Financial Advisor Success
Financial Advisor Success
Michael Kitces
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 257: Deepening Client Relationships By Going Deeper For Clients In Transition with Beth Jones
Beth Jones is the co-founder of Third Eye Associates, an independent RIA based out of the Hudson Valley of New York that oversees $125 million of assets under advisement for 200 households. Beth’s firm is unique in that they go deep with clients into creating a personal vision statement that truly aligns their money with their values. Listen in as we dive into Beth’s financial planning process, fee structure, and client deliverables that have been a cornerstone for building her expertise as an in-depth financial planner and have led to a waitlist of new clients. We also discuss some of the challenges that she faced as she was scaling up, why she made the decision to let go of 85 of her earliest clients that were actually costing her money, and how she navigated the transition of having her co-founder retire while she continued to run the firm and serve clients. For show notes and more visit: https://www.kitces.com/257
Nov 30
1 hr 29 min
Ep 256: Living On The Cutting Edge Of Advisor Technology To Build A Better Client Experience with Vincent Barbera
Vincent Barbera is the founder of Newbridge Wealth Management, an independent RIA based out of Philadelphia that oversees nearly $120-million of assets under management for 75 households. Vince stays on the cutting edge of advisor technology by continuously experimenting with new tech tools and by setting a new strategic focus every year to identify and try out a new category of solutions. Listen in as Vince gives a rundown of the technology tools that he has tried this year to improve his client experience, where he finds the latest and greatest in tech to try out, and how he compares the cost of new tools against those he already uses. We also discuss how Vince uses technology in his independent firm to stay competitive without an asset manager’s size and scale, and why he has decided not to scale up to the billion-dollar mark but rather slow down and enjoy the ride. For show notes and more visit: https://www.kitces.com/256
Nov 23
1 hr 29 min
Ep 255: Using An Advice-Only Approach To Quickly Grow With DIY Validators with Cody Garrett
Cody Garrett is the founder of Measure Twice Financial, an independent RIA based out of Houston which has managed to grow to nearly $150,000 per year in annualized financial planning fees in just over six months. Cody uses an “advice-only” financial planning model that has quickly attracted a waiting list of clients who want to do it themselves, but not necessarily learn it themselves. In this episode, Cody shares why he launched with the advice-only model, where clients don’t have the option to have their investments managed by the firm, but do get personalized education that they can use to manage their own finances. Listen in to learn how this model has allowed Cody to build a practice that supports his own personal lifestyle and work no more than ten hours per week, as well as how he has generated a steady stream of clients and kept the business lean so he can take home more than 90% of his gross revenue after business expenses. For show notes and more visit: https://www.kitces.com/255
Nov 16
1 hr 40 min
Ep 254: Maximizing A Firm’s Human Capital To Better Scale Its Financial Advice with Eliza De Pardo
Eliza De Pardo is the founder of her eponymous advisor consulting firm, which works with mid-to-large-sized independent advisory firms. Eliza takes a unique focus on the human capital issues that arise as advisory firms scale and believes that attracting, retaining, and developing the firm’s people is the biggest key to long-term success. Listen in as we discuss why the ability to attract and serve clients is crucial for firms to scale to the first $1 million of revenue, but is less important as the firm reaches and exceeds the $3 million mark. Eliza also shares why the advisors who are most effective at moving away from client-facing work have the most success scaling up, some of the key business metrics that firm owners should be monitoring as they grow, and why most advisory firms need to learn to hire sooner—but not necessarily faster. For show notes and more visit: https://www.kitces.com/254
Nov 9
1 hr 44 min
Ep 253: Generating Qualified Leads As A (Female) Advisor By “Cloning” Your Ideal Hypothetical Client with Robyn Crane
Robyn Crane is the founder of her own eponymous consulting firm, which offers sales and marketing coaching services with a focus on female financial advisors. Robyn has a well-defined approach for how financial advisors can not only identify their ideal client, but also implement a sustainable leads system to reach out and book appointments with qualified leads. Listen in as we discuss the issue of gender disparity in the financial planning industry, including what Robyn sees as the true reason for the disparity and what the solution is to better gender representation. She also shares the specifics behind her system for generating cold leads, how to encourage engagement from those leads, and how she teaches advisors to identify and market to their ideal client. For show notes and more visit: https://www.kitces.com/253
Nov 2
1 hr 31 min
