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Financial Advisor Success

Updated 2 months ago

Rank #11 in Business News category

Business
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Business News
Entrepreneurship
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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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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.

iTunes Ratings

467 Ratings
Average Ratings
401
25
24
5
12

Michael is amazing

By veryfrustrated1 - Aug 28 2019
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His knowledge and insight is fantastic, does a wonderful job with his guests.

Lots of great info!

By Patrick K F - Jun 13 2019
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Thanks Michael, your podcasts are always so insightful and packed with great info!

iTunes Ratings

467 Ratings
Average Ratings
401
25
24
5
12

Michael is amazing

By veryfrustrated1 - Aug 28 2019
Read more
His knowledge and insight is fantastic, does a wonderful job with his guests.

Lots of great info!

By Patrick K F - Jun 13 2019
Read more
Thanks Michael, your podcasts are always so insightful and packed with great info!
Cover image of Financial Advisor Success

Financial Advisor Success

Latest release on Aug 04, 2020

Read more

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.

Rank #1: Ep 173: Growing To $250M In 5 Years By Crafting A More Specialized Client Experience with Andrew Leonard

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Andrew Leonard is the founder of Geometric Wealth Advisors, an independent RIA that oversees nearly $250 million in AUM for 110 client households. Andrew has settled into a unique niche, which ultimately propelled his firm to organically add almost $200 million dollars of net new assets in just five years—almost entirely from a single white paper he wrote for that niche. Today he joins the show to discuss what customizing the financial process and experience to a particular type of client really entails and how he managed to do so in such an effective way.

Listen in as Andrew shares the unique opportunities and challenges that accompany working with management consultants who are trained to analyze and scrutinize financial models and projections. You will learn about the live presentations he has evolved his practice to focus on, how he is able to connect with clientele that are based all around the country, and the benefits of focusing on a unique niche to accelerate your career.

For show notes and more visit: https://www.kitces.com/173                  

Apr 21 2020

1hr 47mins

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Rank #2: Ep 007: Building a Highly Profitable Lifestyle Practice by Age 35 with Matthew Jarvis

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In this episode, Matt talks about how he transformed a stagnant firm into a profitable lifestyle practice with the help of his father Nathaniel (the founder of Jarvis) and his two excellent office staff. He outlines the business’ metrics, service model, and the infrastructure he’s built to ensure his clients get excellent service even if he’s not in the office.

We also talk about industry criticism of lifestyle practices and the heavy investment Matt and his team have made in the technology that keeps the business running. He discusses the future of the practice and the factors he weighs when considering new clients, including potentially spending less time with his family.

Get the full show notes and transcript for this episode at: https://www.kitces.com/7

Feb 14 2017

1hr 22mins

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Rank #3: Ep 114: Why Creating A Great Client Experience Is About More Than Just Great Service with Dennis Moseley-Williams

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Dennis Moseley-Williams is the founder of DMW Strategic Consulting, a boutique consulting firm that works with financial advisors to help them design and deliver a great client experience. Not simply focused on how to improve client service, Dennis studied under Joseph Pine, co-author of the seminal book The Experience Economy, and is trained in applying the book’s concepts specifically to the domain of financial advisors.

In this episode, Dennis breaks down the difference between simply giving better service and a creating truly distinct experience. Listen in to learn what practical steps you can take to start adapting your firm toward improving client experience, how to more effectively target who you want to serve, and so much more.

For show notes and more visit: https://www.kitces.com/114 

Mar 05 2019

1hr 54mins

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Rank #4: Ep 069: Interrupting The Pattern With The Philosophy That Each Client Is The Only Client with Barry Glassman

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Barry Glassman is the founder and president of Glassman Wealth Services, a wealth management firm in the Washington D.C. area that has grown to nearly $1.2 billion in assets under management in barely ten years. Now serving about 250 affluent client families, the company’s impressive growth makes sense when you consider the time and energy Barry spends focusing on building the firm as a business, as well as his distinct methods for standing out to clients.

In this episode, he shares his unique approach to differentiating Glassman Wealth by doing what he calls “interrupting the pattern” from what clients and prospects are typically used to. Listen in to learn the uncommon industry practices that have worked to win over clients, advice for sticking out in prospects' minds, and more.

For show notes and more visit: https://www.kitces.com/69 

Apr 24 2018

1hr 42mins

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Rank #5: Ep 110: Adapting The 4-Hour Work Week Into A Highly Profitable 4-Month Work Year Lifestyle Practice with Micah Shilanski

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My guest today transitioned from working over 70 hours per week to refining his practice to the point that he’s now only in the office for four months out of the year. Micah Shilanski is a partner with Shilanski & Associates, an independent RIA in Anchorage, Alaska that oversees nearly $130 million of assets under management for almost 160 client households. Focused on a niche of helping federal employees with their retirement benefits, the firm has streamlined its processes and increased efficiency to maintain Micah’s unique schedule while still growing 20% per year.

