Financial Advisor Success

Michael Kitces
  • 4.9 (18)
  • BUSINESS NEWS
  • UPDATED WEEKLY
Financial Advisor Success

The Financial Advisor Success podcast brings you real success stories and insights from the most successful financial advisors, and leading industry consultants, about how to take your advisory business to the next level. Get a glimpse of what it's like behind the scenes building a successful advisory business, and how entrepreneurial advisors navigate the inevitable highs, and lows, of growing a firm. Whether you're a new financial advisor trying to get started on the right foot, or an experienced advisor who's hit a wall, we're here to give you the insights and inspiration you need to break through and reach the level of success you want to achieve. Subscribe to the show, and get even more at the leading industry blog Nerd’s Eye View at www.Kitces.com.

  1. Avoiding The Compliance Headaches When Going RIA By Choosing A ‘Supported Independence’ Corporate RIA Platform with Fran Toler

    4 DAYS AGO

    Avoiding The Compliance Headaches When Going RIA By Choosing A ‘Supported Independence’ Corporate RIA Platform with Fran Toler

    Fran Toler is the CEO of Toler Financial Group, a DBA firm under the RIA Rossby Financial, that oversees nearly $200 million in assets under management for 280 households. Fran discusses how she transitioned from an independent broker-dealer model to a 'supported independence' corporate RIA platform to reduce her compliance burdens while paying lower platform fees by partnering with a service provider that doesn't charge for functions her staff already performs. This strategic move enables her to have greater autonomy without the full list of compliance responsibilities associated with complete independence. Listen in as Fran shares how her firm's public stance on progressive values has led to client and AUM growth by attracting clients and staff who share these ideals, why she offers new hires a stable base salary to ensure she includes talented candidates who might not have the financial backing to succeed in an 'eat what you kill' environment, and how she is approaching succession planning as she contemplates her eventual retirement. For show notes and more visit: https://www.kitces.com/416

    1h 30m
  2. Systematizing A Firm-Wide Planning Process By Leveraging Centralized Teams And A Ticketing Workflow System with Erika Wood

    10 DEC

    Systematizing A Firm-Wide Planning Process By Leveraging Centralized Teams And A Ticketing Workflow System with Erika Wood

    Erika Wood is the Director of Wealth Management of VisionPoint Advisory Group, a hybrid advisory firm based in Dallas that oversees approximately $3 billion in assets under advisement for both 780 client households and retirement plans. Erika’s firm stands out for its use of centralized financial planning and service teams, along with a ticketing workflow system, to streamline a firm-wide planning process, efficiently serving a private wealth client base with $600M in assets under management. Listen in as Erika shares how her firm streamlines client meetings and task completion, ensuring efficiency and accuracy across all client interactions. She discusses her firm's approach to client segmentation and fee-setting based on a data-centric analysis of service costs, adding a profitability buffer to maintain a sustainable business model. Erika also talks about how her firm builds client loyalty, as well as the importance of advisors finding their niche in the financial planning field to maximize their unique strengths. For show notes and more visit: https://www.kitces.com/415

    1h 30m
  3. Narrowing Down The Focus To Byte-Sized Planning For Tech Employees To 10X To $50M AUM In Just 3 Years with Eric Franklin

    3 DEC

    Narrowing Down The Focus To Byte-Sized Planning For Tech Employees To 10X To $50M AUM In Just 3 Years with Eric Franklin

    Eric Franklin is the Managing Partner of Prospero Wealth, an RIA based out of Seattle that oversees $52 million in assets under management for 80 households. Eric uniquely grew his assets under management to $50 million in just three years by targeting employees at big tech firms and adapting his planning process into smaller, manageable segments. This approach, which spreads out financial planning over time, proved more valuable for his busy clients, preventing them from feeling overwhelmed. Listen in as Eric shares how he enhances client engagement by focusing on a few planning priorities at a time and starting engagements with goal-setting exercises to clarify and prioritize their objectives. He details his targeted marketing strategy toward tech employees, his own transition from tech to financial planning, and the growth of his firm through hiring like-minded advisors from the tech industry. You'll hear how he's leveraging technology tools for efficient communication, why he recommends industry conferences for career changers to learn best practices before launching their financial planning careers, and more. For show notes and more visit: https://www.kitces.com/414

    1h 30m
  4. Building An Internal Advisor Training Program To Solve The Talent Pipeline As A Growing $4B Advisory Firm with Kevin Leahy

    26 NOV

    Building An Internal Advisor Training Program To Solve The Talent Pipeline As A Growing $4B Advisory Firm with Kevin Leahy

    Kevin Leahy is the CEO of Connecticut Wealth Management, an RIA based out of Connecticut that oversees approximately $4 billion in assets under management for 1,100 households. Kevin's firm stands out for its systematized training program designed to onboard and develop young talent straight out of college, effectively maintaining a robust advisory talent pipeline. This approach has supported the firm through organic growth and strategic acquisitions, ensuring a smooth transition of clients from retiring advisors to new ones, all while keeping a low client-to-advisor ratio of 35-to-1. Listen in as Kevin shares how his firm's structured new hire training program starts with comprehensive initial training on systems and financial planning processes, followed by a focus on enhancing client communication skills. He also discusses sourcing new talent from a vetted internship program and how hiring in cohorts optimizes learning and integration. You'll also learn about the interview process Kevin's firm uses with veteran advisors, how his firm is able to maintain its core values as it grows, and more.  For show notes and more visit: https://www.kitces.com/413

