Today’s episode is a special edition of XYPN Radio as we celebrate 10 years at XYPN with co-founders Alan Moore and Michael Kitces who join me on today's episode. We reminisce about the early days of XYPN, how Alan and Michael first met, and the initial emails exchanged about the untapped opportunities that existed for both financial planners and the underserved NextGen market.
We delve into the early growth and strategic decisions they made— including their first hire, which brought me into the mix. Michael and Alan discuss their complementary strengths and how XYPN and their partnership have both grown and evolved over the years. Unchanged at the core of XYPN's success lies an unwavering commitment to identifying challenges and delivering innovative solutions so that financial planners can live their great lives.
Share our vision for the future as we explore the reasons for our pilot program, XYPN Sapphire, a corporate RIA set to empower a wider spectrum of advisors navigating ever-changing goals and dreams. And join us in celebrating XYPN’s remarkable journey from industry disruptor to proven leader and all that lies ahead.
Tune in for this special episode as we celebrate the last—and next—10 years of making it possible for fee-for-service advisors to build the financial planning firm of their dreams.
I am honored to have Cathy Curtis, CFP ®, founder of Curtis Financial Planning, return to XYPN Radio. It’s been almost three years since Cathy last joined me on Episode 313, (linked below) where she delved into her passion for running a solo practice tailored primarily to women who are single, heads of household, and breadwinners.
We dive into the technological enhancements Cathy has implemented since her last visit, from embracing Holistiplan to integrating Kwanti into her tech arsenal and other software tools that she uses daily. We touch on the importance of using a TAMP for those entering the industry and how many tools are now available to advisors considering opening their own firm.
One of the most compelling parts of our conversation centers around Cathy’s AUM fee model where she describes how simplifying your fee structure is key over the long term. She eloquently discusses setting time boundaries with clients, which both assist your service model and build relationships that can last a lifetime. Cathy's confidence is contagious, and by the end of this episode, you'll feel more equipped to sell your own value.
We are incredibly lucky to have Cathy as part of the XYPN community and to have her return for a second conversation on XYPN Radio to share her sage advice with our members.
Today I am thrilled to welcome Mike Zung, CFP®, founder of Java Wealth Planning, an RIA based in Kansas City, Missouri to XYPN Radio. Mike's path is a testament to the power of perseverance and strategic planning in the financial advising industry. His background in tech architecture influenced his approach to financial planning and led to his creation of Beautiful Financial Plan—a separate online storefront that offers advisors visually appealing plan templates.
Mike shares insights into his journey from launching his firm part-time while still working in software development, to eventually transitioning to a full-time role serving over 30 tech industry clients. He describes the considerations and challenges of balancing home life while changing careers. He emphasizes the importance of networking and how attending XYPN LIVE has shaped his career and created lasting connections in the industry that have sparked new ideas and strategies for his businesses.
Mike and I cover marketing strategies, successfully transitioning from project-based to ongoing planning, and how he defines value for his clients. This episode provides valuable wisdom for advisors who change careers and the opportunities that can be leveraged by leaning into their previous expertise and personality strengths.
We uncover the challenges and triumphs of Mike Zung's journey, underscoring the role of innovation and community in the ever-evolving landscape of financial advising. I am privileged to count Mike among XYPN’s valued members, and we're honored to feature his expertise on today's episode.
What You’ll Learn From this Episode:
● Transitioning clients from project-based planning to an ongoing engagement
● Designing and implementing a tier-based, flat-fee structure
● How and when to raise fees for your clients while providing great value
● Niching down your client base to match your ideal clients with your own values
● The importance of attending in-person networking events and conferences such as XYPN Live
● Using YouTube to create evergreen content that will continue to attract clients
● Leveraging your personality strengths and career background to launch your own firm
● The considerations and challenges of balancing home life while changing careers.
In this episode, Maddy Roche returns as the full-time host of XYPN Radio. Joining her is XYPN member Jennifer Kang, CFP®, founder of JWK Financial, a thriving RIA based out of New York. Jennifer shares her incredible journey and how she leveraged two decades’ worth of experience in a large wirehouse to shape the foundation of her fee-only, flat-fee approach at JWK Financial.
Jennifer gets real about hitting the ground running and the expectations and pace she experienced in her initial months. What sets this interview apart is Jennifer's unwavering confidence in the value she delivers to her clients, a trait that shines through as she fearlessly encourages prospects to interview other advisors. She discusses the art of transitioning clients from an initial engagement fee to an ongoing relationship at an annual flat rate.
