Financial Advisor Success

Today's guest is Rebecca Pomering, the Chief Practice Officer of Moss Adams, a mega accounting firm with more than $600 million in revenue and 2,800 employees, as well as a wealth management division with more than $2.1 billion in assets under management. After starting in the financial advisor consulting division at the age of 23, Rebecca took over the firm's wealth advisors by the time she turned 30—right before the 2008 financial crisis—and has since nearly tripled the size of the firm. Rebecca's fascinating personal career spans consulting, leadership, and executive roles, and today you'll hear the lessons she learned along the way. Listen in to hear how she managed to grow a wealth management firm within an established accounting firm, changes she had to make to keep Moss Adams on track during the market crash, her advice for young advisors, and so much more. For show notes and more visit: https://www.kitces.com/45

At the age of 30 he has already executed a successful succession plan and more than doubled the size of the practice. He explains the unique structure of the company and goes into detail about the succession plan he was a part of. Jake talks about the up-front payment system they have and how it works for the variety of clients they serve. services they provide and how they help both the client and them as a business. He also talks about how important tracking, systematizing and creating processes is crucial to the success of the practice. For show notes and more visit https://www.kitces.com/44

Selling your business is like handing off your child in a way and it is well known that succession plans can often be messy, confusing and hard to navigate. Marty Kurtz is on the show today to share his impressive journey. We get to hear the details from the beginning stages of building a successful company with strong partnerships, to handing off the baton and creating a succession plan that is best for everyone involved. For show notes and more visit: https://www.kitces.com/43

Carol Craigie is to co-founder of the Fiscal Fitness Clubs of America, a financial wellness company that aims to expand the reach of financial advice using a combination of online education and group classes.

Elaine shares how her advisory firm fee structure evolved, from initially doing standalone financial planning project fees to her current blended AUM plus upfront planning fee model, the unique engagement process that she uses, and the way that she breaks up her upfront planning fee into an initial series of ongoing payments in the first three months, to helping clients get into completing the process. For show notes and more visit: https://www.kitces.com/41

Phillip is the founder and CEO of Ensemble Practice, talks about different ways that advisors can share equity in becoming the multi-professional advisory firm and what it takes to actually introduce a new second generation to the firm. For show notes and more visit https://www.kitces.com/40

Learn how behavioral assessment tools could eventually become a way that we show our value as financial advisors where we provide the assessment and show them how we're helping them change their financial attitudes and behaviors for the better. Access full episode show notes at kitces.com/39.

How you can use social media as a successful path to marketing and specifically to facilitate work life balance. In this episode, the chat with Winnie Sun, co-founder of Sun Financial Group. Winnie explores what's functioning when it comes to online social media marketing and why she still balances spending two thirds of her time in wealth management and business. She also talks about how she structured her team with her partner to support her practice. Get full episode show notes at kitces.com/38

Today's guest has seen her company go from gaining nearly 150 clients over a decade to yielding four prospect inquiries per week. How did they do it? Let's just say Johanna Fox Turner has discovered the power of finding a niche. Her fee-only financial advisory firm, Fox & Company, recently switched to focusing on physicians as its specialty. It has since seen such rapid growth – there is now a six to eight week waiting list for new clients. On this episode, Johanna shares with us how she managed her company's change in focus – restructuring their advisory fees from an AUM model to a three-tiered retainer structure. We also learn how she has been able to generate a high volume of referrals through unique centers of influence. Johanna explains how she broke the news of shifting into a niche to her existing clients, and why her existing non-doctor clients have stayed with her as she focuses into her new doctor niche. Get the full show notes and transcript for this episode at: www.kitces.com/37

We routinely bang the drum for choosing a niche and throwing all your effort at it - and Scott Hanson's firm, Hanson McClain, is proof that this technique works. The combination of dedicated, long-term marketing strategies and a niche of retiring utility workers has helped Scott and his partner Pat turn their business into a national advisory firm that serves about 4500 clients. And his firm handles all marketing for advisors, so advisors can focus on providing financial planning services rather than worrying about business development. In this interview, Scott talks about the major investment his $2.5 billion AUM firm has made in marketing, including hiring ten-plus marketing staff. And be sure to listen to the end, where Scott talks about the decision to sell 70% stake in his business in order to help the business keep growing strong well into the future. Get the full show notes and transcript for this episode at: www.kitces.com/36