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#FA Success Ep 306: Restructuring Partner Compensation And Roles To Align For The Next Stage Of Growth, With Cean Kenefick-Rogers

November 8, 2022 07:09 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome back to the 306th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Cean Kenefick-Rogers. Cean is the CEO and co-founder of Ironwood Wealth Management, an independent RIA based in Chandler, Arizona that oversees just under $550 million of assets under management, for nearly 500 households.

What's unique about Cean, though, is how the path that he and his partners took to break away from the insurance and brokerage worlds to run their own independent RIA inadvertently created a three-way struggle to find the proper compensation and accountability structure across their differing books of business, and ultimately forced them to seek third-party intervention from an industry consultant that eventually allowed them to restructure their partnership roles and compensation… which then unlocked their next stage of growth and scaling up the business.

In this episode, we talk in-depth about the journey that Cean and his partners took, from originally starting their careers at an insurance company, then moving on to a brokerage firm, until they ultimately decided to transition to an independent RIA and on the advice of their attorney drop their FINRA licenses altogether to reduce the risks to their RIA and simplify their ADV, how after struggling with infighting over proper compensation and accountability amongst the partners and almost reaching a point of dissolution, Cean and his partners sought help from an industry consultant to help restructure the firm roles and create compensation structures that all partners agreed were fair and would help the firm refocus on growth, and why shortly after taking on the role of CEO after that restructuring, Cean decided to implement a minimum quarterly fee and expand into an assets under advisement model that manages clients’ held-away 401(k) plans through Pontera… increasing both the profitability of the firm, and the happiness of their clients who now receive a more holistic service.

We also talk about how Cean leveraged the firm’s custodial relationship with Schwab to access one of their internal marketing consultants, which then led to Ironwood hiring an external marketing firm that revamped their website and Google searchability, increasing their visibility and digital leads to the point the revenue they received from onboarding new clients more than paid for the consulting, how, even though Cean proclaims to be a competitive person and does well under pressure, he was nervous about doing the right thing when taking on the role of CEO and turned to his friends who inspired him to form a firm advisory board to gain more confidence that he was making the right decisions for the firm, and how, despite understanding it would be difficult to launch and run an advisory firm, Cean was still surprised by how much work it actually takes… and even more surprised by the fact that he truly enjoys it.

And be certain to listen to the end, where Cean shares how, even though all the partners, including Cean, agreed he should take on the role of CEO in their new firm structure, it was challenging to adjust to viewing the firm not just as an advisor but its leader, and navigate the new pressures that come with having sole accountability and decision-making responsibility for the firm, why Cean wishes he and his partners dropped their insurance and FINRA licenses much sooner, as it would have given them more of an opportunity earlier to apply a laser-like focus on how they wanted to provide value to clients, and how Cean measures success beyond just his own contributions to the firm, but instead by building the right internal structure to support his employees so that they can continue to thrive, grow, and find their own successes.

So, whether you’re interested in learning about how designating Cean to the role of CEO helped realign the firm and created clear hierarchal structures, why Cean and his firm pre-schedule all of their client meetings for the year in advance, or how Cean and his firm implement service teams instead of departments, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Cean Kenefick-Rogers.

The Latest In Financial #AdvisorTech (November 2022)

November 7, 2022 07:03 am 1 Comment CATEGORY: Technology & Advisor FinTech

Welcome to the November 2022 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!

This month's edition kicks off with the news that a new RIA custodian – Entrustody – has launched, as independent RIAs continue to clamor for more alternatives than what has now become the ‘Big 2’ of Schwabitrade and Fidelity. As with Altruist, the ‘other’ new startup RIA custodian to launch in recent years, Entrustody is pledging to have a more modern interface with a better user experience, more and deeper integrations, and a more transparent price structure than ‘traditional’ custody services.

Notably, though, the reality is that changing RIA custodians still requires the repapering of clients and retraining of staff (and the latter cost is still incurred even if firms ‘just’ add Entrustody as a second custodial platform without moving existing clients), which raises the question of whether Entrustody has enough efficiency improvements to actually convince advisors to switch. While at the same time, competition has already heated up for new advisors (who can pick a new custodian without repapering or retraining because they’re just getting started) with SSG, Altruist, and even Schwabitrade itself pledging no minimums, and a number of ‘new’ RIA custodial competitors like LPL and SEI are increasingly competing for breakaways as well. Which raises the question of whether and where Entrustody may even be able to make a beachhead in a surprisingly crowded marketplace for the few advisors who are in a potential custodial transition?

