Behind The Advisor

We’re excited to have four XYPN members and firm owners on the show today. Becky Meats, Bonnie Arnold, Molly Laughter, and Adrienne Ross were introduced to each other during their XYPN Launcher program in 2019 and have met every week since then as a mastermind group.   We dig in and discuss what makes this group work—from the framework to the attitudes, and how they ensure the meetings and group are helpful for each of them. We talk about imposter syndrome, pivotal points in the group's history, and how being part of a group of others at the same level is helpful instead of being competitive. You’ll hear them share stories of how the group has been a lifeline (in every sense) and how they couldn’t imagine running solo firms without the support of a group like theirs. The laughter and energy this group shares is contagious and motivating. If you’re not yet part of a study group or worry about the challenges that come along with running a firm on your own, this episode is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/309  

We’re honored to welcome Vince Hockett, XYPN’s Chief Revenue Officer, to the show today. Vince joined the XYPN team just about one year ago and has brought decades of experience working at rapidly growing companies along with him.  Today, Vince shares what it’s like working with Alan and Michael as a fellow executive and what it’s been like to manage the group of young leaders that ultimately deliver the promise of XYPN membership (and then some). Vince pulls the curtain back on his management style, which is unique and powerfully productive. We draw some similarities between the XYPN Network and the member firms that make up our community—specifically related to the building and scaling phases of the firm owner’s journey. He talks about what it’s like to work with the EOS model, what he sees as some of XYPN’s business challenges, but most importantly, what it’s been like to work at a progressive, disruptive company that lives and breathes its core values. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/308 

Today, we’re excited to introduce you to Kelly Klingaman, Vice President and Regional Director of Dimensional Fund Advisors (DFA). Kelly has worked in the RIA space for the past 12 years, helping advisors around the country understand and communicate investment management strategies to their clients.  Kelly explains that DFA partners with advisors to educate them on the academic research that DFA builds its principal theories around and how this credibility can be infused within their planning processes. Kelly discusses the decisions advisors face regarding their investment management programs and whether to outsource or manage them on their own. Because advisors are often limited in the amount of time they have to focus on the investment management aspect of their business, as well as the fact that many feel insecure about offering investment advice to their clients, she explains that the way advisors frame their investment services—the story they tell surrounding them—is often the most important aspect of how they approach investment management. Kelly points out that using anecdotes to explain why time in the market is better than timing the market can help a diverse crowd of investors understand the value of investing and the services you offer. If you’re interested in learning how to better tell the story of your investment management philosophy, this show is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/307   

In today’s episode, we’re honored to speak with Cindu Thomas-George, a professor and the owner of Shakthi Diversity and Equity Training.  Cindu joins us to discuss what diversity, equity, and inclusion each mean and lays out a persuasive argument for DEI initiatives as a growth strategy within a business. She discusses the concepts of power and social capital and presents the moral case for considering these concepts within your work. She gives answers to tough questions like, “Is this conversation a political one?” and “What can advisors do to move the needle forward in the DEI space?”  If you’re interested in learning about how DEI makes businesses thrive, then this interview is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/306  

Today, we have the privilege of talking to Terria Heng and Shelby Brown, two of XYPN’s Compliance Coaches who together have nearly two decades of experience as examiners and compliance consultants. Terria and Shelby discuss with us their recommended approach to compliance, the time commitment required to ensure you’re creating a culture of compliance within your firm, and several other compliance considerations that keep RIA owners up at night. They give great advice like how to trust your instincts, and they deliver valuable insight into how regulators and examiners approach their jobs. They discuss the required compliance changes involved when you add a teammate, approach SEC registration, or make a considerable mistake.  You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/305  

Today we have the honor of speaking with Chris Dale and Julie Quick, two XYPN members and RIA owners who make a tremendous impact in their clients’ lives as they focus on the complex niche of people in transition, specifically those dealing with grief. If you’re interested in supporting and guiding clients through transition, this episode is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/304  

Today, we have an exciting conversation with Ryan Mohr and Eric Thomas, owners of Clarity Capital Management, a fee-only firm out of Portland, OR, where we talk about all things partnering—how to do it, when to do it, and all of the potential benefits. Three and a half years ago, Ryan started his firm as the sole owner and built it to serve over 45 client households. As the pressures of growth continued, the desire to bring on a partner was at the forefront of his mind. On today’s show, Eric and Ryan talk about their decision to partner together, how they established equity buy-in for Eric, and the process they followed to finalize their agreements. Eric discusses why the timing was right for him to transition into the fee-only space now vs. when Ryan originally opened the firm. Ryan shares what it was like to offer equity into the company that he built from the ground up. This discussion provides a great example of how to partner with intentionality after a strong foundation has been built. If you’re interested in what it’s like to bring a partner into an established firm, this show is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/303  

Today we’re excited to welcome Pearl Michalson, XYPN’s Internship Coordinator, to the show. Pearl has built XYPN’s internship program from the ground up and has a wealth of expertise when it comes to all things interns and internships. From identifying top talent to training managers on how to best utilize interns, a lot goes into making an internship a successful and rewarding experience for all. Pearl shares her unique theory around internship programs with us and the wide variety of work that interns can accomplish, which will be of interest to many of our listeners. Her experience in organizational leadership allows her to speak to the importance of communication within organizations and why new and diverse talent elevates a company. As opposed to thinking of interns as another person to manage, she invites our listeners to seek out what an intern can teach them, how they can improve the organization, and see the world through a different lens. Pearl has advice regarding what to look for in interns, how to train them, and how to consider what they can do within a company if given the opportunity.If you’re interested in hiring an intern, then you’re not going to want to miss this episode. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/302  

We’re incredibly excited to have Ashlee deSteiger and David Rae—two XYPN advisors and RIA owners—on the show today to talk about everything that comes along with working having your spouse as a coworker. Ashlee’s husband joined her firm, Gunder, after seeing the momentum and freedom she enjoyed while running the firm, while David hired his husband at his firm strategically to support not just his firm, but his lifestyle as well. In this episode, you’ll hear Ashlee and David discuss the good, bad, and the ugly of working with your spouse—from how they take walks (alone) to tag-teaming duties. They also talk about the decision to hire a spouse generally and what it’s like to market your firm with your spouse and serve clients as a team. Ashlee shares what it was like growing her firm during COVID and with three small kids at home. David reminds us of how good things can be when we define our ideal life and work towards it each day while embracing the inevitable challenges. Whether you’re starting your firm with your partner or just starting your firm, you won’t want to miss this episode. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/301  

Today, we have two remarkable XYPN members—Tremaine Wills and Charles Ho—on the show. Tremaine and Charles both left the broker-dealer space knowing they were destined to do more meaningful work. Both ended up finding major fulfillment in being owners of their very own independent RIAs. We speak with both Tremaine and Charles about their previous professional backgrounds, including the tears that were shed, the pressure that was applied, and the emptiness they both felt around the work they were doing. We discuss the ideas of time freedom, mission-driven work, and what it feels like to burn out. Tremaine and Charles talk very transparently about what it took in terms of support, mental stamina, and confidence to make the leap and become their own bosses. They highlight what success means to each of them and how, despite the pressure they felt from their employers, it wasn’t about making money. Instead, success to them is all about making an impact. If you’re feeling dissatisfied or unfulfilled in your current position, then this show is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/300