Podcasts about feeonly

Today we're joined by Jenny Martella, Principal and Wealth Manager at Modera Wealth Management, whose unique journey in the financial advisory world saw her and her partner achieving remarkable success in growing their firm from $19 million to $250 million in assets under management within 7 years. Jenny and her previous partner were so successful that they decided to seek a merger with Modera Wealth, a much larger enterprise, so they could focus on their strengths. In this episode, we explore Jenny's strategies for growth, the challenges of operational responsibilities, and the decision-making process behind merging with a larger firm. Listen in as Jenny discusses the intricacies of the merger process, from exploring potential partners to navigating the transition of clients and brand identity. She also shares lessons about managing change, adapting to new technologies, and finding her place within the larger organization. You'll learn about her methods for effective client communication and maintaining personal inspiration in the face of professional challenges, ideas for preserving brand identity during a merger, and more. For show notes and more visit: https://www.kitces.com/387   

Have you ever wondered how your financial planner gets paid? In this episode, Michael, Tommy, John, and Ben tackle this question head-on, shedding light on the various compensation methods in the financial planning industry. They cut through the jargon to explain the surge in annual meetings and the strategic importance of mapping out financial goals at the beginning of the year. From explaining fee-only versus commission-based models to the significance of transparency in understanding your planner's payment structure, they will equip you with the knowledge you need to hire the right advisor. Access the full show notes at Mason & Associates, LLC

We often hear how the network of support and connection that XYPN offers is a strong component of success. In today's episode, we learn that for our guest, Leland Gross, CFP®, the founder of PeaceLink Financial Planning, "community" wasn't just a benefit, it was essential after a life-changing event pulled his focus from building his business. Leland discovered financial planning after meeting some advisors through a volunteer program he was part of just after college. He noticed that the advisors were able to work hard while also coaching kids' sports teams and having time to volunteer. Appreciating the flexibility he saw, he decided it was a fit for him. He started his career on the sales side of the business, but over time discovered fee-only planning and the opportunities it presented to him. In September 2021, Leland launched his firm and discovered that same month that his wife was pregnant! Three months later, they received the devastating news that their baby would need open heart surgery just after birth. Leland shares how his XYPN study group jumped in to help him keep his business from failing. While he focused on his family, they got set up so they could call Schwab on the client's behalf, helped craft emails and communications to clients, and basically did anything else they could do to support him while he cared for his family. With their assistance during that critical time, and Leland's strategic social media and podcast leveraging, he is now serving 45 client households (in less than 18 months!) in the self-employed niche—all while experiencing major changes and hardships to his growing family. Leland's story really shows how perseverance and support can get us through unimaginably difficult times and help us still find success. This is a story you won't want to miss! You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/367 

We're excited to welcome XYPN member, Daniel Yerger, MBA, CFP®, ChFC, AIF, CDFA, founder of MY Wealth Planners, a fee-only firm based in Colorado on the show today.  Today's podcast follows Daniel's career path from joining the Army and specializing in PSYOPS to becoming an IT manager for IBM before deciding to pursue financial planning. He effectively started his own firm at a broker-dealer because he didn't have a salary to build his own client base from scratch. Looking back, if he found a salary position in financial planning, he would have taken it and maybe would have never started his own firm. In this show we talk about the importance of meeting like-minded financial planners and his decision to launch his own RIA after attending an FPA NexGen conference. We cover a variety of other topics, including fee structure and using net worth in fee calculations as well as leveraging interns in his practice - one of whom ultimately became his associate advisor. He discusses the importance of firms hiring and paying interns in order to expose more young people to the work we do as financial planners. We closed our discussion on his PhD research on financial advisory fees, advisor compensation, and ultimately how the fight on Twitter regarding fees is really missing the point. If you're interested in the importance of finding a passion that fits and exposing next generations to financial planning, this show is for you. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/350

Today, we talk to XYPN member Ethan Miller, CFP®, founder of Planning for Progress—a fee-only firm based in Washington D.C. Ethan started his career in labor and union organizing which gave him the passion for working with individuals one-on-one to empower them to make the world a better place. Financial planning seemed to be the perfect way to help clients lead socially responsible lives while building financial stability. He launched Planning for Progress in 2016 part-time to build slowly (and remain an active part of movements for social and economic justice). After 4 years, his network and niche aligned. Ethan relaunched in 2022 as a full-time advisor and now serves 70 clients in a calendar year. This episode is fun—and brutally honest. Ethan shares his experience of transitioning between service models to fit his ideal client by embracing both comprehensive and project-based service models and getting his existing clients on board. If you're thinking about starting a firm part-time or looking for ways to incorporate your values into your business, this episode is full of advice for you. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/343

Frank Fernandez is an Associate Planner with Weingarten & Associates, a planning-centric fee-only firm based out of Trenton, NJ that is led by a husband and wife team. If you are seeking to add value to a small yet growing firm, this is an episode you won't want to miss! Listen in to hear how Frank initially found the CFP program, why he pursued three voluntary internships, and how he approached taking both the CFP and the Enrolled Agent exams. We also discuss why he sought out a planning-centric fee-only firm, how his role has evolved over the years with the firm, and more. You can find show notes and more information by clicking here: https://bit.ly/3PHKVka

Cecil Staton is the President and Wealth Advisor with Arch Financial Planning. He joins the show today to chat about his journey in the financial planning industry, including how he got started and why ultimately decided to start his own firm. Listen in as Cecil shares why the fee-only RIA model was the best fit for him, as well as how he was able to leverage his network to find an opportunity that best aligned with his career goals. You'll learn the catalyst that led to him establishing his own firm, how he attracts clients, and tips for new planners who are just starting out. You can find show notes and more information by clicking here: https://bit.ly/3yT2ic8

