Welcome everyone! Welcome to the 465th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Todd Pisarczyk. Todd is the founder of Momentous Wealth Management, an RIA based in Vancouver, Washington, that oversees approximately $400 million in assets under management for 400 client households.

What's unique about Todd, though, is how he worked his way through the choice of whether to sell or keep his firm after hitting a complexity wall by analyzing both the numbers (creating his own spreadsheet in the process) and the lifestyle considerations of this decision.

In this episode, we talk in-depth about how Todd found that as his business grew (to around 350 clients) he became frustrated by the increasing lack of freedom and time (despite the financial success of the firm itself), how Todd started receiving offers to acquire his firm (which led him to consider what he wanted the rest of his career [and future ownership of the firm] to look like and what would be most financially advantageous for himself), and how Todd built a spreadsheet to analyze offers that showed that holding on to the firm (even if it meant eventually selling at a lower multiple to internal successors) could lead to a better financial outcome (particularly given the strong growth his firm was experiencing).

We also talk about how Todd, after deciding against selling his firm, brought in newer advisors, which both helped to spread out the workload of the growing firm but also energized him by allowing him to spend more time coaching these new hires, how Todd worked with a consultant to document and build out his firm’s processes to streamline operations and more efficiently scale, and how Todd has found that time blocking (including adopting a surge meeting structure that fits his needs) has allowed him to have more control over his schedule and gives him time to both work in the business and on the business.

And be certain to listen to the end, where Todd shares how his forward-leaning approach towards technology adoption has not just been about gaining efficiency but also freeing up time to provide a deeper level of planning for his clients (which has led to an increased pace of client referrals), how Todd has prioritized creating an attractive client experience to differentiate his firm at a time when clients have many ways to tap into comprehensive financial advice, and how Todd’s idea of success has shifted over time from constantly seeking ‘more’ (in terms of clients, AUM, or other factors) to creating an environment where the next generation of advisors at his firm can be successful themselves.

So, whether you’re interested in learning about making the decision to keep or sell a firm when approaching a complexity wall, keeping financial and personal considerations in mind when making this momentous decision, or leveraging technology to provide a deeper level of financial planning and generate more client referrals in the process, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Todd Pisarczyk.

Read More...

Welcome everyone! Welcome to the 463rd episode of the Financial Advisor Success Podcast!

My guest on today's podcast is David Stevens. David is the president of Stevens Capital Partners, an RIA based in Omaha, Nebraska, that oversees approximately $500 million in assets under management for 475 client households.

What's unique about David, though, is how he is able to generate 10 to 15 client referrals per week by coaching his clients to make more effective introductions to friends and family members who might be good-fit clients for his firm.

In this episode, we talk in-depth about how David helps clients understand that making referrals is a 'normal' practice (encouraging them to do so without being asked to do so directly), how David raises the topic of referrals during the discovery phase with prospects (sometimes introducing the possibility of aggregated fees for family members that come on as well), at the recommendations meeting with new clients (after his firm has been able to show that it's able to address the client's pain points), and at the 60-day mark with clients (after they've had first-hand experience with the firm's service offering), and how David encourages clients to make a warm introduction through texting, with the referred prospect and the advisor on the message (which he finds tends to produce higher response rates compared to an email or simply passing along the firm's phone number).

We also talk about how David's firm has developed four client segments (based on their wealth and complexity) and how the firm's advisors typically work with a single segment to match their skills to that segment's needs, how David created a service offering for next-generation clients who might not meet the firm's minimum asset requirements but can be served effectively and efficiently by having one advisor focus on this entire segment, and how David, after recognizing the depth of service his firm provides, raised his fees for new clients and transitioned existing clients to the new fee schedule over time (doing so in a one-on-one conversation rather than with a blanket email), finding little pushback based on their experience and relationship with his firm.

And be certain to listen to the end, where David shares how he created a written guide to business development that lays out a step-by-step process, from handling an initial contact through ten years working with a client (to support advisors who come to his firm without formal sales training), how David overcame the challenge of having to let staff members go when they have strong technical skills but might not be a culture fit for the firm, and how David ultimately views success as how many people are better off because of his work (including how his firm gives away 10% of its profits to charity).

So, whether you're interested in learning about generating more client referrals by having clients make more effective introductions, establishing client segments, or effectively communicating a fee increase to clients, then we hope you enjoy this episode of the Financial Advisor Success podcast, with David Stevens.

Read More...

Welcome everyone! Welcome to the 458th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Lisa Brown. Lisa is the president of Greenwood Gearhart, an RIA based in Fayetteville, Arkansas, that oversees approximately $1.8 billion in assets under management for 1,070 client households.

What's unique about Lisa, though, is how her firm has implemented an approach of "calm excellence" (in contrast to a practice of "urgent perfectionism") that has allowed her firm to manage its rapid growth while maintaining a high level of client service and mitigating potential burnout amongst staff members.

