Financial Advisor Success

Kamila Elliott is the CEO and Founder of Collective Wealth Partners, an independent RIA based out of Atlanta that oversees nearly $25-million in assets under management for 175 client households. Kamila and her partners built a firm comprised entirely of Black CFP professionals that are dedicated to supporting the creation of wealth for BIPOC and underserved communities through a model that charges them for advice only, even if they don't yet have assets. Listen in as Kamila shares why she intentionally shifted her career focus to build an independent practice, how working with ultra-high-net-worth clients in her previous role gave her the skills and insight to help her firm's clients grow and retain wealth, and how she explains the value of a financial advisor to clients who have never had an advisor before. We also discuss how Collective Wealth Partners is structured, including why they chose to serve clients collectively with a team approach, and why they chose to create a firm with equal partnership in every aspect. For show notes and more visit: https://www.kitces.com/289

Patrick Kilbane is a Partner and Director of the Divorce Advisory Group for Ullmann Wealth Partners, an independent RIA based in Jacksonville Beach, Florida that oversees $800 million in assets under management for 350 client households. After stepping away from a successful career as a family law attorney, Patrick transitioned into becoming a financial advisor who specializes in divorce with a unique value-add of being able to work collaboratively with his former legal colleagues. In this episode, we talk in-depth about this transition, including how he leverages the professionalism, trust, and connections he built as a lawyer. Listen in as Patrick shares how he utilizes his knowledge of the law to offer specialized assistance to divorcing clients so they can better prepare for meetings with their lawyers during divorce proceedings. You will learn when he realized his interest in personal finance, the ways passive income can impact one's life, and more. For show notes and more visit: https://www.kitces.com/288

Jennifer Murray is the owner and founder of Stonebridge Financial Advisors, an independent RIA based out of New Jersey that oversees $100 million of assets under management for 50 families. After experiencing the personal tragedy of losing her husband to cancer, Jennifer built a practice that specializes in recent widows, intentionally working with a limited number of clients to provide a more intimate service. Listen in as she shares how losing her husband prompted her to focus on providing financial advice for newly-single women, as well as how she used referrals, seminars, bereavement groups, and local hospital foundations to gain clients in the early years. You'll learn what gave Jennifer the confidence to launch her own RIA, how she handles prospects that she doesn't have the capacity to serve, and why she sees fulfillment as a financial advisor as being a combination of serving clients well and being valued by them (and paid accordingly). For show notes and more visit: https://www.kitces.com/287

Matt Cosgriff is the Director of Wealth Management for BerganKDV, an independent RIA based out of Minnesota that oversees more than $2 billion in assets for 1,000 households. Matt has a unique career path, having leveraged the launch of a specialized division within BerganKDV and creating a path toward leadership of the entire RIA. Listen in as we talk about how he got the opportunity to operate as an intrapreneur within the firm and developed a separate brand that catered to next-generation clients, as well as how his role as an intrapreneur also led to him having to 'side hustle' in a new retirement plan practice to justify his salary. You'll learn how he shifted from a career focus to a leadership path, the challenges he faced when he became the Director of Wealth Management at the age of 29, and the keys to a successful career in the financial planning industry. For show notes and more visit: https://www.kitces.com/286

Ryan Townsley is the founder of Town Capital, an independent RIA based in Bel Air, Maryland, that oversees nearly $50 million in AUM for 65 client households. After spending the first 15 years of his career as a nuclear power plant supervisor, Ryan then transitioned to become a financial advisor that quickly grew to nearly $50M of AUM in under 4 years by developing a high-touch service back to those in the nuclear power industry. In this episode, he shares what inspired him to build the only financial planning firm in the country dedicated to nuclear power professionals and how he ultimately grew his client base to the successful size it is now. Listen in as Ryan explains his tireless work to develop his financial planning process that reflects nuclear power plant procedures and engineering workflows, as well as why he chooses to meet with potential clients over a several-month period before onboarding. You will learn how joining a large financial services firm helped him quickly understand that he enjoyed financial planning more than the sales and investments sides of the industry, why he was surprised at how few referrals he received when first launching his firm, and what motivated him to keep pushing forward until the new client momentum began to build. For show notes and more visit: https://www.kitces.com/285

Andy Schwartz is a partner at Bleakley Financial Group, a hybrid advisory firm based out of New Jersey that nearly tripled in size to over $9-billion in assets after breaking away from a major insurance company. Andy and his partners have built their firm into a platform that allows advisors the opportunity to leverage centralized large firm support services while maintaining the freedom and flexibility to run their own investment book of business. Listen in as Andy shares how he and his partners have structured their firm as a cooperative with advisors sharing resources and services, and provide advisors with the space, capacity, and flexibility to grow and scale their own practices. We also discuss why they choose to reinvest money generated by the firm back into the business to provide more services that advisors can then leverage, why Andy walked away from a 30-year career with a large insurance broker dealer and a $3-billion practice to start his own firm, and why he believes that the combination of building credibility and having financial resources are the keys to truly make an impact as a financial advisor. For show notes and more visit: https://www.kitces.com/284

