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.

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500 episodes
Updated Tuesday

Episodes500

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May 16, 2017 · 1 hr 57 min
Ep 020: Building A Successful Business By Giving Away 99% Of What You Do For Free with Michael Kitces
I've received a lot of requests for me a to be a guest on my own show - so here you have it! In this interview, I talk with my XYPN co-founder Alan Moore about how I manage to keep up with the blog, five growing businesses, speaking gigs, and actual financial planning - on top of spending time with family. I retrace the steps I've taken to arrive at the varied career I have today, and share some of the formative experiences of that journey. Alan and I also talk about the time management strategies I've implemented in order to balance everything and avoid overcommitting myself. Get the full show notes and transcript for this episode at: https://www.kitces.com/20
May 9, 2017 · 1 hr 27 min
Ep 019: The Evolution And Emergence Of A True Financial Planning Profession With Bob Veres
Bob Veres has long been a towering figure in the world of financial planning. He's been writing about financial planning since the early eighties and has played a key role in shaping the industry as we know it today. In this interview, Bob shares how and why he's worked to close the disconnect between planners' and clients' interests, and why he thinks financial planning could one day be a profession on par with medicine and law. We trace the changes of the profession through time, followed up with Bob's predictions for the future. Get the full show notes and transcript for this episode at: https://www.kitces.com/19
May 2, 2017 · 1 hr 32 min
Ep 018: Taking Control Of Your Advisory Business So The Business Doesn't Control You with Angie Herbers
Angie Herbers consults with financial advisors to help them break through growth barriers and bring their firms into alignment with their core values. Although she gets about 4-5 prospects a week, Angie only works with about 10% of the advisors that want to work with her. In this interview, Angie talks about the critical importance of setting boundaries with your business and your clients. Angie explains why your business by nature is a selfish entity, and how to protect your time and energy to ensure you don't lose yourself to the business. Get the full show notes and transcript for this episode at: https://www.kitces.com/18
Apr 25, 2017 · 1 hr 37 min
Ep 017: Using Social Media and Blogging to Drive Business Growth As A Reformed Broker with Josh Brown
There's constantly buzz in our industry about the importance of integrating social media with your practice. Not only is Josh Brown an advisor at Ritholtz Wealth Management; he runs the widely-read blog The Reformed Broker and appears on CNBC's The Halftime Report. In this conversation, Josh tells the story of how he became one of the best known voices in the business, beginning in the financial world as a broker dealer for some questionable companies. Josh also shares advice about building your social presence and the necessity of being authentic with your audience. Get the full show notes and transcript for this episode at: https://www.kitces.com/17
Apr 18, 2017 · 1 hr 18 min
Ep 016: Building Authentic Client Relationships By Practicing Skills (Not Pursuing Passions!) with Deena Katz
Our guest this week, Deena Katz, was already writing entire books about practice management when I was still cutting my teeth as a financial advisor. Deena is a financial advisor, author, and educator who has long espoused the importance of holistic financial planning. Deena was an early adopter of niches, settling into work with widows and divorcees that needed help managing their money. Deena has empowered not only women during her 41-year career, but clients and planners from all walks of life. In this interview, Deena talks about the early years of financial planning and how she and her partners established one of the first fee-only practices. Deena also talks about the second half of her career, which she's dedicated to teaching the next generation of financial planners. Get the full show notes and transcript for this episode at: https://www.kitces.com/16
Apr 11, 2017 · 1 hr 17 min
Ep 015: Why Life Planning Is Simply Financial Planning Done Right with George Kinder
You've undoubtedly heard of "life planning" within the financial planning world, but we've got the originator himself with us today on Financial Advisor Success. In this episode, George Kinder talks about his early career and the inception of life planning. He shares the three questions he asks of new clients to get to know them, and the short- and long-term goals he often has clients identify. For George, life planning is the first step of any good financial plan - get to know your client well, and then figure out how you can help them become who they're meant to be. George also shares how life planning became so popular in the first place and how he transitioned away from and sold his financial planning firm to teach life planning full time. He also talks about the other passions in his life, and why finding and holding onto freedom is the main motivating factor for all of his work. Get the full show notes and transcript for this episode at: https://www.kitces.com/15
Apr 4, 2017 · 1 hr 25 min
Ep 014: Validating Your Advisor Value Proposition And Overcoming Imposter Syndrome With Carl Richards
Carl Richards has a career that many people would be envious of. He's worked for top-notch financial planning firms, built his own RIA, written two books and a column for The New York Times, and travels internationally to speak to crowds about financial planning. But like most of us, Carl still deals with impostor syndrome that threatens his confidence in his own success. In this interview, Carl and I talk about why many great financial advisors constantly question whether or not they're providing the value their clients are paying for. We also dive into the many opportunities Carl has had throughout his career, and why he still feels today like he's lucked into many of them. He shares some real wisdom about why advisors shouldn't let impostor syndrome keep them from doing valued, important work for clients or seizing the chances that come their way. Get the full show notes and transcript for this episode at: https://www.kitces.com/14
