Financial Advisor Success

Latest Episodes:

Ep 270: Managing Growth By Building A Team Of 'A' Players with Kyra Morris Mar 01, 2022

Show notes

Kyra Morris is the founder of Morris Financial Concepts, one of the oldest independent fee-only RIAs in the country. Based out of Charleston, South Carolina, Morris Financial oversees $350 million of assets under management for 250 clients—a size that Kyra has taken care to scale to by focusing on finding and retaining top talent, as well as letting go of hires who don't meet the firm's high standards.

Listen in as Kyra shares how she balances her firm's growth trajectory carefully by growing fast enough to allow for her team to have new opportunities, but not so quickly that she can't find and hire the necessary talent. We also discuss how she retains top talent once she finds them, how she manages stress and finds work-life balance as a busy entrepreneur, and why she gives back to her community by creating mixed-use development that enables minority-run local businesses to flourish.

For show notes and more visit: https://www.kitces.com/270

Ep 269: Accelerating The Fee-Only Transition By Acquiring A Commission-Based Book Of Business with Michael Hartman Feb 22, 2022

Show notes

Michael Hartman is the founder of Hyperion Financial, an independent RIA based out of Pennsylvania that oversees nearly $60 million in assets under management for 75 households. What's unique about Michael is the way he fast-tracked his fee-only RIA through the acquisition of a commission-based book of clients that he then converted to fee-only.

Listen in as he shares how he got started in the financial planning industry after being in the insurance world, as well as the realization he had that led him to become an independent firm owner to serve clients the way he wanted to and achieve his own personal business aspirations. You'll hear about the challenges Michael went through while transitioning his insurance firm to financial planning, why sometimes you have to take a leap of faith to truly make your business what you know it can be, and more.

For show notes and more visit: https://www.kitces.com/269

Ep 268: Centralizing Departments To Systematize And Scale A $2B AUM Advisory Business with Patti Brennan Feb 15, 2022

Show notes

Patti Brennan is the CEO of Key Financial, an independent RIA based out of the Greater Philadelphia area that oversees more than $2-billion in assets under management for 800 client households. Patti has managed to scale her firm by centralizing departments into a unique team structure and systematizing processes to create a high-touch experience for clients.

Listen in as we dive into how Key Financial uses customizable templates to create individual plans for each client and why Patti created a unique concierge-style client services department to help her clients feel truly valued. Patti also shares why letting go of fear and learning to trust her team was key to being able to scale her business, why she believes it's important for leaders to be able to show vulnerability, and how she optimizes her team's individual talents to create a well-oiled organization.

For show notes and more visit: https://www.kitces.com/268

Ep 267: Making The Business 'Fun' Again By Focusing On Your Core And Outsourcing The Rest with Jared Siegel Feb 08, 2022

Show notes

Jared Siegel is a Partner at Delap Wealth Advisory, a fee-only RIA based out of Portland that oversees nearly $260 million of assets under management for over 70 client households. Jared has created a high-quality and high-touch experience for his clients by outsourcing operations, which has also allowed him to focus on the parts of his business that he loves rather than the everyday back-office minutiae.

Listen in as we dive into how Jared has re-focused his firm to allow him to do the client-facing work that he really enjoys and the lessons that motivated him to spend more time in his zone of genius. Jared also shares how he develops deeper and more meaningful relationships with clients by focusing on non-financial conversations, as well as how he eventually became comfortable with adversity and can now appreciate how his early life failures have shaped him for the better.

For show notes and more visit: https://www.kitces.com/267

Ep 266: Reinventing The Wirehouse Model As An Employee-Owned Locally-Managed Partnership with Jim Gold Feb 01, 2022

Show notes

Jim Gold is the CEO and co-founder of Steward Partners Global Advisory, an independent advisory firm with multiple locations across the country that serves nearly 10,000 client households. Managing $16 billion of AUM under 180 financial advisors, the firm is unique in that it is attempting to recreate the wirehouse model of old by merging the "large firm" infrastructure with an employee-owner partnership model.

Listen in as we dive into the "why" behind the formation of Steward Partners Global Advisory, including how Jim's firsthand experience at a wirehouse led him to build his dream business model with all the benefits of a large firm—and none of the corporate scandal or compliance issues that usually follow old-school wirehouses. Jim also shares the details of his firm's partnership model that allows for advisors to have greater career flexibility while also having a stake in the company, as well as the personal challenges he faced along the path to building the firm he had always dreamt of.