Michael Chasnoff is the founder and CEO of Truepoint Wealth Counsel, an independent fee-only RIA based out of Cincinnati that oversees $4.5 billion in assets under management for 750 households. Michael has grown his firm completely organically by focusing on working with business owners and executives—and scaling his team by offering a distributed ownership structure with a broad equity participation plan. Listen in as we explore the unique structure that he has built his firm around, becoming a one-stop shop for clients offering both financial planning and in-house tax and estate planning advice. You'll learn how he sells off his own founder shares to select team members to buy into company equity, as well as how he grew his firm entirely organically by focusing on working with business owners and executives with an average of $6 million in AUM, leveraging his expertise, establishing relationships with centers of influence, and becoming an active participant in industry organizations. For show notes and more visit: https://www.kitces.com/275

Today, we talk with two advisors who launched their firms in the past six months. This is a different kind of podcast that gives folks an inside perspective on what it's really like in the first year. Instead of talking to people about how their first year was in hindsight, Elaine King and Scott Alan Turner, fee-only RIA owners from Florida and Texas respectively, share what it's like to figure things out right now—as they're doing it. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/331

Cady North is the founder of North Financial Advisors, a boutique fee-only financial planning firm that focuses on serving female business owners. Based out of San Diego and Washington, North Financial oversees more than $24-million in assets for 30 households, and purposefully maintains a limited number of clients to create high income without the risk of burnout. Listen in as Cady shares why she built a firm around helping a younger clientele of female entrepreneurs, how she helps them balance their money goals and use their capital in the best way possible, and why she intentionally downsized to focus on quality over quantity when it comes to her clients. We also discuss how she has been able to maintain a solo advisor practice by systematizing and automating processes, why she took a 6-month sabbatical to examine what was truly important for her, and why she let go of the to-do lists to focus on feeling fulfilled both mentally and financially. For show notes and more visit: https://www.kitces.com/271

Kyra Morris is the founder of Morris Financial Concepts, one of the oldest independent fee-only RIAs in the country. Based out of Charleston, South Carolina, Morris Financial oversees $350 million of assets under management for 250 clients—a size that Kyra has taken care to scale to by focusing on finding and retaining top talent, as well as letting go of hires who don't meet the firm's high standards. Listen in as Kyra shares how she balances her firm's growth trajectory carefully by growing fast enough to allow for her team to have new opportunities, but not so quickly that she can't find and hire the necessary talent. We also discuss how she retains top talent once she finds them, how she manages stress and finds work-life balance as a busy entrepreneur, and why she gives back to her community by creating mixed-use development that enables minority-run local businesses to flourish. For show notes and more visit: https://www.kitces.com/270

Michael Hartman is the founder of Hyperion Financial, an independent RIA based out of Pennsylvania that oversees nearly $60 million in assets under management for 75 households. What's unique about Michael is the way he fast-tracked his fee-only RIA through the acquisition of a commission-based book of clients that he then converted to fee-only. Listen in as he shares how he got started in the financial planning industry after being in the insurance world, as well as the realization he had that led him to become an independent firm owner to serve clients the way he wanted to and achieve his own personal business aspirations. You'll hear about the challenges Michael went through while transitioning his insurance firm to financial planning, why sometimes you have to take a leap of faith to truly make your business what you know it can be, and more. For show notes and more visit: https://www.kitces.com/269

Please do fill out our Paisa Vaisa Brand Recall Survey: ( https://forms.gle/kZBJg8nQc1GaJSMy5 )This week on #PaisaVaisa, Anupam Gupta is in conversation with Saumya Shah - Co-Founder, Tarrakki where they discuss why is it important to have a wealth manager and current trends in the wealth management industry in India. Anupam and Saumya start the discussion with a brief introduction of Tarrakki, various roles of fund managers and how to start learning more about managing our personal finance. Further, they even understand the various services Tarrakki has to offer. All this and much more on this episode of #PaisaVaisa - Presented by CRED - The Most Rewarding Credit Card Bill Payments App. Paisa Vaisa is India's leading podcast on personal finance with 1m+ downloads, 130+ hours of content and conversations, 150+ guests, and 300+ episodes. Since 2017, Paisa Vaisa has interviewed experts across the spectrum of personal finance covering diverse topics such as mutual funds, stocks, housing, loans, education, crypto, and much more. Listen in now to make smarter decisions with your money!Get Started with CRED: ( https://cred.club/ )Playstore: ( https://bit.ly/3D2fyLs )Apple Store: ( https://apple.co/3AXLRt7 )You can know more about Tarrakki: Website link: ( https://www.tarrakki.com/ )Apple: ( https://apps.apple.com/in/app/tarrakki/id1459230748 )Android: ( https://play.google.com/store/apps/details?id=com.tarrakki&hl=en ) Instagram: ( https://www.instagram.com/tarrakki )Twitter: ( https://twitter.com/tarrakki_ )Linkedin: ( https://www.linkedin.com/company/tarrakki/ )You can follow Saumya on social media:Twitter: ( https://twitter.com/saumyashah6 )Linkedin: ( https://www.linkedin.com/in/saumyashah/ )Get in touch with our host Anupam Gupta on social media: Twitter: ( https://twitter.com/b50 )Instagram: ( https://www.instagram.com/b_50/ )Linkedin: ( https://www.linkedin.com/in/anupam9gupta/ )You can listen to this show and other awesome shows on the IVM Podcasts app on Android: https://ivm.today/android or iOS: https://ivm.today/ios, or any other podcast app.You can check out our website at https://www.ivmpodcasts.com/

