Financial Advisor Success

Elizabeth Nesvold is the Managing Director and Head of Asset & Wealth Management Investment Banking for Raymond James, providing investment banking services for some of the largest independent advisory firms engaging in capital transactions. Today she joins the show to discuss the evolution in wealth management firms over the decades and how an investment banker looks at the evaluation of an advisory firm. Listen in as we talk in depth about how obtaining evaluation of your advisory firm can be a helpful tool in understanding whether your business is getting a good return on investment, as well as what Liz has learned as a founder selling her own firm. You will hear what investment bankers do for wealth management firms, the dynamics of raising capital when starting an advisory firm, and how Liz counsels other advisory firm founders getting ready to sell their businesses. For show notes and more visit: https://www.kitces.com/179        

Daniel Zajac is a financial advisor and partner with Simone Zajac Wealth Management Group, a hybrid advisory firm on the Lincoln Investments platform that oversees nearly $250 million of AUM for 300 clients. Today Daniel joins the show to discuss how he built and developed a niche in working with those who receive significant equity compensation, including the years it took early on and how he accelerated his positive results. Listen in as we talk in depth about how Daniel’s firm prices and delivers its planning services, as well as how they determine whether a prospect is the right fit for the firm. You will learn why his business offers tax preparation as part of its services, how forming a niche has opened up new opportunities, and more. For show notes and more visit: https://www.kitces.com/178          

Sara Stanich is the founder of Cultivating Wealth, an independent RIA that oversees nearly $50 million in AUM for 95 ongoing client households. Sara transitioned into financial advisory in the midst of the last financial crisis, forcing her into the independent channel with less support but more flexibility to craft her advisory firm the way she wanted to. Today she joins the show to discuss her journey into the industry and her advice for people starting out during the current bear market. Listen in as we talk in depth about how Sara builds her business, as well as the software she uses to identify which potential clients would be a good fit for the firm. You’ll learn how her business has evolved over recent years as she has started to add more CFP professionals to her team, key advice for career changers or other advisors early in their career, and more. For show notes and more visit: https://www.kitces.com/177        

Mindy Diamond is the founder of Diamond Consultants, a recruiting firm that has been helping advisors evaluate and change their broker-dealer platforms for more than 20 years. Today Mindy joins the show to discuss the range in choices that advisors have in choosing a brokerage platform and how best to decide which is the right fit for your firm. Listen in as we talk about when advisors should—and should not—look at switching to another broker-dealer platform, as well as the most common reasons advisors choose to make the change. You will learn why it is crucial for an advisor to understand their own priorities before they have any chance of picking the right platform for them, the important questions you should ask yourself as an advisor, and why the decision of which platform to choose is not as simple as it once was. For show notes and more visit: https://www.kitces.com/176         

Dr. Travis Parry is the founder of Make Time Institute, a company that helps business owners gain control of their time to achieve a more sustainable work/life balance. Having spent nearly a decade working as a financial advisor himself, Travis knows that the demands of working at a firm can take away from important time you should be spending with your loved ones. Today he joins the show to explain his “Make Time” approach to creating better work/life balance and how to overcome what he calls the three myths of time management. Listen in as we talk in depth about the importance of identifying your goals and ensuring your time is prioritized to align with them. You will learn how the combination of a family tragedy and the financial crisis that derailed his advisory firm led Travis to find what is now his life’s work and how to improve your time management system in order to stop overworking and start prioritizing the things that matter most. For show notes and more visit: https://www.kitces.com/175        

Shanna Tingom is the founder of Heritage Financial Strategies, a dually registered advisory firm that oversees nearly $50 million of assets under management for 250 clients. Today Shanna joins the show to discuss how she has heavily automated key processes throughout her firm to service her large number of clients efficiently—and has done so by not using industry standard systems. Listen in as we talk in depth about Shanna’s journey through the advisory business itself, as well as why she is thankful she started out a large financial advisory firm. You will learn why she decided to branch out on her own, the difficult challenges she faced in doing so, and the unique advisor technology stack she has used to simplify things in her business. For show notes and more visit: https://www.kitces.com/174         

Andrew Leonard is the founder of Geometric Wealth Advisors, an independent RIA that oversees nearly $250 million in AUM for 110 client households. Andrew has settled into a unique niche, which ultimately propelled his firm to organically add almost $200 million dollars of net new assets in just five years—almost entirely from a single white paper he wrote for that niche. Today he joins the show to discuss what customizing the financial process and experience to a particular type of client really entails and how he managed to do so in such an effective way. Listen in as Andrew shares the unique opportunities and challenges that accompany working with management consultants who are trained to analyze and scrutinize financial models and projections. You will learn about the live presentations he has evolved his practice to focus on, how he is able to connect with clientele that are based all around the country, and the benefits of focusing on a unique niche to accelerate your career. For show notes and more visi

