Behind The Advisor

Arlene Moss re-entered the workforce after raising children, and became a coach for the Alliance of Comprehensive Planners. After realizing there were some shortcomings to the one-off coaching model, she decided to go it alone and begin her own coaching business.

In this episode, Arlene and I talk about how coaching can take your advisory to the next level. Arlene shares her highly personalized style of coaching and how she found her own business coach. We also talk about why planning one, five, and ten years out is essential to designing the life and business that you want.

You can find show notes and more information by clicking here: www.xyplanningnetwork.com/98

Just a few years ago, Dan Andrews was working as an investment manager for a broker dealer and running a side blog about personal and professional development. After attending the 2015 FPA Conference in Boston, Dan realized that there was a path in the financial services industry that was more aligned with his interests, expertise and values.

In this interview, Dan and I talk about his journey to becoming an independent financial planner at his firm Well Rounded Success. He shares his experience as an investment manager and the blog that helped him realize being a financial planner was the right move for him. Dan also opens up about his very intentional practice of self-reflection, and how you can integrate it into your work, too.

You can find show notes and more information by clicking here: www.xyplanningnetwork.com/97

Seth Johnson of Redi2 Technologies was working for an enterprise software company where his team focused on building an excellent billing software for big broker dealers. The burst of the dot-com bubble and strain on the company gave he and his co-founder-to-be a unique opportunity. They pitched an all-new company, exclusively dedicated to billing software, to their CEO - and got the green light.

In this interview, Seth talks about the growth of Redi2 and its softwares, including the independent-RIA crafted BillFin. He shares how Redi2 grew into a major player in the software space by applying the all-important entrepreneurial principle of solving problems for your customer. We talk about what it's really like bringing a product to market, and why bringing advisors in on the Billfin design process was such a critical part of its success.

You can find show notes and more information by clicking here: www.xyplanningnetwork.com/96

It's always fun to catch up with longtime members of XYPN because we've witnessed eachothers' struggles and triumphs alike. Today's guest, Jason Mirabella, has been with us from nearly the beginning. Jason started his first RIA just before the 2008 financial downturn, and had to return to other financial jobs before embarking on his next entrepreneurial venture.

Jason talks about his new firm Henfruit and his emphasis on helping clients practice wealth-building behaviors. We walk through the process of prepping and launching his second RIA, what he learned from his first attempt, and why he always keeps scale in mind when he makes business decisions.

You can find show notes and more information by clicking here: www.xyplanningnetwork.com/95

Usually when we talk to new advisors on the show, they're a couple of years into the process and have figured out the pacing of their practice. But today's guest, Ryan Frailich, is still right at the beginning of establishing his own firm, and has generously agreed to share the ups and downs of his daily experience.

Ryan talks about why he decided to get into financial planning, why he started his business while still completing CFP training, and how the launch of Deliberate Finances has been so far. He perfectly articulates the impostor syndrome feeling that many of us deal with, and shares his struggles with finding a balance between crafting a niche and getting his business of the ground.

You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/94

Being an independent advisor is often the second, third, or even fourth stop in many advisors' careers. Sean Kernan, independent RIA owner and host of the How to Go Independent podcast, joins us today to talk about what the transition from employee advisor to independent business owner looks and feels like.

Sean talks about his time as a broker dealer for Edward Jones at the beginning of his career and how he slowly built a more independent business model over time. We also dive into some of the nitty gritty details of broker dealers and debate the best way of dealing with trails and moving your book of business as you become more independent.

You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/93

We're very excited to have Chris Rodriguez of the National Disability Institute with us to teach us about ABLE accounts, a relatively new benefit for people with disabilities and their families.

Chris talks about the core mission of the National Disability Institute, and how he and his colleagues collaborate with other organizations to craft progressive policies that help people with disabilities become more financially independent.

Then we talk in depth about ABLE accounts themselves and what you as an advisor should know about them. We compare ABLE accounts with the Special Needs Trust and discuss the importance of financial literacy, while also touching on how you can get involved with the NDI's great work.

You can find show notes and more information by clicking here: www.xyplanningnetwork.com/92

Scott and First Ascent are blowing up industry norms on the asset management side of financial planning, freeing the firm from the legacy data that holds others back.

Scott talks about what pushed him to start his own firm after helping get several other small firms off the ground. He shares his thought process about the flat-fee model that First Ascent uses and why there's less incentive today to use an AUM fee structure.

We also dig how technology is streamlining so much of the back office work in financial planning. Since Scott's firm can outsource much of the administrative work, they have more time to focus on excellent client service.

You can find show notes and more information by clicking here: www.xyplanningnetwork.com/91

Fee compression might sound like a strange or complicated term, but it's basically the idea that as the financial planning/asset management space becomes more crowded, advisors with smaller firms will have to reduce their fees and eventually go out of business.

Kitces and Alan break down the different versions of fee compression that they do and don't see in the financial advisory marketplace, and they talk about why they think niched advisors are going to continue to succeed. They also touch on the legitimacy that big companies like Vanguard and Schwab are bringing to our profession, making financial advising more familiar and accessible to more people.

Alan highlights the benefits these big moves will have for younger advisors, who will be able to get legitimate financial planning experience much earlier in their careers. Long story short: we'll be just fine, and a niche is (almost) always a good idea.

You can find show notes and more information by clicking here: www.xyplanningnetwork.com/90

Nancy Bleeke is the founder of Sales Pro Insider and the developer of the Genuine Sales Process. Nancy is a goldmine of great information and has an exciting announcement about her sales course which explores distractions that present as obstacles to our ability to generate sales.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/89