Financial Advisor Success

Morgen Rochard is the founder of Origin Wealth Advisers, an independent RIA based out of Austin, Texas, that oversees nearly $35 million in assets under management for 25 affluent clients. Using a barbell approach to doing good in the world, Morgen has focused her practice to work with no more than 30 clients at a time at a rate of $12,000, which allows her the financial and time freedom to raise her family and create a book and podcast to disperse knowledge to those who otherwise wouldn’t be able to afford her services. Listen in as Morgen shares how she structures her advisory firm to work with only a select number of affluent clients, why she structures her fees based on net worth but still views investment management as an essential service in her practice, and how she created a financial coaching business entirely separate from Origin Wealth Advisers. She will also detail her actual financial planning process with clients, why she focuses on what her clients can accomplish in a 12-18 month window instead

Bill Bengen is the former owner of Bengen Financial Services, an independent RIA based out of Southern California that oversaw nearly $50 million of assets under management for 80 affluent retirees. That’s not all Bill is known for though—in fact, he is the father of the “4% rule” and the safe withdrawal rate research, which was published in a series of studies in the Journal of Financial Planning and put into practice with his own clients. Listen in as Bill describes how he first developed his 4% safe withdrawal rate research, how he started this research to get away from the rules of thumb that were popular at the time, and how, ironically, his research became a rule of thumb itself. He’ll also share why he actually used a withdrawal rate of 4.5% with his own clients, why a safe withdrawal rate today could be as high as 5%, and why he ultimately made the decision to retire and sell his firm. For show notes and more visit: https://www.kitces.com/198

Ashby Daniels is a financial advisor who personally oversees $38 million in assets under management for 43 retired clients with Shorebridge Wealth Management. Ashby launched his current practice, a hybrid advisory firm, by breaking away from a major broker-dealer after 10 years in the business in the face of a non-compete, and he was able to build his firm in such a way that his family’s financial situation was never at risk. In this episode, we talk in-depth about how Ashby negotiated his compensation agreement with Shorebridge, how he navigated the non-compete agreement to eventually win back some of his prior clients, and how leaving most of his clients behind allowed him to focus on bringing in the right clients. Listen in to learn how his business has evolved deeper into niche territory, how he has built his current marketing funnel through blogging, and how his blog helped his former clients find their way back to him. For show notes and more visit: https://www.kitces.com/197

Daniel Hannoush is the co-founder of One & Done Financial, a virtual independent RIA that oversees nearly $70-million of assets under management for 350 client households. He has been able to consistently add five to ten new clients every single month since launching only four years ago. How has he done this? Hyper-focused niching. In this episode, we’re discussing how Daniel was able to scale exponentially by niching down, how a fateful introduction led him to meeting his business partner, and why they chose to go with a 50/50 partnership deal despite advice to the contrary. Daniel will also share where he expects the firm to be in 10 years due to the exponential growth, as well as why he lives by the motto “if your visibility exceeds your ability, it destroys your credibility.” For show notes and more visit: https://www.kitces.com/196

Echo Huang is the founder of Echo Wealth Management, an independent RIA that oversees nearly $120 million of AUM for 76 client households. Echo has built a niche serving corporate executives and has managed to build her firm almost entirely by word-of-mouth, through building her reputation within her niche. Today she joins the show to discuss how she grew such a successful career after starting out in the industry completely from scratch, as well as the challenges she faced along the way. Listen in as Echo shares why she decided to go out on her own—at the cost of losing to 2/3 of her AUM—to build the advisory firm she dreamed of. You will learn why she decided to get her CFA certification despite her success as an advisor, who she uses as her custodian, and the unique challenges she faces as what she calls a “triple minority.” For show notes and more visit: https://www.kitces.com/195     

Lisa Cooper is the founder of Figure 8 Investment Strategies, an independent RIA based in Idaho that oversees $90 million of assets under management for 85 clients. Figure 8 has differentiated itself with its sustainability-focused equity management, or, in other words, responsible investing through a thematic portfolio of 50 to 60 individual stocks. This differentiation has allowed Lisa to grow the firm exponentially in only four years since launching. Listen in as she shares how she crafted her unique investment approach, including how her firm identifies segments of the market to invest in and which stocks to avoid. You’ll learn how shareholder engagement through proxy voting is a key part of the investment process, how the decision was made to become a B Corporation (and what that means for the firm’s processes and standards), and how balancing purpose and profit has been key to Figure 8’s success. For show notes and more visit: https://www.kitces.com/194

