Behind The Advisor

Alan Moore and Michael Kitces discuss the highlights of XYPN's 2023 Benchmarking Study, including the growth rates of fee for service models, revenue expectations for new firms, the impact of interest rate volatility on advisory business models, the benefits of having a niche, and staff productivity in different types of advisory firms.

Doing the right thing in the financial world often involves speaking up and knowing when to go your own way. This is in no way an easy thing, but has time and time again been a source of joy for advisors. Our guest today, Mike Kelly, CFA®, CFP®, and founder of Switchback Financial has pursued doing right by his clients, himself, and his family. Along the way, he has built a successful business and has exciting new ventures on the way! Mike shares his experiences, from the impact Silicon Valley Bank's collapse had on clients in the tech industry, to the importance of sales skills and effective marketing on platforms like LinkedIn. All the while, striving to be present for his family, friends, and personal well-being. From ethics in action to what to look for in a new partnership, you won't want to miss this episode. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/372

Your RIA journey isn't just an upwards climb from where you are to where you want to be. It can include things like a family, embracing other opportunities, and teaming up with a friend. In today's episode, we reconnect with Natalie Taylor CFP®. Since we spoke to her 3 years ago, she has taken an unexpected path to a growth-filled, confident today. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/371

Our guest moved up the corporate ladder to become CIO at 2 different large RIA's. Even from the top, there is just no replacing the freedom and flexibility that owning your own business can provide for both you and your clients. Terri Spath, CFA®, CFP®, founder of Zuma Wealth shares some fantastic stories and insights that you won't want to miss! You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/370

From youth ministry to personal finance, Jeff Clark's journey wasn't simple. In his church, Jeff offered to help his peers with their finances, but soon had the attention of a congregation also in need! Following this path, he found himself in FinTech, able to learn from experts in the field. This stepping stone gave him the knowledge and confidence to strike out on his own. In 2021, he did just that. Cataloging his growth 2 years later, he has exceeded all expectations. With Jeff's practice expanding at an impressive pace, culminating in a hiatus from new client engagements for the latter half of 2023. He credits much of his success to the support of friends, family, and peers much like those in his XYPN Mastermind Group. For those looking into how their current support systems can bolster their practice, this episode is for you! You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/369

Erik Kroll, founder of Hilltop Financial Advisors and Student Loans Over 50, shares stories about changing the financial landscape for his clients by helping them eliminate significant amounts of student loan debt. He discusses his tiered service model and the importance of specialized student loan planning for older borrowers. The podcast also covers topics such as the evolution of niching down in financial planning, the concept of double consolidation for student loans, challenges faced by advisors in managing student loans, and the value of asking more questions and finding a niche.

We often hear how the network of support and connection that XYPN offers is a strong component of success. In today's episode, we learn that for our guest, Leland Gross, CFP®, the founder of PeaceLink Financial Planning, "community" wasn't just a benefit, it was essential after a life-changing event pulled his focus from building his business. In September 2021, Leland launched his firm and discovered that same month that his wife was pregnant! Three months later, they received the devastating news that their baby would need open heart surgery just after birth. Leland shares how his XYPN study group jumped in to help him keep his business from failing. While he focused on his family, they got set up so they could call Schwab on the client's behalf, helped craft emails and communications to clients, and basically did anything else they could do to support him while he cared for his family. With their assistance during that critical time, and Leland's strategic social media and podcast leveraging, he is now serving 45 client households (in less than 18 months!) in the self-employed niche—all while experiencing major changes and hardships to his growing family. Leland's story really shows how perseverance and support can get us through unimaginably difficult times and help us still find success. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/367

If you're wondering whether taking custody of client accounts and a virtual assistant is right for your independent advisory firm, this episode's for you! Taking custody can be a scary decision, but sometimes it's the right one. Just ask XYPN member Kate Yearwood Young, CFA, CFP®, founder of Yearwood Young Advisors. From engineering to Wall Street to founding a successful business, she acquired the skills and services to meet her client's needs where they are. And their needs dictated that she take custody. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/366

If you are interested in learning highly effective, yet simple ways to use data-driven market research to find and maximize your niche, this episode is for you! In this candid and informative conversation with XYPN member Marlon Wesh, MBA, founder of Wesh Financial, we learn how Marlon's early experience in HR for the Marine Corps helped formulate his firm's operational systems. I hope you enjoy this conversation as much as I did. Y ou can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/365

If you're interested in the impact being a student of your own art can have on your priorities and business, this episode is for you! Terry Bradford-Crane MBA, CFP® of Bradford-Crane Company went to the Naval Academy for college with a dream of becoming a pilot and an astronaut. Just as she was finishing her training program, the US repealed a law prohibiting women from serving in combat zones, and she was one of the first women to receive orders to serve on an aircraft in a combat zone. Her first job out of the military was with Merrill Lynch, and she talked about how valuable the four years she spent there were for her career, mainly based on their amazing training program. In 2019, she decided to focus more on her financial planning business and started to scale. Most recently, she's been focused on her planning practice and become super intentional about her time and priorities to ensure the right work gets done. I was really impressed with her intentionality and she shared her goals for the business and how it will ultimately support her and her husband as they transition into the next phase of their lives. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/364