From there, the latest highlights also feature a number of other interesting advisor technology announcements, including:

Orion’s Redtail launches “Redtail Campaigns” in partnership with Snappy Kraken to facilitate CRM-based drip marketing emails
Hearsay Systems rolls out a new small-to-mid-sized RIA platform for social media compliance and website design
Riskalyze signals an intent to rebrand itself away from ‘just’ risk tolerance assessments to a broader focus on helping advisors grow clients and assets

Read the analysis about these announcements in this month's column, and a discussion of more trends in advisor technology, including:

Merrill Lynch launches a new ‘Merrill Match’ system that downplays an advisor’s geography and focuses more on advisor ‘fit’ with respect to expertise, meeting preferences, and communication style
Ezra Group launches a new “WealthTech Integration Score” for major AdvisorTech vendors to help advisors better assess which software has the most meaningful deep integrations

In the meantime, we’re excited to announce several new updates to our new Kitces AdvisorTech Directory, including Advisor Satisfaction scores from our Kitces AdvisorTech Research, and the inclusion of WealthTech Integration scores from the Ezra Group!

And be certain to read to the end, where we have provided an update to our popular “Financial AdvisorTech Solutions Map” as well!

*And for #AdvisorTech companies who want to submit their tech announcements for consideration in future issues, please submit to [email protected]!

Weekend Reading For Financial Planners (Nov 5-6)

November 4, 2022 01:58 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that as part of the ongoing integration between the merged companies, Charles Schwab plans to transition advisors currently on the TD Ameritrade custodial platform to Schwab’s platform over Labor Day weekend 2023. And while Schwab executives have asked advisors for patience amid the transition, some advisors currently on TD’s platform could choose from a range of alternative custodial options rather than be subsumed into the Schwab ecosystem.

Also in industry news this week:

How an SEC review of a FINRA proposal to facilitate remote work could signal its thinking on the supervision of remote work for financial advisors more broadly
Morningstar has joined an increasingly competitive market of direct indexing platforms for advisors and their clients

From there, we have several articles on investment planning:

While I Bonds have received significant attention during the past year, TIPS could be an attractive alternative for many client situations
A recent study shows that while many consumers have expressed an interest in ESG investing, such funds within retirement plans have received limited allocations from investors
A survey showing how millionaires allocate their assets and the importance they place on the recommendations of their financial advisors

We also have a number of articles on taxes and end-of-year planning:

The importance for advisors of understanding current RMD rules to ensure their clients take the proper distributions (and avoid a 50% penalty in the process!)
In addition to an announced decline in Medicare Part B premiums for 2023, advisors have a range of other ways to save clients money on medical costs in the coming year
Pundits continue to expect “SECURE 2.0” to pass by the end of the year, while passage of other proposed tax measures appears to be less likely

We wrap up with three final articles, all about RIA deal activity:

What the continued influx of capital from private equity firms means for the RIA industry as a whole
Why the torrid pace of RIA mergers and acquisitions activity seen in recent years could slow down in the current market and interest rate environment
While private valuations have soared in recent years, public markets continue to be less kind to RIAs

Enjoy the ‘light’ reading!

Kitces & Carl Ep 98: Fee Schedule Complexity And Managing The Fear Of Leaving Opportunities On The Table

November 3, 2022 07:08 am 1 Comment CATEGORY: Kitces & Carl Podcast

For many financial advisors, prospecting efforts have traditionally been based on a perspective of scarcity, where the aim was to focus on connecting with and closing as many prospects as possible, regardless of their actual needs. However, in order to accommodate a wide range of clients with wildly diverse needs, firms often need to provide a myriad of services to address those needs. And this can mean developing a fee schedule with so many layers of complexity – to price out the range of all the services offered – that many prospects often end out too confused to understand what the advisor can actually do for them.

In our 98th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how a scarcity perspective can result in a firm’s loss of focus by trying to accommodate any and all clients regardless of their needs. Instead, by conveying a clear and simple message to clients about how the advisor’s value can provide for a very specific type of client and their unique needs, advisors can enhance their business growth by attracting the right type of client while investing less time and fewer resources actively seeking out new prospects.

As a starting point, it’s important to understand that as the financial services industry has evolved into the digital age, it has become increasingly common for financial advisors to rely on web-based business development strategies where the typical number of ‘prospects’ who visit the advisor’s website are often astronomically large. Which means that nearly all advisors who have a website no longer have a shortage of prospects (as they can often rely on organic web traffic alone to bring thousands of visitors to their site); instead, the challenge has become one of attracting the right kind of prospect. And offering a message that will compel even just a small fraction of site visitors to engage in a relationship can lead to a substantial increase in business.

