Financial Advisor Success

Michael Kitces

The Financial Advisor Success podcast brings you real success stories and insights from the most successful financial advisors, and leading industry consultants, about how to take your advisory business to the next level. Get a glimpse of what it's like behind the scenes building a successful advisory business, and how entrepreneurial advisors navigate the inevitable highs, and lows, of growing a firm. Whether you're a new financial advisor trying to get started on the right foot, or an experienced advisor who's hit a wall, we're here to give you the insights and inspiration you need to break through and reach the level of success you want to achieve. Subscribe to the show, and get even more at the leading industry blog Nerd’s Eye View at www.Kitces.com. read less

Our Editor's Take

The Financial Advisor Success podcast is all about helping listeners improve their businesses. The host is Michael Kitces, a financial planner and advisor. Passionate about sharing his knowledge, Michael began writing newsletters and social media posts. His savvy and experience then led to a career as a professional speaker. This podcast is Michael's way to reach a wider audience. He shares insights on everything from wealth management to business models.

In each episode, Michael explores what success looks like for a financial advisor. He wants to investigate the challenges advisory firms have overcome. Michael evaluates their approaches to factors like client relationships and succession planning. Special guests, from business owners to cofounders, join throughout the podcast.

One podcast episode features Veronica Karas, senior financial advisor at CAPTRUST. She reveals her secrets to providing winning client services. Veronica focuses on building the best onboarding process and ongoing relationship building. Another episode welcomes Echo45 Advisors founder Jon Henderson. He shares how he empowers his team members to ensure positive client experiences. Jon also discusses how he blends technology with human interaction within his financial planning firm.

How to scale a "flat-fee, advice-only firm" is the topic of another podcast episode. Sarah-Catherine Gutierrez of Aptus Financial promotes transparent communication in pricing. She does this throughout her unique marketing strategies. Sarah-Catherine reveals the need to trust her instincts as a founder to find success. Founder Grier Rubeling shares how her consulting firm helps advisors move across platforms.

Breaking away to somewhere new, or even their own firm, can be a legal and emotional challenge. Grier, of Advisor Transition Services, reveals how to help clients with tools that streamline the process as much as possible.

The Financial Advisor Success podcast shares financial advice and insights. Every guest has a story to share. They include Intellicents' Brad Arends and WealthChoice's Bridget Venus Grimes. New episodes premiere weekly, so listeners can always learn something new.

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Ep 382: Helping Clients Stay The Course With A More Total Relationship Approach To Their Near-Term Cash Flow Needs with Tyson Ray
6d ago
Ep 382: Helping Clients Stay The Course With A More Total Relationship Approach To Their Near-Term Cash Flow Needs with Tyson Ray
Tyson Ray is the CEO of FORM Wealth Advisors, a hybrid advisory firm based out of Wisconsin that oversees approximately $900 million in assets under management for just over 800 client households. Tyson's unique "Total Relationship" planning approach emphasizes assessing clients' immediate lump sum spending needs, such as new car purchases or vacations, to ensure their portfolios maintain sufficient cash reserves for these goals. Listen in as Tyson talks about his firm's unique approach, their strategic growth through acquisitions, and the crucial lessons learned on due diligence. He also shares the operational challenges he experienced, as well as the solutions he found that have streamlined his firm's operations. For show notes and more visit: https://www.kitces.com/382 Securities through Raymond James Financial Services, Inc. Member FINRA / SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors Inc. FORM Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services. Raymond James and its advisors do not provide tax advice. Podcast guest is Tyson Ray, CEO, Founding Partner, Senior Wealth Advisor at FORM Wealth Advisors. FORM Wealth Advisors is located at 431 Geneva National Ave S, Lake Geneva, WI, 53147; 262-686-3005.

