Today, XYPN co-founders, Alan Moore and Michael Kitces, join us for a special episode to discuss the findings of XYPN’s 2020 Benchmarking Survey. Each year, XYPN members participate in a comprehensive survey about their businesses, and each year, Alan and Michael discuss the trends they see, the themes that emerged, and their perspective on where the industry is headed. If you’re interested in hearing about what XYPN member firms are experiencing this year, then this show is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/288
We’re excited to have XYPN member Natalie Taylor, owner of Natalie Taylor Consulting Services, on the show today. Natalie is only 10 months into building a fee-only RIA business, but she has already served nearly forty clients since opening her doors in early 2020.
Natalie walks us through her professional background, which includes substantial experience in the financial industry, both on the private side and in the fintech space. Natalie credits her ability to scale her firm so quickly to the scrappiness she garnered while at a startup paired with the intentionality she places around how she executes her meetings and financial plan delivery with clients. Natalie talks about why she had to put potential clients on waitlists, and why she always prioritizes her family time and her client experience and will sacrifice neither to earn more money.
If you’re interested in how you can grow your business organically while remaining true to your goals, this show is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/287
We’re excited to have XYPN member Helen Ngo, Founder of the Atlanta-based RIA, Capital Benchmark Partners, on the show today. A lot has changed for Helen since she was last on the show in 2017; she got married, had a baby, and has transitioned her firm to 100% virtual. What hasn’t changed at all is her passion for growing her business.
Today she serves over 70 client households, the majority of whom are attorneys. She’s settled into a pricing structure that is niched to the needs of her attorney clients, and finds the conversation around pricing to be (surprisingly) simple. Helen reminisces on what it was like to start her firm, and how her priorities have shifted from being the planner to being a real business owner: managing people issues, learning how to communicate more softly, and graduating clients, all while giving her new baby some love in between calls. Listeners will be particularly interested in Helen’s discussion about the pushback she continues to receive around being in the driver's seat of her own career. As a young woman in this industry, people still ask her who she works for when the real question is not who Helen works for, but who works for Helen.
Helen’s commitment to her business and this space remains strong, and she’s a fabulous example of what life looks like when you chase your dreams.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/286
We’re excited to have XYPN member Ashley Murphy, Founder of Areté Wealth and the Global Financial Planning Institute (GFP), on the show today. This is Ashley’s second time sharing his career journey and expertise in the expat space on #XYPNRadio.
Today, he joins us to give us an update on how a niche can turn into a full-blown industry-shaking initiative. After recognizing a gap in technical training for cross-border and international planning, Ashley spearheaded an initiative to create content, training, and a designation around the expertise. As Ashley discusses on the podcast, advising in this space is complicated and, like other niches, demands a specific level of competence. Ashley shares how the GFP, which once was a passion project, is now changing the direction of his firm and encourages anyone who wants to get into this space to do so. According to Ashley, the number of clients in dire need of cross-border planning from an advisor who has done their research is unlimited, to be exact.
If you’re interested in turning your passion project into a successful second business, this is the episode for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/285
We’re excited to have XYPN member Brooklyn Brock, Founder of Ellevate Advisors, a fee-only firm in Tulsa, OK, on the show today.
Brooklyn is a third-generation CFP® and after several years of working at her family Ameriprise office, Brooklyn got the itch to start her own firm. But Brooklyn took an unconventional route when she launched a part-time firm. That’s because she’s still working for fee-only advisors as a paraplanner, a position that allows her to gain deep experience working for her ideal clientele, financial advisors, and exit coaching, a passion of hers. In efforts to combat imposter syndrome as she builds her business, Brooklyn hones her skills and has sought and achieved four different designations. Although building a part-time firm is a slow process, Brooklyn is thrilled with the way her part-time firm fits into her life in the COVID era, and has offered her opportunities she never knew existed.
If you’re interested in launching your firm in an unconventional way, this show is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/284
We’re excited to have XYPN member Pierre-Emmanual Jovue, owner of InsuraWealth, a fee-only firm out of Tampa, FL, on the show today. Pierre started his firm in 2016, and today, serves 85 clients, most of whom are young professionals.
Pierre talks about how and why he “niched” his client base to focus on a specific employer and explains how a narrow niche and use of LinkedIn and referrals have allowed him to grow his firm rapidly. We also dive into Parkbo, the app Pierre recently created to help his clients with cash flow, and how he plans to build out that business to better serve the masses. We dig into his pricing structure, and what Pierre has to say to advisors who challenge his low fees. Pierre doesn’t hesitate to discuss the things that have been challenging: compliance, working alone, and balancing essentially two businesses, but as he says, he loves his work so it doesn’t feel like work.
