Beth Jones is the co-founder of Third Eye Associates, an independent RIA based out of the Hudson Valley of New York that oversees $125 million of assets under advisement for 200 households. Beth’s firm is unique in that they go deep with clients into creating a personal vision statement that truly aligns their money with their values.
Listen in as we dive into Beth’s financial planning process, fee structure, and client deliverables that have been a cornerstone for building her expertise as an in-depth financial planner and have led to a waitlist of new clients. We also discuss some of the challenges that she faced as she was scaling up, why she made the decision to let go of 85 of her earliest clients that were actually costing her money, and how she navigated the transition of having her co-founder retire while she continued to run the firm and serve clients.
For show notes and more visit: https://www.kitces.com/257
Vincent Barbera is the founder of Newbridge Wealth Management, an independent RIA based out of Philadelphia that oversees nearly $120-million of assets under management for 75 households. Vince stays on the cutting edge of advisor technology by continuously experimenting with new tech tools and by setting a new strategic focus every year to identify and try out a new category of solutions.
Listen in as Vince gives a rundown of the technology tools that he has tried this year to improve his client experience, where he finds the latest and greatest in tech to try out, and how he compares the cost of new tools against those he already uses. We also discuss how Vince uses technology in his independent firm to stay competitive without an asset manager’s size and scale, and why he has decided not to scale up to the billion-dollar mark but rather slow down and enjoy the ride.
For show notes and more visit: https://www.kitces.com/256
Cody Garrett is the founder of Measure Twice Financial, an independent RIA based out of Houston which has managed to grow to nearly $150,000 per year in annualized financial planning fees in just over six months. Cody uses an “advice-only” financial planning model that has quickly attracted a waiting list of clients who want to do it themselves, but not necessarily learn it themselves.
In this episode, Cody shares why he launched with the advice-only model, where clients don’t have the option to have their investments managed by the firm, but do get personalized education that they can use to manage their own finances. Listen in to learn how this model has allowed Cody to build a practice that supports his own personal lifestyle and work no more than ten hours per week, as well as how he has generated a steady stream of clients and kept the business lean so he can take home more than 90% of his gross revenue after business expenses.
For show notes and more visit: https://www.kitces.com/255
Eliza De Pardo is the founder of her eponymous advisor consulting firm, which works with mid-to-large-sized independent advisory firms. Eliza takes a unique focus on the human capital issues that arise as advisory firms scale and believes that attracting, retaining, and developing the firm’s people is the biggest key to long-term success.
Listen in as we discuss why the ability to attract and serve clients is crucial for firms to scale to the first $1 million of revenue, but is less important as the firm reaches and exceeds the $3 million mark. Eliza also shares why the advisors who are most effective at moving away from client-facing work have the most success scaling up, some of the key business metrics that firm owners should be monitoring as they grow, and why most advisory firms need to learn to hire sooner—but not necessarily faster.
For show notes and more visit: https://www.kitces.com/254
Robyn Crane is the founder of her own eponymous consulting firm, which offers sales and marketing coaching services with a focus on female financial advisors. Robyn has a well-defined approach for how financial advisors can not only identify their ideal client, but also implement a sustainable leads system to reach out and book appointments with qualified leads.
Listen in as we discuss the issue of gender disparity in the financial planning industry, including what Robyn sees as the true reason for the disparity and what the solution is to better gender representation. She also shares the specifics behind her system for generating cold leads, how to encourage engagement from those leads, and how she teaches advisors to identify and market to their ideal client.
For show notes and more visit: https://www.kitces.com/253