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Building The Team And Tech To Serve Thousands Of (Advice-Only) Clients Efficiently: #FASuccess Ep 487 With Lori Atwood

April 28, 2026 07:04 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 487th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Lori Atwood. Lori is the founder of Fearless Finance, an RIA based in Washington, DC, that has served almost 3,000 client households over the past three years on an advice-only, predominantly hourly fee basis.

What's unique about Lori, though, is how she built an internal planning software platform to meet the needs of her ideal target client alongside a team of advisors ingrained in her firm’s culture and planning processes to profitably and efficiently serve new and existing clients.

In this episode, we talk in-depth about how Lori decided to pursue an advice-only, hourly model to be able to serve working-age clients facing major life decisions (for example, the financial implications of taking a new job in a different city) as well as ‘traditional’ financial planning clients with more assets (who might want to confirm that they’re on track for retirement), how Lori decided to create a "hub-and-spoke" model for her firm with advisors who are tied into the firm’s culture as well as its systems in order to create a stronger brand, and how Lori decided to build her own financial planning software platform (with the support of external developers) to allow her advisors to efficiently zero in on the planning issues most important to their clients.

We also talk about how Lori spends approximately 18% of her revenue on client acquisition, resulting in 400 new clients last year with a 64% close rate, how Lori’s marketing spend might be relatively high amongst advisory firms in terms of percentage of revenue, her per-client acquisition cost is much lower than the industry average given the number of clients she onboards each year, and how Lori markets in part by sponsoring podcasts that put her firm in front of listeners undergoing life changes (and therefore might be ready to meet with a financial planner).

And be certain to listen to the end, where Lori shares how she finds that many clients who might otherwise find financial information using AI tools come to her for "confirmation, not information" on their financial situations, how Lori finds that being transparent about her pricing on her website (and communicating that clients should expect increases to the hourly fee every two years) has resonated well with prospects and ongoing clients alike, and how Lori has ultimately found it gratifying to be the first call her clients make when they face an unexpected financial situation and to be able to provide them with meaningful solutions that keep them on the right track financially.

So, whether you’re interested in learning about how Lori built an advice-only, hourly financial planning firm that has served nearly 3,000 client households in just three years, how how her hub-and-spoke advisor structure helps maintain culture and consistency, and why Lori built her own internal financial planning software to improve efficiency and client outcomes, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Lori Atwood.

How I Hired Two Support Planners: Designing A Job Posting To Attract Talented Early-Career Financial Planners

April 27, 2026 07:01 am 0 Comments CATEGORY: Practice Management, Uncategorized

When hiring, financial planning firms will naturally seek to find the best possible candidate for the specific position. However, such individuals don’t necessarily appear on their own; rather, firms have to craft a job posting that attracts a qualified pool of candidates from which to choose (while also considering the time cost to the firm of assessing those who apply).

In this guest post, Daniel Yerger, founder and owner of the RIA MY Wealth Planners, outlines the strategy behind crafting a job description when his firm needed to hire two entry-level positions in relatively short order, and the tradeoffs involved in where to advertise the position.

To start, the concept of “signaling theory” suggests that employers will attract better candidates when their signals are clear in terms of expectations and rewards, and candidates with stronger qualifications will apply for roles in which they believe they are more likely to obtain adequate compensation in alignment with their qualifications.

With this in mind, an effective job posting can start with a basic description of the role and its responsibilities, followed immediately by compensation information (including a salary range as well as benefits offered). At this point, any qualified candidate for whom the compensation would be reasonable is likely to proceed, and any candidates not qualified or otherwise who feel their skill level is above the offer at hand will move on. Next, the description can describe common tasks for the job (to give candidates an idea of what their day-to-day work would be like in this position) as well as a list of minimum and preferred qualifications (with the former being a shorter list to avoid discouraging potential candidates who might only apply if they meet every one listed).

The job posting can then include a description of the hiring process to give candidates an idea of both what they can expect in terms of submission requirements (e.g., resume and cover letter) and the number of interviews, as well as when to expect to hear back from the firm (whether they’re selected to move on to the next round of the process or not) as well as the start date for the position. To help clients through this process, firms can also include a paragraph describing its target focus, the size of its client base, and any unique characteristics, as well as a list of resources where candidates can learn more about the company.

With the job posting created, firms can then consider where to advertise it to reach a desired pool of candidates. Notably, this decision involves tradeoffs; for example, while including the posting on larger platforms (e.g., LinkedIn or Indeed) can attract a broader (and more diverse) pool of candidates than on industry-specific job boards (e.g., the FPA Job Board or the CFP Board Career Center), doing so could require filtering through more submissions (though firms can reduce the number of superfluous candidates by having them apply on the firm’s website instead of directly on the site where the job posting is listed).

Ultimately, the key point is that given the high stakes involved in advisory firm hiring (particularly when it comes to the time and dollar costs of employee turnover), taking the time to craft and advertise a job posting that appeals to prospective candidates with the interest and qualifications to excel in the position is likely to be a worthwhile investment!

