Today’s episode is a special edition of XYPN Radio as we celebrate 10 years at XYPN with co-founders Alan Moore and Michael Kitces who join me on today's episode. We reminisce about the early days of XYPN, how Alan and Michael first met, and the initial emails exchanged about the untapped opportunities that existed for both financial planners and the underserved NextGen market.  We delve into the early growth and strategic decisions they made— including their first hire, which brought me into the mix. Michael and Alan discuss their complementary strengths and how XYPN and their partnership have both grown and evolved over the years. Unchanged at the core of XYPN's success lies an unwavering commitment to identifying challenges and delivering innovative solutions so that financial planners can live their great lives.  Share our vision for the future as we explore the reasons for our pilot program, XYPN Sapphire, a corporate RIA set to empower a wider spectrum of advisors navigating ever-changing goals and dreams.  And join us in celebrating XYPN’s remarkable journey from industry disruptor to proven leader and all that lies ahead.  Tune in for this special episode as we celebrate the last—and next—10 years of making it possible for fee-for-service advisors to build the financial planning firm of their dreams.

I am honored to have Cathy Curtis, CFP ®, founder of Curtis Financial Planning, return to XYPN Radio. It’s been almost three years since Cathy last joined me on Episode 313, (linked below) where she delved into her passion for running a solo practice tailored primarily to women who are single, heads of household, and breadwinners. We dive into the technological enhancements Cathy has implemented since her last visit, from embracing Holistiplan to integrating Kwanti into her tech arsenal and other software tools that she uses daily. We touch on the importance of using a TAMP for those entering the industry and how many tools are now available to advisors considering opening their own firm.  One of the most compelling parts of our conversation centers around Cathy’s AUM fee model where she describes how simplifying your fee structure is key over the long term. She eloquently discusses setting time boundaries with clients, which both assist your service model and build relationships that can last a lifetime. Cathy's confidence is contagious, and by the end of this episode, you'll feel more equipped to sell your own value.  We are incredibly lucky to have Cathy as part of the XYPN community and to have her return for a second conversation on XYPN Radio to share her sage advice with our members.

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.

In this episode, Maddy Roche returns as the full-time host of XYPN Radio.  Joining her is XYPN member Jennifer Kang, CFP®, founder of JWK Financial, a thriving RIA based out of New York. Jennifer shares her incredible journey and how she leveraged two decades’ worth of experience in a large wirehouse to shape the foundation of her fee-only, flat-fee approach at JWK Financial.  Jennifer gets real about hitting the ground running and the expectations and pace she experienced in her initial months. What sets this interview apart is Jennifer's unwavering confidence in the value she delivers to her clients, a trait that shines through as she fearlessly encourages prospects to interview other advisors. She discusses the art of transitioning clients from an initial engagement fee to an ongoing relationship at an annual flat rate.  Jennifer encourages building a new business at a cadence that allows flexibility, reinvesting time into existing clients, and creating referability. This episode is a goldmine of advice, aligning seamlessly with the principles taught at XYPN. Don't miss out on the insights that make Jennifer's journey and expertise a can’t-miss for financial professionals. Listeners, get ready for an informative show!

This special episode of XYPN Radio will be Alan’s last episode before turning the podcast over to Maddy Roche! Alan talks about the transition before diving into a special episode with Patrick King, founder of Prana Wealth Management in Atlanta, Georgia. Patrick's journey began as an engineer designing machinery, but a realization about his financial advisor's priorities sparked his transition into financial planning. After earning his MBA, he gained experience at various large RIAs before deciding to start his own firm. Despite initial challenges, Patrick embraced YouTube to reach his ideal clientele, pivoting from targeting dual-income households to focusing on pre-retirees. Join us as Patrick shares insights into his entrepreneurial journey and the role of YouTube in building his successful fee-only practice.

Join us for an insightful episode as we delve into the journey of Tara Tussing Unverzagt, founder of South Bay Financial Partners, and explore her innovative approach to financial planning. This is Tara’s second time on the podcast. You can check out her first appearance on episode 210 at xyplanningnetwork.com/210.  It was fantastic touching base and learning how things have changed since we last talked in 2019! Tara's path to success involves leveraging her expertise as a certified financial therapist and prioritizing accessibility in her services. In this conversation, Tara shares how she has evolved her firm's offerings over the years to make financial planning accessible to diverse client populations. From hourly consultations to community-building initiatives, Tara's firm ensures fairness and affordability through a sliding scale fee structure based on income and assets. We also discuss Tara's focus on scaling her operations while maintaining personalized guidance for clients. With specialized services tailored to specific needs, such as retirement planning and student loan consultations, Tara emphasizes the importance of empathy and cultural awareness in fostering meaningful financial conversations. If you find yourself focusing on a holistic approach to serving your clients and want to see it being done successfully, you won’t want to miss this!

