prefer it. We also discuss the power of social media—particularly paid ads—to drive traffic to advisors' websites (and the subsequent nurturing of these leads through a meticulously crafted 7-email sequence), the early challenges that Olivia faced in content creation, and why she believes in the power of authentic storytelling to resonate with ideal clients. For show notes and more visit: https://www.kitces.com/349

Jeff Jones is the owner and founder of Cypress Financial Planning, an independent RIA based out of New Jersey that oversees $275 million in assets under management for 380 client households. Jeff stands out for creating custom financial planning spreadsheets in Excel that seamlessly integrate into PowerPoint presentations, an approach that not only crafts a compelling financial story for clients, but also ensures transparency in every projection. Listen in as Jeff shares how he leveraged his engineering background at Lockheed Martin to craft unique Excel spreadsheets, which later inspired a FinTech company now catering to other financial planning firms. You'll learn why he decided not to partner with the FinTech venture (opting instead for specific equity agreements to motivate partners and plan for his exit strategy), as well as how the invaluable guidance from FP Transitions helped in valuing his firm. Jeff also opens up about his early mentorship experiences and his aspirations to contribute through pro bono financial planning. For show notes and more visit: https://www.kitces.com/348

Cary Carbonaro is the Senior Vice President and Director of Women and Wealth Services for Advisor Capital Management, an independent RIA with offices around the country that oversees more than $6 billion in assets under management for 1,700 households. Cary distinctively transitioned from selling her practice to United Capital to establishing a leadership role, only to later grapple with the sale of United Capital to Goldman Sachs. This shift presented complexities as she encountered a culture not attuned to her media-centric approach to advisor marketing. Listen in as Cary recounts her decision to launch her own advisory practice during tech crashes and dwindling marketing budgets, as well as her subsequent choice to sell to United Capital. She also discusses the transformative sale of United Capital to Goldman Sachs and its impact on her marketing strategies, her efforts to buy back her practice, and her move to a smaller firm amidst personal challenges. You'll hear about Cary's early career confidence struggles and how her evolving definition of success now goes beyond practice growth. For show notes and more visit: https://www.kitces.com/347

Jim Ludwick is the founder of MainStreet Financial Planning, an hourly, fee-only financial planning firm, and Procrastination Junction, a coaching program for fee-only financial advisors looking to improve their sales skills. Jim stands out for his three-decade track record in transforming hesitant prospects into loyal fee-only financial planning clients, not through aggressive sales tactics, but by assisting them in their journey from their current situation to their ideal financial position, effectively helping them overcome their own procrastination. Listen in as Jim shares his journey to success in the financial services industry, discussing how he leveraged networks like the Garrett Network and NAPFA to bolster referrals, as well as why he modified his sales funnel to enhance conversion rates and profitability. You'll hear his perspective on the key to building a top-tier fee-only financial advice business, how he structured his firm around the core principle of work-life balance, and what game-changing strategy enabled him to scale his business. For show notes and more visit: https://www.kitces.com/346

Lori Van Dusen is the CEO of LVW Advisors, an independent RIA based out of New York state that oversees more than $2 billion in assets under management for over 450 small-to-mid-sized institutions and ultra-high-net-worth households. Lori's unique niche lies in her multi-decade expertise in handling the complexities of investment issues faced by small-to-mid-sized institutions and ultra-high-net-worth families, which she leverages to differentiate her RIA focused on serious investing. Listen in as Lori shares her journey to amassing extensive investment expertise, adopting a unique portfolio management strategy, establishing a governance calendar for client interactions, enduring a lawsuit from Citigroup post-independence, and learning the significance of due diligence when selecting an advisor platform. Lori also reflects on the aftermath of her decision to launch her own RIA, the challenges faced and lessons learned, her journey to rebuild billions in AUM, and her persistent optimism that shaped her into the successful advisory firm owner she is today. For show notes and more visit: https://www.kitces.com/345

Brad Barrett is the Managing Director and Partner of One Capital Management, an independent RIA based in Westlake Village, California, that oversees $5.3 billion in assets under management for more than 2,000 client households. Brad's unique approach to business development has helped his firm scale and grow organically by creating multiple niche specializations, or business segments, each led by a dedicated advisor team. Listen in as Brad discusses the firm's unique approach to growth through the development of specialized business segments and the strategic acquisition of niche practices. You'll learn about their innovative media strategy, the importance of regular evaluation of business segments, and the lessons learned from a challenging partnership experience. Finally, Brad shares his insights on the benefits of specialization, the importance of setting realistic career expectations, and the pursuit of long-term advisor happiness and financial success. For show notes and more visit: https://www.kitces.com/344

