Financial Advisor Success

Ryan Frailich is the founder of Deliberate Finances, an RIA based out of New Orleans that services young professionals through a monthly subscription fee model. Ryan has intentionally built his advisory business to help people in their 20s, 30s, and 40s navigate the inevitable financial complexities of life, regardless of whether they have assets that need managing. In this episode, we discuss the reasons why Ryan has decided to niche down to serve clients who may not have liquid assets to manage, and why he believes that this part of the journey is actually more financially complex than later stages. Ryan also shares how he has created a work-life balance through the use of surge meetings, how his background as a teacher has allowed him to create business goals that maximize his financial and family well-being, and the reasons why he has decided to remain a solo advisor. For show notes and more visit: https://www.kitces.com/239

Margaret Dechant is the CEO of 6 Meridian, a hybrid-RIA based out of Kansas that has $3-billion in assets under advisement and serves 700 clients. In 2016, Margaret and her partners broke away from a lucrative practice at Morgan Stanley to go independent, and did so by building a new firm entirely from scratch. Listen in as Margaret shares what led to her decision to break away from Morgan Stanley and why she and her partners decided to build a new firm from the ground up instead of leveraging a plug-and-play service platform provider. We also discuss how 6 Meridian is generating leads for larger and more complex clients by nurturing deeper relationships with existing referral sources, and how they are building a multi-generational firm by recruiting and developing younger advisors. For show notes and more visit: https://www.kitces.com/238

Brittany Anderson is the President and a Partner at Sweet Financial, a hybrid RIA based out of rural Minnesota that manages $860 million in AUM for 1,100 families. Brittany joined Sweet Financial right out of college, ultimately working her way up the firm's ladder from sales associate to COO to President and one of its owners. Listen in as we discuss how Sweet Financial has steadily built close to $1 billion in AUM—despite being in a rural area with a population of only 10,000 people. You'll learn how Brittany has been able to recruit talent by focusing on cultural fit above and beyond skillset, as well as why there has never been a better time for women to join the financial services industry. For show notes and more visit: https://www.kitces.com/237

Shauna Mace is the Founder of Inspire Growth, a sales consulting firm that helps financial advisors establish and refine their business development and sales process. Her focus is on helping advisors achieve real growth results through systematically converting leads into clients, all without coming off as too "salesy." Listen in as we discuss how Shauna teaches advisors to create relevance for prospects by actively listening to their responses to open-ended questions and simultaneously uncovering their needs while also demonstrating what working with them would look like. We also talk about the systematization of the sales process that Shauna uses with advisors and the key performance indicators that can tell you whether your marketing efforts are actually paying off. For show notes and more visit: https://www.kitces.com/236

Georgia Lee Hussey is the Founder and CEO of Modernist Financial, a boutique RIA based out of Portland that offers deep financial planning for affluent households with a $17,500 minimum fee to get started. Georgia is passionate about aligning her own personal values with the values of her advisory firm and her clients, and creating a positive impact for her community and the financial services industry at large. Listen in as Georgia shares how she pivoted from artist to financial planner, and how her experience as an artist and running events in the artistic community served her well as a new planner generating new business. We also discuss why conscious capitalism and profit are not mutually exclusive, how Georgia helps clients get clear on their goals and then align their financial decisions around those goals, and how she uses political discussions in client meetings to help clients understand how their financial decisions affect the world around them. For show notes and more visit: https://www.kitces.com/235

Yohance Harrison is the founder of Money Script Wealth Management, an RIA based out of Texas that offers ongoing financial planning services to 225 young healthcare professionals. Yohance uses a unique model of monthly subscription fees and charging for subsequent implementation, and his zone of genius is helping his clients identify and change their personal money scripts to better align their financial decisions with their goals. Listen in as Yohance shares how he has tapped into the power of referrals to build his client base and dives into why he uses a mix of client tiers to profitably serve clients while also meeting their unique needs. He also talks about how he helps clients identify and change their personal money scripts so they can better reach their financial goals, and what he sees as lacking in the financial planning industry when it comes to attracting diverse talent. For show notes and more visit: https://www.kitces.com/234

Patty Kreamer is the co-owner of Productivity Uncorked, a productivity coaching firm that specializes in helping financial advisors become more organized and efficient so that they have more time to focus on what is really important in their personal and professional lives. At the heart of their methodology is a focus on prioritizing the things that get us out of bed in the morning, rather than implementing technology tools meant to increase productivity on the front end. Listen in as we discuss the practical things that you can use today to increase your productivity and focus, the importance of having clear boundaries with clients, and how delegating can be a game-changer for busy advisors. Patty also shares the number one key to scaling your business, which surprisingly has more to do with mindset and self-confidence than it does with being productive and efficient in the business. For show notes and more visit: https://www.kitces.com/233