Episodes

Ep 382: Helping Clients Stay The Course With A More Total Relationship Approach To Their Near-Term Cash Flow Needs with Tyson Ray
6d ago
Ep 382: Helping Clients Stay The Course With A More Total Relationship Approach To Their Near-Term Cash Flow Needs with Tyson Ray
Tyson Ray is the CEO of FORM Wealth Advisors, a hybrid advisory firm based out of Wisconsin that oversees approximately $900 million in assets under management for just over 800 client households. Tyson's unique "Total Relationship" planning approach emphasizes assessing clients' immediate lump sum spending needs, such as new car purchases or vacations, to ensure their portfolios maintain sufficient cash reserves for these goals. Listen in as Tyson talks about his firm's unique approach, their strategic growth through acquisitions, and the crucial lessons learned on due diligence. He also shares the operational challenges he experienced, as well as the solutions he found that have streamlined his firm's operations. For show notes and more visit: https://www.kitces.com/382 Securities through Raymond James Financial Services, Inc. Member FINRA / SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors Inc. FORM Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services. Raymond James and its advisors do not provide tax advice. Podcast guest is Tyson Ray, CEO, Founding Partner, Senior Wealth Advisor at FORM Wealth Advisors. FORM Wealth Advisors is located at 431 Geneva National Ave S, Lake Geneva, WI, 53147; 262-686-3005.
Ep 381: Helping Clients Go Beyond The Plan To Actually Implement As A Fractional Financial Behavior Officer with Ashley Quamme
Apr 16 2024
Ep 381: Helping Clients Go Beyond The Plan To Actually Implement As A Fractional Financial Behavior Officer with Ashley Quamme
Ashley Quamme is the Founder of Beyond The Plan, a consulting firm based out of Georgia that offers a Fractional Financial Behavioral Officer service, including consulting and training to advisory firms for new or existing clients. What sets Ashley apart is her expertise in psychology and couples therapy, which enables her to assist clients in managing their financial relationships and also equips advisors with strategies to overcome client obstacles. Listen in as Ashley shares insights into her work with advisory firms and her unique approach to understanding financial behaviors and biases. You'll learn how this has been instrumental in advising on challenging client situations, the ups and downs she experienced launching a consulting practice during the COVID-19 pandemic, and the tools she uses to enhance clients' self-awareness regarding their money mindset. For show notes and more visit: https://www.kitces.com/381
Ep 380: Expanding Capacity For $500M Of Organic AUM Growth In Just 4 Years By Increasing The Density Of Team Talent with Andrew Leonard
Apr 9 2024
Ep 380: Expanding Capacity For $500M Of Organic AUM Growth In Just 4 Years By Increasing The Density Of Team Talent with Andrew Leonard
Andrew Leonard is the Managing Partner of Geometric Wealth Advisors, an RIA based out of Washington, D.C. that oversees approximately $750 million in assets under management (AUM) for 200 clients. Andrew's firm stands out for tripling its AUM in four years, achieving this growth by mirroring the management consulting approach of their clientele—focusing first on scaling their team's talent density through careful hiring and training, then determining the number of new clients they can onboard annually based on the team's growth capacity. Listen in as Andrew shares insights on Geometric's growth strategies, from adopting management consulting firm lessons for hiring and training to the early appointment of a COO for overcoming people-management hurdles. We also discuss how he maintains a vibrant company culture virtually, provides high-touch services to affluent clients, and integrates unique investment opportunities—all while navigating the firm's expansion through the ‘dangerous middle’ from $200 million to $2 billion in AUM. For show notes and more visit: https://www.kitces.com/380
Ep 379: Creating A Client Deliverable That Focuses On Behavior Over Returns With Custom Intelligrations with Hans Blake
Apr 2 2024
Ep 379: Creating A Client Deliverable That Focuses On Behavior Over Returns With Custom Intelligrations with Hans Blake
