Financial Advisor Success

Brad Barrett is the Managing Director and Partner of One Capital Management, an independent RIA based in Westlake Village, California, that oversees $5.3 billion in assets under management for more than 2,000 client households. Brad's unique approach to business development has helped his firm scale and grow organically by creating multiple niche specializations, or business segments, each led by a dedicated advisor team. Listen in as Brad discusses the firm's unique approach to growth through the development of specialized business segments and the strategic acquisition of niche practices. You'll learn about their innovative media strategy, the importance of regular evaluation of business segments, and the lessons learned from a challenging partnership experience. Finally, Brad shares his insights on the benefits of specialization, the importance of setting realistic career expectations, and the pursuit of long-term advisor happiness and financial success. For show notes and more visit: https://www.kitces.co

Rita Robbins is the Founder and President of Affiliated Advisors, a Super-OSJ with Royal Alliance that supports 90 financial advisors and collectively manages $3.5 billion in assets under advisement. Rita stands out for her pioneering role in establishing one of the first woman-owned Super-OSJs nearly three decades ago. She has observed the transformation of the super-OSJ model from providing local oversight of brokers selling proprietary products to becoming back-office platforms that offer an increasingly open-architecture product shelf along with compliance, technology, marketing, business management, and other support to independent financial advisors. Listen in as Rita shares her journey through the evolution of broker-dealer platforms, her strategies for growing her platform, and how her firm thrived during the pandemic due to its robust technological support. Drawing from her decade-long experience as a wholesaler, Rita discusses the launch of her own OSJ, the expansion of her platform's leadership, an

Nancy Hetrick is the Founder and CEO of Smarter Divorce Solutions, a consulting firm based out of Arizona that provides financial expertise to individuals and couples going through the divorce process. Nancy's unique journey from a do-it-yourself divorce to becoming a divorce expert was driven by her personal experience of non-enforceability, leading her to help other women avoid similar situations. She successfully scaled her divorce practice to 8 team members and $1M in annual revenue, while also growing her RIA to $65M AUM by assisting clients with rollovers and investment implementation post-divorce. Listen in as Nancy shares how she overcame imposter syndrome by recognizing the value of her own life experiences, why she chose to expand her technical expertise to earn her CDFA credential and become a Master Analyst in Financial Forensics and a Certified Divorce Coach, and the strategies she used to grow her network in the divorce niche. We also discuss how she effectively communicates the value of her div

Thor McIlrath is the Owner of McIlrath & Eck, an independent RIA based out of Arlington, Washington, that oversees more than $610-million in assets under management for 970 households. The unique aspect of Thor's business model lies in the way he has organized his firm. Instead of subscribing to the conventional industry practice of fostering deep relationships between clients and a single advisor, Thor has innovated a system where clients interact with a variety of advisors each time they visit, which offers clients a diversity of insights on their situation over time, moving away from reliance on a singular perspective. Listen in as Thor shares his successful transition to a rotating advisor system in his firm, an innovative approach that centralizes client notes and enriches both clients and advisors with diverse insights, earning approval from 80% of his clientele. We also discuss why Thor's hiring philosophy is centered on compassion and empathy, how he ensures a good fit between clients and the firm

Melissa Joy is the Founder of Pearl Planning, an independent RIA based out of Michigan that oversees more than $175-million in assets under management for over 250 households. Melissa's unique journey in financial planning saw her rise to partner in a large firm, where she had outside counsel review the partnership and operating documents akin to a pre-nuptial agreement, to safeguard her position should the relationship deteriorate. This proved invaluable as she eventually diverged from the firm's vision, and the legal precautions she took upfront ensured a smooth transition to her next venture. Listen in as Melissa shares why she hired outside counsel to review her firm's operating agreement during her partnership consideration, why she chose to acquire her CFP marks, even though she initially planned to have a career solely in operations, and why she eventually chose to leave her position as partner to start her own business. We also discuss how she strategically set up her firm as a DBA under the firm of a