In this episode, we talk in-depth about how Lisa's firm made the transition from being investment-centric to being planning-centric (helping it avoid fee compression and maintain the same fee schedule it's had for its 43- year history), how Lisa's firm experienced significant growth after developing its comprehensive planning model (while also adding significant work for the firm's staff), and how Lisa found that striving for perfection in the planning process led to burnout amongst team members (who sometimes would work past midnight trying to create the best possible plans and client experience).

We also talk about how Lisa recognized that her team was likely on an unsustainable path and instead developed a framework of "calm excellence" (which her firm defines as "Striving to be our best with measured and paced progress while allowing ourselves to learn and grow from challenges and mistakes"), how Lisa's approach has her team focus primarily on what matters most to the client and what's going to move the needle for them (reducing the number of supposedly "urgent" tasks they face during the day), and how Lisa's "calm excellence" model has led to more efficient (and fewer) work hours for her staff and an element of mutual respect with clients (as both the firm and the clients focus on what's most important).

And be certain to listen to the end, where Lisa shares how her firm reduced the number of internal meetings to two (a daily huddle and a regular investment committee meeting) and only brought back other meetings on an as-needed basis (freeing up staff time for more important tasks), how Lisa's firm has boosted morale by implementing a "kudos" program that allows team members to publicly recognize peers (and award them with a $100 gift card), and how Lisa overcame her own perfectionist tendencies through coaching, reading, and journaling and ultimately embrace the calm excellence framework.

So, whether you're interested in learning about how to overcome the temptation of perfectionism, how to incorporate a framework of "calm excellence" across an entire firm, or how to effectively reduce the number of meetings on team members' calendars, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Lisa Brown.

Read More...

Welcome everyone! Welcome to the 457th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Larry Sprung. Larry is the founder of Mitlin Financial, an advisory firm affiliated with Carson Group and based in Hauppauge, New York, that oversees approximately $200 million in assets under management for 200 client households.

What's unique about Larry, though, is how he has grown his business in part by helping prospective clients focus on what brings them joy rather than on financial details that they might be more nervous to discuss.

In this episode, we talk in-depth about how Larry starts his prospect "fit" meetings with open-ended questions (including asking prospects what their ideal life filled with joy would look like) to find out what's really important to them, how Larry has found that this approach can take the edge off when many clients come into the process worried about whether they'll be judged for their previous financial decisions, and how Larry's focus on leading with "joy" questions shows prospects that his firm cares about their overall wellbeing (and not just the dollars and cents of their financial life), increasing trust and the likelihood that they will choose to become a client.

We also talk about how sharing more business-related and personal content on social media helped Larry drive greater engagement with prospects and clients (convincing many they'd want to become clients even before meeting with him personally), how Larry's openness about his values (including prioritizing his family by purposefully keeping his practice small for many years) helped him gain and retain clients who share those values, and how Larry decided to transition from a lifestyle practice to a business enterprise after his youngest child left home (giving him the time needed to focus on growing his firm).

And be certain to listen to the end, where Larry shares why he decided to affiliate with Carson Group rather than try to scale the business on his own or to sell to a larger buyer, how Larry smoothed the transition for his clients by being transparent about how their fees would change and the enhanced services he'd be able to offer under Carson Group, and how Larry ultimately views professional success as his ability to help as many generations of client families as possible while also helping his staff reach their personal success (which ultimately leads to better service for his clients as well).

So, whether you're interested in learning about how to bring joy to the financial planning process, how leading with joy can speed the prospect-to-client timeline, or how an active social media presence can boost prospect and client engagement, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Larry Sprung.

Read More...

Welcome everyone! Welcome to the 452nd episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Gabriel Shahin. Gabriel is the CEO of Falcon Wealth Planning, an RIA based in Ontario, California, that oversees $1.4 billion in assets under management for 1,500 client households.

What's unique about Gabriel, though, is how his firm has grown from $200 million to $1.4 billion of AUM in just five years by generating 2,500 leads a month (that lead to 450 to 500 new clients onboarded annually), in part by spending approximately 15% of firm revenue on marketing each year.

In this episode, we talk in-depth about how Gabriel's firm invests the most marketing dollars in advertising on Google (which is the top source of its leads and clients) and increases the effectiveness of this spend by creating dedicated landing pages and lead magnets targeted at different search keywords, how Gabriel's firm has created educational content for its website (in written, audio, and video formats) that not only helps with search engine optimization, but also with answer engine optimization (amidst the growing popularity of AI search), and how Gabriel also has found success investing marketing dollars on a range of advisor lead-generation tools (and improves the success rate of this tactic by employing staff members who are responsible for quickly responding to new leads from these sources).

