Episodit
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Fran Toler is the CEO of Toler Financial Group, a DBA firm under the RIA Rossby Financial, that oversees nearly $200 million in assets under management for 280 households. Fran discusses how she transitioned from an independent broker-dealer model to a 'supported independence' corporate RIA platform to reduce her compliance burdens while paying lower platform fees by partnering with a service provider that doesn't charge for functions her staff already performs. This strategic move enables her to have greater autonomy without the full list of compliance responsibilities associated with complete independence.
Listen in as Fran shares how her firm's public stance on progressive values has led to client and AUM growth by attracting clients and staff who share these ideals, why she offers new hires a stable base salary to ensure she includes talented candidates who might not have the financial backing to succeed in an 'eat what you kill' environment, and how she is approaching succession planning as she contemplates her eventual retirement.
For show notes and more visit: https://www.kitces.com/416
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Erika Wood is the Director of Wealth Management of VisionPoint Advisory Group, a hybrid advisory firm based in Dallas that oversees approximately $3 billion in assets under advisement for both 780 client households and retirement plans. Erika’s firm stands out for its use of centralized financial planning and service teams, along with a ticketing workflow system, to streamline a firm-wide planning process, efficiently serving a private wealth client base with $600M in assets under management.
Listen in as Erika shares how her firm streamlines client meetings and task completion, ensuring efficiency and accuracy across all client interactions. She discusses her firm's approach to client segmentation and fee-setting based on a data-centric analysis of service costs, adding a profitability buffer to maintain a sustainable business model. Erika also talks about how her firm builds client loyalty, as well as the importance of advisors finding their niche in the financial planning field to maximize their unique strengths.
For show notes and more visit: https://www.kitces.com/415
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Eric Franklin is the Managing Partner of Prospero Wealth, an RIA based out of Seattle that oversees $52 million in assets under management for 80 households. Eric uniquely grew his assets under management to $50 million in just three years by targeting employees at big tech firms and adapting his planning process into smaller, manageable segments. This approach, which spreads out financial planning over time, proved more valuable for his busy clients, preventing them from feeling overwhelmed.
Listen in as Eric shares how he enhances client engagement by focusing on a few planning priorities at a time and starting engagements with goal-setting exercises to clarify and prioritize their objectives. He details his targeted marketing strategy toward tech employees, his own transition from tech to financial planning, and the growth of his firm through hiring like-minded advisors from the tech industry. You'll hear how he's leveraging technology tools for efficient communication, why he recommends industry conferences for career changers to learn best practices before launching their financial planning careers, and more.
For show notes and more visit: https://www.kitces.com/414
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Kevin Leahy is the CEO of Connecticut Wealth Management, an RIA based out of Connecticut that oversees approximately $4 billion in assets under management for 1,100 households. Kevin's firm stands out for its systematized training program designed to onboard and develop young talent straight out of college, effectively maintaining a robust advisory talent pipeline. This approach has supported the firm through organic growth and strategic acquisitions, ensuring a smooth transition of clients from retiring advisors to new ones, all while keeping a low client-to-advisor ratio of 35-to-1.
Listen in as Kevin shares how his firm's structured new hire training program starts with comprehensive initial training on systems and financial planning processes, followed by a focus on enhancing client communication skills. He also discusses sourcing new talent from a vetted internship program and how hiring in cohorts optimizes learning and integration. You'll also learn about the interview process Kevin's firm uses with veteran advisors, how his firm is able to maintain its core values as it grows, and more.
For show notes and more visit: https://www.kitces.com/413
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Anjali Jariwala is the Founder of FIT Advisors, a California-based RIA that operates virtually nationwide, managing $65 million in assets for 45 client households. Over the past six years, Anjali has tripled her annual revenue from $250,000 to $750,000 while only adding a net of 10 client households by focusing on physicians with complex tax needs and small business owners with revenues of $5M-$20M. She achieved this growth by enhancing her service offerings with advanced financial planning and CFO services, while raising her fees to reflect the increased value.
