The Advice-Only Podcast

Today we welcome Anthony Lombard, founder of Noteworthy Financial based in Northern Virginia. Anthony brings 20+ years of experience across financial services and technology, having worked at Morgan Stanley, BBVA, and DocuSign before launching his own Advice-Only practice. His unique background also includes living internationally and experiencing firsthand the equity compensation tax surprises he now helps clients navigate.

Key Topics Covered:

• RSU Tax Surprises - How Restricted Stock Units create ordinary income when vesting, even without receiving cash, and why your W2 can be much higher than expected when your company goes public or has a liquidity event
• International Tax Landmines - Why moving abroad as a US citizen creates complex filing requirements, including the dreaded PFIC (Passive Foreign Investment Company) rules that can turn simple foreign investing into a paperwork nightmare
• The Roth IRA Reality Check - Why "tax-free is a local term" and your Roth IRA may not provide tax-free withdrawals when living in countries like France, Germany, or Australia
• Planning and Prevention - Practical strategies for organizing equity compensation schedules, working with qualified international tax professionals, and avoiding common pitfalls

Anthony emphasizes the power of knowledge and preparation when dealing with these complex scenarios. His experience living internationally and working in tech companies during high-growth periods gives him unique insight into challenges that many advisors rarely encounter but can have massive financial impacts on clients.

This episode is essential listening for any advisor with clients in tech companies, anyone considering international moves, or professionals dealing with equity compensation packages. Make sure to stick around for Anthony's sage words of advice at the end:

"I think it is wonderful to always be curious. Be curious about how the world works. Be curious about how people make decisions and the psychology around human interaction."

In this special role-reversal episode, usual host Sarah Sprague Gerber becomes the guest as Eric Simonson takes over the interviewing duties. Sarah is the founder of Momentum Financial Planning and Chief Community Officer at Advice-Only Network, bringing a unique perspective as both a successful advice-only practitioner and community builder.

Sarah's journey began as a chemical engineering student at MIT who discovered personal finance out of necessity when facing a 50-page benefits packet as a new graduate. What started as personal research evolved into taking CFP classes at UC Berkeley Extension, where she discovered that financial planning could be a career.

Key Topics Covered:

• The Accidental Discovery - How a MIT engineering graduate stumbled into financial planning through personal necessity and UC Berkeley extension classes, realizing this could solve problems for more than just herself
• Service Model Evolution - Sarah's journey from trying different pricing and service models annually to landing on her current combination of ongoing planning relationships and "Just Talk to Me" 90-minute sessions
• The Ongoing Advantage - Why ongoing relationships proved more "sticky" than expected and how her modular approach covers everything from estate planning to stock compensation in digestible pieces
• Couples Specialization - How her own 2019 marriage inspired her Marriage & Money program and upcoming book, recognizing that merging financial lives creates unique challenges and opportunities
• Community Building Impact - Her role with Advice-Only Network and hosting this podcast, helping solo practitioners realize "you are not alone" in building successful advice-only practices

Sarah emphasizes that advice-only planning absolutely works as a business model, encouraging aspiring planners to have faith in their value and keep experimenting with models until they find what fits. Her engineering background brings analytical thinking to the relationship-focused world of financial planning, creating a unique blend of technical competence and personal connection.

This episode offers valuable insights for both aspiring Advice-Only planners and established advisors looking to refine their service models or explore new niches.

"You are not alone and it can work -- there are other advisors successfully serving clients this way, running successful practices and having fun while doing it."

Today we welcome Cody Garrett, founder of Measure Twice Financial, Measure Twice Planners, and Measure Twice Money, plus co-author of the new book "Tax Planning to and Through Early Retirement." Cody's philosophy that "the more you give away, the more you'll receive in return" has shaped not just his marketing but his entire approach to business. His vision for Advice-Only planning becoming mainstream drives his continued educational efforts and generous sharing of resources.

Key Topics Covered:

• The Blue Ocean Discovery - How one phone call revealed that advice-only was a massive unmet need, leading Cody to leave his traditional AUM firm and launch his practice in 2021
• Marketing Through Generosity - Why Cody's approach of "give, give, give" without expecting anything in return proved more effective than traditional marketing, and how he built his reputation in Facebook groups like ChooseFi
• The Business Model Evolution - From serving 42 clients at $4,200 each to working just 10-12 clients annually at premium rates, plus how he structured decreasing fees for returning clients
• Building Multiple Revenue Streams - How Measure Twice Planners (educating 1,500+ financial advisors) and Measure Twice Money (consumer education) grew from his core planning practice
• The Future Vision - Why Cody believes clients will soon create their own AI-enhanced financial plans first, then hire Advice-Only planners to validate and check for blind spots

Whether you're an advisor exploring different business models, a student considering financial planning, or someone interested in the future of financial advice, Cody's journey offers both inspiration and practical insights for building something meaningful.

