Financial advisors will sometimes encounter a client who does not follow through on financial planning recommendations, even when the recommendations were developed collaboratively and seemed to resonate in the moment. In that situation, the advisor might assume that the problem was that the plan was too long, too complex, or too abstract, and that the solution is to simplify it and make it more actionable. But the primary cause of the inaction might not actually be a lack of understanding on the client's part. Rather, the plan may be speaking only to one part of the client's mind.

In this guest post, Scott Frank, CFA, CFP, RLP, founder of Stone Steps Financial and a lead trainer at the Kinder Institute of Life Planning, discusses how client motivation can be shaped at the start of the planning relationship and why creating an atmosphere where prospects and clients feel safe enough to explore and communicate their deepest motivations is an important part of that process.

In his 2006 book "The Happiness Hypothesis", psychologist Jonathan Haidt distinguishes between the "Rider" – the conscious, deliberate mind – and the "Elephant" – the unconscious system that stores memory and emotion, runs habit and avoidance, and carries every money story the client absorbed before they were old enough to question any of it. Because common financial planning approaches, such as gathering and analyzing data and presenting recommendations, are largely directed at the Rider, the Elephant is often left out of the conversation. Which creates a gap between the client's understanding of the plan and their motivation to act on it.

With this in mind, George Kinder's life planning approach – the EVOKE framework – begins with Exploration, where the advisor doesn't focus on gathering or assessing client data. During this stage, the advisor is mindful about resisting the urge to go too deep on any one subject. Instead, the meeting is designed to create enough space and safety for prospects to reveal not only immediate financial concerns, but also other issues that might be on their mind, including the deeper motivations behind their financial goals.

Four structural elements define the Exploration meeting: 1) the physical environment, 2) an opening grounded in two genuine questions, 3) a minimal toolkit built around presence and the discipline of asking "Anything else?", and 4) a no-judgment orientation throughout. The meeting closes with reflection along with a clearer sense of what working together would look like, grounded in what the prospect has just brought into the room.  In this way, an advisor can better understand not only the immediate financial pain points that may have led the prospective client to reach out, but also the deeper hopes, fears, and motivations that can shape a more meaningful and effective planning relationship.

Ultimately, the key point is that when clients fail to implement financial planning recommendations, the issue is not necessarily a lack of understanding but may instead reflect a lack of (unconscious) motivation to act. By creating space early in the relationship for clients to explore all of their concerns – including their immediate pain points and their deeper hopes and worries – advisors can improve the likelihood that the recommendations developed later will feel personally meaningful, and, therefore, more likely to be acted on with energy and intention!

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Welcome everyone! Welcome to the 486th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Lisa Crafford. Lisa is the head of advisory of Constellation Wealth Capital, a private equity firm based in Chicago, Illinois, that makes minority investments in RIAs.

What's unique about Lisa, though, is how her career path through RIAs, a major custodian, and now private equity has shown her what it takes to successfully grow a billion-dollar firm, with people (from building a loyal team to hiring the right executives) being at the forefront.

In this episode, we talk in-depth about how Lisa finds that some of the highest-performing large RIAs are those that invest in their human resources function (perhaps hiring an internal Chief Human Resources Officer or using an outsourced solution), why Lisa thinks that offering key executives and team members equity can be an important way to promote retention and ultimately a higher level of client service and firm growth, and how Lisa finds that a key to effective hiring is to both hire in advance of a need (to prevent reduced capacity or a decline in client service standards) and to maintain an ongoing list of "warm" contacts who might make good employees at the firm (such as those firm leaders meet at conferences and other events).

We also talk about how Lisa and Constellation evaluate potential firms to invest in (often looking for those who want to ‘double down’ on their growth with additional capital and knowledge rather than looking to take liquidity out of their ownership stake), how Lisa often works with firms to identify opportunities for firm leaders who wear multiple ‘hats’ to shed one or more of them by making key hires, and how Lisa finds that while hiring an additional executives can be pricey in terms of compensation, they can sometimes serve as a force multiplier that leads to greater returns for the firm in terms of scalable growth.

