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 300: The Evolution Of The Advice Business At Scale And The True Power Of Brand With Joe Duran
Joe Duran is a Partner and Head of Goldman Sachs Personal Financial Management, a national wealth management firm within Goldman Sachs that oversees more than $100 billion in assets under advisement for tens of thousands of client households. In this episode, Joe shares how he witnessed firsthand how the financial services industry is evolving as more banks and brokerage firms are implementing advisory services, how the shift of national firms into the advisory business is leading them to reach the next generation of clients, and why he feels that independent advisors are underestimating the power of a brand.
Listen in as Joe shares why he made the big decision for United Capital to be acquired by Goldman Sachs, as well as why he feels that financial advisors are doing a disservice to themselves if they are not utilizing Fintech to develop more efficient processes. You will learn what he believes is the real threat to advisory firms, the importance of finding a way to differentiate yourself through more specialized service offerings, and why he thinks we do not need to fear robo-advisors.
For show notes and more visit: https://www.kitces.com/300
Ep 299: Finding The Motivation To Grow Again With Authenticity And Client Significance With Tim Regan
Tim Regan is the founder of PrairieView Wealth Partners, a hybrid advisory firm based out of Illinois that oversees $100 million in assets under management for 190 households. Transitioning from an insurance agency model, Tim decided to focus his hybrid firm on faith-based planning—and he offers middle and back-office support to other financial advisory firms through a separate company that he restructured from his own back office.
Listen in as Tim shares how he first got comfortable with concentrating on faith-based planning despite today’s often polarized environment, why he made the decision to offer back-office support under his Focus Forward business to other financial advisory firms (but keep his own marketing support in a full-time internal role), and why he decided to incorporate continuity agreements with his advisory firm under the PrairieView umbrella. We also discuss why he chose to join Thrivent Advisor Network after being a captive agent for Thrivent Financial for two decades and why he believes that it’s important to hire the right people early—even if there is a fear of spending money.
For show notes and more visit: https://www.kitces.com/299
Ep 298: Navigating The Evolution From Broker-Dealer To RIA Platform Leadership With Carolyn Armitage
Carolyn Armitage is the President of Thrivent Advisor Network, an RIA platform that offers partnership and affiliate models for financial advisors and that oversees $6.5 billion in assets managed by over 20 affiliated independent advisories. She joins the show today to share how her experience developing strategies for broker-dealers to transition to advisory models has given her a unique perspective on the industry’s ongoing evolution from brokerage to RIA platforms.
Listen in as Carolyn shares how she rose through the corporate ranks in the financial services industry and made her mark by becoming an established executor for major broker-dealers that wanted to add advisory models. You'll learn how she built a new training and development platform in just three short years, why that platform was eventually disbanded for being too successful, and how Carolyn faced head-on the challenges that arose as she was building new kinds of advisory platforms within firms that were often resistant to change.
For show notes and more visit: https://www.kitces.com/298
Ep 297: From $0 To $70M In 2 Years By Leveraging Facebook Groups To Share Authentic Expertise With Andy Panko
Andy Panko is the owner of Tenon Financial, a virtual independent RIA that oversees $70 million in assets under management for 43 retired client households. Andy was able to reach his client capacity goal in only two short years by leveraging a Facebook group that he created to share his expertise directly with the types of clients that he wanted to serve.
Listen in as Andy shares how he was able to leverage his Taxes in Retirement Facebook Group to grow his firm, how he inadvertently created a virtual firm through the process, and why he first structured his firm with a flat-fee model to clearly project his revenue potential. We also discuss how he was able to build his initial list of members to his Facebook group, why he created a list of advisors that have similar focuses to refer prospects to, and why he chose not to take on any more clients—even though his Facebook group is still gaining momentum.
For show notes and more visit: https://www.kitces.com/297
Ep 296: Unblocking Clients Who Keep Not Implementing By Exploring Their Financial Psychology with Ed Coambs
Ed Coambs is the founder of Healthy Love & Money, a financial therapy practice based out of North Carolina that helps families uncover and understand the roots of their underlying financial conflicts. Ed himself is a former financial advisor turned financial psychologist, and he utilizes couples therapy techniques to help his clients get to the root of the issues that may be blocking them from achieving their financial goals.
Listen in as Ed shares how he connects with clients on a deeper level so they can overcome their stalling points, as well as how he knows when he needs to refer a client out to a mental health professional. We also discuss his career trajectory, from firefighter to financial advisor to financial therapist, and how he overcame the challenges he faced launching his financial therapy business.
For show notes and more visit: https://www.kitces.com/296
Ep 295: Systematizing A Planning Process To Maximize The Return On Life For Clients with Shari Greco Reiches
Shari Greco Reiches is the Co-Founder and Chief Visionary Officer at Rappaport Reiches Capital Management, an independent RIA based out of Illinois that oversees more than $800 million in assets under management for 350 client households. After experiencing a life-changing incident, Shari created her 5-step framework and “CFO Family Checklist” that she now uses with her clients to help them stay focused on their financial plans and ensure that their plan is consistent with their personal values.
Listen in as Shari shares how she developed her “Maximize the Return on Life” framework and how her team built their “CFO Family Checklist” over time to identify planning issues to discuss with clients. You'll learn how they use these tools as a form of living financial plan to help their clients stay focused on their goals and values, how their Diamond Teams approach establishes clear roles for each team member, and how they use a combination of financial planning and a passive investment approach to gain more referrals.
For show notes and more visit: https://www.kitces.com/295
This podcast is a must listen for financial professionals! Michael is highly knowledgeable and experienced, and each of his conversations with guests is very insightful.
Michael gives great value for advisors and I appreciate the depth of topics that he goes into on every topic. This is a great podcast for advisors at any stage of their career.
Absolute favorite podcast
Michael has truly changed my life. I’ve listened to nearly every one of these and it’s helped me to design the practice that I want. The format he uses in all his podcasts is phenomenal. Well done 👏🏻