Rita Robbins is the Founder and President of Affiliated Advisors, a Super-OSJ with Royal Alliance that supports 90 financial advisors and collectively manages $3.5 billion in assets under advisement. Rita stands out for her pioneering role in establishing one of the first woman-owned Super-OSJs nearly three decades ago. She has observed the transformation of the super-OSJ model from providing local oversight of brokers selling proprietary products to becoming back-office platforms that offer an increasingly open-architecture product shelf along with compliance, technology, marketing, business management, and other support to independent financial advisors. Listen in as Rita shares her journey through the evolution of broker-dealer platforms, her strategies for growing her platform, and how her firm thrived during the pandemic due to its robust technological support. Drawing from her decade-long experience as a wholesaler, Rita discusses the launch of her own OSJ, the expansion of her platform's leadership, and her deep understanding of the advisor community's needs. She also opens up about early-career pressures, a traumatic embezzlement incident, and her ongoing struggle with focusing on uncontrollable factors while navigating business challenges and cycles. For show notes and more visit: https://www.kitces.com/343

Nancy Hetrick is the Founder and CEO of Smarter Divorce Solutions, a consulting firm based out of Arizona that provides financial expertise to individuals and couples going through the divorce process. Nancy's unique journey from a do-it-yourself divorce to becoming a divorce expert was driven by her personal experience of non-enforceability, leading her to help other women avoid similar situations. She successfully scaled her divorce practice to 8 team members and $1M in annual revenue, while also growing her RIA to $65M AUM by assisting clients with rollovers and investment implementation post-divorce. Listen in as Nancy shares how she overcame imposter syndrome by recognizing the value of her own life experiences, why she chose to expand her technical expertise to earn her CDFA credential and become a Master Analyst in Financial Forensics and a Certified Divorce Coach, and the strategies she used to grow her network in the divorce niche. We also discuss how she effectively communicates the value of her divorce planning work to prospects, how she earns fees on a divorce case, and what led her to sell her RIA and focus on being a solo practitioner in the divorce field. For show notes and more visit: https://www.kitces.com/342

Thor McIlrath is the Owner of McIlrath & Eck, an independent RIA based out of Arlington, Washington, that oversees more than $610-million in assets under management for 970 households. The unique aspect of Thor's business model lies in the way he has organized his firm. Instead of subscribing to the conventional industry practice of fostering deep relationships between clients and a single advisor, Thor has innovated a system where clients interact with a variety of advisors each time they visit, which offers clients a diversity of insights on their situation over time, moving away from reliance on a singular perspective. Listen in as Thor shares his successful transition to a rotating advisor system in his firm, an innovative approach that centralizes client notes and enriches both clients and advisors with diverse insights, earning approval from 80% of his clientele. We also discuss why Thor's hiring philosophy is centered on compassion and empathy, how he ensures a good fit between clients and the firm, and how he uses an adult education class on retirement to give back to the community and drive a steady stream of new clients. For show notes and more visit: https://www.kitces.com/341

Melissa Joy is the Founder of Pearl Planning, an independent RIA based out of Michigan that oversees more than $175-million in assets under management for over 250 households. Melissa's unique journey in financial planning saw her rise to partner in a large firm, where she had outside counsel review the partnership and operating documents akin to a pre-nuptial agreement, to safeguard her position should the relationship deteriorate. This proved invaluable as she eventually diverged from the firm's vision, and the legal precautions she took upfront ensured a smooth transition to her next venture. Listen in as Melissa shares why she hired outside counsel to review her firm's operating agreement during her partnership consideration, why she chose to acquire her CFP marks, even though she initially planned to have a career solely in operations, and why she eventually chose to leave her position as partner to start her own business. We also discuss how she strategically set up her firm as a DBA under the firm of a trusted advisor friend, how she incorporates a blend of the Entrepreneurial Operating System and Small Giants approaches in her firm, and how she cultivated hundreds of marketing contacts across numerous channels, including social media, local events, and webinars. For show notes and more visit: https://www.kitces.com/340

Eric Roberge is the Founder and CEO of Beyond Your Hammock, an independent RIA based out of Boston that oversees $47 million in assets under management for more than 80 households. Despite his firm's impressive progress and consistent expansion over a decade, Eric faced a capacity wall as a solo advisor, experiencing setbacks when a $4-million client relocated and market volatility led to the departure of other clients, requiring him to spend a year rebuilding various components of his business to recover. In this episode, Eric shares how he implemented several strategies to address capacity constraints and meet the firm's needs, first by ramping up part-time outsourced assistance, and additionally by making the strategic decision to change the firm's meeting cadence from three times a year to a surge meeting structure, allowing him to allocate more time to focus on the overall growth of the business. We also discuss how securing a valuation for the firm provided Eric with a fresh perspective, why he has enlisted the expertise of a PR firm to secure guest podcast appearances and drive traffic to his website, and why he is grateful for the opportunities brought by the challenges he faced. For show notes and more visit: https://www.kitces.com/339

Tony Hixon is the Co-Founder and COO for Hixon Zuercher Capital Management, an independent RIA based out of Ohio that oversees more than $300 million in assets under management for 330 client households. The tragic loss of Tony's mother just six months post-retirement led him to realize retirees' mental unpreparedness for this new phase and inspired a change in his financial planning approach, prompting him to write a book, drawing on his mother's experience to guide and honor his clients and other retirees. Listen in as Tony shares his personal experience of his mother's depression and suicide post-retirement, underscoring the importance of mental preparation for retirement and how he subsequently incorporated retirement transition coaching into his practice. We also discuss the firm's active portfolio management approach, the renaming of the firm to Hixon Zuercher Capital Management for legacy and recognition, and Tony's belief that life fulfillment starts with finding one's 'why.' For show notes and more visit: https://www.kitces.com/338