Juan Guevara is a Financial Planner with JF Williams & Co. in Denver, CO. After immigrating to the US from Ecuador, Juan finished off his last year of high school, began college, and got into the financial planning field. He joins the show today to share his journey and the success he has found in the industry. Listen in as Juan talks about how he got his start in financial planning, why the first channel he started in was not the best fit for him, and how he secured his position within an RIA that provided a better fit. We also discuss the characteristics of an effective mentor, tips for new planners, and what Juan thinks the industry can do to attract more minority financial planners. You can find show notes and more information by clicking here: https://bit.ly/3rktRay

Nick Prigitano is a Financial Advisor with Milestone Financial Planning based out of Bedford, NH. He first got started in financial services by interning at several tax preparation firms, and he joins me today to discuss how he eventually pivoted to financial planning. Listen in as we discuss how Nick found his first position with a large financial institution and what that role entailed, as well as why he went after the CFP designation and how his career focus shifted after going through certification. You'll learn why he sought out a fee-only RIA firm to work for, the pros and cons of a large institutional firm vs. a small boutique RIA firm, and why the smaller firm is a better fit for Nick despite the step back in compensation. You can find show notes and more information by clicking here: https://bit.ly/3cnaaX9

This week on #PaisaVaisa, Host Anupam Gupta is in conversation with Avinash Luthria, Advice-Only Financial Planner & SEBI RIA at Fiduciaries. Anupam and Avinash talk about the service of financial planning in India and touch upon Avinash's brief background as a financial planner. They also address the issue of why people don't trust financial planners in India and the common mistakes that financial planners make while giving out advice. Further, they talk about the various RIA fee structure models in SEBI, what services does Avinash offer to his clients and things to keep in mind while considering hiring the services of a financial planner. All this and much more on this episode of #PaisaVaisa - Presented by CRED - The Most Rewarding Credit Card Bill Payments App, and Powered by Quartr.Get Started with CRED: ( https://cred.club/ )Playstore: ( https://bit.ly/3D2fyLs )Apple Store: ( https://apple.co/3AXLRt7 )Learn More about Quartr: ( https://quartr.se/ )Playstore: ( https://bit.ly/3j1hADp )Apple Store: ( https://apple.co/37ZpTcL )You can know more about Fiduciaries: ( https://fiduciaries.in/articles/ )Linkedin: ( https://www.linkedin.com/company/fiduciaries/about/ )You can follow Avinash on Linkedin: ( https://www.linkedin.com/in/avinashluthria/ )Muckrack: ( https://muckrack.com/avinashluthria )Get in touch with our host Anupam Gupta on social media: Twitter: ( https://twitter.com/b50 )Instagram: ( https://www.instagram.com/b_50/ )Linkedin: ( https://www.linkedin.com/in/anupam9gupta/ )You can listen to this show and other awesome shows on the IVM Podcasts app on Android: https://ivm.today/android or iOS: https://ivm.today/ios, or any other podcast app.You can check out our website at http://www.ivmpodcasts.com/

Lindsay Elwood-Goetz is the founder of Elwood & Goetz, an independent RIA based out of Athens, Georgia that oversees $365 million in AUM for 375 affluent clients. Lindsay launched her business within a year of graduating from the Texas Tech Financial Planning Program and has been able to steadily grow and create a firm that works for her, her team, and the clients she serves. Listen is as Lindsay explains how it was serendipity that led her into the financial planning world, how she first approached job-hunting once she graduated to only focus on the firms she really wanted to work with, and why she eventually forged her own path to start her own advisory. She’ll also share her insight into why it’s important to persevere and try different things until you find what works, how her firm is managing client interactions during the pandemic, and why the details can say so much more about your firm than you might think. For show notes and more visit: https://www.kitces.com/207

Megan Marotta Russell is the Chief Operating Officer of Marotta Wealth Management. On today's podcast Megan shares with us the awesome potential of Roth-IRA's and 529's. She shares unique strategies, including how she was able to pay her 3-year old and start her Roth-IRA. A lot of golden nuggets in this one, enjoy! Links: https://www.marottaonmoney.com/ https://www.famvestor.com/066 https://www.famvestor.com/roth https://www.fidelity.com/

In this episode, Luis talks about situations when you need a financial planner, the different types of advisor compensation, and questions to ask a financial planner before you hire them. Luis came to the U.S. at age 11 from the Dominican Republic. Growing up in New York City, he noticed the lack of financial literacy in his community and was inspired by his parents to work hard and pursue an education. He founded Build a Better Financial Future LLC and is the host of the On My Way to Wealth podcast. Luis was named one of InvestmentNews 40 Under 40 in 2019 and Financial Advisor Magazine’s 10 Young Advisors to Watch. From participating as an FPA NexGen Ambassador, to speaking at the CFP Board’s Diversity Summit, Luis uses his platform to help spread financial literacy as well as encourage younger and diverse planners to join and thrive in the industry.   Notes: In this episode, you’ll learn about the following: What financial planners do Situations when you need a financial planner The different types of advisor compensation methods Questions to ask a financial planner before you hire them Resources: Build a Better Financial Future LLC XY Planning Network National Association of Personal Financial Advisors LetsMakeaPlan.org Luis’ Twitter Luis’ LinkedIn Luis’ Instagram Luis’ Facebook

