Financial Advisor Success

Ep 340: Operating Agreement As Pre-Nup: Splitting Away From Ensemble Partnership To Launch Your Own Firm With Melissa Joy

07.04.2023 - By Michael KitcesPlay

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Melissa Joy is the Founder of Pearl Planning, an independent RIA based out of Michigan that oversees more than $175-million in assets under management for over 250 households. Melissa's unique journey in financial planning saw her rise to partner in a large firm, where she had outside counsel review the partnership and operating documents akin to a pre-nuptial agreement, to safeguard her position should the relationship deteriorate. This proved invaluable as she eventually diverged from the firm's vision, and the legal precautions she took upfront ensured a smooth transition to her next venture. Listen in as Melissa shares why she hired outside counsel to review her firm's operating agreement during her partnership consideration, why she chose to acquire her CFP marks, even though she initially planned to have a career solely in operations, and why she eventually chose to leave her position as partner to start her own business. We also discuss how she strategically set up her firm as a DBA under the firm of a trusted advisor friend, how she incorporates a blend of the Entrepreneurial Operating System and Small Giants approaches in her firm, and how she cultivated hundreds of marketing contacts across numerous channels, including social media, local events, and webinars. For show notes and more visit: https://www.kitces.com/340

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