Ep 214: Building A Premium Advice Service By Niching With Ultra-High Net Worth Divorcees with Olivia Summerhill

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 2 February 2021

⏱️ 108 minutes

🔗️ Recording | iTunes | RSS

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Summary

Olivia Summerhill is the founder of Summerhill Wealth, an independent RIA based near Seattle that exclusively works with ultra-high net worth women who are adjusting to life during—and after—divorce. Olivia is a great example of how many of us navigate through the industry, having gone from a large national firm to launching her own firm focusing on this very specialized niche.

Not only does Olivia’s niche make her unique, but her fees and client base are also specialized: she charges $20,000 for an engagement and commits to working with no more than five active clients at a time. As a Certified Divorce Financial Analyst, she provides financial advice and planning, and she holds the hands of clients as they navigate through many “firsts” after divorce, including buying a house and managing a budget.

For show notes and more visit: https://www.kitces.com/214

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
0:22.0	next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:28.5	Welcome to the 214th episode of the Financial Advisor Success Podcast. My guest in today's
0:34.3	podcast is Olivia Summerhill. Olivia is the founder of Summerhill Wealth, an independent RIA based near Seattle that
0:40.9	exclusively works with women that want help adjusting to and maintaining their standard of living
0:45.6	after a divorce.
0:47.3	What's unique about Olivia, though, is the way she's focused her practice to a particular
0:50.9	segment of ultra-high net worth divor divorcees, allowing her to set her fees
0:55.2	at $20,000 for an engagement and then commit to working with no more than five active clients
1:00.7	at any particular time. In this episode, we talk in depth about how Olivia crafted a niche of
1:06.6	working with divorcees, how she leverages the expertise of her CDFA designation to work with
1:11.7	divorce mediators and collaborative divorce attorneys. The way Olivia developed her unique pricing
1:16.6	model and found the confidence to charge $20,000 for her services. And the depth of hand-holding
1:22.4	services she provides to her clients after they complete the divorce process, from helping them
1:27.2	to set up credit
1:27.8	cards in their own name to helping them buy a house on their own for the very first time.
1:32.0	We also talk about how Olivia has been able to find and attract ultra high net worth clients with
1:37.0	upwards of $100 million in net worth. From the way Olivia has built networks of affiliated professionals
1:42.7	who themselves are sought out by ultra high net worth clients as a way to first connect with them.
	...

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