Danika Waddell is the President and Founder for Xena Financial Planning, a virtual advisory firm that advises 40 client households of women in tech, and supports more than $275k of ongoing revenue. Danika's unique path involved launching her own independent RIA not as an entrepreneurial endeavor, but as a result of an IAR registration filing error by her previous firm that left her unable to be compensated for her work with clients, and which consequently led her to start her own firm and register herself in order to resume working promptly. Listen in as we delve into Danika's experience with a state regulator audit that led to an investigation at her former firm, preventing her from working with clients and cutting her revenue by 50%, and which ultimately led to her choosing to launch her own firm to regain control. We also discuss Danika's inspiration to work with women in tech, strategies she used for the rapid growth of her firm, and methods for building relationships as a solo advisor to overcome loneliness that often comes with the territory. For show notes and more visit: https://www.kitces.com/337

Adam Holt is a principal with RubinGoldman and Associates, and the Founder and CEO of Asset-Map, a financial planning tool that helps financial advisors create a visual representation of their clients' financial situations and reaches over 1.25 million users. Adam's uniqueness lies in his ability to blend his background in geographic information systems, which he acquired during his early career, with his role as a financial advisor catering to ultra-high-net-worth clients, and devising a novel approach by using "mind maps" to visually capture the intricate details of complex financial situations. Listen in as Adam shares his story and the evolution of Asset-Map, why he turned to mind maps as a powerful tool when working with ultra-high-net-worth clients (enabling him to effectively capture and convey complex financial information), and how he strategically structures Asset Maps by focusing on five key components. We also discuss the strategic hiring practices that propelled Adam to his current position, advice for advisors aspiring to launch their own fintech companies, and what he believes is the key to success for newer advisors. For show notes and more visit: https://www.kitces.com/336

Tim Wyman is a Managing Partner for the Center for Financial Planning, a hybrid advisory firm based out of Michigan that oversees $1.5 billion in assets under management for 1,000 client households. Tim's uniqueness lies in his contribution as a second-generation partner in redesigning the organizational structure of the firm, helping to transform the firm's individual advisor-focused structure to an ensemble practice—and overhauling the compensation system in the process. By doing so, Tim established a systematic approach for future partnership opportunities for the next generation of financial advisors, as well as key non-advisory team members, that ensures the firm remains internally owned for the long term. Listen in as Tim shares his insights on transforming a siloed advisor structure to an ensemble practice, the impact it had on the firm's success, and how Tim and his partner developed the "Center for Financial Planning Path to Partnership" document that outlines buy-in options and criteria to become a partner at the firm. We also discuss the importance of implementing a monthly scorecard and a bi-annual report to monitor the financial health and productivity of the firm, Tim's approach to assigning client service associates, and why he believes it is crucial for newer associate planners to be involved in all client-facing activities. For show notes and more visit: https://www.kitces.com/335

Meg Bartelt is the Founder and Lead Financial Planner for Flow Financial Planning, a virtual RIA serving mid-career women in tech that oversees almost $60 million in assets under management for 60 client households. Meg has transformed her business over a period of 7 years since its inception by continually adjusting her niche focus, exploring various fee models, testing different meeting schedules with clients, and altering her support team size and structure. Listen in as she reveals how she raised her minimum fees from $150 per month to $10,000 per year, why she chose to focus on women in tech as her niche market, and why she eventually evolved her niche focus from working mothers to early-to-mid-career women with a specialization in pre-IPO and IPO planning. We also discuss how she realized that she could create better efficiencies in her practice by simplifying her client offerings, how she became okay with having to let go of a team member due to financial constraints, and how she is transitioning into a new stage of life that prioritizes relationships and creating more space and freedom. For show notes and more visit: https://www.kitces.com/334

Jim Dew is the Co-Founder and CEO of Dew Wealth Management, an independent RIA based out of Arizona that provides virtual "family office" style financial planning on a monthly retainer for 150 small business owners. Jim stands out for his ability to expand his boutique firm, which operates on a retainer basis, to generate over $7 million in revenue and attain a valuation of $31 million. His firm is also experiencing a remarkable organic growth rate of 40% and has achieved this success by offering a comprehensive and personalized advice service to his niche clientele of business owners. Listen in as Jim discusses the success of his retainer-based pricing model that has led to his firm being independently valued at $31 million in enterprise value, how he arrived at his retainer fees that cover a wide range of financial services, making it easier to communicate services to clients, and why they charge an upfront fee of $25,000 to prospects for a deep-dive financial planning assessment. He also shares how he has structured his firm by building a list of external tax, legal, and other professionals that have been thoroughly vetted rather than providing these services in-house, and why he has no plans to sell his firm in the near future despite its valuation. For show notes and more visit: https://www.kitces.com/333