    1h 30m
  5. 3X’ing The Business With No More Than 50 Great Clients By Hyperfocusing On Who You Can Add The Most Value For with Anjali Jariwala

    19 NOV

    3X’ing The Business With No More Than 50 Great Clients By Hyperfocusing On Who You Can Add The Most Value For with Anjali Jariwala

    Anjali Jariwala is the Founder of FIT Advisors, a California-based RIA that operates virtually nationwide, managing $65 million in assets for 45 client households. Over the past six years, Anjali has tripled her annual revenue from $250,000 to $750,000 while only adding a net of 10 client households by focusing on physicians with complex tax needs and small business owners with revenues of $5M-$20M. She achieved this growth by enhancing her service offerings with advanced financial planning and CFO services, while raising her fees to reflect the increased value. Listen in as Anjali shares how she transitioned from paid ads to creating niche-specific blog and podcast content that continues to attract high-quality prospects long after she paused active content creation to support her clients and manage personal stress during the early days of the COVID pandemic. She discusses her strategic approach to growing her revenue by raising her minimum annual retainer fee while keeping her client base compact, and how offering tailored services like advanced tax planning and CFO-style business planning justifies these fees for her clients. Anjali also reflects on her decision to limit her client count to enhance service quality, her use of an outsourced Chief Investment Officer to conduct investment research and cue up trades for her to execute, and how she defines success now that she has built a financially thriving practice. For show notes and more visit: https://www.kitces.com/412

    1h 30m
  6. Getting Clients Comfortable With Market Risk Using A More (Options-Based) Measured Risk Approach with Larry Kriesmer

    12 NOV

    Getting Clients Comfortable With Market Risk Using A More (Options-Based) Measured Risk Approach with Larry Kriesmer

    Larry Kriesmer is the Chairman of Measured Risk Portfolios, an RIA based out of San Diego that oversees $350 million in assets under management for a combination of internal retail clients and external financial advisor clients. What's unique about Larry, though, is how he is able to get clients comfortable with taking equity market risk using an approach that actually puts 85% or more of client funds in Treasuries (effectively creating a floor on potential losses) while investing the rest into options on equity indexes to offer potential upside that still can approximate the returns of a conservative, moderate, or even aggressive balanced portfolio that might have otherwise simply allocated directly to the S&P 500.  Listen in as Larry shares how he implements this strategy and introduces its potential benefits and risks to clients, the tax benefits available when using options, the importance of careful management when using options due to potentially rapid pricing changes, and his commitment to reinvesting in his firm to build a lasting business. For show notes and more visit: https://www.kitces.com/411

    1h 30m
  7. Delivering Financial Planning Profitably To Every Client With A Focus On Accountability Over ‘Just’ Meetings with Emily Biehler

    5 NOV

    Delivering Financial Planning Profitably To Every Client With A Focus On Accountability Over ‘Just’ Meetings with Emily Biehler

    Emily Biehler is the co-founder of TrailWise Financial Partners, an RIA based out of Colorado that oversees approximately $80 million in assets under management for 200 client households. What's unique about Emily, though, is how her firm ensures every client can be served profitably through a combination of a complexity-based minimum fee arrangement, coupleed with a strucutred data gathering, plan delivery, and client communication processes that encourage client accountability and follow-through on action items recommended by their advisor severy client really sees the value they receive for the fees they are paying.  Listen in as Emily discusses the custom workbook she uses that asks clients to explore their goals and values, how she uses asynchronous video messages to efficiently communicate with clients between meetings, and why she decided to start her own firm with a focus on accountability and client-centered comprehensive planning following a failed succession at her prevoius firm. For show notes and more visit: https://www.kitces.com/410

    1h 30m
  8. Adding 1,400 New Clients in a Year as an Extension of Doing (Profitable) Student Loan Consulting at Scale with Travis Hornsby

    29 OCT

    Adding 1,400 New Clients in a Year as an Extension of Doing (Profitable) Student Loan Consulting at Scale with Travis Hornsby

    Travis Hornsby is the founder of Student Loan Planner, an RIA and student loan consulting company based out of North Carolina that serves nearly 1,400 households with ongoing financial planning and has consulted with over 15,000 clients on student loan debt. Travis quickly expanded his financial planning client base to 1,400 in just over a year by leveraging his extensive pool of student loan consulting clients, which had significantly grown over the past decade. Listen in as Travis shares how he carved out a niche in student loan planning, which laid the groundwork for transitioning into comprehensive financial planning. He discusses his strategic approach to pricing and client service that spurred rapid business growth, and delves into the personal and professional transformations that prompted his move to establish an RIA. Travis also reflects on how his personal journey through FIRE (Financial Independence, Retire Early) movement influenced his business decisions, allowing him to seize growth opportunities that aligned with his values and effectively broaden his service offerings. For show notes and more visit: https://www.kitces.com/409

    1h 30m
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About

The Financial Advisor Success podcast brings you real success stories and insights from the most successful financial advisors, and leading industry consultants, about how to take your advisory business to the next level. Get a glimpse of what it's like behind the scenes building a successful advisory business, and how entrepreneurial advisors navigate the inevitable highs, and lows, of growing a firm. Whether you're a new financial advisor trying to get started on the right foot, or an experienced advisor who's hit a wall, we're here to give you the insights and inspiration you need to break through and reach the level of success you want to achieve. Subscribe to the show, and get even more at the leading industry blog Nerd’s Eye View at www.Kitces.com.

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