Mar 28, 2017 · 1 hr 17 min
Ep 013: Succeeding As A Serial Financial Advisor Entrepreneur Serving Ultra-HNW Clients With Steve Lockshin
As a serial entrepreneur, Steve Lockshin has founded several businesses in the advisory industry. Listen to this week's episode to learn how he got started as a financial advisor without any experience in the field and how he created and sold a software company without a background in programming. Steve shares his journey from insurance into financial advising and how he got started. You'll hear the lessons he's learned from selling companies, his entrepreneurial successes (and failures), and growing his revenue 100% every year. Get the full show notes and transcript for this episode at: https://www.kitces.com/13
Mar 21, 2017 · 1 hr 28 min
Ep 012: Delivering Profitable Financial Planning to Millennials For A Monthly Retainer Fee with Sophia Bera
Today I'm chatting with Sophia Bera, the founder of Gen Y Planning. Sophia was the subject of a post on Nerd's Eye View back in 2013 when she was starting her firm. Four years on, she's bringing home more than $100,000 in revenue and serving about 50 clients on a monthly retainer model. Sophia's firm is another example of just how powerful a niche can be. Although peers told her that millennials would be a challenging and non-lucrative group to serve, she quickly found that advisors were lacking, not millennial clients. In this episode, Sophia breaks down her fee structure and service model. Sophia's experience with traditional firms, financial startups, and running her own business make her uniquely suited to consulting clients and other financial planners alike on their various options for financial management. Get the full show notes and transcript for this episode at: https://www.kitces.com/12
Mar 14, 2017 · 1 hr 37 min
Ep 011: How Launching An Advisory Business Can Be Safer Than Working In One with Alan Moore
Alan and I co-founded XY Planning Network in 2013, but he had to go through a lot of growth and challenges before he got there. Three years later, Alan firmly believes that being your own boss is safer than letting one person (your boss) be in control of your income. In this episode, Alan and I talk about his internship with Rick Kahler and subsequent job, during which he learned that being an associate advisor in someone else's firm wasn't a good fit. We then dig into Alan's transition to entrepreneurship, the practice he started from scratch, and the financial ups and downs of making it happen. He shares his motivation for creating a specific niche for other young financial planners and why he'll never go back to working for anyone else. We wrap up with some of the growing pains of building a business, and how to make sure being an entrepreneur stays fun amid all the hard work. Get the full show notes and transcript for this episode at: https://www.kitces.com/11
Mar 7, 2017 · 1 hr 49 min
Ep 010: From Unpaid Intern to CEO and Successful Succession Planning with Eric Hehman
In this interview, Eric gives us some background about Austin Asset today and its incredible growth since he joined the firm in 1997. He shares candidly about how he and his mentor John Henry McDonald complemented each other as they navigated the challenges of a growing firm. While we discuss the nuts-and-bolts of succession planning, we also touch on the oft-ignored emotional aspects of such a transition. Eric also talks about the book he co-wrote on the subject, Success and Succession, which he hopes will make this natural part of the industry less lonely and more navigable for all financial planners. Get the full show notes and transcript for this episode at: https://www.kitces.com/10
Feb 28, 2017 · 1 hr 25 min
Ep 009: From Medicine to Holistic Financial Planning Using A Complexity-Based Retainer Model with Carolyn McClanahan
Today on Financial Advisor Success, I'm excited to host Dr. Carolyn McClanahan of Life Planning Partners. Carolyn is a physician and financial planner based out of Jacksonville, Florida, where her truly holistic ensemble practice works with 80 clients and maintains more than $1 million a year of stable recurring income. In this episode, Carolyn lays out the infrastructure & beliefs of her firm and shares the client standards document that ensures she only works with considerate, responsive, all-around awesome clients. Carolyn also talks about how she adjusts her complexity-based fee for each client, why she doesn't want to grow beyond 100 client families, the hard lessons she learned about hiring, and the parallels she sees between medicine and financial planning. We wrap up with a discussion of her new company that plans to make it easier for financial planners to navigate working with aging clients to ensure their long term financial stability. Get the full show notes and transcript for this episode at: https://www.kitces.com/9
Feb 21, 2017 · 1 hr 25 min
Ep 008: Maximizing The Valuation Of A Financial Advisor's Book, Practice, Or Business, with David Grau
David Grau Sr. talks about how he helped start a business at the wholly unique intersection of financial services, technology, and consulting that is FP Transitions' bread and butter. We also discuss the four sectors that David and his team break the industry into - books, practices, businesses, and firms - and the critical differences between them. David also shares his potentially controversial (or at least counterintuitive) perspective on compensation, which by now is an industry standard. (We'd love to hear your thoughts on this!) Get the full show notes and transcript for this episode at: https://www.kitces.com/8
Feb 14, 2017 · 1 hr 22 min
Ep 007: Building a Highly Profitable Lifestyle Practice by Age 35 with Matthew Jarvis
