Andrea Schlapia is the founder of Ironstone, a practice management coaching and consulting firm for financial advisors who are struggling with the business execution challenges of transitioning from a practice to a business. Building upon her own experience as a financial advisor and a practice management consultant, Andrea has developed what she calls the “fundamental four” pillars of practice management, as well as tools and strategies to support each one.
In this episode, she shares her fundamental four framework and where most advisory firms struggle within those key elements of running a successful business. Listen in to learn how often Andrea advises firms to take development days to work solely on the business, why she says it’s so important to be ultra-selective when hiring and developing your team, and her specific process for assessing prospective hires and training staff to ensure her team stays as strong as possible.
For show notes and more visit: https://www.kitces.com/112
Today I’m joined by our first international guest, who gives us a look at not only what financial advisor businesses look like in other parts of the world, but also how all advisors should start looking at their value propositions. Jim Stackpool is the founder of Certainty Advice Group, a practice management consulting firm for financial advisors based in Australia. With a unique focus on how to price and demonstrate the true value of financial advice, Jim is a firm believer that the expert value of advisors should be distinct from the products we implement.
In this episode, Jim shares what advisors need to consider when it comes to setting fees, as well as his advice for demonstrating value instead of simply justifying prices. Listen in to learn how to know whether your advisory services are priced appropriately, what many advisors fail to understand when it comes to being business owners, and what firms everywhere should be doing to make advice more valuable.
For show notes and more visit: https://www.kitces.com/111
My guest today transitioned from working over 70 hours per week to refining his practice to the point that he’s now only in the office for four months out of the year. Micah Shilanski is a partner with Shilanski & Associates, an independent RIA in Anchorage, Alaska that oversees nearly $130 million of assets under management for almost 160 client households. Focused on a niche of helping federal employees with their retirement benefits, the firm has streamlined its processes and increased efficiency to maintain Micah’s unique schedule while still growing 20% per year.
In this episode, Micah shares how he’s managed to grow such a profitable practice despite his time out of the office, as well as the steps he’s taken to make the most of the time he does spend working at the firm. Listen in to learn how he sets client expectations about his unusual schedule from the very beginning, how he differentiates his practice to justify their above-average fees, and advice for any advisor who wants to improve his or her own efficiency at work.
For show notes and more visit: https://www.kitces.com/110
Jon Guyton sits at an interesting intersection of the advisor world. The founder of Cornerstone Wealth Advisors—an independent RIA that oversees $240 million in AUM for mostly retiree clients—Jon runs an advisory business that implements the very retirement strategies he researched and published a number of important and influential articles about in the mid-2000s.
In this episode, Jon shares his unique approach to retirement planning, including how and why he separates out client retirement expenses into two distinct categories. Listen in to learn how he is applying his own research to the way he works with clients, the sustainable retirement income framework he utilizes in his practice, and how he went from qualifying for the low-income EIC tax credit in his first year of business to running an incredibly successful firm.
For show notes and more visit: https://www.kitces.com/109
My guest today is Lisa Kirchenbauer, founder and president of Omega Wealth Management. Lisa’s firm oversees more than $100 million of assets for nearly 100 affluent clients, with whom they’ve been able to form deep relationships by implementing George Kinder’s EVOKE life planning process. And yet, even with the close relationships Lisa has with her clients, she has achieved what most advisors consider impossible: taking two six-week sabbaticals in the past six years.
In this episode, Lisa shares how she works with her staff to prepare the firm, train the team, and transition tasks so that she can step away from the business completely. Listen in to learn the steps she took to train her clients to become less dependent on her and more comfortable working with the other members of her team, how she breaks the news to clients about her taking time off, and the lessons she's learned throughout the experience that will change how she does her next sabbatical.
For show notes and more visit: https://www.kitces.com/108
Roger Whitney is a partner with WWK Wealth Advisors, an independent RIA where he works with a personal client base of retirees with $75 million of assets under management. Perhaps even more impressively, he’s been able to attract almost $50 million of those assets in just the past two years by launching a niche podcast on retirement.
In this episode, Roger shares why and how he built his Retirement Answer Man podcast, as well as how he transitions listeners into prospects. Tune in to learn what makes his unique approach to retirement management so effective, what he’s doing to serve the subset of podcast listeners who are unlikely to hire him as their financial advisor, and advice for up-and-coming advisors who hope to follow a similar path to success.
For show notes and more visit: https://www.kitces.com/107
My guest today works with financial advisors to teach them how to handle a tricky area for a lot of firms: working with widows. Kathleen Rehl is a speaker, trainer, and researcher specializing in the particular challenges of widowhood and how advisors can be more effective in dealing with these issues. Also the author of Moving Forward on Your Own: A Financial Guidebook for Widows, Kathleen spent seventeen years working as a financial advisor before becoming a widow herself and shifting her focus to helping other women in similar circumstances.
In this episode, she talks in depth about what advisors need to understand about helping widows through their financial transitions, as well as what to say and what not to say in the process. Listen in to hear how to avoid pushing the wrong financial issues after the death of a client’s spouse, tips for handling the three stages of widowhood, and what Kathleen’s research tells us about how financial planning affects widows’ outlook and confidence in their financial future.
For show notes and more visit: https://www.kitces.com/106
Chip Munn is the co-founder and managing partner of Signature Wealth, a hybrid wealth management firm on the Raymond James platform that has quickly gone from $300 million to over $1 billion of assets in just the past few years. With a focus on buying books of business from retiring advisors and handing them off to younger advisors, the firm’s tremendous growth comes not only from their unique acquisition strategy, but also from the particular set of freedoms an independent RIA has to try out different technology tools and marketing strategies.
In this episode, Chip shares what it was like transitioning from a regional broker-dealer to the independent model, as well as the challenges and surprises he faced along the way. Listen in to hear how he has successfully built his firm by following his passion for helping out those new to the industry, his approach for positioning young lead advisors as part of a team to make transitioning clients comfortable, and why it’s so important to support advisory firms that have chosen the independent model.
For show notes and more visit: https://www.kitces.com/105