Listen in as Anjali shares how she transitioned from paid ads to creating niche-specific blog and podcast content that continues to attract high-quality prospects long after she paused active content creation to support her clients and manage personal stress during the early days of the COVID pandemic. She discusses her strategic approach to growing her revenue by raising her minimum annual retainer fee while keeping her client base compact, and how offering tailored services like advanced tax planning and CFO-style business planning justifies these fees for her clients. Anjali also reflects on her decision to limit her client count to enhance service quality, her use of an outsourced Chief Investment Officer to conduct investment research and cue up trades for her to execute, and how she defines success now that she has built a financially thriving practice.
For show notes and more visit: https://www.kitces.com/412
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Larry Kriesmer is the Chairman of Measured Risk Portfolios, an RIA based out of San Diego that oversees $350 million in assets under management for a combination of internal retail clients and external financial advisor clients. What's unique about Larry, though, is how he is able to get clients comfortable with taking equity market risk using an approach that actually puts 85% or more of client funds in Treasuries (effectively creating a floor on potential losses) while investing the rest into options on equity indexes to offer potential upside that still can approximate the returns of a conservative, moderate, or even aggressive balanced portfolio that might have otherwise simply allocated directly to the S&P 500.
Listen in as Larry shares how he implements this strategy and introduces its potential benefits and risks to clients, the tax benefits available when using options, the importance of careful management when using options due to potentially rapid pricing changes, and his commitment to reinvesting in his firm to build a lasting business.
For show notes and more visit: https://www.kitces.com/411
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Emily Biehler is the co-founder of TrailWise Financial Partners, an RIA based out of Colorado that oversees approximately $80 million in assets under management for 200 client households. What's unique about Emily, though, is how her firm ensures every client can be served profitably through a combination of a complexity-based minimum fee arrangement, coupleed with a strucutred data gathering, plan delivery, and client communication processes that encourage client accountability and follow-through on action items recommended by their advisor severy client really sees the value they receive for the fees they are paying.
Listen in as Emily discusses the custom workbook she uses that asks clients to explore their goals and values, how she uses asynchronous video messages to efficiently communicate with clients between meetings, and why she decided to start her own firm with a focus on accountability and client-centered comprehensive planning following a failed succession at her prevoius firm.
For show notes and more visit: https://www.kitces.com/410
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Travis Hornsby is the founder of Student Loan Planner, an RIA and student loan consulting company based out of North Carolina that serves nearly 1,400 households with ongoing financial planning and has consulted with over 15,000 clients on student loan debt. Travis quickly expanded his financial planning client base to 1,400 in just over a year by leveraging his extensive pool of student loan consulting clients, which had significantly grown over the past decade.
Listen in as Travis shares how he carved out a niche in student loan planning, which laid the groundwork for transitioning into comprehensive financial planning. He discusses his strategic approach to pricing and client service that spurred rapid business growth, and delves into the personal and professional transformations that prompted his move to establish an RIA. Travis also reflects on how his personal journey through FIRE (Financial Independence, Retire Early) movement influenced his business decisions, allowing him to seize growth opportunities that aligned with his values and effectively broaden his service offerings.
For show notes and more visit: https://www.kitces.com/409
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Maddi Keegan is a financial advisor and the Director of Operations at Frazier Financial Advisors, an RIA based out of Ohio that oversees $860 million in assets under management for 650 client households. After building a successful solo advisory firm, Maddi merged her business with Frazier Financial Advisors, where she secured a stake and stepped into both advisory and operational roles to help scale the business.
Listen in as Maddi shares how her strategic merger with Frazier Financial Advisors allowed her to expand her impact, blending her expertise with the firm's resources to enhance client services. She details her journey from a solo practitioner to a key player in a larger firm, including her initial investment in SEO that significantly boosted her client base, and her decision-making process that led to successfully transitioning her clients to the new firm. Maddi also discusses the broader benefits of networking and her proactive role in community leadership, which opened doors to opportunities that shaped her career trajectory.
For show notes and more visit: https://www.kitces.com/408
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Mark Asaro is the Chief Investment Officer of Noble Wealth Management, an RIA based out of Colorado that oversees $320 million in assets under management for 160 households. Mark stands out with his liability-driven investing approach, which builds retirement portfolios focused on managing sequence of return risk, leveraging the use of closed-end bond funds to generate income to cover client expenses during the critical early retirement years.