In this episode, Matt talks about how he transformed a stagnant firm into a profitable lifestyle practice with the help of his father Nathaniel (the founder of Jarvis) and his two excellent office staff. He outlines the business' metrics, service model, and the infrastructure he's built to ensure his clients get excellent service even if he's not in the office. We also talk about industry criticism of lifestyle practices and the heavy investment Matt and his team have made in the technology that keeps the business running. He discusses the future of the practice and the factors he weighs when considering new clients, including potentially spending less time with his family. Get the full show notes and transcript for this episode at: https://www.kitces.com/7
Feb 7, 2017 · 1 hr 18 min
Ep 006: Improving Gender Diversity in the Financial Services Industry with Eleanor Blayney
Eleanor Blayney talks about the challenges of growing an independent RIA in a male dominated industry. She was one of the founding partners of Sullivan, Bruyette, Speros & Blayney. The firm grew to a billion dollars in AUM before it was sold to Harris Bank in 2003. She focuses on serving the needs of women - both as clients and as advisors in the profession. Get the full show notes and transcript for this episode at: https://www.kitces.com/6
Jan 31, 2017 · 1 hr 24 min
Ep 005: The Rise Of The Professionally Managed Financial Advisory Firm With Mark Tibergien
Mark Tibergien is the current CEO of Pershing Advisor Solutions, an advisement firm custodian to some of the wealthiest practices and clients in the world. Pershing is part of BNY Mellon, which oversees $33 trillion in assets globally. Mark was formerly a part of Moss Adams, where he pioneered the benchmarking studies that helped define and continue to shape the industry today. In this episode, you'll hear about how Mark got recruited into the early financial planning world back when he was still an aspiring journalist. He then talks about how his benchmark studies at Moss Adams helped him become one of the foremost authorities on professional practice management. Mark also shares the four stages of an advisory firm's lifecycle, and the key roles that great leadership and people skills play in the establishment of a successful firm. Get the full show notes and transcript for this episode at: https://www.kitces.com/5
Jan 24, 2017 · 1 hr 13 min
Ep 004: Building The Team Of A $4.5B RIA Serving HNW Clientele with Deb Wetherby
Deb Wetherby, owner of Wetherby Asset Management. The challenges and accomplishments Deb and her team have weathered provide an excellent case study in leadership, growth, and resource development. They have been intentional about creating systems that will facilitate growth while maintaining their focus on client management and high-quality customer service. We cover a number of topics on this episode that entrepreneurs with any aspiration for expansion should seriously consider. Get the full show notes and transcript for this episode at: https://www.kitces.com/4
Jan 17, 2017 · 1 hr 18 min
Ep 003: How to Become a More Referable Advisor with Julie Littlechild
Julie Littlechild is a speaker, writer, and researcher focused on understanding and improving financial advisors' engagement with their teams and their clients. She is now the founder of Absolute Engagement, a firm that provides ongoing research into personal, client, and team engagement to support a dynamic business. One of her primary subjects of research, which is especially relevant helping financial advisors get more and better quality referrals from clients that will help grow your practice. Julie talks about how she got drawn into the world of financial advisors in the first place and how she knew coaching wasn't the right fit for her. We then discuss why satisfied clients often don't translate into quality referrals, and the steps you can take to increase the number of referrals you do get. Julie also shares the experience of selling her coaching business Get the full show notes and transcript for this episode at: https://www.kitces.com/3
Jan 10, 2017 · 1 hr 26 min
Ep 002: Love-Affair Marketing and Amplifying Your Successful Business with Ron Carson
It's taken Ron Carson considerable energy and determination to get where he is today, and this interview sheds light on all the hard work he's done to build such an impressive career. While it may seem like successful people simply spring into existence, I hope these interviews show you that all financial planners encounter triumphs and obstacles alike. Ron talks candidly his humble beginnings and the moment of physical, emotional, and professional burnout that actually turned into his career-making opportunity. He also shares the mistakes he's made along the way, including his slow adaptation of technology and hesitance to invite other über-talented people into his practice's inner circle. We then discuss Ron's thoughts on making your employees into shareholders, and how he juggles the advising, mentoring, and charitable businesses he's founded over the years. Get the full show notes and transcript for this episode at: https://www.kitces.com/2
Dec 28, 2016 · 1 hr 27 min
Ep 001: Entrepreneurial Persistence And Building a $200M AUM Practice with Rick Kahler
I'm thrilled to bring you weekly episodes featuring interviews of successful financial planners, their stories and the insights you can learn from their valuable experience. In this first episode, I have a conversation with Rick Kahler, a financial planner in Rapid City, South Dakota who built his own practice to a stable of 100 clients and $200M in assets under management. Rick's story is truly humbling as he openly shares the events and decisions that brought him to where he is today. You'll hear about his decisions that worked well in growing his practice, and quite frankly the sheer persistence in Rick's professional career that allowed him to consistently and repeatedly overcome roadblocks and challenges. Between losing 5 out of 6 employees in under 60 days, facing insolvency and near bankruptcy 6 times, and failing on multiple businesses before running his practice, Rick's ability to persist when times are uncomfortable will simply inspire you. Get the full show notes and transcript for this episode at: https://www.kitces.com/1