We’re honored to welcome Scott Gill, XYPN Senior Compliance Consultant, and Abby Morton, an XYPN member and partner of Goldman Financial Planning, a fee-only firm out of Maine, on the show today. Through XYPN’s Compliance Coaching Program, Scott and Abby have been able to work together to help Abby scale her compliance program as she continues to grow as a firm owner. Join us as we talk about Abby’s specific compliance needs as she’s grown over the years, but most specifically, her looming SEC registration. We discuss how Scott and Abby have been able to implement a culture of compliance within her firm that has her focusing on compliance for only certain days and times each month. Along with helping Abby gain confidence and experience with her processes, Scott has helped her not fear an audit. If you're interested in how you can scale a compliance program within your growing firm, this episode is for you. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/270

Healthcare professionals approach their careers in a different way than the average working professional. This poses both a unique challenge and opportunity. Join SYM principals Seth Whicker and Rick Harrison as they discuss  financial investing and planning for the healthcare professional, the importance of working with a fiduciary advisor, and some advice on maximizing opportunities to make and grow wealth. _____________ Sym Financial Advisors https://www.sym.com 9100 Keystone Crossing #560, Indianapolis, IN 46240 (800) 888-7968 https://g.page/sym-financial-advisors-in?share 414 Townsend St # 202, Midland, MI 48640 (989) 631-0244 https://g.page/sym-financial-advisors-midland?share 4215 Edison Lakes Pkwy Suite 320, Mishawaka, IN 46545 (574) 287-0035 https://g.page/sym-financial-advisors-mishawaka?gm 7030 Pointe Inverness Way #100, Fort Wayne, IN 46804 (260) 387-6822 https://g.page/sym-financial-fort-wayne?share 801 Park Ave, Winona Lake, IN 46590 (574) 267-2300 https://g.page/sym-financial-advisors-winona?gm

At first glance, income seems like a simple topic. But many times, it’s easy to confuse specific cash flows, or even promised cash flows as income when they are not. There are many ways to be compensated, and it’s important to know when you are being paid, how, and why because it will lay the foundation to help you build a plan that uses your income in the best way possible. In this episode, I’ll review what qualifies as income, and what doesn’t. We will highlight a few important things that impact compensation and some tips that will help get you started on your quest to understand your own income. Are you ready? Let’s see where your money comes from. Highlights From Episode #04: It’s not income until we have access to it. It’s important to understand how timing and taxes impact our income. Know the difference between what is and isn’t income. Time-stamped Show Notes: 2:22 – When it comes to your income, keep these things in mind. 2:58 – What else do we need to consider about income, other than amounts? 3:25 – Joe discusses the different types of income we receive. 4:35 – What’s not income? 5:50 – What gets in the way when understanding our income? 6:30 – Joe shares insights into how way timing and taxes impact our income? Resources/Tools/Links Mentioned In This Episode: The Truth About Your Income

A spending plan is a guesstimate of what you will spend over a period of time. It is not a hope, a dream, or any sort of limit that you place on what you spend. It is merely a personal projection of where the money you spend will go and how much. Before you can go making any projections, you need a starting point. The best way to do this, typically, is to review how you’ve spent in the past. Ultimately, a spending plan is a significant part of shifting focus and finding the intention you need in your own finances. In this episode of Deliberate Money Moves, I’ll review how a spending plan fits into your overall financial landscape. We will discuss the best way to build it for you, and some of the drawbacks we have when it comes to sitting down and sifting through our spending patterns. Finally, I highlight how developing your spending plan can be vital in helping eliminate your financial anxiety because your financial life doesn’t have to be difficult or a struggle. Highlights From Episode #05: Spending must help you be successful throughout your life. Spending must fit with your goals and values. Spending must bring joy. Time-stamped Show Notes: 0:45 – What is a spending plan? 2:19 – How does a spending plan give you confidence? 2:38 – What are the three pieces of a spending plan? 4:13 – Why don’t we want to review our spending? 4:28 – For couples, it is key to do this exercise together, here’s why 4:57 – How does having a spending plan push anxiety out the door? Resources/Tools/Links Mentioned In This Episode: How to Get a Handle on Your Net Cash Flow

Financial fulfillment happens when we are in control of our finances, using them to achieve everything we want in life. I know, you’re thinking, “Ha, that’s just a pipe dream.” But what if I told you it’s not? Financial fulfillment is also a state of mind that also comes from financial success and requires us to live up to our financial responsibilities. You can achieve this, but there is a commitment that needs to be made to get there. Sometimes it’s indirectly through a life transition. Other times, it’s merely out of wanting for a change. In this episode of Deliberate Money Moves, I will share with you my catalyst in making this change. I’ll discuss the importance of finding clarity in today’s situations so you have control of where you’re going tomorrow, which will ultimately lead to intentional actions throughout your financial life. I encourage you to grab a piece of paper and think through some of the questions I’ll be asking. Hopefully, the answers you jot down will be the spark you need to recognize where the beginning of your journey lies. Now let’s get started! Highlights From Episode #01: Can you answer this question: What is your catalyst for change? You must find clarity, control, and intention. Bottom line: financial fulfillment is possible. Time-stamped Show Notes: 1:15 – How do we find freedom in our financial life? 5:22 – Finding these three things is key in obtaining your best financial life. 6:53 – What catalyst is driving you to be in this position? 8:10 – It’s better to seek your best financial life this way, which is not always the case. 8:55 – This is part of the pay off in taking the journey. Resources/Tools/Links Mentioned In This Episode: How to Achieve Financial Fulfillment Ready for Financial Improvement? Ask Yourself This Question

