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XYPN Radio

XYPN Radio is dedicated to building a community of fee-only financial planners who are ready to make the dream of serving next-generation clients into a profitable and successful reality. With an honest and forward-thinking perspective, Maddy Roche and guests deliver insights and knowledge to advisors in the financial planning industry who want to build better businesses that serve Gen X and Gen Y clients. Through the expertise of leaders in the field and case studies from financial planners like you, the discovery of how you can serve your own generation to help them achieve their financial goals starts today.
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Now displaying: November, 2023
Nov 29, 2023

Many of our recent guests have discussed how things are 2,3, 4 years after starting. But what about when you’re in the thick of it? Our guest today, Nycole Freer, founder of Eden Financial is only 8 months into her solo RIA journey and tells us what it’s like! 

After navigating the corporate landscape, including a role at JPMorgan Chase, Nycole faced a pivotal choice – stay within the constraints of corporate structures or embark on her own entrepreneurial path. Motivated by her dream to write a children's book, provide more dynamic support for clients, and stretch her wings, Nycole launched her RIA in 2022.

Eight months into this journey, Nycole candidly shares the hurdles and unexpected twists she's encountered. From marketing strategies, to finding help through coaches, to what’s working in client acquisition, Nycole's story offers a real-time account of building a thriving practice from the ground up.

Whether you're an aspiring business owner, a new entrepreneur navigating challenges, or an established owner reflecting on your progress, Nycole's story is a great touchstone for so many of us. Be sure to tune in and join us as we see another new advisor building towards their very own best life.

You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/375   

Nov 15, 2023

Join us on this episode of XYPN Radio as we introduce you to Tim and Alexis Woodward, co-founders of Blend Wealth. These financial planners decided to blend not just their lives but also their financial expertise, serving blended families and business owners.

Discover how they've diversified their services, embraced their Christian faith in financial planning, and managed a thriving business while nurturing a harmonious marriage. This is an episode you won't want to miss.

You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/374   

Nov 1, 2023

What does it look like to scale your RIA and how long does it take? How big of an impact does it really make to have a niche? When should you start hiring, and who should it be when you do? 

Co-Founders Alan Moore and Michael Kitces met onstage this year to review the highlights of the seventh-annual Member Benchmarking Study in this episode of XYPN Radio. Every year, the study gathers information from XYPN member participants to get an accurate picture of how advisors are doing in their firms. 

This episode tells the story of how XYPN firms are scaling and what to look out for in your own journey. Whether you’re getting ready to launch, are in your first years, or are already established, this is an episode you won’t want to miss.

 

Notes:

 (1:04) What the benchmarking study is and how it is conducted.

(2:33) Chart 1 - The median annual growth rate of client relationships since 2018. Unlike other figures that largely are talking about AUM, this gives a real snapshot of growth rates of fee for service models. Alan and Michael discuss how fee for service models stand up to economic cycles and interest rates as seen over the last seven years

(16:37) Chart 2 - Average annual revenue for those who join with few to no clients.   We want to be realistic when we tell you what to expect as you start your firm and have the data to back it up! Alan and Michael discuss what the data means and how it shapes those pivotal early years.

(23:46) Chart 3 - Revenue growth by niche vs no niche. 

Broken up by Implementation (0-20 clients), Building (20-75 clients), and Scaling (75 client households and/or 150K revenue) phases.

(37:55) Chart 4 - Percentage of Advisors leveraging in-house or outsourced staff and number of clients. For someone looking to hire, this is an important one!

(49:15) Chart 5 - Staff productivity by business type.

Whether you have a solo, boutique, or enterprise practice, we take a look revenue per advisor as staff gets added to the business.

 

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