Ep 255: Using An Advice-Only Approach To Quickly Grow With DIY Validators with Cody Garrett
Financial Advisor Success
Michael Kitces
4.7 • 719 Ratings
🗓️ 16 November 2021
⏱️ 101 minutes
🧾️ Download transcript
Summary
Cody Garrett is the founder of Measure Twice Financial, an independent RIA based out of Houston which has managed to grow to nearly $150,000 per year in annualized financial planning fees in just over six months. Cody uses an "advice-only" financial planning model that has quickly attracted a waiting list of clients who want to do it themselves, but not necessarily learn it themselves.
In this episode, Cody shares why he launched with the advice-only model, where clients don't have the option to have their investments managed by the firm, but do get personalized education that they can use to manage their own finances. Listen in to learn how this model has allowed Cody to build a practice that supports his own personal lifestyle and work no more than ten hours per week, as well as how he has generated a steady stream of clients and kept the business lean so he can take home more than 90% of his gross revenue after business expenses.
For show notes and more visit: https://www.kitces.com/255
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 |
| 0:18.6 | 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. |
| 0:28.9 | Welcome to the 255th episode of the Financial Advisor Success Podcast. My guest on today's podcast is |
| 0:35.0 | Cody Garrett. Cody is the founder of Measure Twice Financial, an independent RIA based in Houston, Texas, |
| 0:40.9 | who's quickly managed to grow to nearly $150,000 in annualized financial planning fees in barely more than six months since launching. |
| 0:49.7 | What to think about Cody, though, is his advice-only approach to financial planning, |
| 0:53.8 | where clients don't have the obligation, expectation, or his advice-only approach to financial planning, where clients don't |
| 0:54.4 | have the obligation, expectation, or even the option to have their investments managed by Cody's |
| 0:59.6 | firm, which has allowed him to quickly attract a waiting list of clients who maybe do-it-yourselfers |
| 1:05.4 | when it comes to portfolio implementation, but are not learning yourselfers and are happy to pay Cody |
| 1:10.8 | for more personalized |
| 1:11.6 | education. In this episode, we talk in depth about how Cody first came to the advice-only |
| 1:17.5 | model after talking to a frustrated prospect who had interviewed 10 fee-only advisors looking for someone |
| 1:22.6 | who would just charge him for financial advice and couldn't find anyone who wouldn't do the |
| 1:26.8 | plan without an |
| 1:27.5 | expectation of also managing his money. How Cody has managed to find a niche with a certain |
| 1:32.1 | segment of Do It Yourself consumers who are quite ready and willing to pay a financial planning |
| 1:36.1 | fees for advice and education. And how Cody has been able to quickly generate a steady pipeline |
| 1:40.9 | of new clients by immersing himself into Facebook do-it-yourself fire communities |
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