Ep #240: Creating a Tool to Facilitate Meaningful Money Conversations Among Family Members: The 30-Year Career of Hillie Katzeff

In this episode, Maddy Roche returns as the full-time host of XYPN Radio.  Joining her is XYPN member Jennifer Kang, CFP®, founder of JWK Financial, a thriving RIA based out of New York. Jennifer shares her incredible journey and how she leveraged two decades’ worth of experience in a large wirehouse to shape the foundation of her fee-only, flat-fee approach at JWK Financial. 

Jennifer gets real about hitting the ground running and the expectations and pace she experienced in her initial months. What sets this interview apart is Jennifer's unwavering confidence in the value she delivers to her clients, a trait that shines through as she fearlessly encourages prospects to interview other advisors. She discusses the art of transitioning clients from an initial engagement fee to an ongoing relationship at an annual flat rate. 

Jennifer encourages building a new business at a cadence that allows flexibility, reinvesting time into existing clients, and creating referability. This episode is a goldmine of advice, aligning seamlessly with the principles taught at XYPN. Don't miss out on the insights that make Jennifer's journey and expertise a can’t-miss for financial professionals. Listeners, get ready for an informative show! 

This special episode of XYPN Radio will be Alan’s last episode before turning the podcast over to Maddy Roche! Alan talks about the transition before diving into a special episode with Patrick King, founder of Prana Wealth Management in Atlanta, Georgia. Patrick's journey began as an engineer designing machinery, but a realization about his financial advisor's priorities sparked his transition into financial planning. After earning his MBA, he gained experience at various large RIAs before deciding to start his own firm. Despite initial challenges, Patrick embraced YouTube to reach his ideal clientele, pivoting from targeting dual-income households to focusing on pre-retirees. Join us as Patrick shares insights into his entrepreneurial journey and the role of YouTube in building his successful fee-only practice.

Join us for an insightful episode as we delve into the journey of Tara Tussing Unverzagt, founder of South Bay Financial Partners, and explore her innovative approach to financial planning. This is Tara’s second time on the podcast. You can check out her first appearance on episode 210 at xyplanningnetwork.com/210.  It was fantastic touching base and learning how things have changed since we last talked in 2019! Tara's path to success involves leveraging her expertise as a certified financial therapist and prioritizing accessibility in her services.

In this conversation, Tara shares how she has evolved her firm's offerings over the years to make financial planning accessible to diverse client populations. From hourly consultations to community-building initiatives, Tara's firm ensures fairness and affordability through a sliding scale fee structure based on income and assets. We also discuss Tara's focus on scaling her operations while maintaining personalized guidance for clients. With specialized services tailored to specific needs, such as retirement planning and student loan consultations, Tara emphasizes the importance of empathy and cultural awareness in fostering meaningful financial conversations.

If you find yourself focusing on a holistic approach to serving your clients and want to see it being done successfully, you won’t want to miss this!

Embracing your authentic self can be terrifying, but our guest today took the leap and built an amazingly successful RIA by connecting with her niche. Our guest today, Lindsey Young, CFP®, and founder of Quiet wealth, shares shares her journey, and how she found success. Lindsey navigated diverse career terrains, from strategy consulting to the Peace Corps, tech in San Francisco, venture capital, and investment banking. Her decision to transition before starting the firm, driven by authenticity moving forward, resonated with her clients.

On this episode, Lindsey shares her unique sales process, targeting successful LGBTQ professionals with a focus on clients with a net worth of one to five million. The conversation delves into her marketing strategies, emphasizing the significant return on investment from Google Ads and overall SEO efforts. Lindsey's experience offers a nuanced perspective on building trust within the LGBTQ community and highlights the broader appeal of her approach, serving both LGBTQ and straight clients. Join us for a deep dive into Lindsey's flat-fee model, her compensation structure, and the challenges and opportunities she encounters as a financial planner. If you want a real world example of successful niche marketing, be sure to tune in!

Join us this week as we explore Prosp(a)rity, a non-profit dedicated to nurturing, uplifting, and advancing Black women, and ultimately positioning them to pay it forward to their communities and next generations. Bri Franklin, Co-Founder of Prosp(a)rity, shares her journey — from post-Ivy League student debt to catalyzing change.