Jennifer encourages building a new business at a cadence that allows flexibility, reinvesting time into existing clients, and creating referability. This episode is a goldmine of advice, aligning seamlessly with the principles taught at XYPN. Don't miss out on the insights that make Jennifer's journey and expertise a can’t-miss for financial professionals. Listeners, get ready for an informative show!
This special episode of XYPN Radio will be Alan’s last episode before turning the podcast over to Maddy Roche! Alan talks about the transition before diving into a special episode with Patrick King, founder of Prana Wealth Management in Atlanta, Georgia. Patrick's journey began as an engineer designing machinery, but a realization about his financial advisor's priorities sparked his transition into financial planning. After earning his MBA, he gained experience at various large RIAs before deciding to start his own firm. Despite initial challenges, Patrick embraced YouTube to reach his ideal clientele, pivoting from targeting dual-income households to focusing on pre-retirees. Join us as Patrick shares insights into his entrepreneurial journey and the role of YouTube in building his successful fee-only practice.
Join us for an insightful episode as we delve into the journey of Tara Tussing Unverzagt, founder of South Bay Financial Partners, and explore her innovative approach to financial planning. This is Tara’s second time on the podcast. You can check out her first appearance on episode 210 at xyplanningnetwork.com/210. It was fantastic touching base and learning how things have changed since we last talked in 2019! Tara's path to success involves leveraging her expertise as a certified financial therapist and prioritizing accessibility in her services.
In this conversation, Tara shares how she has evolved her firm's offerings over the years to make financial planning accessible to diverse client populations. From hourly consultations to community-building initiatives, Tara's firm ensures fairness and affordability through a sliding scale fee structure based on income and assets. We also discuss Tara's focus on scaling her operations while maintaining personalized guidance for clients. With specialized services tailored to specific needs, such as retirement planning and student loan consultations, Tara emphasizes the importance of empathy and cultural awareness in fostering meaningful financial conversations.
If you find yourself focusing on a holistic approach to serving your clients and want to see it being done successfully, you won’t want to miss this!
Embracing your authentic self can be terrifying, but our guest today took the leap and built an amazingly successful RIA by connecting with her niche. Our guest today, Lindsey Young, CFP®, and founder of Quiet wealth, shares shares her journey, and how she found success. Lindsey navigated diverse career terrains, from strategy consulting to the Peace Corps, tech in San Francisco, venture capital, and investment banking. Her decision to transition before starting the firm, driven by authenticity moving forward, resonated with her clients.
On this episode, Lindsey shares her unique sales process, targeting successful LGBTQ professionals with a focus on clients with a net worth of one to five million. The conversation delves into her marketing strategies, emphasizing the significant return on investment from Google Ads and overall SEO efforts. Lindsey's experience offers a nuanced perspective on building trust within the LGBTQ community and highlights the broader appeal of her approach, serving both LGBTQ and straight clients. Join us for a deep dive into Lindsey's flat-fee model, her compensation structure, and the challenges and opportunities she encounters as a financial planner. If you want a real world example of successful niche marketing, be sure to tune in!
Join us this week as we explore Prosp(a)rity, a non-profit dedicated to nurturing, uplifting, and advancing Black women, and ultimately positioning them to pay it forward to their communities and next generations. Bri Franklin, Co-Founder of Prosp(a)rity, shares her journey — from post-Ivy League student debt to catalyzing change.
This episode, Bri emphasizes the urgency of addressing predatory lending and student debt, spotlighting the systemic changes required. She details the programs Prosp(a)rity, champions. If you're a financial advisor seeking meaningful involvement, Bri outlines avenues for your impactful contribution. It's more than personal finance; it's about fostering resilience, community, and pursuing financial empowerment for all.
What you’ll learn from this episode
Bri founded The Prosperity Project in 2020 during the Black Lives Matter movement.
The initiative was sparked by the recognition of the disproportionate financial struggles faced by black women.
She conducted a survey on LinkedIn involving 18,000 people, highlighting the severe financial impact on black women.
Initial corporate support in 2020 waned, prompting the organization to explore revenue-generating activities such as speaking engagements, the "UnDEBTfeated" show, and are working on an app.
The organization operates on three pillars: interception (HIRE for students), intervention (35 to free for debt relief), and interference (systemic disruption through corporate engagements).
Encourages financial planners to participate in preventative work, especially in high schools, and seek partnerships for increased outreach.
The organization is adapting its models based on insights from financial practitioners.
Bri is exploring collaborations, live shows at conferences, and continuous learning to ensure sustainability and scalability.