Xypn Radio

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.

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 import

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

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

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!

 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 ho

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 b

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

If you are interested in learning highly effective, yet simple ways to use data-driven market research to find and maximize your niche, this episode is for you!  In this candid and informative conversation with XYPN member Marlon Wesh, MBA, founder of Wesh Financial, we learn how Marlon’s early experience in HR for the Marine Corps helped formulate his firm’s operational systems. We also hear how earning his undergraduate degree and MBA in business administration was tremendously helpful in structuring the business side of his firm—especially his marketing classes which informed his approach to finding his niche.  While completing his MBA, he did an internship with Merrill Lynch and decided that his path would be better served as an entrepreneur where he owned 100% of his business and where someone else wasn’t testing out their inclusivity on him. He launched his firm in late 2019 with minimal planning experience, but a whole lot of grit and self-confidence. He tried a few niches and quickly established that

If you’re interested in the impact being a student of your own art can have on your priorities and business, this episode is for you!  Terry Bradford-Crane MBA, CFP® of Bradford-Crane Company went to the Naval Academy for college with a dream of becoming a pilot and an astronaut. Just as she was finishing her training program, the US repealed a law prohibiting women from serving in combat zones, and she was one of the first women to receive orders to serve on an aircraft in a combat zone. Her first job out of the military was with Merrill Lynch, and she talked about how valuable the four years she spent there were for her career, mainly based on their amazing training program. After the birth of her second child, she decided to be a stay-at-home mom. And during that time she got her MBA in financial planning, her CFP® designation, and was providing financial education and literacy programs, and was an adjunct professor and more. In 2019, she decided to focus more on her financial planning business and started

If you’re interested in how finding your fit can change everything and how well the equity compensation niche has worked for XYPN member Christine Amill Centeno, CFP®, MS, founder of Simplicity Wealth Management, this episode is for you!   Christine started her career in financial services at Ameriprise in 2007 and worked in a variety of broker's side roles until she ultimately decided to launch her own firm in 2019. Having just celebrated her firm's fourth birthday, she has grown quickly with over 40 client households and 400,000 of recurring revenue.   How has she had so much success? You probably guessed it, she has a really well defined niche. Christine specializes in equity compensation, and almost all of her growth from the last two years have been from client referrals. She also shared about her experience hitting the ceiling, realizing that she was working way too many hours and had let the business really take over her life.   She hit the reset button, defined her financial mission statement, and has

If you’re interested in learning how employment contract restrictions can seriously disrupt your plans to take clients with you should you decide to break away from your broker, as well working through growth and fee structuring decisions, this episode is for you! XYPN member John Underhill, CFP®, founder of Acorn and Oak Wealth Management, based in Raleigh, North Carolina shares how his journey from ski bum to managing parts of a ski resort, and then several Starbucks helped bolster his business acumen as well as humility—in the best ways. After having their first child, John and his wife moved back to the East Coast to be near family. He found a job on Indeed in financial services with a national firm. And he said without a plan B, he just committed to following their recipe for success. He knocked on a lot of doors and ultimately built a successful practice.  In 2020, after listening to the Financial Advisors Success Podcast, he decided to launch his own firm. We talked about his experience with a difficu

In this fun conversation with XYPN member Brian O'Neill, CFP®, founder of Winged Wealth Management and Financial Planning, we hear how niching not only what you know, but who you know can radically grow your business—even in the first year!  Brian spent the first 20 years of his career as an Air Force pilot, during which time he developed a passion for personal finance. After considering what to do after retirement from the military, he decided to launch a firm dedicated to working with fighter pilots like himself. Brian launched his firm in January 2021 and came out of the starting gates hot, working with 30 clients in his first year, 23 of which were retainer clients. He's grown quickly and shared that he'll gross over $200,000 in 2023, just his third year in business.  He shared his marketing secret sauces that helped him grow quickly as well as build upon the equity of trust his fellow fighter pilots feel towards each other.  Finally, we talked about his view of the future of the business and how that's c

If you are interested in what it takes to transition from a long-term wirehouse position to solo RIA ownership, what it means to truly answer a calling, and how to sustainably serve others without being self-sacrificing, this episode is for you! XYPN member Kaysian Gordon, MBA, CFP®, CPA, CKA®, founder of Kaysi Gordon Financial Planning, started her career at UBS where her team grew over her tenure and ultimately focused on doing financial planning for ultra-high net worth clients.  She spent 14 years there learning the ins and outs of serving those clients and was the first on her team to get her CFP® designation.  Seven years ago she was able to start a weekly devotional blog that was not finance-related, so she had the freedom to share her thoughts and insights.  It later helped lay the foundation for her current niche of working with women of faith that are in transition.  When she felt called to leave UBS, she joined another organization that not only provided a unique “practice run” at RIA entrepreneurs

