Financial Advisor Success Ep 170: Eschewing The Industry's 'Growth Imperative' And Crafting Your Advisory Business With Intention Instead with Patrick Tucker
Mar 31, 2020
Patrick Tucker, founder of True Measure Wealth Management who runs an intentionally sized RIA managing ~$150M, explains resisting industry growth pressure. He discusses designing a firm around life goals, splitting fees with fixed planning tiers, using corporate ops to track per-client economics, keeping a lean core team with contractors, and firing misfit clients to protect culture.
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P&L Alone Hides Cash Flow Realities
- Many advisors ignore cash flow nuances because they only glance at P&Ls for taxes or bankers.
- Monitor profit & loss, balance sheet and statement of cash flows monthly to catch hidden drains like principal debt payments.
From UPS Accounting Intern To Advisor Niche
- Patrick left UPS after an accounting internship and then parlayed corporate finance skills into financial advice.
- UPS relationships and experience later became a niche advantage when clients' stock went public.
Hybrid Exit Prep And The Costly Annuity Lesson
- Patrick transitioned from bank hybrid to fee-only by prepping paperwork and notifying clients carefully to avoid solicitation breaches.
- He lost a $10M client over a commission annuity sale, which accelerated his move to fee-only.