Financial Advisor Success

Deirdre Van Nest is the founder of Crazy Good Talks, a communication coaching firm that helps financial advisors become better communicators in order to help their clients and prospects take the next desired step. She has developed a very unique process that teaches advisors how to use foundational stories to make deeper connections with those they are trying to connect with. Listen in as we dive into why Deirdre believes that every financial advisor has the potential to be an emotionally compelling and highly effective communicator, even if communication is not one of their strong suits, and how she helps advisors to become the best communicators possible. We also discuss why Deirdre believes that advisors who know that the services they are offering are changing the lives of the people they work with have an obligation to learn how to be as persuasive, inspiring, and compelling as possible. For show notes and more visit: https://www.kitces.com/250

Drew Waldron is the co-founder of Canvas Wealth Advisors, an RIA based out of Kansas that manages $455-million for 150 families. Drew and his partner have taken the client experience to a whole new level by not only reinvesting into client services and better technology, but also by executing once-in-a-lifetime excursions exclusively for clients of the firm.  Listen in as Drew shares how he and his partner have differentiated their firm by leveraging client excursions and experiences, the different kinds of adventures his firm executes for clients, and the strategy they employ to assemble clients together to foster introductions and networking opportunities. We also dive into how this unique experiences-based marketing strategy has catapulted the firm to north of $450-million in assets in just over two years and why they place so much emphasis on constantly providing added value to clients and prospects. For show notes and more visit: https://www.kitces.com/249

J.D. Bruce is the Chief of Innovation for Abacus Wealth Partners, an RIA based out of Santa Monica that manages over $4-billion in assets for 1,900 clients. J.D. has been successful in scaling Abacus to its current size by implementing Angie Herbers’ Diamond Team Model to offer a variety of different service models to different types of clients.  Listen in as J.D. shares how Abacus has leveraged the power of Diamond Teams to keep clients connected to the firm while also allowing for flexibility in the advisors that they work with over time, and how this business model has allowed for the firm to segment its client base and offer a variety of different services based on the needs of those segments. We also discuss why J.D. believes that it’s more important to hire team members who will challenge the cultural status quo as opposed to finding the best cultural fit, and why he believes that conflict is actually necessary for growth and change. For show notes and more visit: https://www.kitces.com/248

Matthew Jarvis is the owner of Jarvis Financial, an RIA based out of Seattle that manages $240-million for 170 households. Matthew is incredibly focused on increasing the efficiency and profitability of his firm by systematizing his business processes, thereby delivering even more value to clients. Listen in as Matthew shares the secret behind more than doubling his AUM over the last four years, including why he made the decision to refer clients who are not a good fit for his firm to other advisors and how he ensures the transition is as smooth as possible. We also discuss how systems have played a big part in the firm’s growth, allowing him to deliver more value to clients while raising his fees accordingly. For show notes and more visit: https://www.kitces.com/247

Jessica Hovis Smith is the President of Longview Financial Advisors, an RIA based out of Alabama that oversees $194 million for 199 clients. Jessica oversaw a succession plan that brought two lifestyle practices into one employee-owned, multi-generational firm, navigating multiple transitions along the way to eventually arrive at a valuation that was fair for everyone. Listen in as Jessica shares her own personal journey to President of Longview, what it was like overseeing a succession plan that merged two lifestyle practices, and how they structured their purchase to ensure that new owners stood the best chance of staying with the firm throughout their careers. We also discuss the multiple transitions that happened along the way to arriving at a valuation that the founders and internal buyers were happy with, as well as why the actual process of arriving at that valuation was the biggest contributing factor to getting everyone’s buy-in. For show notes and more visit: https://www.kitces.com/246

John Kennedy is a founding partner of CandorPath Financial, a hybrid RIA based out of Orlando that manages $110 million for 162 families. John and his partner implemented Gino Wickman’s Entrepreneurial Operating System (EOS) as a framework to rapidly scale their practice in a very deliberate and intentional way. Listen in as we delve into how John uses EOS to run his practice as a business, as well as how it helps him make clearer business decisions and define his core values. You'll learn how CandorPath uses social media videos to engage with prospective clients, why they developed their own Alexa Skill to foster daily touchpoints with clients between regularly scheduled meetings, and how they ensure that the practice is intentionally moving toward their long-term goals. For show notes and more visit: https://www.kitces.com/245

