Ep 090: Scaling An Advisory Firm Beyond Yourself By Systematizing The Soft Skills with Julie Murphy
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 18 September 2018
⏱️ 98 minutes
🧾️ Download transcript
Summary
My guest today has not only had a unique journey into the financial planning world, but she also brings a very different approach and perspective to the field. Julie Murphy is the founder and Chief Visionary Officer of JMC Wealth Management, a dual-registered advisory firm that serves more than 200 clients with $200 million of AUM—on top of generating nearly $300,000 a year in recurring planning fees. With financial conversations that are heavily focused around the intersections of money, our emotions, and our energy flow, Julie’s firm offers a distinctive focus on financial healing.
In this episode, Julie shares how was able to accelerate her success and growth by doing what she calls “letting her freak flag fly” and simply being her authentic self. Listen in to hear how she’s allowing clients who are interested in what she has to offer to be drawn to her (rather than trying to advertise out to them), how she transitioned into doing only the things that make her happy in her business, and what she says is a critical component for people to be successful.
For show notes and more visit: https://www.kitces.com/90
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.6 | navigated the inevitable challenges that arise on the path to success and get insight from leading |
| 0:19.2 | 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 Kitsas. Welcome, everyone. |
| 0:29.8 | Welcome to the 90th episode of the Financial Advisor's Success podcast. My guest in today's podcast is |
| 0:35.3 | Julie Murphy. Julie is the founder and chief visionary officer of |
| 0:38.6 | JMC wealth management, a dual registered advisory firm in Chicago with a team of seven that serves |
| 0:43.8 | more than 200 active clients with 200 million of AUM on top of generating nearly $300,000 a year |
| 0:50.0 | in recurring financial planning fees. What's unique about Julie, though, is her focus on what she calls financial healing, |
| 0:56.3 | with financial planning conversations that are heavily focused around the intersections |
| 0:59.8 | of money and our emotions and our energy flow, to the point that Julie is not only traditional |
| 1:05.1 | strategic alliances with attorneys and CPAs, but also has what she calls more esoteric |
| 1:10.0 | strategic alliances with psychologists and |
| 1:12.1 | meditation specialists as well. In this episode, we talk about how Julie has structured her |
| 1:17.7 | unique advisory firm practice, with a combination of quarterly retainer fees that clients pay for |
| 1:23.0 | ongoing financial planning, separate implementation revenue that clients pay to have their |
| 1:27.2 | portfolios manage |
| 1:28.1 | as well, Julie's three meeting planning process and how she charges for each, and the software |
| 1:32.7 | tools that Julie uses to implement her process. We also talk about how she's been able to generate a |
| 1:38.3 | steady flow of new clients, how Julie authored a book to establish and demonstrate her expertise, |
| 1:43.5 | the way that she separated her writing activities into an outside business activity to manage the compliance concerns. |
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