Michelle Wong is the founder of Nifty Advisor Support, a virtual assistant outsourcing solution for independent advisory firms. Using her background in operations, Michelle was able to capitalize on the dual trends of outsourcing and working virtually into an entrepreneurial venture that is making life easier for registered investment advisors across the United States. Listen in to find out some of the typical tasks that virtual assistants take on, as well as how outsourcing can benefit firms—especially solo advisory firms. You’ll learn the typical cost-benefit of a virtual assistant compared to a full-time staff member, where Michelle sees outsourcing playing out in the advisor world (particularly with the after-effects of the pandemic), and the catalyst for why the virtual assistant world and gig economy have grown exponentially over the last few years. For show notes and more visit: https://www.kitces.com/193

Paul Pagnato is the Co-Chairman and Chief Visionary Officer of Cresset Capital, a multi-family office with nearly $9.5 billion of assets under management for more than 600 ultra-high net worth clients. After a nearly 20-year career at Merrill Lynch—and working with Hightower Advisors as a partner—Paul decided to go out on his own and eventually merged his multi-billion-dollar boutique advisory firm into Cresset Capital to further expand the reach of his vision. Listen in as we talk in-depth about Paul’s entrepreneurial journey through the industry, why he chose to follow his true north and walk away from a 20-year wirehouse career, and why it’s so important to have a strong support structure in place with experienced vendors when breaking away. You’ll learn about the $90,000/year flat fee structure his firm uses to serve its ultra-affluent clientele, how Paul services those clients with unique concierge offerings, and how he has been able to scale successfully with a philosophy of outsourcing as much as he ca

Tiffany Charles is the Chief Growth Officer for Destiny Capital, a hybrid advisory firm based near Denver that oversees $260 million in assets under management for nearly 200 households. Tiffany has crafted a unique role for herself within an independent advisory firm with a focus on building scalable marketing systems to power the growth of the entire firm, instead of focusing on personally prospecting for new business. Listen in to find out how she moved from focusing on business outcomes to measuring her activity, as well as how this made a positive impact on the firm’s growth. You’ll also learn how she took on the Chief Growth Officer role with her firm as a tie-in to a next-generation succession plan and how she co-created a new vision with the firm to pursue a new niche of working entrepreneurs. For show notes and more visit: https://www.kitces.com/191

Stacey McKinnon is the Chief Operating Officer for Morton Capital Management, an independent RIA based in Los Angeles that oversees nearly $2 billion worth of assets under management for nearly 1,000 households. Stacey was formerly a wedding coordinator and operated a Pilates studio before entering into the financial services industry, which is indicative of Morton's non-traditional hiring approach that has been such a major part of their success. Listen in as Stacey discusses the shortage of talent in financial services and why many firms may be casting the net too narrowly when looking for the right people to hire. You’ll learn why Morton hires for personality and culture fit before hiring for skills, why trust is so important within a team, and the importance of building something unique at the firm level in order to create a more rewarding environment for advisors and more financial security for the firm. For show notes and more visit: https://www.kitces.com/190  

Taylor Schulte is the founder of Define Financial, an independent fee-only RIA that oversees $76 million of assets under management for 60 families that are in, or approaching, retirement. Taylor has grown his practice through proactive marketing initiatives and niching down to a very specific target clientele—even though it meant firing his mother and grandfather as clients. Listen in as he shares some of the hits and misses he experienced along the way to growing his practice to what it is today. You will learn what he did to break through a revenue ceiling, how he turned podcast listeners into clients, and how investments in his website have paid off to the tune of 75% of new clients arriving through organic web traffic. For show notes and more visit: https://www.kitces.com/189

Rich Arzaga is the founder of Cornerstone Wealth Management, a hybrid advisory firm that oversees nearly $70 million in AUM for 65 affluent clients. Rich is just one of a handful of advisors across the country who, in addition to holding a CFP certificate, holds the CCIM designation to advise clients on commercial real estate. Today he joins the show to discuss how he incorporates advice on directly held real estate into his practice and the APOD (Annual Property Operating Data) analysis he prepares as part of his financial planning. Listen in as Rich shares the tools he uses to track and analyze directly held real estate, as well as why he charges an upfront fee for his real estate analysis. You’ll learn what he did to stand out from the crowd and how he turbo-charged his firm in the early years to overcome the challenges often faced by career-changing entrepreneurs. For show notes and more visit: https://www.kitces.com/188  

Emlen Miles-Mattingly is the founder of Gen Next Wealth, an independent RIA based in Madera, California that provides wealth management for 70 client households. Emlen’s goal is to change the complexion of wealth, and he does this by focusing his advisory firm on working with underserved communities of color and moving toward a subscription model instead of traditional assets under management. Listen in to find out how Emlen structures his monthly subscription business model, as well as how he developed different tiers that all provide a baseline of advice but vary in implementation support. We also discuss how the change in business model is accelerating his growth path, the key question he asks at the beginning of every introductory meeting with clients, the real-world challenges he faces as an advisor of color serving communities of color, and so much more. For show notes and more visit: https://www.kitces.com/187