Shannon McLay is the founder of The Financial Gym, an organization that offers financial coaching services on a monthly subscription basis to 3,500 Millennial and Gen-Z clients. Shannon has positioned her offerings in a similar way to personal trainers, helping people get “financially fit” through traditional financial planning services like budgeting, savings, debt management, and financial literacy. Listen in as we dive into the “aha” moment that led Shannon to launch The Financial Gym, how she convinced initial investors to buy into her business, and why she feels that an important benefit of the monthly subscription model is the accountability it places on her coaches to show value to clients. She also shares why she ditched an off-the-shelf software package and developed her own proprietary budgeting tool for clients, the lessons she learned through that development process, and why she has been able to build a diverse and inclusive team of coaches who can relate to clients in a really unique way. For sh

James Bogart is the CEO and President of Bogart Wealth, an RIA located in Virginia that manages $1.8 billion of assets for 900 families. James has nearly doubled his firm’s AUM organically since the start of the pandemic by leveraging online educational webinars that address very specific issues regarding employee benefits for those working at certain companies in the energy sector. Listen in as James explains how his firm’s success is not just a result of understanding employee benefits, but rather of applying their knowledge to specific companies’ benefits to really differentiate themselves among prospects. You'll learn how he was able to leverage his CFP certification to source and interpret the requisite documentation for those companies, how he has created a marketing funnel using his webinars, and how he has been able to manage the challenges that arise with such rapid growth. For show notes and more visit: https://www.kitces.com/243

Charlotte Geletka is the owner and managing partner of Silver Penny Financial, a hybrid RIA based out of Atlanta where Charlotte personally oversees $140 million for 150 families. After purchasing the firm from her father, Charlotte took the existing business model and built the firm around her own vision to take the firm to the next level.  Listen in as she shares what her experience was like buying a legacy firm from her father, how she determined a fair price for the firm, and why she deliberately structured her seller-financed deal with an accelerated 3.5-year payback. We also dive into why leadership skills are important to a firm’s ongoing success, as well as why it is important to surround yourself with other like-minded financial advisors who are pulling for you to succeed.  For show notes and more visit: https://www.kitces.com/242

Bill Bachrach is the Chairman and CEO of AdvisorRoadMap, a platform that provides training and mentorship to financial advisors to help them better attract and communicate with their ideal clients. Bill is also the creator of the values-based financial planning framework that puts a client’s values and goals at the center of the financial planning conversation, and the creator of the new famous question: “what’s important about money to you?” Listen in as we dive into how Bill’s famous question gives advisors a powerful way to start meaningful conversations with clients and gives prospects the opportunity to communicate the value that they’re looking for from a financial planning relationship. We also discuss in depth how Bill’s framework helps advisors build more trust and relevance with their clients by teaching them how to listen more, say less, ask better questions, and answer questions more effectively and confidently. For show notes and more visit: https://www.kitces.com/241

Tom Gau is a financial advisor at Materetsky Financial Group, a hybrid RIA based out of Florida that manages $525 million in AUM for just over 500 clients. Tom is a pro at translating abstract financial planning strategies into very concrete and practical terms that he can then communicate to his niche retiree clientele, addressing their very specific tax and estate planning needs. Listen in as Tom shares how he ended up being profiled in Malcolm Gladwell’s The Tipping Point, what he believes are the three keys to building a successful and thriving advisory firm, and why he decided to use his business development success to launch a coaching program for financial advisors. We also discuss how offering advanced planning services that go above and beyond investment advice—such as tax and estate planning—can be a powerful differentiator for an advisor in a saturated market. For show notes and more visit: https://www.kitces.com/240

Ryan Frailich is the founder of Deliberate Finances, an RIA based out of New Orleans that services young professionals through a monthly subscription fee model. Ryan has intentionally built his advisory business to help people in their 20s, 30s, and 40s navigate the inevitable financial complexities of life, regardless of whether they have assets that need managing. In this episode, we discuss the reasons why Ryan has decided to niche down to serve clients who may not have liquid assets to manage, and why he believes that this part of the journey is actually more financially complex than later stages. Ryan also shares how he has created a work-life balance through the use of surge meetings, how his background as a teacher has allowed him to create business goals that maximize his financial and family well-being, and the reasons why he has decided to remain a solo advisor. For show notes and more visit: https://www.kitces.com/239

Margaret Dechant is the CEO of 6 Meridian, a hybrid-RIA based out of Kansas that has $3-billion in assets under advisement and serves 700 clients. In 2016, Margaret and her partners broke away from a lucrative practice at Morgan Stanley to go independent, and did so by building a new firm entirely from scratch. Listen in as Margaret shares what led to her decision to break away from Morgan Stanley and why she and her partners decided to build a new firm from the ground up instead of leveraging a plug-and-play service platform provider. We also discuss how 6 Meridian is generating leads for larger and more complex clients by nurturing deeper relationships with existing referral sources, and how they are building a multi-generational firm by recruiting and developing younger advisors. For show notes and more visit: https://www.kitces.com/238

