Our guest today moved up the corporate ladder to become CIO at 2 different large RIA’s. Even from the top, there is just no replacing the freedom and flexibility that owning your own business can provide for both you and your clients. Terri Spath, CFA®, CFP®, founder of Zuma Wealth shares some fantastic stories and insights that you won’t want to miss!
Terri spent the majority of her career climbing the corporate ladder as an investment expert. She served as the Deputy CIO, Chief Investment Officer for Mercer, and went on to be the Chief Investment Officer for another large RIA as well.
As the CIO, she had the ability to work with advisors and saw the value they were providing their clients. She decided to get her CFP®, which she said was a wonderful educational program, even though she already had the MBA and CFA® designation. Despite achieving what many of us would consider the pinnacle of success in her career, entrepreneurship was calling to her, and she decided in 2021, just over two years ago, to launch her own RIA.
She has grown quickly, grossing over $300,000 in revenue this year. She shared an amazing launch program that she did, which involved a market research firm, ultimately led her to her target market, and has been wildly successful in helping her grow quickly. I hope you enjoy this conversation as much as I did.
You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/370
Join us for an insightful episode as we extend a warm welcome to XYPN member Jeff Clark CFP®, founder of Redwood Money. From youth ministry to personal finance, Jeff’s journey wasn’t simple. In his church, Jeff offered to help his peers with their finances, but soon had the attention of a congregation also in need!
Following this path, he found himself in FinTech, able to learn from experts in the field. This stepping stone gave him the knowledge and confidence to strike out on his own. In 2021, he did just that.
Cataloging his growth 2 years later, he has exceeded all expectations. With Jeff's practice expanding at an impressive pace, culminating in a hiatus from new client engagements for the latter half of 2023. He credits much of his success to the support of friends, family, and peers much like those in his XYPN Mastermind Group. Jeff and his wife are on the brink of welcoming their second child.
For those looking into how their current support systems can bolster their practice, this episode is for you!
You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/369
Our guest today shares how not only are students of all ages needing financial guidance, the solutions available to them can completely change the way we look at student loan repayment and consolidation.
In this episode, we have the pleasure of sitting down with Erik Kroll, CFP®, the founder of Hilltop Financial Advisors and Student Loans Over 50.
Erik's journey in the financial advisory world began in 2015 when he set out to create a business that could afford him the opportunity to blend work with the rest of his active lifestyle. Originally a versatile advisor, Erik's expertise naturally evolved over time, leading him to identify a crucial need in the market—helping older clients nearing retirement navigate their substantial student loan burdens. He tells stories about how he has changed the financial landscape for his clients, including helping one client eliminate over $250,000 in student loan debt practically overnight!
We discussed how he manages the two brands of the company, as well as what he's hoping to accomplish with his business. One really unique thing that Erik has built is a tiered service model that allows him to work with clients at different stages of their financial journey—something that many financial advisors have trouble navigating. For those looking at a great example of how to do this successfully, be sure to tune in!
You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/368
We often hear how the network of support and connection that XYPN offers is a strong component of success. In today's episode, we learn that for our guest, Leland Gross, CFP®, the founder of PeaceLink Financial Planning, "community" wasn't just a benefit, it was essential after a life-changing event pulled his focus from building his business.
Leland discovered financial planning after meeting some advisors through a volunteer program he was part of just after college. He noticed that the advisors were able to work hard while also coaching kids' sports teams and having time to volunteer. Appreciating the flexibility he saw, he decided it was a fit for him. He started his career on the sales side of the business, but over time discovered fee-only planning and the opportunities it presented to him.
In September 2021, Leland launched his firm and discovered that same month that his wife was pregnant! Three months later, they received the devastating news that their baby would need open heart surgery just after birth. Leland shares how his XYPN study group jumped in to help him keep his business from failing. While he focused on his family, they got set up so they could call Schwab on the client's behalf, helped craft emails and communications to clients, and basically did anything else they could do to support him while he cared for his family.
With their assistance during that critical time, and Leland's strategic social media and podcast leveraging, he is now serving 45 client households (in less than 18 months!) in the self-employed niche—all while experiencing major changes and hardships to his growing family. Leland’s story really shows how perseverance and support can get us through unimaginably difficult times and help us still find success. This is a story you won’t want to miss!