If I were to ask you what you value about money, would you be able to answer? Your values are the things that are most important to you. Ultimately, they motivate and guide your decisions. As you grow up, your values may change, but by adulthood, our values are, typically, cemented as a part of our core selves. With that being said, it’s not always easy to unearth our true values and put them into words. In this episode of Deliberate Money Moves, we’re going to dig in and discuss how to unearth your values. To get the ball rolling, I will share an exercise that you can do right now to help you discover what these core values are. It won’t be easy, and usually, this is one of the toughest parts of the financial planning process, but once you get them down on paper, much of the heavy lifting will be done. So, grab a piece of paper, a pencil, and a quiet spot, and let’s dig in. Highlights from Episode #02: Understanding your values helps you commit to your long-term financial goals. Follow the value defining exercise as laid out in this episode to start verifying or clarifying your values. Your values don’t usually change over time, but your perception of them does. Time-stamped Show Notes: 1:06 – Joe shares a technique to recognize what you truly value? 2:06 – Is money an emotional or rational subject for you? Is one better than the other? 2:29 – Can you relate to this client story? 3:49 – Grab a piece of paper and pencil and try this exercise. 4:04 – Do your values change over time? Resources/Tools/Links Mentioned in This Episode: How To Define What You Want Out Of Life

When it comes to our finances, one significant part of the early stages of planning is understanding your resources and determining your net worth. This is one of the most overlooked steps. People don’t want to see where their trouble spots are in their financial landscape. While it may only be a small piece of your overall financial plan, it is priceless in allowing you to move forward. It also serves as a point of reference for you to refer back to as you move through your journey.  In this episode, I will talk about what your net worth is made up of, and together we will go through the process of how to “calculate” it. I will also highlight some things that can cause challenges in determining your net worth as well as the benefits of discovering where you are today. Highlights From Episode #03: Determining your net worth is a bit like following a recipe – If I don’t have the resources I want, to do the things that I want, then I have to change the recipe. What We Own – What We Owe = Net Worth Assets and liabilities don’t have to be perfectly matched – ever. Time-stamped Show Notes: 1:39 – How does a “recipe” translate into understanding net worth? 2:20 – Understanding your assets 3:39 – What are our liabilities? 4:30 – We’ve got our net worth, now what? 5:04 – How does net worth give you clarity? 5:30 – Here’s what can get in the way of the process in determining your net worth. 6:30 – Here’s the good news about understanding our net worth. 7:45 – Why don’t we have to pay off all of our liabilities? Resources/Tools/Links Mentioned In This Episode: Determining Your Net Worth

Today XYPN member Miguel Gomez joins the show to share how his marketing career turned into a financial planning career. Originally from Mexico, Miguel came to the United States to work for a firm as a marketing expert before moving to a different firm and ultimately transitioning into working as a financial advisor. He now works as lead advisor for his firm, and he gives us a glimpse into how he made the switch in his career, as well why he has no plans to start a firm of his own. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/227

In this episode, enjoy a thoughtful discussion with Dan Candura about the arc of his career.  We discuss changes impacting CFPs, the ethics of varying compensation models, and the challenges of advisor rankings.  Are we measuring success the right way?  From Dan's personal efforts to lead by example in his professional ethics in addition to teaching for CE. Dan shares his professional journey, the results of "doing the right thing" in the face of revealing his health concerns, and insights for all advisors.

My guest today keeps up our recent trend of speaking with advisors who serve a unique niche. The founder of Practical Financial Planning, Kenneth Robinson focuses his planning services specifically on Ohio public sector employees. A former public sector employee himself—before he transitioned into financial planning 20 years ago—Kenneth has managed to maximize the efficiency of his practice by developing a specialized knowledge of public sector employee issues and pensions. In this episode, Kenneth shares how he built his business in such a narrow niche, as well as how his heavy specialization not only built his confidence as an advisor, but also made him comfortable increasing his fees. Listen in to learn how he structures his business, tips for dealing with toxic clients, and powerful advice he has received over the years. For show notes and more visit: https://www.kitces.com/119 

My guest today is one of the pioneers of financial planning under the RIA model. Harold Evensky is the co-founder and chairman of Evensky & Katz / Foldes Financial, an independent RIA in South Florida that oversees nearly $1.5 billion in assets under management. With over thirty years of experience in the field, Harold literally wrote the book on taking a holistic, goals-based wealth management approach to portfolio design with his 1997 publication, Wealth Management: The Financial Advisor's Guide to Investing and Managing Client Assets. In this episode, Harold shares his experience starting an RIA in the early days of the independent advisor movement, before platforms like Schwab Advisor Services even existed. Listen in to learn what he did to help his firm compete against mega wirehouses, how the industry has evolved in the three decades since he started, and what it will take for financial planning to truly be recognized as a profession by the public. For show notes and more visit: https://www.kitces.com/116 

XYPN member Michelle Gass has had quite a unique path into the financial planning world. After starting her career as a tax accountant, Michelle transitioned into a family office, and then ended up launching and running a successful hedge fund for over twenty years. It wasn’t until after she retired that she decided to get her CFP and launch her own financial planning firm. Now the founder of Paradigm Advisors, a fee-only financial advisory practice that focuses on guidance and support, Michelle joins this episode to share her professional journey. She opens up about what it was like starting a firm from scratch, what her business looks like today, and the important lessons she learned along the way. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/179

My guest today brings a very different perspective to the show, not just because of the clients she works with and how she runs her practice, but also because of her unusual path into the industry. After transitioning from working as a math teacher to offering financial coaching and counseling to doing financial planning work, Phuong Luong founded Just Wealth, a virtual, fee-only, hourly financial planning practice focused on working with younger clients who are still in the wealth-building phase of their careers. Having worked extensively with low-income individuals and people of color, Phuong has seen firsthand the racial and socioeconomic challenges that impact their ability to build wealth. In this episode, she shares how stereotypes about race and low-income individuals can become blocking points when it comes to giving them effective advice and helping them to reach their financial goals. Listen in to learn how many of the financial challenges people of color face can be traced back to past institutional and government policies, how this may be limiting the reach of financial planning to minority communities, and what we can do to help. For show notes and more visit: https://www.kitces.com/97