In this episode, Micah shares how he’s managed to grow such a profitable practice despite his time out of the office, as well as the steps he’s taken to make the most of the time he does spend working at the firm. Listen in to learn how he sets client expectations about his unusual schedule from the very beginning, how he differentiates his practice to justify their above-average fees, and advice for any advisor who wants to improve his or her own efficiency at work.

For show notes and more visit: https://www.kitces.com/110

Feb 05 2019

1hr 56mins

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Rank #6: Ep 153: Generating More Productive Referrals By Closing The Gap Of Prospects Who Are Referred But Never Call with Dan Allison

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Dan Allison is the founder of Feedback Marketing Group, a marketing and sales consulting firm that helps financial advisors to increase their growth by teaching methods to generate referrals from existing clients. Today Dan joins the show to discuss how he uses his background in behavioral psychology to help his clients to find more referrals by reducing their mental barriers, allowing them to be more open to the possibility of new clients. 

Listen in as Dan shares the five key points that he focuses on when helping generate more referrals, including being educated on the services your firm provides. You’ll learn the importance of showing that you actually care about your clients, what your introduction strategy should be, and more.

For show notes and more visit: https://www.kitces.com/153 

Dec 03 2019

1hr 52mins

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Rank #7: Ep 003: How to Become a More Referable Advisor with Julie Littlechild

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Julie Littlechild is a speaker, writer, and researcher focused on understanding and improving financial advisors’ engagement with their teams and their clients. She is now the founder of Absolute Engagement, a firm that provides ongoing research into personal, client, and team engagement to support a dynamic business. One of her primary subjects of research, which is especially relevant helping financial advisors get more and better quality referrals from clients that will help grow your practice.

Julie talks about how she got drawn into the world of financial advisors in the first place and how she knew coaching wasn’t the right fit for her. We then discuss why satisfied clients often don’t translate into quality referrals, and the steps you can take to increase the number of referrals you do get. Julie also shares the experience of selling her coaching business

Get the full show notes and transcript for this episode at: https://www.kitces.com/3 

Jan 17 2017

1hr 18mins

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Rank #8: Ep 088: Learning A More Genuine Sales Conversation Approach To Better Turn Prospects Into Clients with Nancy Bleeke

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Today we’re going to talk about a topic that makes many financial advisors cringe: sales. But despite the negative reaction many people within the industry have to this topic, my guest today is here to explain why “sales” actually isn’t a dirty word. Nancy Bleeke is the founder of Sales Pro Insider, a training platform for financial advisors that teaches how to better turn prospects into actual clients, and she’s here today to share how to take a comfortable and ethical approach to selling that really works. In this episode, Nancy shares her somewhat nontraditional sales training approach that simply focuses on having a structure to conversations with prospects to ultimately help them make a decision or take an action at the end. Listen in to hear her expert advice for how to talk to both prospects and clients using the WIIFT™ structure—which is both focusing on what’s in it for them and a five-step conversation process—the big mistakes many financial advisors make that scare away potential clients, and what it takes to increase both your comfort level and the comfort level of your prospects when it comes to selling.

For show notes and more visit: https://www.kitces.com/88

Sep 04 2018

1hr 51mins

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Rank #9: Ep 100: Scaling A Financial Life Management Firm By Starting With Client Intentions Instead Of Goals with Joe Duran

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Joe Duran is the founder and CEO of United Capital, a national independent RIA that oversees nearly $25 billion of assets under management and consistently ranks as one of the nation's fastest-growing wealth counseling firms. However, Joe doesn’t view his firm as being in the wealth management business; he sees it as being in the financial life management—or FinLife—business, because, as he puts it, the primary focus of the company is to help clients live richly, not die richly.

In this episode, Joe opens up about the unique approach that has seen United Capital grow to more than $200 million of revenue in under 15 years, as well as what holds many advisors back from experiencing similar growth. Listen in to hear what he says is the secret to scaling an advisory business, the major shifts he predicts for the financial planning world, and his advice for new advisors coming into the industry today.

