“People start their own RIA not because they want to be a firm owner, but because they want to work with clients using a model they feel good about.” (20:13) “Even with zero clients, zero experience, and zero safety net, I decided to figure it out anyway.” (03:22) “Starting my own firm wasn’t about ego. It was about skipping the middleman and serving clients better.” (03:52) “I spent way too much time trying to perfect processes before even having clients. Everything changes when you actually start serving people.” (10:29) “Selling my firm to the employees? I wanted the people who helped build it to actually own it and run it.” (18:15) “I want advisors to focus on serving clients, not on all the other stuff that comes with running a business.” (24:01) “The goal of Advice Only? Give advisors freedom to plan, without the unnecessary grind of running a business.” (24:31) I sat down with Stephen Fox, and talked through what his story looked like building his own firm. His path wasn’t traditional, eight years in the Marines, then college, then financial planning. No handoffs or shortcuts, just a decision to figure it out. While most advisors were waiting on succession plans that never materialized, Stephen skipped the line entirely. He started his own firm with zero clients, zero experience, and zero safety net. It wasn’t glamorous. Revenue was slow, the model kept evolving, and most of the lessons came the hard way. But through all of it, there was a clear throughline: serve younger clients that others ignored, charge transparently, and focus on real financial planning, no products, no games. Over time, that approach worked and he was able to build something sustainable. He then made a decision most founders never do, he sold the firm to his employees. Not because he had to, but because it fit the way he thought about ownership, incentives, and the future of the business. Now, he’s building something new, Advice Only. A platform designed for advisors who want to do one thing well, planning. No product sales, investment management or accidental business ownership. Just advice, with the infrastructure handled so advisors can focus on clients while keeping 100% of their revenue. What stood out most wasn’t just the path he took, it was the perspective he had. Stephen doesn’t romanticize the grind. He questions why it exists in the first place and he’s actively building an alternative. If you’re thinking about independence, rethinking your model, or wondering if there’s a cleaner way to do this work, listen to how Steven did it. ------------------ Advisor Freedom is the podcast for financial advisors who want to learn what it really takes to build a thriving advisory career & what wealthy clients are actually doing with their money. Hosted by Conner Young, who launched his own independent RIA firm in 2021, the show shares real stories from advisors who’ve broken away, built their books from scratch, and refined their client service models through experience. Each episode dives into how advisors got started, how they attracted their first clients, the systems they use today, and the best practices that help them grow. We also open the doors to the other side of the table: interviewing high-net-worth investors, family offices, and entrepreneurs about the investments they love, the strategies they use, and the legacy they’re trying to build. Whether you're just launching your RIA, growing your practice, or exploring new ways to create generational impact, Advisor Freedom is your behind-the-scenes guide to building a business and a life of lasting value.