My guest today has built one of the largest successful advisory businesses in the country. Ric Edelman is the founder and executive chairman of Edelman Financial Services, a mega-independent RIA with more than $22 billion in AUM, with 165 advisors serving 36,000 clients across 43 office locations from coast to coast. After starting out like any other financial advisor—selling mutual funds in the 1980s as an individual advisor—Ric has spent the last thirty years ultimately building a marketing machine that brought in a whopping 45,000 prospects to his firm last year alone. In this episode, Ric shares how he grew and scaled Edelman Financial over time, as well as how his marketing of the firm has evolved over the years. Listen in to hear why he considers it the firm’s job to bring in new clients (and the role of advisors to simply service those clients), how he would do things differently if he were starting fresh today, and advice for advisors who are thinking about or actively building a practice from scratch. For show notes and more visit: https://www.kitces.com/89

Steve Crawford is a financial advisor, a coach to other financial advisors, and the founder of both Experience Wealth and XY Adviser in Australia. After working in the industry and realizing he wasn’t serving the client base he wanted to focus on, Steve started his own financial planning firm at what was probably the worst possible time to start a firm: 2008. Despite the timing—and despite committing four major don’ts with his own firm—Steve has been steadily growing his business and helping his clients become financially independent. Since bringing on a couple of other advisors, he’s shifted his focus to providing cash flow planning services, and also training other advisors on how to provide this service. Listen in to hear how Steve integrated cash flow planning into his service model, where the majority of his clients come from, and what to expect from the cash flow presentation he'll be giving at the XYPN LIVE 2018 Conference. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/167

Today I'm excited to have XYPN Member Eric Gabor on the show! Eric has spent his entire career as a financial advisor, but he realized early on that he wanted to work with a different client base than the one most firms serve. After making the decision to leave a high-paying job to follow that desire, he ultimately launched his own firm, Eagle Grove Advisors, in 2016. In this episode, he shares the struggles he went through in his first year as an entrepreneur, dealing with very little interest from prospects and limited revenue. Now averaging one prospect meeting per week, Eric has built a successful firm that allowed him to spend 5 months out of the country over the last two years. Listen in to hear how he did it, as well as his advice for other financial planners hoping to start their own businesses one day. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/166

The financial planning industry has mostly targeted the higher earners and often been less accessible for those that really need financial planning and advising services. Michael Anderson joins us to talk about how he is working on providing options for the lower income clients. He also discusses the importance of having a relationship with his clients and why he works so hard on communicating effectively in order to understand his clients’ needs and serve them in the best way. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/165

My guest today has seen his firm through some of the most explosive growth we’ve seen on the podcast. Kyle Moore is the founder of the fee-only financial planning firm Quarry Hill Advisors, and his path into and through the industry is as surprising as it is inspiring. In this episode, Kyle shares how he went from traveling the country as a professional golfer to working as a financial advisor at a firm that saw its partners split up just nine months after he joined. Listen in to hear how he got through his rocky start in the industry with a young child at home, why at one point he accepted a $25,000 salary, and what ultimately made him decide to leave what he calls “the best associate planner position in the country” to start his own firm. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/163

On this episode, Joel Garris of Nelson Financial Planning, discusses the performance of last week’s market and what to expect in the upcoming week. He also discusses what not to do with your 401k or 403B. In addition, Joel answers follow up questions from last week’s show. Joel also compares last year’s tax code to this year’s new tax code. For more information, visit www.NelsonFinancialPlanning.com

On this episode, Joel Garris of Nelson Financial Planning, discusses the performance of last week’s market and what to expect in the upcoming week. He also discusses what not to do with your 401k or 403B. In addition, Joel answers follow up questions from last week’s show. Joel also compares last year’s tax code to this year’s new tax code. For more information, visit www.NelsonFinancialPlanning.com

Brad Sherman is the founder of Sherman Wealth Management, an independent fee-only financial planning and wealth management firm with $38 million in AUM. While Brad started his career on the mortgage side of the business and went through several job changes, he slowly made his way over to financial planning and ultimately made the decision to launch his own practice—while his wife was 36 weeks pregnant. In this episode, Brad shares how he built up his firm with a young baby at home, as well as what made him decide to break away from his broker-dealer and form his own RIA. Listen in to hear what he did to grow his client base as a new business owner, what he’s learned over the last five years of running his own firm, and what he envisions for the future. You can find show notes and more information by clicking here:http://www.xyplanningnetwork.com/161  

My guest today has found an impressive balance between creating a successful advisory firm and giving back to his community. Louis Barajas is the founder of Wealth Management LAB, a multi-family, office-style advisory firm that specializes in providing financial advice and business manager services to entertainers and other celebrities in the Latino community. The first Latino minority to join the National Board of the Financial Planning Association over a decade ago, Louis built his advisory firm over time, from trying to serve Latino small business owners in the barrio where he grew up to writing books and teaching financial literacy to the Latino and broader communities. In this episode, Louis shares the stages of his unique path into financial planning that culminated in him starting his own solo practice, as well as how he stayed positive and overcame the setbacks he faced along the way. Listen in to learn how Louis built his success by focusing not on financial planning but on what he calls financial doing, the immutable laws that everyone in his firm follows, and what he says is the key to expanding financial advice to a broader range of underserved consumers. For show notes and more visit: https://www.kitces.com/81 