And be certain to listen to the end, where Lisa shares why she thinks there are currently prime opportunities for those who want to work in the financial planning industry in non-advisor roles, why Lisa sometimes recommends that firms work with consultants who don’t specialize in RIAs (to get a fresh outside voice and stand out amongst their peers), and how Lisa has carved a successful career path for herself across multiple types of planning industry businesses in part by staying in contact with colleagues from around the industry and being open to new opportunities that arise that allow her to expand her reach and impact.

So, whether you’re interested in learning about what it really means to build a firm that generates tens or even hundreds of millions in revenue, the biggest growth constraint for most advisory firms, and hiring strategies, building leadership teams, and structuring equity for employees, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Lisa Crafford.

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An advisor's initial years present a valuable opportunity to learn the planning process and slowly progress in the firm. Yet Kitces Research on What Actually Contributes To Advisor Wellbeing has consistently found that associate advisors lag behind other advisory firm roles in overall wellbeing.. Compared to peers in more senior positions, associate advisors report lower levels of autonomy, compensation, cultural fit, and manageable working hours – all core elements linked to job satisfaction and wellbeing. And while some of these challenges are expected early in a career, the gap doesn't disappear with experience. Even associate advisors with several years in the role often find themselves in a professional limbo: ready to take on more responsibility, but without a clear pathway to do so, which can lead to dissatisfaction and, ultimately, attrition.

The core challenge stems from the absence of clearly articulated, structured career development plans within many firms. Associate advisors often reach a 'competency ceiling', where they are capable of handling more complex work but remain in support roles with limited client ownership or strategic responsibilities. This lack of clarity can create a negative feedback loop: advisors aren't promoted because they lack certain experiences, yet they're not given the chance to gain those experiences in the first place. For firms, this presents a costly risk. Advisors who've spent years learning a firm's systems, values, and client base represent significant institutional knowledge – and without forward momentum, they may look elsewhere for growth.

In this article, Senior Financial Planning Nerd Sydney Squires details how managers can develop scalable career development plans that clearly articulate expectations in a measured and balanced way. A useful framework begins with identifying six core domains of senior advisor capability: technical planning, client communication and relationship management, business development, process and tech management, team training, and strategic firm involvement. Advisors need not excel in all six domains; instead, firms can guide them toward high performance in three or four areas that align with both individual skills and firm needs. Early-career advisors often begin with a preference for either client-facing or back-end technical tracks, with options opening up later for management or strategic leadership – a flexible approach that fits especially well within smaller firms, where roles are rarely siloed.

Effective growth plans also differentiate between two major development tracks: technical/task-based independence and strategic firm contributions. Both can be measured using clear progression stages, ranging from observation and supported execution through synchronous work, to full ownership, subject matter expertise, or initiative development. Defining these stages gives managers a shared language to evaluate and mentor talent, while helping advisors see the tangible steps between their current role and future possibilities. Education and experience requirements – such as earning designations or leading strategic initiatives – can be layered into these plans alongside clearly communicated levels of firm support, increasing follow-through and alignment .

Ultimately, growth plans are most effective when they are transparent, dynamic, and revisited regularly. Sharing them broadly and discussing them during ongoing check-ins or annual reviews helps turn growth plans into living documents that foster engagement and accountability. And when done well, structured yet flexible career development plans act as both a recruitment and retention tool – helping advisors understand long-term opportunities and giving firms a more scalable, intentional way to develop talent, benefiting both advisors and firms over the long term!

