XYPN Radio

XY Planning Network

XYPN Radio is dedicated to building a community of fee-only financial planners who are ready to make the dream of serving next-generation clients into a profitable and successful reality. With an honest and forward-thinking perspective, Maddy Roche and guests deliver insights and knowledge to advisors in the financial planning industry who want to build better businesses that serve Gen X and Gen Y clients. Through the expertise of leaders in the field and case studies from financial planners like you, the discovery of how you can serve your own generation to help them achieve their financial goals starts today. read less
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Episodes

Ep #391: Taking Risks and Loving the Process - How the Valor Team scaled to over 100 Clients
Jul 10 2024
Ep #391: Taking Risks and Loving the Process - How the Valor Team scaled to over 100 Clients
In today’s episode of XYPN Radio I am thrilled to have Ed Smith and Amanda Lique of Valor Wealth Partners on the show. Valor Wealth Partners specializes in serving civilian federal employees and handling their complex financial situations. Ed and Amanda are here to share their journey of building their firm from the ground up. We dive into the origins of their partnership, their strategic collaboration with ProFed to host workshops for their ideal clients, and the early investments that paved the way for their success. Despite the inherent risks, Ed and Amanda have no regrets in the venture and have grown their client base to over 100 satisfied clients. They also provide valuable insights on scaling a business, the importance of hiring the right team, and the significance of building efficient systems and processes. One of the highlights is their experience making their first hire—choosing someone with strong business acumen over industry experience—and fostering a supportive community within their client base. Tune in to be inspired by Ed and Amanda’s story, learn from their experiences, and get motivated to take risks and build meaningful relationships in your own financial planning journey.   What You’ll Learn From this Episode: How Valor produces educational workshops for lead generation and also provides a valuable service for people in their niche The benefits of working alongside your competitors to grow your niche and elevate both firms in the process Working remotely with your firm’s team using CRMs and other tech tools Qualities to look for in new hires when expanding your firm’s team that go beyond industry experience Navigating the challenges of the first 5 years of being in business Creating meaningful relationships with your clients and creating a community in your niche Leaping into the unknown when first venturing out on your own with a new business
Ep #390: Leveraging Lived Experience to Serve Business Owners
Jun 26 2024
Ep #390: Leveraging Lived Experience to Serve Business Owners
In today’s episode of XYPN Radio we are joined by John Bovard, CFP®, founder and CEO of Incline Wealth Advisors, a thriving wealth management firm based in Cincinnati. John launched his firm in 2020, just before the pandemic, and has impressively grown it to serve over 75 clients with a dedicated two person team supporting him and the firm’s continued growth. In this episode, we delve into John's unique "barbell" approach to client management, focusing primarily on his niche work with business owners. John shares his insights on how he successfully guides these clients through the complex financial decisions involved in running their businesses. With the experience of owning and managing not just Incline Wealth Advisors but also another business, John is exceptionally well-equipped to provide valuable advice. He discusses his flat fee pricing model and comprehensive service approach, offering listeners a transparent view of his strategies. Additionally, John shares a selection of book recommendations that have influenced his journey. Whether you’re considering starting your own business or looking for ways to improve your financial management firm, this episode is packed with actionable insights. Join us for a compelling conversation with John Bovard that is inspiring and motivating!   What You’ll Learn From this Episode: The importance of clear goals and daily consistency How becoming a business owner can provide invaluable experience and knowledge when relating to other business owners as clients The benefits and challenges of using your natural network to build your client base  The proper messaging and approach to use when asking prospective clients for their business How getting to know your clients’ CPAs can lead to collaborations that will help meet the goals of your clients Evaluating the long term potential in prospective clients and building upon opportunities that can arise in the future with them How joining a business owner roundtable group can provide insights to better run your business and support your team A list of books recommendations that can serve as foundational reading material for listeners that are considering starting their own firm