For show notes and more visit: https://www.kitces.com/100

Nov 27 2018

1hr 50mins

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Rank #10: Ep 065: Building A True One-Stop Shop Advisory Firm To Drive Organic Growth with Peter Mallouk

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Today’s guest has been able to grow his firm from under $100 million to nearly $35 billion in AUM in just 15 years—without relying on mergers and acquisitions. Peter Mallouk is the president of Creative Planning, one of the largest independent RIAs in the country, and he’s built an organic growth machine through a combination of strategic partnerships and creating a one-stop shop with enough size and scale to deliver the kind of comprehensive value that really makes clients refer.

In this episode, Peter shares what led to his firm’s tremendous growth, as well as why Creative Planning includes not only financial planning and investment services, but also divisions for tax preparation, estate planning, and trust services. He also talks about the broader trends in the advisory industry, how the marketplace is shifting, and the competitive threats that advisory firm owners are going to have to navigate in the coming years.

For show notes and more visit: https://www.kitces.com/65 

Mar 27 2018

1hr 30mins

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Rank #11: Ep 102: Transitioning From Wirehouse To Independence with Michael Henley: Is The Grass Really Greener?

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There has been a lot of buzz over the past couple of years about the breakaway trend that has seen sizeable advisory firms moving away from wirehouses, and my guest today very recently went through that process himself. After spending the first decade of his career at Merrill Lynch, Michael Henley moved on to become co-founder and CEO of Brandywine Oak Private Wealth, an independent advisory firm that manages more than $500 million of client assets, at just thirty-four years old.

In this episode, Michael shares what made him decide to go independent after he’d been so loyal to Merrill Lynch that he had a bull-shaped wedding cake, as well as how he handled the breakaway transition not quite going the way he expected. Listen in to hear what it was like for him to build an advisory firm in the wirehouse environment, the unique way he created the necessary startup capital to fund his transition, and how the grass is—and isn’t—greener in the independent channel.

For show notes and more visit: https://www.kitces.com/102 

Dec 11 2018

1hr 51mins

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Rank #12: Ep 048: Creating Tangible Advisor Marketing Messages For Intangible Financial Planning Services with Gail Graham

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Today’s guest is the CEO of Graham Strategy, a marketing consulting firm that helps financial advisors craft relevant marketing messages to reach their target clientele. Gail Graham has had a fascinating career spanning a wide range of advisory businesses, and she has held a similar marketing role as she moved from the private wealth division of PNC Bank to Fidelity’s Private Client Group, and later to her position as Chief Marketing Officer for United Capital. The experience she has gained over the years means she truly understands what it takes to successfully market an intangible like financial planning services.

In this episode, we talk in depth about how to more effectively communicate financial planning and its value, as well as why financial advisors need to get clear about who their ideal client is. We also discuss why it’s absolutely essential to focus in order to find the right marketing messages that really resonate and Gail’s process for finding and refining your own value proposition.

For show notes and more visit https://www.kitces.com/48

Nov 28 2017

1hr 44mins

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Rank #13: Ep 074: Why Solo Financial Advisor Success Is All About Self-Confidence In Your Own Value with Diane MacPhee

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Today’s guest brings a unique perspective to the show. Not many financial advisor coaches have experience actually being an advisor, but Diane MacPhee is one of the few who understands both sides of the divide. Now the founder of DMAC Consulting Services—a financial advisor coaching and practice management consulting firm—Diane spent over fifteen years as a fee-only financial advisor herself. 

In this episode, Diane shares the common challenges of being a successful solo financial advisor, as well as the self-limiting beliefs we sometimes inflict on ourselves that prevent us from growing and being as successful as we could be. Listen in to hear her tips for how to deal with the feeling of overwhelm that can come with growing your business, how to avoid becoming a bottleneck in your own practice, and what she says is the key to financial advisors achieving continued success.

For show notes and more visit: https://www.kitces.com/74

May 29 2018

1hr 52mins

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Rank #14: Ep 070: Taking Leaps Of Faith As An Introverted Career Changer To Build A Successful Advisory Firm with Sue Stevens

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My guest on today’s podcast has had what I consider one of the most fascinating journeys into the financial services industry. After making several major shifts in her career—which she began as a freelance and professional cellist who played in the Chicago Symphony Orchestra— Sue Stevens founded Stevens Wealth Management, an advisory firm in the Chicago area that serves 150 clients with nearly $350 million in AUM.

In this episode, Sue shares how her unique ability to take leaps of faith led to her leadership roles at Morningstar, Vanguard, Arthur Andersen, and now Buckingham Strategic Wealth. Listen in to hear how she navigated multiple career changes, what she did to craft her own dream job description as the owner of an advisory firm, and her advice for tuning in to your own intuition on your path to success.