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Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that consulting firm McKinsey & Company’s research into the wealth management industry finds that Artificial Intelligence (AI)-powered tools are unlikely to replace human advisors or result in significant fee compression for many firms. However, if AI tools allow consumers to more easily process their financial data and create planning recommendations, firms that stand out in the possible new era could be those that lean into what makes human advisors truly “human”, from the ability to clearly understand clients’ motivations and goals, build a level of trust that could be hard for software to match, and to accurately implement planning decisions that are made.

Also in industry news this week:

• A coalition of Continuing Education (CE) providers is pushing back against CFP Board’s per-credit-hour reporting fee (which is often passed on to CFP professionals themselves) and are calling for greater transparency into how these fees are used
• In a recent study 42% of heirs spent through their entire inheritance within the first year, highlighting the potential value of not only minimizing the tax burden involved in wealth transfers, but also of expressing preferences (whether through legal structures or informally) for how these assets are accessed and used by the next generation

From there, we have several articles on tax planning:

• Three levels of tax planning that can help advisors offer clients hard-dollar tax savings and differentiate themselves from other sources of advice
• How advisors can help their clients avoid tax-time ‘surprises’ and generate better relationships with key centers of influence in the process
• Why there isn’t an ‘optimal’ tax refund amount for every client and how engaging on this topic can help financial advisors demonstrate their value to clients on an annual basis

We also have a number of articles on advisor marketing:

• How one advisor generated three high-quality new clients each month through LinkedIn posts that ‘only’ received an average of 5-8 likes each
• A review of marketing automation platforms, which can help advisors save time while guiding leads through their marketing funnel to (hopefully) become clients
• Three growth strategies for advisors that won’t plateau as their firms grow bigger, from building advocacy into the client experience to reducing the time burden founders spend on marketing

We wrap up with three final articles, all about intergenerational wealth:

• An analysis of several income, inflation, and wealth factors considers the popular question of whether Baby Boomers or Millennials have had it ‘tougher’ in economic terms
• How “life admin” tasks reflect a growing amount of friction built into navigating modern life, increasing individuals’ “mental load” and reducing time that is truly free
• How the work of one generation frequently leads to a better world for the next, even if it makes the younger generation appear to be ‘spoiled’

Enjoy the ‘light’ reading!

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Advisors approaching retirement often face a fundamental planning challenge: how to convert the value of their firm into a reliable retirement asset while ensuring continuity for clients and team members. The central tension lies in balancing financial outcomes with legacy goals – whether the advisor wants the firm to continue in its current form, prioritize client care regardless of structure, or simply maximize sale proceeds. This decision is not merely philosophical; it directly determines the strategy, timeline, and actions required in the decade leading up to an exit.

In this 188th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss what actually makes a difference in firm valuation – and how advisors can prepare for a smooth (and lucrative!) transition.

At the core of firm valuation is a straightforward but often misunderstood reality: buyers purchase cash flow, not revenue. Profitability – specifically free cash flow – is the primary driver of value, followed closely by the quality and durability of that cash flow. Recurring revenue, strong client retention, and a younger, longer-duration client base all enhance valuation. Just as important is transition risk: the extent to which client relationships can be successfully transferred to a new advisor. Firms with strong documentation, clear processes, and service continuity beyond the founder are significantly more attractive, as they reduce uncertainty for buyers. Growth can enhance value, but for solo advisors, it is often discounted unless it is systematized and sustainable independent of the founder.

The most important strategic decision is whether to pursue an internal succession or an external sale. Internal succession – aimed at preserving the firm’s culture and continuity – requires a long runway. Developing a successor, aligning on philosophy, and gradually transferring ownership (often in tranches) can take many years but allows for a smoother transition and potentially narrows the perceived valuation gap with external buyers. In contrast, an external sale prioritizes liquidity and efficiency. With today’s market dynamics, advisors can often sell within 6 to 12 months, provided they have a clean, well-documented, and profitable business. Notably, large acquirers are less concerned with an advisor’s specific technology stack and more focused on client relationships and the ability to integrate those clients into their own systems.