Jamie Bosse is a financial planner with Aspyre Wealth Partners, an RIA based in Kansas that oversees nearly $500-million in assets for 275 families. Jamie is also the Money Boss Mom, having been able to balance her responsibilities within the firm while also writing a series of children's books on personal finance, and a soon-to-be-published adult book for new parents. Listen in as Jamie shares the learning process in her journey to publishing books with Amazon, including how much it costs to self-publish, what the revenue split is with Amazon, and what the major differences are between self-publishing and traditional publishing. We also talk about planner fees, how Aspyre Wealth Partners has implemented a subscription business model, and some of the technology they use to make planning and client meetings more efficient. For show notes and more visit: https://www.kitces.com/232

Michael Goodman is the Founder and President of Wealthstream Advisors, a family RIA based out of Manhattan that manages over $1-billion in assets for 350 client families. Michael first started his career as a CPA before transitioning to financial planning and building a firm that will outlast his retirement. Listen in as Michael shares his unique journey from CPA to financial planner, eventually building his own firm that allows him to do what he loves best: serving clients. We also discuss how his personality and optimism were instrumental in helping him stay the course during the hard times, why working with a consultant was the catalyst that led him to where he is today, and the biggest change he had to make when taking a risk to change focus and scale. For show notes and more visit: https://www.kitces.com/231

Dan Moisand is the Principal of Moisand Fitzgerald Tamayo, a fee-only RIA based out of Melbourne, Florida, that manages over $800-million in assets for 650 clients. Dan is a pro at communicating the value of financial planning to clients in a clear and compelling way, and is a perfect example of how focusing on planning issues with clients emphasizes the role as financial planner, regardless of how advisory fees are structured. Listen in as Dan shares his thoughts on the AUM model, advisor fees, and why many of the concerns among advisors for both are overblown or erroneous. We also discuss how the financial planning industry has changed over the 30 years of Dan's career, and why the one thing that has not changed is still the most important part of the client relationship. For show notes and more visit: https://www.kitces.com/230

Alexandra Armstrong is the founder and chairwoman emeritus of Armstrong Fleming & Moore, a hybrid RIA based out of Washington, DC. Alex has a long and experienced 40-year career in the financial services industry, having first launched her firm in 1983 and subsequently selling it to four different successors. Alexandra is a true pioneer of the industry and brings a wealth of wisdom that she shares with us, including what set her apart in the early days of her career, what it was like being female in a primarily male-dominated industry, and what the real secret of her success was. She also discusses what the industry was like when she first earned her CFP marks in 1977, and explains why she believes that financial planning is an ideal career for women. For show notes and more visit: https://www.kitces.com/229

Jeremy Keil is the founder of Keil Financial Partners, a hybrid RIA from Milwaukee that manages $85-million for 170 clients. Jeremy has leveraged two lead generation services to grow his firm by twice its size in only two years, and also outsources his lead follow-up so he only spends time meeting with the most qualified prospects. Listen in as Jeremy shares why he chose to use an external lead generation and follow-up service, how this strategy has helped him scale faster, and how he has compounded the benefits of purchasing leads by nurturing those leads with high-value digital marketing content. We also discuss how he has increased his firm's growth trajectory by focusing on meeting the unique planning challenges of Harley-Davidson employees, and he gives us insight into what he feels is his most valuable client deliverable. For show notes and more visit: https://www.kitces.com/228

Leighann Miko is the founder of Equalis Financial, a fully virtual advisory firm that offers ongoing planning services for 45 creatives within the LGBTQ community. Leighann has been able to realize financial freedom in her own life by serving a unique community that she is also a part of and that often face financial insecurity. In this episode, Leighann shares her story about how her family's money insecurities growing up led her to a career path in financial planning and how a failed succession plan was the catalyst for her starting her own firm to serve the LGBTQ community. She also discusses the benefits of being part of the community that you serve, why she hired a copywriter to convey her value to prospective clients, and how she adapted Kinder's three famous questions for the LGBTQ community. For show notes and more visit: https://www.kitces.com/227