"The more you give away, the more ironically you'll receive in return, even professionally, financially and otherwise. How can I give more to others without expecting something in return?"

• Measure Twice Financial - Cody's advice-only planning firm
• Measure Twice Planners - Education and training for financial advisors
• Measure Twice Money - Financial planning education for consumers
• Tax Planning to and Through Early Retirement - Cody's new book (co-authored)
• Advice Only Network - Directory and community for advice-only planners
• ChooseFi - Financial independence community and podcast
• CFP Board - Certification and continuing education
• Kitces.com - Michael Kitces' financial planning content
• Amplified Planning - Hannah Moore's externship program
• Cody's YouTube marketing strategy video (link in show notes)
• "The Go-Giver" by Bob Burg - Philosophy of generous giving
• "The E-Myth Revisited" by Michael Gerber - Essential reading for financial planning entrepreneurs
• "Atomic Habits" by James Clear - Building better habits and systems
• ChooseFi Podcast - Brad and Jonathan's financial independence show
• Radical Personal Finance - Joshua Sheets' comprehensive financial education

Today we welcome Annabelle Dobson, Assistant Director of the Financial Professional Development Program at the University of Florida's Warrington College of Business. This rapidly growing program has reached over 1,000 students and is graduating about 80 students annually from their CFP® approved wealth management minor - making it a significant pipeline of new financial planning talent in the country.

Annabelle brings a unique perspective on the intersection of academia and industry, working daily to connect students with career opportunities while helping firms find the next generation of financial planners.

Key Topics Covered:

• The Student Pipeline - How UF introduces freshmen to the vast finance ecosystem, from investment banking to wealth management, and helps them discover their passion for helping people through financial planning
• Industry Connection - Why the program brings industry professionals to campus weekly and how advisors can get involved through speaking, mentoring, or hiring opportunities
• What Students Really Want - Beyond compensation, students prioritize career trajectory and mentorship - they want to know they'll be "attached at the hip" learning from experienced professionals rather than stuck at a desk crunching Excel numbers
• The Advice-Only Opportunity - How solo practitioners and smaller RIAs can offer unparalleled learning experiences that big institutions simply cannot match

This episode is essential listening for any advisor considering hiring new talent and students exploring financial planning careers. Annabelle's insights reveal how advice-only firms can tap into this incredible pipeline of motivated, educated future advisors while helping students discover that financial planning offers meaningful career paths beyond traditional banking.

Today we welcome Krystal Fortner, a unique voice in financial planning who combines her Licensed Clinical Social Worker (LCSW) background with comprehensive financial planning. After 15 years in child welfare and 7-8 years of thinking about starting her own firm, Krystal started her Advice-Only firm in 2023 and hasn't looked back since.

Krystal brings a refreshing perspective, calling herself the "driver's ed teacher" who keeps the bus on the road while clients do the driving. Her therapy background creates immediate trust with clients who "breathe a sigh of relief" knowing they won't be judged for past financial mistakes.

Key Topics Covered:

• The Therapy Connection - Krystal's clinical social work skills help her use behavioral modification techniques to create sustainable habits and help clients see possibilities they never thought achievable
• Client Empowerment - She's passionate about educating clients through implementation, including helping women place their first trades to seeing that "light bulb moment" when they realize their own capabilities
• Chapter-Based Financial Planner - Krystal shares her "chapter-based" planning process that spreads comprehensive planning across 4-6 focused meetings
• Advice-Only Champion - After working under various models, she explains why Advice-Only feels like the most honest and transparent approach

Krystal's story inspires both advisors hesitating to make their own leap and consumers who may have felt intimidated by traditional financial planning. Her warm, behavioral-focused approach offers a fresh perspective on what financial planning can be. Be sure to listen for this great quote from Krystal:

"Anything in life is truly possible, whether it be financially related or non-financially related. Just having the drive and determination and finding someone who can see your vision even when you can't will get you there."

In today's episode, Sarah talks with Zach Lundak, founder of Barrett Financial Planning, who launched his hourly-only practice just over a year ago

Zach's enthusiasm for his work shines through as he discusses several topics:

The Hourly-Only Model - Why Zach chose this approach for clients who want financial planning expertise but prefer to maintain control of their portfolios, and how it serves people who aren't willing to turn over discretionary management to an advisor.

Client Focus Areas - The two primary concerns driving his clients - getting a professional sanity check on their retirement readiness and navigating complex Roth conversion strategies.

YouTube as Marketing - Zach's deep dive into building a YouTube channel from scratch, including the learning curve, the importance of consistency, and how even a modest following can generate meaningful business results. He shares insights from his weekly mastermind group with other advisor-YouTubers.

