XYPN Radio

We’re excited to welcome XYPN member, Rachael Burns, CFP®, CDFA®, founder of True Worth Financial Planning, on the show today. Rachael’s start in financial services and life experience have allowed her to build a practice based on empathy and education.

The day after learning she was pregnant with twins, her family faced the news that no one should have to hear: her husband had a brain tumor. Shortly after the birth of their twins, the COVID pandemic hit. The next year was challenging—to say the least. In this interview, Rachael talks candidly about finding #XYPNRadio during the pandemic and the role that it played in taking the leap to start her own firm. She soon realized that opening her own fee-only firm was a real possibility and found the courage to launch. Rachel’s leap of faith paid off—after two years, she now has found her niche helping women manage money stress to deal with what really matters.

Rachael's story is incredible, as is her commitment to advising with empathy. You don't want to miss this episode.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/342

We’re excited to welcome Colton Etherton CFP®, XYPN Member, and owner of Out of the Office Planning to the show today. On this episode, Colton talks us through his professional background, which includes starting his career in the banking side of financial services, transitioning to Merrill Edge, Schwab, then an independent RIA, all before launching his fee-only firm with a tattoo artist niche.

Colton shares the impact of his unexpected unemployment in the launch of his firm in January of 2021 and how his banking background gave him the confidence to build his own firm from scratch. After 9 months of business, Colton scrapped his niche nine months in to be the go-to resource for tattoo artists on his schedule. His firm is now growing incredibly fast, bringing in 10 clients in 6 months, on a schedule that prioritizes his personal and business goals.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/341

We’re excited to welcome XYPN member Sharon Weaver, CFP®, the founder of Mission Financial Planning, on the show today. Sharon has been a CFP® for over 25 years but had never actually done a financial plan until she launched her firm 11 years ago.

Some early dentist clients from a center of influence referral eventually led her to go all in on working with dentists. She's been growing her network of dentistry practice consultants, bankers, and insurance folks who work with dentists and is also networking with investment managers who refer clients to her because she is advice-only, meaning she doesn't manage investments. She's been growing her firm and has started hiring for support. Sharon talked about the decision to hire and what she's looking for in a second planner. If you're interested in learning more about what it’s like to work with dentists and hire on a second lead planner, this episode is for you.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/340

We’re excited to welcome XYPN member Chad Holmes, founder of Formula Wealth, on the show today. Chad always knew he would be an entrepreneur and discovered financial planning in high school when his grandparents invited him to sit in on a meeting with their financial advisor. He started his career in public accounting as an auditor, thinking it would help prepare him to be an advisor because accounting and finance were basically the same things, right? Not really, and Chad is glad to be on a different path now.

Before ending up at an RIA actually doing financial planning, an unexpected pregnancy, and his wife getting a fellowship across the country led him to decide to launch his own firm. This was in 2020, in the middle of COVID, in a new state. Chad shared how they made it work as a family for him to be able to pursue his dream of entrepreneurship while also supporting his wife's career. Now he works part-time and has taken on the household responsibilities, and is building a great firm focused on helping clients that our industry has historically underserved.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/339

We’re excited to welcome XYPN member Ryan Greiser, founder of the Pennsylvania-based financial planning firm Opulus, to the show. Ryan started his professional career as an athletic trainer before a client recruited him into a financial planning firm, where “financial planning” was actually just cold calling and selling insurance. Ryan lasted three years before moving to a broker-dealer, and while he was able to do more planning there, he was still expected to sell insurance—and a lot of it at that.

Ryan ultimately launched his own firm in 2019, and has been on a rapid growth trajectory ever since. Most recently, Ryan has been building out a cryptocurrency offering to support his clients, which has become a big driver of new business for his firm. In this episode, we talk extensively about Ryan’s cryptocurrency offering, going into the details of how he designed it and his vision for the future.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/338

We’re excited to welcome XYPN member Patrick Clark to the show today. Patrick is the founder of Neshaminy Creek Advisors, a fee-only firm specializing in volunteer firefighting companies and their firefighters in Bucks County, PA.

Patrick has been in the industry for almost 30 years, starting out on the investment side of the business before getting introduced to financial planning through a friend and eventual business partner. He launched his own firm four years ago with just one volunteer firefighting company, but has quickly grown. Patrick shared how his niche is starting to compound with referrals from existing clients, and referrals from an accounting firm that also exclusively specializes in the same niche and the firefighters themselves. His story is a great example of why having a niche truly is so powerful.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/337

We’re excited to welcome XYPN member Reese Harper to the show today. Reese is the founder of Dentist Advisors, a virtual firm based in Salt Lake City, UT., focused on serving (you guessed it) dentists. Reese started his firm in 2007 after working at Northwestern Mutual, and he had one dentist client as part of a book of business that he left with.