As individuals increasingly rely on the internet to find the right services to meet their needs, more clients are also seeking and engaging with advisors digitally. Which means that understanding the nature of how those visitors use and relate to their website (through website data analytics tools) can give advisors the tools to assess the efficacy of their marketing efforts. Some useful metrics to help advisors understand their visitors include the number of users and visitors, where they look for information, and session length. And monitoring these metrics over time can help the advisor ensure that their messaging is truly offering a clear, meaningful, and relevant value proposition to prospects.

Ultimately, the key point is that trying to cater to all clients out of fear of leaving opportunities on the table – and developing complex fee schedules to meet all of those clients’ needs – will generally only serve to dilute an advisor’s value proposition. But by recognizing that firms already have access to a wealth of prospects through their website, advisors can home in on attracting the right kind of prospects to grow the business without losing the focus of the firm!

Upfront And Ongoing RIA Compliance Obligations Of State Vs SEC-Registered Investment Advisers

November 2, 2022 07:03 am 0 Comments CATEGORY: Regulation & Compliance

In the United States, Registered Investment Advisers (RIAs) are required to register in one of 2 ways: with the Federal government (namely the SEC) or with one (or more) state securities regulatory agencies. While SEC-registered RIAs are governed by the Investment Advisers Act of 1940 (and its associated regulations), state-registered RIAs are subject to the individual rules of the states (which have their own securities laws and regulations) where they are registered. So RIAs not only face a different set of regulations depending on whether they are Federally or state-registered, but state-registered RIAs, in particular, can also face a widely varying set of rules depending on which state they are registered in.

In this guest post, Chris Stanley, investment management attorney and Founding Principal of Beach Street Legal, breaks down some of the key differences between the Federal and state registration application requirements, approval processes, and post-registration requirements for RIAs.

While there is some overlap between the specific documents to be submitted for those registering with the SEC as opposed to the states, the universe of documents is far from identical. To start, Form ADV is the foundational registration document that must be submitted by any advisor seeking to become registered with the SEC or the states, but submission requirements for its various sub-parts vary depending on the registration type. For instance, while firms applying for either SEC or state registration are required to submit Form ADV Part 2A (the brochure and wrap fee program brochure), Form ADV Part 2B (the brochure supplement) is required to be submitted only by state-registration applicants (though SEC applicants are still required to create, maintain and deliver a brochure supplement to clients). Notably, along with certain standardized forms (e.g., Form ADV and Form U4), state-registration applicants are almost always required to submit additional ancillary documents to the state(s) in which they are seeking registration as part of their application.

In addition to differing registration form requirements, firms applying for SEC or state registration typically will have different experiences in the approval process. For example, while the SEC is required to respond to an adviser’s application within 45 days of the initial filing date, state applicants can expect more variable and longer lead times during the registration process. Further, while the SEC’s review process usually tends to be straightforward and permissive, some states will respond with additional questions, follow-up requests, and required revisions to the contents of the documents submitted.

Once an adviser’s registration application has been approved, they can begin advice-rendering activities, but their regulatory obligations do not end there. Along with renewing their registration annually (for both SEC- and state-registered firms), firms face a variety of requirements related to their internal finances, fees, marketing activities, and advisor agreements depending on whether they are SEC- or state-registered.

Ultimately, the key point is that while both the SEC and individual states share the goal of protecting the public from financial predators, advisers typically face differing registration, approval, and ongoing supervision experiences, depending on how they are registered. But by being aware of the varying requirements and filing documents in an accurate and timely manner, new firms can navigate their way through the registration process and (finally) begin offering planning services to clients!

#FA Success Ep 305: Accelerating Growth Of (Fee-Only) Clients By Making It Clear You Have Nothing To Sell, With Mindy Crary

November 1, 2022 07:05 am 2 Comments CATEGORY: Financial Advisor Success Podcast

Welcome back to the 305th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Mindy Crary. Mindy is the owner of Creative Money, an independent RIA based in Seattle, Washington, that offers a unique 12-month financial planning engagement – or as Mindy puts it on her homepage, “financial planning that doesn’t suck” – which has allowed her firm to work with nearly 400 client households just this year.

