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

Kyle Moore is the founder of Quarry Hill Advisors, an RIA based out of St. Paul, Minnesota, that oversees $165 million of assets under management for 137 households. Kyle has been able to generate extremely strong growth for his firm in only 5 years while also navigating a plethora of challenges that are common among advisory firms in the early years.

Listen in as he shares why he decided to forge his own path and start an advisory firm, the techniques he used to make his firm findable online, and how one of his very first clients was a super-referrer that boosted his business in the early days of the firm. We also dive into why Kyle decided to bring on a partner—despite having a business that was growing well—and the benefits that he has gained (as well as the pitfalls he has avoided) thanks to practice management coaching programs.

For show notes and more visit: https://www.kitces.com/252

Bill Cates is the founder of Referral Coach International, an organization that helps financial advisors attract more ideal clients through referrals. He teaches advisors how to use their communication and messaging to make themselves more “referable” and to ask for an introduction instead of a less meaningful referral.

Listen in as Bill shares why he makes a clear distinction between referrals and introductions, why clients are sometimes reluctant to give introductions, and how advisors can overcome those concerns. We also discuss why it's important for advisors to help clients work towards their bucket list goals in addition to their financial goals, how they can hone their messaging so that they can achieve “radical relevance” in the eyes of their clients, and why clear messaging is more important than ever in a post-pandemic world.

For show notes and more visit: https://www.kitces.com/251

Deirdre Van Nest is the founder of Crazy Good Talks, a communication coaching firm that helps financial advisors become better communicators in order to help their clients and prospects take the next desired step. She has developed a very unique process that teaches advisors how to use foundational stories to make deeper connections with those they are trying to connect with.

Listen in as we dive into why Deirdre believes that every financial advisor has the potential to be an emotionally compelling and highly effective communicator, even if communication is not one of their strong suits, and how she helps advisors to become the best communicators possible. We also discuss why Deirdre believes that advisors who know that the services they are offering are changing the lives of the people they work with have an obligation to learn how to be as persuasive, inspiring, and compelling as possible.

For show notes and more visit: https://www.kitces.com/250

Drew Waldron is the co-founder of Canvas Wealth Advisors, an RIA based out of Kansas that manages $455-million for 150 families. Drew and his partner have taken the client experience to a whole new level by not only reinvesting into client services and better technology, but also by executing once-in-a-lifetime excursions exclusively for clients of the firm. 

Listen in as Drew shares how he and his partner have differentiated their firm by leveraging client excursions and experiences, the different kinds of adventures his firm executes for clients, and the strategy they employ to assemble clients together to foster introductions and networking opportunities. We also dive into how this unique experiences-based marketing strategy has catapulted the firm to north of $450-million in assets in just over two years and why they place so much emphasis on constantly providing added value to clients and prospects.

For show notes and more visit: https://www.kitces.com/249

J.D. Bruce is the Chief of Innovation for Abacus Wealth Partners, an RIA based out of Santa Monica that manages over $4-billion in assets for 1,900 clients. J.D. has been successful in scaling Abacus to its current size by implementing Angie Herbers’ Diamond Team Model to offer a variety of different service models to different types of clients. 

Listen in as J.D. shares how Abacus has leveraged the power of Diamond Teams to keep clients connected to the firm while also allowing for flexibility in the advisors that they work with over time, and how this business model has allowed for the firm to segment its client base and offer a variety of different services based on the needs of those segments. We also discuss why J.D. believes that it’s more important to hire team members who will challenge the cultural status quo as opposed to finding the best cultural fit, and why he believes that conflict is actually necessary for growth and change.

For show notes and more visit: https://www.kitces.com/248

Matthew Jarvis is the owner of Jarvis Financial, an RIA based out of Seattle that manages $240-million for 170 households. Matthew is incredibly focused on increasing the efficiency and profitability of his firm by systematizing his business processes, thereby delivering even more value to clients.

Listen in as Matthew shares the secret behind more than doubling his AUM over the last four years, including why he made the decision to refer clients who are not a good fit for his firm to other advisors and how he ensures the transition is as smooth as possible. We also discuss how systems have played a big part in the firm’s growth, allowing him to deliver more value to clients while raising his fees accordingly.

For show notes and more visit: https://www.kitces.com/247

Jessica Hovis Smith is the President of Longview Financial Advisors, an RIA based out of Alabama that oversees $194 million for 199 clients. Jessica oversaw a succession plan that brought two lifestyle practices into one employee-owned, multi-generational firm, navigating multiple transitions along the way to eventually arrive at a valuation that was fair for everyone.

Listen in as Jessica shares her own personal journey to President of Longview, what it was like overseeing a succession plan that merged two lifestyle practices, and how they structured their purchase to ensure that new owners stood the best chance of staying with the firm throughout their careers. We also discuss the multiple transitions that happened along the way to arriving at a valuation that the founders and internal buyers were happy with, as well as why the actual process of arriving at that valuation was the biggest contributing factor to getting everyone’s buy-in.

For show notes and more visit: https://www.kitces.com/246