Liz Hand is the co-owner of Pleasant Wealth, a hybrid advisory firm based out of Ohio that oversees over $140 million in assets under management for 522 households. Liz stands out for her exceptional ability to manage the transition of her father's large commission-based practice with over 1,500 clients into a fee-based financial planning practice, along with her brother. What sets them apart is their dedication to ensuring that long-term clients—even those with smaller or more transactional needs—receive fair treatment throughout this transition process. Listen in as Liz shares how she and her brother refocused their niche and client loads after taking over their father's business to realize the future vision of their financial planning firm, as well as why they made the strategic decisions to sell a portion of the business and change their broker-dealer relationship. You'll learn why Liz chose to become the successor for another advisor before becoming the successor for her father, the three tiers of service they have implemented for clients, and how a mindset coach not only helped Liz gain confidence, but also inspired her to become a mindset coach herself. For show notes and more visit: https://www.kitces.com/332

Jake Northrup is the Founder of Experience Your Wealth, an independent RIA based out of Rhode Island that advises 78 client households with a small team supporting nearly $700,000 of ongoing revenue. Jake stands out for his impressive achievement of generating that top revenue within just four years of starting his business and for recognizing the need to hire employees early on to avoid time constraints and capacity limitations as he scaled. Listen in as Jake shares his reason for hiring an associate and a lead advisor early on in his business, the four-meeting financial planning process his firm follows, and why he outsources investment management despite being a CFA charter holder. Jake also discusses how he grew his firm quickly, as well as how he intentionally built and staffed his practice to give himself more flexibility, allow his employees to thrive, and help his clients pursue their passions while enjoying their money. For show notes and more visit: https://www.kitces.com/331

Ari Weisbard is Managing Partner of Values Added Financial, an independent RIA based out of Washington that oversees $143 million in assets under management for 75 client households. Ari and his partner Zach distinguish themselves by not only implementing fee minimums to ensure profitable service for clients, but also by deliberately adjusting their fees and minimums to control and accelerate their business growth according to their firm's advisor capacity—and to allow for a sustainable work-life balance. Listen in as Ari shares how he and his partner have implemented and adjusted minimum fees for new clients, as well as why they have positioned their firm as one that serves clients with progressive values. We also discuss how Ari has overcome fear and imposter syndrome, why he feels more fulfilled as an advisor than he did as a lawyer, and how he is focusing on the human aspect of financial planning and connecting with clients beyond economics. For show notes and more visit: https://www.kitces.com/330

Charesse Spiller is the Founder and Principal Consultant for Level Best, an operations and process strategy consulting firm based out of Houston that helps advisory firms evaluate and improve their operations and processes by focusing on three pillars: streamlining, automation, and delegation. Charesse has established a distinctive consulting firm that sets itself apart by not only educating financial advisors on how to systematize and automate their processes, but also serves as an outsourced provider that builds and implements systems on behalf of clients. Listen in as Charesse discusses her approach to evaluating an advisory firm's technology, processes, and systems, why a lack of clear accountability for team members as the firm grows is often the real blocking point for larger RIAs seeking to scale, and why she created her educational resource and community to educate operations professionals on how they can optimize their systems and processes on an ongoing basis. We also discuss why she hired a financial coach to avoid burnout and improve her leadership skills, what it was like scaling a service firm and transitioning from employee to founder, and how she leveraged local mentoring programs, read business books, and formed two Mastermind groups to develop her own skills as she and her business grew. For show notes and more visit: https://www.kitces.com/329

Thomas West is a Senior Partner for Signature Estate & Investment Advisors, an independent RIA based out of Los Angeles that oversees nearly $16 billion in assets under management, with $570 million of those assets from 250 households being managed by Thomas' practice. Thomas stands out for his innovative approach to supporting seniors who are searching for suitable housing and healthcare options while facing medical and cognitive challenges in their later years and has developed a unique offering called the Lifecare Affordability Plan, which has been tremendously successful in providing added value to his clients and their elderly parents. Listen in as Thomas shares how he realized that "one-legger" senior couples, where one spouse is healthy and the other is not, face unique challenges in making healthcare decisions with significant financial ramifications and how this led him to create the Lifecare Affordability Plan to provide guidance to senior couples dealing with medical and cognitive issues. We also discuss why over 90% of the assets managed by his firm are held on a non-discretionary basis (which has increased client communication and portfolio customization), why his firm doesn't charge more for trading assets on a discretionary basis and charges less for clients who allow them to manage with discretion, and how his definition of success has shifted from focusing on production to the impact of his elder planning work, which in turn motivates him to work harder. For show notes and more visit: https://www.kitces.com/328