We also talk about how Gabriel's firm uses a personality-typing system to match prospects with an appropriate member of its business development team and with the advisors who will ultimately serve them when they become clients, how Gabriel employs a revenue-based compensation structure for advisors (allowing them to grow their compensation as they work with more, and wealthier, clients, with a salary floor for those starting to build their client bases), and how Gabriel ultimately views the advisors on his team as his biggest "clients" (given that they are one of the keys for the firm to be able to serve even more clients in the future).

And be certain to listen to the end, where Gabriel shares why he's willing to invest in hiring and technology spending not just based on his firm's current needs but rather where he wants the firm to be in the future, why Gabriel's firm charges an above-average fee to its clients (starting at 2% of AUM and only reaching 1% at approximately $3 million of AUM) based on the high level of service he believes his firm provides (particularly in helping clients find tax savings opportunities), and how Gabriel's growth over the past several years has come after building a team that can effectively attract and serve clients (without him personally being at the center of these initiatives), allowing him to focus on his role leading the firm into the future.

So, whether you're interested in learning about the potential return of making significant hard-dollar investments in marketing, leveraging Google and dedicated landing pages to attract prospects, or the challenges of growing AUM by a billion dollars organically in just five years, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Gabriel Shahin.

Read More...

Welcome everyone! Welcome to the 450th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Ryan Morrissey. Ryan is the founder of Morrissey Wealth Management, an RIA based in North Haven, Connecticut, that oversees $140 million in assets under management for 150 client households.

What's unique about Ryan, though, is how he has added $80 million of client assets during the past seven years primarily by holding in-person educational retirement planning seminars that attract his ideal target client.

In this episode, we talk in-depth about how Ryan organizes his seminars as two three-hour classes held over the course of two weeks (which gives him plenty of time to build a personal connection with attendees), how Ryan offers a personal consultation to seminar participants as an optional third “session” (framing it as something they have already paid for as part of the class fee), and how Ryan typically gets two new clients from each class session (representing an average total of $1.7 million in assets) generating revenue that exceeds his costs for holding the seminars in their first year with his firm alone.

We also talk about how Ryan gets logistical support for his seminars by offering them through local public adult education programs (which secure appropriate classroom space and facilitate participant registration), how Ryan has found that charging for the seminars has led to greater participant engagement (and why he’s willing to let the adult education programs keep the registration fees from his seminars given the revenue that comes from new clients who find him through the classes), and how Ryan markets his seminars by sending mailers targeted at households in his area that fit his target age and wealth profile.

And be certain to listen to the end, where Ryan shares his experiences working in the wirehouse, independent broker-dealer, and RIA channels (and how he’s thrived after gaining the independence that firm ownership can provide), how Ryan has navigated ongoing compliance obligations as an independent RIA (first successfully handling it by himself and now working with a compliance firm as he’s passed the threshold for SEC registration), and how Ryan ultimately experienced significant client and AUM growth after making the leap to firm ownership, going fee-only, and simplifying his service and investment planning offerings.

So, whether you’re interested in learning about how to organize effective in-person educational seminars, finding key outsourcing partners to reduce the time needed to put them on, or getting a strong return (in the form of new clients) on marketing dollars spent on promoting seminars, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Ryan Morrissey.

Read More...

Welcome everyone! Welcome to the 449th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Michelle Perry Higgins. Michelle is a principal of California Financial Advisors, an RIA based in San Ramon, California, that oversees $2 billion in assets under management for approximately 1,500 client households.

What's unique about Michelle, though, is how her firm has grown to $2 billion of AUM entirely organically and has achieved a greater than 99% client retention rate, in part by setting high standards for client service (and sticking to them over time).

In this episode, we talk in-depth about how Michelle prioritizes her clients' time (ensuring they never wait more than 5 minutes for a meeting and always receive a same-day call back when they contact the office), how Michelle created what she calls an "Everything Binder" that allows clients to put all of their key information in one place (providing clients with peace of mind by easing the transition for loved ones if the client becomes incapacitated or passes away), and how Michelle builds a half hour into her schedule after client meetings to record notes into her CRM so that she doesn't forget any important messages the client communicated during their conversation.

We also talk about how Michelle has achieved strong client satisfaction by spending the majority of time during meetings listening to what they have to say (and avoiding jargon when it comes time for her to discuss technical planning topics), how Michelle seeks to go a level deeper when talking to clients about their personal lives (for example, not just asking about where they went on vacation but also whether they had any money conflicts during the trip), and how Michelle ends each client meeting by asking whether there are any issues the client wants to talk through (which may or may not be financial-related and helps her gauge their satisfaction with her service).

And be certain to listen to the end, where Michelle shares how she has built California Financial Advisors with three of her partners over the course of 30-plus years (and why they maintain an "eat what you kill" approach towards compensation), how Michelle has found significant value from operating an internship program (both professionally by identifying talented students who could become the next generation of advisors at her firm, and personally by being able to mentor aspiring advisors), and how Michelle has navigated the challenges of being successful as a financial advisor and as a parent at the same time (including the joys she's had and the sacrifices she's made along the way).