A striking shift in recent years is the growing liquidity of advisory firms. Historically viewed as illiquid, relationship-dependent businesses requiring long succession timelines, advisory firms today benefit from a deep pool of well-capitalized buyers. This has compressed timelines and expanded options for exiting advisors. While headline valuation multiples can appear significantly higher in external sales, the gap versus internal succession is often overstated, particularly when internal transitions are structured over time and when the contingent nature of many external deal terms is considered. Ultimately, even as market conditions, interest rates, or competitive pressures evolve, the underlying drivers of value – profitability, client retention, and transferability – remain consistent and within the advisor’s control.

The key takeaway is that exit planning should begin with clarity of intent and focus on controllable fundamentals. Advisors who invest early in building profitable, well-documented, and transferable businesses preserve maximum flexibility – whether they ultimately choose an internal successor or an external buyer. In doing so, they not only enhance the financial value of their firm but also position themselves to transition clients and team members thoughtfully, turning a career’s work into a lasting and well-executed legacy.

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Advisory firms often rely on long-standing Investment Management Agreement (IMA) templates that include liability waivers without revisiting whether those provisions remain consistent with current regulatory expectations. Yet language that regulators historically disfavored but somewhat tolerated has increasingly become a focus of regulatory scrutiny. Through recent guidance and enforcement actions, the SEC has made clear that so-called ‘hedge clauses' – provisions that limit an adviser's liability to gross negligence or willful misconduct, or that suggest clients waive certain legal rights – may mislead clients and conflict with an adviser's fiduciary duty. Which means advisers face growing compliance risk from familiar, long-used contractual language that may no longer be consistent with current regulatory expectations.

In this guest post, Isaac Mamaysky, Partner of Potomac Law Group and Cofounder and COO of QuantStreet Capital, explains how to identify hedge clauses, why hedge clauses have become such a significant regulatory concern, and how advisers can revise their IMAs without raising compliance red flags.

At their core, hedge clauses attempt to limit an adviser's liability by narrowing the circumstances under which a client can bring a claim. But under Sections 206(2) and 215(a) of the Investment Advisers Act, advisers cannot engage in misleading practices or require clients to waive compliance with Federal securities laws. The SEC's longstanding concern is that hedge clauses may run afoul of both provisions at once by suggesting that clients have surrendered non-waivable rights and discouraging them from pursuing valid claims. This concern is especially pronounced for retail clients, for whom the SEC has said such clauses are "rarely, if ever" appropriate. And even attempts to soften the language – such as adding ‘savings clauses' that preserve rights under Federal and state law – have not resolved the problem in enforcement actions.

Recent enforcement activity shows how firmly regulators have moved in this direction. Cases against advisory firms have found that common formulations – such as limiting liability to gross negligence, disclaiming responsibility for good-faith decisions, or requiring clients to indemnify the adviser – can violate antifraud provisions. Notably, this scrutiny has extended beyond retail relationships into some involving more sophisticated clients, along with a formal withdrawal of older guidance allowing a more case-by-case analysis. At the state level, many regulators have aligned with the SEC, with some jurisdictions explicitly prohibiting hedge clauses and others identifying them as common examination deficiencies. In practice, this creates a regulatory environment where the risk of retaining hedge-clause language may outweigh its intended legal benefit.

Removing hedge clauses does not leave advisers without ways to manage liability exposure. Instead, the regulatory framework points toward a more effective – and compliant – approach: clearly defining the scope of the advisory relationship. By specifying which services are and are not provided, allocating responsibilities between adviser and client, permitting reasonable reliance on client-provided information, and disclosing material investment risks, advisers can shape the contours of their fiduciary obligations without attempting to waive them. Because fiduciary duty applies to the services the adviser has agreed to undertake, narrowing the scope of the engagement can naturally limit liability exposure while remaining aligned with regulatory expectations.