Marc Horner is the Founder of Fairhaven Wealth Management, an independent RIA based out of Illinois that oversees more than $1 billion in assets under management for 450 client households. Marc has been able to differentiate his firm by drawing upon his years of wirehouse experience to create a distinctly un-wirehouse brand that leverages parody commercials as a way to distinguish his firm's culture from prospective clients. Listen in as we discuss how Marc developed his unique marketing strategy of writing parody commercials, how he balances the serious nature of financial advising with the not-so-serious way he markets his firm, and how he became comfortable taking such a non-traditional approach to marketing. We also talk about why he decided to go independent after 14 years in the wirehouse world, how he grew his firm from $80 million in AUM to over $1 billion in under 8 years, and how he splits the growth of his team into one-third through organic hiring, one-third through recruiting, and one-third through acquisitions. For show notes and more visit: https://www.kitces.com/327

Erica Pauly is the Founder and Owner of Track That Advisor, a consulting and coaching firm based out of Arizona that helps advisory firms track, and then improve upon, their marketing results. Erica developed a series of spreadsheet tools that measure every detail of her advisory firm's marketing funnel, and then transformed them into a system that can be used by any advisory firm to assess their marketing performance, identify areas of improvement, and benchmark against industry averages. Listen in as Erica shares how she helps firms track every step of their marketing funnel, why she prefers Google Sheets over other standalone data tracking platforms, and the 5 key marketing metrics she focuses on to obtain an overall view of a firm. We also discuss how Erica realized the demand for her particular type of work, how she has become more comfortable having difficult conversations with advisors about their marketing strategies, and why she chose not to give herself the role of CEO of Track That Advisor. For show notes and more visit: https://www.kitces.com/326

Brenda Hiscock is a financial planner with Objective Financial Partners, an advice-only advisory firm based out of Ontario, Canada that works with clients on project-based financial plans while also offering outsourced preplanning to other Canadian advisory firms. Brenda's exceptional trait lies in the fact that she ventured into the financial services industry despite lacking any prior financial knowledge. After facing homelessness, bankruptcy, and alcoholism during her twenties, she uses her real-life experience to engage with clients on a deeper, more meaningful level. Listen in as Brenda shares how her personal experiences have significantly influenced her career as a financial planner, how the hardships she faced shaped her perspective on financial planning and insurance, and why she prioritizes working from home with a flexible work schedule for her mental health. We also discuss how she found her way to financial planning after a stint in insurance, how being a financial planner has allowed her to have a more significant impact on her clients' lives, and why she believes that new advisors should find mentors and proactively seek support to achieve their career goals. For show notes and more visit: https://www.kitces.com/325

Nancy Knous is the CEO and Founder of Benchmark Wealth Management, an independent RIA affiliated with LPL Financial based in Memphis that oversees nearly $340 million in assets under management for nearly 1,000 client households. Despite facing a cash flow squeeze during the 2008-2009 financial crisis, Nancy's experience led to significant changes in how she managed her firm's profit margins, enabling her to scale up her business to over 20 team members and avoid cash flow problems during the pandemic. Listen in as Nancy shares her journey as a CFP professional, where she learned that a good income would not protect her from market drops, and how she transformed her money habits using Dave Ramsey's method and leveraged his SmartVestor program to grow her firm through referrals. We also discuss why she started an independent firm with LPL, how the decision ultimately shaped the way she treats her employees and led her to develop a 4-8 week in-depth hiring process to ensure each hire is a good fit, and why she believes in the importance of having employees who are not like her. For show notes and more visit: https://www.kitces.com/324

Yonhee Choi Gordon is a Principal and the Chief Operating Officer of JMG Financial Group, an independent RIA based out of Chicago that oversees nearly $5 billion in assets under management for close to 1,500 households. What sets Yonhee apart is how, with her nearly four decades at JMG Financial Group, she has been instrumental in the company's succession plan and has personally recruited, trained, and retained the majority of the company's employees through a stringent hiring process to ensure alignment with the company's expectations and values. Listen in as we delve into Yonhee's career, including how she has been such an integral part of the hiring, training, and development systems, and how she evaluates potential candidates based on the actual tasks of the job, and how JMG structures its leadership roles and share of ownership. We also discuss why Yonhee believes that inconsistent definitions of advisor roles are contributing to the financial industry's rising level of M&A deals, why she teaches younger advisors to find their ideal role by first understanding their personal values and culture, and how her definition of success has evolved over time to focus on the impact and value she provides in the lives of the employees she leads. For show notes and more visit: https://www.kitces.com/323

Kent Skornia is the Founder of Krilogy, an independent RIA based out of St. Louis that oversees nearly $2 billion in assets under management for 1,800 client households. Having created an internal training system at Krilogy that focuses on mentorship and education, Kent joins the show today to share his insights into recruiting and developing advisors in the financial planning industry. Listen in as he discusses his creation of the Krilogy Advisor Development System (KADS) as a proprietary training system for newer advisors to gain deeper knowledge in financial planning and grow their own book of business. You'll learn why the firm offers liquidity options for senior advisors to sell their book of business to Krilogy while still serving as an advisor, why Kent focused on building a values-based approach in the firm, and why he believes that new advisors should interview other newer advisors at their prospective firms to ensure a good fit. For show notes and more visit: https://www.kitces.com/322