Hans Blake is the founder of Intelligent Investing, an RIA based out of South Carolina that oversees $50 million in assets under management for 40 households. What’s unique about Hans is how he developed Intelligrations, a financial dashboard software that simplifies clients' financial data into a single-page, comprehensive visual overview of their assets, through his desire to create a more centralized dashboard for his clients and his deep fascination of technology as a behavioral finance tool. Listen in as Hans shares his journey from the initial concept of Intelligrations, focusing on high-level financial goals and guiding client behaviors, to its development into a comprehensive software integrated with industry vendors. We also discuss how he positions Intelligent Investing as a boutique advisory for high-net-worth executives—emphasizing core values to highlight the firm's approach and distinguish between long-term and short-term clients—his discovery process for understanding client finances and values, and how he has transformed initial rejections into opportunities. For show notes and more visit: https://www.kitces.com/379
Ep 378: Scaling Growth At 1/4th The Cost Of M&A By Wading Through The "No's" Of SmartAsset Leads with Michael Collins
Mar 26 2024
Ep 378: Scaling Growth At 1/4th The Cost Of M&A By Wading Through The "No's" Of SmartAsset Leads with Michael Collins
Michael Collins is the CEO and Founder of WinCap Financial, an RIA based out of Boston that oversees $80 million in assets under management for 70 client households. Since 2021, Michael has distinguished himself by growing his firm by over $10 million in assets under management annually, utilizing leads purchased through SmartAsset and investing $5,000 per month, which has allowed him to achieve a return of $10,000 in recurring revenue within less than 100 days. Listen in as Michael shares insights into his marketing and content creation strategies, including maintaining a $5,000 per month marketing budget with a 95% failure rate by focusing on the financial ROI from successful prospects, and enhancing his SmartAsset lead conversion with a time-efficient blog writing process involving ChatGPT. He also opens up about the transition's challenges and rewards, as well as the value of persistence, innovation, and the strategic use of technology in achieving business growth and client engagement. For show notes and more visit: https://www.kitces.com/378
Ep 377: Navigating A Major Health Event While Keeping Your Advisory Firm Going And Growing with Meredith Moore
Mar 19 2024
Ep 377: Navigating A Major Health Event While Keeping Your Advisory Firm Going And Growing with Meredith Moore
Meredith Moore is the Founder and CEO of Artisan Financial Strategies, a hybrid advisory firm based out of Georgia that oversees $77 million in assets under management for 120 client households. Despite facing a daunting diagnosis of a 7cm Glioblastoma tumor in her brain in 2005—which led to years of surgeries, radiation, and chemotherapy—Meredith remarkably kept her firm operational and thriving, growing it to over $1 million in annual revenue while still serving her clients. Listen in as Meredith shares how she navigated significant challenges and drove her firm’s growth through strategic early hiring, a pivotal revamp of the hiring process, and specializing in advising women senior executives and entrepreneurs. She also discusses the impact of her TEDx talk on couples’ dynamics with money and leveraging it as social proof to expand her professional network, as well as what has been crucial to her sustained success. For show notes and more visit: https://www.kitces.com/377
Ep 376: Accelerating Growth To 30 Clients/Month With Affordable Advice(-Only) Services Where Clients Can Keep Control with Eric Simonson
Mar 12 2024
Ep 376: Accelerating Growth To 30 Clients/Month With Affordable Advice(-Only) Services Where Clients Can Keep Control with Eric Simonson
Eric Simonson, Founder & CEO of Abundo Wealth, joins the show to share how his 'advice-only' RIA model revolutionized the financial planning landscape. Despite launching just four years ago, Abundo has soared to oversee $600M in assets for 420 client households, with a unique approach generating over 30 new clients monthly. In this episode, Eric shares his strategies for empowering clients to implement investment decisions, maintaining advisor workload balance, and navigating the evolution of Abundo's fee structure, all while embracing the entrepreneurial challenges and growth opportunities of building a groundbreaking firm.  Listen in to hear why Eric believes the younger generation is shifting direction when it comes to giving up control of their finances, how his team schedules meetings with clients to ensure they feel comfortable, and the steps his team takes to set expectations for their clients. You'll learn about the pivotal role of referrals, the future of social media marketing, and Eric's unwavering commitment to his vision, even during the early days when financial sacrifices were necessary.  For show notes and more visit: https://www.kitces.com/376
