Financial Advisor Success

Michael Kitces

The Financial Advisor Success podcast brings you real success stories and insights from the most successful financial advisors, and leading industry consultants, about how to take your advisory business to the next level. Get a glimpse of what it's like behind the scenes building a successful advisory business, and how entrepreneurial advisors navigate the inevitable highs, and lows, of growing a firm. Whether you're a new financial advisor trying to get started on the right foot, or an experienced advisor who's hit a wall, we're here to give you the insights and inspiration you need to break through and reach the level of success you want to achieve. Subscribe to the show, and get even more at the leading industry blog Nerd’s Eye View at www.Kitces.com. read less

NewsNews

Start Here

Ep 395: The Rise Of Bank Financing To Fund Independent Advisor Acquisitions And Succession Plans With Dustin Mangone

Ep 395: The Rise Of Bank Financing To Fund Independent Advisor Acquisitions And Succession Plans With Dustin Mangone

Dustin Mangone is the Director of Investment Advisor Services of PPL Loan, a firm based out of Texas that facilitates conventional bank loans to financial advisors. Dustin's firm uniquely enables financial advisors to access bank lending—a traditionally difficult source of debt capital in the advisory industry—for financing various transactions, including RIA and independent broker-dealer acquisitions, internal succession plans, and other growth initiatives. This approach provides vital support for advisors looking to expand or transition their businesses. Listen in as Dustin shares how his firm partners with banks to provide loans to financial advisors purchasing advisory firms, enabling sellers to receive the purchase price upfront and increasing loan amounts as advisor repayment success grows. He discusses the key financial metrics used to determine loan amounts for mergers and acquisitions, such as the buyer’s capitalization and the selling firm’s recurring revenue, and explains how these loans support both full purchases and partial buy-ins during internal firm successions. Dustin also touches on current trends in advisory firm valuations, the differences between conventional bank loans and Small Business Administration loans, and the continued robust financing opportunities for advisory firm transactions, underscoring the inherent stability of these businesses due to their long-term client relationships. For show notes and more visit: https://www.kitces.com/395

Episodes

Ep 395: The Rise Of Bank Financing To Fund Independent Advisor Acquisitions And Succession Plans With Dustin Mangone

Ep 395: The Rise Of Bank Financing To Fund Independent Advisor Acquisitions And Succession Plans With Dustin Mangone

Dustin Mangone is the Director of Investment Advisor Services of PPL Loan, a firm based out of Texas that facilitates conventional bank loans to financial advisors. Dustin's firm uniquely enables financial advisors to access bank lending—a traditionally difficult source of debt capital in the advisory industry—for financing various transactions, including RIA and independent broker-dealer acquisitions, internal succession plans, and other growth initiatives. This approach provides vital support for advisors looking to expand or transition their businesses. Listen in as Dustin shares how his firm partners with banks to provide loans to financial advisors purchasing advisory firms, enabling sellers to receive the purchase price upfront and increasing loan amounts as advisor repayment success grows. He discusses the key financial metrics used to determine loan amounts for mergers and acquisitions, such as the buyer’s capitalization and the selling firm’s recurring revenue, and explains how these loans support both full purchases and partial buy-ins during internal firm successions. Dustin also touches on current trends in advisory firm valuations, the differences between conventional bank loans and Small Business Administration loans, and the continued robust financing opportunities for advisory firm transactions, underscoring the inherent stability of these businesses due to their long-term client relationships. For show notes and more visit: https://www.kitces.com/395

Ep 394: Launching An Administrative Family Office Practice To Deliver Your Best Support To (HNW) Clients with Christi Van Rite

Ep 394: Launching An Administrative Family Office Practice To Deliver Your Best Support To (HNW) Clients with Christi Van Rite

Christi Van Rite is the Founder of White River Consultants, a firm that provides administrative family office services to 17 ultra-high-net-worth households. Christi, whose firm is on track to generate nearly $1.5M in revenue this year, offers her insights into the complexities of managing extensive personal finances. You'll learn about the four primary pillars of Christi's services—personal bookkeeping, payroll for household employees, property management, and information and document management—and how each of these plays a role in maintaining financial order and security. Join us as we delve into Christi's journey from a traditional financial advisor to a leader in administrative family office services. You'll hear about her strategies for managing the financial needs of complex client households, the importance of using a client-owned tech stack for flexibility, and the role of robust referral pipelines in growing her business. Christi also shares her approach to curating, onboarding, and training specialized team members, managing risks associated with serving high-dollar families, and why she believes this niche is a fulfilling career path for financial advisors. For show notes and more visit: https://www.kitces.com/394