On this episode, Joel Garris of Nelson Financial Planning, discusses the performance of last week’s market and what to expect in the upcoming week. He also talks about Simple or Savings Incentive Match Plan for Employees IRA. Joel talks about some of the “must” for estate planning. For more information, visit www.NelsonFinancialPlanning.com

On this episode, Joel Garris of Nelson Financial Planning, discusses the performance of last week’s market and what to expect in the upcoming week. He also talks about Simple or Savings Incentive Match Plan for Employees IRA. Joel talks about some of the “must” for estate planning. For more information, visit www.NelsonFinancialPlanning.com

On this episode, Joel Garris of Nelson Financial Planning, discusses the difference between ETFs and mutual funds. He also discusses better ways to manage your 401k. Joel talks about the growing concern of how to replace your income in retirement. For more information, visit www.NelsonFinancialPlanning.com

On this episode, Joel Garris of Nelson Financial Planning, discusses the difference between ETFs and mutual funds. He also discusses better ways to manage your 401k. Joel talks about the growing concern of how to replace your income in retirement. For more information, visit www.NelsonFinancialPlanning.com

On this episode, Joel Garris of Nelson Financial Planning, discusses how well the American economy is doing compared to the world economy. He also discusses the changes in the new form tax 1040. Joel talks about the growing concern of how to replace your income in retirement. For more information, visit www.NelsonFinancialPlanning.com

On this episode, Joel Garris of Nelson Financial Planning, discusses how well the American economy is doing compared to the world economy. He also discusses the changes in the new form tax 1040. Joel talks about the growing concern of how to replace your income in retirement. For more information, visit www.NelsonFinancialPlanning.com

On this episode, Joel Garris of Nelson Financial Planning, discusses how debt can prevent you from retiring. He also discusses the changes forth coming relating to the Dow Jones. Joel talks about changes in the new tax code involving home equity loans and 529s. Lastly, Joel discusses the fluid situation relating to tariffs between the US and China. For more information, visit www.NelsonFinancialPlanning.com

On this episode, Joel Garris of Nelson Financial Planning, discusses how debt can prevent you from retiring. He also discusses the changes forth coming relating to the Dow Jones. Joel talks about changes in the new tax code involving home equity loans and 529s. Lastly, Joel discusses the fluid situation relating to tariffs between the US and China. For more information, visit www.NelsonFinancialPlanning.com

There’s no right way to structure a partnership and this can make things confusing when building a business relationship between partners. Jirayr Kembikian and Ryan Cole have successfully navigated a 50/50 partnership and they’re here to share how they did it. This episode will be all about how they are building their growing business and how they use their different skills to benefit each other. You can find show notes and more information by clicking here:http://www.xyplanningnetwork.com/156

On this episode, Joel Garris of Nelson Financial Planning talks about the latest news that Social Security is having to tap its reserves this year to make payments. His son and office intern, Nelson Garris, joined him to talk about the implications of autonomous vehicles. Joel also describes the decision making process for paying down a mortgage and the difference between fee only and fee based investor costs. For more information, visit www.NelsonFinancialPlanning.com

On this episode, Joel Garris of Nelson Financial Planning talks about the latest news that Social Security is having to tap its reserves this year to make payments. His son and office intern, Nelson Garris, joined him to talk about the implications of autonomous vehicles. Joel also describes the decision making process for paying down a mortgage and the difference between fee only and fee based investor costs. For more information, visit www.NelsonFinancialPlanning.com

You might know Stephanie Sammons as the founder of Wired Advisors, but as of last year, she’s also the founder of Sammons Wealth Management, a fee-only firm handling $7.5 million in assets. Now focused on high net worth clients in the LGBTQ community, Stephanie has overcome more than her fair share of struggles in the industry. In this episode, she opens up about the difficulties she faced being a gay woman in the advisory world, and ultimately how she has prevailed and continues to grow her practice to support her ideal life. Listen in to hear about her inspiring journey, as well as the major lessons she learned along the way. You can find show notes and more information by clicking here:http://www.xyplanningnetwork.com/155

Today’s guest is XYPN member and founder of Mellen Money Management, Scott Snider. After starting his career on the sales side, briefly working at a bank, and finding his way to a wealth management firm, Scott ultimately decided to start his own firm—and did so while also dealing with moving across the country, his wife starting a new job, and having his first child. Though this path certainly isn’t for the faint of heart, it has worked out well for Scott and taught him some very important lessons. In this episode, he shares his unique journey, as well as key things he learned along the way and advice that anyone hoping to start a firm should take to heart. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/154 

Life gets messy and whether it’s a new tax law or a looming divorce settlement, the value of a financial planner who has expertise in these areas is truly valuable. Diana Bacon joins us on the show today to discuss her career from working with multiple different firms to eventually moving to the fee-only model and starting her own firm. She discusses the struggles and issues she faced and shares some valuable insight into how she did it and how she would have done it differently. You can find show notes and more information by clicking here:http://www.xyplanningnetwork.com/144

Tim Baker’s career is a testament to the true power of having a niche focus for your business. After his time working in a hybrid firm, he decided to launch his own firm with a focus on working with pharmacists. He founded Script Financial in April of 2016, and his concentration on this niche has helped him add almost 50 new clients to his business in the last 18 months. In this episode, Tim shares his unique path to success that included several different career changes after leaving the military before finding financial planning. He also goes into why he is a proponent of charging based on income and net worth, clever tactics he uses to seek out potential clients, and more. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/138