Paul Saganey is the President and Founder of Integrated Partners, a hybrid RIA based out of Waltham, MA, that manages over $10 billion for 18,000 affluent clients. Paul has managed to generate hyper growth for his firm through strategic alliances with accountants who act as a resource for CPA firms to build out their financial services divisions. In this episode, Paul details how he built his advisory firm through a robust referral program with CPAs, including the terms of engagement and how they structured client interactions. He also shares why he made the decision to partner with CPAs in particular, and how that partnership has helped him scale and grow to manage fewer clients who are more affluent. For show notes and more visit: https://www.kitces.com/226

Matt Gulbransen is the President of Pine Grove Financial Group, an RIA based in Minnesota that manages over $550 million for 325 families. Despite the widely held belief that direct mail and educational seminars no longer work, Matt has continued to see positive marketing results from both over the past decade. In this episode, Matt shares how he uses in-person seminar events geared toward educating people about financial planning and then convincing them to work with him to navigate the many life transitions on the way to retirement. We also talk about how Pine Grove has pivoted from in-person seminars to webinars due to the pandemic, as well as how that has affected their overall conversions. For show notes and more visit: https://www.kitces.com/225

Amy Mullen is the President of Money Quotient, a company that has developed tools and training to help advisors have more meaningful conversations with their clients. Money Quotient's offering is unique in that they not only give advisors the tools to help clients achieve their goals, but they also help clients get clarity around what is most important to them so they can create goals they're motivated to hit—and so the advisor becomes a partner in achieving those goals. In this episode, we talk about how Money Quotient helps advisors guide their clients to gain self-awareness around their values and how that realization then helps make financial decisions easier for the client. Amy also shares the system that makes Money Quotient so unique and how this system helps advisors leverage the resulting relationship with their clients to create a fully developed client experience. For show notes and more visit: https://www.kitces.com/224

Marianela Collado is the CEO and majority shareholder of Tobias Financial Advisors, an independent RIA based in Florida that manages over $500 million in AUM for 257 clients. Marianela navigated an accelerated succession plan laid out by the founder of Tobias Financial, and has successfully grown the firm from a one-person operation to a staff of sixteen with an eye towards a subsequent succession plan. Listen in as Marianela explains why she decided to keep the name Tobias Financial Advisors and how she has created such a great client experience that many clients are eager to refer others to the firm. She also shares how they have built a diverse team of advisors and a support staff that has earned them industry recognition, as well as why a succession plan was essential to making sure the client transition was a smooth and positive experience. For show notes and more visit: https://www.kitces.com/223

Jonathan Kuttin is the founder of Kuttin Wealth Management, a hybrid RIA based out of Long Island, New York that manages over $3 billion dollars for 5,500 clients. Kuttin Wealth has grown to the point where Jonathan made the decision to separate client-facing service from leadership and operations, which allows for employees to focus solely on what they're truly good at—and has allowed the firm to grow even further. In this episode, Jonathan explains why he created three distinct roles within his firm and how this silo of roles has led to both superior results and better clarity around responsibilities within the firm. He also shares the hard lesson he learned about the importance of legal agreements, the five leadership areas he cultivates in every area of the firm, and why supporting employees to get what they want out of life is a cornerstone principle of his firm. For show notes and more visit: https://www.kitces.com/222

Miye Wire is the founder of an eponymous hybrid RIA that manages $200 million dollars for 250 young professional families and has become the go-to benefits and equity compensation expert for Microsoft employees. Miye has built her firm around a robust referral engine from her niche, thanks in part to the memorable client events she hosts throughout the year that create a unique sense of community for her clients. In this episode, she shares how her events and community strategy have led to her firm being built upon referrals, as well as why she has taken a team approach in her firm to make sure that not only are client inquiries handled promptly, but advisors are able to create more work-life balance. Listen in to learn how Miye shifted away from worrying about whether she was fitting into a certain financial advisor type and embraced what makes her—and her firm—different. For show notes and more visit: https://www.kitces.com/221

Shane Mason is the co-founder of Brooklyn FI, a fee-only RIA that was founded in 2018 in Brooklyn but that has since shifted to being fully virtual. Brooklyn FI was built in the style of a tech startup where their financial advice service offering is a product unto itself, and they currently serve 159 next-generation clients charging a fee of around $500 per month. Listen in as Shane explains why Brooklyn FI decided to launch into a niche of high-income sole proprietors before deciding to pivot to working with people who work in the tech industry, and how their new niche has resulted in nearly all of the firm's new clients coming from referrals. Shane also shares how the pandemic pushed Brooklyn FI to be virtual, why they post their fees directly on their website, and how Shane's 50/50 partnership with his co-founder has been the secret sauce to their rapid growth. For show notes and more visit: https://www.kitces.com/220

