Ep 202: Improving Client Follow-Thru On Advice By Scaling A Quick-Touch Monthly Meeting Model with Pam Capalad

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 10 November 2020

⏱️ 105 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Pam Capalad is the founder of Brunch & Budget, a financial planning and coaching firm based in New York City that focuses on first-generation immigrants and communities of color. Brunch & Budget uses a unique approach to clientele-building through brunch sessions with prospective clients, where they discuss budgeting and cash flow planning issues. These sessions often turn into ongoing financial coaching, and have allowed Pam to build a client base of nearly 200 clients paying as much as $300 to $900 per month for her services.

In this episode, Pam shares how she has grown her monthly fee significantly from the early days, as well as how she now justifies fees that can sometimes be 3-4% of a client’s household income. We also dive into Pam’s business model and workflow with clients, discuss why she niched down to focus on people who typically don’t talk about money, and learn how working with first-generation immigrants is different than the typical financial planning client.

For show notes and more visit: https://www.kitces.com/202

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.
0:29.2	Welcome to the 2002nd episode, the Financial Advisor Success Podcast. My guest on today's podcast is
0:35.7	Pam Capald. Pam is the founder of brunch and budget, a financial
0:39.8	planning and coaching firm based in New York City that served nearly 200 clients with a particular
0:44.9	focus on first generation immigrants and serving communities of color. What's unique about Pam and
0:51.1	her brunch and budget business, though, is the way she's built her clientele by literally having brunch with prospects to talk about budgeting and other cash flow
0:59.0	planning issues and has figured out how to turn that into ongoing financial coaching relationships,
1:04.0	paying as much as $300 to $900 per month on an ongoing basis for Pam's structured financial
1:10.5	coaching accountability system,
1:12.6	coupled with 20-minute monthly check-in meetings.
1:16.1	In this episode, we talk in depth about how Pam structures her ongoing monthly advice process.
1:22.0	The upfront four meetings that she uses to onboard and start every client relationship,
1:27.3	how she uses Meister task as the center of her
1:30.2	client relationship to hold clients accountable to what they're working on. The reason Pam decided to
1:35.1	ditchy money advisor and now uses MX as her account aggregation client portal to help them through
1:40.3	their budgets and track their monthly spending. and YPAM found that a higher frequency
1:45.2	of shorter monthly meetings, quick touches with clients, was more effective than longer,
1:50.1	quarterly or semi-annual meetings when it came to helping clients actually make progress towards
	...

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