Ep #389: Going Full-time as a Solopreneur with Linden Cornett
Jun 12 2024
Ep #389: Going Full-time as a Solopreneur with Linden Cornett
In this special episode of XYPN Radio, we are thrilled to welcome back Linden Cornett, the founder of Seagrass Financial. Linden holds the honor of being the first guest to return three times over our eight-year journey at XYPN Radio. Many recent guests have mentioned Linden as a role model within our community, and for good reason.   Since her last appearance, Linden has made the bold move to dedicate herself fully to her firm, leaving behind a long-standing career at Intel in the wake of the pandemic. In today's discussion, she shares her insights on the evolving needs of her clients, with a particular focus on the increasing importance of tax planning. Linden also delves into how she has meticulously structured her firm to align with her lifestyle, ensuring she meets clients where they are.   As a proud solopreneur, Linden has masterfully built systems and processes that allow her to scale and take well-deserved vacations. She gives us an inside look at how she leverages tools like Asana and introduces her innovative 15-hour intro planning package for new clients. Transparency is key as Linden openly shares her revenue and client numbers and offers invaluable advice for new advisors considering a shift into this space.   We're honored to have Linden back on the show, and we hope you gain as much from her wisdom as we have. Tune in for an inspiring and informative conversation that underscores the power of passion, planning, and perseverance. Enjoy the episode! What You’ll Learn From this Episode: Making the transition from full-time employment to becoming a full-time solopreneur How to set expectations with your clients as a solopreneur to maintain autonomy  Guiding clients through tax season and demystifying their taxes as an added value of your solo firm How tailoring your approach to each individual client can lead to stronger relationships in the long run Using multiple service models for clients while still maintaining a fixed fee-only pay structure The benefits of starting clients on an initial limited planning package before moving to an ongoing agreement How handling your own bookkeeping and compliance keeps expenses low in a solo practice
Ep #388: Unlocking the Power of a Partnership, The Evolution of AVID Planning with Jack Arnold and David Harpool
May 29 2024
Ep #388: Unlocking the Power of a Partnership, The Evolution of AVID Planning with Jack Arnold and David Harpool
In this episode of XYPN Radio, we are thrilled to welcome back Jack Arnold, CFP®, and David Harpool, AAMS®, founders of AVID Planning in St. Petersburg, Florida. Having first joined us in January 2022 on XYPN Radio Episode 326, Jack and David return to share the significant changes and challenges they’ve faced while continuing to build and grow their firm.  They discuss the considerations required when moving from a large financial advisory firm to an independent RIA, navigating non-compete clauses, and handling compliance when first striking out on their own. We delve into their unique partnership dynamics, exploring how they manage disagreements and how their friendship and shared passion for their work strengthen their professional relationship.  Listeners will be particularly intrigued by the bold decision to reduce their client base by nearly 50% and how the shift enabled them to provide the deep, meaningful planning they and their clients desire. Join us for an insightful conversation about evolving a financial planning practice with intention and integrity.   What You’ll Learn From this Episode: How working independently outside of a large financial advisory firm as an RIA provides career flexibility and autonomy  Reconciling non-compete agreements when transitioning to an RIA from a more prominent firm How clients perceive their relationships with you, their advisor, as a personal connection rather than being loyal to any particular firm Why pairing down your client base as your firm grows and evolves can benefit your changing professional and personal goals How surge meetings can be used to keep clients up to date and streamline your workload during the rest of the year The proper way to approach financial advising as a means of truly helping people Working with a partner in your firm and the best way to handle disagreements and differing visions
Ep #387: Balancing Motherhood and Management While Scaling an RIA: With Rebecca Conner
May 15 2024
Ep #387: Balancing Motherhood and Management While Scaling an RIA: With Rebecca Conner