If you’re interested in learning about the advantages of growing your firm with like-minded advisors, the benefits of hiring a virtual assistant, and how none of it would be possible without a supportive spouse, this episode’s for you! XYPN member Mike Troxell, CPA, founder of Modern Financial Planning knew he wanted to be a financial planner, but his career started off on the tech side of the business as an accountant. After being steeped in tax education for two and a half years, he made the move into financial planning and started working at an RIA. While he thought at that time he might want to start a firm one day, he loved that job and the people he was working with and thought he'd be there a long time.  The stars unexpectedly aligned for him, however, and he decided to launch his own RIA. We talked about how he and his wife ultimately made that decision and made it work as they had just had their first child and had their second just 12 months after he launched. Modern Financial Planning works with cl

If you’ve ever found yourself questioning what “having it all” looks like for you, how to pull focus on those visions and find balance as you start and run your business, this episode is for you. In this reflective and empowering conversation, XYPN member Betty Wang, CFP®, founder of BW Financial Planning, shares a very real look into her journey from a career in financial services on the buy side, to taking time off to care for her children with medical issues to returning to the industry in private equity and ultimately deciding to do her own thing as a firm owner.  While she doesn’t describe herself as an entrepreneur—because she doesn't fit the image that she had of what it means to be an entrepreneur—she has built a very successful firm. She launched in 2018, but struggled to put herself out into the world, so she didn't see much traction early on.  That all changed in 2020 when she made the decision to lean into the uncomfortable parts of the business, primarily selling financial planning and the relati

If you’re interested in learning how to grow your initial firm investment five-fold in 3 ½ years in a dual-entrepreneurial household, this episode’s for you! Join in the conversation with XYPN member Jake Northrup, CFP®, CFA, CSLP®, founder of Experience Your Wealth and hear about how he started his firm journey in late 2019, with no clients, at the ripe age of 27. As if that wasn’t challenging enough, his wife started her own wedding planning business at the same time.  Jake always knew he wanted to be an entrepreneur, and after working in an RIA that served mostly older clients, he wanted to build a firm that focused on younger families that did a lot of traveling and wanted to experience more of life during their younger years versus just saving for retirement and hoping to have fun in their 60s.  Jake spent a lot of his upfront money building a website focused on telling the story of who he wanted to work with and how he was different from other advisors. It has clearly worked as he made just over $80,000

If you’re interested in learning how niching what you know and starting a group focused around your niche can grow your fee-only revenue to $250k in 5 years, this episode is for you! We're excited to welcome XYPN member Andie Clark, founder of The Table Financial Planning, a virtual firm serving military members and their families on the show. Andie married her high school sweetheart, who was an Air Force pilot and started moving all over the world every two years. She found work as a math teacher at community colleges, and over time, that ended up shifting into the realm of financial planning. She took part in a joint program between FINRA and the DOD that helped her get her AFC designation. That led her to getting her CFP® and, as her husband was retiring from the military and they were deciding where they wanted to end up, she started her financial planning firm. She talked briefly about a couple of big planning opportunities that service members can take advantage of this year. And it is clear how importa

If you’re interested in hearing about building a unique firm that's more focused on helping people and having an impact versus just being focused on making money due to personal financial circumstances, this episode is for you! This inspiring and really interesting conversation with XYPN member, Frank Austin, CFA, ChFC®, founder of Sustainable Financial Planning, was a little different from many other conversations we’ve had on XYPN Radio in that he is technically retired after a long career in financial services, mainly on the institutional side.  Frank achieved his FIRE goal of retiring at 50 and starting his own financial planning firm. His goal in starting the firm wasn't to make a lot of money as he was already set up for retirement, but instead to impact the lives of as many clients as possible.  We talked about some of the things he thought he would focus on early in the business, such as ESG investing and how those plans evolved over time as he found the clients he enjoyed working with and learned the

This episode’s for anyone who: Has made or is considering making the transition from tax prep to financial planning Understands the impact every financial decision has on taxes Is looking for conversation starters with your clients about the value add tax-optimized financial planning offers them Wants to shift tax prep from being reactive to proactive Wonders how to structure fees when you offer tax services, financial planning, and investment solutions Is looking for inspiration to pursue their passion at any age In this informative conversation with XYPN member Joanne Burke, CFP®, CPA/PFS, founder of Birch Street Financial Advisors, we learn why Joanne left a big four firm to join a partner who’d split off to go independent and help start their accounting practice. After a few years and the birth of her second child, she decided to launch her own tax practice to give herself the flexibility to spend more time with her family than public accounting would have provided. Fast forward after her youngest left