Ep 375: Running 20+ Client Meetings Per Week By Systematizing The Meeting Prep And Follow-Up Process with Rob Schultz
Mar 5 2024
Ep 375: Running 20+ Client Meetings Per Week By Systematizing The Meeting Prep And Follow-Up Process with Rob Schultz
Rob Schultz is the Senior Partner of NWF Advisory, a hybrid firm based out of Los Angeles, where he oversees nearly $500 million in assets under management for 200 households. Rob has uniquely developed a streamlined meeting process with a standardized agenda that enables him to focus on individual client needs while managing over 20 meetings weekly, ensuring his firm's growth is both sustainable and efficient. Listen in as Rob shares how he efficiently manages those meetings through a structured agenda and the assistance of a paraplanner for preparation, alongside utilizing Microsoft Word's audio transcription for quick note-taking. He also discusses his unique journey from kinesiology and med school to finding his passion in financial planning at UCLA, a field that marries his desire to help people with his affinity for numbers, and his growth strategy through acquiring retiring advisors' practices and enhancing operational efficiency with outsourced TAMP providers and ETF model portfolios. For show notes and more visit: https://www.kitces.com/375
Ep 374: Turning Your Marketing Loss Leader Into A Positive Revenue Diversifier By Getting Clear About The Value with Dianne Nolin
Feb 27 2024
Ep 374: Turning Your Marketing Loss Leader Into A Positive Revenue Diversifier By Getting Clear About The Value with Dianne Nolin
Dianne Nolin is the Managing Partner of Argent Bridge Advisors, a hybrid advisory firm based out of Virginia that oversees $500 million in assets under management for 350 households. Dianne uniquely enhanced her firm's marketing and profitability by transforming its loss-leading divorce financial planning service into a profitable revenue stream, recognizing its value and charging appropriately for the extensive time invested by her team. This shift in strategy capitalized on the existing benefits provided to clients and ensured fair compensation for their efforts. Listen in as Dianne shares her journey at Argent Bridge, from becoming aware of the firm's impactful service offerings to establishing new client relationships through divorce financial planning, which enhanced the firm's growth and referability in the divorce niche. We also discuss her transition to a more formal partnership structure, her approach to clear value communication, and the realization that her strength lies in knowing whom to consult rather than having all the answers. For show notes and more visit: https://www.kitces.com/374
Ep 373: Transitioning To Launch A New RIA By Taking On Passive Investors For Startup Capital With Ben Hockema
Feb 20 2024
Ep 373: Transitioning To Launch A New RIA By Taking On Passive Investors For Startup Capital With Ben Hockema
Ben Hockema is the Founder of Illuminate Wealth Management, an RIA based out of Illinois that oversees $100 million in assets under management for 55 households. Ben's unique journey in the advisory world saw him rise from intern to partner over 13 years at a growing firm, only to discover a cultural mismatch. He navigated this challenge by engaging passive equity investors for his new startup RIA, enabling him to acquire a portion of his client base and establish the business he truly envisioned. Listen in as Ben shares his strategic journey in the financial advisory world and details his rapid growth from $16M to $100M in assets under management in three years. You'll also hear about his evolution from intern to partner, his realization of a misalignment with his firm's vision, and how he navigated the emotional challenges of leaving long-standing business relationships, finding invaluable support in a peer advisor study group and learning the power of asking 'dumb' questions for career growth. For show notes and more visit: https://www.kitces.com/373
Ep 372: Quadrupling Revenue By Restructuring Your Business Model To Reflect Your Entire Value To Clients with Melody Townsend
Feb 13 2024
Ep 372: Quadrupling Revenue By Restructuring Your Business Model To Reflect Your Entire Value To Clients with Melody Townsend