Seth Streeter is the Founder and CIO of Mission Wealth, an independent RIA based out of Santa Barbara that oversees nearly $5-billion in AUM for over 2,000 client households. Seth has uniquely grown Mission Wealth through mergers and acquisitions, essentially hiring by acquisition as a means of acquiring the talent needed to scale the firm. Listen in as Seth shares how he uses a "Mergers and Integrations" approach to acquire top talent and how he leverages Diamond Teams, dedicated departments, internal succession plans, and partnership equity opportunities to attract entrepreneurial talent into employee roles. We also discuss how the firm uses an 11-dimension happiness framework to guide more holistic wealth discussions with clients, why they segmented their clients into four tiers and vary the services offered to each, and why Seth believes that forming referral partnerships is the key for advisors to scale their firm. For show notes and more visit: https://www.kitces.com/283

Allison Felix is a managing partner and COO for Cassaday & Company, a hybrid advisory firm based in McLean, Virginia that oversees more than $4 billion in assets for nearly 2,500 client households. Allison has a unique story in that she has made the journey from executive assistant all the way to COO, helping the firm scale to 3X its size over the past decade alone. Today she joins the show to discuss the restructuring of the firm that ultimately pushed Allison to be chosen as the COO and the events leading up to this switch in the firm's succession plan. Listen in as Allison shares how Cassaday & Company developed its unique compensation structure, as well as how her firm has propelled its growth with weekly seminars that were honed by hiring coaches to give constructive criticism. You will learn why her firm has been expanding its service offerings, why she believes it's important for future generations (especially young women) to understand the wealth of opportunities in financial planning, and why she feels that stepping into the role of COO was pivotal to create representation for women at her firm and in the financial industry. For show notes and more visit: https://www.kitces.com/282

Duncan Kelm is a managing partner for Arrow Point Wealth Management, a hybrid advisory firm based in Santa Rosa, California that oversees $163 million in assets under management for 142 client households. Today Duncan joins the show to discuss how he leverages owning and operating his own tax firm, in addition to his advisory firm, to offer more integrated tax planning and wealth management services to his small business owner clientele. Listen in as he shares how he leveraged his tax expertise and years as a business consultant to build his own tax firm to offer full suite tax and financial planning to his clients, as well as how he created what he calls "character insurance" with his clients to help them define who they are and document their ethos for future generations. You will learn how Duncan struggled to accept becoming his father's successor, what mental toughness means to him, and why he chooses to no longer be outcome-focused. For show notes and more visit: https://www.kitces.com/281

Brian Carney is the co-founder of RiversEdge Advisors, an independent RIA based out of Delaware that oversees over $400 million in assets under management for 300 client households. Brian's firm doubled in only 18 months, causing burnout, staff turnover, and the need to completely re-build their infrastructure to be able to sustainably scale to the next level, and he joins the podcast today to talk about how he was able to get the firm back on track to success. Listen in as Brian shares how his firm's massive growth actually turned out to be a nightmare in disguise, as well as how he was able to turn things around. You'll learn how they have made operations a key focus of the firm and the lessons that Brian learned that will allow him to scale his firm to the next level in a sustainable and healthy way. For show notes and more visit: https://www.kitces.com/280

Erika Karp is the Chief Impact Officer at Pathstone, an independent RIA based out of New Jersey that oversees $35 billion in assets under management for a few hundred ultra-high-net-worth client households. Erika has uniquely incorporated sustainable investing into her firm by utilizing an internal ESG analysis that aligns her clients' sizeable capital with their own values. Listen in as she shares what inspired her to start her own firm, as well as how she put up her own capital to launch and reached $25 million in AUM within 90 days to receive SEC approval. You'll learn how she overcame the struggle of wanting to be known as a trusted advisor while also having to get comfortable selling herself and her services, why she believes that it is most important for advisors to focus on work that brings them joy, and more. For show notes and more visit: https://www.kitces.com/279