Listen in as Mark shares how Liability-Driven Investing (LDI) matches retirement portfolios to client spending needs, securing early retirement finances through strategically allocated fixed income to generate income and equity to manage inflation risk. He dives into his tactical approach to rebalancing portfolios, using market conditions to optimize asset allocations between equities and bonds. Mark also reflects on his firm's strategic shift during the 2022 market downturn, when it capitalized on high bond yields, why he believes investment management isn't a commodity, and how the LDI approach ultimately supports clients' long-term financial stability and peace of mind.
For show notes and more visit: https://www.kitces.com/407
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Michael Kramer is the Manager of Natural Investments, an RIA based out of San Francisco that has offices across the country and oversees $1.9 billion in assets under management for 1,300 households. Michael's firm uniquely employed a perpetual purpose trust structure for its internal succession plan, which allowed the founding partners to monetize their ownership without burdening new advisors with debt. This approach also fostered a more equitable leadership structure, not solely based on share ownership.
Listen in as Michael talks about the firm's governance by "trust stewards" and the unique role of a "trust enforcer" to ensure accountability as well as why the firm chose this model over traditional ESOP or cooperative structures. Michael also reflects on building his practice from the ground up, leveraging public speaking to attract like-minded clients, and embracing his role as a "seed planter" to foster a business that embodies his values and sustains beyond his tenure.
For show notes and more visit: https://www.kitces.com/406
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Gaetano Sacco is a partner and senior financial advisor at Fountainhead Advisors, an RIA based out of New Jersey that oversees approximately $900 million in assets under management for 1,000 households. Gaetano transformed his early career challenge of perceived inexperience into a distinct advantage, highlighting his youthfulness to reassure retirees that he can be their dedicated financial advisor for the long haul. Since breaking away from the insurance world, he has impressively grown his practice to $75 million in AUM in just five years, capitalizing on his long-term commitment to clients as a major selling point.
Listen in as Gaetano shares how his early experiences in insurance sales and, ironically, achieving "Financial Planner of the Year" led him to transition from insurance to the RIA channel, driven by a desire for deeper client relationships and personal life changes like marriage and fatherhood that enhanced his ability to connect with clients. He also discusses how leveraging his age as an asset has helped grow his practice through proactive client communication during the COVID-19 downturn and by hosting in-person client appreciation events to build loyalty and attract new clients. You'll learn the pivotal role of joining an advisor study group in Gaetano's professional development, his decision to reject a job offer due to poor company culture, and how his commitment to a client-centric, planning-focused career provides daily motivation while maintaining work-life balance.
For show notes and more visit: https://www.kitces.com/405
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Ann Garcia is a partner of Independent Progressive Advisors, an RIA based out of Portland that oversees approximately $115 million in assets under management for 120 clients. Ann has distinguished herself by developing a nationally recognized expertise in college financial planning, a specialty that has grown alongside her advisory business, now focusing on mid-career professionals who balance saving for their children's college education with their own retirement planning. This dual focus reflects the evolving needs of her clientele as they navigate significant financial milestones.
Listen in as Ann shares how she developed her reputation as a college planning expert by transforming client queries into a specialized blog that gained national attention, eventually leading to the publication of a book on college planning and the creation of an online course. She also discusses how her expertise has attracted mid-career professionals, to the point where her firm is nearing capacity in its current form, how purchasing a retiring advisor’s practice laid the groundwork for the firm she desired, and how she refined her sales skills early on by taking meetings with all prospects who approached her, even if they were not a good fit for her firm. Ann also emphasizes the importance of initiating early discussions on college affordability within families and describes her decision to leave a prominent firm to create one that aligns with her values, allowing her to serve clients she truly understands and appreciates.
For show notes and more visit: https://www.kitces.com/404
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Eric Stein is a Partner at East Bay Investment Solutions, a firm that offers fractional Chief Investment Officer services, supporting over $6 billion in assets under advisement across 26 advisory firm clients. In this episode, we discuss how Eric leverages his extensive investment expertise not by managing portfolios for individual clients as a traditional financial advisor, but rather by embracing his role as an 'investment nerd' serving as a fractional Chief Investment Officer, supporting multiple advisory firms and their clients.