For show notes and more visit: https://www.kitces.com/70 

May 01 2018

1hr 42mins

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Rank #15: Ep 024: How Mindset Drives Success And The 7 Freedoms Of Limitless Advisers with Stephanie Bogan

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Stephanie Bogan has achieved the level of success that most financial advisors aspire to reach.  She sold her practice, Quantuvis Consulting, to Genworth Financial and now lives in Costa Rica, coaching other advisors. In this episode, she shares her perspective on growing a serious consulting business.

Stephanie attributes the rapid growth of her firm to a focus on helping other firms transform their own growth rates. She's worked with clients on business strategy, human capital, operations management, and marketing techniques, and she's developed a top reputation for coming up with valuable, tangible solutions. 

Get the full show notes and transcript for this episode at: www.kitces.com/24

Jun 13 2017

1hr 58mins

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Rank #16: Ep 080: Navigating The Path From High Volume Insurance Agent To Focused Financial Planner with Matthew Blocki

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My guest on today’s podcast has grown his niche practice of serving physicians and retirees to nearly $70 million in assets under management and $800,000 of revenue in just eight years. Matthew Blocki is a 30-year-old financial advisor who built his financial-planning-centric business by starting out at Northwestern Mutual and quickly evolving from nearly 100 transactional insurance clients per year to a hyper-focused practice that’s aiming to grow with just 15 affluent clients per year instead. In this episode, Matthew shares how he got started and survived in the early years of building his practice from scratch, as well as how he differentiated himself as a 20-something advisor working with retirees. Listen in to hear what helped shape his career in the beginning, how his practice and focus have changed over the years, and what it takes to come out exponentially ahead in your business.

For show notes and more visit: https://www.kitces.com/80

Jul 10 2018

1hr 44mins

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Rank #17: Ep 037: Leveraging Unique Centers Of Influence To Grow A Niche Advisory Firm For Doctors with Johanna Fox Turner

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Today’s guest has seen her company go from gaining nearly 150 clients over a decade to yielding four prospect inquiries per week. How did they do it? Let’s just say Johanna Fox Turner has discovered the power of finding a niche. Her fee-only financial advisory firm, Fox & Company, recently switched to focusing on physicians as its specialty. It has since seen such rapid growth – there is now a six to eight week waiting list for new clients.

 On this episode, Johanna shares with us how she managed her company’s change in focus – restructuring their advisory fees from an AUM model to a three-tiered retainer structure. We also learn how she has been able to generate a high volume of referrals through unique centers of influence.

 Johanna explains how she broke the news of shifting into a niche to her existing clients, and why her existing non-doctor clients have stayed with her as she focuses into her new doctor niche.

Get the full show notes and transcript for this episode at: www.kitces.com/37

Sep 12 2017

1hr 24mins

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Rank #18: Ep 040: Building A True Ensemble Practice Beyond Yourself And Training G2 Successors with Philip Palaveev

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Phillip is the founder and CEO of Ensemble Practice, talks about different ways that advisors can share equity in becoming the multi-professional advisory firm and what it takes to actually introduce a new second generation to the firm.

For show notes and more visit https://www.kitces.com/40

Oct 03 2017

1hr 39mins

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Rank #19: Ep 078: Understanding And Serving The Needs Of Truly Ultra-High-Net-Worth Investors with Charlotte Beyer

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My guest today brings a unique discussion to the podcast, as well as a fascinating history with an organization that a lot of advisors aren’t necessarily familiar with, but can surely learn from when it comes to really listening to the clients you’re serving. Charlotte Beyer is the founder and former CEO of the Institute for Private Investors, a private networking organization for ultra-high-net-worth investors and advisors who serve them. After building a new category of community group twenty-five years ago—in a space where people said it couldn’t be done—Charlotte now has a highly successful business and an in-depth understanding of the unique challenges and concerns of her particular client base.

In this episode, she shares her impressive professional journey as she built a series of conferences and networking events in an online community for ultra-high-net-worth individuals before the world of social media and online communities, as well as insights from her recently updated book, Wealth Management Unwrapped. Listen in to learn how the needs and concerns for people of high net worth differ from those of other clients advisors serve, what Charlotte sees as the future of working with ultra-high-net-worth investors, and lessons any advisor can draw from regarding the importance of adapting what you offer to fit what your specific clients really want and need.