Derek Gregoire is a co-owner of SHP Financial, an independent RIA based in Plymouth, Massachusetts that oversees nearly $1.2 billion of total assets for over 1,200 clients. Derek and his firm have centralized the execution of multiple marketing strategies to increase the amount of prospective client leads the firm provides to its advisors, so they in turn can concentrate more on developing client relationships, rather than chasing prospects. Today Derek joins the show to discuss how his firm has built a combination of radio programming, short interview-style television ads, seminars, and digital marketing to bring in prospects. Listen in as we talk in-depth about the simplified three-meeting sales process his firm developed that aims to avoid overwhelming prospects with choices and how his decision to centralize marketing has ultimately freed up the budget to maintain a larger service staff to ensure a more personal experience for his clients. You will learn the hard lesson Derek and his partners learned after almost reaching burnout and how he got his firm back on track for long-term growth. For show notes and more visit: https://www.kitces.com/278

Lauren Oschman is the CEO of Vestia Personal Wealth Advisors, an independent RIA based out of Nashville that oversees $600 million in assets for nearly 500 households. Lauren has epitomized what it means to niche down by not only serving a unique niche of physicians, but also serving niches within their client base and providing hyper-specialized services that allow them to truly differentiate. Listen in as Lauren shares how her firm has developed niches within their client base to better serve them, including advising on salary contract negotiations, mortgages, and disability insurance for variable incomes. You'll learn how the adversity Lauren faced in her career has shaped how she has built her firm to make a bigger impact, as well as why she believes that learning to communicate and cultivate human connections with clients is just as important as learning how to build a financial plan. For show notes and more visit: https://www.kitces.com/277

John Hagensen is the founder of Keystone Wealth Partners, an independent RIA based out of Arizona and North Dakota that oversees $650 million of assets under management for 1000 households. John is one of the first non-lawyer financial advisors in the nation who built, owns, and operates a law firm which he then leverages with his own tax firm to create an entirely one-stop shop for affluent clients. Listen in as John shares how he grew his firm to nearly 1,000 clients in a decade by leveraging his one-stop shop approach to gain more referrals from his affluent clients, as well as how he uses what some would consider "old school" marketing techniques to grow his reach and authority. We also talk about the mindset shift that happened as John's firm scaled, why he firmly believes that the key to happiness and success is helping to uplift those around us, and how a trip to Ethiopia changed his perspective on his purpose in life and the impact his money can have. For show notes and more visit: https://www.kitces.com/276

Michael Chasnoff is the founder and CEO of Truepoint Wealth Counsel, an independent fee-only RIA based out of Cincinnati that oversees $4.5 billion in assets under management for 750 households. Michael has grown his firm completely organically by focusing on working with business owners and executives—and scaling his team by offering a distributed ownership structure with a broad equity participation plan. Listen in as we explore the unique structure that he has built his firm around, becoming a one-stop shop for clients offering both financial planning and in-house tax and estate planning advice. You'll learn how he sells off his own founder shares to select team members to buy into company equity, as well as how he grew his firm entirely organically by focusing on working with business owners and executives with an average of $6 million in AUM, leveraging his expertise, establishing relationships with centers of influence, and becoming an active participant in industry organizations. For show notes and more visit: https://www.kitces.com/275

Maria King is the President and Co-Founder of Transcend Practice Management, a practice management coaching and consulting firm based in Concord, Massachusetts. Maria helps advisors with hiring and compensation plans for next-generation advisors, and goes one step further by creating legacy plans to outline an arrangement for succession. In this episode, she joins the show to discuss how she helps advisors focus on their firm's values—including business, culture, and client experience—to ensure that they choose a well-aligned successor. Listen in as we talk in-depth about how Maria utilizes the four pillars of consulting, coaching, human resources, and internal firm growth to create bespoke legacy plans for her clients. You'll learn how she helps advisors understand why it's important to recognize that their business succession decisions have a ripple effect that impacts family, staff, colleagues, and (of course) clients. For show notes and more visit: https://www.kitces.com/274

Penny Phillips is the President and Co-Founder of Journey Strategic Wealth, an independent RIA platform for advisors to outsource their back-office compliance and operations management. Through the firms they work with, Journey Strategic Wealth oversees $3 billion in assets and offers their advisors the ability to lean into already-built processes so they can scale their own time and productivity in order to focus on the client work they enjoy. Listen in as Penny shares her journey through the advisor industry, from coaching advisors who were transitioning from insurance to financial advice, to launching her advisor platform in the middle of a pandemic. We also discuss the challenges that firms face building structures and centralizing operations (even with all the technology advancements in the industry), how Journey Strategic Wealth gives advisors the flexibility to choose how much plug-and-play support they need, and why making unpopular decisions often comes with the territory when leading a growing business. For show notes and more visit: https://www.kitces.com/273