Ultimately, the persistence of hedge clauses in many IMAs reflects inertia more than intent, but the regulatory landscape has shifted decisively. With examiners actively scrutinizing these provisions, the prudent path for most firms is to eliminate legacy waiver language and replace it with clear, well-structured agreements that accurately reflect the advisory relationship. In doing so, advisers can reduce compliance risk while also improving transparency around the services they provide – helping support stronger client understanding and a clearer fiduciary relationship!

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Welcome everyone! Welcome to the 485th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Michael Kay. Michael is a retired financial advisor and a current life coach and author who helps high-performing individuals successfully make the transition to retirement.

What's unique about Michael, though, is how he has developed questions and exercises that financial advisors can use to help clients (and themselves) make the transition to retirement.

In this episode, we talk in-depth about how while Michael identified plenty of activities that would fill his time in retirement he found he didn’t give himself enough time to process the transition from leading a financial firm to taking on other pursuits, how Michael considers the retirement transition to be a "grieving process" requiring thoughtful consideration given that many successful professionals have a multi-decade relationship with their job (which can become part of their identity), and how Michael found that acknowledging that his previous professional success was "enough" helped him gain the closure to move on to the next phase of his life.

We also talk about how Michael finds that advisors can support clients by having them think through how they will fill up their entire weeks in retirement (going beyond just a few hobbies), along with contingency plans if health or other issues prevent them from pursuing their initial plans, how Michael suggests that clients think back to their first day at work to remember what that major transition felt like (including the nerves they might have had at the time), and why Michael finds it important for those nearing retirement to consider how their social structures will change along with the transition (as they will no longer have the experience of seeing coworkers on a day-to-day basis).

And be certain to listen to the end, where Michael shares how the ability to say "no" more often than he did during his working years has led to greater satisfaction in retirement, how Michael’s work building and participating in an online community has brought him meaning during his retirement journey, and how Michael has found success in retirement in part by recognizing that his new avocations are still making a difference in the world (even if it’s a different type of impact than he had during his working years).

So, whether you’re interested in learning about the challenges of retiring after a successful career as a financial advisor, exercises advisors can use to help clients make the transition to retirement, or the keys to creating a meaningful retirement experience, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Michael Kay.

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Financial advisors who pursue the CFP certification mid-career often face a daunting logistical reality: how to complete a rigorous curriculum while working full-time, managing family responsibilities, and maintaining some semblance of personal balance. The CFP certification process itself requires candidates to satisfy four components: experience, education, ethics, and examination. Each component requires rigor and dedication, from the multi-year experience requirement to the intensive exam to the education requirement. The CFP education component consists of five core subject areas – Fundamentals and Insurance, Investment Planning, Income Tax Planning, Retirement Planning, and Estate Planning – culminating in a capstone project that requires synthesizing technical knowledge into a comprehensive financial plan.

In this article, Senior Financial Planning Nerd Sydney Squires details her journey to complete the education requirements for CFP certification in just one year. While every individual's journey through the education requirements is different, this can serve as a reference point for those beginning their education journey. While the sheer amount of material to be learned can feel intimidating, with structure, intentional study habits, and the right support systems, it is possible to complete the required coursework in an accelerated timeframe while still working full-time.

On average, completing the coursework in under a year may require nearly two hours of study per day, often concentrated on weekends. Beyond the raw time commitment, the deeper challenge lies in mastering breadth over specialization. The curriculum is intentionally generalist, requiring competency in areas where a candidate may have little prior exposure. This structure forces candidates to confront weaknesses they might otherwise avoid, from math to memorization. Topics such as retirement plans and trusts become more manageable when reframed at a systems level – through flowcharts and big-picture conceptual mapping – rather than approached as isolated exercises.

Success, then, is less about raw intelligence and more about adaptive learning strategies. For example, actively focusing on difficult concepts early, revisiting recorded lectures, comparing alternative instructor explanations, and creating personalized flashcards (rather than passively consuming pre-made materials) all strengthen retention. Even small tactical adjustments, such as using mnemonic devices for rote memorization or leveraging highlighting tools to avoid misreading exam questions, can materially improve outcomes.