Ep 393: Taking The Risk Of A Multi-Million-Dollar Succession Loan To Make The Business What You Want It To Be with Alex Lewis

Ep 393: Taking The Risk Of A Multi-Million-Dollar Succession Loan To Make The Business What You Want It To Be with Alex Lewis

Alex Lewis is the owner of Blackbridge Financial, a hybrid advisory firm based out of South Carolina that oversees approximately $330 million in assets under management for 415 households. At just 29 years old, Alex boldly acquired his firm through a multi-million-dollar loan, stepping in as the successor to the founder. Over the past four years, he has transformed the business by overhauling the staff, technology, and service structure—nearly doubling the firm’s AUM in the process. Listen in as Alex shares how he gained trust and smoothly transitioned into ownership by increasing his client-facing roles and negotiating a seller-financed purchase, setting the stage for financial challenges that included managing a hefty initial loan payment. You'll learn how his firm categorizes clients into five service tiers, tailors experiences with personal touches like preferred beverages, and expands the team to uphold a high-touch service model, ensuring each advisor manages no more than 150 clients. We also discuss Alex’s career shift from public accounting to financial planning, his strategic fee adjustments that reinforced client trust, and his use of influential business strategies from books to continuously refine and grow the firm he envisioned. For show notes and more visit: https://www.kitces.com/393

Ep 392: Crafting Your Specialization When There Is No Standard Playbook To Learn It with Kristopher Heck

Ep 392: Crafting Your Specialization When There Is No Standard Playbook To Learn It with Kristopher Heck

Kristopher Heck is a Founding Partner of Tanager Wealth Management, an RIA based out of London that oversees approximately $1.1 billion in assets under management for 630 households. Kristopher's firm stands out by scaling to over a billion dollars in AUM, specializing in serving clients with financial and personal ties to both the United States and the United Kingdom, a niche lacking a standard playbook. This unique focus on complex transatlantic tax, estate, and planning issues has allowed them to develop a highly differentiated expertise in the marketplace over the past decade. Listen in as Kristopher shares his journey of founding Tanager Wealth, drawing on his personal experiences as a US expatriate to specialize in cross-border US-UK financial planning. He explains how his firm fosters a learning environment through internal blogs, videos, and lunch-and-learns, as well as how establishing early partnerships with other expatriate-focused professionals has cultivated a robust referral network. We also discuss the structure of separate advisory and planning teams that enhance career development and knowledge sharing within the firm, highlighting the importance of combining the right people and technology to effectively scale and succeed in the financial advisory landscape. For show notes and more visit: https://www.kitces.com/392

Ep 391: Improving Efficiency (In A Solo Practice) By Eliminating What Clients Don’t Really Care About Anyway with Christopher Jones

Ep 391: Improving Efficiency (In A Solo Practice) By Eliminating What Clients Don’t Really Care About Anyway with Christopher Jones

Christopher Jones is the Founder of Sparrow Wealth Management, an RIA based out of Orlando that oversees approximately $110 million in assets under management for 69 households. Chris has distinguished himself by building a highly efficient solo practice that operates under 25 hours per week, enabling him to spend more time with his family. He achieved this by concentrating solely on the most crucial financial planning tasks for his clients—and outsourcing or eliminating all other activities. Listen in as Chris shares how he streamlines his financial planning process by collaboratively working through plans during annual meetings, focusing on clients’ goals instead of detailed cash flow analyses, and managing cash requests through a single annual distribution. He explains his efficiency improvements through a curated tech stack of specialized AdvisorTech products and the strategic decision to manually update client balances, a move away from excessive customization that has significantly grown his AUM. We also discuss how transitioning to a remote practice has allowed Chris to live closer to family, how he generates referrals from well-connected clients, and his approach to managing perfectionism by outsourcing tasks to alleviate time constraints and reduce anxiety. For show notes and more visit: https://www.kitces.com/391

Ep 390: Helping Prospects Find Their Way To You Online With (Local) SEO with Brent Carnduff