Minoti Rajput is the founder and president of Secure Planning Strategies, a hybrid advisory firm that oversees nearly $300 million of AUM for 350 client households. Minoti has built her advisory firm by creating a specialization in working with families with special needs children, and she joins the show today to discuss her niche and how she gathered the expertise needed to support special needs families. Listen in as we talk in depth about the unique marketing opportunity she has been able to create by working with school systems, where as many as 10% of students have some form of special needs. You will learn how she handles the compliance challenges that come with providing this kind of specialized advice, her unique fee structure, and what it’s like working in such a rewarding and fulfillng niche. For show notes and more visit: https://www.kitces.com/172     

Tom Kennedy is a wealth advisor at Global Wealth Advisors, where he works with a base of nearly 400 clients. After 10 successful years of being a wholesaler to advisors, Tom decided to make the transition into becoming an advisor himself. Today he joins the show to discuss how he networked his way to a fast-growing number of clients and how he was able to use the people skills he learned in wholesaling to build deeper relationships with his clients. Listen in as Tom shares what it was like transitioning into an advisory firm, knowing he was going to make less money than what was available in the short-term with wholesaling. You will discover how he assessed the varying firms he came into contact with in order to decide which would be the best to work with as an advisor. If you have been wanting to improve your networking skills or you are considering becoming a financial advisor, this is the episode for you. For show notes and more visit: https://www.kitces.com/171      

Patrick Tucker is the founder of True Measure Wealth Management, an independent RIA that oversees nearly $150 million in AUM for 89 client families. Patrick has a background in business operations and financial management from having started his career with UPS and has managed to transfer those business skills to managing his own advisory firm. Today he joins the show to discuss how he built his intentionally-designed advisory firm by overcoming the growth imperative pressure that the industry tends to put on us all. Listen in as we discuss why Patrick splits his advisory fee structure to accommodate his different groups of clients, as well as the key business metrics he focuses on to ensure he is spending his time and business resources properly. You’ll learn what it takes to triple your business in the first two years, why Patrick keeps his internal team lean by using contractors, and more. For show notes and more visit: https://www.kitces.com/170    

Alexandra Levi is the founder and managing partner at Element Financial Group, a hybrid RIA that oversees nearly $430 million of assets under advisement for 170 clients. As a firm providing both investment management and financial planning services, it may surprise you that Alexandra has been able to grow her revenue to be split almost 50/50 between the two. Today she joins the show to share how she has combated the risk of fee compression and her unique approach to running a hybrid firm. Listen in as we discuss how Alexandra shows her clients how she will keep their money organized in a way they can understand, why she continues to do quarterly meetings but keeps the majority of them virtual, and more. If you have ever wondered whether you should hire a business partner or are ready to control the direction of your career, this is the episode for you. For show notes and more visit: https://www.kitces.com/169              

Erin Botsford is the founder of Botsford Financial Group, a hybrid RIA with the LPL platform that oversees $1 billion in assets under management. Erin has built and evolved her firm over the years, starting out with it being centered around herself as the lead advisor and ultimately selling the firm but keeping her name on the door. Today she joins the show to discuss how she built her business over the past 30 years, as well as the transformation she made in the first decade of her career. Listen in as we discuss the shift she made from lead advisor to CEO and how she nearly tripled the growth of the firm in the three years that followed. You will learn how she developed herself into a lead rainmaker role (despite admittedly not being a natural businesswoman), how she shifted control of client relationships, and more. For show notes and more visit: https://www.kitces.com/168   

Scott Frank is the founder of Stones Steps Financial an RIA that has rapidly grown to 67 clients with over 400,000$ of annualized revenue in just five years. Scott has evolved his advisory firm from a highly technical base to a financial planning approach with clients based on the George Kinder life planning process. Today Scott joins the show to share how he incorporates life planing questions into the first three meetings of his financial planning process as a way to understand his clients better. Listen in as Scott shares how he convinces his clients to implement the strategies he recommends by creating a buy-in into the financial planning process. You will learn where traditional financial planning software intersects with the life planning approach and how he has built his business around this life planning approach. If you are intrigued by the George Kinder life planning approach or you want to simplify your pricing, this is the episode for you. For show notes and more visit: https://www.kitces.com/167