For show notes and more visit: https://www.kitces.com/266

Ep 265: Connecting With Ultra-HNW Next Generation Heirs By Fostering Real Family Trust And Communication with Amy Castoro Jan 25, 2022

Show notes

Amy Castoro is the President and CEO of the Williams Group, a coaching and consulting firm based out of California that helps financial advisors engage with more than 800 high-net-worth families to help them develop solid foundations in heir preparedness. Amy's coaching style is unique in that she approaches families from the perspective of encouraging effective communication as wealth is inherited, rather than focusing on the tax distribution of family assets to preserve wealth.

Listen in as Amy shares how she helps ultra-high-net-worth families keep their wealth past the typical three-generation cycle by encouraging communication and trust-building among family members, which is especially important given that 85% of multi-generational wealth loss is due to trust breakdown or lack of preparedness. We also talk about the 10 questions that Amy and her firm use to help not only raise awareness about the strength of a family's relationships, but also to gauge family readiness for passing on wealth from one generation to the next.

For show notes and more visit: https://www.kitces.com/265

Ep 264: Outsourcing Lead Generation To Accelerate Growth When Starting From Scratch with Dan Callahan Jan 18, 2022

Show notes

Dan Callahan is the Partner and Chief Investment Officer at Capasso Planning Partners, an independent RIA based out of South Carolina that oversees $250 million of assets under management for 300 households. Dan and his firm began with zero clients but were able to grow substantially in only 3 years through client acquisitions by outsourcing lead generation to online third-party platforms.

Listen in as Dan shares how he grew his firm virtually, the challenges and triumphs he experienced starting from zero, and how he has been able to keep pace with larger firms in terms of client outreach efforts. We also dive into how Dan uses third-party platforms to maximize his reach beyond South Carolina and how he justifies the revenue-sharing and substantial marketing costs it takes to buy leads.

For show notes and more visit: https://www.kitces.com/264

Ep 263: Building A High-Touch Boutique Firm Serving Tech Executives As Their Personal CFO with Joyce Franklin Jan 11, 2022

Show notes

Joyce Franklin is the founder of JL Franklin Wealth Planning, an independent RIA based out of San Francisco that oversees $200 million of assets for 40 families. Joyce built a true boutique financial advisory firm by serving as a personal CFO for high-profile tech executives and positioning herself as a steward of their wealth.

Listen in as we dive into how Joyce started out preparing tax returns during the tech bubble of the 1990s, as well as how she turned her tax prep side business into a boutique independent advisory firm. Joyce also shares how she has intentionally maintained a smaller client base that averages around 71 hours of work per client every year, how she became the go-to expert for entrepreneurs and executives building wealth in startups, and why she is now turning her sights to building her staff to create a future succession plan.

For show notes and more visit: https://www.kitces.com/263

Ep 262: Asking More Questions In The Discovery Process To Deepen Client Relationships With Melanie Milam Jan 07, 2022

Show notes

Melanie Milam is an advisor with Gateway Financial Partners, a super-OSJ affiliated with LPL Financial located in Texas, where she oversees $150M of assets under management for her 110 client households. Melanie has a truly unique approach to connecting with clients by using a tried-and-true list of 34 questions that creates a deeper, longer-lasting relationship with clients.

Listen in as Melanie shares how she leveraged her knowledge as a CPA, as well as her husband's managerial experience and personal connections, to launch her firm - all while homeschooling her six children. We also dive into how Melanie weaves her faith into her financial work, how she builds deep and long-lasting relationships with clients, and why she believes that women can have it all (just not all at the same time).

For show notes and more visit: https://www.kitces.com/262

Ep 261: Replacing The AUM Fee With A Complexity-Based Fee For (Only) The Time It Really Takes with Andrew Miller Dec 28, 2021

Show notes

Andrew Miller is the founder of OLIO, a financial planning firm based out of Virginia that manages $275 million for over 275 households. Andrew has been able to build a scalable business model that is based on the unique complexity fees of his clients, capturing the time and effort it takes to handle their planning needs.

In this episode, we talk about how Andrew developed his time-based system to price his services, how he created a financial planning proposal process to translate the value of his time into dollar amounts, and how this system has actually led the firm to do less investment work for clients. Listen in to learn why his time as a civil engineer gave him a unique understanding of how time and productivity are intertwined, as well as why his willingness to create his own definition of success has allowed his business model to thrive—despite being told it never would.

For show notes and more visit: https://www.kitces.com/261

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