Coventry Edwards-Pitt is the Chief Wealth Advisory Officer at Ballentine Partners, a wealth management firm that oversees nearly $8 billion in AUM for 230 ultra-wealthy families. Breaking down the math, that means each family that Ballentine serves has an average of $35 million of investable assets, making their wealth management practice highly unique—with a focus on the issues that reach far beyond this generation and the next. In this episode, Coventry shares how serving ultra-rich clients comes with challenges that many advisors will never manage, as well as what it really means to provide wealth management services to clients with millions in net worth. She also dives into parenting children in ultra-high net worth families and shares the common factors of well-grounded and well-rounded wealthy children. For show notes and more visit: https://www.kitces.com/219

Maura Griffin is the founder of Blue Spark Financial, an independent RIA that oversees more than $150 million of assets for nearly 90 clients who are primarily single women making financial decisions on their own for the first time. Maura built her practice from scratch by charging high school parents a flat fee to help them with financial aid planning for their children, which she was then able to turn into established relationships that led to more comprehensive planning relationships. In this episode, Maura shares how having a financial reserve when she launched her firm was so crucial to give her not only peace of mind and confidence, but also the flexibility to build her business with intention—and without feeling pressured to take on work that she didn't want. She will also dive into how she used a specific niche to help grow her firm, why she decided to pivot to focus on working with her current base of clients, and why she has made the intentional decision to structure her business as a lifestyle practice despite the naysayers. For show notes and more visit: https://www.kitces.com/218

Sophia Bera is a past guest of the podcast, and originally wrote a guest post for Nerd's Eye View as far back as 2013. If you missed her before, she is the founder of Gen Y Planning, an independent RIA that serves just under 100 young professionals—and that was also one of the first location-independent firms in the financial planning industry. Listen in as we catch up on how Gen Y Planning has shifted over the years, why net worth reporting is not at the heart of Gen Y's planning process, and why their focus with clients is more on short-term goals versus long-term metrics. Sophia will also share how she created a work-life balance that allows her to spend more time doing what she loves, and how she was able to take four months away from the business on maternity leave without the business skipping a beat. For show notes and more visit: https://www.kitces.com/217

Jason Zweig is a financial journalist who not only wrote one of the first books on behavioral finance neuroeconomics, but also writes "The Intelligent Investor" column for the Wall Street Journal. A senior writer for Money magazine and a guest columnist for Time magazine and CNN.com, Jason has a truly unique perspective on the financial services industry, having covered it for nearly 25 years. Listen in as he shares his perspective on the financial services industry, including why the AUM model is outdated, how he views the evolution of the financial advice business, and why he sees the future of the industry as more curatorial. You'll learn his take on where he believes new advisors should be focusing their energy for success and why it's actually a good thing to admit when you don't know the answer to a question. For show notes and more visit: https://www.kitces.com/216

Shawn Tydlaska is the founder of Ballast Point Financial Planning, an independent RIA based in the San Francisco Bay Area that serves 117 high-income young professionals across the country, helping them turn income into wealth. Ballast Point is unique in that it uses a blended model of a minimum $5,000 retainer paid monthly, plus an additional fee of ten basis points above $2 million to adjust pricing upward for the most complex clients. In this episode, we talk about how Shawn structures his services and the foundation that forms the basis of his planning process with clients. Listen in to hear about the tracking system he put in place to not only show his worth to clients, but also to increase his own confidence in what he offers. You'll learn how he was able to build his firm so quickly in the five years since he started, what he says was key to his firm's growth in the early days, and more. For show notes and more visit: https://www.kitces.com/215

Olivia Summerhill is the founder of Summerhill Wealth, an independent RIA based near Seattle that exclusively works with ultra-high net worth women who are adjusting to life during—and after—divorce. Olivia is a great example of how many of us navigate through the industry, having gone from a large national firm to launching her own firm focusing on this very specialized niche. Not only does Olivia's niche make her unique, but her fees and client base are also specialized: she charges $20,000 for an engagement and commits to working with no more than five active clients at a time. As a Certified Divorce Financial Analyst, she provides financial advice and planning, and she holds the hands of clients as they navigate through many "firsts" after divorce, including buying a house and managing a budget. For show notes and more visit: https://www.kitces.com/214

