Ep 165: Navigating Broker Protocol When The Firm You Start With Isn't The One You Want To Stick With - with Steve Kampschmidt
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 25 February 2020
⏱️ 99 minutes
🧾️ Download transcript
Summary
Steve Kampschmidt is the founder of Freedom Found Financial, an RIA that oversees just under $20 million in assets under management for 30 affluent clients. After breaking away from a training program at a major wirehouse, Steve recently formed his advisory firm because he realized it was more economical for him to operate his own business and control his own expenses. He joins the show today to discuss how he has rapidly grown his firm since going independent and what he went through to comply with broker protocol.
Listen in as Steve explains how he built his client base at the Wirehouse using cold-calling techniques and the salary base they provided while he did so. You will learn about the alternative non-AUM business model he created, why having confidence in yourself is key, and what you should realistically expect when it comes to clients sticking with you after you leave a big firm.
For show notes and more visit: https://www.kitces.com/165
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 Kitsis to hear stories of how leading financial |
| 0:13.1 | 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. |
| 0:28.5 | Welcome to the 165th episode of the Financial Advisor Success podcast. My guest on today's podcast is |
| 0:35.0 | Steve Kampschmidt. Steve is the founder of Freedom Found Financial, an independent RIA based in northern New Jersey that oversees just over 20 million in assets under management for 30 affluent clients. |
| 0:45.2 | What's unique about Steve, though, is that he just recently formed his advisory firm, having broken away from the training program at a major wirehouse. After realizing that with an entrepreneurial mindset |
| 0:54.9 | and a goal of building a lifestyle practice with good work-life balance, it was simply far more |
| 0:59.6 | economical for him to operate his own firm and control his own expenses than to give the majority |
| 1:04.6 | of his income up to the grid. In this episode, we talk in depth about how Steve built his initial |
| 1:10.1 | base of clients at the wired house through modern cold calling techniques, we talk in depth about how Steve built his initial base of clients at the |
| 1:11.3 | wired house through modern cold calling techniques leveraging Zoom info, the salary base that |
| 1:16.7 | the wirehouse provided while he built his initial base of clients, the type of alternative |
| 1:21.2 | non-AUM business model he decided he wanted to create that necessitated a shift away from the |
| 1:26.2 | wirehouse, and why he's now operating |
| 1:28.3 | with the blend of annual retainer fees and monthly subscription fees for various client types. |
| 1:33.5 | We also talk about where Steve went to find the information and consulting support he needed |
| 1:38.4 | to make the transition smoothly, what Steve actually went through to comply with the broker |
| 1:42.3 | protocol when leaving his firm, the |
| 1:44.3 | factors that led him to select fidelity as his custodian of choice, the way he built out his |
| 1:49.0 | advisor technology stack, and why he chose not to purchase any kind of portfolio performance |
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