Embracing your authentic self can be terrifying, but our guest today took the leap and built an amazingly successful RIA by connecting with her niche. Our guest today, Lindsey Young, CFP®, and founder of Quiet wealth, shares shares her journey, and how she found success. Lindsey navigated diverse career terrains, from strategy consulting to the Peace Corps, tech in San Francisco, venture capital, and investment banking. Her decision to transition before starting the firm, driven by authenticity moving forward, resonated with her clients. On this episode, Lindsey shares her unique sales process, targeting successful LGBTQ professionals with a focus on clients with a net worth of one to five million. The conversation delves into her marketing strategies, emphasizing the significant return on investment from Google Ads and overall SEO efforts. Lindsey's experience offers a nuanced perspective on building trust within the LGBTQ community and highlights the broader appeal of her approach, serving both LGBTQ and straight clients. Join us for a deep dive into Lindsey's flat-fee model, her compensation structure, and the challenges and opportunities she encounters as a financial planner. If you want a real world example of successful niche marketing, be sure to tune in!

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.

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

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

Many of our recent guests have discussed how things are 2,3, 4 years after starting. But what about when you’re in the thick of it? Our guest today, Nycole Freer, founder of Eden Financial is only 8 months into her solo RIA journey and tells us what it’s like!  After navigating the corporate landscape, including a role at JPMorgan Chase, Nycole faced a pivotal choice – stay within the constraints of corporate structures or embark on her own entrepreneurial path. Motivated by her dream to write a children's book, provide more dynamic support for clients, and stretch her wings, Nycole launched her RIA in 2022. Eight months into this journey, Nycole candidly shares the hurdles and unexpected twists she's encountered. From marketing strategies, to finding help through coaches, to what’s working in client acquisition, Nycole's story offers a real-time account of building a thriving practice from the ground up. Whether you're an aspiring business owner, a new entrepreneur navigating challenges, or an established owner reflecting on your progress, Nycole's story is a great touchstone for so many of us. Be sure to tune in and join us as we see another new advisor building towards their very own best life. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/375

Join us on this episode of XYPN Radio as we introduce you to Tim and Alexis Woodward, co-founders of Blend Wealth. These financial planners decided to blend not just their lives but also their financial expertise, serving blended families and business owners. Discover how they've diversified their services, embraced their Christian faith in financial planning, and managed a thriving business while nurturing a harmonious marriage. This is an episode you won't want to miss. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/374

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.

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

Your RIA journey isn’t just an upwards climb from where you are to where you want to be. It can include things like a family, embracing other opportunities, and teaming up with a friend. In today’s episode, we reconnect with Natalie Taylor CFP®. Since we spoke to her 3 years ago, she has taken an unexpected path to a growth-filled, confident today. In this conversation, we delve into Natalie's journey over the last two and a half, nearly three, years of running her own RIA. While she originally planned on going full-time in 2021, she found an awesome opportunity with a FinTech startup she wanted to support. All the while, growing her personal business, particularly her business partner. Natalie's strategic approach to work-life balance, both for herself and her team, is a highlight of this episode. She openly shares the intricacies of compensation management for lead planners, emphasizing transparency in her business model. Additionally, we explore her dedication to maintaining a robust family life alongside her professional endeavors. Natalie's insights extend to her RIA's future as well. With plans to hire another lead advisor in the upcoming year, she's positioning her firm for further growth and impact. We also delve into her utilization of new software like Trayecto.io, tailored to their niche, and how they maintain an impressive 85-90% close rate. Tune in for a candid and insightful conversation as Natalie shares her journey of juggling entrepreneurship, fintech, family, and the exciting future that awaits her RIA. This is an episode we can all learn something from. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/371

Our guest today moved up the corporate ladder to become CIO at 2 different large RIA’s. Even from the top, there is just no replacing the freedom and flexibility that owning your own business can provide for both you and your clients. Terri Spath, CFA®, CFP®, founder of Zuma Wealth shares some fantastic stories and insights that you won’t want to miss! Terri spent the majority of her career climbing the corporate ladder as an investment expert. She served as the Deputy CIO, Chief Investment Officer for Mercer, and went on to be the Chief Investment Officer for another large RIA as well. As the CIO, she had the ability to work with advisors and saw the value they were providing their clients. She decided to get her CFP®, which she said was a wonderful educational program, even though she already had the MBA and CFA® designation. Despite achieving what many of us would consider the pinnacle of success in her career, entrepreneurship was calling to her, and she decided in 2021, just over two years ago, to launch her own RIA. She has grown quickly, grossing over $300,000 in revenue this year. She shared an amazing launch program that she did, which involved a market research firm, ultimately led her to her target market, and has been wildly successful in helping her grow quickly. I hope you enjoy this conversation as much as I did. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/370