Eric Roberge is the Founder and CEO of Beyond Your Hammock, an independent RIA based out of Boston that oversees $47 million in assets under management for more than 80 households. Despite his firm’s impressive progress and consistent expansion over a decade, Eric faced a capacity wall as a solo advisor, experiencing setbacks when a $4-million client relocated and market volatility led to the departure of other clients, requiring him to spend a year rebuilding various components of his business to recover. In this episode, Eric shares how he implemented several strategies to address capacity constraints and meet the firm's needs, first by ramping up part-time outsourced assistance, and additionally by making the strategic decision to change the firm's meeting cadence from three times a year to a surge meeting structure, allowing him to allocate more time to focus on the overall growth of the business. We also discuss how securing a valuation for the firm provided Eric with a fresh perspective, why he has enli

Tony Hixon is the Co-Founder and COO for Hixon Zuercher Capital Management, an independent RIA based out of Ohio that oversees more than $300 million in assets under management for 330 client households. The tragic loss of Tony's mother just six months post-retirement led him to realize retirees' mental unpreparedness for this new phase and inspired a change in his financial planning approach, prompting him to write a book, drawing on his mother's experience to guide and honor his clients and other retirees. Listen in as Tony shares his personal experience of his mother's depression and suicide post-retirement, underscoring the importance of mental preparation for retirement and how he subsequently incorporated retirement transition coaching into his practice. We also discuss the firm's active portfolio management approach, the renaming of the firm to Hixon Zuercher Capital Management for legacy and recognition, and Tony's belief that life fulfillment starts with finding one's 'why.' For show notes and more v

Danika Waddell is the President and Founder for Xena Financial Planning, a virtual advisory firm that advises 40 client households of women in tech, and supports more than $275k of ongoing revenue. Danika's unique path involved launching her own independent RIA not as an entrepreneurial endeavor, but as a result of an IAR registration filing error by her previous firm that left her unable to be compensated for her work with clients, and which consequently led her to start her own firm and register herself in order to resume working promptly. Listen in as we delve into Danika's experience with a state regulator audit that led to an investigation at her former firm, preventing her from working with clients and cutting her revenue by 50%, and which ultimately led to her choosing to launch her own firm to regain control. We also discuss Danika’s inspiration to work with women in tech, strategies she used for the rapid growth of her firm, and methods for building relationships as a solo advisor to overcome lonelin

Adam Holt is a principal with RubinGoldman and Associates, and the Founder and CEO of Asset-Map, a financial planning tool that helps financial advisors create a visual representation of their clients' financial situations and reaches over 1.25 million users. Adam's uniqueness lies in his ability to blend his background in geographic information systems, which he acquired during his early career, with his role as a financial advisor catering to ultra-high-net-worth clients, and devising a novel approach by using “mind maps” to visually capture the intricate details of complex financial situations. Listen in as Adam shares his story and the evolution of Asset-Map, why he turned to mind maps as a powerful tool when working with ultra-high-net-worth clients (enabling him to effectively capture and convey complex financial information), and how he strategically structures Asset Maps by focusing on five key components. We also discuss the strategic hiring practices that propelled Adam to his current position, advi

Tim Wyman is a Managing Partner for the Center for Financial Planning, a hybrid advisory firm based out of Michigan that oversees $1.5 billion in assets under management for 1,000 client households. Tim's uniqueness lies in his contribution as a second-generation partner in redesigning the organizational structure of the firm, helping to transform the firm's individual advisor-focused structure to an ensemble practice—and overhauling the compensation system in the process. By doing so, Tim established a systematic approach for future partnership opportunities for the next generation of financial advisors, as well as key non-advisory team members, that ensures the firm remains internally owned for the long term.  Listen in as Tim shares his insights on transforming a siloed advisor structure to an ensemble practice, the impact it had on the firm's success, and how Tim and his partner developed the "Center for Financial Planning Path to Partnership" document that outlines buy-in options and criteria to become a