What's unique about Mindy, though, is how, by only offering financial planning advice without any ability to provide investment management, her “advice-only” business has been able to attract hundreds of inbound clients every year through organic Google search and Yelp who are just seeking an advisor to advise them without trying to sell them on anything else, and made it feasible for her to profitably and efficiently scale up to nearly $1M of revenue providing financial plans that cost just $1,800 to $3,200 per client.

In this episode, we talk in-depth about why Mindy attributes the success of her practice’s structure to the realization that she does not enjoy selling products or investment management (or dealing with compliance that goes with them) and could more efficiently scale with an advice-only approach to one-year financial planning engagements that don’t need ongoing relationship management, how, by implementing her 12-month engagement structure, Mindy has been able to employ a highly systematized process that gives her and her staff the flexibility and capability to be able to serve a large number of clients throughout each year, and how, even though Mindy spends very little on marketing, she’s attracted nearly 400 new clients in the past year, with nearly 2/3rds of them coming to her firm from online Google searches and the positive reviews she’s received (unsolicited) on Yelp.

We also talk about how, after selling her first advisory practice, Mindy moved to Seattle where she began consulting and found that by being a CFP without a practice, she was receiving a lot of inquiries to share her expertise (as people seemed to feel more comfortable asking her advice because they knew she was not in the business to sell them anything), which inevitably inspired her to launch her current financial planning business, how Mindy’s use of 12-month engagements and not managing assets has made it feasible for her to charge lower fees than most other advisors and still scale up to nearly $1 million in revenue, and the unique payout structure that Mindy uses to compensate her advisors on a per-plan basis (which still provides her advisors a reasonable assuredness of their income potential because of the steady flow of financial planning engagements her firm receives).

And be certain to listen to the end, where Mindy shares how she navigated a lot of doubt early on from others in the financial services industry (along with her own internal doubts of whether she fit into the industry) but found that by sticking to her convictions, she could offer financial planning the way she wanted and stay true to herself, why Mindy advocates that the key to enjoying a career as a financial advisor isn’t necessarily about building your own practice but finding whatever role in the industry best fits your core competencies (even if they’re not entrepreneurial), and why Mindy feels that goals are a constantly moving target (as there is always the next goal to achieve), but success is about having systematized processes that creates stability in her business and gives her greater opportunities to focus on that future ahead… wherever it may lead.

So, whether you’re interested in learning about how Mindy structures day-to-day tasks to create more efficient processes, why Mindy chose a 12-month engagement process for clients, or how Mindy maintains lower-than-average fees while serving hundreds of clients per year, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Mindy Crary.

Building A (Modern) Client Service System Model To Deliver Value More Efficiently, Profitably, And Enjoyably

October 31, 2022 07:02 am 0 Comments CATEGORY: Practice Management

While many financial advisors may have focused primarily on portfolio management at one time, the evolution of the financial planning profession has opened up an ever-growing number of services that advisors now offer to their clients on a regular basis. While this shift has allowed advisors to charge a premium fee for high-quality service, it has also resulted in increased workloads, especially as the number of clients that advisors serve (and the types of issues that are brought to the table) grows. But instead of tackling each task that comes to light, as if playing a game of ‘whack-a-mole’, advisors can take a more standardized and systematized approach to create their client service models while still offering high-quality and personalized service – and doing it efficiently to free up time in their own schedule!

First, when it comes to assessing the services that are offered to clients, advisors can distinguish between low-value ‘factory work’ (generally consisting of necessary activities that don’t necessarily require the advisor’s expertise to complete) and high-value ‘focus work’ (activities that require the advisor’s attention, talents, and unique insights). Factory-work activities are prime candidates for automation; for instance, instead of spending time during a client meeting asking a client to review their beneficiary designations, advisors could instead use a standardized email template generated by their CRM system, automatically populating each client’s information and offering options to either confirm current designations or schedule a call to discuss any necessary changes.

After assessing their client service tasks, advisors can better see how their services –not their clients – can be categorized into three basic tiers: standard, special, and personal. The first ‘standard’ tier represents client service tasks that are predominantly ‘factory work’ tasks, applicable to all of a firm’s clients (e.g., reviewing insurance coverage), and can often be standardized and systematized through the advisor’s tech stack tools. Second is the ‘special’ tier, where advisors identify specific and specialized needs that arise in response to systematic processes in the standard tier, but that still consists of ‘factory-work’ tasks that can be addressed with the help of the advisor’s support staff. The last tier is the ‘personal’ tier, which consists of immediate client needs that often involve focus work, requiring more of the advisor’s time and attention. The personal tier involves all of the client’s needs that can’t be standardized or systematized in the standard or special tiers, and helps the advisor ensure that their clients’ personal needs are covered during client meetings and conversations.