Kate Guillen is the founder of Simplicity Operations Management, a consulting firm based out of San Diego that specializes in helping advisory firms get the most out of their Customer Relationship Management systems and streamline their internal operations. Kate uses the advisors' CRM system as the central hub for the entire business and builds out workflows from the CRM to ensure that nothing falls through the cracks. Listen in as she explains how realizing that most firms are underutilizing their CRM systems inspired her to launch Simplicity Operations, what it was like launching at the beginning of the pandemic, and how she soon realized that her consulting services were needed now more than ever as firms went remote. Kate also shares why she sees the CRM system as the hub around which advisory firms should be built, the key to building solid workflows from that hub, and how firms can streamline their operations significantly by systematizing key repeatable steps of their business. For show notes and more visit: https://www.kitces.com/272

Cady North is the founder of North Financial Advisors, a boutique fee-only financial planning firm that focuses on serving female business owners. Based out of San Diego and Washington, North Financial oversees more than $24-million in assets for 30 households, and purposefully maintains a limited number of clients to create high income without the risk of burnout. Listen in as Cady shares why she built a firm around helping a younger clientele of female entrepreneurs, how she helps them balance their money goals and use their capital in the best way possible, and why she intentionally downsized to focus on quality over quantity when it comes to her clients. We also discuss how she has been able to maintain a solo advisor practice by systematizing and automating processes, why she took a 6-month sabbatical to examine what was truly important for her, and why she let go of the to-do lists to focus on feeling fulfilled both mentally and financially. For show notes and more visit: https://www.kitces.com/271

Kyra Morris is the founder of Morris Financial Concepts, one of the oldest independent fee-only RIAs in the country. Based out of Charleston, South Carolina, Morris Financial oversees $350 million of assets under management for 250 clients—a size that Kyra has taken care to scale to by focusing on finding and retaining top talent, as well as letting go of hires who don't meet the firm's high standards. Listen in as Kyra shares how she balances her firm's growth trajectory carefully by growing fast enough to allow for her team to have new opportunities, but not so quickly that she can't find and hire the necessary talent. We also discuss how she retains top talent once she finds them, how she manages stress and finds work-life balance as a busy entrepreneur, and why she gives back to her community by creating mixed-use development that enables minority-run local businesses to flourish. For show notes and more visit: https://www.kitces.com/270

Michael Hartman is the founder of Hyperion Financial, an independent RIA based out of Pennsylvania that oversees nearly $60 million in assets under management for 75 households. What's unique about Michael is the way he fast-tracked his fee-only RIA through the acquisition of a commission-based book of clients that he then converted to fee-only. Listen in as he shares how he got started in the financial planning industry after being in the insurance world, as well as the realization he had that led him to become an independent firm owner to serve clients the way he wanted to and achieve his own personal business aspirations. You'll hear about the challenges Michael went through while transitioning his insurance firm to financial planning, why sometimes you have to take a leap of faith to truly make your business what you know it can be, and more. For show notes and more visit: https://www.kitces.com/269

Patti Brennan is the CEO of Key Financial, an independent RIA based out of the Greater Philadelphia area that oversees more than $2-billion in assets under management for 800 client households. Patti has managed to scale her firm by centralizing departments into a unique team structure and systematizing processes to create a high-touch experience for clients. Listen in as we dive into how Key Financial uses customizable templates to create individual plans for each client and why Patti created a unique concierge-style client services department to help her clients feel truly valued. Patti also shares why letting go of fear and learning to trust her team was key to being able to scale her business, why she believes it's important for leaders to be able to show vulnerability, and how she optimizes her team's individual talents to create a well-oiled organization. For show notes and more visit: https://www.kitces.com/268

Jared Siegel is a Partner at Delap Wealth Advisory, a fee-only RIA based out of Portland that oversees nearly $260 million of assets under management for over 70 client households. Jared has created a high-quality and high-touch experience for his clients by outsourcing operations, which has also allowed him to focus on the parts of his business that he loves rather than the everyday back-office minutiae. Listen in as we dive into how Jared has re-focused his firm to allow him to do the client-facing work that he really enjoys and the lessons that motivated him to spend more time in his zone of genius. Jared also shares how he develops deeper and more meaningful relationships with clients by focusing on non-financial conversations, as well as how he eventually became comfortable with adversity and can now appreciate how his early life failures have shaped him for the better. For show notes and more visit: https://www.kitces.com/267

Jim Gold is the CEO and co-founder of Steward Partners Global Advisory, an independent advisory firm with multiple locations across the country that serves nearly 10,000 client households. Managing $16 billion of AUM under 180 financial advisors, the firm is unique in that it is attempting to recreate the wirehouse model of old by merging the "large firm" infrastructure with an employee-owner partnership model. Listen in as we dive into the "why" behind the formation of Steward Partners Global Advisory, including how Jim's firsthand experience at a wirehouse led him to build his dream business model with all the benefits of a large firm—and none of the corporate scandal or compliance issues that usually follow old-school wirehouses. Jim also shares the details of his firm's partnership model that allows for advisors to have greater career flexibility while also having a stake in the company, as well as the personal challenges he faced along the path to building the firm he had always dreamt of. For show notes and more visit: https://www.kitces.com/266

