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.
Ep 198: How The Creator Of The 4 Percent Rule Applied It For His Clients And His Own Retirement with Bill Bengen
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
Ep 197: Starting Over After A Non-Compete To (Re-)Build The Advisory Business You Really Want with Ashby Daniels
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
Ep 196: Partnering With A Center Of Influence To Rapidly Grow In A Focused Niche with Daniel Hannoush
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
Ep 195: Own Your Future By Continuously Reinvesting In Yourself To Build The Advisory Career You Want with Echo Huang
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
Ep 194: Aligning Values To Clients With Sustainable Investing And Becoming B Corp Certified with Lisa Cooper
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
Ep 193: Turning Operations Experience Into A Virtual Assistant Outsourcing Solution with Michelle Wong
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
Customer ReviewsSee All
Great podcast and highly recommend
Empowering, insightful and actionable! 🙌
Whether you’re well established in the financial services industry, or just getting started as an advisor - this is a must-listen podcast for you! Michael does an incredible job leading conversations that cover a huge breadth of topics related to the ins and outs of building a thriving practice, and life you can be proud of - from leaders who’ve actually experienced success themselves. Highly recommend listening and subscribing!
Michael Kitces provides a wealth of knowledge for financial advisors, and is a great interviewer. He brings on great guests. Also, he listens (no talking over guests, which is a major pet peeve) and asks probing and thoughtful questions. Keep it up!