Melody Townsend is the President of Townsend Financial Planning, an RIA based out of Kentucky that oversees $112 million in assets under management for 160 client households. Embracing a transformative business model, Melody's strategy centered around providing a comprehensive suite of services, blending financial planning with investment management. This significant shift from a fee-based to a value-based model underpinned the firm's remarkable growth trajectory, leading to a near-million-dollar revenue stream. Listen in as Melody shares the intricacies of her 20-year journey, detailing the pivotal transition from financial planning to a more inclusive wealth management approach, and how this strategic shift not only quadrupled the firm's revenue, but also enhanced the quality of client services. The discussion also covers the challenges of scaling a business, the importance of team building, and the evolution of Melody's role as a leader and advisor in the financial industry. For show notes and more visit: https://www.kitces.com/372
Ep 371: Pairing Equity Appreciation Rights With Partnership Equity To Retain Long-Term Advisor Talent With David Savir
Feb 6 2024
Ep 371: Pairing Equity Appreciation Rights With Partnership Equity To Retain Long-Term Advisor Talent With David Savir
David Savir is the Co-Founder and CEO of Element Pointe Family Office, a fee-only RIA based out of Miami that oversees almost $1.6 billion in assets under management for 50 client households. David's unique approach at Element Pointe, developed over eight years and catering to high- and ultra-high-net-worth clients, involves an Equity Appreciation Rights plan that allows team members to share in the firm's growth. After a 3-4 year vesting period, key members can invest their earnings into becoming future partners, gaining equity, voting rights, and a place on the management team. Listen in as David shares his journey of working with ultra-high-net-worth clients, leading to a strategic focus on this group and a move away from "emerging wealth" clients to better align with their value delivery. He also discusses Element Pointe's evolution from investment management to offering comprehensive financial planning and family office services, his transition from a corporate background at Goldman Sachs and J. P. Morgan to establishing an independent firm, and the challenges of adapting to an independent firm's demands, from team management to technology integration. For show notes and more visit: https://www.kitces.com/371
Ep 370: Leveraging Google Reviews To Generate Inbound Local Prospects with Tim Goodwin
Jan 30 2024
Ep 370: Leveraging Google Reviews To Generate Inbound Local Prospects with Tim Goodwin
Tim Goodwin is the founder of Goodwin Investment Advisory, an RIA based out of Georgia that oversees $275 million in assets under management for 370 client households. Tim's distinct approach involves a strong focus on search engine optimization, especially Google Reviews, alongside paid search ads to attract individuals actively seeking a "financial advisor near me." This strategy has resulted in a thriving prospecting pipeline, leading Tim to triple his minimum fee requirements over the past two years due to the overwhelming demand generated. Listen in as Tim shares his journey of building a pipeline for growth through a systematic approach to online reviews, resulting in a staggering 50% of his clients posting on Google Reviews, and how his marketing strategies led to a 2.5X return in client revenue. We also discuss how Tim navigated the challenges of balancing firm profitability, employee well-being, and client service, as well as his approach to hiring from his client base, strategies for establishing trust as a young founder, and the creation of Mastermind groups to combat the loneliness at the top. For show notes and more visit: https://www.kitces.com/370
Ep 369: Breaking Through To New Growth By Changing Your Mindset Around Hiring (Complementary) Team Members with Michelle Ogden
Jan 23 2024
Ep 369: Breaking Through To New Growth By Changing Your Mindset Around Hiring (Complementary) Team Members with Michelle Ogden