Danqin Fang is a Lead Advisor for Austin Asset, an independent RIA based out of Austin, Texas, that oversees more than $1.3 billion in assets under management for nearly 400 client households. Danqin stands out for her intentional career path in the financial services industry that involved her leaving China, learning a new language and culture in the U.S., getting a Master's in Financial Planning, and creating opportunities for herself through industry associations and networking. In this episode, she shares her journey to Lead Advisor, from connecting with the description of a CFP professional after a Google search to leaving China and immigrating to the U.S. to pursue her CFP marks and having the opportunity to follow a clear career path in finance. You'll hear about how she navigated the complexities of relocating to another country and leveraged cultural differences to better connect with clients, how she used networking opportunities to get connected with the right people in the industry (and ultimately find better jobs), and why it's important for newer and younger advisors to get clear on their vision of the future so they can work backward to figure out the next best step forward. For show notes and more visit: https://www.kitces.com/321

Jim Dickson is the CEO and Founder of Sanctuary Wealth, an RIA platform with 80 partner firms in 29 states that collectively oversee nearly $25 billion in assets under management. Jim has successfully built an RIA platform in just 5 years through efficient management of hiring, staffing, and raising outside investor capital, while providing middle and back-office support for independent advisors and playing a unique role in helping them grow their businesses. Listen in as Jim shares why he built the "Partnered Independence" platform to provide support systems for advisors who want to run their own practices, why he created a unique partnership structure where advisor practices are their own LLCs but are also IARs under the corporate RIA of Sanctuary Wealth, and why the firm has built a centralized data warehouse providing each advisor with their own level of business intelligence. We also discuss why Jim left the wirehouse world after 25 years and took a year-long trip around the world, how he's working through the challenges associated with rapid growth, and how the demand for independence among advisors surprised him despite his two decades in the wirehouse. For show notes and more visit: https://www.kitces.com/320

Jim Niedzinski is the Co-Founder of Motive Wealth Advisors, an independent RIA based out of Detroit that oversees $250 million in assets under management for nearly 50 households. Jim and his partner have established a successful boutique firm that competes with larger firms to attract and retain ultra-high-net-worth families by implementing a unique client task management system beyond traditional CRM, ensuring their advice is followed by clients. In this episode, Jim shares why he and his partner built their firm around Asana, a project management tool, instead of the traditional CRM system, as well as how he leveraged relationships with accountants, lawyers, and other professionals to gain a steady flow of referrals. He also talks about how they used those referrals to grow the firm from $0 in AUM to $250 million in less than 3 years and why he and his partner are intentional about serving only 25 clients each at a time. For show notes and more visit: https://www.kitces.com/319

Ali Swart is a Partner and Managing Director for Waldron Private Wealth, a multi-family office based out of Pennsylvania that oversees nearly $3-billion in assets under management for 280 ultra-high-net-worth clients. Ali made a unique transition from a retail brokerage firm, where she served nearly 400 clients and was also responsible for acquiring more business, to a multi-family office where she works with specialized client relationship teams that limit the number of clients per advisor to no more than 10 at any given time. Listen in as Ali discusses the "white glove" service offered by her firm, which serves ultra-high-net-worth families through specialized client relationship teams focusing on wealth planning, investing, and client service, and details the in-depth financial plan offering for prospects, which can take several weeks to months to develop and aims to foster strong relationships with clients. We also discuss Ali's personal journey, including her decision to leave her previous firm and negotiate for a formal maternity leave policy, her goal to become a partner by age 40, and the importance of maintaining alignment with her core values of family, finance, and fitness. For show notes and more visit: https://www.kitces.com/318

Jennifer Climo is the CEO and a Senior Advisor for Milestone Financial Planning, an independent RIA based out of New Hampshire that oversees $360-million in assets under management for 225 households. Despite already having a successful solo practice, Jennifer decided to merge with another solo practitioner when an opportunity presented itself during an unusual crisis, and she took on the challenge of managing the complex business dynamics that came with this decision in order to achieve her goal of expanding and growing her practice into a larger enterprise that would continue to thrive beyond her involvement. Listen in as Jennifer shares why she merged her solo practice with another firm due to an opportunity that presented itself during an unusual crisis, how she created a unique succession plan that included a 15%-of-profits retirement payout, and how this succession plan ultimately led to a second merger that allowed Jennifer to continue growing and scaling her business. We also discuss why Jennifer created an operating agreement when she added a partner to her firm, how she used the challenges that arose during the mergers to improve efficiencies and increase profitability, and what has surprised her the most about running a multi-million revenue practice. For show notes and more visit: https://www.kitces.com/317

Matt Sonnen is the founder and CEO of PFI Advisors, a consulting firm based out of Redondo Beach, California, that helps wirehouse advisors transition to independence and provides training and consulting services to the COOs of independent RIAs to help them develop and scale their advisory businesses. Matt and his wife have taken the knowledge and experience they gained from providing hands-on support to independent advisory firms to improve their operations, technology, and scalability, and turned it into a unique offering for Chief Operating Officers in the industry, dubbed the "COO Society." Listen in as Matt shares what it takes to establish an independent advisory firm when it breaks away from a wirehouse, how he developed his "stand-up-from-scratch" breakaway experience to help RIA owners understand their operational strengths and weaknesses, and how his unique "COO Society" helps COOs become more well-rounded in their roles. We also discuss how Matt got started in his advisory career as a 22-year-old college grad, what led him to ultimately launch PFI Advisors, and how the unexpected illness and untimely death of his daughter impacted him and his wife during the early stages of his firm's launch. For show notes and more visit: https://www.kitces.com/316