Ep 252: Navigating The (Non-Linear) Growth Path To $100M Of AUM In Under 5 Years with Kyle Moore
Kyle Moore is the founder of Quarry Hill Advisors, an RIA based out of St. Paul, Minnesota, that oversees $165 million of assets under management for 137 households. Kyle has been able to generate extremely strong growth for his firm in only 5 years while also navigating a plethora of challenges that are common among advisory firms in the early years. Listen in as he shares why he decided to forge his own path and start an advisory firm, the techniques he used to make his firm findable online, and how one of his very first clients was a super-referrer that boosted his business in the early days of the firm. We also dive into why Kyle decided to bring on a partner—despite having a business that was growing well—and the benefits that he has gained (as well as the pitfalls he has avoided) thanks to practice management coaching programs. For show notes and more visit: https://www.kitces.com/252
Oct 26
1 hr 29 min
Ep 251: Accelerating Inbound Referrals By Planting Better Seeds With More (Radical) Relevance with Bill Cates
Bill Cates is the founder of Referral Coach International, an organization that helps financial advisors attract more ideal clients through referrals. He teaches advisors how to use their communication and messaging to make themselves more “referable” and to ask for an introduction instead of a less meaningful referral. Listen in as Bill shares why he makes a clear distinction between referrals and introductions, why clients are sometimes reluctant to give introductions, and how advisors can overcome those concerns. We also discuss why it's important for advisors to help clients work towards their bucket list goals in addition to their financial goals, how they can hone their messaging so that they can achieve “radical relevance” in the eyes of their clients, and why clear messaging is more important than ever in a post-pandemic world. For show notes and more visit: https://www.kitces.com/251
Oct 19
1 hr 29 min
Ep 250: Connecting Better with Prospects By Sharing Stories Instead of Expertise with Deirdre Van Nest
Deirdre Van Nest is the founder of Crazy Good Talks, a communication coaching firm that helps financial advisors become better communicators in order to help their clients and prospects take the next desired step. She has developed a very unique process that teaches advisors how to use foundational stories to make deeper connections with those they are trying to connect with. Listen in as we dive into why Deirdre believes that every financial advisor has the potential to be an emotionally compelling and highly effective communicator, even if communication is not one of their strong suits, and how she helps advisors to become the best communicators possible. We also discuss why Deirdre believes that advisors who know that the services they are offering are changing the lives of the people they work with have an obligation to learn how to be as persuasive, inspiring, and compelling as possible. For show notes and more visit: https://www.kitces.com/250
Oct 12
1 hr 29 min
Ep 249: Going Beyond Client Experience With Client Adventures To Drive Organic Growth with Drew Waldron
Drew Waldron is the co-founder of Canvas Wealth Advisors, an RIA based out of Kansas that manages $455-million for 150 families. Drew and his partner have taken the client experience to a whole new level by not only reinvesting into client services and better technology, but also by executing once-in-a-lifetime excursions exclusively for clients of the firm.  Listen in as Drew shares how he and his partner have differentiated their firm by leveraging client excursions and experiences, the different kinds of adventures his firm executes for clients, and the strategy they employ to assemble clients together to foster introductions and networking opportunities. We also dive into how this unique experiences-based marketing strategy has catapulted the firm to north of $450-million in assets in just over two years and why they place so much emphasis on constantly providing added value to clients and prospects. For show notes and more visit: https://www.kitces.com/249
Oct 5
1 hr 29 min
Ep 248: Scaling Diamond Teams Profitably By Charging Separate Planning Fees with J.D. Bruce
J.D. Bruce is the Chief of Innovation for Abacus Wealth Partners, an RIA based out of Santa Monica that manages over $4-billion in assets for 1,900 clients. J.D. has been successful in scaling Abacus to its current size by implementing Angie Herbers’ Diamond Team Model to offer a variety of different service models to different types of clients.  Listen in as J.D. shares how Abacus has leveraged the power of Diamond Teams to keep clients connected to the firm while also allowing for flexibility in the advisors that they work with over time, and how this business model has allowed for the firm to segment its client base and offer a variety of different services based on the needs of those segments. We also discuss why J.D. believes that it’s more important to hire team members who will challenge the cultural status quo as opposed to finding the best cultural fit, and why he believes that conflict is actually necessary for growth and change. For show notes and more visit: https://www.kitces.com/248
Sep 28
1 hr 29 min
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