Meg Bartelt is the Founder and Lead Financial Planner for Flow Financial Planning, a virtual RIA serving mid-career women in tech that oversees almost $60 million in assets under management for 60 client households. Meg has transformed her business over a period of 7 years since its inception by continually adjusting her niche focus, exploring various fee models, testing different meeting schedules with clients, and altering her support team size and structure.  Listen in as she reveals how she raised her minimum fees from $150 per month to $10,000 per year, why she chose to focus on women in tech as her niche market, and why she eventually evolved her niche focus from working mothers to early-to-mid-career women with a specialization in pre-IPO and IPO planning. We also discuss how she realized that she could create better efficiencies in her practice by simplifying her client offerings, how she became okay with having to let go of a team member due to financial constraints, and how she is transitioning into

Jim Dew is the Co-Founder and CEO of Dew Wealth Management, an independent RIA based out of Arizona that provides virtual “family office” style financial planning on a monthly retainer for 150 small business owners. Jim stands out for his ability to expand his boutique firm, which operates on a retainer basis, to generate over $7 million in revenue and attain a valuation of $31 million. His firm is also experiencing a remarkable organic growth rate of 40% and has achieved this success by offering a comprehensive and personalized advice service to his niche clientele of business owners. Listen in as Jim discusses the success of his retainer-based pricing model that has led to his firm being independently valued at $31 million in enterprise value, how he arrived at his retainer fees that cover a wide range of financial services, making it easier to communicate services to clients, and why they charge an upfront fee of $25,000 to prospects for a deep-dive financial planning assessment. He also shares how he has

Liz Hand is the co-owner of Pleasant Wealth, a hybrid advisory firm based out of Ohio that oversees over $140 million in assets under management for 522 households. Liz stands out for her exceptional ability to manage the transition of her father's large commission-based practice with over 1,500 clients into a fee-based financial planning practice, along with her brother. What sets them apart is their dedication to ensuring that long-term clients—even those with smaller or more transactional needs—receive fair treatment throughout this transition process. Listen in as Liz shares how she and her brother refocused their niche and client loads after taking over their father’s business to realize the future vision of their financial planning firm, as well as why they made the strategic decisions to sell a portion of the business and change their broker-dealer relationship. You'll learn why Liz chose to become the successor for another advisor before becoming the successor for her father, the three tiers of servic

Jake Northrup is the Founder of Experience Your Wealth, an independent RIA based out of Rhode Island that advises 78 client households with a small team supporting nearly $700,000 of ongoing revenue. Jake stands out for his impressive achievement of generating that top revenue within just four years of starting his business and for recognizing the need to hire employees early on to avoid time constraints and capacity limitations as he scaled. Listen in as Jake shares his reason for hiring an associate and a lead advisor early on in his business, the four-meeting financial planning process his firm follows, and why he outsources investment management despite being a CFA charter holder. Jake also discusses how he grew his firm quickly, as well as how he intentionally built and staffed his practice to give himself more flexibility, allow his employees to thrive, and help his clients pursue their passions while enjoying their money. For show notes and more visit: https://www.kitces.com/331

Ari Weisbard is Managing Partner of Values Added Financial, an independent RIA based out of Washington that oversees $143 million in assets under management for 75 client households. Ari and his partner Zach distinguish themselves by not only implementing fee minimums to ensure profitable service for clients, but also by deliberately adjusting their fees and minimums to control and accelerate their business growth according to their firm's advisor capacity—and to allow for a sustainable work-life balance. Listen in as Ari shares how he and his partner have implemented and adjusted minimum fees for new clients, as well as why they have positioned their firm as one that serves clients with progressive values. We also discuss how Ari has overcome fear and imposter syndrome, why he feels more fulfilled as an advisor than he did as a lawyer, and how he is focusing on the human aspect of financial planning and connecting with clients beyond economics. For show notes and more visit: https://www.kitces.com/330