For show notes and more visit: https://www.kitces.com/78

Jun 26 2018

1hr 40mins

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Rank #20: Ep 062: Building A High-Income Lifestyle Practice By Engaging With Clients Deeply And Unfiltered with Lee Munson

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Today’s guest has had a particularly interesting journey in the advisory world. Now the founder of Portfolio Wealth Advisors—an independent RIA that manages nearly $280 million in AUM—Lee Munson managed to build his practice while overcoming a scathing article published about him in the New York Observer. In this episode, we talk in depth about Lee’s unique career path and how he built his firm to the phenomenally profitable practice it is today. He shares why he deliberately does not meet with clients on a quarterly basis, what he says are the secrets of his success, and so much more.

For show notes and more visit: https://www.kitces.com/62.

Mar 06 2018

1hr 55mins

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Ep 188: Leading With Directly-Held Real Estate Advice To Differentiate Traditional Wealth Management with Rich Arzaga

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Rich Arzaga is the founder of Cornerstone Wealth Management, a hybrid advisory firm that oversees nearly $70 million in AUM for 65 affluent clients. Rich is just one of a handful of advisors across the country who, in addition to holding a CFP certificate, holds the CCIM designation to advise clients on commercial real estate. Today he joins the show to discuss how he incorporates advice on directly held real estate into his practice and the APOD (Annual Property Operating Data) analysis he prepares as part of his financial planning. Listen in as Rich shares the tools he uses to track and analyze directly held real estate, as well as why he charges an upfront fee for his real estate analysis. You’ll learn what he did to stand out from the crowd and how he turbo-charged his firm in the early years to overcome the challenges often faced by career-changing entrepreneurs.

For show notes and more visit: https://www.kitces.com/188  

Aug 04 2020

1hr 29mins

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Ep 187: Adopting Alternative Fee Models To Expand Your Clientele And Change The Complexion Of Wealth with Emlen Miles-Mattingly

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Emlen Miles-Mattingly is the founder of Gen Next Wealth, an independent RIA based in Madera, California that provides wealth management for 70 client households. Emlen’s goal is to change the complexion of wealth, and he does this by focusing his advisory firm on working with underserved communities of color and moving toward a subscription model instead of traditional assets under management.

Listen in to find out how Emlen structures his monthly subscription business model, as well as how he developed different tiers that all provide a baseline of advice but vary in implementation support. We also discuss how the change in business model is accelerating his growth path, the key question he asks at the beginning of every introductory meeting with clients, the real-world challenges he faces as an advisor of color serving communities of color, and so much more.

For show notes and more visit: https://www.kitces.com/187

Jul 28 2020

1hr 42mins

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Ep 186: Digital Marketing Strategies for Financial Advisors with Samantha Bezar

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Samantha Bezar is the Director of Digital Marketing for Thrive Financial Services, a hybrid RIA and Insurance Agency based out of the Greater Philadelphia Area that serves nearly five hundred clients. Through a combination of digital marketing and in-person events, Samantha has built a scalable marketing solution for Thrive that has catapulted their revenue from a few hundred thousand dollars to more than $6 million in under three years.

Samantha joins us today to share her in-depth expertise on all things digital marketing, including marketing automation tools that have increased retention and response rates, how Thrive segments and targets their audience, and how compelling ad copy comes into play when converting prospects to clients. Listen in to learn what personal touches Thrive uses to incorporate a more human element to their process, as well as the “secret sauce” for getting people to actually show up to webinars.

For show notes and more visit: https://www.kitces.com/186

Jul 21 2020

1hr 43mins

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Ep 185: Becoming A Financial Coach As An Alternative To The Traditional Financial Advisor Business Model with Christine Teh

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Christine Teh is the founder of Teh Financial Coaching, which provides tax consulting and financial coaching services to high-income individuals and couples. Christine has built a successful coaching practice by not only systematizing her coaching packages for clients, but also systematizing her marketing process through LinkedIn. Today she joins the show to discuss why the focus of her work is on short-term cash flow instead of retirement plans.

Listen in as we talk in depth about why Christine teaches her clients how to do the work so they can go out on their own and, ultimately, not end up as long-term clients. You will learn what she uses as her main marketing tool, steps she has taken to ensure she gets the number of clients needed to make her business sustainable, and how she is reaching so many clients.

For show notes and more visit: https://www.kitces.com/185            

Jul 14 2020

1hr 55mins

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Ep 184: Building A Premium Financial Planning Experience To Sustain A Premium Advisory Fee with Reese Harper

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Reese Harper is the founder and CEO of Dentist Advisors, an independent RIA that oversees nearly $250 million of AUM for more than 350 clients. On top of running a firm with a unique niche, Reese also runs a successful podcast—something he credits with helping to grow his business. Today he joins the show to discuss the monthly financial planning process he has developed for serving clients, as well as the technology tools he uses to implement it. Listen in as Reese shares why he thinks the future of financial advising is all about working with clients through an ongoing series of micro-interactions around their financial planning needs. You will learn about the systematized series of twelve monthly deliverables that his firm provides, the financial planning process Reese has created, and the premium price he charges for the premium service his firm provides.