Dave Yeske is the co-founder of Yeske Buie, an independent RIA based out of San Francisco that oversees $740 million of assets under management for more than 300 affluent clients. Dave has successfully blended together academic financial planning research with the practice of financial planning to culminate in an evidence- and policy-based financial planning approach that sets clients up with the confidence to handle any number of future scenarios with ease. Listen in as Dave shares in detail how his firm applies evidence-based planning and how this approach helps to reduce client stress during market volatility. He will also discuss why it's important to be ready to adapt to change instead of trying to predict the future, where his passion for academic research came from (and how he applies it to financial planning), and why he was motivated to create what may have been the very first financial planning client portal ever. For show notes and more visit: https://www.kitces.com/213

Alex Hopkin is the founder of Simply Paraplanner, a job board and training portal for U.S.-based virtual paraplanners. Simply Paraplanner is not just a way for paraplanners and firms to connect, but the platform also supports the ongoing evolution of paraplanning from an entry-level support role into a dedicated career path. In this episode, Alex shares why she created Simply Paraplanner, what paraplanners really do in an advisory firm to make it more efficient, and the best way to divvy up tasks between a paraplanner and an advisor. She'll also discuss how the internal process of creating a financial plan needs to change when a paraplanner is crafting the plan but a lead advisor is actually executing it, and how the technical demands of the paraplanner role have changed to the point where traditional certifications are no longer sufficient to be successful as a professional paraplanner. For show notes and more visit: https://www.kitces.com/212

Kristin Harad is the founder of a marketing consulting firm that focuses on coaching solo advisors to reach the next level and outsource CMO services for RIAs and mid-size firms. In addition to working as a marketing consultant, Kristin also has her own advisory firm that she launched from scratch and grew to six figures in fee-only revenue in just three years. She now uses her experience and expertise to coach other advisors to scale in the same way. Listen in as Kristin shares how her journey through the consumer goods and financial industries set the stage for her advisory and consulting passions, how her interest in life coaching played a role in the launch of her own advisory, and how she was able to market in an extremely cost-efficient but effective way to her niche client. You'll learn how she has been able to have one of her best years in business despite the global circumstances, what challenges she faced when uprooting her family and moving to Australia, and more. For show notes and more visit: https://www.kitces.com/211

Sten Morgan is the founder of Legacy Investment Planning, a hybrid advisory firm near Nashville that generates more than $2 million in revenue per year from 220 affluent clients. Sten is one of the most accomplished young advisors in the country and has built his success by focusing on putting himself—and his advice—at the forefront of his product offering. Listen in as Sten shares how he built his advisory firm by using a philosophy that embraces "the advisor is the product," and why he charges a full-rate financial planning fee with a monthly retainer in the hundreds or thousands of dollars—and then discounts his AUM fees for those who subsequently implement with him. He'll also dive into how he quantifies the economic benefits his advice will bring to get clients comfortable with his fees, the mindset changes that were critical for him to turn a struggling advisory into a successful one, and why it's best to start not with your why but with your who. For show notes and more visit: https://www.kitces.com/210

Forrest Baumhover is a financial advisor and partner with Lawrence Financial Planning, an independent RIA based in Tampa that oversees more than $100 million of assets under management for 70 affluent clients. Forrest's path to partnership as a financial advisor was a unique journey from the military to his own firm to merging with a larger firm—and quickly becoming a partner of that firm. Forrest joins me today to share how he built his advisory from the ground up—starting before he even left the military—and the challenges he faced along the way. He'll also discuss the groundwork he put in place before retiring from the military so he could hit the ground running, why he made the decision to merge his firm with another larger firm, and what the process was like becoming a full partner at the table with Lawrence Financial Planning. For show notes and more visit: https://www.kitces.com/209

Debbie Freeman is a partner with Peak Financial Advisors, an independent RIA out of Denver, Colorado that oversees $175 million of assets under management for 105 families. Peak Financial is unique in that they not only do tax planning, but also in-house tax preparation as a value-add service for their clients. Listen in as Debbie explains why her firm views tax preparation as an essential component to service and retain their client base, as well as how they actually manage operating a tax preparation business within their firm. You'll learn how maternity leave gave her and her firm a newfound appreciation for each other—eventually leading her to become an owner—and how a personal tragedy changed how she views not only life, but her career as well. For show notes and more visit: https://www.kitces.com/208