Michelle Ogden is the founder of Ogden Wealth, an RIA based out of Florida that oversees $50 million in assets under management for 120 households. Unique in her approach, Michelle chose a cautious and deliberate path for her business growth, avoiding rapid expansion and minimal staff reliance for over a decade. This strategy, however, led to a pivotal moment where the business's success depended entirely on her, prompting her to partner with a TAMP and subsequently more than double her business by focusing on her core strengths. Listen in as Michelle shares her initial reluctance to enter the financial industry, the pivotal moments that led her to establish her own thriving RIA, and how strategic partnerships with third-party platforms catalyzed significant growth at her firm. You'll hear about how her reputation as a trusted financial guide helped expand her client base, as well as her focus on joy in her work, overcoming management challenges, and boosting revenue without increasing workload. For show notes and more visit: https://www.kitces.com/369
Ep 368: Getting Real Social Media Marketing Results By Focusing On Your (Ideal) Client's Desire To Learn With Thomas Kopelman
Jan 16 2024
Ep 368: Getting Real Social Media Marketing Results By Focusing On Your (Ideal) Client's Desire To Learn With Thomas Kopelman
Thomas Kopelman is the Co-Founder of AllStreet Wealth, a financial planning firm for millennial business owners and those with equity comp that has quickly grown to more than $500,000 of run-rate revenue generated from serving 70 ongoing households. Thomas stands out for his effective use of social media, particularly Twitter, to attract over 170 prospects this year by sharing concise, impactful blog posts. His content, though seemingly simple, directly addresses his audience's needs, making him the go-to financial advisor when they're ready to seek advice. Listen in as Thomas shares his journey from minimal social media engagement to harnessing the power of Twitter and ultimately driving substantial growth for his firm. We also discuss how he filters prospects to ensure quality interactions, his unique financial planning approach with visually appealing, customized templates, and his evolution from intending to run a solo firm to building a supportive team, enhancing both firm growth and workplace enjoyment. For show notes and more visit: https://www.kitces.com/368
Ep 367: When Being In Business With Your Spouse Doesn't Work Out And You Have To Start Over With Kimberly Enders
Jan 9 2024
Ep 367: When Being In Business With Your Spouse Doesn't Work Out And You Have To Start Over With Kimberly Enders
Kimberly Enders is the Lead Financial Planner and Managing Partner of Enders Wealth Management, a hybrid advisory firm based out of Michigan that oversees $50 million in assets under management for 85 client households. Kimberly's unique journey in the financial industry began with rebuilding her practice from scratch after a divorce in 2015, starting with just 12 clients and $7 million in assets. Over the past eight years, she has successfully grown her business by implementing a highly customized 12-month onboarding process for new clients, fueling rapid growth through referrals. Listen in as Kimberly shares her journey of reinventing her career after leaving a joint business with her husband, focusing on her ideal clients and making it a priority to build strong advisor/client relationships. You'll hear about the lessons she learned from exploring various roles in the financial industry, the challenges she faced in starting her own advisory firm, and how her definition of success has evolved to prioritize autonomy and control over her time, rather than just financial success. For show notes and more visit: https://www.kitces.com/367
Ep 366: Avoiding The "Big Swap" Of Wealth And Health As Your Advisory Firm Grows with Stevyn Guinnip
Jan 2 2024
Ep 366: Avoiding The "Big Swap" Of Wealth And Health As Your Advisory Firm Grows with Stevyn Guinnip
Stevyn Guinnip is the founder of Grow Wellthy, a health and wellness consulting firm based out of Missouri that specializes in working with busy (but not always healthy) financial advisors. Stevyn stands out for her unique approach, blending her family background in financial advice with her extensive experience in health and well-being coaching. She focuses on addressing 'The Big Swap' phenomenon, where financial success often comes at the expense of health, impacting both the quality of life and retirement plans of financial advisors. Listen in as Stevyn shares her insights on the prevalent health issues among financial advisors, stemming from demanding work schedules and personal life pressures, and the critical need for balancing financial success with physical well-being. She also discusses how she leverages advisors' affinity for data and metrics to guide them towards healthier lifestyles, her personal journey—including a life-altering experience in Australia (which reshaped her approach to health and wellness)—and the importance of proactive health management. For show notes and more visit: https://www.kitces.com/366