For show notes and more visit: https://www.kitces.com/184   

Jul 07 2020

1hr 59mins

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Ep 183: Structuring Your Advisory Business To Manage Your Time And Fit Your Natural Strengths with Hannah Moore

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Hannah Moore is a Certified Financial Planner and owner of Guiding Wealth Management. She graduated from Baylor University with a degree in Financial Services and Planning and Business Management, helped start the Financial Planning Association’s NexGen program, and mentors younger financial planners. If that wasn’t enough, she is also the creator of BudgetingBlocks, a system that helps consumers visualize and better understand their budgets so they can develop one that works for them. With a passion for helping people change the conversations they have about money, Hannah joins us today to discuss how she does just that in both her advisory firm and her consumer product. Listen in to hear how she manages work-life balance, one of the best things she ever did for her business, and how one of the most powerful tools she uses with her clients was bought from a kid’s toy store.

For show notes and more visit: https://www.kitces.com/183   

Jun 30 2020

1hr 24mins

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Ep 182: How Private Wealth Management In A Multi-Family Office Differs From Traditional Financial Planning with Richard Joyner

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Richard Joyner is the President of Tolleson Wealth Management, a multi-family office that manages the wealth of large families with significant assets. He works with multi-generational families to address the complexities of successful wealth transfer and has expertise in many diverse areas, including estate tax planning, family dynamics and education, and investment management for the ultra-rich.

Richard joins us today to discuss what financial planning looks like for multi-generational families with significant wealth, what development dynamics go along with multi-family portfolios, and some of the more diverse issues that can arise in this particular wealth management category. Listen in to hear his top advice for getting started in this field, the skills that are necessary for success, and what he wishes he could tell his younger self just starting his career.

For show notes and more visit: https://www.kitces.com/182

Jun 23 2020

1hr 42mins

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Ep 181: Pivoting To A New And Better Marketing Approach After Your First Niche Misses with Benjamin Brandt

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Benjamin Brandt is the founder of Capital City Wealth Management, an independent RIA that oversees $60 million in assets under management for nearly 80 households. Benjamin originally developed a focus niche after going out on his own, only to realize there were not enough people in that niche to fill his desired client base. Today he joins the show to discuss how he initially established his niche and how he has optimized his website to maximize local search engine optimization opportunities. Listen in to hear about why he decided to start a podcast to reach beyond his local market, as well as the marketing funnel he developed to turn his listeners into prospective clients. You will learn why he runs meeting surges twice a year to maximize his focus and his time off, how he has built his advisory firm to fit his lifestyle goals, and how you can bring similar flexibility to your practice.

For show notes and more visit: https://www.kitces.com/181         

Jun 16 2020

1hr 46mins

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Ep 180: Getting A Year's Worth Of Growth Every Month By Going All-In On A Clear Target Market with Ryan Inman

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Ryan Inman is the founder of Physician Wealth Services, an independent RIA that serves over 140 physician clients. Completely narrowed in on his unique niche, Ryan changed the name of his firm, created a Financial Residency podcast, and restructured his entire financial planning process to in-patient and outpatient services. Today he joins the show to share the mindset shift he had to go through in order to be comfortable with narrowing the focus of his practice and offers advice for those who’d like to do the same. Listen in as we discuss why having a targeted niche can make it easier when marketing, as well as what Ryan is doing to serve his niche effectively. You’ll learn how he chose to serve physicians in particular, the unique fee structure he uses, and what he is doing to bring in so many new clients every month.

For show notes and more visit: https://www.kitces.com/180     

Jun 09 2020

1hr 58mins

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Ep 179: Investment Banking For Wealth Management And The Evolution Of Advisor Enterprise Value with Elizabeth Nesvold

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Elizabeth Nesvold is the Managing Director and Head of Asset & Wealth Management Investment Banking for Raymond James, providing investment banking services for some of the largest independent advisory firms engaging in capital transactions. Today she joins the show to discuss the evolution in wealth management firms over the decades and how an investment banker looks at the evaluation of an advisory firm. Listen in as we talk in depth about how obtaining evaluation of your advisory firm can be a helpful tool in understanding whether your business is getting a good return on investment, as well as what Liz has learned as a founder selling her own firm. You will hear what investment bankers do for wealth management firms, the dynamics of raising capital when starting an advisory firm, and how Liz counsels other advisory firm founders getting ready to sell their businesses.