If you’re interested in what it’s like to start not one but two businesses while continuing to serve a large client base, then this show is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/283
We’re excited to have XYPN teammate, Dan Keslin, on the show today. Dan is the Director of FA Bean Counters and he joins us today to shine light on the responsibilities of an RIA owner when it comes to keeping books and financial records accurate and updated—a task many advisors underestimate when starting out.
Dan talks about how having a deep understanding of your accounting allows you to make strategic decisions about your firm, compare yourself to benchmarks, seek credit, and even know when it’s the right time to hire. He walks through best practices for reconciling books and creating a chart of accounts, and breaks down what FABC can offer advisors—and what to consider when outsourcing certain aspects of your business.
If you’re interested in what it may be like to balance your own books, or outsource it to the pros, then this episode is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/282
We’re excited to have XYPN member Britton Gregory, owner of Austin-based fee-only firm, Seaborn Financial, on the show today. Britton had a long career as an engineer before catching the personal finance bug and deciding to chase his encore career. Today, he stays connected to his career roots by serving engineers.
Britton describes the mental and emotional process he went through as he switched his careers, and explains how being a former engineer has been helpful in building a business that serves them so effectively. Britton spends time talking through his decisions about how he prices and delivers his services, and why and how he’s tailored both to the needs of his unique clients. He also talks about the KPIs he tracks, and how the rhythm of the Entrepreneurial Operating System has helped elevate and structure his year. Britton also provides his take on where he envisions the financial services industry heading in the years ahead.
If you’re interested in pursuing a career as an advisor but wonder if the leap is worth it, then this show is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/281
We’re excited to have XYPN member Justin Brownlee, owner of the Houston-based fee-only firm Brownlee Wealth Management, on the show. Justin started his own firm last year after spending nearly a decade in the insurance and brokerage world.
Today, he’s building the premier firm serving oil and gas retirees and has experienced impressive growth by focusing exclusively on this niche. Justin explains how creating targeted content that speaks directly to the needs and pain points of his ideal clients works wonders for traction. He also breaks down his decision to bring on an equity partner much earlier than expected, and how that decision helped nearly double his revenue. Throughout the episode, Justin opens up about what it was like to start his firm, how a cancer diagnosis changed his life, and how he thinks the industry is more prime for advisors to enter than ever before. As a former minister, Justin brings a unique intentionality and a clear passion for serving others to his business.
If you’re wondering what it really takes to build an intentional and niched firm, this episode is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/280
We’re thrilled to have Lucy Robeson, the Managing Director of AdvicePay, a compliant payment processor for financial advisors, on the show today. Like many others on the show before her, Lucy took a meandering path to where she is today. She started her career as a retirement actuary, spent some time as a non-profit coordinator in Fiji, then moved into the RIA space and pursued her CFP® designation.
Now several years later, Lucy lives in Bozeman, MT, where she leads a 14-member team. Lucy discusses how she was able to successfully make those career pivots (hint: it involved a lot of hustle and leaning in) and how those pivots have brought her to where she is today—a place and position she really loves. She shares when she questioned her “why” and how she continued to imagine and work towards a better, more fitting position for herself. Lucy’s tips aren’t just limited to those in the financial services industry; they’re universal. Listen in as she shares how to carve out a place for yourself, how to hone your mental resilience, and how to manage a high-performing team. As someone who was always used to executing, Lucy also offers sage advice about how to transition from a doer to a manager of doers.
If you’re struggling to find a position that’s the right fit for you, then you won’t want to miss this episode.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/279
We’re excited to have XYPN member Morgen Rochard, owner of Origin Wealth Advisors, a fee-only firm out of Austin, TX, on the show today. Morgen joined us on episode 178 to share her journey transitioning from a trader to a firm owner.
Today, Morgen joins the show to share what she’s been up to over the past few years, specifically how she continues to run a high revenue business with just 25 clients, working 8-10 hours a week. Morgen discusses what it was like to delegate some of the major responsibilities to one of her teammates, why she limits the number of clients she takes, and how she has incorporated life planning into her firm for a more authentic relationship. Most importantly, she gives great advice to any working parent out there who dreams of one day starting a firm.
