Ep 215: Tracking The Client's (Non-Portfolio) Results To Price Your Financial Planning Retainer Fee with Shawn Tydlaska

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 9 February 2021

⏱️ 102 minutes

🔗️ Recording | iTunes | RSS

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Summary

Shawn Tydlaska is the founder of Ballast Point Financial Planning, an independent RIA based in the San Francisco Bay Area that serves 117 high-income young professionals across the country, helping them turn income into wealth. Ballast Point is unique in that it uses a blended model of a minimum $5,000 retainer paid monthly, plus an additional fee of ten basis points above $2 million to adjust pricing upward for the most complex clients.

In this episode, we talk about how Shawn structures his services and the foundation that forms the basis of his planning process with clients. Listen in to hear about the tracking system he put in place to not only show his worth to clients, but also to increase his own confidence in what he offers. You'll learn how he was able to build his firm so quickly in the five years since he started, what he says was key to his firm’s growth in the early days, and more.

For show notes and more visit: https://www.kitces.com/215

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
0:13.6	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 Kitsas.
0:27.9	Welcome, everyone. Welcome to the 215th episode of the Financial Advisor Success Podcast.
0:34.2	My guest on today's podcast is Sean Tedlaska. Sean is the founder of Ballast Point Financial Planning, an independent RIA based in the San
0:41.4	Francisco Bay Area that services over 100 high-income young professionals.
0:46.6	What's unique about Sean, though, is the way he's built his advisory firm with a blended
0:50.5	model of a minimum of $5,000 annual retainer fee paid monthly, plus an additional fee of
0:55.8	10 basis points of net worth above $2 million to adjust his pricing upwards for his affluent and most
1:01.2	complex clients. In this episode, we talk in depth about how Sean structures his services to charge
1:07.9	a $5,000-plus annual retainer fee for young professional clients who
1:12.1	may have portfolio simply outsourced de betterment. Why the household's balance sheet cash flow and
1:17.6	credit score forms the basis of his planning process with clients. The annual service calendar he
1:23.4	built on a rotating two-year cycle to actually show clients what he'll be doing for them on an
1:27.9	ongoing basis, and the results thus far tracking system that Sean put in place to actually calculate
1:33.7	that he was generating more than $437 a month of average value for his ongoing clients, and
1:39.7	giving him the confidence to raise his advisory fee minimums. We also talk about how Sean has managed to build so quickly to 117 ongoing clients in
1:48.8	under five years, the Finan advisor websites that Sean got himself listed on to get some initial
1:54.0	clients early on, how clients who took it upon themselves to leave Sean's reviews on Yelp
1:59.5	ended out driving significant growth
	...

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