Entrepreneurial Journey - The mental and financial challenges of leaving a steady paycheck to start a firm while raising two young children, including how his daughter "Ladybug" inspired his firm's logo.

We hope you enjoy this episode full of practical wisdom for both advisors considering the hourly model and consumers approaching retirement. Zach sums up his enthusiasm with this great quote:

"I hope everyone gets to work on a project they're fired up about. It's been so much fun."

In this advice focused episode of the Advice-Only podcast, host Sarah Sprague Gerber sits down with Mike Piper whose accolades include prolific author, owner of the popular Oblivious Investor blog, founder of his own Advice-Only practice, and creator of the Open Social Security calculator. Mike brings his unique perspective as someone who has had the rare opportunity to spend extensive time deeply researching financial planning topics.

Mike specializes in working with clients approaching and in retirement (median client age 65), making him perfectly positioned to discuss two critical topics for this life stage. His approach balances deep technical expertise with genuine empathy, particularly when discussing the challenges facing grieving families.

Key Topics Covered:

• Estate Planning Realities - Common mistakes from outdated beneficiary designations to unfunded trusts, including a shocking real case where a godchild received a six-figure inheritance instead of the intended $5,000, plus compassionate guidance for survivors facing enormous administrative tasks during grief
• After a Death Occurs - Practical first steps for getting organized, taking detailed notes, and knowing which tasks are truly time-sensitive versus those that can wait for better days, along with why "brain fog" during grief is completely normal
• Roth Conversion Strategy - What conversions are, why that temporary income dip between retirement and Social Security/RMDs creates opportunities, and how the size of your tax-deferred accounts and beneficiaries matter more than you might think
• Execution Details: Target tax bracket thresholds rather than IRMAA limits, use taxable account dollars to pay conversion taxes, and why the "widow's penalty" is real but not scary

Mike's story offers invaluable guidance for both advisors helping clients navigate these complex decisions and anyone approaching retirement themselves. Listen for his reminder to be gentle with yourself during difficult times provides both practical and emotional wisdom.

"These things are important and you will get them done. But be forgiving with yourself."

Sarah Sprague Gerber welcomes Maggie Klokkenga, financial planner at Abundo Wealth and former solo practitioner who brings both CPA and CFP® expertise to her unique approach to financial planning.

Maggie reveals why cash flow and spending awareness must form the foundation before any other financial planning can succeed, sharing innovative approaches like "budgeting blocks" that transform flat spreadsheets into 3D visualizations that create powerful "aha" moments for clients. She goes beyond traditional number-crunching by incorporating money emotions, mindfulness techniques, and vision boards to help clients align spending with their true values. She also shares her refreshingly honest journey from solo practitioner to team member at Abundo Wealth, offering permission and validation for advisors who realize that changing paths isn't failure - it's growth.

Whether you're an advisor considering different practice models or someone struggling with where your money goes each month, Maggie's journey offers both practical strategies and permission to forge your own path.

"I cannot imagine not having done it because of all the wonderful relationships and things that I've done on my own that I just go, I did that."

• Klontz Money Script Inventory (KMSI-R) - Free assessment to discover money beliefs from childhood (link to be provided in show notes)
• Budgeting Blocks by Amplified Planning - 3D visualization tool for spending categories
• PowerPay.org - Free website with debt payoff calculators and spreadsheets
• The Financial Wisdom of Ebenezer Scrooge by Rick Kahler, Brad Klontz, and Ted Klontz - Introduction to money scripts and intentional money management

In this inspiring episode of the Advice Only podcast, host Sarah Sprague Gerber sits down with Holly Donaldson, founder of Holly Donaldson Financial Planning and a true pioneer in the Advice-Only movement.

Holly shares her remarkable journey from corporate banking to launching her own independent practice in 2006 - before "Advice-Only" was even a recognized term in the industry. After years in private banking serving ultra-high net worth families, a pivotal conversation with her sister gave her the push she needed to break free from the product-pushing culture and create something different.

Holly offers practical wisdom for advisors considering the Advice-Only model, including her refreshing take on finding a business model that fits your personality rather than forcing yourself to adapt. She also shares her passion for mentoring the next generation, particularly young women entering the field, noting that women still represent only 25% of CFPs.

Whether you're an advisor exploring different service models, a consumer seeking to understand your options, or someone considering a career in financial planning, Holly's nearly 20 years of experience offer valuable lessons about staying true to your values while building a sustainable practice.

Listen for Holly's powerful closing question: "When you think you can't do that thing that you really want to do, have you taken a fresh look at what's holding you back?"

Join us as host Sarah Sprague Gerber interviews Steven Fox. Steven runs the new platform, AdviceOnly, a corporate RIA built to support Advice-Only Advisors who do not want to start their businesses independently. On this podcast, Steven shares many great stories and messages about why Advice-Only as a model is the best pathway for both advisors and consumers alike.