Behind The Advisor

Today we’re talking with advisors at a different stage of their business development than those we normally feature⁠: two XYPN members who are in their first six months of launching their firm. Chao Zhang and Stefanie Pickard⁠ are in the midst of figuring things out as their firms get off the ground. This podcast is fun—and brutally honest. Despite both Chao and Stefanie having a 10-year financial runaway as they started their firms, the conversation is transparent around imposter syndrome and how they wished they had done things differently. We talk about how many hours they really spend working on their firms, and what has slowed them down. Both Stefanie and Chao approach their firms with different perspectives and have different goals for themselves, but they share so many commonalities about how they feel about launching their firms and what it’s done for them personally. If you’re interested in what the first six months are really like, this episode is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/329

Today I talk with Cameo Roberson, the owner and founder of Atlas Park Consulting—a consulting firm for RIAs. Cameo isn’t an XYPN member, nor is she an RIA owner, but she’s deeply familiar with the space and the experiences of advisors who are running their firms. Today, we dive into Cameo's expertise; from her comprehensive background in the industry to her current work with advisors. I’m able to ask her questions about what advisors tend to overlook when approaching their launch, what slows them down, what advisors should be focusing on in the 12 months before they launch, and six months after they launch. Cameo has some incredible advice about imposter syndrome, how to navigate the industry as a professional, and gives sage advice about how advisors can stay motivated as they navigate the world of entrepreneurship. Cameo shares her experience looking for and seeking mentors in this industry, and what she’s done to ensure there are more people like her in this industry. If you’re interested in an expert's perspective on preparing for your launch, then this episode is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/328

Today’s interview is with XYPN member Heather Townsend, owner and founder of Townsend Financial, a virtual fee-only firm based out of Scottsdale, AZ. Heather is in her fourth year of business and is hitting her stride working with over 40 of her most ideal clients: business owners and professionals with stock compensation. Today’s episode covers a lot—Heather shares her wisdom from, as she describes it, her messy first few years, and she talks about why it was important for her to raise her fees a number of times as her confidence gained. Heather has multiple designations and an impressive amount of technical understanding of her niche, and she shares how today she is able to deliver massive value to her clients on an ongoing basis by working with a coach and being true to her goals. Heather is also a new mom of twins and talks about what it was like to prepare for and enjoy her well-deserved maternity leave, which meant setting up boundaries. She also talks candidly about what it’s like to be a perfectionist and what her confidence curve was like after starting her firm—something more advisors should consider when building their firm. If you’re interested in building a firm that aligns with your goals—from the amount of money you want to make to who you want to work with—then this show is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/327

Today we hear from the three founders and owners of AVID Planning—a fee-only firm out of St. Petersburg, FL, that opened its doors in 2016. Right out of the gate, Jack, David, and Kevin experienced how much fun running a business can be when you do it alongside friends. The three of them met when they were all working at Edward Jones, had a stint at an independent broker-dealer, and eventually broke out on their own to do things differently. Today, Jack, David, and Kevin talk about what the math looked like as they decided to become truly independent, what it meant to leave the broker-dealer world, and why they are now more fulfilled working as co-owners. They talk about how they structure their business and equity, break down their accountabilities, and how implementing the Money Quotient process has changed the way they work with their clients long term and in what they believe is the fiduciary way. If you’re interested in what it’s like to start your dream firm with a friend or colleague, then this show is for you. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/326

Today, Jennipher Lommen, founder of Wildflower Financial, a fee-only firm out of Santa Cruz, California, is on the show. Jennipher is a career changer and entered this industry only a few years before she launched Wildflower four years ago.  Jennipher homeschooled all three of her children and explained what it was like to begin looking to enter a new industry in her 40s. With age comes maturity and experience, and quickly Jennipher found financial planning to be a perfect fit. Today she talks about her first few years in business: she worked with over 50 clients on a project basis in her first year and now serves a number of them on an ongoing basis. She talks about how the industry is in dire need of more women and how this profession is so accessible to anyone who is interested in being a listener, supporter, and advocate for their clients. She shares her perspective on the CFP® curriculum and how the Registered Life Planning process has been transformative for both herself and her practice. If you’re interested in entering this profession later in life, then this episode is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/325