You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/367
If you’re wondering whether taking custody of client accounts and a virtual assistant is right for your independent advisory firm, this episode’s for you!
Taking custody can be a scary decision, but sometimes it's the right one. Just ask XYPN member Kate Yearwood Young, CFA, CFP®, founder of Yearwood Young Advisors. From engineering to Wall Street to founding a successful business, she acquired the skills and services to meet her client’s needs where they are. And their needs dictated that she take custody.
Born into the advisor role despite her family’s best efforts—her father, aunt, and cousin are in the industry—Kate was encouraged to explore other avenues of interest, but sometimes it’s in your blood! After getting a degree in engineering, Kate pivoted back to finance and soon found herself on the Wall Street Trading Floor.
She developed her knowledge and expertise in evaluating hedge fund managers for large pension funds and ultra-high-net-worth clients. In 2019, she made the decision to leave her last firm and start her own business. She launched in May 2020 with a six-month-old baby but found a way to persevere and began to grow her firm.
Kate has a really unique service offering. In addition to comprehensive financial planning and investment management, she also has a family office service. She needed to take custody of client accounts because she has bill pay authority for her office service.
A deeper dive into the topic reveals her experience with the audit process and the documentation required when you have full control of a client's bank account.
We also dive into what she's building and how she plans to get more control of her calendar, the number of hours she works, and how she's leveraging a virtual assistant and soon-to-be outsourced paraplanner.
From being in touch with her clients’ needs to growing her business in the most sane and productive ways, Kate’s story is one that we need to hear.
You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/366
If you are interested in learning highly effective, yet simple ways to use data-driven market research to find and maximize your niche, this episode is for you!
In this candid and informative conversation with XYPN member Marlon Wesh, MBA, founder of Wesh Financial, we learn how Marlon’s early experience in HR for the Marine Corps helped formulate his firm’s operational systems. We also hear how earning his undergraduate degree and MBA in business administration was tremendously helpful in structuring the business side of his firm—especially his marketing classes which informed his approach to finding his niche.
While completing his MBA, he did an internship with Merrill Lynch and decided that his path would be better served as an entrepreneur where he owned 100% of his business and where someone else wasn’t testing out their inclusivity on him.
He launched his firm in late 2019 with minimal planning experience, but a whole lot of grit and self-confidence. He tried a few niches and quickly established that just because there’s a gap in the market, it doesn’t mean there’s a market in the gap. So, he turned to methods informed by both his marketing classes and what came most naturally to him: data-driven market research.
His strategic approach proved to be both satisfying and profitable. A Google search that started with “What are professions that have complicated taxes?” ultimately led him to his niche: traveling nurses. He didn’t stop there though, he studied multiple online forums where traveling nurses shared what he determined were pain points. He then turned those pain points into his selling points—which directly fueled his success.
Marlon was super open about the challenges of starting a firm, especially with young kids, and how he and his wife ultimately navigated it. He also shared that the next phase of his business will focus on helping advisors with their marketing. I hope you enjoy this conversation as much as I did.
You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/365
If you’re interested in the impact being a student of your own art can have on your priorities and business, this episode is for you!
Terry Bradford-Crane MBA, CFP® of Bradford-Crane Company went to the Naval Academy for college with a dream of becoming a pilot and an astronaut. Just as she was finishing her training program, the US repealed a law prohibiting women from serving in combat zones, and she was one of the first women to receive orders to serve on an aircraft in a combat zone.
Her first job out of the military was with Merrill Lynch, and she talked about how valuable the four years she spent there were for her career, mainly based on their amazing training program. After the birth of her second child, she decided to be a stay-at-home mom. And during that time she got her MBA in financial planning, her CFP® designation, and was providing financial education and literacy programs, and was an adjunct professor and more.
In 2019, she decided to focus more on her financial planning business and started to scale. Most recently, she's been focused on her planning practice and become super intentional about her time and priorities to ensure the right work gets done. I was really impressed with her intentionality and she shared her goals for the business and how it will ultimately support her and her husband as they transition into the next phase of their lives.
You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/364
If you’re interested in how finding your fit can change everything and how well the equity compensation niche has worked for XYPN member Christine Amill Centeno, CFP®, MS, founder of Simplicity Wealth Management, this episode is for you!
