Financial Advisor Success

Timothy Wyman, a second-generation partner and Managing Partner of a $1.5 billion advisory firm, shares his innovative approach to transforming financial practices. He discusses redefining the firm's structure to an ensemble practice and creating a 'Path to Partnership' guide for aspiring advisors. Tim emphasizes the importance of systematic documentation, monthly scorecards, and involving new planners in client interactions. He also highlights the challenges of succession planning and maintaining robust profit margins, all while fostering a collaborative environment.

Meg Bartelt is the Founder and Lead Financial Planner for Flow Financial Planning, a virtual RIA serving mid-career women in tech that oversees almost $60 million in assets under management for 60 client households. Meg has transformed her business over a period of 7 years since its inception by continually adjusting her niche focus, exploring various fee models, testing different meeting schedules with clients, and altering her support team size and structure. Listen in as she reveals how she raised her minimum fees from $150 per month to $10,000 per year, why she chose to focus on women in tech as her niche market, and why she eventually evolved her niche focus from working mothers to early-to-mid-career women with a specialization in pre-IPO and IPO planning. We also discuss how she realized that she could create better efficiencies in her practice by simplifying her client offerings, how she became okay with having to let go of a team member due to financial constraints, and how she is transitioning into a new stage of life that prioritizes relationships and creating more space and freedom. For show notes and more visit: https://www.kitces.com/334

Jim Dew is the Co-Founder and CEO of Dew Wealth Management, an independent RIA based out of Arizona that provides virtual "family office" style financial planning on a monthly retainer for 150 small business owners. Jim stands out for his ability to expand his boutique firm, which operates on a retainer basis, to generate over $7 million in revenue and attain a valuation of $31 million. His firm is also experiencing a remarkable organic growth rate of 40% and has achieved this success by offering a comprehensive and personalized advice service to his niche clientele of business owners. Listen in as Jim discusses the success of his retainer-based pricing model that has led to his firm being independently valued at $31 million in enterprise value, how he arrived at his retainer fees that cover a wide range of financial services, making it easier to communicate services to clients, and why they charge an upfront fee of $25,000 to prospects for a deep-dive financial planning assessment. He also shares how he has structured his firm by building a list of external tax, legal, and other professionals that have been thoroughly vetted rather than providing these services in-house, and why he has no plans to sell his firm in the near future despite its valuation. For show notes and more visit: https://www.kitces.com/333

Liz Hand is the co-owner of Pleasant Wealth, a hybrid advisory firm based out of Ohio that oversees over $140 million in assets under management for 522 households. Liz stands out for her exceptional ability to manage the transition of her father's large commission-based practice with over 1,500 clients into a fee-based financial planning practice, along with her brother. What sets them apart is their dedication to ensuring that long-term clients—even those with smaller or more transactional needs—receive fair treatment throughout this transition process. Listen in as Liz shares how she and her brother refocused their niche and client loads after taking over their father's business to realize the future vision of their financial planning firm, as well as why they made the strategic decisions to sell a portion of the business and change their broker-dealer relationship. You'll learn why Liz chose to become the successor for another advisor before becoming the successor for her father, the three tiers of service they have implemented for clients, and how a mindset coach not only helped Liz gain confidence, but also inspired her to become a mindset coach herself. For show notes and more visit: https://www.kitces.com/332

Jake Northrup is the Founder of Experience Your Wealth, an independent RIA based out of Rhode Island that advises 78 client households with a small team supporting nearly $700,000 of ongoing revenue. Jake stands out for his impressive achievement of generating that top revenue within just four years of starting his business and for recognizing the need to hire employees early on to avoid time constraints and capacity limitations as he scaled. Listen in as Jake shares his reason for hiring an associate and a lead advisor early on in his business, the four-meeting financial planning process his firm follows, and why he outsources investment management despite being a CFA charter holder. Jake also discusses how he grew his firm quickly, as well as how he intentionally built and staffed his practice to give himself more flexibility, allow his employees to thrive, and help his clients pursue their passions while enjoying their money. For show notes and more visit: https://www.kitces.com/331

