Financial Advisor Success Ep 484: Scaling To $1B AUM By Recognizing Your (Rainmaker) Strengths And Delegating The Rest with Jake Falcon
Jake Falcon, founder of Falcon Wealth Advisors who oversees about $1B AUM, built his firm by focusing on business development and client segmentation. He discusses delegating technical planning to a centralized team. He talks about using BombBomb videos and Instagram for authentic outreach. He explains revenue-based client tiers, hiring business-development associates, and investing directly in stocks and bonds.
01:29:59
Set Planner KPIs On Retention Meetings And Referrals
- Give planners KPIs focused on retention, meeting volume, and referral inquiries.
- Falcon expects planners to hit meeting quotas, maintain ~99% retention, and generate referral meeting inquiries equal to 10% of their book.
Referrals Still Drive Most Growth
- Even with modern channels, referrals remain the core AUM driver for many firms.
- Jake gets most growth from client referrals, supplemented by book writing, podcasting, Instagram, seminars and community events.
Post Authentic Opinionated Reels On Instagram
- Be authentic and opinionated on social platforms to reach prospects where they are.
- Jake posts short reels with his viewpoints and personal content; one reel of Fed commentary reached ~41,000 views for his partner Corey.
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Intro
00:00 • 3min
Firm Snapshot and Niches
02:33 • 2min
Revenue, AUM, And Client Profile
04:41 • 2min
Organizational Structure: Advisors vs Planners
06:42 • 1min
Delegating Reviews While Staying Accessible
07:50 • 3min
Why Hand-Offs Failed Earlier
10:34 • 3min
Defining Roles: Rainmaker vs Technical Planner
13:40 • 36sec
Planning Team Assignment And Cross-Pollination
14:16 • 3min
Capacity, Dunbar's Number, And Client Segmentation
17:15 • 3min
Revenue-Based Client Tiers
19:53 • 2min
Managing Minimums And One-In One-Out Rule
21:31 • 3min
Service Differences Across Tiers
24:57 • 2min
Meeting Cadence, Zox, And Efficiency
27:10 • 2min
Why Centralized Planning Works Now
29:12 • 3min
Wealth Advisors' KPIs And Point System
31:55 • 1min
Planner KPIs: Retention, Meetings, Referrals
32:58 • 4min
BombBomb Video Touchpoints
36:55 • 4min
Sources Of Growth: Referrals And Personal Marketing
40:50 • 3min
Instagram Strategy: Authentic Opinionated Content
43:51 • 3min
Measuring Social Media ROI And Podcast Impact
46:52 • 9min
Making Referrals Scientific: Tracking 'Star' Clients
55:33 • 2min
Building A Business Development Track
57:13 • 3min
Comp Plan For BD Associates
01:00:39 • 2min
What Qualifies As A Lead
01:02:44 • 2min
Cold Calling And The Game Of Numbers
01:05:08 • 6min
Standards Of Advice And Industry Complacency
01:11:15 • 2min
Turning Point: Ditching Scripts For Authenticity
01:13:17 • 3min
Books, Reading, And Continuous Learning
01:15:54 • 5min
Investment Philosophy: No Products, Direct Stocks And Bonds
01:21:02 • 2min
Balancing Client Targets With Internal Alpha Goals
01:23:31 • 4min
Advice For New Advisors: Do What's Hard
01:27:11 • 1min
Defining Personal Success
01:28:23 • 52sec
Outro
01:29:15 • 36sec
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At some point, firm founders often find that their time is divided between attracting new clients and serving current ones (and running their business). This episode explores how it's possible to delegate technical work to a centralized planning team, segment clients by revenue, and leverage asynchronous communication tools to create client touchpoints while devoting significant time to closing new clients.
Jake Falcon, founder of Falcon Wealth Advisors, has built a $1 billion advisory firm for nearly 900 client households in part by focusing on his strengths as a 'rainmaker' bringing in new clients while stepping back from day-to-day planning analyses and regular client meetings. In this episode, Jake shares how abandoning scripts and prioritizing authentic connections transformed his business development. He also discusses how he's using Instagram to meet potential clients 'where they are' and demonstrate his authentic personality, why he invests client assets directly into stocks and bonds instead of mutual funds and ETFs, and how he hopes that bringing in direct business development hires will help his firm grow well into the future.
For show notes and more visit: https://www.kitces.com/484