Lindsay Elwood-Goetz is the founder of Elwood & Goetz, an independent RIA based out of Athens, Georgia that oversees $365 million in AUM for 375 affluent clients. Lindsay launched her business within a year of graduating from the Texas Tech Financial Planning Program and has been able to steadily grow and create a firm that works for her, her team, and the clients she serves. Listen is as Lindsay explains how it was serendipity that led her into the financial planning world, how she first approached job-hunting once she graduated to only focus on the firms she really wanted to work with, and why she eventually forged her own path to start her own advisory. She'll also share her insight into why it's important to persevere and try different things until you find what works, how her firm is managing client interactions during the pandemic, and why the details can say so much more about your firm than you might think. For show notes and more visit: https://www.kitces.com/207

Drew Stotler is the founder of Stotler Wealth Management, a hybrid advisory firm based in St. Louis that serves 100 middle-income clients. Drew had a unique journey to building his own advisory firm, having started first in the employee advisor model at Edward Jones and moved to an independent broker-dealer—where he was hit with a temporary restraining order after leaving—before finally building his own advisory firm the way he always wanted to. In this episode, Drew shares how he built his career as a financial advisor, including what it was like focusing on anti-money laundering at Edward Jones before becoming an advisor. Listen in to learn how he built his early client base, what books gave him the inspiration to keep moving forward despite the challenging years, and how he has built his practice while also navigating the stringent non-solicit provisions put forth by Edward Jones. For show notes and more visit: https://www.kitces.com/206

Marina Hernández is the founder of Swiss American Wealth Advisors, an independent RIA that specializes in working with cross-border Swiss-American expatriates. Marina's model is unique because her niche allows her to work with next-generation clients and face little to no competition, all while commanding sizable financial planning fees from clients. In this episode, Marina shares how she has made her chosen niche work for her, how cross-border planning can be exceptionally complex (especially when it comes to taxation), and how the U.S. has placed extra layers of tax reporting on expatriates to prevent money laundering and foreign tax cheats. She also shares her very unique journey to launching her own firm, how she manages to keep her workflow efficient despite the challenges her specialization creates, and how some of her biggest obstacles were those that were least expected. For show notes and more visit: https://www.kitces.com/205

Blair DuQuesnay is a financial advisor with Ritholtz Wealth Management, an independent RIA based in New York City that oversees nearly $1.3 billion of assets under management for more than 1,000 affluent clients. Blair had a unique journey to her current role, where she has built a strong client base managing $90 million of assets in under 2.5 years by focusing on client relationships and the investment committee work instead of prospecting. Listen in as we talk about Blair's journey through the industry, from a major wirehouse where she broke away after the financial crisis, to various operational and investment support roles, to launching her own independent RIA as a reluctant entrepreneur, and eventually landing in her current role with Ritholtz. She'll also be sharing why she believes that it's important to start at the bottom and take early entry-level roles that build a strong foundation for a long-term career as a financial advisor, and shares the moment she knew she had to make a major change while at a financial advisor conference. For show notes and more visit: https://www.kitces.com/204

Maribeth Kuzmeski is the founder of Red Zone Marketing, a marketing consulting firm that helps independent financial advisors implement actionable marketing strategies to grow their advisory. Maribeth believes that marketing success does not have to involve reinventing the wheel, and that looking at what is already working in the world of financial advisors and adapting it to your unique business can bring greater marketing success. Listen in as she shares how she successfully niched down to focus on marketing consultancy for financial advisors, as well as how her very first client grew his business from $10 million to $200 million in assets under management in just five years. You will learn why finding your niche doesn't have to be intentional, how the pandemic has changed the way in which financial advisors are approaching client and prospect interactions, and why now is the time to embrace video calls if you've previously been on the fence. For show notes and more visit: https://www.kitces.com/203

Pam Capalad is the founder of Brunch & Budget, a financial planning and coaching firm based in New York City that focuses on first-generation immigrants and communities of color. Brunch & Budget uses a unique approach to clientele-building through brunch sessions with prospective clients, where they discuss budgeting and cash flow planning issues. These sessions often turn into ongoing financial coaching, and have allowed Pam to build a client base of nearly 200 clients paying as much as $300 to $900 per month for her services. In this episode, Pam shares how she has grown her monthly fee significantly from the early days, as well as how she now justifies fees that can sometimes be 3-4% of a client's household income. We also dive into Pam's business model and workflow with clients, discuss why she niched down to focus on people who typically don't talk about money, and learn how working with first-generation immigrants is different than the typical financial planning client. For show notes and more visit: https://www.kitces.com/202