This episode, Bri emphasizes the urgency of addressing predatory lending and student debt, spotlighting the systemic changes required. She details the programs Prosp(a)rity, champions. If you're a financial advisor seeking meaningful involvement, Bri outlines avenues for your impactful contribution. It's more than personal finance; it's about fostering resilience, community, and pursuing financial empowerment for all.

What you’ll learn from this episode

• Bri founded The Prosperity Project in 2020 during the Black Lives Matter movement.

• The initiative was sparked by the recognition of the disproportionate financial struggles faced by black women.

• She conducted a survey on LinkedIn involving 18,000 people, highlighting the severe financial impact on black women.

• Initial corporate support in 2020 waned, prompting the organization to explore revenue-generating activities such as speaking engagements, the "UnDEBTfeated" show, and are working on an app.

• The organization operates on three pillars: interception (HIRE for students), intervention (35 to free for debt relief), and interference (systemic disruption through corporate engagements).

• Encourages financial planners to participate in preventative work, especially in high schools, and seek partnerships for increased outreach.

• The organization is adapting its models based on insights from financial practitioners.

•  Bri is exploring collaborations, live shows at conferences, and continuous learning to ensure sustainability and scalability.

XYPN member, Matt Miner, founder of Miner Wealth Management, joins us on the show today. Matt started his career on the corporate finance side of business. After a few years, he took a break and went to B school to get his MBA, then worked with John Deere in several capacities before his career was impacted by a layoff related to a merger.

His running partner was a fee only advisor and Matt became an intern at that firm. He was responsible for growing his own client base from scratch and shared how he found success getting those early clients. In 2021, after three years, Matt and the firm owner agreed to a buyout structure so that Matt could take his clients with him and ultimately start his own RIA. 

Matt was kind enough to share the details of that buyout and how it worked for him and the prior firm owner. Matt has been growing a really awesome firm as he is looking to do more than 350, 000 of revenue in his third year in business.  He shared his approach to fees and how he sees the fighting amongst advisors on the best or right fee structure as unnecessary. And also how he uses his fee as a client segmentation tool to ensure he's working with his ideal clients. 

From company management position to booming RIA in the first 3 years, this is an episode you won’t want to miss!

What you’ll learn from this episode

• How informational interviewing techniques have helped him in both working up the corporate ladder and in securing clients.

• How going into advising with a fully fledged philosophy of wealth management helped him attract a large client base quickly in the first few years.

• Alan and Matt discuss the details of what a buyout looks like and how it can compare to building out a business in other ways.

• How to approach fee structures and the benefits of keeping things simple both for the client and the advisor.

• The benefit of starting a podcast and how it has impacted Matt’s business.

• While working for John Deere, Matt moved from trade to business school, graduating in 2013 with a business degree and a job with Intel.

• After the business was sold, Matt took on a financial advising job with Bridgeline Wealth Management in 2018.

• In August of 2021, Matt bought out his boss’s share in the business, changing the business to Miner Wealth Management.

• Alan and Matt discuss the benefit of attending management training programs through companies like John Deere.

Featured Links

• Matthew Miner: Website | LinkedIn | Advisor Page

• Certified Financial Planner™ 

• Series 65

• Informational Interviewing

• AdvicePay

• Work Pants Finance podcast

• XYPN LIVE

In this episode of XYPN Radio, we’re joined by XYPN member Maggie Klokkenga, the founder of Make A Money MindShift. Maggie's journey is a testament to the transformative power of financial coaching. Starting her career as a CPA, she eventually transitioned to a large firm in St. Louis, where she worked on various teams.

Maggie noticed a disconnect between her passion for helping clients lay their financial foundations and the higher net-worth clients she was serving. In 2021, she took the leap to start her own firm, focusing on providing financial coaching services. Maggie shares insights into her client engagement process, which involves 8 to 10 one-hour-long meetings over several weeks, and the positive outcomes she's witnessed.

What you’ll learn from this episode

• Maggie worked in public accounting (CPA) for 15 years

• Wanting to support clients in a broader way than she had been as a CPA, she decided to join an investment advisory firm as an advisor.