Ari Weisbard is Managing Partner of Values Added Financial, an independent RIA based out of Washington that oversees $143 million in assets under management for 75 client households. Ari and his partner Zach distinguish themselves by not only implementing fee minimums to ensure profitable service for clients, but also by deliberately adjusting their fees and minimums to control and accelerate their business growth according to their firm's advisor capacity—and to allow for a sustainable work-life balance. Listen in as Ari shares how he and his partner have implemented and adjusted minimum fees for new clients, as well as why they have positioned their firm as one that serves clients with progressive values. We also discuss how Ari has overcome fear and imposter syndrome, why he feels more fulfilled as an advisor than he did as a lawyer, and how he is focusing on the human aspect of financial planning and connecting with clients beyond economics. For show notes and more visit: https://www.kitces.com/330

Charesse Spiller is the Founder and Principal Consultant for Level Best, an operations and process strategy consulting firm based out of Houston that helps advisory firms evaluate and improve their operations and processes by focusing on three pillars: streamlining, automation, and delegation. Charesse has established a distinctive consulting firm that sets itself apart by not only educating financial advisors on how to systematize and automate their processes, but also serves as an outsourced provider that builds and implements systems on behalf of clients. Listen in as Charesse discusses her approach to evaluating an advisory firm's technology, processes, and systems, why a lack of clear accountability for team members as the firm grows is often the real blocking point for larger RIAs seeking to scale, and why she created her educational resource and community to educate operations professionals on how they can optimize their systems and processes on an ongoing basis. We also discuss why she hired a financial coach to avoid burnout and improve her leadership skills, what it was like scaling a service firm and transitioning from employee to founder, and how she leveraged local mentoring programs, read business books, and formed two Mastermind groups to develop her own skills as she and her business grew. For show notes and more visit: https://www.kitces.com/329

Thomas West is a Senior Partner for Signature Estate & Investment Advisors, an independent RIA based out of Los Angeles that oversees nearly $16 billion in assets under management, with $570 million of those assets from 250 households being managed by Thomas' practice. Thomas stands out for his innovative approach to supporting seniors who are searching for suitable housing and healthcare options while facing medical and cognitive challenges in their later years and has developed a unique offering called the Lifecare Affordability Plan, which has been tremendously successful in providing added value to his clients and their elderly parents. Listen in as Thomas shares how he realized that "one-legger" senior couples, where one spouse is healthy and the other is not, face unique challenges in making healthcare decisions with significant financial ramifications and how this led him to create the Lifecare Affordability Plan to provide guidance to senior couples dealing with medical and cognitive issues. We also discuss why over 90% of the assets managed by his firm are held on a non-discretionary basis (which has increased client communication and portfolio customization), why his firm doesn't charge more for trading assets on a discretionary basis and charges less for clients who allow them to manage with discretion, and how his definition of success has shifted from focusing on production to the impact of his elder planning work, which in turn motivates him to work harder. For show notes and more visit: https://www.kitces.com/328

Marc Horner is the Founder of Fairhaven Wealth Management, an independent RIA based out of Illinois that oversees more than $1 billion in assets under management for 450 client households. Marc has been able to differentiate his firm by drawing upon his years of wirehouse experience to create a distinctly un-wirehouse brand that leverages parody commercials as a way to distinguish his firm's culture from prospective clients. Listen in as we discuss how Marc developed his unique marketing strategy of writing parody commercials, how he balances the serious nature of financial advising with the not-so-serious way he markets his firm, and how he became comfortable taking such a non-traditional approach to marketing. We also talk about why he decided to go independent after 14 years in the wirehouse world, how he grew his firm from $80 million in AUM to over $1 billion in under 8 years, and how he splits the growth of his team into one-third through organic hiring, one-third through recruiting, and one-third through acquisitions. For show notes and more visit: https://www.kitces.com/327

Erica Pauly is the Founder and Owner of Track That Advisor, a consulting and coaching firm based out of Arizona that helps advisory firms track, and then improve upon, their marketing results. Erica developed a series of spreadsheet tools that measure every detail of her advisory firm's marketing funnel, and then transformed them into a system that can be used by any advisory firm to assess their marketing performance, identify areas of improvement, and benchmark against industry averages. Listen in as Erica shares how she helps firms track every step of their marketing funnel, why she prefers Google Sheets over other standalone data tracking platforms, and the 5 key marketing metrics she focuses on to obtain an overall view of a firm. We also discuss how Erica realized the demand for her particular type of work, how she has become more comfortable having difficult conversations with advisors about their marketing strategies, and why she chose not to give herself the role of CEO of Track That Advisor. For show notes and more visit: https://www.kitces.com/326