Christine started her career in financial services at Ameriprise in 2007 and worked in a variety of broker's side roles until she ultimately decided to launch her own firm in 2019. Having just celebrated her firm's fourth birthday, she has grown quickly with over 40 client households and 400,000 of recurring revenue.
How has she had so much success? You probably guessed it, she has a really well defined niche. Christine specializes in equity compensation, and almost all of her growth from the last two years have been from client referrals. She also shared about her experience hitting the ceiling, realizing that she was working way too many hours and had let the business really take over her life.
She hit the reset button, defined her financial mission statement, and has been really intentional about building the business to support her life moving forward. This was a really great conversation that you are not going to want to miss.
You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/363
If you’re interested in learning how employment contract restrictions can seriously disrupt your plans to take clients with you should you decide to break away from your broker, as well working through growth and fee structuring decisions, this episode is for you!
XYPN member John Underhill, CFP®, founder of Acorn and Oak Wealth Management, based in Raleigh, North Carolina shares how his journey from ski bum to managing parts of a ski resort, and then several Starbucks helped bolster his business acumen as well as humility—in the best ways.
After having their first child, John and his wife moved back to the East Coast to be near family. He found a job on Indeed in financial services with a national firm. And he said without a plan B, he just committed to following their recipe for success. He knocked on a lot of doors and ultimately built a successful practice.
In 2020, after listening to the Financial Advisors Success Podcast, he decided to launch his own firm. We talked about his experience with a difficult employment contract and how he navigated it to let his prior clients know that he had gone independent. John is at a really cool point in his business where now that he has three years of experience under his belt, he's trying to figure out his fee structure if he's going to hire another advisor and more. It was fun to catch him in the middle of these big decisions as they are choices that all advisors eventually have to make as they start to approach capacity.
-Alan
You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/362
In this fun conversation with XYPN member Brian O'Neill, CFP®, founder of Winged Wealth Management and Financial Planning, we hear how niching not only what you know, but who you know can radically grow your business—even in the first year! Brian spent the first 20 years of his career as an Air Force pilot, during which time he developed a passion for personal finance. After considering what to do after retirement from the military, he decided to launch a firm dedicated to working with fighter pilots like himself.
Brian launched his firm in January 2021 and came out of the starting gates hot, working with 30 clients in his first year, 23 of which were retainer clients. He's grown quickly and shared that he'll gross over $200,000 in 2023, just his third year in business. He shared his marketing secret sauces that helped him grow quickly as well as build upon the equity of trust his fellow fighter pilots feel towards each other.
Finally, we talked about his view of the future of the business and how that's changed from a plan to stay solo to a desire to grow, not only to serve more clients in need of his services but also his family—in the form of a succession plan for his business. Every entrepreneur has to make a similar decision, and I think you’ll find his thoughts on the subject illuminating if you’re near that junction in your journey.
-Alan
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/361
If you are interested in what it takes to transition from a long-term wirehouse position to solo RIA ownership, what it means to truly answer a calling, and how to sustainably serve others without being self-sacrificing, this episode is for you!
XYPN member Kaysian Gordon, MBA, CFP®, CPA, CKA®, founder of Kaysi Gordon Financial Planning, started her career at UBS where her team grew over her tenure and ultimately focused on doing financial planning for ultra-high net worth clients. She spent 14 years there learning the ins and outs of serving those clients and was the first on her team to get her CFP® designation.
Seven years ago she was able to start a weekly devotional blog that was not finance-related, so she had the freedom to share her thoughts and insights. It later helped lay the foundation for her current niche of working with women of faith that are in transition.
When she felt called to leave UBS, she joined another organization that not only provided a unique “practice run” at RIA entrepreneurship, it allowed her to build a client base she could take with her when she decided to go independent—a rare opportunity.
In late 2021, she left that RIA and launched her own firm with the help of XY Planning Network. She's been growing quickly (60 households in less than a year!) and her clear niche has not only helped build her base, it’s kept her feeling fulfilled.
We also talked about how important time of life is—as she is a single mom with a ten-year-old daughter (who, by the way, co-authored a book with her!). Her life stage has impacted the design of her business and how she ultimately wants her life to look. There is so much to connect with in Kaysi’s story, I hope you enjoy this conversation as much as I did!