Amy Castoro is the President and CEO of the Williams Group, a coaching and consulting firm based out of California that helps financial advisors engage with more than 800 high-net-worth families to help them develop solid foundations in heir preparedness. Amy's coaching style is unique in that she approaches families from the perspective of encouraging effective communication as wealth is inherited, rather than focusing on the tax distribution of family assets to preserve wealth. Listen in as Amy shares how she helps ultra-high-net-worth families keep their wealth past the typical three-generation cycle by encouraging communication and trust-building among family members, which is especially important given that 85% of multi-generational wealth loss is due to trust breakdown or lack of preparedness. We also talk about the 10 questions that Amy and her firm use to help not only raise awareness about the strength of a family's relationships, but also to gauge family readiness for passing on wealth from one generation to the next. For show notes and more visit: https://www.kitces.com/265

Dan Callahan is the Partner and Chief Investment Officer at Capasso Planning Partners, an independent RIA based out of South Carolina that oversees $250 million of assets under management for 300 households. Dan and his firm began with zero clients but were able to grow substantially in only 3 years through client acquisitions by outsourcing lead generation to online third-party platforms. Listen in as Dan shares how he grew his firm virtually, the challenges and triumphs he experienced starting from zero, and how he has been able to keep pace with larger firms in terms of client outreach efforts. We also dive into how Dan uses third-party platforms to maximize his reach beyond South Carolina and how he justifies the revenue-sharing and substantial marketing costs it takes to buy leads. For show notes and more visit: https://www.kitces.com/264

Joyce Franklin is the founder of JL Franklin Wealth Planning, an independent RIA based out of San Francisco that oversees $200 million of assets for 40 families. Joyce built a true boutique financial advisory firm by serving as a personal CFO for high-profile tech executives and positioning herself as a steward of their wealth. Listen in as we dive into how Joyce started out preparing tax returns during the tech bubble of the 1990s, as well as how she turned her tax prep side business into a boutique independent advisory firm. Joyce also shares how she has intentionally maintained a smaller client base that averages around 71 hours of work per client every year, how she became the go-to expert for entrepreneurs and executives building wealth in startups, and why she is now turning her sights to building her staff to create a future succession plan. For show notes and more visit: https://www.kitces.com/263

Melanie Milam is an advisor with Gateway Financial Partners, a super-OSJ affiliated with LPL Financial located in Texas, where she oversees $150M of assets under management for her 110 client households. Melanie has a truly unique approach to connecting with clients by using a tried-and-true list of 34 questions that creates a deeper, longer-lasting relationship with clients. Listen in as Melanie shares how she leveraged her knowledge as a CPA, as well as her husband's managerial experience and personal connections, to launch her firm - all while homeschooling her six children. We also dive into how Melanie weaves her faith into her financial work, how she builds deep and long-lasting relationships with clients, and why she believes that women can have it all (just not all at the same time). For show notes and more visit: https://www.kitces.com/262

Andrew Miller is the founder of OLIO, a financial planning firm based out of Virginia that manages $275 million for over 275 households. Andrew has been able to build a scalable business model that is based on the unique complexity fees of his clients, capturing the time and effort it takes to handle their planning needs. In this episode, we talk about how Andrew developed his time-based system to price his services, how he created a financial planning proposal process to translate the value of his time into dollar amounts, and how this system has actually led the firm to do less investment work for clients. Listen in to learn why his time as a civil engineer gave him a unique understanding of how time and productivity are intertwined, as well as why his willingness to create his own definition of success has allowed his business model to thrive—despite being told it never would. For show notes and more visit: https://www.kitces.com/261

David Ortiz is the founder of Financial Chef, a unique independent RIA that operates as a lifestyle practice in Southern California. David has combined his experience as a classically trained chef to create an experience unlike any other for his clients: literally breaking bread with them as he provides financial advice. Listen in as we dive into David's journey through the advice business, from being a chef to working for a software company, and then from life insurance to ultimately opening his own independent RIA. We also discuss how he got started with his business model, why he decided to take it mobile, and how this unique services package has helped David deepen his relationship with his clients. For show notes and more visit: https://www.kitces.com/260