Listen in as Eric shares how his fractional Chief Investment Officer service operates, providing investment research, portfolio design, and market commentary while leaving portfolio implementation up to the advisor themselves. He also discusses his winding career path, from commercial banking to Goldman Sachs Asset Management and as a CIO for a national RIA, to his current role, which he found after a careful 'dating' process with his business partner to ensure their visions aligned. Eric also reflects on his experiences across large national businesses and smaller firms, emphasizing the importance of role exploration, effective management practices, and learning from both successes and failures to navigate challenges that arise.
For show notes and more visit: https://www.kitces.com/403
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John Mason is the President of Mason & Associates, an RIA based out of Virginia that oversees $370 million in assets under management for approximately 390 client households. What's unique about John, though, is how joining a firm that served the niche of Federal government employees allowed him to quickly accelerate his own learning curve and demonstrate his expertise early in his career as a 20-something—ultimately enabling him to more quickly begin bringing in his own clients.
Listen in as John shares how his firm’s specialization in serving Federal employees allows it to operate efficiently and develop deep relationships with clients, and how his firm generates client leads through a podcast focusing on the issues facing its ideal target client. He also discusses his firm's transition from a broker-dealer to the RIA model, which boosted its per-client revenue while bringing down all-in costs for clients, how he managed the delicate process of transitioning unprofitable clients to more suitable advisors, why he thinks fee-only advisors sometimes underrate the importance of insurance planning, and more.
For show notes and more visit: https://www.kitces.com/402
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Zack Hubbard is the Director of Financial Planning and Participant Engagement of Greenspring Advisors, an RIA based out of Maryland that manages $2 billion of private wealth assets under management for 1,300 client households and advises on an additional $5 billion in retirement plan assets. Zack and his firm have developed a financial wellness offering that profitably delivers both self-serve technology and direct one-on-one financial advice to employees of businesses using their fiduciary 401(k) services. This approach not only supports plan participants, but also generates a steady stream of referrals for his firm’s private wealth services.
Listen in as Zack shares how his firm uses a three-tiered approach to fiduciary financial wellness for 401(k) plan participants, comprising of education, one-on-one advice, and implementation support, how his firm develops new advisors by allowing them to have many 'at bats' with retirement plan participants, and how he made the decision to shift from client-facing roles to his current position as a manager.
For show notes and more visit: https://www.kitces.com/401
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Mark Tibergien is the former CEO of Pershing Advisor Solutions, a former Principal with Moss Adams Consulting, and a longtime practice management consultant and thought leader in the financial advisory industry. Over his 50-year career in financial services, Mark has witnessed the evolution of the financial advice industry and has actively defined best practices for advisory firms aiming to scale up and build enduring businesses. His extensive experience has enabled him to measure and track the key strategies that help firms not just grow in size, but also enhance their scalability and operational efficiency.
In this episode, Mark shares his insights on the crucial distinction between growing in size and truly scaling an advisory firm, emphasizing that genuine scale is achieved when revenue increases outpace expenses. He also discusses the ongoing industry consolidation and outlines the different types of firms looking to acquire RIAs—financial, tactical, and strategic buyers—highlighting how smaller firms can still thrive by focusing on local excellence or specific client demographics. Listen in to learn about the importance of proactive succession planning and defining personal measures of success, which influence both strategic decisions and the broader impact of the advisory business on the community and the industry.
For show notes and more visit: https://www.kitces.com/400
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Kelli Kiemle is the Managing Director of Growth and Client Experience of Halbert Hargrove, an RIA based out of California that oversees $3.1 billion in assets under management for 75 households. Kelli uniquely spearheads initiatives at Halbert Hargrove to uphold the firm’s four core values and foster a strong corporate culture, a critical task as the company expands to 50 employees across 10 offices in the western United States. This growth makes even their in-person offices effectively 'remote' and 'virtual' relative to the leadership at the firm's main headquarters.