In this episode of XYPN Radio, we welcome back Rebecca Conner, CFP®, founder of SeedSafe Financial. Since launching her firm in 2016, Rebecca has navigated the complexities of growing and scaling a successful business while also embracing the joys and challenges of parenthood. Rebecca shares how she has evolved SeedSafe from a lifestyle practice into a firm that now serves over 90 ongoing clients with a team of five. She provides insights into her management philosophy, including how she inspires and empowers her team while also maintaining a manageable work-life balance. We also dive into her strategies for sustaining a 25-30 hour work week, and giving her team the same flexibility. Join us as we discuss Rebecca’s approach to building a niche practice, conceptualizing time, and her mindfulness routine that plays a key role in her professional and personal success. This episode is a must-listen for anyone looking to gain actionable insights into juggling a thriving business, a team, and family life. Grab your notepad and prepare to be inspired!    What You’ll Learn From this Episode: Managing employees in a firm and providing them with opportunities to grow within the firm How prioritizing sleep and personal health will promote a healthy business When and how to niche your clientele Mindfulness and best practices for planning your work week How to thrive on a 25-30 hour work How to approach interviews with potential employees when expanding your firm How growing your firm can help fuel your passion of helping more people
Ep #386:  Level Up Your Client Engagement Game with Elements’ Revolutionary Diagnostic Tool
May 1 2024
Ep #386: Level Up Your Client Engagement Game with Elements’ Revolutionary Diagnostic Tool
On today's episode, we are thrilled to welcome XYPN member, Reese Harper, CFP ®, and Carl Richards, CFP ®, to XYPN Radio. These innovative minds are behind the cutting-edge technology called Elements, XYPN’s newest technology partner.  We'll dive deep into the origins of Elements, the technology itself, and the ideas that inspired its creation. Reese shares how his frustrations with the lack of realistic, standardized measurements for a client's financial health led him to define what he calls the client's 11 vital signs—an essential aspect that eventually led to the development of Elements. These vital signs don't just transform the delivery of financial planning services by advisors, but they also redefine the client's experience and the overall value of financial planning. What struck me most during this conversation was the emphasis on the client’s’ present situation, referred to by Carl as the "presenting problem." Elements, through its standardized set of measurements, defines a new language of advice and guides the client towards making the next right decision with their advisor. It’s the ultimate engagement tool to help financial planners connect with their clients in an easy, fast, digestible way and provide visible ongoing value to their clients.  If you’re interested in learning more about a beautifully designed conversion tool that will attract, engage and demonstrate ongoing vaule to prospects and clients, this is a can’t miss episode!
Ep #383: Grow Your Firm Faster by Leveraging Your Former Career with Mike Zung, CFP®
Mar 20 2024
Ep #383: Grow Your Firm Faster by Leveraging Your Former Career with Mike Zung, CFP®
Today I am thrilled to welcome Mike Zung, CFP®, founder of Java Wealth Planning, an RIA based in Kansas City, Missouri to XYPN Radio. Mike's path is a testament to the power of perseverance and strategic planning in the financial advising industry. His background in tech architecture influenced his approach to financial planning and led to his creation of Beautiful Financial Plan—a separate online storefront that offers advisors visually appealing plan templates. Mike shares insights into his journey from launching his firm part-time while still working in software development, to eventually transitioning to a full-time role serving over 30 tech industry clients. He describes the considerations and challenges of balancing home life while changing careers. He emphasizes the importance of networking and how attending XYPN LIVE has shaped his career and created lasting connections in the industry that have sparked new ideas and strategies for his businesses. Mike and I cover marketing strategies, successfully transitioning from project-based to ongoing planning, and how he defines value for his clients. This episode provides valuable wisdom for advisors who change careers and the opportunities that can be leveraged by leaning into their previous expertise and personality strengths. We uncover the challenges and triumphs of Mike Zung's journey, underscoring the role of innovation and community in the ever-evolving landscape of financial advising. I am privileged to count Mike among XYPN’s valued members, and we're honored to feature his expertise on today's episode. What You’ll Learn From this Episode: ●      Transitioning clients from project-based planning to an ongoing engagement ●      Designing and implementing a tier-based, flat-fee structure ●      How and when to raise fees for your clients while providing great value ●      Niching down your client base to match your ideal clients with your own values ●      The importance of attending in-person networking events and conferences such as XYPN Live ●      Using YouTube to create evergreen content that will continue to attract clients ●      Leveraging your personality strengths and career background to launch your own firm ●      The considerations and challenges of balancing home life while changing careers.