So, whether you're interested in learning about setting and maintaining high client service standards, fostering deeper client conversations, or making a partnership last over multiple decades, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Michelle Perry Higgins.

Read More...

Welcome everyone! Welcome to the 446th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Misty Lynch. Misty is the owner of Sound View Financial Advisors, an RIA based in Walpole, Massachusetts, that oversees $46 million in assets under management for approximately 100 client households.

What's unique about Misty, though, is how she grew her AUM by $30 million in 2 years in part by being recognized as a financial planning expert within Facebook groups for her ideal target clients of small business owners and families in her local area.

In this episode, we talk in-depth about how Misty gained recognition in key Facebook groups (for example the Boston Business Women’s group) not necessarily by promoting her own business or content but rather by being recommended by group members who were already familiar with her work, how Misty started creating personal finance blog content while she was still working in a corporate role at a broker-dealer (which gave her a running start when she did make the transition to client-facing advisor), and how Misty started a podcast that gave her access to key centers of influence (such as estate planning and student loan planning attorneys) and led to referrals from these professionals down the line.

We also talk about how Misty jump-started her firm ownership journey by buying a firm from a retiring advisor (which helped her avoid the time and effort involved in registering a firm from scratch), how Misty raised the fees on the firm’s legacy clients with little pushback and created an ongoing service and fee model that reflected her desire to (profitably) have long-term relationships with clients, and how Misty made the decision to make her first hire to provide additional support during a period of rapid growth (helping her ensure that current clients remained engaged as she onboarded a number of new clients).

And be certain to listen to the end, where Misty shares how she earned a life coaching certification that has helped her ask better questions to recognize clients’ money mindsets (which eventually led to her writing a book on the topic, further enhancing her reputation), why Misty previously ‘chased’ financial designations in an attempt to make herself more credentialed as a relatively young advisor (but eventually recognized that she was already ‘good enough’ to serve clients even without the various initials listed after her name), and how Misty transitioned from viewing success as a matter of personal and firm metrics and instead as a feeling that she’s doing good work and is living her life in the way she wants to.

So, whether you’re interested in learning about generating prospect leads through Facebook groups, jump-starting the firm ownership journey by buying a retiring advisor’s practice, or creating content across a variety of platforms, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Misty Lynch.

Read More...

Welcome everyone! Welcome to the 445th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is James Conole. James is the founder of Root Financial, an RIA based in Encinitas, California, that oversees $1.3 billion in assets under management for 630 client households.

What's unique about James, though, is how his firm has experienced massive growth (expecting to grow its revenue from $4.6 million to more than $10 million in 2025 alone) thanks in part by attracting clients who have engaged with his educational YouTube videos.

In this episode, we talk in-depth about how James found that transitioning from audio and video content covering general personal finance topics to material specifically for his ideal target clients (pre-retirees and retirees with at least $2 million in investible assets) initially led to fewer viewers but ultimately to more interested prospects, why James views consistency (in his case, posting a new YouTube video weekly) and depth of content (to differentiate his videos from others covering more surface-level material) as keys to his success attracting clients through this medium, and how James has created a separate YouTube channel that offers prospective clients (and potential employees) a behind-the-scenes look at how Root operates and the people behind it (giving these groups a better idea of what they could expect if they work with the firm).

We also talk about how James (once his firm started to receive a strong flow of leads) increased the friction involved for prospects to schedule an introductory meeting by requiring them to fill out a short form on their financial situation and disclosing the firms fees and asset minimums (leading to a higher percentage of meetings with good-fit prospects), how James firm transitioned from a three-meeting sales process to what it calls a "one-meeting close" (enabled in part by prospects already being familiar with the firm and how it operates based on their experience with its YouTube videos), and how James established a standardized system of five meeting types (in order, discovery, income, investments, retirement and tax projections, and security) to efficiently onboard new clients as the firm grows.

And be certain to listen to the end, where James shares how instituting a $2 million asset minimum for clients allows the firm to reinvest more aggressively (particularly into new staff to handle its rapid client growth) and position itself to potentially create a service for less wealthy clients down the line, how James firm standardized advisor training into its "Root University" program (which leverages tech tools like Monday.com and Loom to provide a consistent and scalable training experience), and how James is working to establish a strong company culture in a remote working environment (including by holding annual company retreats and smaller in-person gatherings among members of individual teams).

So, whether youre interested in learning about leveraging YouTube to increase the number of inbound leads who are already familiar with you and your firm, executing a more efficient prospect-to-client conversion process, or creating a tech-centric training system to ensure consistent service across advisors within the firm, then we hope you enjoy this episode of the Financial Advisor Success podcast, with James Conole.

Read More...