Listen in as Kelli shares how she has implemented effective communication and relationship-building programs at Halbert Hargrove, including biannual in-person meetings and weekly all-hands sessions to enhance accountability and integrate new hires through a formal two-year mentorship program. She discusses initiatives that reinforce the firm’s core values—like sharing 'Gladiator Stories' and 'Goofs That Give Us Guidance'—and aligns employee benefits with these values by supporting education, charitable contributions, and family care, while also managing a unique vacation policy to prevent burnout. Additionally, Kelli explains her strategic role in growing the firm’s AUM past $3 billion, utilizing external PR and SEO, and integrating sales coaching to enhance client acquisition efforts without compromising the firm’s fiduciary commitments.
For show notes and more visit: https://www.kitces.com/399
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Eric Wulff is the CEO of Marcum Wealth, an RIA based out of Cleveland that oversees $2.5 billion in assets under management for approximately 2,700 households. Eric has uniquely developed Marcum Wealth into a multi-billion-dollar firm under the umbrella of a national accounting firm, largely by fostering mutually beneficial relationships with internal CPAs to secure referrals of their accounting clients to his financial planning business. This strategy has effectively integrated and leveraged the firm's existing services to expand its client base and enhance its financial planning division.
Listen in as Eric shares his strategic approach to generating internal referrals at his firm, using a "give to get" philosophy with CPAs to ensure his advisors are top of mind for financial planning referrals, especially through exit planning services that help maintain CPA-client relationships beyond traditional business needs. He also explains how his firm standardizes financial planning across national offices through a centralized team, the effectiveness of presenting detailed financial plans to prospects before they commit, and his targeted acquisition strategy focusing on growth-minded mid-career advisors.
For show notes and more visit: https://www.kitces.com/398
Headers:
What Marcum Wealth Looks Like Today [6:35]
Using A Team-Based Approach To Building Financial Plans [16:10]
Linking Marcum Wealth's Planning Process To Its Asset Allocation Frameworks [28:44]
Converting Prospects Into Clients Through The Plan Delivery Process [33:06]
How Marcum Wealth Generates Referrals From Its Attached CPA Firm [46:10]
Dividing Advisory Teams By Geography And Client Segments [57:43]
Marcum Wealth's Strategic Approach To Acquisitions [1:04:21]
What Surprised Eric The Most Building An Advisory Business [1:15:40]
The Low Point On Eric's Journey [1:17:34]
What Eric Would Tell His Younger Self [1:22:58]
Eric's Advice For Younger Advisors [1:24:15]
What Success Means To Eric [1:27:25]The following contains the thoughts and opinions of Eric Wulff, CEO, of Marcum Wealth, LLC. Marcum Wealth is an investment adviser registered with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The statements herein are intended as brand and general educational and informational content only, and no viewer should construe any statements as an offer of Marcum Wealth’s advisory services. Viewers are encouraged to discuss the content of this broadcast with, and direct any questions to, the financial professional of their choosing.
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Jaime Benedetti is the Managing Principal of Benedetti, Gucer, and Associates and BEAM Wealth Advisors, hybrid advisory firms based out of Georgia and Louisiana that oversee a total of $1.2-billion in assets under management for approximately 900 households. Jaime's firm has uniquely expanded to over $1 billion in AUM over the last 20 years, largely through six strategic acquisitions of mixed fee-and-commission practices from retiring local advisors, which he successfully converted into ongoing, recurring revenue financial planning clients - an approach that has not only fueled growth but also streamlined the firm’s revenue model into a more predictable and sustainable framework.
Listen in as Jaime shares how he has skillfully managed the acquisition of firms with assets ranging from under $10 million to nearly $500 million, evolving from using personal funding sources to securing bank-financed loans that cover the full purchase price. He explains his strategic approach to converting acquired firms from commission-based to fee-based models, details his method for identifying potential acquisition targets through a combination of recruiters, marketplaces, and networking, and shares the importance of taking time to integrate new acquisitions thoroughly, which has not only retained clients but also attracted sellers who prioritize the welfare of their clients post-acquisition.
For show notes and more visit: https://www.kitces.com/397
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