Ep 390: Helping Prospects Find Their Way To You Online With (Local) SEO with Brent Carnduff

Brent Carnduff is the Founder of Advisor Rankings, a marketing firm based out of Idaho that specializes in search engine optimization for financial advisors. Brent's firm uniquely assists advisors by enhancing their organic SEO through targeted content creation, designed to attract prospects with specific planning needs, and also boosts advisors' local SEO, ensuring top placement in Google rankings when consumers search for nearby financial advisors. Listen in as Brent shares how he guides advisors to enhance their local SEO by starting with a fully optimized Google Business Profile and encouraging systematic client reviews to improve search rankings and increase website traffic. We also discuss strategies for boosting organic SEO, the importance of serving a specific niche for better Google rankings, the different timelines for seeing results with local versus organic SEO, and how hiring a coach has transformed Brent's business practices, enabling him to focus on delivering top-tier SEO advice. For show notes and more visit: https://www.kitces.com/390

Ep 389: Generating $5M In Hourly Planning Fees In The Blue Ocean Of Consumer Demand with Mark Berg

Ep 389: Generating $5M In Hourly Planning Fees In The Blue Ocean Of Consumer Demand with Mark Berg

Mark Berg is the Founder of Timothy Financial Counsel, an RIA based out of Illinois that's on track to generate $5 million in annual revenue this year serving 800 households. Mark's firm stands out for its rapid growth, scaling from $1.8 million to $5 million in revenue within just six years while maintaining a 25% profit margin, achieved entirely through an hourly fee model. Listen in as Mark shares how he structured his firm to succeed with an hourly fee model, his strategic implementation of time-tracking software for efficient billing and capacity management, and how he uses a client waitlist to handle increasing demand. We also discuss Mark’s innovative approach to scaling the firm by hiring a president without a financial planning background, as well as why he sees the hourly fee model as a vast opportunity for reaching a broader client base. For show notes and more visit: https://www.kitces.com/389

Ep 388: Transitioning To Independent RIA With Only $7M Of AUM To Turbocharge Growth With Website Local SEO with Freeman Linde

Ep 388: Transitioning To Independent RIA With Only $7M Of AUM To Turbocharge Growth With Website Local SEO with Freeman Linde

Freeman Linde is the cofounder of La Crosse Financial Planning, an RIA based out of Wisconsin that oversees nearly $50 million in assets under management for 73 clients. Despite industry norms suggesting the need for tens of millions in assets to go independent, Freeman launched his own RIA with just $7M in AUM, shared with a business partner. Leveraging the freedom to create an SEO-optimized website tailored to their local community, they rapidly expanded the firm to $40M in less than four years. Listen in as Freeman shares his strategic decision to operate as an independent RIA, utilizing a custom spreadsheet to analyze and favor the financial benefits over traditional broker-dealer models, including flat-cost expense management and the ability to offer lower client costs while raising AUM fees. He also discusses how adopting a focused local SEO strategy and creating distinct websites for niche markets accelerated his firm's growth, as well as his effective client-conversion approach. You'll hear how expanding his service offerings has solidified client loyalty and supported a sustainable business model that prioritizes recurring revenue over constant new client acquisition, inspiring newer advisors to start in fee-only environments. For show notes and more visit: https://www.kitces.com/388

Ep 387: Merging A Fast-Growth Firm Into A Much Larger One To Get The Operations Monkeys Off Your Back with Jenny Martella

Ep 387: Merging A Fast-Growth Firm Into A Much Larger One To Get The Operations Monkeys Off Your Back with Jenny Martella

Today we're joined by Jenny Martella, Principal and Wealth Manager at Modera Wealth Management, whose unique journey in the financial advisory world saw her and her partner achieving remarkable success in growing their firm from $19 million to $250 million in assets under management within 7 years. Jenny and her previous partner were so successful that they decided to seek a merger with Modera Wealth, a much larger enterprise, so they could focus on their strengths. In this episode, we explore Jenny's strategies for growth, the challenges of operational responsibilities, and the decision-making process behind merging with a larger firm. Listen in as Jenny discusses the intricacies of the merger process, from exploring potential partners to navigating the transition of clients and brand identity. She also shares lessons about managing change, adapting to new technologies, and finding her place within the larger organization. You'll learn about her methods for effective client communication and maintaining personal inspiration in the face of professional challenges, ideas for preserving brand identity during a merger, and more. For show notes and more visit: https://www.kitces.com/387