More than anything else, the rigor of CFP education unfolds alongside real life. Professional and family obligations, relocations, travel, and unexpected personal events do not pause for coursework. Clear communication with family about time demands, conscious decisions about which personal activities to maintain, and the willingness to accept support become critical. Perhaps most impactful is the power of community – whether through coworkers, online networks, or cohort-based study groups – to get support, troubleshoot difficult concepts, and sustain momentum.

Ultimately, completing the CFP education requirement in under a year while working full-time is less about speed and more about intentionality. It requires structured scheduling, honest self-assessment, disciplined study habits, and a growth mindset that embraces "not yet" as a temporary state rather than a fixed limitation. For advisors and career changers alike, the process is demanding – but it also reinforces the very competencies that define effective planners: analytical rigor, adaptability, communication, and perseverance. In that sense, the journey through CFP education is not merely a credentialing exercise, but a formative experience that strengthens both technical capability and professional resilience… ultimately enabling advisors to better serve clients with confidence and depth!

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Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a survey from Cerulli Associates finds that 68% of affluent investors are willing to pay for financial advice, up significantly from the 38% who said the same in 2010. In addition, while willingness to pay for advice increased with wealth, even those with less than $100,000 in assets appear to be largely open to paying for advice. Further, the survey also found that asset-based fees for advice for advice are favored over commissions by investors and that clients are largely willing to accept firms' fee increases…as long as the value proposition the firm offers merits it.

Also in industry news this week:

• New research suggests that while the percentage of newly widowed women who leave their financial advisors is significantly lower than previously assumed, attrition amongst this group is still three times as much as other clients
• A new income tax on high earners in Washington state has some residents considering a move and demonstrates the impermanence of state tax policy for the broader group of clients considering where to live today or in retirement

From there, we have several articles on retirement planning:

• How incorporating available rates on Treasury Inflation-Protected Securities (TIPS) into advisors' analyses of Social Security claiming strategies can lead to more accurate "breakeven ages"
• At a time when staffing at the Social Security Administration is strained, advisors can encourage their clients to take several steps to ensure they receive their benefits on time
• How the availability of six-month 'reversible' delays in claiming Social Security could make certain clients more comfortable with pushing out the age they claim benefits

We also have a number of articles on investment planning:

• How the design of certain value and growth index funds leave investors holding stocks with poor prospects for future returns
• While investors are used to comparing expense ratios for (active) ETFs, bid-ask spreads can also vary widely and affect the total cost of an investment
• Why growing one's pool of capital and using it to support favored causes directly could be more effective than seeking out investment funds that (attempt to) exclude disfavored companies or industries

We wrap up with three final articles, all about smartphone use:

• Two strategies that can help individuals who have previously struggled to reduce time spent on their smartphones
• Why smartphones might be better characterized as "displacement machines" for more meaningful activities rather than as a "poison" that should be avoided altogether
• Lessons learned by a group of college students who underwent a week-long smartphone 'fast' and how they can apply to working professionals as well

Enjoy the 'light' reading!

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Retirement planning is often a cornerstone of a client's financial plan, with advisors estimating how much the client can safely spend in retirement. In practice, advisors typically begin with the client's target retirement date, and then adjust levers such as withdrawal rates, asset allocation, and spending flexibility to make the plan work. But when the retirement date is treated as fixed, an important part of the planning problem may be left unexamined: whether the timing of retirement itself is helping or hurting the plan from the outset.

In this guest post, Georgios Argyris, Research Director at bellavia.app, explains how even a small shift in retirement timing can change the market environment the retiree enters and, with it, the sustainability of the plan. The effect becomes clear when comparing otherwise identical retirees who begin withdrawals in different environments. Across the historical lifecycle cohorts examined, allowing for a two-year flexibility window produced a median gap of roughly two-thirds in final portfolio value between the best and worst timing choice within the window. Retiring at the originally planned date was optimal only about 15% of the time; in most cases where a different choice helped, delaying retirement produced a better outcome.

