Sten Morgan is the owner of Legacy Investment Planning, a hybrid advisory firm based in Franklin, Tennessee, that oversees $220 million in assets under management for 90 client households. Today Sten joins the show to share how he made the difficult decision to turn over his entire original team and rebuild with a new director of operations to create a stronger foundation for future growth. He explains how he identified cultural and operational misalignments, navigated tough conversations with employees, and structured his hiring process to ensure the right people joined his firm.  Listen in as Sten walks us through his firm’s five-step hiring process, why he insists on interviewing at least 4-6 candidates before making an offer, and the strategies he uses to work effectively with recruiting firms. He also shares why he's focusing on operational efficiency before engaging in a period of growth, how he proactively hires for roles before the need becomes urgent, and his structured approach to iterating on business ideas. If you're looking for insights on building the right team for long-term success, this episode is for you.  For show notes and more visit: https://www.kitces.com/427 

Jennifer des Groseilliers, CEO of The Mather Group, shares insights from managing over $15 billion in assets. She discusses how her firm implemented a broad-based equity compensation plan to align employee interests with client service and growth. Jennifer highlights the importance of performance metrics, SMART goals, and the separation of sales and advisory roles for optimal results. The conversation also covers how emotional intelligence fosters effective leadership and the benefits of equity over cash in motivating teams.

Sebastian Guerra, President of Guerra Wealth Advisors, shares insights on enhancing client outcomes through an innovative quality control system. His firm follows up with clients after meetings for immediate feedback, boosting referrals and improving service quality. He discusses onboarding nearly 480 households in a year through educational events and a streamlined process. Guerra reveals how adopting the Entrepreneurial Operating System has aided their growth and emphasizes the balance between his personal life as a new husband and father alongside business commitments.

David Grau Jr., president of Succession Resource Group, brings two decades of expertise to the table, dissecting the intricate world of internal succession planning for financial advisors. He addresses the allure of high valuations from private equity and why founders should consider the long-term legacy of transitioning their firms internally. David shares strategies for establishing clear career paths, managing ownership transitions, and the financial benefits of structured succession plans. He emphasizes that thoughtful planning can enhance external valuations while ensuring client continuity.

In a fascinating discussion, Cristina Livadary, CEO of Mana Financial Life Design, shares her journey in helping the sandwich generation manage the financial needs of both their children and aging parents. She elaborates on the complexity-based fee structure her firm adopted and the importance of 20-minute 'fit' meetings with potential clients. Cristina's personal experiences provide insight into the emotional and logistical challenges faced by this demographic. She emphasizes the value of empathetic communication and the essential role of defined team roles in fostering effective client services.

In this engaging discussion, Kay Lynn Mayhue, President of Merit Financial Advisors, reflects on her remarkable journey from intern to leading a $13 billion firm. She shares key leadership lessons learned from early management mistakes and the importance of empathy and team relationships. Kay highlights how personality assessments enhance hiring and client interactions, and discusses her proactive approach to mergers and acquisitions. Additionally, she explores strategies for fostering organic growth and the psychology behind effective leadership in the advisory sector.

Daniel Friedman, CEO of WMGNA, shares insights from his hybrid advisory firm managing $270 million in assets. He discusses integrating outsourced CPA tax preparation into client services, allowing his team to focus on tailored tax strategies. Friedman elaborates on the 'Restylement' concept, helping clients redefine life transitions, and underscores the importance of a ‘director of first impressions’ in client relations. He also highlights the unique subscription-based fee model and the rare invocation of a money-back guarantee, which speaks to his firm's commitment to exceptional service.

Michelle Underwood Gass, the Founding Principal of Paradigm Advisors, discusses her innovative approach to financial planning, blending standardized processes with custom solutions for clients. She details her 5-part planning framework, including unique 'Get to Know You' meetings that uncover client priorities. Michelle explains her use of technology for seamless onboarding and highlights her dual fee structure that caters to high-earning professionals. She shares her journey from hedge fund management to finding fulfillment in building a purpose-driven advisory firm.

Peter Krull, Director of Sustainable Investing at Earth Equity Advisors, specializes in aligning investments with personal values. He shares insights on the evolution from traditional investing to sustainable practices, emphasizing the importance of ESG factors. Peter discusses how focusing on specific sectors can boost business and adapt to changing client demographics post-pandemic. He highlights practical steps for building diversified sustainable portfolios and the value of self-awareness in investment strategies, ultimately guiding clients toward investments that reflect their vision for the future.

Stacey McKinnon, COO of Morton Wealth, discusses her innovative leadership training program designed for middle managers in a rapidly growing firm. As the team expanded from 30 to 60 employees, she tackled managerial challenges, identifying common archetypes and fostering effective communication. The podcast highlights the shift to a more flexible client meeting schedule, strategies for empowering a self-sustaining team, and insights from U.S. Women's National Soccer Team Coach Emma Hayes on nurturing leadership. Stacey emphasizes the importance of adjusting management styles to maintain productivity amidst growth.