Ep 386: Turning Impostor Syndrome Anxiety Into A Strength That Drives Client Referrals with Dann Ryan

Ep 386: Turning Impostor Syndrome Anxiety Into A Strength That Drives Client Referrals with Dann Ryan

Dann Ryan is a Managing Partner at Sincerus Advisory, an RIA based in New York City that oversees approximately $165 million in assets under management for nearly 150 client households. Despite 17 years in the financial advisory business, Dann's persistent imposter syndrome fuels his anxiety before every client meeting, driving him to maintain high standards and accountability. This relentless pursuit of excellence has enabled Dann to build a thriving financial planning business that consistently attracts new client referrals. Listen in as Dann shares how he and his partner have successfully quintupled their AUM in five years through exceptional client service that spurred referrals and led to a waitlist system, and why they continue to use an AUM fee model despite a shift towards more planning-centric services. He discusses his early career at a fee-only advisory when such paths were less common, the long hours spent building financial plans as crucial career investments, and his decision to start his own firm after not becoming a partner at his previous job. We also explore his agile approach to financial planning, his openness to incorporating clients' investment ideas, and how serving a diverse client base while building lasting relationships has helped manage his imposter syndrome and enhance his career success. For show notes and more visit: https://www.kitces.com/386

Ep 385: Unblocking Clients That Won’t Implement With A Journey Of Financial Health with Danielle Howard

Ep 385: Unblocking Clients That Won’t Implement With A Journey Of Financial Health with Danielle Howard

Danielle Howard is the owner of Wealth By Design, a hybrid advisory firm based out of Colorado that oversees about $35 million in assets under advisement for 35 client households. Danielle's unique "Financial Fingerprints To Footprints" process assists clients who have difficulty implementing financial plans by uncovering and addressing their money memories. This approach helps them understand how past financial lessons shape their current financial identities and may hinder future goal achievement. Listen in as Danielle shares how she structures her financial planning engagements, using a 5-meeting sequence focused on understanding the client’s financial situation and the psychological factors influencing their money management. She discusses her transition to a planning-centric business, influenced by personal experiences with life planning questions, and explains how she adapts her client headcount to suit different life stages. We also explore the unique contributions women can make in the financial planning industry, Danielle’s evolving definition of success, and the personalized career paths available in the industry that allow for personal fulfillment while aiding clients in achieving their financial goals. For show notes and more visit: https://www.kitces.com/385

Ep 384: Growing An Advisor Career From (Bank) Assistant To Partner While Also Growing A Family with Hannah Provost

Ep 384: Growing An Advisor Career From (Bank) Assistant To Partner While Also Growing A Family with Hannah Provost

Hannah Provost is a partner and financial advisor at Lomanto Provost Financial Advisors, a hybrid advisory firm based out of New York State that oversees approximately $150 million in assets under management for 380 households. Hannah's unique journey in finance began with retail banking, progressing from lending and teller roles to a bank-based financial advisor, before she decided to broaden her expertise by working as an assistant under a seasoned advisor. This strategic move enriched her skills and knowledge, eventually propelling her to become a lead advisor and later a joint partner in the firm. Listen in as Hannah shares her journey of balancing work, family, and education to advance her career, emphasizing how the CFP certification guided her path and how early participation in client meetings fast-tracked her to a lead advisor role. She also reveals how leveraging community visibility and smart automation tools has been key to managing a growing client base, the importance of seeking supportive mentors as "green flags" in the industry, and how her early investments have paid off in a successful practice and robust work-life balance. For show notes and more visit: https://www.kitces.com/384

Ep 383: Leveraging YouTube Videos To Organically Grow 9X To $750M In Just 5 Years with Troy Sharpe

Ep 383: Leveraging YouTube Videos To Organically Grow 9X To $750M In Just 5 Years with Troy Sharpe