John Wernz is the former Chief Marketing Officer for Wealth Enhancement Group, an independent RIA based in Minneapolis that has nearly $20 billion in assets under management for nearly 20,000 affluent clients. Under John's leadership, Wealth Enhancement Group went from nearly $1 billion AUM to $20 billion—and attracted more than $1.5 billion of net new client assets in the past year alone. John joins me today to discuss in depth how he built the organic marketing engine at his firm, why direct mail became a foundation in their growth strategy, and how they leverage third-party data sources to better target marketing initiatives. He'll also share why the firm uses a centralized sales team for inquiries, how he has structured a thirty-person marketing team to manage all of the different marketing channels, and why bird watchers make for their best client base. For show notes and more visit: https://www.kitces.com/201

This is a milestone 200th episode, and we're doing things a little differently today! We put out a survey to the listenership asking who we should invite as our guest today, and overwhelmingly, you told us that you want to hear more of my own story on this journey of navigating the challenges of building a successful advisory business. So, you've got your wish! In this episode, Alan Moore joins me to talk about my career journey from college to financial services, why I split my time in the advisory firm between writing and speaking, and why I spend so much time advocating for smaller advisory firms despite switching to a much larger RIA myself. We also talk about all of the different ways that a career journey can unfold, and I'm taking you behind the scenes of kitces.com—including how I manage my own time and schedule to stay focused on having the biggest possible positive impact on the advisory community. I'll also be answering your number one burning question: Do I actually sleep? For show notes and more visit: https://www.kitces.com/200

Morgen Rochard is the founder of Origin Wealth Advisers, an independent RIA based out of Austin, Texas, that oversees nearly $35 million in assets under management for 25 affluent clients. Using a barbell approach to doing good in the world, Morgen has focused her practice to work with no more than 30 clients at a time at a rate of $12,000, which allows her the financial and time freedom to raise her family and create a book and podcast to disperse knowledge to those who otherwise wouldn't be able to afford her services. Listen in as Morgen shares how she structures her advisory firm to work with only a select number of affluent clients, why she structures her fees based on net worth but still views investment management as an essential service in her practice, and how she created a financial coaching business entirely separate from Origin Wealth Advisers. She will also detail her actual financial planning process with clients, why she focuses on what her clients can accomplish in a 12-18 month window instead of 20-30 years down the road, and what her secret is to being hyper-efficient. For show notes and more visit: https://www.kitces.com/199

Bill Bengen is the former owner of Bengen Financial Services, an independent RIA based out of Southern California that oversaw nearly $50 million of assets under management for 80 affluent retirees. That's not all Bill is known for though—in fact, he is the father of the "4% rule" and the safe withdrawal rate research, which was published in a series of studies in the Journal of Financial Planning and put into practice with his own clients. Listen in as Bill describes how he first developed his 4% safe withdrawal rate research, how he started this research to get away from the rules of thumb that were popular at the time, and how, ironically, his research became a rule of thumb itself. He'll also share why he actually used a withdrawal rate of 4.5% with his own clients, why a safe withdrawal rate today could be as high as 5%, and why he ultimately made the decision to retire and sell his firm. For show notes and more visit: https://www.kitces.com/198

Ashby Daniels is a financial advisor who personally oversees $38 million in assets under management for 43 retired clients with Shorebridge Wealth Management. Ashby launched his current practice, a hybrid advisory firm, by breaking away from a major broker-dealer after 10 years in the business in the face of a non-compete, and he was able to build his firm in such a way that his family's financial situation was never at risk. In this episode, we talk in-depth about how Ashby negotiated his compensation agreement with Shorebridge, how he navigated the non-compete agreement to eventually win back some of his prior clients, and how leaving most of his clients behind allowed him to focus on bringing in the right clients. Listen in to learn how his business has evolved deeper into niche territory, how he has built his current marketing funnel through blogging, and how his blog helped his former clients find their way back to him. For show notes and more visit: https://www.kitces.com/197

Daniel Hannoush is the co-founder of One & Done Financial, a virtual independent RIA that oversees nearly $70-million of assets under management for 350 client households. He has been able to consistently add five to ten new clients every single month since launching only four years ago. How has he done this? Hyper-focused niching. In this episode, we're discussing how Daniel was able to scale exponentially by niching down, how a fateful introduction led him to meeting his business partner, and why they chose to go with a 50/50 partnership deal despite advice to the contrary. Daniel will also share where he expects the firm to be in 10 years due to the exponential growth, as well as why he lives by the motto "if your visibility exceeds your ability, it destroys your credibility." For show notes and more visit: https://www.kitces.com/196