-Alan
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/360
If you’re interested in learning about the advantages of growing your firm with like-minded advisors, the benefits of hiring a virtual assistant, and how none of it would be possible without a supportive spouse, this episode’s for you!
XYPN member Mike Troxell, CPA, founder of Modern Financial Planning knew he wanted to be a financial planner, but his career started off on the tech side of the business as an accountant. After being steeped in tax education for two and a half years, he made the move into financial planning and started working at an RIA. While he thought at that time he might want to start a firm one day, he loved that job and the people he was working with and thought he'd be there a long time.
The stars unexpectedly aligned for him, however, and he decided to launch his own RIA. We talked about how he and his wife ultimately made that decision and made it work as they had just had their first child and had their second just 12 months after he launched. Modern Financial Planning works with clients with RSUs or stock options so many of his clients are in tech and we talked about how he helps clients navigate the financial decisions that come with that industry.
While he thought he would stay solo, he ended up bringing on another advisor and is in the process of onboarding a virtual assistant. We discussed that decision and how he's been focused on growing his business. This is a really fun interview that I'm certain you'll enjoy.
- Alan
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/359
If you’ve ever found yourself questioning what “having it all” looks like for you, how to pull focus on those visions and find balance as you start and run your business, this episode is for you.
In this reflective and empowering conversation, XYPN member Betty Wang, CFP®, founder of BW Financial Planning, shares a very real look into her journey from a career in financial services on the buy side, to taking time off to care for her children with medical issues to returning to the industry in private equity and ultimately deciding to do her own thing as a firm owner.
While she doesn’t describe herself as an entrepreneur—because she doesn't fit the image that she had of what it means to be an entrepreneur—she has built a very successful firm.
She launched in 2018, but struggled to put herself out into the world, so she didn't see much traction early on.
That all changed in 2020 when she made the decision to lean into the uncomfortable parts of the business, primarily selling financial planning and the relationship with her as the product of her business—and it has grown rapidly since.
She shares how she has been able to be intentional with her time—focusing on working 25 hours a week so she can spend time with her kids (something she hadn’t envisioned being a priority in the beginning of her career). She also shares tools she uses to help with what she calls life planning—a way for her to focus on living from a fulcrum of integrity, according to her values.
There are many aspects of Betty’s story that you may find familiar, but mostly I think you’ll appreciate her ability to turn the unexpected into an intentional and meaningful life. I hope you enjoy this conversation as much as I did!
- Alan
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/358
If you’re interested in learning how to grow your initial firm investment five-fold in 3 ½ years in a dual-entrepreneurial household, this episode’s for you!
Join in the conversation with XYPN member Jake Northrup, CFP®, CFA, CSLP®, founder of Experience Your Wealth and hear about how he started his firm journey in late 2019, with no clients, at the ripe age of 27. As if that wasn’t challenging enough, his wife started her own wedding planning business at the same time.
Jake always knew he wanted to be an entrepreneur, and after working in an RIA that served mostly older clients, he wanted to build a firm that focused on younger families that did a lot of traveling and wanted to experience more of life during their younger years versus just saving for retirement and hoping to have fun in their 60s.
Jake spent a lot of his upfront money building a website focused on telling the story of who he wanted to work with and how he was different from other advisors. It has clearly worked as he made just over $80,000 in his first 12 months and he has now crossed the $500,000 of recurring revenue mark, just three and a half years into the business.
We had a wide ranging conversation about how he has found success finding clients, his service model, what makes his business unique, how he and his wife have balanced being entrepreneurs at the same time, and how his views on building the business have changed from building a solo practice to hiring another lead advisor and other team members. Check out his interesting journey!
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/357
If you’re interested in learning how niching what you know and starting a group focused around your niche can grow your fee-only revenue to $250k in 5 years, this episode is for you!
We're excited to welcome XYPN member Andie Clark, founder of The Table Financial Planning, a virtual firm serving military members and their families on the show. Andie married her high school sweetheart, who was an Air Force pilot and started moving all over the world every two years. She found work as a math teacher at community colleges, and over time, that ended up shifting into the realm of financial planning.
She took part in a joint program between FINRA and the DOD that helped her get her AFC designation. That led her to getting her CFP® and, as her husband was retiring from the military and they were deciding where they wanted to end up, she started her financial planning firm.