Patricia Houlihan is the Founder of Houlihan Financial Resource Group, an independent RIA based out of Washington, DC, that oversees $345 million in AUM for 150 households. She joins the show today to share how she has successfully implemented an internal succession plan with her son and a second advisor that ensures continuity of services for clients over maximizing the value of the sale, as well as why having her name as part of the firm's name is not a hindrance in her plan. Listen in as she opens up about how she has built her succession plan to put clients first, including how she has ensured relationships between all of the firm's advisors and their clients so there is trust with more than just Patricia herself. You'll learn what it was like being a female financial advisor in the 1980s—when the industry was very much a "boy's club"—and what Patricia sees as the key to success for any financial advisor. For show notes and more visit: https://www.kitces.com/259

Joe Pitzl is the founder of Pitzl Financial, an independent RIA based out of Minneapolis that oversees nearly $270 million in assets for 270 households. Joe had a unique next-generation career path into the financial advice business, and with only 10 years of experience under his belt, launched his own firm. Listen in as he shares how he navigated into the financial planning field despite his struggles in the traditional classroom setting, how he built a network of support to the point where he never struggled to land his next career opportunity, and how he scaled his firm to $250 million of AUM in just seven years with a team of five people. We also discuss how forming a study group with other advisors at a similar age and stage was foundational to Joe's career success, as well as how he navigated the challenge of finding himself out of a job at the same time that he was starting a family and buying a house. For show notes and more visit: https://www.kitces.com/258

Beth Jones is the co-founder of Third Eye Associates, an independent RIA based out of the Hudson Valley of New York that oversees $125 million of assets under advisement for 200 households. Beth's firm is unique in that they go deep with clients into creating a personal vision statement that truly aligns their money with their values. Listen in as we dive into Beth's financial planning process, fee structure, and client deliverables that have been a cornerstone for building her expertise as an in-depth financial planner and have led to a waitlist of new clients. We also discuss some of the challenges that she faced as she was scaling up, why she made the decision to let go of 85 of her earliest clients that were actually costing her money, and how she navigated the transition of having her co-founder retire while she continued to run the firm and serve clients. For show notes and more visit: https://www.kitces.com/257

Vincent Barbera is the founder of Newbridge Wealth Management, an independent RIA based out of Philadelphia that oversees nearly $120-million of assets under management for 75 households. Vince stays on the cutting edge of advisor technology by continuously experimenting with new tech tools and by setting a new strategic focus every year to identify and try out a new category of solutions. Listen in as Vince gives a rundown of the technology tools that he has tried this year to improve his client experience, where he finds the latest and greatest in tech to try out, and how he compares the cost of new tools against those he already uses. We also discuss how Vince uses technology in his independent firm to stay competitive without an asset manager's size and scale, and why he has decided not to scale up to the billion-dollar mark but rather slow down and enjoy the ride. For show notes and more visit: https://www.kitces.com/256

Cody Garrett is the founder of Measure Twice Financial, an independent RIA based out of Houston which has managed to grow to nearly $150,000 per year in annualized financial planning fees in just over six months. Cody uses an "advice-only" financial planning model that has quickly attracted a waiting list of clients who want to do it themselves, but not necessarily learn it themselves. In this episode, Cody shares why he launched with the advice-only model, where clients don't have the option to have their investments managed by the firm, but do get personalized education that they can use to manage their own finances. Listen in to learn how this model has allowed Cody to build a practice that supports his own personal lifestyle and work no more than ten hours per week, as well as how he has generated a steady stream of clients and kept the business lean so he can take home more than 90% of his gross revenue after business expenses. For show notes and more visit: https://www.kitces.com/255

Eliza De Pardo is the founder of her eponymous advisor consulting firm, which works with mid-to-large-sized independent advisory firms. Eliza takes a unique focus on the human capital issues that arise as advisory firms scale and believes that attracting, retaining, and developing the firm's people is the biggest key to long-term success. Listen in as we discuss why the ability to attract and serve clients is crucial for firms to scale to the first $1 million of revenue, but is less important as the firm reaches and exceeds the $3 million mark. Eliza also shares why the advisors who are most effective at moving away from client-facing work have the most success scaling up, some of the key business metrics that firm owners should be monitoring as they grow, and why most advisory firms need to learn to hire sooner—but not necessarily faster. For show notes and more visit: https://www.kitces.com/254

Robyn Crane is the founder of her own eponymous consulting firm, which offers sales and marketing coaching services with a focus on female financial advisors. Robyn has a well-defined approach for how financial advisors can not only identify their ideal client, but also implement a sustainable leads system to reach out and book appointments with qualified leads. Listen in as we discuss the issue of gender disparity in the financial planning industry, including what Robyn sees as the true reason for the disparity and what the solution is to better gender representation. She also shares the specifics behind her system for generating cold leads, how to encourage engagement from those leads, and how she teaches advisors to identify and market to their ideal client. For show notes and more visit: https://www.kitces.com/253

