Ep 180: Getting A Year's Worth Of Growth Every Month By Going All-In On A Clear Target Market with Ryan Inman
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 9 June 2020
⏱️ 119 minutes
🧾️ Download transcript
Summary
Ryan Inman is the founder of Physician Wealth Services, an independent RIA that serves over 140 physician clients. Completely narrowed in on his unique niche, Ryan changed the name of his firm, created a Financial Residency podcast, and restructured his entire financial planning process to in-patient and outpatient services. Today he joins the show to share the mindset shift he had to go through in order to be comfortable with narrowing the focus of his practice and offers advice for those who’d like to do the same.
Listen in as we discuss why having a targeted niche can make it easier when marketing, as well as what Ryan is doing to serve his niche effectively. You’ll learn how he chose to serve physicians in particular, the unique fee structure he uses, and what he is doing to bring in so many new clients every month.
For show notes and more visit: https://www.kitces.com/180
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 |
| 0:13.5 | navigated the inevitable challenges that arise on the path to success and get insight |
| 0:18.5 | 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 to |
| 0:29.3 | the 180th episode of the Financial Advisor Success podcast. My guest on today's podcast is Ryan Inman. |
| 0:36.3 | Ryan is the founder of Physician Wealth Services, an independent RAA based in San Diego that serves over 140 physician clients. |
| 0:44.2 | What's unique about Ryan, though, is the way he's gone all in on the niche of serving physicians, |
| 0:48.8 | to the point of renaming his advisory firm, launching a financial residency podcast, |
| 0:53.7 | and restructuring his entire |
| 0:54.9 | financial planning process into inpatient and outpatient services, to the point that now in his |
| 1:00.0 | fifth year of business, he's adding more clients every month than he added in his entire first |
| 1:04.5 | year as a generalist. In this podcast, we talk in depth about how Ryan chose the niche of working |
| 1:10.7 | with physicians, |
| 1:11.8 | the mindset shift he had to go through to get comfortable narrowing the focus of his practice, |
| 1:16.1 | how going to the FinCon Financial Bloggers Conference gave him the inspiration on how to actually |
| 1:20.8 | market to and reach his niche, and how he's ultimately found that having a focus niche is making |
| 1:25.5 | it easier to market because you don't |
| 1:28.2 | actually need to reach a lot of people to get new clients when your niche marketing is focused. |
| 1:33.9 | We also talk about Ryan's financial planning services themselves. His unique fee structure of |
| 1:38.3 | charging clients either $500 a month or $8333 a month, and those are his only two options. |
| 1:46.1 | The unique expertise in student loan planning he had to develop to really serve his niche effectively. What he does for his clients |
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