Lisa Brown is a Partner and Wealth Advisor for CI Brightworth, an RIA under the CI Financial umbrella with offices in Georgia and North Carolina that oversees nearly $5 billion in assets under management for over 1,500 households. By digging deeper into an existing firm niche focus of Coca-Cola employees within the organization, Lisa was able to write white papers for these employees that eventually built her expertise and client base within the company and led to referrals and growth from being so visible at the Coca-Cola offices. Listen in as Lisa shares how she became known as a familiar and trusted financial expert in the Coca-Cola community, how she is now beginning to guide and train the next generation of advisors in the firm on how to become effective business developers, and how she was able to build her confidence and expertise as an advisor. We also discuss how she has been able to prioritize her work so she can regain more family time, as well as why she believes the key to her success now is measured by how much she can help younger advisors build their skills and confidence and find their own path to success. For show notes and more visit: https://www.kitces.com/315

Sue Chesney is the owner of Delegated Planning, which offers virtual outsourced financial planning support to 55 advisory firms, and co-founder of Planning Zoo, an outsourced financial planning data entry business that helps current and recently graduated students from college CFP programs connect with advisory firms for paraplanner support. Through both of these firms Sue has pioneered one of the largest outsourced financial planning support firms in the country, and she shares her experience in witnessing how many advisory firms are scaling the delivery of their financial plans by separating the delivery of the plans from the creation of the plans. Listen in as Sue shares why she launched Delegated Planning and Planning Zoo to help advisors find planning and data entry support, why she feels it is important to help new planners get real-world experience under their belts, and how advisors have been able to better align their fees with the financial planning offering by charging by the hour. We also discuss how she navigates cybersecurity and E&O risks of being an outsourced financial planning service provider, why she believes that newer advisors should consider the opportunity to start their own firm one day, and what she considers the key to her success. For show notes and more visit: https://www.kitces.com/314

John Stokes is the Founder and CEO of John Stokes Financial, a hybrid advisory firm based out of California that oversees more than $400 million in AUM for 1,800 client households. John has built a really unique expertise in layoff transitions, and has leveraged corporate layoff workshops that he delivers to soon-to-be-laid-off employees. He has also built a niche focusing on helping employees go through their layoff transition, allowing him to capture the inevitable rollover and other financial planning opportunities that arise along the way. Listen in as we discuss how John has established and built relationships with large companies, and then leveraged those relationships to be their expert in layoff transitions. You'll learn what led him to pursue this niche, how he has been able to achieve a steady stream of over a hundred in-person workshops a year and a steady flow of new clients in both bull and bear markets, and why he chooses not to charge for his workshops, but instead feels that it's his duty to provide goodwill and help people through trying times. For show notes and more visit: https://www.kitces.com/313

Emily Rassam is the Senior Financial Planner for Archer Investment Management, a virtual independent RIA based out of Texas that oversees $170 million in assets under management for 170 households. After struggling in a position with ever-mounting responsibilities and pressure that kept her away from her family, Emily made it a priority to find a position that not only appreciated the expertise she brought to the table, but also allowed for a better work/life balance. Listen in as Emily shares her experience working towards burnout at her previous firm, how this experience allowed her to get serious about finding a role that was ideal for her, and how she found her current firm and used key questions to determine whether they offered a positive work/life balance. We also discuss how she overcame imposter syndrome, how she became comfortable with shedding the typical stereotype of a financial planner focused on selling services, and why she believes that newer advisors should focus on the value they bring to clients rather than the amount of work they are doing. For show notes and more visit: https://www.kitces.com/312

Terry Parham Jr. is the CFO and Co-Founder of Innovative Wealth Building, an independent RIA based out of Maryland that oversees nearly $330 million in assets under management for nearly 900 households. After almost failing out of the business because of a struggle to secure new clients in the first two years of his career, he changed his approach and within 18 months was one of the fastest-growing advisors in his entire company. Listen in as Terry shares how the small pivot to asking prospects upfront to commit to making a referral—only after he had shown them real financial planning value—turned his career around. We also discuss why he took time to confer with colleagues and conduct research before deciding to go independent, how he used dinner seminars as a way to consistently get $ 3 million to $ 5 million of new assets under management with every event (that cost less than $2,000 to host), and how a simple tool early in his career helped him to gain confidence and better relay information and connect with clients. For show notes and more visit: https://www.kitces.com/311