For show notes and more visit: https://www.kitces.com/179        

Jun 02 2020

1hr 49mins

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Ep 178: Blogging Your Way Into A Successful Niche By Simply Pursuing Your Own Curiosity with Daniel Zajac

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Daniel Zajac is a financial advisor and partner with Simone Zajac Wealth Management Group, a hybrid advisory firm on the Lincoln Investments platform that oversees nearly $250 million of AUM for 300 clients. Today Daniel joins the show to discuss how he built and developed a niche in working with those who receive significant equity compensation, including the years it took early on and how he accelerated his positive results. Listen in as we talk in depth about how Daniel’s firm prices and delivers its planning services, as well as how they determine whether a prospect is the right fit for the firm. You will learn why his business offers tax preparation as part of its services, how forming a niche has opened up new opportunities, and more.

For show notes and more visit: https://www.kitces.com/178          

May 26 2020

1hr 35mins

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Ep 177: Career-Changing To Become A Financial Advisor In The Midst Of A (Financial Crisis And) Bear Market with Sara Stanich

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Sara Stanich is the founder of Cultivating Wealth, an independent RIA that oversees nearly $50 million in AUM for 95 ongoing client households. Sara transitioned into financial advisory in the midst of the last financial crisis, forcing her into the independent channel with less support but more flexibility to craft her advisory firm the way she wanted to. Today she joins the show to discuss her journey into the industry and her advice for people starting out during the current bear market. Listen in as we talk in depth about how Sara builds her business, as well as the software she uses to identify which potential clients would be a good fit for the firm. You’ll learn how her business has evolved over recent years as she has started to add more CFP professionals to her team, key advice for career changers or other advisors early in their career, and more.

For show notes and more visit: https://www.kitces.com/177        

May 19 2020

1hr 32mins

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Ep 176: Understanding The Landscape Of Employee Vs Independent Advisor Broker-Dealer Platforms with Mindy Diamond

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Mindy Diamond is the founder of Diamond Consultants, a recruiting firm that has been helping advisors evaluate and change their broker-dealer platforms for more than 20 years. Today Mindy joins the show to discuss the range in choices that advisors have in choosing a brokerage platform and how best to decide which is the right fit for your firm.

Listen in as we talk about when advisors should—and should not—look at switching to another broker-dealer platform, as well as the most common reasons advisors choose to make the change. You will learn why it is crucial for an advisor to understand their own priorities before they have any chance of picking the right platform for them, the important questions you should ask yourself as an advisor, and why the decision of which platform to choose is not as simple as it once was.

For show notes and more visit: https://www.kitces.com/176         

May 12 2020

2hr

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Ep 175: The Importance Of Family Dynamics To Make (Business) Time And Regain Control Of Work/Life Balance with Travis Parry

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Dr. Travis Parry is the founder of Make Time Institute, a company that helps business owners gain control of their time to achieve a more sustainable work/life balance. Having spent nearly a decade working as a financial advisor himself, Travis knows that the demands of working at a firm can take away from important time you should be spending with your loved ones. Today he joins the show to explain his “Make Time” approach to creating better work/life balance and how to overcome what he calls the three myths of time management. Listen in as we talk in depth about the importance of identifying your goals and ensuring your time is prioritized to align with them. You will learn how the combination of a family tragedy and the financial crisis that derailed his advisory firm led Travis to find what is now his life’s work and how to improve your time management system in order to stop overworking and start prioritizing the things that matter most.

For show notes and more visit: https://www.kitces.com/175        

May 05 2020

1hr 55mins

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Ep 174: Leveraging Zapier And PreciseFP To Weave Together Independent Advisor Open Architecture with Shanna Tingom

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Shanna Tingom is the founder of Heritage Financial Strategies, a dually registered advisory firm that oversees nearly $50 million of assets under management for 250 clients. Today Shanna joins the show to discuss how she has heavily automated key processes throughout her firm to service her large number of clients efficiently—and has done so by not using industry standard systems. Listen in as we talk in depth about Shanna’s journey through the advisory business itself, as well as why she is thankful she started out a large financial advisory firm. You will learn why she decided to branch out on her own, the difficult challenges she faced in doing so, and the unique advisor technology stack she has used to simplify things in her business.

For show notes and more visit: https://www.kitces.com/174         

Apr 28 2020

1hr 42mins

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Ep 173: Growing To $250M In 5 Years By Crafting A More Specialized Client Experience with Andrew Leonard

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Andrew Leonard is the founder of Geometric Wealth Advisors, an independent RIA that oversees nearly $250 million in AUM for 110 client households. Andrew has settled into a unique niche, which ultimately propelled his firm to organically add almost $200 million dollars of net new assets in just five years—almost entirely from a single white paper he wrote for that niche. Today he joins the show to discuss what customizing the financial process and experience to a particular type of client really entails and how he managed to do so in such an effective way.