Join us for an insightful episode as we extend a warm welcome to XYPN member Jeff Clark CFP®, founder of Redwood Money. From youth ministry to personal finance, Jeff’s journey wasn’t simple. In his church, Jeff offered to help his peers with their finances, but soon had the attention of a congregation also in need! Following this path, he found himself in FinTech, able to learn from experts in the field. This stepping stone gave him the knowledge and confidence to strike out on his own. In 2021, he did just that. Cataloging his growth 2 years later, he has exceeded all expectations. With Jeff's practice expanding at an impressive pace, culminating in a hiatus from new client engagements for the latter half of 2023. He credits much of his success to the support of friends, family, and peers much like those in his XYPN Mastermind Group. Jeff and his wife are on the brink of welcoming their second child. For those looking into how their current support systems can bolster their practice, this episode is for you! You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/369

Our guest today shares how not only are students of all ages needing financial guidance, the solutions available to them can completely change the way we look at student loan repayment and consolidation. In this episode, we have the pleasure of sitting down with Erik Kroll, CFP®, the founder of Hilltop Financial Advisors and Student Loans Over 50. Erik's journey in the financial advisory world began in 2015 when he set out to create a business that could afford him the opportunity to blend work with the rest of his active lifestyle. Originally a versatile advisor, Erik's expertise naturally evolved over time, leading him to identify a crucial need in the market—helping older clients nearing retirement navigate their substantial student loan burdens. He tells stories about how he has changed the financial landscape for his clients,  including helping one client eliminate over $250,000 in student loan debt practically overnight! We discussed how he manages the two brands of the company, as well as what he's hoping to accomplish with his business. One really unique thing that Erik has built is a tiered service model that allows him to work with clients at different stages of their financial journey—something that many financial advisors have trouble navigating. For those looking at a great example of how to do this successfully, be sure to tune in! You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/368

We often hear how the network of support and connection that XYPN offers is a strong component of success. In today's episode, we learn that for our guest, Leland Gross, CFP®, the founder of PeaceLink Financial Planning, "community" wasn't just a benefit, it was essential after a life-changing event pulled his focus from building his business. Leland discovered financial planning after meeting some advisors through a volunteer program he was part of just after college. He noticed that the advisors were able to work hard while also coaching kids' sports teams and having time to volunteer. Appreciating the flexibility he saw, he decided it was a fit for him. He started his career on the sales side of the business, but over time discovered fee-only planning and the opportunities it presented to him. In September 2021, Leland launched his firm and discovered that same month that his wife was pregnant! Three months later, they received the devastating news that their baby would need open heart surgery just after birth. Leland shares how his XYPN study group jumped in to help him keep his business from failing. While he focused on his family, they got set up so they could call Schwab on the client's behalf, helped craft emails and communications to clients, and basically did anything else they could do to support him while he cared for his family. With their assistance during that critical time, and Leland's strategic social media and podcast leveraging, he is now serving 45 client households (in less than 18 months!) in the self-employed niche—all while experiencing major changes and hardships to his growing family. Leland’s story really shows how perseverance and support can get us through unimaginably difficult times and help us still find success. This is a story you won’t want to miss! You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/367

If you’re wondering whether taking custody of client accounts and a virtual assistant is right for your independent advisory firm, this episode’s for you! Taking custody can be a scary decision, but sometimes it's the right one. Just ask XYPN member Kate Yearwood Young, CFA, CFP®, founder of Yearwood Young Advisors.  From engineering to Wall Street to founding a successful business, she acquired the skills and services to meet her client’s needs where they are.  And their needs dictated that she take custody. Born into the advisor role despite her family’s best efforts—her father, aunt, and cousin are in the industry—Kate was encouraged to explore other avenues of interest, but sometimes it’s in your blood! After getting a degree in engineering, Kate pivoted back to finance and soon found herself on the Wall Street Trading Floor. She developed her knowledge and expertise in evaluating hedge fund managers for large pension funds and ultra-high-net-worth clients. In 2019, she made the decision to leave her last firm and start her own business. She launched in May 2020 with a six-month-old baby but found a way to persevere and began to grow her firm. Kate has a really unique service offering.  In addition to comprehensive financial planning and investment management, she also has a family office service. She needed to take custody of client accounts because she has bill pay authority for her office service. A deeper dive into the topic reveals her experience with the audit process and the documentation required when you have full control of a client's bank account. We also dive into what she's building and how she plans to get more control of her calendar, the number of hours she works, and how she's leveraging a virtual assistant and soon-to-be outsourced paraplanner. From being in touch with her clients’ needs to growing her business in the most sane and productive ways, Kate’s story is one that we need to hear. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/366