Ep 011: How Launching An Advisory Business Can Be Safer Than Working In One with Alan Moore
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 14 March 2017
⏱️ 98 minutes
🧾️ Download transcript
Summary
Alan and I co-founded XY Planning Network in 2013, but he had to go through a lot of growth and challenges before he got there. Three years later, Alan firmly believes that being your own boss is safer than letting one person (your boss) be in control of your income.
In this episode, Alan and I talk about his internship with Rick Kahler and subsequent job, during which he learned that being an associate advisor in someone else’s firm wasn’t a good fit.
We then dig into Alan’s transition to entrepreneurship, the practice he started from scratch, and the financial ups and downs of making it happen. He shares his motivation for creating a specific niche for other young financial planners and why he’ll never go back to working for anyone else. We wrap up with some of the growing pains of building a business, and how to make sure being an entrepreneur stays fun amid all the hard work.
Get the full show notes and transcript for this episode at: https://www.kitces.com/11
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:07.1 | financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading |
| 0:12.5 | financial advisors navigated the inevitable challenges that arise on the path to success |
| 0:17.5 | and get insight from leading industry consultants about how to break through to the |
| 0:22.0 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.9 | Welcome to the 11th episode of the Financial Advisor Success podcast. My guest on today's podcast is |
| 0:34.8 | Alan Moore. Alan's the CEO and a co-founder with me of XY Planning Network, |
| 0:39.9 | a turnkey financial planning platform that shows financial advisors how to build a profitable |
| 0:44.1 | business to serve Gen X and Gen Y clientele by providing financial planning services to those younger clients under a monthly subscription fee business model. |
| 0:52.5 | But the reason I've invited Alan to the podcast, though, actually has nothing to do with |
| 0:55.9 | XYPN and everything to do with his own fascinating path as a financial advisor, business owner, |
| 1:01.1 | and entrepreneur. |
| 1:02.2 | Because Alan started working out as a planning associate straight out of getting a master's degree |
| 1:06.8 | in financial planning, only to realize in about six months that the job wasn't the right |
| 1:11.1 | fit. So he joined another advisory firm, only to get fired from that job in another six months |
| 1:16.0 | because it was an even worse fit. And so in this episode, Alan talks about how these challenges |
| 1:21.0 | ultimately led him to change his entire views on entrepreneurialism and starting a business itself. |
| 1:26.6 | To the point that he views starting a business |
| 1:29.2 | as actually being a safer and more diversified way to generate income than being an employee |
| 1:34.3 | in an otherwise stable job. And that in turn led him to start his own advisory firm at the age of 25, |
| 1:40.8 | and then later the XY planning network. We also talk a bit about how Allen got his own advisory business off the ground in the early years as a young planner, |
| 1:49.0 | what he sees is the true purpose of financial planning, and the challenges that arise in running a rapidly growing business. |
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