Ultimately, the key point is that standardization and systemization can help advisors improve efficiency and support firm growth while still delivering a high-quality client service experience. In fact, creating a client service model that leverages automated processes so that the advisor’s time and energy are focused on high-value tasks not only frees up significant amounts of time for the advisor, but also ensures that clients receive the planning services that match all of their unique needs!

Weekend Reading For Financial Planners (Oct 29-30)

October 28, 2022 02:04 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the SEC has proposed a rule that would require RIAs to conduct enhanced due diligence and recordkeeping when using certain outsourced investment management services and other third-party service providers. While the rule is currently in the public comment stage, given the growing popularity of outsourcing certain tasks to free up time for other planning and operational responsibilities, particularly among smaller RIAs, the new rule could add a significant administrative burden to firms going forward.

Also in industry news this week:

A proposed Department of Labor rule would limit the type of workers who could be considered independent contractors, which could present a challenge for the independent broker-dealer model
Fidelity has introduced a direct indexing platform for advisors, joining an increasingly competitive space

From there, we have several articles on practice management:

A new report shows that RIA profitability and AUM soared in 2021, buoyed by a strong stock market and new client growth
RIA merger and acquisition activity has been brisk and valuations have remained elevated during the past year, but industry observers are debating whether economic headwinds could slow activity in the coming year
The key considerations for advisors considering terminating a forgivable note early

We also have a number of articles on building and maintaining wealth:

The stories of how 30 millionaires earned (or came into) their wealth and the lessons for advisors
How advisors can approach working with ultra-wealthy clients, who are increasingly focused on building dynastic wealth
The pros and cons of being wealthy, and how advisors can help clients avoid the potential pitfalls of having significant wealth

We wrap up with three final articles, all about setting goals:

Why it’s ok for advisors (and their clients) not to have major goals, and why building optionality could be the key to achieving goals when they eventually arise
Why one CEO pursues steady progress in his business rather than setting audacious goals
How advisors and their clients can use ‘anti-goals’ to avoid unwanted outcomes

Enjoy the ‘light’ reading!

Why The Value Of A Roth Conversion Is Calculated Using (True) Marginal Tax Rates

October 26, 2022 07:06 am 21 Comments CATEGORY: Taxes

Roth conversions are, in essence, a way to pay income taxes on pre-tax retirement funds in exchange for future tax-free growth and withdrawals. The decision of whether or not to convert pre-tax assets to Roth is, on its surface, a simple one: If the assets in question would be taxed at a lower rate by converting them to Roth and paying tax on them today, versus waiting to pay the tax in the future when they are eventually withdrawn, then the Roth conversion makes sense. Conversely, if the opposite is true and the converted funds would be taxed at a lower rate upon withdrawal in the future, then it makes more sense not to convert.

But what exactly is the tax rate that should be used to perform this analysis? It’s common to look at an individual’s current level of taxable income, determine which Federal and/or state income tax bracket they fall under based on that income, and assume that would be the rate at which the individual will be taxed on any funds they convert to Roth (or the amount of tax savings they would realize in the future by reducing the amount of their pre-tax withdrawals).

However, for many individuals, the tax bracket alone doesn’t accurately reflect the real impact of the Roth conversion. Because of the structure of the tax code, there are often ‘add-on’ effects created by adding or subtracting income – and these effects aren’t accounted for when simply looking at one’s tax bracket.

For example, when an individual is receiving Social Security benefits, adding income in the form of a Roth conversion could increase the amount of Social Security benefits that are taxed so that the increase in taxable income caused by the Roth conversion is more than ‘just’ the amount of funds converted – in effect, the increase in income can magnify the tax impact of the conversion beyond what the tax bracket alone would imply. However, the same effects are also true on the ‘other’ end of the Roth conversion, where any reduction in tax caused by replacing pre-tax withdrawals with tax-free Roth withdrawals could also be magnified by an accompanying decrease in the taxability of Social Security benefits.

The upshot is that the conventional wisdom of deciding whether (or how much) to convert to Roth based on tax brackets alone won’t always lead to a well-informed decision. Instead, finding the ‘true’ marginal rate of the conversion (i.e., the increase or decrease in tax that is solely attributable to the conversion itself) is the only way to fully account for its impact. Additionally, understanding the true marginal rate can make it possible to time conversions in order to minimize the negative add-on effects (e.g., avoiding Roth conversions when doing so will also increase the taxation of Social Security benefits) and maximize the positive effects (e.g., using funds converted to Roth to reduce pre-tax withdrawals when doing so will decrease the taxation of Social Security) – thus maximizing the overall value of the decision to convert assets to Roth.