Echo Huang is the founder of Echo Wealth Management, an independent RIA that oversees nearly $120 million of AUM for 76 client households. Echo has built a niche serving corporate executives and has managed to build her firm almost entirely by word-of-mouth, through building her reputation within her niche. Today she joins the show to discuss how she grew such a successful career after starting out in the industry completely from scratch, as well as the challenges she faced along the way. Listen in as Echo shares why she decided to go out on her own—at the cost of losing to 2/3 of her AUM—to build the advisory firm she dreamed of. You will learn why she decided to get her CFA certification despite her success as an advisor, who she uses as her custodian, and the unique challenges she faces as what she calls a "triple minority." For show notes and more visit: https://www.kitces.com/195

Lisa Cooper is the founder of Figure 8 Investment Strategies, an independent RIA based in Idaho that oversees $90 million of assets under management for 85 clients. Figure 8 has differentiated itself with its sustainability-focused equity management, or, in other words, responsible investing through a thematic portfolio of 50 to 60 individual stocks. This differentiation has allowed Lisa to grow the firm exponentially in only four years since launching. Listen in as she shares how she crafted her unique investment approach, including how her firm identifies segments of the market to invest in and which stocks to avoid. You'll learn how shareholder engagement through proxy voting is a key part of the investment process, how the decision was made to become a B Corporation (and what that means for the firm's processes and standards), and how balancing purpose and profit has been key to Figure 8's success. For show notes and more visit: https://www.kitces.com/194

Michelle Wong is the founder of Nifty Advisor Support, a virtual assistant outsourcing solution for independent advisory firms. Using her background in operations, Michelle was able to capitalize on the dual trends of outsourcing and working virtually into an entrepreneurial venture that is making life easier for registered investment advisors across the United States. Listen in to find out some of the typical tasks that virtual assistants take on, as well as how outsourcing can benefit firms—especially solo advisory firms. You'll learn the typical cost-benefit of a virtual assistant compared to a full-time staff member, where Michelle sees outsourcing playing out in the advisor world (particularly with the after-effects of the pandemic), and the catalyst for why the virtual assistant world and gig economy have grown exponentially over the last few years. For show notes and more visit: https://www.kitces.com/193

Paul Pagnato is the Co-Chairman and Chief Visionary Officer of Cresset Capital, a multi-family office with nearly $9.5 billion of assets under management for more than 600 ultra-high net worth clients. After a nearly 20-year career at Merrill Lynch—and working with Hightower Advisors as a partner—Paul decided to go out on his own and eventually merged his multi-billion-dollar boutique advisory firm into Cresset Capital to further expand the reach of his vision. Listen in as we talk in-depth about Paul's entrepreneurial journey through the industry, why he chose to follow his true north and walk away from a 20-year wirehouse career, and why it's so important to have a strong support structure in place with experienced vendors when breaking away. You'll learn about the $90,000/year flat fee structure his firm uses to serve its ultra-affluent clientele, how Paul services those clients with unique concierge offerings, and how he has been able to scale successfully with a philosophy of outsourcing as much as he can. For show notes and more visit: https://www.kitces.com/192

Tiffany Charles is the Chief Growth Officer for Destiny Capital, a hybrid advisory firm based near Denver that oversees $260 million in assets under management for nearly 200 households. Tiffany has crafted a unique role for herself within an independent advisory firm with a focus on building scalable marketing systems to power the growth of the entire firm, instead of focusing on personally prospecting for new business. Listen in to find out how she moved from focusing on business outcomes to measuring her activity, as well as how this made a positive impact on the firm's growth. You'll also learn how she took on the Chief Growth Officer role with her firm as a tie-in to a next-generation succession plan and how she co-created a new vision with the firm to pursue a new niche of working entrepreneurs. For show notes and more visit: https://www.kitces.com/191

Stacey McKinnon is the Chief Operating Officer for Morton Capital Management, an independent RIA based in Los Angeles that oversees nearly $2 billion worth of assets under management for nearly 1,000 households. Stacey was formerly a wedding coordinator and operated a Pilates studio before entering into the financial services industry, which is indicative of Morton's non-traditional hiring approach that has been such a major part of their success. Listen in as Stacey discusses the shortage of talent in financial services and why many firms may be casting the net too narrowly when looking for the right people to hire. You'll learn why Morton hires for personality and culture fit before hiring for skills, why trust is so important within a team, and the importance of building something unique at the firm level in order to create a more rewarding environment for advisors and more financial security for the firm. For show notes and more visit: https://www.kitces.com/190