Financial Advisor Success

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 sh

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

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/

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