#FA Success Ep 304: Leveraging Surge Meetings To Find Efficiency With Client Reviews And New Client Onboarding, With Chad Chubb

October 25, 2022 07:01 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome back to the 304th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Chad Chubb. Chad is the founder of WealthKeel, an independent virtual RIA based in Tampa, Florida, that advises on over $100 million of assets for 110 client households.

What's unique about Chad, though, is how he has not only implemented a “surge meeting” approach to meet with each of his ongoing clients during a two-month period twice a year, but has gone further to implement a “surge onboarding” approach where he only takes on new clients in two-month intervals twice a year as well… all of which has allowed him to implement a highly systematized and efficient process so that he has more time and capacity throughout the rest of the year to focus on firm strategy, the client experience, and populating his waitlist of new clients for the next surge onboarding cycle.

In this episode, we talk in-depth about how, as Chad focused increasingly on serving a niche of Gen X and Gen Y physicians, he noticed an increasingly large overlap in the types of financial planning issues he was solving client after client that led him to a systematized surge approach to client review meetings, how almost reaching a point of burnout while onboarding 40 to 60 new clients per year in 2020 and 2021 made Chad realize that he needed to implement a surge onboarding approach (and a waitlist) to more easily scale and control the growth of his practice, and how Chad leverages the combination of writing for a finance-focused blog for physicians (as well as his own blog), concentrating on SEO tactics, and speaking at hospitals, to find his ideal prospects where they are and rapidly grow his firm.

We also talk about how Chad has evolved the pricing of his firm to use a retainer model that still approximates the revenue opportunities of an assets-under-advisement approach (which has given him a path to increase his fees over time to scale his firm), why Chad’s next steps are to focus on developing and expanding his team even further so that he can move into a CEO role where he is less-client facing and more focused on the operations of the firm to keep it growing and scaling, and how Chad has gotten comfortable with referring out clients who don’t want to wait for the next surge period and has even been ‘right sizing’ his client base by sending no-longer-good-fit clients out to other advisors who may be a better fit.

And be certain to listen to the end, where Chad shares how despite the fast-growth success he’s had, he’s still dealing with the ever-present feelings of imposter syndrome and what he calls the “entrepreneur dilemma” where, when you hit a goal, the only remaining focus is to hit the next goal, leaving little room to celebrate the smaller wins that comprise a successful business, why Chad wishes he discovered the power of an SEO strategy coupled with a clear niche specialization earlier on in his career after grinding early on with the ‘Project 100’ approach of just calling on friends and family, and why Chad believes creating systematized processes and a structured client communication meeting cadence (like surge meetings) isn’t just about operational efficiency to scale but is also the key to helping him develop a better balance between his professional and personal life.

So, whether you’re interested in learning about how Chad structures his time so he can handle surge meetings and onboarding twice a year, how serving a niche made it easier for Chad to create more efficient processes, or how Chad utilizes a combination of different technology to streamline notetaking and communication, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Chad Chubb.

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#FA Success Ep 306: Restructuring Partner Compensation And Roles To Align For The Next Stage Of Growth, With Cean Kenefick-Rogers

The Latest In Financial #AdvisorTech (November 2022)

Weekend Reading For Financial Planners (Nov 5-6)

Kitces & Carl Ep 98: Fee Schedule Complexity And Managing The Fear Of Leaving Opportunities On The Table

Want CE Credit for reading articles like this?

Upfront And Ongoing RIA Compliance Obligations Of State Vs SEC-Registered Investment Advisers

#FA Success Ep 305: Accelerating Growth Of (Fee-Only) Clients By Making It Clear You Have Nothing To Sell, With Mindy Crary

Building A (Modern) Client Service System Model To Deliver Value More Efficiently, Profitably, And Enjoyably

Weekend Reading For Financial Planners (Oct 29-30)

Want CE Credit for reading articles like this?

Why The Value Of A Roth Conversion Is Calculated Using (True) Marginal Tax Rates

#FA Success Ep 304: Leveraging Surge Meetings To Find Efficiency With Client Reviews And New Client Onboarding, With Chad Chubb

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Want CE Credit for reading articles like this?

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