Ep 117: Forming A Specialized Advice Process To Add Real Value In Serving Small Business Owners with Josh Patrick
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 26 March 2019
⏱️ 107 minutes
🧾️ Download transcript
Summary
Josh Patrick is the founder of Stage 2 Planning, an independent RIA with a niche focus on working with small business owners. Leveraging his own personal experience as a small business owner—before he transitioned into his second career as a financial planner—Josh has been able to create a deeply specialized advice process for his clients that commands retainer fees in excess of $50,000 per year.
In this episode, Josh shares what he has done to make his expertise known and build a steady flow of prospects who seek him out. Listen in to learn what he says most advisors don’t understand about building a successful business, the important lessons he learned while building his own, and what advisors can do to lessen the demands of their businesses on themselves, while simultaneously making significantly more profit.
For show notes and more visit: https://www.kitces.com/117
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:07.2 | financial planner, speaker, and consultant Michael Kitsas to hear stories of how leading financial |
| 0:13.0 | advisors navigated the inevitable challenges that arise on the path to success and get insight |
| 0:18.7 | from leading industry consultants about how to break through to the |
| 0:22.1 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.3 | Welcome to the 117th episode of the Financial Advisor Success podcast. My guest on today's |
| 0:34.2 | podcast is Josh Patrick. Josh is the founder of Stage 2 planning, an independent RAA in Burlington, Vermont that specializes in working with small business owners. |
| 0:44.2 | What's unique about Josh, though, is the way he's been able to leverage his own personal experiences as a small business owner before transitioning into financial planning as a second career to create a deeply specialized |
| 0:55.5 | advice process for small business owners and command retainer fees in excess of $50,000 a year |
| 1:02.2 | from his clients. In this episode, we talk in depth about exactly what Josh does to earn monthly |
| 1:08.6 | retainer fees of $4,000 to $5,000 per month from small |
| 1:11.8 | business owners. The five core areas that he advises them on, including setting clear values |
| 1:17.6 | and culture, becoming operationally irrelevant in your business, learning how to really delegate |
| 1:22.3 | effectively, how to set up effective business systems, and how to divide up the profit of the |
| 1:26.7 | business into cash flows for lifestyle, emergency funds, business growth, and a retirement plan. |
| 1:32.6 | And the way he's made his expertise known through a combination of blocking, podcasting, |
| 1:37.1 | and public speaking to create a steady flow with small business owners who seek him out |
| 1:42.0 | and are willing to pay his fees for the value they perceive. |
| 1:45.5 | We also talk about how many of these same business management principles map onto the business of |
| 1:50.6 | being a financial advisor as well, where most financial advisors hit the ceiling themselves |
| 1:55.9 | by failing to apply Josh's five principles of effective business. Josh's strategy for advisors to differentiate their firms while not making the firm too |
| 2:04.5 | reliant on any one key employee or advisor. |
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