Weekend Reading For Financial Planners (April 25-26)

April 24, 2026 02:02 pm 0 Comments CATEGORY: Uncategorized, Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that a recent report by F2 Strategy indicates that a strong majority of advisory firms surveyed are seeking to make operational changes in the year ahead, with tech integration and client onboarding representing key areas for potential improvement. Which suggests that while it might not be as flashy as marketing or client service, firms are recognizing that improving operational capabilities could be a key to greater scalability over time and be a potential way to boost advisor and client retention as functional hurdles are removed for each group.

Also in industry news this week:

CFP Board reported a record number exam takers during its March administration, with a notable tilt towards younger candidates who could eventually make up for potential talent shortfalls in the years ahead (as long as they don’t wash out of the industry)
Minority investments in RIAs are shifting towards relatively smaller firms, opening the door for founders to tap into the capital and expertise that outside investors can provide (balanced against the possibility of reduced control over their firm)

From there, we have several articles on retirement planning:

A Morningstar analysis identifies retirement income strategies that offer the highest starting safe withdrawal rates (which could be appropriate for clients looking to front-load their retirement spending)
While the results of both are a “probability of success”, historical simulations and Monte Carlo analyses are quite different (but can be quite powerful when used together)
An analysis of whether adding (perhaps many thousands) more scenarios to Monte Carlo simulations adds additional value for advisors and clients considering the sustainability of their financial plans

We also have a number of articles on estate planning:

The ins and outs of disclaiming an inheritance, from the legal requirements to execute a disclaimer to the level of flexibility heirs have to do so
10 reasons why an heir might choose to disclaim an inheritance, from mitigating estate and income tax exposure to protecting assets from creditors
The options for surviving spouses when inheriting a traditional IRA, and how these decisions can impact the after-tax wealth that their children will eventually receive

We wrap up with three final articles, all about lifestyle trends for the wealthy:

The growing popularity of private concierges and how financial advisors can similarly step in to help clients “fix problems” that arise in their lives
Why private jet travel has become a status symbol for wealthy individuals, and how advisors can help interested clients navigate the range of available ways to tap into this opportunity
How concierge medical practices can smooth access to providers and offer a more personalized level of care for patients (though the ultimate health benefits of working with one are less clear)

Enjoy the ‘light’ reading!

Closing The Implementation Gap: A Formula For Exploration Meetings That Lead To Better Client Follow-Through

April 22, 2026 07:01 am 0 Comments CATEGORY: Client Trust & Communication

Financial advisors will sometimes encounter a client who does not follow through on financial planning recommendations, even when the recommendations were developed collaboratively and seemed to resonate in the moment. In that situation, the advisor might assume that the problem was that the plan was too long, too complex, or too abstract, and that the solution is to simplify it and make it more actionable. But the primary cause of the inaction might not actually be a lack of understanding on the client's part. Rather, the plan may be speaking only to one part of the client's mind.

In this guest post, Scott Frank, CFA, CFP, RLP, founder of Stone Steps Financial and a lead trainer at the Kinder Institute of Life Planning, discusses how client motivation can be shaped at the start of the planning relationship and why creating an atmosphere where prospects and clients feel safe enough to explore and communicate their deepest motivations is an important part of that process.

In his 2006 book "The Happiness Hypothesis", psychologist Jonathan Haidt distinguishes between the "Rider" – the conscious, deliberate mind – and the "Elephant" – the unconscious system that stores memory and emotion, runs habit and avoidance, and carries every money story the client absorbed before they were old enough to question any of it. Because common financial planning approaches, such as gathering and analyzing data and presenting recommendations, are largely directed at the Rider, the Elephant is often left out of the conversation. Which creates a gap between the client's understanding of the plan and their motivation to act on it.

With this in mind, George Kinder's life planning approach – the EVOKE framework – begins with Exploration, where the advisor doesn't focus on gathering or assessing client data. During this stage, the advisor is mindful about resisting the urge to go too deep on any one subject. Instead, the meeting is designed to create enough space and safety for prospects to reveal not only immediate financial concerns, but also other issues that might be on their mind, including the deeper motivations behind their financial goals.

Four structural elements define the Exploration meeting: 1) the physical environment, 2) an opening grounded in two genuine questions, 3) a minimal toolkit built around presence and the discipline of asking "Anything else?", and 4) a no-judgment orientation throughout. The meeting closes with reflection along with a clearer sense of what working together would look like, grounded in what the prospect has just brought into the room. In this way, an advisor can better understand not only the immediate financial pain points that may have led the prospective client to reach out, but also the deeper hopes, fears, and motivations that can shape a more meaningful and effective planning relationship.

Ultimately, the key point is that when clients fail to implement financial planning recommendations, the issue is not necessarily a lack of understanding but may instead reflect a lack of (unconscious) motivation to act. By creating space early in the relationship for clients to explore all of their concerns – including their immediate pain points and their deeper hopes and worries – advisors can improve the likelihood that the recommendations developed later will feel personally meaningful, and, therefore, more likely to be acted on with energy and intention!

