XYPN member, Matt Miner, founder of Miner Wealth Management, joins us on the show today. Matt started his career on the corporate finance side of business. After a few years, he took a break and went to B school to get his MBA, then worked with John Deere in several capacities before his career was impacted by a layoff related to a merger.
His running partner was a fee only advisor and Matt became an intern at that firm. He was responsible for growing his own client base from scratch and shared how he found success getting those early clients. In 2021, after three years, Matt and the firm owner agreed to a buyout structure so that Matt could take his clients with him and ultimately start his own RIA.
Matt was kind enough to share the details of that buyout and how it worked for him and the prior firm owner. Matt has been growing a really awesome firm as he is looking to do more than 350, 000 of revenue in his third year in business. He shared his approach to fees and how he sees the fighting amongst advisors on the best or right fee structure as unnecessary. And also how he uses his fee as a client segmentation tool to ensure he's working with his ideal clients.
From company management position to booming RIA in the first 3 years, this is an episode you won’t want to miss!
What you’ll learn from this episode
How informational interviewing techniques have helped him in both working up the corporate ladder and in securing clients.
How going into advising with a fully fledged philosophy of wealth management helped him attract a large client base quickly in the first few years.
Alan and Matt discuss the details of what a buyout looks like and how it can compare to building out a business in other ways.
How to approach fee structures and the benefits of keeping things simple both for the client and the advisor.
The benefit of starting a podcast and how it has impacted Matt’s business.
While working for John Deere, Matt moved from trade to business school, graduating in 2013 with a business degree and a job with Intel.
After the business was sold, Matt took on a financial advising job with Bridgeline Wealth Management in 2018.
In August of 2021, Matt bought out his boss’s share in the business, changing the business to Miner Wealth Management.
Alan and Matt discuss the benefit of attending management training programs through companies like John Deere.
Featured Links
Matthew Miner: Website | LinkedIn | Advisor Page
In this episode of XYPN Radio, we’re joined by XYPN member Maggie Klokkenga, the founder of Make A Money MindShift. Maggie's journey is a testament to the transformative power of financial coaching. Starting her career as a CPA, she eventually transitioned to a large firm in St. Louis, where she worked on various teams.
Maggie noticed a disconnect between her passion for helping clients lay their financial foundations and the higher net-worth clients she was serving. In 2021, she took the leap to start her own firm, focusing on providing financial coaching services. Maggie shares insights into her client engagement process, which involves 8 to 10 one-hour-long meetings over several weeks, and the positive outcomes she's witnessed.
What you’ll learn from this episode
Maggie worked in public accounting (CPA) for 15 years
Wanting to support clients in a broader way than she had been as a CPA, she decided to join an investment advisory firm as an advisor.
Seeing a split in how fees were being charged to clients, Maggie and a group of others set up their own firm.
Her family expanded rapidly, getting married in 2011, then adopting her first and having her second child in 2013. Followed by adopting a third child the following year.
This family dynamic pushed Maggie to become a remote worker in 2016
Wanting to provide real financial planning to her clients, she engaged with other financial planning curricula, only to find that she saw threads she could do something about.
After working at the advisory firm for 7 years, she started working as a financial coach on the side. After learning that this constituted a conflict of interest, Maggie turned in her resignation and became an XYPN member the next day.
Diversifying her revenue by coaching has kept Maggie able to balance her work and family life.
As a financial coach, Maggie meets every week with clients to really learn where their money is going and helps them build better habits by providing awareness to the emotional connections we associate with money.
How making changes to her fee structure opened up the floodgates for new clients.
Some examples of the incredible outcomes that she has seen through her work with clients.
Her experience going to XYPN LIVE this year