If you’re interested in what it’s like being a parent and business owner, then this show is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/278
We’re excited to have Emily Purdon, Director of XY Tax Solutions (XYTS), and Sara Williams, Operations Specialist at XYTS, on the show today. We dive into what it’s like to roll outsourced tax prep under an RIA - specifically how to leverage experts to deliver great client experience, and how outsourcing can help you stay sane as you continue to scale your firm.
Today, Emily and Sara talk to listeners about compliance concerns related to offering outsourced tax prep, the pricing considerations when offering the service, and advice on how to generally ensure that you’re outsourcing at the right time. Be sure to explore the three new options for engaging with XYTS, because this year, XYTS is preparing to complete over 2000 tax returns, and they already have 700 secured.
If you’re interested in what it’s like to outsource tax preparation in your RIA, then this show is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/277
We’re excited to have XYPN member Cady North, owner of North Financial Advisors, a fee-only firm in San Diego, California, on the show today. Cady joined us on #XYPNRadio nearly four years ago, during Episode 79, to share her journey transitioning from the corporate world into that of an entrepreneur.
Today, she talks about what she has been up to since then: establishing a great work-life balance, moving across the country, and most impressively and recently, writing a book. Writing a book was always one of Cady’s goals, but one she never made any progress towards achieving. With some soul searching and an author’s program at her alma mater, Cady was able to write the book of her dreams in just 8 months. Cady talks today about why she chose the topic she did (surprise, it’s not about financial planning!), the actual process she went through to write and publish it, and most importantly she shares some of her tips that she uses with her financial planning clients who want to achieve goals but haven’t yet been able to move towards them.
If you’re interested in what it’s like to actually go after your dream, whether it’s launching a firm or writing a book, or both, this show is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/276
We’re excited to have student loan expert, Heather Jarvis, and college funding expert, Joe Messinger, on the show today. This year for #XYPNLIVE(ish), XYPN’s annual national conference turned virtual, Heather and Joe are offering a combined Post-Con for advisors interested in learning about the dynamic landscape of college planning and student loans.
Today, Joe and Heather highlight the issue of students and parents making unprepared and uneducated decisions around these nuanced and evolving topics of college planning and student loans due to a lack of clear and concise information. Joe and Heather challenge advisors to raise the bar of advice in this space by equipping themselves with the tools and resources that their clients deserve. Most importantly, Heather and Joe remind us that clients need advisors who can listen, sympathize, and shine light on the potential long term impact of decisions around paying for college.
If you want to be prepared to discuss college and student loan planning with your clients, then this show is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/275
We’re honored to have George Kinder, who many know as the founder of life planning, and Lora Woodward, Communications Director at the Kinder Institute, on the show today to discuss the Seven Stages of Money Maturity Post-Conference they have planned for #XYPNLIVE(ish).
On today’s episode, we hear from George and Lora about what advisors can expect during the two-day training and what they can expect out of incorporating life planning into their firm. Lora and George discuss how life planning has the power to transform the standard client/advisor relationship and turn a financial planning engagement into a long-term, meaningful relationship. George and Lora remind us that listening and mindfulness are fundamentals of the client/advisor relationship.
We’re excited to welcome George as a Keynote at XYPNLIVE(ish), as well as provide access to this two-day life planning training. If you’re interested in how to incorporate life planning into your firm and how to create genuine and authentic relationships with your clients, then this episode is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/274
We’re excited to have Candice Carlton, a digital marketing expert, on the show today to talk about her upcoming #XYPNLIVE(ish) Post-Con, a workshop titled: A Blueprint for Kickass Video. Candice is a pioneer of video in this industry and has begun to share her passion for it with other advisors.
Today, you’ll hear Candice talk about how advisors use video as a way to effectively communicate with their prospective clients, as well as their ongoing clients. She discusses how pivoting to video communication can help advisors establish deep credibility, save time, and expand their reach. Candice talks a lot about how video is all about authenticity, not the gear.
If you’re interested in how to incorporate video into your practice and learn it in a workshop fashion at a steeply discounted price, then you’ll want to attend her Post-Con, and tune into today’s episode.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/273
We’re excited to have XYPN member Wendy Marsden, owner of ProsperiTea Planning, out of Greenfield MA, on the show today. Wendy is currently in what XYPN calls the “scaling phase,” she has hit capacity to serve her clients on her own and is facing a whole slew of different challenges ranging from hiring to processes.
Today, Wendy talks to us about how she’s built two businesses, a robust tax planning firm and an RIA. She talks about the history of both businesses and how unlike other planners, she uses tax planning as a ramp down from her comprehensive planning. Wendy shares with us some of the mistakes she made and what she has mastered in her practice since starting out.
