Ep 061: Starting A Gen X/Y Financial Planning Firm While Also Starting A Family with Mary Beth Storjohann
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 27 February 2018
⏱️ 89 minutes
🧾️ Download transcript
Summary
Today’s guest is the founder of Workable Wealth, a virtual financial planning firm that has built more than $200,000 in recurring financial planning fees in just its first four years. As if that weren’t impressive enough, Mary Beth Storjohann built the firm while also raising two small children—now two and a half years and three months old.
In this episode, Mary Beth shares details about her personal journey to success, including valuable insight on a subject that hasn’t been touched on much in this podcast: the very real challenge of balancing life at home with young children while also starting and/or running an advisory firm. Listen in to hear how she managed client relationships and her marketing and growth momentum through her maternity leave, as well as her advice for female advisors on handling the balancing act of starting your own firm when you also want to start a family.
For show notes and more visit: https://www.kitces.com/61
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. |
| 0:29.8 | Welcome to the 61st episode of the Financial Advisor Success Podcast. My guest on today's |
| 0:35.3 | podcast is Mary Beth's Georgia Hunt. Mary Beth is the founder of |
| 0:39.0 | workable wealth, a financial planning firm in Southern California that in just its first four |
| 0:43.6 | years is built more than $200,000 in recurring financial planning fees, serving a Gen X and |
| 0:49.6 | Gen Y clientele with a combination of upfront planning and ongoing monthly retainer fees. |
| 0:55.2 | What's unique about Mary Beth's practice, though, is the fact that she's built it over |
| 0:59.8 | the past four years while also having two children who are now two and a half and three months |
| 1:05.1 | old, respectively. In this episode, we talk in depth about Mary Beth's financial planning |
| 1:09.4 | fee structure, the process she |
| 1:11.4 | engages in to deliver financial planning value to her typically 30-something or 40-something clientele, |
| 1:17.0 | why she rarely even uses traditional financial planning software at all for most of her clients. |
| 1:22.0 | And the unique proactive process she has leveraging software to facilitate regular check-ins with clients and actually help |
| 1:29.4 | ensure they follow through and implement all of their financial planning recommendations. |
| 1:33.9 | We also talk about how Marybeth built her own personal support system to help her launch her |
| 1:39.0 | practice with a series of mastermind study group she joined with peer financial advisors at similar business |
| 1:45.0 | stages and an ongoing executive coach relationship to help keep her on task and be her own |
| 1:50.4 | accountability partner. And be certain to listen to the end where Mary Beth shares how she |
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