Kyle Moore is the founder of Quarry Hill Advisors, an RIA based out of St. Paul, Minnesota, that oversees $165 million of assets under management for 137 households. Kyle has been able to generate extremely strong growth for his firm in only 5 years while also navigating a plethora of challenges that are common among advisory firms in the early years. Listen in as he shares why he decided to forge his own path and start an advisory firm, the techniques he used to make his firm findable online, and how one of his very first clients was a super-referrer that boosted his business in the early days of the firm. We also dive into why Kyle decided to bring on a partner—despite having a business that was growing well—and the benefits that he has gained (as well as the pitfalls he has avoided) thanks to practice management coaching programs. For show notes and more visit: https://www.kitces.com/252

Bill Cates is the founder of Referral Coach International, an organization that helps financial advisors attract more ideal clients through referrals. He teaches advisors how to use their communication and messaging to make themselves more "referable" and to ask for an introduction instead of a less meaningful referral. Listen in as Bill shares why he makes a clear distinction between referrals and introductions, why clients are sometimes reluctant to give introductions, and how advisors can overcome those concerns. We also discuss why it's important for advisors to help clients work towards their bucket list goals in addition to their financial goals, how they can hone their messaging so that they can achieve "radical relevance" in the eyes of their clients, and why clear messaging is more important than ever in a post-pandemic world. For show notes and more visit: https://www.kitces.com/251

Deirdre Van Nest is the founder of Crazy Good Talks, a communication coaching firm that helps financial advisors become better communicators in order to help their clients and prospects take the next desired step. She has developed a very unique process that teaches advisors how to use foundational stories to make deeper connections with those they are trying to connect with. Listen in as we dive into why Deirdre believes that every financial advisor has the potential to be an emotionally compelling and highly effective communicator, even if communication is not one of their strong suits, and how she helps advisors to become the best communicators possible. We also discuss why Deirdre believes that advisors who know that the services they are offering are changing the lives of the people they work with have an obligation to learn how to be as persuasive, inspiring, and compelling as possible. For show notes and more visit: https://www.kitces.com/250

Drew Waldron is the co-founder of Canvas Wealth Advisors, an RIA based out of Kansas that manages $455-million for 150 families. Drew and his partner have taken the client experience to a whole new level by not only reinvesting into client services and better technology, but also by executing once-in-a-lifetime excursions exclusively for clients of the firm. Listen in as Drew shares how he and his partner have differentiated their firm by leveraging client excursions and experiences, the different kinds of adventures his firm executes for clients, and the strategy they employ to assemble clients together to foster introductions and networking opportunities. We also dive into how this unique experiences-based marketing strategy has catapulted the firm to north of $450-million in assets in just over two years and why they place so much emphasis on constantly providing added value to clients and prospects. For show notes and more visit: https://www.kitces.com/249

J.D. Bruce is the Chief of Innovation for Abacus Wealth Partners, an RIA based out of Santa Monica that manages over $4-billion in assets for 1,900 clients. J.D. has been successful in scaling Abacus to its current size by implementing Angie Herbers' Diamond Team Model to offer a variety of different service models to different types of clients. Listen in as J.D. shares how Abacus has leveraged the power of Diamond Teams to keep clients connected to the firm while also allowing for flexibility in the advisors that they work with over time, and how this business model has allowed for the firm to segment its client base and offer a variety of different services based on the needs of those segments. We also discuss why J.D. believes that it's more important to hire team members who will challenge the cultural status quo as opposed to finding the best cultural fit, and why he believes that conflict is actually necessary for growth and change. For show notes and more visit: https://www.kitces.com/248

Matthew Jarvis is the owner of Jarvis Financial, an RIA based out of Seattle that manages $240-million for 170 households. Matthew is incredibly focused on increasing the efficiency and profitability of his firm by systematizing his business processes, thereby delivering even more value to clients. Listen in as Matthew shares the secret behind more than doubling his AUM over the last four years, including why he made the decision to refer clients who are not a good fit for his firm to other advisors and how he ensures the transition is as smooth as possible. We also discuss how systems have played a big part in the firm's growth, allowing him to deliver more value to clients while raising his fees accordingly. For show notes and more visit: https://www.kitces.com/247

Jessica Hovis Smith is the President of Longview Financial Advisors, an RIA based out of Alabama that oversees $194 million for 199 clients. Jessica oversaw a succession plan that brought two lifestyle practices into one employee-owned, multi-generational firm, navigating multiple transitions along the way to eventually arrive at a valuation that was fair for everyone. Listen in as Jessica shares her own personal journey to President of Longview, what it was like overseeing a succession plan that merged two lifestyle practices, and how they structured their purchase to ensure that new owners stood the best chance of staying with the firm throughout their careers. We also discuss the multiple transitions that happened along the way to arriving at a valuation that the founders and internal buyers were happy with, as well as why the actual process of arriving at that valuation was the biggest contributing factor to getting everyone's buy-in. For show notes and more visit: https://www.kitces.com/246