After experiencing 2008 and his first year of running his firm, he decided to go all-in and focus exclusively on dentists—and this is at a time when having a niche wasn't the cool thing to do. As the firm grew, he saw the need to provide more ongoing monitoring of clients' financial situations and started building some highly-functional spreadsheets to provide value to his clients. Then he shared a few of those spreadsheets with other advisors to get their feedback and input and has now built out a tech company named Elements to provide all advisors with the ability to monitor and provide proactive recommendations to their clients.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/336

We’re excited to welcome XYPN member Danielle Harrison MBA, CFP®, CFT-I™, the founder of Harrison Financial Planning, a fee-only firm based in Columbia, Missouri, on the show today. Danielle was destined to be a financial planner, starting all the way back in middle school as a kid fascinated by finance. The only problem? Her perception of financial planning as product pushing and sales-based—until she learned about fee-only firms.

She entered financial services as a bank teller at age 16 and eventually moved into the wealth management side of the bank. After going on maternity leave with her second child, she came back to a less than ideal situation that ultimately led her to launch her own firm in January 2021, well ahead of her schedule for doing so and in the midst of COVID. In this interview, Danielle is open and honest as she tells her story about the difficulties and challenges of her first year in business. But she’s persevered and is building an inspiring firm that supports her family and their goals.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/335

Today’s episode is a shift from our typical one. Alan Moore, CEO and Co-Founder of XYPN, joins Maddy for a conversation about some changes that are happening—good ones—with the leadership structure at XYPN, their roles, and this podcast. As you’ll hear, over the past ten months since Alan was on last, XYPN has continued to grow and formalize, which means Alan and Maddy’s roles are shifting.

Alan discusses his move back as the host of #XYPNRadio, and Maddy’s shift away from being the host. For over 100 episodes, Maddy has interviewed XYPN members, allies, and teammates about a range of topics—listeners have been through COVID and more together with Maddy, and she shares how thankful she is for the support of each and every listener. She has found so much joy in being able to bring stories of success to each of you, and inspire some of you to go out on your own.

If you want to hear more about the future of #XYPNRadio and how you can shape it by filling out a listener survey telling us what you love about the show and want to hear more about, then this episode is for you.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/334

Today, we talk to Cynthia Meyer, a CFP®, CFA, and XYPN Member, who is the owner and founder of Real Life Planning—a fee-for-service firm dedicated to supporting real estate investors. Today’s podcast is full of information as Cynthia shares her expertise with real estate, and how she’s been able to create a service model that has allowed her to scale to 50 clients in her first three years.

We talk about everything from the real estate bubble to how she is able to leverage her campaign management experience. Cynthia exudes enthusiasm for her work, her clients, and her niche—and it’s contagious. Cynthia is also a power user of the XYPN Network and has effectively launched the highly-productive Real Estate Investment study group within the XYPN membership community, and she speaks about how giving back has given her so much value in return.

If you’re interested in real estate as an asset class, and how to serve clients who are too, then this show is for you. 

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/333

Today’s interview is with Leo Marte, CFP®, the owner of Abundant Advisors, a virtual fee-only firm that specializes in serving Christian professionals. Leo joined XYPN and launched his firm in 2020 after spending a dozen years at Vanguard, managing a large team, and working with thousands of clients.

We talk about what it was like for Leo to leave a meaningful institution and career to chase a different dream of serving clients that better aligned with his personal goals. He discusses what it means to be a great advisor to his high-net-worth clients, how transparency is what draws folks in, and he talks about the intentionality he has around his growth. Leo charges a flat fee and AUM, which provides him access points to work with folks he may not be able to otherwise. We discuss a second business he’s developing, and he reminds us that there’s never a right time to do things.

If you're ready to transition out of your institutional career, then this show is for you.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/332

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

We’re excited to interview XYPN’s very own Director of Advisor Education, Kori Lennon. Kori pulls the strings for all of the educational programming for XYPN members—from our coaching offerings to our webinars. They are the ears and eyes of our community, always learning about what advisors need to stay up to speed.

Today, she talks about her team's work to support advisors on their entrepreneurial journey and shares excellent wisdom about what it takes to prepare for and start your own firm successfully. Kori tells us about the emotional and mental struggles she senses in some of our new members and what advisors can do to combat some of the inevitable challenges of being an entrepreneur. She gives us three things every future entrepreneur should focus on and shares her perspective on burnout and how to avoid it. Kori and her team are gearing up for the biggest year yet within the Advisor Education department, and you’ll hear all about how you can expect to be supported by their team when you launch your firm. 

If you want to know how to prepare for your first year in business holistically, then this episode is for you.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/330

Today we’re talking with advisors at a different stage of their business development than those we normally feature⁠: two XYPN members who are in their first six months of launching their firm. Chao Zhang and Stefanie Pickard⁠ are in the midst of figuring things out as their firms get off the ground.

This podcast is fun—and brutally honest. Despite both Chao and Stefanie having a 10-year financial runaway as they started their firms, the conversation is transparent around imposter syndrome and how they wished they had done things differently. We talk about how many hours they really spend working on their firms, and what has slowed them down. Both Stefanie and Chao approach their firms with different perspectives and have different goals for themselves, but they share so many commonalities about how they feel about launching their firms and what it’s done for them personally.