Ep # 378: Building Prosp(a)rity & Bridging the Wealth Divide
Jan 10 2024
Ep # 378: Building Prosp(a)rity & Bridging the Wealth Divide
Join us this week as we explore Prosp(a)rity, a non-profit dedicated to nurturing, uplifting, and advancing Black women, and ultimately positioning them to pay it forward to their communities and next generations. Bri Franklin, Co-Founder of Prosp(a)rity, shares her journey — from post-Ivy League student debt to catalyzing change. This episode, Bri emphasizes the urgency of addressing predatory lending and student debt, spotlighting the systemic changes required. She details the programs Prosp(a)rity, champions. If you're a financial advisor seeking meaningful involvement, Bri outlines avenues for your impactful contribution. It's more than personal finance; it's about fostering resilience, community, and pursuing financial empowerment for all. What you’ll learn from this episode Bri founded The Prosperity Project in 2020 during the Black Lives Matter movement. The initiative was sparked by the recognition of the disproportionate financial struggles faced by black women. She conducted a survey on LinkedIn involving 18,000 people, highlighting the severe financial impact on black women. Initial corporate support in 2020 waned, prompting the organization to explore revenue-generating activities such as speaking engagements, the "UnDEBTfeated" show, and are working on an app. The organization operates on three pillars: interception (HIRE for students), intervention (35 to free for debt relief), and interference (systemic disruption through corporate engagements). Encourages financial planners to participate in preventative work, especially in high schools, and seek partnerships for increased outreach. The organization is adapting its models based on insights from financial practitioners.  Bri is exploring collaborations, live shows at conferences, and continuous learning to ensure sustainability and scalability.
Ep #377: Firm In Flux: How Buyout and Reinvention Can Kick Start an RIA
Dec 27 2023
Ep #377: Firm In Flux: How Buyout and Reinvention Can Kick Start an RIA
XYPN member, Matt Miner, founder of Miner Wealth Management, joins us on the show today. Matt started his career on the corporate finance side of business. After a few years, he took a break and went to B school to get his MBA, then worked with John Deere in several capacities before his career was impacted by a layoff related to a merger.   His running partner was a fee only advisor and Matt became an intern at that firm. He was responsible for growing his own client base from scratch and shared how he found success getting those early clients. In 2021, after three years, Matt and the firm owner agreed to a buyout structure so that Matt could take his clients with him and ultimately start his own RIA.    Matt was kind enough to share the details of that buyout and how it worked for him and the prior firm owner. Matt has been growing a really awesome firm as he is looking to do more than 350, 000 of revenue in his third year in business.  He shared his approach to fees and how he sees the fighting amongst advisors on the best or right fee structure as unnecessary. And also how he uses his fee as a client segmentation tool to ensure he's working with his ideal clients.  From company management position to booming RIA in the first 3 years, this is an episode you won’t want to miss!   What you’ll learn from this episode How informational interviewing techniques have helped him in both working up the corporate ladder and in securing clients. How going into advising with a fully fledged philosophy of wealth management helped him attract a large client base quickly in the first few years. Alan and Matt discuss the details of what a buyout looks like and how it can compare to building out a business in other ways. How to approach fee structures and the benefits of keeping things simple both for the client and the advisor. The benefit of starting a podcast and how it has impacted Matt’s business. While working for John Deere, Matt moved from trade to business school, graduating in 2013 with a business degree and a job with Intel. After the business was sold, Matt took on a financial advising job with Bridgeline Wealth Management in 2018. In August of 2021, Matt bought out his boss’s share in the business, changing the business to Miner Wealth Management. Alan and Matt discuss the benefit of attending management training programs through companies like John Deere. Featured Links Matthew Miner: Website | LinkedIn | Advisor Page Certified Financial Planner™  Series 65 Informational Interviewing AdvicePay Work Pants Finance podcast XYPN LIVE
Ep #376 Mind Over Money: How One RIA Owner Is Crafting A New Narrative In Finance
Dec 13 2023
Ep #376 Mind Over Money: How One RIA Owner Is Crafting A New Narrative In Finance
