Financial Advisor Success

In an environment where there is no shortage of external acquirors, many RIA founders receive regular inbound inquiries from potential suitors. While the compensation from such deals (and the ability to shrink the administrative burdens they face) might be tempting, these offers can be weighed against a desire to grow independently and perhaps pass it on to the next generation. Todd Pisarczyk is the founder of Momentous Wealth Management, an RIA based in Vancouver, Washington that manages $400 million in AUM for 400 client households. Listen in as Todd shares how he hit a turning point after reaching 350 clients and feeling trapped by success, then built a detailed spreadsheet (included in the show notes) to analyze whether to sell or keep his firm. We talk about how the numbers (and lifestyle considerations) ultimately led him to stay independent, the changes he made to scale sustainably, and how his definition of success has evolved from "more growth" to creating a legacy where others can thrive. For show notes and more visit: https://www.kitces.com/465

Katie Calagui, a people and talent consultant with a rich background in financial planning, discusses the intricacies of building thriving teams in advisory firms. She highlights the importance of a supportive culture where advisors are held accountable for nurturing talent. Katie emphasizes the need for structured coaching and development, as well as metrics to measure success, such as client retention and team engagement. She also warns against relying too heavily on AI for training, advocating instead for meaningful mentorship to build the next generation of advisors.

David Stevens, President of Stevens Capital Partners, shares his unique approach to generating 10-15 referrals weekly. He emphasizes coaching clients on effective introductions rather than simply asking for referrals. The discussion includes using text messages for warm introductions and how to strategically plant referral seeds during the onboarding process. Stevens also addresses adapting firm services to include emerging clients and highlights the importance of personalized communication for maximizing referral success.

Maggie Rapplean, a Partner at Moneta Group with $250 million in AUM, shares her transformative journey from a wirehouse to finding equity ownership in an RIA. She discusses the courage needed to change firms, the importance of having a clear path to partnership, and how redoing financial plans enhanced client retention. Maggie explains her successful acquisition of a retiring advisor's book and the warm handoff process that built trust. She also reflects on work-life balance, the freedom ownership brings, and strategic growth plans for her advisory team.

Zac Larson, co-founder of IntentGen Financial Partners, is an advocate for integrating charitable giving into financial planning. He shares how focusing on clients' 'net impact' strengthens relationships and attracts value-driven clients. Zac highlights the importance of community fundraising events, personal engagement, and tracking donations to build trust. He discusses how intentional generosity has shaped his firm's culture and engaged partnerships, ultimately driving growth while creating lasting impact for both clients and the community.

Stephanie Hughes, CEO of Wiss Family Office, shares insights on serving ultra-high-net-worth clients. She discusses how her firm integrates wealth, tax, and legal services, enhancing client trust through their accounting firm's reputation. Stephanie highlights the importance of operational systems to manage high-value transactions securely and efficiently. She also touches on using AI for document automation and the significance of strict fraud monitoring measures. Ultimately, she emphasizes the need for seamless communication and team collaboration to serve complex client needs effectively.

In this conversation with Steven Jarvis, CPA and CEO of Retirement Tax Services, listeners discover the secrets to enhancing collaboration between financial advisors and CPAs. Steven emphasizes the importance of proactive communication, sharing essential details like Roth conversion amounts and creating year-end summaries to avoid confusion. He also discusses the power of aligning with CPAs as partners for better tax planning and cross-referrals, the significance of timing discussions, and how technology can facilitate smoother interactions.

Lisa Brown, President of Greenwood Gearhart, shares her insights on combating burnout in the financial advisory landscape. She reveals how her firm transitioned from a culture of "urgent perfectionism" to one of "calm excellence," prioritizing sustainable client relationships. Lisa discusses eliminating unnecessary meetings and instituting daily huddles to keep the team focused. Her innovative approach, including the Kudos program for team recognition and a scoring tool for client needs, led to reduced stress and enhanced service. She also encourages women in finance to embrace authenticity amidst challenges.

Larry Sprung, founder of Mitlin Financial, champions a joy-centered approach to financial planning. He begins client meetings by posing thought-provoking questions about joy, fostering trust and empathy. Larry's method moves past traditional metrics, creating meaningful connections with clients, making them feel valued. He discusses his firm's growth to $200M in assets while scaling intentionally. Additionally, he reflects on pivotal career moments, advocating for new advisors to consider the RIA model for greater alignment and success in their practices.

Hilary Hendershott, founder of Hendershott Wealth Management, oversees $260M AUM in San Jose. She shares her journey of transforming a solo advisory practice into a multi-advisor firm through a living 'Blueprint' that emphasizes values and purpose. Hilary discusses the importance of cultural fit in hiring and lessons from past mistakes. The Blueprint shapes client communications and business decisions, evolving with team input. She also addresses onboarding practices and fostering a client-centered mindset, ensuring a consistent experience across her growing team.