Just the thought of leaving a firm to start your own can be intimidating enough, but today’s guest took that leap at the worst possible time. With a six-month-old baby at home, a wife who had recently quit her job, and a barely-healed broken neck that had just undergone surgery, Mark Boujikian launched Keymark Financial this past May. Amazingly, he not only got his firm up and running, but also managed to grow it with impressive speed. Now considered the go-to expert on incentive stock options for SpaceX engineers, Mark has learned plenty of valuable lessons along his journey. In this episode, he shares the major challenges he faced when leaving a firm to start his own, advice for entrepreneurs who want to do the same, and much more. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/135

XYPN co-founder Michael Kitces is back on the show! Today he’s here to answer some of the most common questions we get regarding what it means to be fee-only and why being a fiduciary is so important to us. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/127 

Selling your business is like handing off your child in a way and it is well known that succession plans can often be messy, confusing and hard to navigate. Marty Kurtz is on the show today to share his impressive journey. We get to hear the details from the beginning stages of building a successful company with strong partnerships, to handing off the baton and creating a succession plan that is best for everyone involved. For show notes and more visit: https://www.kitces.com/43

Anna Segunina knows the difference between a business and a practice - which she's proved with her fantastic work helping to develop Main Street Planning into what it is today. On this episode, Anna shares the story of her career, from how she got started in the business to how she became the owner of a highly successful planning practice. Anna shares many valuable takeaways from her experiences developing an hourly-based business with a focus on planning rather than asset management. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/115

Nancy Bleeke is the founder of Sales Pro Insider and the developer of the Genuine Sales Process. Nancy is a goldmine of great information and has an exciting announcement about her sales course which explores distractions that present as obstacles to our ability to generate sales.  You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/89  

Virtual paraplanning is probably the most requested interview topic from listeners. Jennifer Pritchard has one of the most unique and awesome jobs in financial planning. She's a financial planner who's been mentioned on the podcast before because she's built a virtual paraplanning business working with a number of our XYPN members.   You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/86  

Brian is the owner of Face 2 Face Financial Planning, a fee-only RIA in Kalamazoo, Michigan. He's a second generation planner who was introduced to the industry by his father. In 2007, he started his career in a wirehouse, but found the work unsatisfying after two years. He ultimately learned that he could serve customers in a way that provides value and while he earned a living. His experience is a wonderful case study describing how to establish a new firm, convince clients to join you, and transition from an existing RIA without burning bridges. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/85    

Today we're talking about some topics that don't often get discussed in the financial planning space: how your mental health and business are related, and what happens when you struggle with them both. Dave Grant, now the head of Retirement Matters, shares his journey as a financial planner and entrepreneur, and opens up about his recent experience with depression. You can find show notes and more information by clicking here:  http://www.xyplanningnetwork.com/84

Deb Wetherby, owner of Wetherby Asset Management. The challenges and accomplishments Deb and her team have weathered provide an excellent case study in leadership, growth, and resource development. They have been intentional about creating systems that will facilitate growth while maintaining their focus on client management and high-quality customer service. We cover a number of topics on this episode that entrepreneurs with any aspiration for expansion should seriously consider.   Get the full show notes and transcript for this episode at: https://www.kitces.com/4 

Rick Frisbie, the newly minted CEO of Robust Wealth, offers a thoughtful take on the state of technology in the financial services industry and what we can expect in the next 18 - 24 months. Robo-advisors, or automated wealth platforms, are here to stay. However, advisors will appreciate the suggestions Rick to best incorporate these tools in a way that drives growth.   You can find show notes and more information by clicking here:  http://www.xyplanningnetwork.com/83    

This week, J.D. Bruce - President of Abacus Wealth Partners - shares his experience of growing a firm from a solo practice to an established business with a professional management, a board of directors, and a governance structure. J.D., a CPA with management experience across a variety of industries, was hired at Abacus to help merge two solo firms into the successful operation that exists today. You can find show notes and more information by clicking here:  http://www.xyplanningnetwork.com/82

We closed 2016 out with 350 members; hitting our 20-year goal in just two years. Whoa! As accidental entrepreneurs who sought the freedom to build a lifestyle on their own terms, we discuss the pros and cons of pursuing an aggressive growth strategy in business. In this episode, we reflect on how we were able to meet this challenge and the tools that made delegating much simpler. You can find show notes and more information by clicking here:  http://www.xyplanningnetwork.com/81  

Inga Chira is the President and Founder of Attainable Wealth, a fee-only RIA based in Los Angeles. She specializes in financial planning services for college professors and teachers. Inga has an awesome story and a very cool career path.  During her first year, she has started working with 23 new clients while maintaining her full-time position as an Assistant Professor of Finance. On this episode, we discuss her time management strategies and a simple, yet effective technique to connect with her ideal client.   You can find show notes and more information by clicking here:  http://www.xyplanningnetwork.com/80  

Cady North, like most of our guests on the #XYPNRadio podcast, didn't begin her career as a financial planner. She was a political science major and became the leading expert on the Dodd-Frank bill as it was being written. After getting her MBA, she decided to make the leap into fee-only financial planning. She started her firm, North Financial Advisors, to bring independent and affordable financial advice to young professionals with an emphasis on women. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/79

I designed a potential financial planning practice structure a year or so ago. It has been my backup plan if Radical Personal Finance were unable to be financially productive. (It's probably still a backup of a backup.) In light of the Episode 139: "My Advice for People Interested In Getting Into Financial Planning," I decided to follow up with some specific ideas for a practice I considered creating. Here are my ideas.  The show includes a discussion of: The problem of providing planning for middle-income households The idea of a planning model for a monthly fee How to align advisor and client incentives The benefits of a virtual financial planning meeting The importance of having a clear marketing plan for your practice Ideas for building trust The importance of demonstrating expertise The importance of a niche market focus Limitations on income with this model Enjoy the show! Links: XY Planning Network