Troy Sharpe is the Founder and CEO of Oak Harvest Financial Group, an RIA based out of Houston that oversees $750 million in assets under management for 1,000 households. Troy's firm uniquely grew its AUM from $85 million to $750 million in five years by focusing on organic growth through diverse marketing strategies, including a radio show, in-person seminars, and notably, a scalable YouTube channel. Listen in as Troy shares his innovative marketing strategies that transformed educational seminar content into targeted YouTube videos for pre-retirees and retirees, emphasizing trust over immediate sales pitches, and aiming for a threefold return on marketing investments. He also discusses the expansion of his firm's marketing and advisory teams to support its growth, the adoption of a 3-advisor pod system for enhanced client interaction, and the creation of the "Retirement Success Plan" for dynamic retirement planning. For show notes and more visit: https://www.kitces.com/383

Ep 382: Helping Clients Stay The Course With A More Total Relationship Approach To Their Near-Term Cash Flow Needs with Tyson Ray

Ep 382: Helping Clients Stay The Course With A More Total Relationship Approach To Their Near-Term Cash Flow Needs with Tyson Ray

Tyson Ray is the CEO of FORM Wealth Advisors, a hybrid advisory firm based out of Wisconsin that oversees approximately $900 million in assets under management for just over 800 client households. Tyson's unique "Total Relationship" planning approach emphasizes assessing clients' immediate lump sum spending needs, such as new car purchases or vacations, to ensure their portfolios maintain sufficient cash reserves for these goals. Listen in as Tyson talks about his firm's unique approach, their strategic growth through acquisitions, and the crucial lessons learned on due diligence. He also shares the operational challenges he experienced, as well as the solutions he found that have streamlined his firm's operations. For show notes and more visit: https://www.kitces.com/382 Securities through Raymond James Financial Services, Inc. Member FINRA / SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors Inc. FORM Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services. Raymond James and its advisors do not provide tax advice. Podcast guest is Tyson Ray, CEO, Founding Partner, Senior Wealth Advisor at FORM Wealth Advisors. FORM Wealth Advisors is located at 431 Geneva National Ave S, Lake Geneva, WI, 53147; 262-686-3005.

Ep 381: Helping Clients Go Beyond The Plan To Actually Implement As A Fractional Financial Behavior Officer with Ashley Quamme

Ep 381: Helping Clients Go Beyond The Plan To Actually Implement As A Fractional Financial Behavior Officer with Ashley Quamme

Ashley Quamme is the Founder of Beyond The Plan, a consulting firm based out of Georgia that offers a Fractional Financial Behavioral Officer service, including consulting and training to advisory firms for new or existing clients. What sets Ashley apart is her expertise in psychology and couples therapy, which enables her to assist clients in managing their financial relationships and also equips advisors with strategies to overcome client obstacles. Listen in as Ashley shares insights into her work with advisory firms and her unique approach to understanding financial behaviors and biases. You'll learn how this has been instrumental in advising on challenging client situations, the ups and downs she experienced launching a consulting practice during the COVID-19 pandemic, and the tools she uses to enhance clients' self-awareness regarding their money mindset. For show notes and more visit: https://www.kitces.com/381

Ep 380: Expanding Capacity For $500M Of Organic AUM Growth In Just 4 Years By Increasing The Density Of Team Talent with Andrew Leonard

Ep 380: Expanding Capacity For $500M Of Organic AUM Growth In Just 4 Years By Increasing The Density Of Team Talent with Andrew Leonard

Andrew Leonard is the Managing Partner of Geometric Wealth Advisors, an RIA based out of Washington, D.C. that oversees approximately $750 million in assets under management (AUM) for 200 clients. Andrew's firm stands out for tripling its AUM in four years, achieving this growth by mirroring the management consulting approach of their clientele—focusing first on scaling their team's talent density through careful hiring and training, then determining the number of new clients they can onboard annually based on the team's growth capacity. Listen in as Andrew shares insights on Geometric's growth strategies, from adopting management consulting firm lessons for hiring and training to the early appointment of a COO for overcoming people-management hurdles. We also discuss how he maintains a vibrant company culture virtually, provides high-touch services to affluent clients, and integrates unique investment opportunities—all while navigating the firm's expansion through the ‘dangerous middle’ from $200 million to $2 billion in AUM. For show notes and more visit: https://www.kitces.com/380

Ep 379: Creating A Client Deliverable That Focuses On Behavior Over Returns With Custom Intelligrations with Hans Blake

Ep 379: Creating A Client Deliverable That Focuses On Behavior Over Returns With Custom Intelligrations with Hans Blake

