Ep 079: Niching From The Start To Turbo-Charge $250k Of Recurring Planning Fees In Only 3 Years with Anjali Jariwala

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 3 July 2018

⏱️ 113 minutes

🔗️ Recording | iTunes | RSS

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Summary

My guest today has built her practice to more than $250,000/year of recurring financial planning fees in just her first three years—and she did it while also starting a family. The founder of FIT Advisors, Anjali Jariwala provides financial investment and tax planning advice for young physicians and small business owners in their thirties for an annual retainer fee that starts at $10,000/year. Working entirely virtually with clients, her firm has achieved impressive growth, due in major part to focusing in on a niche from the start, which allowed the firm to pursue unique marketing channels that most other financial advisors don’t use.

In this episode, Anjali shares how she positioned her advisory firm squarely in the niche of serving independent physicians and similar small business owners by leveraging her background as a CPA and a CFP certificate, as well as how she iterated her business model very rapidly in the first few years until she eventually eliminated all the upfront fees and just raised her ongoing retainer instead. Listen in to learn how she structures her upfront and ongoing planning meetings with clients, how she balanced her work life with her home life after having her first baby barely a year after the launch of the firm, and how she reinvested into and restructured her staff support to be able to continue serving her clients during her time off.

For show notes and more visit: https://www.kitces.com/79

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
0:12.4	financial advisors navigated the inevitable challenges that arise on the path to success
0:17.4	and get insight from leading industry consultants about how to break through to the next
0:22.2	level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. Welcome
0:28.5	to the 79th episode of the Financial Advisor's Success podcast. My guest on today's podcast is
0:33.8	Anjali Jariwala. Anjali is the founder of fit advisors, a niche advisory firm that works
0:39.0	entirely virtually with clients and focuses on young physicians and small business owners in their 30s,
0:44.5	providing financial investment and tax planning advice for an annual retainer fee that starts at $10,000 a year.
0:50.6	What's unique about Anjali, though, is that by focusing in on a niche from the start, it allowed her to pursue unique marketing channels that most other financial advisors don't use, and allowed her to grow to more than $250,000 a year of recurring financial planning fees in just her first three years.
1:06.6	And she did it while also starting a family, having had her first baby barely a year after the
1:11.3	launch of the firm.
1:12.5	In this episode, we talk in depth about how Anjali positioned her advisory firm squarely
1:16.8	in the niche of serving independent physicians and similar small business owners by leveraging
1:21.4	her background as a CPA and a CFP certificate, the way she marketed into her niche to
1:26.1	attract entirely virtual clients who meet
1:28.2	with her solely online, how she iterated her business model very rapidly in the first few years,
1:33.3	from offering short quick start plan to charging an upfront planning fee and then ongoing
1:37.6	retainers until she eventually eliminated all the upfront fees and just raised her ongoing
1:42.0	retainer instead. And how she explains and justifies
1:45.2	charging a $10,000 retainer fee on clients who have less than a million dollars in investable
1:50.0	assets for whom her fee can be substantially higher than the traditional 1%. We also talk about
	...

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