Brittany Anderson is the President and a Partner at Sweet Financial, a hybrid RIA based out of rural Minnesota that manages $860 million in AUM for 1,100 families. Brittany joined Sweet Financial right out of college, ultimately working her way up the firm’s ladder from sales associate to COO to President and one of its owners. Listen in as we discuss how Sweet Financial has steadily built close to $1 billion in AUM—despite being in a rural area with a population of only 10,000 people. You’ll learn how Brittany has been able to recruit talent by focusing on cultural fit above and beyond skillset, as well as why there has never been a better time for women to join the financial services industry. For show notes and more visit: https://www.kitces.com/237

Shauna Mace is the Founder of Inspire Growth, a sales consulting firm that helps financial advisors establish and refine their business development and sales process. Her focus is on helping advisors achieve real growth results through systematically converting leads into clients, all without coming off as too “salesy.” Listen in as we discuss how Shauna teaches advisors to create relevance for prospects by actively listening to their responses to open-ended questions and simultaneously uncovering their needs while also demonstrating what working with them would look like. We also talk about the systematization of the sales process that Shauna uses with advisors and the key performance indicators that can tell you whether your marketing efforts are actually paying off. For show notes and more visit: https://www.kitces.com/236

Georgia Lee Hussey is the Founder and CEO of Modernist Financial, a boutique RIA based out of Portland that offers deep financial planning for affluent households with a $17,500 minimum fee to get started. Georgia is passionate about aligning her own personal values with the values of her advisory firm and her clients, and creating a positive impact for her community and the financial services industry at large. Listen in as Georgia shares how she pivoted from artist to financial planner, and how her experience as an artist and running events in the artistic community served her well as a new planner generating new business. We also discuss why conscious capitalism and profit are not mutually exclusive, how Georgia helps clients get clear on their goals and then align their financial decisions around those goals, and how she uses political discussions in client meetings to help clients understand how their financial decisions affect the world around them. For show notes and more visit: https://www.kitces.com/

Yohance Harrison is the founder of Money Script Wealth Management, an RIA based out of Texas that offers ongoing financial planning services to 225 young healthcare professionals. Yohance uses a unique model of monthly subscription fees and charging for subsequent implementation, and his zone of genius is helping his clients identify and change their personal money scripts to better align their financial decisions with their goals.  Listen in as Yohance shares how he has tapped into the power of referrals to build his client base and dives into why he uses a mix of client tiers to profitably serve clients while also meeting their unique needs. He also talks about how he helps clients identify and change their personal money scripts so they can better reach their financial goals, and what he sees as lacking in the financial planning industry when it comes to attracting diverse talent. For show notes and more visit: https://www.kitces.com/234

Patty Kreamer is the co-owner of Productivity Uncorked, a productivity coaching firm that specializes in helping financial advisors become more organized and efficient so that they have more time to focus on what is really important in their personal and professional lives. At the heart of their methodology is a focus on prioritizing the things that get us out of bed in the morning, rather than implementing technology tools meant to increase productivity on the front end. Listen in as we discuss the practical things that you can use today to increase your productivity and focus, the importance of having clear boundaries with clients, and how delegating can be a game-changer for busy advisors. Patty also shares the number one key to scaling your business, which surprisingly has more to do with mindset and self-confidence than it does with being productive and efficient in the business. For show notes and more visit: https://www.kitces.com/233

Jamie Bosse is a financial planner with Aspyre Wealth Partners, an RIA based in Kansas that oversees nearly $500-million in assets for 275 families. Jamie is also the Money Boss Mom, having been able to balance her responsibilities within the firm while also writing a series of children’s books on personal finance, and a soon-to-be-published adult book for new parents.  Listen in as Jamie shares the learning process in her journey to publishing books with Amazon, including how much it costs to self-publish, what the revenue split is with Amazon, and what the major differences are between self-publishing and traditional publishing. We also talk about planner fees, how Aspyre Wealth Partners has implemented a subscription business model, and some of the technology they use to make planning and client meetings more efficient. For show notes and more visit: https://www.kitces.com/232

Michael Goodman is the Founder and President of Wealthstream Advisors, a family RIA based out of Manhattan that manages over $1-billion in assets for 350 client families. Michael first started his career as a CPA before transitioning to financial planning and building a firm that will outlast his retirement. Listen in as Michael shares his unique journey from CPA to financial planner, eventually building his own firm that allows him to do what he loves best: serving clients. We also discuss how his personality and optimism were instrumental in helping him stay the course during the hard times, why working with a consultant was the catalyst that led him to where he is today, and the biggest change he had to make when taking a risk to change focus and scale. For show notes and more visit: https://www.kitces.com/231