If you’re interested in what the first six months are really like, this episode is for you.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/329

Today I talk with Cameo Roberson, the owner and founder of Atlas Park Consulting—a consulting firm for RIAs. Cameo isn’t an XYPN member, nor is she an RIA owner, but she’s deeply familiar with the space and the experiences of advisors who are running their firms. Today, we dive into Cameo's expertise; from her comprehensive background in the industry to her current work with advisors. I’m able to ask her questions about what advisors tend to overlook when approaching their launch, what slows them down, what advisors should be focusing on in the 12 months before they launch, and six months after they launch.

Cameo has some incredible advice about imposter syndrome, how to navigate the industry as a professional, and gives sage advice about how advisors can stay motivated as they navigate the world of entrepreneurship. Cameo shares her experience looking for and seeking mentors in this industry, and what she’s done to ensure there are more people like her in this industry.

If you’re interested in an expert's perspective on preparing for your launch, then this episode is for you.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/328

Today’s interview is with XYPN member Heather Townsend, owner and founder of Townsend Financial, a virtual fee-only firm based out of Scottsdale, AZ. Heather is in her fourth year of business and is hitting her stride working with over 40 of her most ideal clients: business owners and professionals with stock compensation.

Today’s episode covers a lot—Heather shares her wisdom from, as she describes it, her messy first few years, and she talks about why it was important for her to raise her fees a number of times as her confidence gained. Heather has multiple designations and an impressive amount of technical understanding of her niche, and she shares how today she is able to deliver massive value to her clients on an ongoing basis by working with a coach and being true to her goals. Heather is also a new mom of twins and talks about what it was like to prepare for and enjoy her well-deserved maternity leave, which meant setting up boundaries. She also talks candidly about what it’s like to be a perfectionist and what her confidence curve was like after starting her firm—something more advisors should consider when building their firm.

If you’re interested in building a firm that aligns with your goals—from the amount of money you want to make to who you want to work with—then this show is for you.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/327

Today we hear from the three founders and owners of AVID Planning—a fee-only firm out of St. Petersburg, FL, that opened its doors in 2016. Right out of the gate, Jack, David, and Kevin experienced how much fun running a business can be when you do it alongside friends. The three of them met when they were all working at Edward Jones, had a stint at an independent broker-dealer, and eventually broke out on their own to do things differently.

Today, Jack, David, and Kevin talk about what the math looked like as they decided to become truly independent, what it meant to leave the broker-dealer world, and why they are now more fulfilled working as co-owners. They talk about how they structure their business and equity, break down their accountabilities, and how implementing the Money Quotient process has changed the way they work with their clients long term and in what they believe is the fiduciary way.

If you’re interested in what it’s like to start your dream firm with a friend or colleague, then this show is for you.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/326

Today, Jennipher Lommen, founder of Wildflower Financial, a fee-only firm out of Santa Cruz, California, is on the show. Jennipher is a career changer and entered this industry only a few years before she launched Wildflower four years ago.  Jennipher homeschooled all three of her children and explained what it was like to begin looking to enter a new industry in her 40s.

With age comes maturity and experience, and quickly Jennipher found financial planning to be a perfect fit. Today she talks about her first few years in business: she worked with over 50 clients on a project basis in her first year and now serves a number of them on an ongoing basis. She talks about how the industry is in dire need of more women and how this profession is so accessible to anyone who is interested in being a listener, supporter, and advocate for their clients. She shares her perspective on the CFP® curriculum and how the Registered Life Planning process has been transformative for both herself and her practice.

If you’re interested in entering this profession later in life, then this episode is for you.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/325

We’re joined today by XYPN member and founder of SJK Financial Planning, Wes Shannon. Wes has been running his Fort Worth, TX firm for six years and, despite feeling admittedly swamped, has reached the point where he feels like he’s built his ideal firm.

In this episode, Wes discusses the numerous business plans he wrote before starting his own fee-only firm and how to handle transitioning clients. Wes reflects on how hard the first three years were and how, at 64 clients, he’s benefiting from his preparation and endurance. Wes gives advice around the nuances associated with serving both individuals and 401(k)s for small businesses and how he established a buy-sell agreement with a like-minded advisor. Additionally, Wes talks about why networking has been so beneficial to him and how he strives to serve his clients as best as he can.

If you want to know what it’s like to be six years into building a firm that you love, then this episode is for you.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/324

XYPN has conducted an Annual Benchmarking Study for the past four years. The comprehensive annual survey gathers core performance indicators of member participant firms and ultimately draws data-backed conclusions about the success of different business models, fee structures, and niches.

Today, Alan Moore and Michael Kitces, XYPN Co-Founders, discuss the study’s fifth annual results. As you’ll see, with our maturing network and member firms, the 2021 study shows a much clearer understanding of what’s working and not working in fee-only RIAs. This episode is particularly interesting and helpful for those considering starting the long play of the entrepreneurial journey. We encourage you to listen closely and go back to the previous conversations about the past surveys and use them as resources to build your ideal firm.

If you’re interested in what really works (yes, meaning proven with data) when building your firm, then this show is for you.

You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/323