Peter Mallouk is the founder and president of Creative Planning, an independent RIA that oversees nearly 50 billion in assets under management for over 30,000 households. Peter has built his firm to the impressive size that it is within the last 16 years without any mergers, acquisitions or outside capital along the way. Today Peter joins the show to discuss Creative Planning’s growth path and how that has shifted over the years to referrals from existing clients. In this episode we talk in depth about Peter’s thoughts on broader industry trends including why Creative Planning remains committed to the AUM model and not charging separately for planning. You will learn what he plans to do with the outside capital that his firm raised, the firms aggressive growth plan over the next three years and much more. For show notes and more visit: https://www.kitces.com/166           

Steve Kampschmidt is the founder of Freedom Found Financial, an RIA that oversees just under $20 million in assets under management for 30 affluent clients. After breaking away from a training program at a major wirehouse, Steve recently formed his advisory firm because he realized it was more economical for him to operate his own business and control his own expenses. He joins the show today to discuss how he has rapidly grown his firm since going independent and what he went through to comply with broker protocol.  Listen in as Steve explains how he built his client base at the Wirehouse using cold-calling techniques and the salary base they provided while he did so. You will learn about the alternative non-AUM business model he created, why having confidence in yourself is key, and what you should realistically expect when it comes to clients sticking with you after you leave a big firm. For show notes and more visit: https://www.kitces.com/165     

Julia Carlson is the founder and CEO of Financial Freedom Wealth Management Group, a hybrid RIA that oversees nearly $300 million in AUM for almost 1,000 client households. Today she joins the show to discuss how her daughter’s tragic car accident led her to look for a more flexible work schedule, which ultimately led her to becoming the business owner of the firm. Listen in as we talk about Julia’s journey through her advisory career and how she got her foot in the door through speaking with small local business owners. You will learn how to stay in charge without being in control, why Julia decided to let go of client relationships, and more. For show notes and more visit: https://www.kitces.com/164          

Michael Gennaway is a financial advisor and program manager for SoCal Wealth Management, a hybrid advisory firm that oversees $260 million of assets under management for over 1,800 clients. Today Michael joins the show to discuss how he has built SoCal under the Credit Union of Southern California, getting constant new clients from them with the caveat that SoCal must take every new client referral. Listen in as we talk about the unique ways that the credit union is complementary to SoCal Wealth Management, as well as how they are managing to acquire three new clients every week. You’ll learn how they screen their clients to ensure they are the best fit for their firm, how to find the right Credit Union for you, and more. For show notes and more visit: https://www.kitces.com/163     

Tim Bickmore is the co-founder and director of financial planning for LBW Wealth Management, an independent RIA that oversees more than $50 million in assets under management for 230 client households. Today Tim joins the show to discuss how the firm grew so quickly and why they are concerned that what helped grow their firm initially may not work for future growth. Listen in as we discuss the evolution of Tim’s advisory firm, including why they shifted to a blended model with a base monthly subscription fee and how they are ensuring profitability for new clients. You will learn LBW’s financial planning process for younger clients, the increasingly cash-flow based approach they have taken, and more. For show notes and more visit: https://www.kitces.com/162    

Tessa Felix is the HR and Operations Lead for PWL Capital, an advisory firm that oversees nearly $3.6 billion in assets under management. Tessa has focused on developing the culture of her advisory firm and has put systems in place to make everyone accountable for their work, while still making it a fun environment. Today she joins the show to discuss how she is making her firm an enjoyable place to work in, as well as the leadership system she has incorporated into her management approach. Listen in as we talk about the weekly team meetings, internal podcast, and monthly one-on-ones Tessa uses to maintain the culture of the firm. She shares how she transitioned from being a peer of her co-workers to their manager and how she came to be the culture lead for her firm. If you’re ready to cultivate a growth mindset within your own business, this is the episode for you! For show notes and more visit: https://www.kitces.com/161      

Gabriel Shahin is the founder of Falcon Wealth, an independent RIA that oversees nearly $200 million in assets under management for 370 clients. Today Gabriel joins the show to share how he has built such a successful firm from scratch in just five years by spending a significant amount on marketing. In this episode, we discuss how he allocates his proactive marketing dollars from outsourced SEO experts to Google ads, as well as a weekly radio show. You’ll learn how Gabriel handles the sales process, why he decided to hire a stand-alone business development associate, and what it takes to rapidly grow your firm. For show notes and more visit: https://www.kitces.com/160