Natalie Taylor is the owner of Natalie Taylor Consulting Services, an independent virtual RIA, and the Head of Financial Advice for Monarch Money, a personal financial management tool that helps consumers track their spending and net worth. While working for a FinTech company, Natalie realized that the way to provide the greatest amount of impact and value to the end consumer is to collect the data, deliver the advice, and filter out the rest. Listen in as Natalie shares how working for LearnVest inspired her to develop a framework for their financial advisors that focused on providing only the most impactful financial advice to help clients move forward, how she developed a brand voice to help advisors communicate advice to clients more consistently, and the catalyst that led to Natalie ultimately leaving LearnVest and dismantling the advice offering that she had originally built. We also discuss why she switched firms to get more hands-on mentoring and the opportunity to work with higher caliber clients, why it is important for newer and younger advisors to concentrate on getting clear on their values and then filtering their career choices accordingly, and why the key to her success has stemmed from developing her own personal list of six core values that she uses to filter major family and career decisions. For show notes and more visit: https://www.kitces.com/310

Anh Tran is the Founder and Managing Partner for SageMint Wealth, a corporate LPL-affiliated RIA based out of California that oversees nearly $325 million for 195 clients. As a solo advisor, Anh differentiated her firm by leveraging the combination of a high-touch point concierge approach to client service with a unique investment management approach using very carefully chosen structured notes to differentiate her portfolio design from other advisors. Listen in as Anh shares why her firm integrates structured notes into their client portfolios despite the extra time and work that is required to conduct extensive due diligence and analysis beforehand, and how they ladder the structured notes on a rolling quarterly basis so clients can continuously reinvest at then-current rates and features. We also discuss why Anh pivoted to become a CFP from a career as an attorney, why she remains a licensed attorney still, and how she was able to find a community that uplifts her by leveraging study groups while also helping to uplift other minorities in the financial services industry. For show notes and more visit: https://www.kitces.com/309

Matthew Blocki is the CEO of Equilibrium Wealth Advisors, an independent RIA based in Pittsburgh, Pennsylvania that oversees more than $275 million in assets under management for 330 client households. Today Matthew joins the show to share why he and his firm decided to develop and then implement their pre-, during-, and post-meeting checklists as a way to create a more efficient process and better position themselves as their clients' personal CFOs offering a more concierge experience. Listen in as Matthew shares how he leverages one-to-many recorded videos and online FAQs to increase his communication with existing clients on key issues, what he attributes the 4x growth of his firm to, and why he made the decision to break away from a large insurance company. You will learn why he decided to go the independent RIA route, how he narrowed down the number of clients he had without losing a significant amount of revenue, and how he formulated the client capacity targets for his advisory teams that he set to determine when to hire the next new advisor. For show notes and more visit: https://www.kitces.com/308

Stacey Hyde is the President of Envision Financial Planning, an independent RIA that oversees nearly $200 million in assets under management for 206 client households. Stacey and her partner decided to drop their FINRA licenses and launch their own RIA to gain more flexibility and independence for the firm, and in this episode, we talk about why they decided to drop their broker-dealer licenses and drop out of the corporate RIA structure. Listen in as Stacey explains what she did to simplify language for clients and help them better understand the firm's offerings, as well as why her firm implemented a fee schedule where the tiers have hard breakpoints after a certain threshold. You'll learn the processes she has put in place to more easily communicate the fee schedule to clients, how she and her firm built their client base by leveraging both client referrals and an advisor network that has many connections, and what helped Stacey to realize that she had a greater impact in her clients' lives than simply being their "advisor." For show notes and more visit: https://www.kitces.com/307

Cean Kenefick-Rogers is the CEO and Co-Founder of Ironwood Wealth Management, an independent RIA based out of Arizona that oversees just under $550 million of assets under management for nearly 500 households. Cean and his partners inadvertently created a three-way struggle in the early days of their firm that forced them to seek third-party intervention, restructure their partnership roles and compensation, and ultimately unlock the next stage of business growth. Listen in as Cean shares the journey that he and his partners look from brokerage firm to their own independent RIA, as well as how infighting within their firm nearly led to its dissolution—and how they ultimately managed to turn the firm around and scale the business to the next level of success. We also discuss Cean's role as CEO, including how he navigated having sole accountability and decision-making for the firm, how he adjusted his mindset from advisor to leader, and why he measures his success beyond his own contributions to the firm. For show notes and more visit: https://www.kitces.com/306

Mindy Crary is the owner of Creative Money, an independent RIA based out of Seattle that offers a unique 12-month financial planning engagement that has allowed her firm to work with almost 400 households this year alone. Using organic marketing and harnessing the power of Google and Yelp, Mindy has been able to attract clients who are interested in a firm that will advise them without trying to sell them on anything else—and made it possible for her to profitably scale to nearly $1 million of revenue. Listen in as Mindy shares the journey that led her to launching her current firm and offering advice-only services with a limited-time engagement, as well as how this structure has allowed her to serve a large number of clients comfortably while scaling her business and charging lower fees than other advisors. We also discuss how Mindy has been able to attract hundreds of leads without much marketing spend, how she was able to stick to her convictions and offer financial planning in a way that made sense for her (despite the doubts of others), and why she believes that the key to enjoying a career in financial planning has more to do with staying true to your core competencies than it does with building your own practice. For show notes and more visit: https://www.kitces.com/305