If you’re interested in what it’s like to hit the scaling phase, this show is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/272
We’re excited to welcome our one-thousandth XYPN member, Luis Rosa, owner of Build a Better Financial Future, a fee-only firm in Las Vegas, Nevada on the show today. Due to the state of Nevada’s registration process, it took Luis 7 ½ months to launch his own firm and transition two dozen clients.
Listen as Luis talks about what it’s been like to make that transition while dealing with a global pandemic. Luis speaks to the underrepresentation that the financial planning industry has and he hypothesizes that as advisors continue to break out on their own and develop specific niches, this industry will continue to grow and reach more and more diverse populations. Although Luis feels he is only making a small impact, he has developed a podcast and service model to help make his firm more accessible to people without assets that need financial help. Luis also talks about what it’s like to be an entrepreneur running a firm as a solo-advisor, and how already, he feels the pressure to hire despite only being 6 months in.
If you’re interested in what it’s like to start your firm and transition clients during a global pandemic, this episode is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/271
We’re honored to welcome Scott Gill, XYPN Senior Compliance Consultant, and Abby Morton, an XYPN member and partner of Goldman Financial Planning, a fee-only firm out of Maine, on the show today. Through XYPN’s Compliance Coaching Program, Scott and Abby have been able to work together to help Abby scale her compliance program as she continues to grow as a firm owner.
Join us as we talk about Abby’s specific compliance needs as she’s grown over the years, but most specifically, her looming SEC registration. We discuss how Scott and Abby have been able to implement a culture of compliance within her firm that has her focusing on compliance for only certain days and times each month. Along with helping Abby gain confidence and experience with her processes, Scott has helped her not fear an audit.
If you're interested in how you can scale a compliance program within your growing firm, this episode is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/270
We’re excited to have both Travis Johnson, XYPN's Director of Compliance, and Kendra Rehm-Dehn, an XYPN Compliance Specialist, on the show today.
Simply put, starting your journey towards running your own RIA can be stressful, and one of the most stressful parts of it is just getting started with compliance. There's so many unknowns: how you will charge, what services you're going to offer, and there's so many to do’s.
Join us as Kendra and Travis walk through XYPN's Initial Registration process and remind us how the goal of the process isn't just to get someone registered at the state level, but to help them feel confident and comfortable with their compliance program. Listen as they share how to prepare for the compliance process, what to expect during it, and what to do afterwards. And finally, learn from Travis and Kendra, who have registered hundreds of firms around the country, as they ensure advisors that they have the support they need to feel prepared and confident with their compliance program.
If you're interested in what it takes to have a successful initial registration process, then this show is for you.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/269
We’re honored to interview Emily Purdon, XYPN's former Financial Planning and Process Coach (transitioning to Director of XY Tax Solutions), on the show today. Having just finished her first year at XYPN, Emily has been the mind behind our XYPN Financial Planning & Process.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/268
We’re honored to interview the leaders of the XYPN Diversity Committee - Shehara Wooten, Miguel Gomez, Ryan Frailich, and Abel Soares - on the show today. These wonderful XYPN members have all served on our Diversity Committee over the past 12 months and are on the show today to discuss: the value of the CFP® designation; their own personal journey pursuing it; and ultimately the scholarships and opportunities the XYPN Diversity Committee offers to advisors both in and out of the Network to make the CFP® more accessible, achievable, and utilized within our industry.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/267
We’re honored to have XYPN members Jan Schalkwijk and Erica Blake on the show today to talk about how they've incorporated Socially Responsible Investing (SRI/ESG) into their firms. While Erica and Jan run their own RIAs, they met each other when Jan put a call out in the XYPN Member Forums about forming a study group around this investment focus.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/266
Join us as we discuss Jocelyn Wright’s experiences being the first and only Black person in many rooms over the years in her industry, and how she has viewed it as an opportunity to lean in by networking. Learn from Jocelyn's passion for her work and the importance of our current environment for making real change in our industry. Finally, listen to her message around diversifying the industry and how if we don't act now, we may lose this opportunity forever.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/265
We’re thrilled to welcome back XYPN co-founder and Industry Guru, Michael Kitces, to the show today to talk through XYPN’s lawsuit against the SEC. As you may be aware, in September 2019, XYPN challenged the Regulation Best Interest rule in federal court. After months of litigation, we officially received a ruling against us in late June 2020. Today, Michael shares what that ruling means and how XYPN plans to respond to it.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/264