Financial Advisor Success

Ep 020: Building A Successful Business By Giving Away 99% Of What You Do For Free with Michael Kitces

Ep 019: The Evolution And Emergence Of A True Financial Planning Profession With Bob Veres

Ep 018: Taking Control Of Your Advisory Business So The Business Doesn't Control You with Angie Herbers

Ep 017: Using Social Media and Blogging to Drive Business Growth As A Reformed Broker with Josh Brown

Ep 016: Building Authentic Client Relationships By Practicing Skills (Not Pursuing Passions!) with Deena Katz

Ep 015: Why Life Planning Is Simply Financial Planning Done Right with George Kinder

Ep 014: Validating Your Advisor Value Proposition And Overcoming Imposter Syndrome With Carl Richards

Ep 013: Succeeding As A Serial Financial Advisor Entrepreneur Serving Ultra-HNW Clients With Steve Lockshin

Ep 012: Delivering Profitable Financial Planning to Millennials For A Monthly Retainer Fee with Sophia Bera

Ep 011: How Launching An Advisory Business Can Be Safer Than Working In One with Alan Moore

Ep 010: From Unpaid Intern to CEO and Successful Succession Planning with Eric Hehman

Ep 009: From Medicine to Holistic Financial Planning Using A Complexity-Based Retainer Model with Carolyn McClanahan

Ep 008: Maximizing The Valuation Of A Financial Advisor's Book, Practice, Or Business, with David Grau

Ep 007: Building a Highly Profitable Lifestyle Practice by Age 35 with Matthew Jarvis

Ep 006: Improving Gender Diversity in the Financial Services Industry with Eleanor Blayney

Ep 005: The Rise Of The Professionally Managed Financial Advisory Firm With Mark Tibergien

Ep 004: Building The Team Of A $4.5B RIA Serving HNW Clientele with Deb Wetherby

Ep 003: How to Become a More Referable Advisor with Julie Littlechild

Ep 002: Love-Affair Marketing and Amplifying Your Successful Business with Ron Carson

Ep 001: Entrepreneurial Persistence And Building a $200M AUM Practice with Rick Kahler