Samantha Bezar is the Director of Digital Marketing for Thrive Financial Services, a hybrid RIA and Insurance Agency based out of the Greater Philadelphia Area that serves nearly five hundred clients. Through a combination of digital marketing and in-person events, Samantha has built a scalable marketing solution for Thrive that has catapulted their revenue from a few hundred thousand dollars to more than $6 million in under three years. Samantha joins us today to share her in-depth expertise on all things digital marketing, including marketing automation tools that have increased retention and response rates, how Thrive segments and targets their audience, and how compelling ad copy comes into play when converting prospects to clients. Listen in to learn what personal touches Thrive uses to incorporate a more human element to their process, as well as the “secret sauce” for getting people to actually show up to webinars. For show notes and more visit: https://www.kitces.com/186

Christine Teh is the founder of Teh Financial Coaching, which provides tax consulting and financial coaching services to high-income individuals and couples. Christine has built a successful coaching practice by not only systematizing her coaching packages for clients, but also systematizing her marketing process through LinkedIn. Today she joins the show to discuss why the focus of her work is on short-term cash flow instead of retirement plans. Listen in as we talk in depth about why Christine teaches her clients how to do the work so they can go out on their own and, ultimately, not end up as long-term clients. You will learn what she uses as her main marketing tool, steps she has taken to ensure she gets the number of clients needed to make her business sustainable, and how she is reaching so many clients. For show notes and more visit: https://www.kitces.com/185            

Reese Harper is the founder and CEO of Dentist Advisors, an independent RIA that oversees nearly $250 million of AUM for more than 350 clients. On top of running a firm with a unique niche, Reese also runs a successful podcast—something he credits with helping to grow his business. Today he joins the show to discuss the monthly financial planning process he has developed for serving clients, as well as the technology tools he uses to implement it. Listen in as Reese shares why he thinks the future of financial advising is all about working with clients through an ongoing series of micro-interactions around their financial planning needs. You will learn about the systematized series of twelve monthly deliverables that his firm provides, the financial planning process Reese has created, and the premium price he charges for the premium service his firm provides. For show notes and more visit: https://www.kitces.com/184   

Hannah Moore is a Certified Financial Planner and owner of Guiding Wealth Management. She graduated from Baylor University with a degree in Financial Services and Planning and Business Management, helped start the Financial Planning Association’s NexGen program, and mentors younger financial planners. If that wasn’t enough, she is also the creator of BudgetingBlocks, a system that helps consumers visualize and better understand their budgets so they can develop one that works for them. With a passion for helping people change the conversations they have about money, Hannah joins us today to discuss how she does just that in both her advisory firm and her consumer product. Listen in to hear how she manages work-life balance, one of the best things she ever did for her business, and how one of the most powerful tools she uses with her clients was bought from a kid’s toy store. For show notes and more visit: https://www.kitces.com/183   

Richard Joyner is the President of Tolleson Wealth Management, a multi-family office that manages the wealth of large families with significant assets. He works with multi-generational families to address the complexities of successful wealth transfer and has expertise in many diverse areas, including estate tax planning, family dynamics and education, and investment management for the ultra-rich. Richard joins us today to discuss what financial planning looks like for multi-generational families with significant wealth, what development dynamics go along with multi-family portfolios, and some of the more diverse issues that can arise in this particular wealth management category. Listen in to hear his top advice for getting started in this field, the skills that are necessary for success, and what he wishes he could tell his younger self just starting his career. For show notes and more visit: https://www.kitces.com/182

Benjamin Brandt is the founder of Capital City Wealth Management, an independent RIA that oversees $60 million in assets under management for nearly 80 households. Benjamin originally developed a focus niche after going out on his own, only to realize there were not enough people in that niche to fill his desired client base. Today he joins the show to discuss how he initially established his niche and how he has optimized his website to maximize local search engine optimization opportunities. Listen in to hear about why he decided to start a podcast to reach beyond his local market, as well as the marketing funnel he developed to turn his listeners into prospective clients. You will learn why he runs meeting surges twice a year to maximize his focus and his time off, how he has built his advisory firm to fit his lifestyle goals, and how you can bring similar flexibility to your practice. For show notes and more visit: https://www.kitces.com/181         

Ryan Inman is the founder of Physician Wealth Services, an independent RIA that serves over 140 physician clients. Completely narrowed in on his unique niche, Ryan changed the name of his firm, created a Financial Residency podcast, and restructured his entire financial planning process to in-patient and outpatient services. Today he joins the show to share the mindset shift he had to go through in order to be comfortable with narrowing the focus of his practice and offers advice for those who’d like to do the same. Listen in as we discuss why having a targeted niche can make it easier when marketing, as well as what Ryan is doing to serve his niche effectively. You’ll learn how he chose to serve physicians in particular, the unique fee structure he uses, and what he is doing to bring in so many new clients every month. For show notes and more visit: https://www.kitces.com/180