Scaling an advisory firm is often framed as a tradeoff - more clients and complexity in exchange for less time and flexibility. This episode explores how advisors can grow in a way that protects the lifestyle they want.
Andy Panko is the owner of Tenon Financial, an RIA based in Metuchen, New Jersey, that oversees $323 million in assets under management for 105 client households. He joins the show today to share why he chose to hire two additional advisors (even though his solo practice already met his lifestyle goals), as well as why he prioritized hiring mid-career professionals who could operate independently and stay for the long haul. We also discuss how his flat-fee model makes it easier to evaluate the time-and-revenue tradeoffs of adding clients, paying competitive salaries, and growing the team, as well as how he fuels a steady prospect flow through content creation, combats the loneliness of a small remote firm, and has adjusted his workload across seasons of life to be able to focus on his highest priorities.
For show notes and more visit: https://www.kitces.com/479