We’re joined today by XYPN member and founder of SJK Financial Planning, Wes Shannon. Wes has been running his Fort Worth, TX firm for six years and, despite feeling admittedly swamped, has reached the point where he feels like he’s built his ideal firm. In this episode, Wes discusses the numerous business plans he wrote before starting his own fee-only firm and how to handle transitioning clients. Wes reflects on how hard the first three years were and how, at 64 clients, he’s benefiting from his preparation and endurance. Wes gives advice around the nuances associated with serving both individuals and 401(k)s for small businesses and how he established a buy-sell agreement with a like-minded advisor. Additionally, Wes talks about why networking has been so beneficial to him and how he strives to serve his clients as best as he can. If you want to know what it’s like to be six years into building a firm that you love, then this episode is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/324

XYPN has conducted an Annual Benchmarking Study for the past four years. The comprehensive annual survey gathers core performance indicators of member participant firms and ultimately draws data-backed conclusions about the success of different business models, fee structures, and niches. Today, Alan Moore and Michael Kitces, XYPN Co-Founders, discuss the study’s fifth annual results. As you’ll see, with our maturing network and member firms, the 2021 study shows a much clearer understanding of what’s working and not working in fee-only RIAs. This episode is particularly interesting and helpful for those considering starting the long play of the entrepreneurial journey. We encourage you to listen closely and go back to the previous conversations about the past surveys and use them as resources to build your ideal firm. If you’re interested in what really works (yes, meaning proven with data) when building your firm, then this show is for you. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/323

We’re excited to interview Kathleen Boyd, a CFP®, former financial planner, and now, XYPN’s Financial Planning & Process Coach. Kathleen is joining us for a second time, as she was on Episode 131 with Alan Moore four years ago talking about Diversity and Inclusion. Today, Kathleen discusses the challenges advisors face when building their processes, how they can get overcome with analysis paralysis as they try to systematize, and she offers sage advice on how to avoid these pitfalls. She gives a lot of credit and love to the advisors who choose to start businesses, encouraging them to think outside the box on who and how they serve. Kathleen is a black, queer woman and has had a diverse and broad career in this industry—she’s been on Investment New’s 40 under 40 list—and she shares what it’s been like to find her place in this industry with the help of mentors, and what it’s been like to work at XYPN, a place she says embraces progressive thinking in a real way. If you’re interested in how to leverage your financial planning experience in dynamic ways, then this episode is for you. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/322

We’re excited for today’s episode with Ashley Foster, a Latino advisor and owner of Nxt:Gen Financial, a fee-only firm out of Houston, TX. Ashley started his career in the captive insurance space, learning how to sell and acquire clients. As many of our guests have experienced, Ashley started to feel drawn to the fee-only space and serving the community he wanted to and had a discussion with his former employer about changing his career trajectory to being a business owner.  Three years into it, Ashley is serving over 30 clients, primarily veterinarians. He’s making six figures and is loving life more than he could imagine. Ashley has a lot of great advice to share with you today—from how to navigate the exit from a company to leaning into the painful moments of the experience as opportunities for growth. Ashley is candid today and shares with us some of his most fulfilling experiences as an advisor.  If you’re interested in how to navigate out of the insurance world and into the fee-only space, this episode is for you.  You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/321

Today, we’re excited to interview River Nice, XYPN member and founder of Be Intentional Financial, a fee-only firm focused on serving LGBTQ community members. River, whose pronouns are they/them, started their firm just over two years ago and has effectively served over 100 clients since opening.  River serves clients how they want to be served: through education and short-term relationships. River brings up a number of compelling points throughout the interview—questions of whether gender is a necessary consideration in planning, how our technology is set up to serve, or not serve, different communities, and reminding us how important it is to have representation within this industry. Their own personal journey is highlighted in this episode and how interestingly, through raising their own prices, they were able to have an even bigger impact on the communities they wanted to serve. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/320