Lessons Learned From How Mega-RIAs Are Scaling Their People To Support Growth: #FASuccess Ep 486 With Lisa Crafford

April 21, 2026 07:02 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Lisa Crafford Podcast Featured Image FAS

Welcome everyone! Welcome to the 486th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Lisa Crafford. Lisa is the head of advisory of Constellation Wealth Capital, a private equity firm based in Chicago, Illinois, that makes minority investments in RIAs.

What's unique about Lisa, though, is how her career path through RIAs, a major custodian, and now private equity has shown her what it takes to successfully grow a billion-dollar firm, with people (from building a loyal team to hiring the right executives) being at the forefront.

In this episode, we talk in-depth about how Lisa finds that some of the highest-performing large RIAs are those that invest in their human resources function (perhaps hiring an internal Chief Human Resources Officer or using an outsourced solution), why Lisa thinks that offering key executives and team members equity can be an important way to promote retention and ultimately a higher level of client service and firm growth, and how Lisa finds that a key to effective hiring is to both hire in advance of a need (to prevent reduced capacity or a decline in client service standards) and to maintain an ongoing list of "warm" contacts who might make good employees at the firm (such as those firm leaders meet at conferences and other events).

We also talk about how Lisa and Constellation evaluate potential firms to invest in (often looking for those who want to ‘double down’ on their growth with additional capital and knowledge rather than looking to take liquidity out of their ownership stake), how Lisa often works with firms to identify opportunities for firm leaders who wear multiple ‘hats’ to shed one or more of them by making key hires, and how Lisa finds that while hiring an additional executives can be pricey in terms of compensation, they can sometimes serve as a force multiplier that leads to greater returns for the firm in terms of scalable growth.

And be certain to listen to the end, where Lisa shares why she thinks there are currently prime opportunities for those who want to work in the financial planning industry in non-advisor roles, why Lisa sometimes recommends that firms work with consultants who don’t specialize in RIAs (to get a fresh outside voice and stand out amongst their peers), and how Lisa has carved a successful career path for herself across multiple types of planning industry businesses in part by staying in contact with colleagues from around the industry and being open to new opportunities that arise that allow her to expand her reach and impact.

So, whether you’re interested in learning about what it really means to build a firm that generates tens or even hundreds of millions in revenue, the biggest growth constraint for most advisory firms, and hiring strategies, building leadership teams, and structuring equity for employees, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Lisa Crafford.

The 6 Domains Of Financial Advisor Career Development: Framework For A Scalable Career Growth Plan

April 20, 2026 07:01 am 0 Comments CATEGORY: Planning Profession, Research

An advisor's initial years present a valuable opportunity to learn the planning process and slowly progress in the firm. Yet Kitces Research on What Actually Contributes To Advisor Wellbeing has consistently found that associate advisors lag behind other advisory firm roles in overall wellbeing.. Compared to peers in more senior positions, associate advisors report lower levels of autonomy, compensation, cultural fit, and manageable working hours – all core elements linked to job satisfaction and wellbeing. And while some of these challenges are expected early in a career, the gap doesn't disappear with experience. Even associate advisors with several years in the role often find themselves in a professional limbo: ready to take on more responsibility, but without a clear pathway to do so, which can lead to dissatisfaction and, ultimately, attrition.

The core challenge stems from the absence of clearly articulated, structured career development plans within many firms. Associate advisors often reach a 'competency ceiling', where they are capable of handling more complex work but remain in support roles with limited client ownership or strategic responsibilities. This lack of clarity can create a negative feedback loop: advisors aren't promoted because they lack certain experiences, yet they're not given the chance to gain those experiences in the first place. For firms, this presents a costly risk. Advisors who've spent years learning a firm's systems, values, and client base represent significant institutional knowledge – and without forward momentum, they may look elsewhere for growth.

In this article, Senior Financial Planning Nerd Sydney Squires details how managers can develop scalable career development plans that clearly articulate expectations in a measured and balanced way. A useful framework begins with identifying six core domains of senior advisor capability: technical planning, client communication and relationship management, business development, process and tech management, team training, and strategic firm involvement. Advisors need not excel in all six domains; instead, firms can guide them toward high performance in three or four areas that align with both individual skills and firm needs. Early-career advisors often begin with a preference for either client-facing or back-end technical tracks, with options opening up later for management or strategic leadership – a flexible approach that fits especially well within smaller firms, where roles are rarely siloed.

Effective growth plans also differentiate between two major development tracks: technical/task-based independence and strategic firm contributions. Both can be measured using clear progression stages, ranging from observation and supported execution through synchronous work, to full ownership, subject matter expertise, or initiative development. Defining these stages gives managers a shared language to evaluate and mentor talent, while helping advisors see the tangible steps between their current role and future possibilities. Education and experience requirements – such as earning designations or leading strategic initiatives – can be layered into these plans alongside clearly communicated levels of firm support, increasing follow-through and alignment .

Ultimately, growth plans are most effective when they are transparent, dynamic, and revisited regularly. Sharing them broadly and discussing them during ongoing check-ins or annual reviews helps turn growth plans into living documents that foster engagement and accountability. And when done well, structured yet flexible career development plans act as both a recruitment and retention tool – helping advisors understand long-term opportunities and giving firms a more scalable, intentional way to develop talent, benefiting both advisors and firms over the long term!