This result can be understood by separating retirement timing risk into two components: cohort risk, which reflects the overall return environment a retiree experiences, and pure sequence risk, which reflects the order of returns within that environment. Historical analysis suggests that roughly three-quarters of retirement outcome variability is driven by cohort risk, while only about one-quarter is attributable to return ordering within a cohort. This distinction matters because most traditional planning tools – including dynamic withdrawal strategies, guardrails, and allocation adjustments – operate only within a given cohort, therefore addressing only the smaller portion of risk. By contrast, adjusting the retirement date is one of the few levers that can shift a client into a different cohort altogether.

This framework also leads to a counterintuitive insight: clients who appear most prepared for retirement – often those with the largest portfolios after strong accumulation periods – may still face elevated timing risk. Strong bull markets can inflate retirement balances while leaving clients exposed to weaker forward returns. As a result, a large portfolio value at retirement might not, on its own, indicate that the timing is favorable. Advisors can partially assess this risk using valuation metrics such as the Shiller CAPE ratio, which has shown a relationship with subsequent decade-long returns and can help identify whether current conditions resemble historically unfavorable retirement environments.

Ultimately, the key point is that retirement timing may deserve a larger role in retirement planning than it is often given. Advisors may improve outcomes by first considering whether the retirement date itself should be adjusted, particularly when market conditions appear unfavorable. When timing flexibility is limited, reducing the initial withdrawal rate can provide a margin of safety, while dynamic spending strategies can help manage the remaining ordering risk. By recognizing retirement timing as a planning variable rather than simply a fixed assumption, advisors can better position clients to navigate uncertainty and support the sustainability of retirement income over time.

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Welcome everyone! Welcome to the 484th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Jake Falcon. Jake is the founder of Falcon Wealth Advisors, IAR of the RIA Hightower Advisors and based in Kansas City, Missouri, that oversees approximately $1 billion in assets under management for 900 client households.

What's unique about Jake, though, is how he recognized that his strengths are in 'rainmaking' and attracting new clients, leading him to largely take himself out of the planning and client meeting process, giving himself additional capacity as his firm surpasses one billion in assets under management.

In this episode, we talk in-depth about how Jake technically remains the advisor for 500 of his clients but has delegated technical plan preparation and regular clients meetings to a centralized planning team (though he makes himself available to speak directly to clients if they wish), how Jake's firm segments clients by revenue to align the time it takes to serve them with the revenue they generate for the firm, and how Jake leverages the short-form video production tool BombBomb to create asynchronous touchpoints with clients while managing his time.

We also talk about how Jake is building the business development skills of a new firm hire by having them work through the 5,000 leads the firm has amassed over the years to set up introductory meetings with Jake and his partner, how Jake has attracted most of his clients through client referrals, both through his own efforts and by setting referral goals for members of the planning team, and how Jake is using Instagram to meet good-fit prospects "where they are" (and how he's found that being his authentic self on the platform has led to his greatest successes).

And be certain to listen to the end, where Jake shares how a major turning point in his career occurred when he stopped using business development 'scripts' and prioritized first building a relationship with leads, why Jake invests his clients' assets directly into individual stocks and bonds (eschewing mutual funds and ETFs in the process) to reduce fees and promote accountability for his firm, and a rundown of the many books that have helped Jake build a successful career in the financial advice business.

So, whether you're interested in learning about making the transition from client-facing advisor to firm 'rainmaker' while still maintaining touchpoints with clients, building a centralized planning team to serve a rapidly growing client base, or using Instagram to meet prospective clients 'where they are', then we hope you enjoy this episode of the Financial Advisor Success podcast, with Jake Falcon.

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