Ep 365: Scaling Expanded Advice Services To 100+ Team Members In A $5B AUM Enterprise With Rob Nelson
Dec 26 2023
Ep 365: Scaling Expanded Advice Services To 100+ Team Members In A $5B AUM Enterprise With Rob Nelson
Rob Nelson is the CEO and Founder of NorthRock Partners, an RIA based in Minneapolis that oversees $5 billion in assets under management for 1,500 client households. Rob stands out in the advisory landscape by offering a wide array of services from bill paying to tax preparation, akin to a 'personal CFO'. He achieves this while maintaining competitive AUM-based fees, capitalizing on economies of scale to provide a comprehensive client experience at a cost similar to less extensive firms. Listen in as Rob shares insights into NorthRock Partners' impressive growth from $1 billion to $5 billion in AUM over six years, driven by organic growth, strategic acquisitions, and robust client referrals from high-earning individuals. He also discusses the firm's structure, which empowers advisors with centralized expert teams while maintaining direct client relationships, and his decision to partner with a holding company for long-term expansion. You'll learn about NorthRock's hiring strategies, the importance of practice for developing advisors, and Rob's belief in the firm's substantial untapped potential for future growth. For show notes and more visit: https://www.kitces.com/365
Ep 364: Scaling Marketing To Sell A $2.2B Advisory Firm And Advising Advisors On The Lessons Learned From Selling, with Ted Jenkin
Dec 19 2023
Ep 364: Scaling Marketing To Sell A $2.2B Advisory Firm And Advising Advisors On The Lessons Learned From Selling, with Ted Jenkin
Ted Jenkin is the consultant of JPTD Partners, a consulting firm based in Atlanta that helps financial advisors gather offers, negotiate, and ultimately sell their advisory firms. What sets Ted apart is his firsthand experience of selling his own $2.2 billion AUM firm, cultivated over a decade. This unique perspective as a former owner deeply influences his approach, enabling him to empathetically guide other advisors through the nuances of mergers and acquisitions. Listen in as Ted shares the intricacies of mergers and acquisitions, diving into insights from his journey of building a consulting firm and the strategies he employed, such as the 'manufactured celebrity approach', which skyrocketed his firm's success but also led to burnout. He also discusses the nuances of how buyers evaluate advisory firms, the importance of niching down for scalability, and the lessons he learned about recognizing true profit margins and the real value of a firm. You'll hear about his transition from business owner to employee post-sale, the significance of outsourcing weaknesses early on, and invaluable advice for advisors aiming to maximize their firm's value when considering a sale. For show notes and more visit: https://www.kitces.com/364
Ep 363: Finding The Best Networking Approach For Prospects (And New Career Opportunities) with Christa Madison
Dec 12 2023
Ep 363: Finding The Best Networking Approach For Prospects (And New Career Opportunities) with Christa Madison
Christa Madison is the Managing Director of Financial Planning and Business Development at Sebold Capital, a fee-only RIA based out of Chicago that oversees $300 million across more than 100 households. Christa's distinct approach lies in her adept use of business development and networking skills to rebuild her client base from scratch three times, amidst personal and professional changes. She transformed these challenges into opportunities, adapting to her evolving skills and competencies to seize larger, more profitable ventures. Listen in as Christa dives into her journey, highlighting the trials and triumphs of her initial foray into insurance sales and the pivotal role of her robust networking and follow-up strategies in rebuilding her client base through various career transitions. She also shares her belief that it takes about three years to transform initial prospecting efforts into a self-sustaining referral network, how she balanced the demands of her burgeoning career with family life, her strategic shift to the RIA channel, and how her early experiences in insurance sales fortified her skills as a financial advisor. For show notes and more visit: https://www.kitces.com/363