Charesse Spiller is the Founder and Principal Consultant for Level Best, an operations and process strategy consulting firm based out of Houston that helps advisory firms evaluate and improve their operations and processes by focusing on three pillars: streamlining, automation, and delegation. Charesse has established a distinctive consulting firm that sets itself apart by not only educating financial advisors on how to systematize and automate their processes, but also serves as an outsourced provider that builds and implements systems on behalf of clients. Listen in as Charesse discusses her approach to evaluating an advisory firm’s technology, processes, and systems, why a lack of clear accountability for team members as the firm grows is often the real blocking point for larger RIAs seeking to scale, and why she created her educational resource and community to educate operations professionals on how they can optimize their systems and processes on an ongoing basis. We also discuss why she hired a financi

Thomas West is a Senior Partner for Signature Estate & Investment Advisors, an independent RIA based out of Los Angeles that oversees nearly $16 billion in assets under management, with $570 million of those assets from 250 households being managed by Thomas’ practice. Thomas stands out for his innovative approach to supporting seniors who are searching for suitable housing and healthcare options while facing medical and cognitive challenges in their later years and has developed a unique offering called the Lifecare Affordability Plan, which has been tremendously successful in providing added value to his clients and their elderly parents. Listen in as Thomas shares how he realized that "one-legger" senior couples, where one spouse is healthy and the other is not, face unique challenges in making healthcare decisions with significant financial ramifications and how this led him to create the Lifecare Affordability Plan to provide guidance to senior couples dealing with medical and cognitive issues. We al

Marc Horner is the Founder of Fairhaven Wealth Management, an independent RIA based out of Illinois that oversees more than $1 billion in assets under management for 450 client households. Marc has been able to differentiate his firm by drawing upon his years of wirehouse experience to create a distinctly un-wirehouse brand that leverages parody commercials as a way to distinguish his firm's culture from prospective clients. Listen in as we discuss how Marc developed his unique marketing strategy of writing parody commercials, how he balances the serious nature of financial advising with the not-so-serious way he markets his firm, and how he became comfortable taking such a non-traditional approach to marketing. We also talk about why he decided to go independent after 14 years in the wirehouse world, how he grew his firm from $80 million in AUM to over $1 billion in under 8 years, and how he splits the growth of his team into one-third through organic hiring, one-third through recruiting, and one-third throu

Erica Pauly is the Founder and Owner of Track That Advisor, a consulting and coaching firm based out of Arizona that helps advisory firms track, and then improve upon, their marketing results. Erica developed a series of spreadsheet tools that measure every detail of her advisory firm's marketing funnel, and then transformed them into a system that can be used by any advisory firm to assess their marketing performance, identify areas of improvement, and benchmark against industry averages. Listen in as Erica shares how she helps firms track every step of their marketing funnel, why she prefers Google Sheets over other standalone data tracking platforms, and the 5 key marketing metrics she focuses on to obtain an overall view of a firm. We also discuss how Erica realized the demand for her particular type of work, how she has become more comfortable having difficult conversations with advisors about their marketing strategies, and why she chose not to give herself the role of CEO of Track That Advisor. For sho

Brenda Hiscock is a financial planner with Objective Financial Partners, an advice-only advisory firm based out of Ontario, Canada that works with clients on project-based financial plans while also offering outsourced preplanning to other Canadian advisory firms. Brenda's exceptional trait lies in the fact that she ventured into the financial services industry despite lacking any prior financial knowledge. After facing homelessness, bankruptcy, and alcoholism during her twenties, she uses her real-life experience to engage with clients on a deeper, more meaningful level. Listen in as Brenda shares how her personal experiences have significantly influenced her career as a financial planner, how the hardships she faced shaped her perspective on financial planning and insurance, and why she prioritizes working from home with a flexible work schedule for her mental health. We also discuss how she found her way to financial planning after a stint in insurance, how being a financial planner has allowed her to have