Ep 367: When Being In Business With Your Spouse Doesn't Work Out And You Have To Start Over With Kimberly Enders
Jan 9, 2024
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Financial planner Kimberly Enders shares her journey of rebuilding her practice after a divorce. Topics include challenges of splitting a business partnership and marriage, navigating the financial planning industry as a married couple team, rebuilding a career after divorce, and the importance of balancing roles and defining success on personal freedom.
Rebuilding a practice after a divorce requires focusing on ideal target clients and providing excellent client service.
Exploring different career paths within the financial industry can broaden knowledge and expertise.
Clear documentation and agreements are vital when dissolving a business partnership, especially one that involves a marital partnership.
Deep dives
Reinventing after a Divorce
Kimberly Enders, lead financial planner and managing partner of Enders Wealth Management, shares her journey of rebuilding after a divorce left her starting over with only 12 clients and 7 million in assets. She discusses the lessons learned from the business relationship with her ex-husband, the importance of honing in on her ideal target clients, and her highly customized 12-month onboarding process for new clients that has driven rapid growth from referrals.
Exploring Different Career Paths
Kimberly shares her experience working in various sectors of the financial industry, starting with selling life insurance, moving to banking, and then to a wire house. She emphasizes the importance of exploring different career paths within the industry to find the right fit and broaden one's knowledge and expertise.
Navigating Challenges in a Business Partnership
The podcast delves into the complications that arise when a business partnership dissolves, particularly when it involves a marital partnership. Kimberly discusses the challenges of dividing client assets and revenue, as well as the need for clear documentation and agreements when entering a partnership.
Building a New Practice and Finding Freedom
After divorcing and starting over with just 12 clients, Kimberly shares her journey of rebuilding her practice and finding the freedom and flexibility she desired. She describes the process of doubling her book in two years and emphasizes the importance of staying true to her values and providing excellent client service.
Building a Niche Practice
The speaker discusses the importance of focusing on a niche market when building a financial planning practice. By honing in on a specific niche, such as retirement assets for engineers or small business 401ks, the speaker has been able to make informed decisions about which clients to reassign based on their fit within the niche. While it can be challenging to have difficult conversations with clients who are no longer a good fit, the speaker emphasizes the importance of being honest and transparent throughout the process.
Creating a Client-Centered Onboarding Process
The speaker shares insights into their 12-month client onboarding process, which focuses on building strong relationships and providing value to clients. This process goes beyond the typical housekeeping tasks and includes regular check-ins, personalized communication, and creating a flexible plan that revolves around the client's needs and preferences. By implementing this client-centered approach, the speaker has been able to differentiate themselves and generate a high volume of referrals, ultimately leading to the growth and success of their practice.
Kimberly Enders is the Lead Financial Planner and Managing Partner of Enders Wealth Management, a hybrid advisory firm based out of Michigan that oversees $50 million in assets under management for 85 client households. Kimberly's unique journey in the financial industry began with rebuilding her practice from scratch after a divorce in 2015, starting with just 12 clients and $7 million in assets. Over the past eight years, she has successfully grown her business by implementing a highly customized 12-month onboarding process for new clients, fueling rapid growth through referrals.
Listen in as Kimberly shares her journey of reinventing her career after leaving a joint business with her husband, focusing on her ideal clients and making it a priority to build strong advisor/client relationships. You'll hear about the lessons she learned from exploring various roles in the financial industry, the challenges she faced in starting her own advisory firm, and how her definition of success has evolved to prioritize autonomy and control over her time, rather than just financial success.
