Ep 257: Deepening Client Relationships By Going Deeper For Clients In Transition with Beth Jones
Financial Advisor Success
Michael Kitces
4.7 • 719 Ratings
🗓️ 30 November 2021
⏱️ 89 minutes
🧾️ Download transcript
Summary
Beth Jones is the co-founder of Third Eye Associates, an independent RIA based out of the Hudson Valley of New York that oversees $125 million of assets under advisement for 200 households. Beth's firm is unique in that they go deep with clients into creating a personal vision statement that truly aligns their money with their values.
Listen in as we dive into Beth's financial planning process, fee structure, and client deliverables that have been a cornerstone for building her expertise as an in-depth financial planner and have led to a waitlist of new clients. We also discuss some of the challenges that she faced as she was scaling up, why she made the decision to let go of 85 of her earliest clients that were actually costing her money, and how she navigated the transition of having her co-founder retire while she continued to run the firm and serve clients.
For show notes and more visit: https://www.kitces.com/257
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 Kitsis. Welcome, everyone. |
| 0:29.2 | Welcome to the 257th episode of the Financial Advisor Success Podcast. My guest today's podcast is |
| 0:35.4 | Beth Jones. Beth is the co-founder of Third Eye Associates, an |
| 0:38.9 | independent R.A. in the Hudson Valley of New York that oversees 125 million of assets under |
| 0:43.7 | advisement for nearly 200 client households. What's unique about Beth, though, is the way her firm |
| 0:49.8 | goes deep in its financial planning process with new clients, spanning a series of seven initial |
| 0:54.9 | meetings that go deeply into creating a personal vision statement to help clients truly understand |
| 0:59.9 | what they need to do to align their money with their values. In this episode, we talk in depth |
| 1:05.1 | about Beth's financial planning process with clients, including assessments like a wellness |
| 1:09.2 | worksheet and a communication preferences |
| 1:11.0 | tool that she uses to determine how best to work with new clients, how Beth leverages eMoney |
| 1:15.8 | advisor's account aggregation to spark client conversations around their household cash flow, |
| 1:20.6 | and why Beth still chooses to provide a physical financial plan deliverable to clients, |
| 1:24.9 | even as she acknowledges that relatively few open the plan again |
| 1:27.9 | after it's first delivered. We also talk about how Beth structures her advisory fees with clients. |
| 1:33.5 | The way she arranges an upfront multi-month retainer fee based on the initial complexity of the |
| 1:37.7 | client and the number of meetings she anticipates it'll take to cover all their issues. |
| 1:41.6 | Why Beth also charges an AUM fee to monitor client portfolios, |
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