Listen in as Andrew shares the unique opportunities and challenges that accompany working with management consultants who are trained to analyze and scrutinize financial models and projections. You will learn about the live presentations he has evolved his practice to focus on, how he is able to connect with clientele that are based all around the country, and the benefits of focusing on a unique niche to accelerate your career.

For show notes and more visit: https://www.kitces.com/173                  

Apr 21 2020

1hr 47mins

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Ep 172: Finding The Intersection Of Fulfillment And Profitability With A Niche Of Special Needs Families with Minoti Rajput

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Minoti Rajput is the founder and president of Secure Planning Strategies, a hybrid advisory firm that oversees nearly $300 million of AUM for 350 client households. Minoti has built her advisory firm by creating a specialization in working with families with special needs children, and she joins the show today to discuss her niche and how she gathered the expertise needed to support special needs families.

Listen in as we talk in depth about the unique marketing opportunity she has been able to create by working with school systems, where as many as 10% of students have some form of special needs. You will learn how she handles the compliance challenges that come with providing this kind of specialized advice, her unique fee structure, and what it’s like working in such a rewarding and fulfillng niche.

For show notes and more visit: https://www.kitces.com/172     

Apr 14 2020

1hr 41mins

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Ep 171: Transitioning From Successful Wholesaling To Financial Advisors To Becoming One Instead with Tom Kennedy

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Tom Kennedy is a wealth advisor at Global Wealth Advisors, where he works with a base of nearly 400 clients. After 10 successful years of being a wholesaler to advisors, Tom decided to make the transition into becoming an advisor himself. Today he joins the show to discuss how he networked his way to a fast-growing number of clients and how he was able to use the people skills he learned in wholesaling to build deeper relationships with his clients. Listen in as Tom shares what it was like transitioning into an advisory firm, knowing he was going to make less money than what was available in the short-term with wholesaling. You will discover how he assessed the varying firms he came into contact with in order to decide which would be the best to work with as an advisor. If you have been wanting to improve your networking skills or you are considering becoming a financial advisor, this is the episode for you.

For show notes and more visit: https://www.kitces.com/171      

Apr 07 2020

1hr 36mins

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Ep 170: Eschewing The Industry’s 'Growth Imperative' And Crafting Your Advisory Business With Intention Instead with Patrick Tucker

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Patrick Tucker is the founder of True Measure Wealth Management, an independent RIA that oversees nearly $150 million in AUM for 89 client families. Patrick has a background in business operations and financial management from having started his career with UPS and has managed to transfer those business skills to managing his own advisory firm. Today he joins the show to discuss how he built his intentionally-designed advisory firm by overcoming the growth imperative pressure that the industry tends to put on us all.

Listen in as we discuss why Patrick splits his advisory fee structure to accommodate his different groups of clients, as well as the key business metrics he focuses on to ensure he is spending his time and business resources properly. You’ll learn what it takes to triple your business in the first two years, why Patrick keeps his internal team lean by using contractors, and more.

For show notes and more visit: https://www.kitces.com/170    

Mar 31 2020

1hr 56mins

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Ep 169: Combating Advisory Fee Compression By Unbundling Investment Management And Financial Planning Fees with Alexandra Levi

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Alexandra Levi is the founder and managing partner at Element Financial Group, a hybrid RIA that oversees nearly $430 million of assets under advisement for 170 clients. As a firm providing both investment management and financial planning services, it may surprise you that Alexandra has been able to grow her revenue to be split almost 50/50 between the two. Today she joins the show to share how she has combated the risk of fee compression and her unique approach to running a hybrid firm.

Listen in as we discuss how Alexandra shows her clients how she will keep their money organized in a way they can understand, why she continues to do quarterly meetings but keeps the majority of them virtual, and more. If you have ever wondered whether you should hire a business partner or are ready to control the direction of your career, this is the episode for you.

For show notes and more visit: https://www.kitces.com/169              

Mar 24 2020

1hr 36mins

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iTunes Ratings

467 Ratings
Average Ratings
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Michael is amazing

By veryfrustrated1 - Aug 28 2019
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His knowledge and insight is fantastic, does a wonderful job with his guests.

Lots of great info!

By Patrick K F - Jun 13 2019
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Thanks Michael, your podcasts are always so insightful and packed with great info!