Ep 242: Navigating A Family Succession Plan As The Successor To Build Your Own Future Vision with Charlotte Geletka
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 17 August 2021
⏱️ 88 minutes
🧾️ Download transcript
Summary
Charlotte Geletka is the owner and managing partner of Silver Penny Financial, a hybrid RIA based out of Atlanta where Charlotte personally oversees $140 million for 150 families. After purchasing the firm from her father, Charlotte took the existing business model and built the firm around her own vision to take the firm to the next level.
Listen in as she shares what her experience was like buying a legacy firm from her father, how she determined a fair price for the firm, and why she deliberately structured her seller-financed deal with an accelerated 3.5-year payback. We also dive into why leadership skills are important to a firm’s ongoing success, as well as why it is important to surround yourself with other like-minded financial advisors who are pulling for you to succeed.
For show notes and more visit: https://www.kitces.com/242
Transcript
Click on a timestamp to play from that location
| 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 |
| 0:12.5 | financial advisors navigated the inevitable challenges that arise on the path to success |
| 0:17.5 | 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 Kitsas. Welcome, everyone. |
| 0:28.3 | Welcome to the 242nd episode of the Financial Advisor Success podcast. My guest on Taze podcast is |
| 0:34.5 | Charlotte Galetka. Charlotte is the owner and managing partner of Silver Penny Financial, a hybrid RA in Atlanta, Georgia, where Charlotte personally manages $140 million for 150 client families. |
| 0:46.3 | What's unique about Charlotte, though, is that she purchased her father's financial advisory firm at a time when the firm's existing bottle was no longer really viable in order to build her own vision for the next stage of the firm's future. |
| 0:58.5 | In this episode, we talk in depth about the lesson Charlotte learned from the experience of buying an advisory business from her father, |
| 1:05.4 | understanding that while she would have to make some substantive adjustment, she was still buying as she puts, someone's business child that they built from nothing. The process that Charlotte went |
| 1:14.9 | through to determine a fair price for an advisory business with a number of different |
| 1:18.1 | business segments, each requiring their own multiple, and how Charlotte deliberately structured |
| 1:22.9 | the seller finance deal with an accelerated payback period in order to put pressure on |
| 1:27.0 | herself to grow revenue |
| 1:28.5 | quickly. We also talk about Charlotte's mindset shift away from viewing financial planning |
| 1:34.1 | simply a means of generating business to offering financial planning as a standalone service |
| 1:38.7 | and a way to serve clients who aren't a good fit for the AUM model. Why Charlotte leverages |
| 1:43.4 | TAMPs for portfolio management and how she integrates the TAMP fees with for the AUM model, why Charlotte leverages TAMP's for portfolio management, |
| 1:44.9 | and how she integrates the TAMP fees with her own AUM fee structure, and how Charlotte created |
| 1:49.7 | a one-page plan deliverable for clients explaining all the value-added services that she's providing |
| 1:54.7 | beyond just managing the investments. |
| 1:58.1 | And be certain to listen to the end, where Charlotte shares her own pathway into the industry, |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Michael Kitces, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Michael Kitces and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.