John Kennedy is a founding partner of CandorPath Financial, a hybrid RIA based out of Orlando that manages $110 million for 162 families. John and his partner implemented Gino Wickman's Entrepreneurial Operating System (EOS) as a framework to rapidly scale their practice in a very deliberate and intentional way. Listen in as we delve into how John uses EOS to run his practice as a business, as well as how it helps him make clearer business decisions and define his core values. You'll learn how CandorPath uses social media videos to engage with prospective clients, why they developed their own Alexa Skill to foster daily touchpoints with clients between regularly scheduled meetings, and how they ensure that the practice is intentionally moving toward their long-term goals. For show notes and more visit: https://www.kitces.com/245

Shannon McLay is the founder of The Financial Gym, an organization that offers financial coaching services on a monthly subscription basis to 3,500 Millennial and Gen-Z clients. Shannon has positioned her offerings in a similar way to personal trainers, helping people get "financially fit" through traditional financial planning services like budgeting, savings, debt management, and financial literacy. Listen in as we dive into the "aha" moment that led Shannon to launch The Financial Gym, how she convinced initial investors to buy into her business, and why she feels that an important benefit of the monthly subscription model is the accountability it places on her coaches to show value to clients. She also shares why she ditched an off-the-shelf software package and developed her own proprietary budgeting tool for clients, the lessons she learned through that development process, and why she has been able to build a diverse and inclusive team of coaches who can relate to clients in a really unique way. For show notes and more visit: https://www.kitces.com/244

James Bogart is the CEO and President of Bogart Wealth, an RIA located in Virginia that manages $1.8 billion of assets for 900 families. James has nearly doubled his firm's AUM organically since the start of the pandemic by leveraging online educational webinars that address very specific issues regarding employee benefits for those working at certain companies in the energy sector. Listen in as James explains how his firm's success is not just a result of understanding employee benefits, but rather of applying their knowledge to specific companies' benefits to really differentiate themselves among prospects. You'll learn how he was able to leverage his CFP certification to source and interpret the requisite documentation for those companies, how he has created a marketing funnel using his webinars, and how he has been able to manage the challenges that arise with such rapid growth. For show notes and more visit: https://www.kitces.com/243

Charlotte Geletka is the owner and managing partner of Silver Penny Financial, a hybrid RIA based out of Atlanta where Charlotte personally oversees $140 million for 150 families. After purchasing the firm from her father, Charlotte took the existing business model and built the firm around her own vision to take the firm to the next level. Listen in as she shares what her experience was like buying a legacy firm from her father, how she determined a fair price for the firm, and why she deliberately structured her seller-financed deal with an accelerated 3.5-year payback. We also dive into why leadership skills are important to a firm's ongoing success, as well as why it is important to surround yourself with other like-minded financial advisors who are pulling for you to succeed. For show notes and more visit: https://www.kitces.com/242

Bill Bachrach is the Chairman and CEO of AdvisorRoadMap, a platform that provides training and mentorship to financial advisors to help them better attract and communicate with their ideal clients. Bill is also the creator of the values-based financial planning framework that puts a client's values and goals at the center of the financial planning conversation, and the creator of the new famous question: "what's important about money to you?" Listen in as we dive into how Bill's famous question gives advisors a powerful way to start meaningful conversations with clients and gives prospects the opportunity to communicate the value that they're looking for from a financial planning relationship. We also discuss in depth how Bill's framework helps advisors build more trust and relevance with their clients by teaching them how to listen more, say less, ask better questions, and answer questions more effectively and confidently. For show notes and more visit: https://www.kitces.com/241

Tom Gau is a financial advisor at Materetsky Financial Group, a hybrid RIA based out of Florida that manages $525 million in AUM for just over 500 clients. Tom is a pro at translating abstract financial planning strategies into very concrete and practical terms that he can then communicate to his niche retiree clientele, addressing their very specific tax and estate planning needs. Listen in as Tom shares how he ended up being profiled in Malcolm Gladwell's The Tipping Point, what he believes are the three keys to building a successful and thriving advisory firm, and why he decided to use his business development success to launch a coaching program for financial advisors. We also discuss how offering advanced planning services that go above and beyond investment advice—such as tax and estate planning—can be a powerful differentiator for an advisor in a saturated market. For show notes and more visit: https://www.kitces.com/240