Financial Advisor Success

Barry Glassman is the founder and president of Glassman Wealth Services, a wealth management firm in the Washington D.C. area that has grown to nearly $1.2 billion in assets under management in barely ten years. Now serving about 250 affluent client families, the company's impressive growth makes sense when you consider the time and energy Barry spends focusing on building the firm as a business, as well as his distinct methods for standing out to clients.

In this episode, he shares his unique approach to differentiating Glassman Wealth by doing what he calls "interrupting the pattern" from what clients and prospects are typically used to. Listen in to learn the uncommon industry practices that have worked to win over clients, advice for sticking out in prospects' minds, and more.

For show notes and more visit: https://www.kitces.com/69

Today's guest has had quite an unusual career path in the industry. After starting out as a Client Care Associate for SignatureFD—an independent RIA that currently serves more than $3 billion of AUM for nearly 1,000 clients—Heather Fortner is now a partner, Chief Operations Officer, and Chief Compliance Officer for the firm. It's an impressive feat by any standard, but especially in a world where it's still relatively rare for non-revenue-producing members of a firm to have an opportunity to become a partner (not to mention how rare this is for women).

In this episode, Heather shares how SignatureFD's unique business model works with their series of various niches under the firm's umbrella, as well as how their holistic financial design process aims to help clients with all types of wealth, including money, time, and relationships. Listen in to hear what skills she believes are most important for everyone—especially women—to develop in order to climb the career track in an independent advisory firm, how advisors can identify the right firm to stick with in the long run, and what she says are the most understated issues limiting the career growth of women in the industry today.

For show notes and more visit: https://www.kitces.com/68

Elliot Weissbluth is the founder and CEO of HighTower Advisors, a unique back and middle office support platform for independent advisory firms that now oversees more than $50 billion of assets under management, with nearly 600 employees. As if those numbers weren't impressive enough, HighTower built their own data platform to house all their advisor and client data. With this unique setup, they can not only build deeper integrations between popular software programs, but they also have the option to easily swap out their software solutions if a newer best in class comes along.

In this episode, Elliot shares the details of his company's one-of-a-kind structure with a subsidiary broker-dealer, including how the HighTower model ultimately produces significant cost savings—even at a cost of as much as 15 - 20% of a firm's revenue. Listen in to hear Elliot's unique perspective on the industry, having built and grown his company with a very different model, as well as the inspiring story of how he coped with severe dyslexia, and ultimately turned the challenge into skills that allowed him to excel in the business world.

For show notes and more visit: https://www.kitces.com/67

My guest on today's podcast took over as CEO of Buckingham Strategic Wealth and BAM Advisor Services a little over 10 years ago (at just 32 years old!) and has nearly quintupled its size since then. One of the youngest CEOs of any major advisory firm, Adam Birenbaum leads his organization in serving over 22,000 clients and overseeing more than $30 billion in assets under management.

In this episode, Adam shares the growth strategies that have worked for Buckingham Strategic Wealth and BAM Advisor Services, as well as why the company has chosen to grow offices in multiple locations. Listen in to hear his advice for leaders of large wealth management firms, how he looks at the mergers and acquisitions marketplace today, and what he says will determine the most successful advisory firms in the future.

For show notes and more visit: https://www.kitces.com/66

Today's guest has been able to grow his firm from under $100 million to nearly $35 billion in AUM in just 15 years—without relying on mergers and acquisitions. Peter Mallouk is the president of Creative Planning, one of the largest independent RIAs in the country, and he's built an organic growth machine through a combination of strategic partnerships and creating a one-stop shop with enough size and scale to deliver the kind of comprehensive value that really makes clients refer.

In this episode, Peter shares what led to his firm's tremendous growth, as well as why Creative Planning includes not only financial planning and investment services, but also divisions for tax preparation, estate planning, and trust services. He also talks about the broader trends in the advisory industry, how the marketplace is shifting, and the competitive threats that advisory firm owners are going to have to navigate in the coming years.

For show notes and more visit: https://www.kitces.com/65

Today's guest has completely destroyed the myth that hourly financial planning can't be scaled effectively. Mark Berg is the founder of Timothy Financial Counsel, an advisory firm that does purely hourly financial planning and made $1.4 million in fees last year. Perhaps even more impressively, 75% of the firm's clients are recurring hourly clients.

In this episode, Mark shares how he was able to successfully scale the reach of Timothy Financial, as well as why his clients are willing to pay between $280 and $400 an hour for financial planning services. Listen in to hear what led to the firm's whopping 83% close rate on qualified prospects last year, why most advisors fail at hourly financial planning despite the tremendous opportunity in using this model, and so much more.

For show notes and more visit: https://www.kitces.com/64

Kevin Kroskey's journey to success is an amazing story of perseverance and a testament to the power of determination. The founder of True Wealth Design, an independent RIA that serves 160 clients, Kevin has managed to grow his practice to nearly $125 million in AUM after what, for many advisors, would have been a catastrophic setback in his early career: going to prison for 17 months.

In this episode, we talk in depth about Kevin's unique path to starting his own firm after working as a high school physics teacher, switching to the financial services industry, and then finding his career and life brought to a halt by an "unrelated" criminal conviction. He shares how he managed to take back his life and build his advisory business, as well as his advice about what any advisor can do to persevere through the challenges that life sometimes throws at us.

For show notes and more visit: https://www.kitces.com/63

Today's guest has had a particularly interesting journey in the advisory world. Now the founder of Portfolio Wealth Advisors—an independent RIA that manages nearly $280 million in AUM—Lee Munson managed to build his practice while overcoming a scathing article published about him in the New York Observer. In this episode, we talk in depth about Lee's unique career path and how he built his firm to the phenomenally profitable practice it is today. He shares why he deliberately does not meet with clients on a quarterly basis, what he says are the secrets of his success, and so much more.

For show notes and more visit: https://www.kitces.com/62.

Today's guest is the founder of Workable Wealth, a virtual financial planning firm that has built more than $200,000 in recurring financial planning fees in just its first four years. As if that weren't impressive enough, Mary Beth Storjohann built the firm while also raising two small children—now two and a half years and three months old.

In this episode, Mary Beth shares details about her personal journey to success, including valuable insight on a subject that hasn't been touched on much in this podcast: the very real challenge of balancing life at home with young children while also starting and/or running an advisory firm. Listen in to hear how she managed client relationships and her marketing and growth momentum through her maternity leave, as well as her advice for female advisors on handling the balancing act of starting your own firm when you also want to start a family.

For show notes and more visit: https://www.kitces.com/61

What works early on when a firm is just starting out does not tend to work as well once the business starts to grow. Many financial advisors are not prepared for managing a large practice so when it starts to scale and grow, it's important to re-evaluate how things are structured. Kelli Cruz joins us on the show to share her expertise in human resources management for mid-size to large financial advisory firms. She has a truly unique and effective method to assessing and adjusting the way businesses compensate and incentivize their employees.

For show notes and more visit: https://www.kitces.com/60