• Seeing a split in how fees were being charged to clients, Maggie and a group of others set up their own firm.

• Her family expanded rapidly,  getting married in 2011, then adopting her first and having her second child in 2013. Followed by adopting a third child the following year.

• This family dynamic pushed Maggie to become a remote worker in 2016

• Wanting to provide real financial planning to her clients, she engaged with other financial planning curricula, only to find that she saw threads she could do something about.

• After working at the advisory firm for 7 years, she started working as a financial coach on the side. After learning that this constituted a conflict of interest, Maggie turned in her resignation and became an XYPN member the next day.

• Diversifying her revenue by coaching has kept Maggie able to balance her work and family life.

• As a financial coach, Maggie meets every week with clients to really learn where their money is going and helps  them build better habits by providing awareness to the emotional connections we associate with money.

• How making changes to her fee structure opened up the floodgates for new clients.

• Some examples of the incredible outcomes that she has seen through her work with clients.

• Her experience going to XYPN LIVE this year

Many of our recent guests have discussed how things are 2,3, 4 years after starting. But what about when you’re in the thick of it? Our guest today, Nycole Freer, founder of Eden Financial is only 8 months into her solo RIA journey and tells us what it’s like! 

After navigating the corporate landscape, including a role at JPMorgan Chase, Nycole faced a pivotal choice – stay within the constraints of corporate structures or embark on her own entrepreneurial path. Motivated by her dream to write a children's book, provide more dynamic support for clients, and stretch her wings, Nycole launched her RIA in 2022.

Eight months into this journey, Nycole candidly shares the hurdles and unexpected twists she's encountered. From marketing strategies, to finding help through coaches, to what’s working in client acquisition, Nycole's story offers a real-time account of building a thriving practice from the ground up.

Whether you're an aspiring business owner, a new entrepreneur navigating challenges, or an established owner reflecting on your progress, Nycole's story is a great touchstone for so many of us. Be sure to tune in and join us as we see another new advisor building towards their very own best life.

You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/375   

Join us on this episode of XYPN Radio as we introduce you to Tim and Alexis Woodward, co-founders of Blend Wealth. These financial planners decided to blend not just their lives but also their financial expertise, serving blended families and business owners.

Discover how they've diversified their services, embraced their Christian faith in financial planning, and managed a thriving business while nurturing a harmonious marriage. This is an episode you won't want to miss.

You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/374   

What does it look like to scale your RIA and how long does it take? How big of an impact does it really make to have a niche? When should you start hiring, and who should it be when you do? 

Co-Founders Alan Moore and Michael Kitces met onstage this year to review the highlights of the seventh-annual Member Benchmarking Study in this episode of XYPN Radio. Every year, the study gathers information from XYPN member participants to get an accurate picture of how advisors are doing in their firms. 

This episode tells the story of how XYPN firms are scaling and what to look out for in your own journey. Whether you’re getting ready to launch, are in your first years, or are already established, this is an episode you won’t want to miss.

Notes:

 (1:04) What the benchmarking study is and how it is conducted.

(2:33) Chart 1 - The median annual growth rate of client relationships since 2018. Unlike other figures that largely are talking about AUM, this gives a real snapshot of growth rates of fee for service models. Alan and Michael discuss how fee for service models stand up to economic cycles and interest rates as seen over the last seven years

(16:37) Chart 2 - Average annual revenue for those who join with few to no clients.   We want to be realistic when we tell you what to expect as you start your firm and have the data to back it up! Alan and Michael discuss what the data means and how it shapes those pivotal early years.

(23:46) Chart 3 - Revenue growth by niche vs no niche. 

Broken up by Implementation (0-20 clients), Building (20-75 clients), and Scaling (75 client households and/or 150K revenue) phases.

(37:55) Chart 4 - Percentage of Advisors leveraging in-house or outsourced staff and number of clients. For someone looking to hire, this is an important one!

(49:15) Chart 5 - Staff productivity by business type.

Whether you have a solo, boutique, or enterprise practice, we take a look revenue per advisor as staff gets added to the business.