In this episode of XYPN Radio, we’re joined by XYPN member Maggie Klokkenga, the founder of Make A Money MindShift. Maggie's journey is a testament to the transformative power of financial coaching. Starting her career as a CPA, she eventually transitioned to a large firm in St. Louis, where she worked on various teams.   Maggie noticed a disconnect between her passion for helping clients lay their financial foundations and the higher net-worth clients she was serving. In 2021, she took the leap to start her own firm, focusing on providing financial coaching services. Maggie shares insights into her client engagement process, which involves 8 to 10 one-hour-long meetings over several weeks, and the positive outcomes she's witnessed. What you’ll learn from this episode Maggie worked in public accounting (CPA) for 15 years Wanting to support clients in a broader way than she had been as a CPA, she decided to join an investment advisory firm as an advisor. Seeing a split in how fees were being charged to clients, Maggie and a group of others set up their own firm. Her family expanded rapidly,  getting married in 2011, then adopting her first and having her second child in 2013. Followed by adopting a third child the following year. This family dynamic pushed Maggie to become a remote worker in 2016 Wanting to provide real financial planning to her clients, she engaged with other financial planning curricula, only to find that she saw threads she could do something about. After working at the advisory firm for 7 years, she started working as a financial coach on the side. After learning that this constituted a conflict of interest, Maggie turned in her resignation and became an XYPN member the next day. Diversifying her revenue by coaching has kept Maggie able to balance her work and family life. As a financial coach, Maggie meets every week with clients to really learn where their money is going and helps  them build better habits by providing awareness to the emotional connections we associate with money. How making changes to her fee structure opened up the floodgates for new clients. Some examples of the incredible outcomes that she has seen through her work with clients. Her experience going to XYPN LIVE this year
Ep #373: XYPN’s 2023 Benchmarking Study Highlights LIVE
Nov 1 2023
Ep #373: XYPN’s 2023 Benchmarking Study Highlights LIVE
What does it look like to scale your RIA and how long does it take? How big of an impact does it really make to have a niche? When should you start hiring, and who should it be when you do?  Co-Founders Alan Moore and Michael Kitces met onstage this year to review the highlights of the seventh-annual Member Benchmarking Study in this episode of XYPN Radio. Every year, the study gathers information from XYPN member participants to get an accurate picture of how advisors are doing in their firms.  This episode tells the story of how XYPN firms are scaling and what to look out for in your own journey. Whether you’re getting ready to launch, are in your first years, or are already established, this is an episode you won’t want to miss.   Notes:  (1:04) What the benchmarking study is and how it is conducted. (2:33) Chart 1 - The median annual growth rate of client relationships since 2018. Unlike other figures that largely are talking about AUM, this gives a real snapshot of growth rates of fee for service models. Alan and Michael discuss how fee for service models stand up to economic cycles and interest rates as seen over the last seven years (16:37) Chart 2 - Average annual revenue for those who join with few to no clients.   We want to be realistic when we tell you what to expect as you start your firm and have the data to back it up! Alan and Michael discuss what the data means and how it shapes those pivotal early years. (23:46) Chart 3 - Revenue growth by niche vs no niche.  Broken up by Implementation (0-20 clients), Building (20-75 clients), and Scaling (75 client households and/or 150K revenue) phases. (37:55) Chart 4 - Percentage of Advisors leveraging in-house or outsourced staff and number of clients. For someone looking to hire, this is an important one! (49:15) Chart 5 - Staff productivity by business type. Whether you have a solo, boutique, or enterprise practice, we take a look revenue per advisor as staff gets added to the business.
Ep #372: How To Find Success While Doing the Next Right Thing
Oct 18 2023
Ep #372: How To Find Success While Doing the Next Right Thing
Doing the right thing in the financial world often involves speaking up and knowing when to go your own way. This is in no way an easy thing, but has time and time again been a source of joy for advisors. Our guest today, Mike Kelly, CFA®, CFP®, and founder of Switchback Financial has pursued doing right by his clients, himself, and his family. Along the way, he has built a successful business and has exciting new ventures on the way! Starting as a fresh graduate in 2008, Mike ventured into financial and risk management for banks before realizing that his true calling lay elsewhere. He joined an established RIA, gaining valuable insights into the industry. However, due to strategic disagreements, he embarked on his own entrepreneurial journey in 2020, founding Switchback Financial. Inspired by his wife’s experience, he found his niche working with younger clients in the tech industry. Mike shares his experiences, from the impact Silicon Valley Bank’s collapse had on clients in the tech industry, to the importance of sales skills and effective marketing on platforms like LinkedIn. All the while, striving to be present for his family, friends, and personal well-being. What makes this episode truly exciting is Mike's revelation about merging with another XYPN member, combining their complementary skills and vision. From ethics in action to what to look for in a new partnership, you won't want to miss this episode. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/372