She talked briefly about a couple of big planning opportunities that service members can take advantage of this year. And it is clear how important having in-depth knowledge of what all service members have access to is when working with them. She's also part of a group that she helped found called the Military Financial Advisors Association, which is a group of XYPN members that serve military members and their families. They host regular meetups and provide education to members and have a pretty awesome lead gen program that's set up for members to take advantage of. Another great example of the power of being better together!
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/356
If you’re interested in hearing about building a unique firm that's more focused on helping people and having an impact versus just being focused on making money due to personal financial circumstances, this episode is for you!
This inspiring and really interesting conversation with XYPN member, Frank Austin, CFA, ChFC®, founder of Sustainable Financial Planning, was a little different from many other conversations we’ve had on XYPN Radio in that he is technically retired after a long career in financial services, mainly on the institutional side.
Frank achieved his FIRE goal of retiring at 50 and starting his own financial planning firm. His goal in starting the firm wasn't to make a lot of money as he was already set up for retirement, but instead to impact the lives of as many clients as possible.
We talked about some of the things he thought he would focus on early in the business, such as ESG investing and how those plans evolved over time as he found the clients he enjoyed working with and learned the challenges of running his own solo practice. He's made a recent pivot to moving into more advice packages and away from ongoing planning, and he shared why he made that move and the clients he hopes to help with that new program.
I hope you enjoy hearing about Frank’s journey as much as I did!
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/355
This episode’s for anyone who:
In this informative conversation with XYPN member Joanne Burke, CFP®, CPA/PFS, founder of Birch Street Financial Advisors, we learn why Joanne left a big four firm to join a partner who’d split off to go independent and help start their accounting practice.
After a few years and the birth of her second child, she decided to launch her own tax practice to give herself the flexibility to spend more time with her family than public accounting would have provided.
Fast forward after her youngest left for college, she decided to pursue her passion for financial planning and made the leap in 2020 to start her own RIA. We talked about her original plans to convert tax clients over to ongoing financial planning clients and the challenges she faced as she tried to move from being seen as their tax preparer to being seen as their financial advisor. Her deep tax knowledge has proven to be a real asset as she’s shifted tax prep conversations from reactive solutions to proactive planning. We talked about the upcoming decision she'll get to make as she decides if she wants to stay solo or hire and begin to grow the firm.
This is a really fun interview that covers a lot of bases you don't want to miss.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/354
Whether you live in a single or dual-entrepreneurial household, have children you’re balancing in that equation, or are just looking for effective tips to convert prospects into clients, this episode is for you!
In this fun and informative conversation with XYPN member Sarah Ponder, CFP®, MBA, founder of Real Estate Wealth Planning, Sarah joked that she's 37 and on her fifth and hopefully final career.
She started out in the Enterprise Car Rental Management Training program, then ended up in a financial literacy software startup before getting her MBA. She was then recruited to Dimensional Fund Advisors, or DFA, where she moved up into a regional director role, during which time she got her CFP®.
She always knew she would launch her own firm one day and decided that the fall of 2020 right in the middle of COVID was the right time. We talked about her decision to become an entrepreneur as she had two kids under four and another on the way, and she had historically been the breadwinner for her family as her husband is a realtor. She said she drank the niche Kool-Aid from this podcast, and after doing a round of interviews with real estate professionals, she decided to specialize in working with realtors.
We talked about her fee structure, successful marketing programs, her new course for realtors, and also how her family has leveraged an Au Pair to be able to support them with childcare so they can build their respective businesses.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/353
We’re excited to welcome back XYPN member Kay Dee Cole, CFP®, founder of Clarity Wealth Development, on the show today. Kay Dee was on the show back in 2017 and we wanted to bring her back on now, to give us an update on her firm and how things have progressed and changed. I have to say it was hard to find anything that was similar to the business she was running five years ago, aside from her being there and her niche.
Kay Dee shared the various transitions that have happened from splitting with a business partner, finding her integrator, which is something we talked a lot about, building up the team, selling a portion of the company to her employees, and ultimately setting herself on a path to spend more time on passion projects.
If you’re interested in being really intentional about building the business that makes sense for you and where you're at in life, this episode is for you!
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/352