Hans Blake is the founder of Intelligent Investing, an RIA based out of South Carolina that oversees $50 million in assets under management for 40 households. What’s unique about Hans is how he developed Intelligrations, a financial dashboard software that simplifies clients' financial data into a single-page, comprehensive visual overview of their assets, through his desire to create a more centralized dashboard for his clients and his deep fascination of technology as a behavioral finance tool. Listen in as Hans shares his journey from the initial concept of Intelligrations, focusing on high-level financial goals and guiding client behaviors, to its development into a comprehensive software integrated with industry vendors. We also discuss how he positions Intelligent Investing as a boutique advisory for high-net-worth executives—emphasizing core values to highlight the firm's approach and distinguish between long-term and short-term clients—his discovery process for understanding client finances and values, and how he has transformed initial rejections into opportunities. For show notes and more visit: https://www.kitces.com/379

Ep 378: Scaling Growth At 1/4th The Cost Of M&A By Wading Through The "No's" Of SmartAsset Leads with Michael Collins

Ep 378: Scaling Growth At 1/4th The Cost Of M&A By Wading Through The "No's" Of SmartAsset Leads with Michael Collins

Michael Collins is the CEO and Founder of WinCap Financial, an RIA based out of Boston that oversees $80 million in assets under management for 70 client households. Since 2021, Michael has distinguished himself by growing his firm by over $10 million in assets under management annually, utilizing leads purchased through SmartAsset and investing $5,000 per month, which has allowed him to achieve a return of $10,000 in recurring revenue within less than 100 days. Listen in as Michael shares insights into his marketing and content creation strategies, including maintaining a $5,000 per month marketing budget with a 95% failure rate by focusing on the financial ROI from successful prospects, and enhancing his SmartAsset lead conversion with a time-efficient blog writing process involving ChatGPT. He also opens up about the transition's challenges and rewards, as well as the value of persistence, innovation, and the strategic use of technology in achieving business growth and client engagement. For show notes and more visit: https://www.kitces.com/378

Ep 377: Navigating A Major Health Event While Keeping Your Advisory Firm Going And Growing with Meredith Moore

Ep 377: Navigating A Major Health Event While Keeping Your Advisory Firm Going And Growing with Meredith Moore

Meredith Moore is the Founder and CEO of Artisan Financial Strategies, a hybrid advisory firm based out of Georgia that oversees $77 million in assets under management for 120 client households. Despite facing a daunting diagnosis of a 7cm Glioblastoma tumor in her brain in 2005—which led to years of surgeries, radiation, and chemotherapy—Meredith remarkably kept her firm operational and thriving, growing it to over $1 million in annual revenue while still serving her clients. Listen in as Meredith shares how she navigated significant challenges and drove her firm’s growth through strategic early hiring, a pivotal revamp of the hiring process, and specializing in advising women senior executives and entrepreneurs. She also discusses the impact of her TEDx talk on couples’ dynamics with money and leveraging it as social proof to expand her professional network, as well as what has been crucial to her sustained success. For show notes and more visit: https://www.kitces.com/377

Ep 376: Accelerating Growth To 30 Clients/Month With Affordable Advice(-Only) Services Where Clients Can Keep Control with Eric Simonson

Ep 376: Accelerating Growth To 30 Clients/Month With Affordable Advice(-Only) Services Where Clients Can Keep Control with Eric Simonson

Eric Simonson, Founder & CEO of Abundo Wealth, joins the show to share how his 'advice-only' RIA model revolutionized the financial planning landscape. Despite launching just four years ago, Abundo has soared to oversee $600M in assets for 420 client households, with a unique approach generating over 30 new clients monthly. In this episode, Eric shares his strategies for empowering clients to implement investment decisions, maintaining advisor workload balance, and navigating the evolution of Abundo's fee structure, all while embracing the entrepreneurial challenges and growth opportunities of building a groundbreaking firm. Listen in to hear why Eric believes the younger generation is shifting direction when it comes to giving up control of their finances, how his team schedules meetings with clients to ensure they feel comfortable, and the steps his team takes to set expectations for their clients. You'll learn about the pivotal role of referrals, the future of social media marketing, and Eric's unwavering commitment to his vision, even during the early days when financial sacrifices were necessary. For show notes and more visit: https://www.kitces.com/376