Ep 263: Building A High-Touch Boutique Firm Serving Tech Executives As Their Personal CFO with Joyce Franklin
Financial Advisor Success
Michael Kitces
4.7 • 719 Ratings
🗓️ 11 January 2022
⏱️ 85 minutes
🧾️ Download transcript
Summary
Joyce Franklin is the founder of JL Franklin Wealth Planning, an independent RIA based out of San Francisco that oversees $200 million of assets for 40 families. Joyce built a true boutique financial advisory firm by serving as a personal CFO for high-profile tech executives and positioning herself as a steward of their wealth.
Listen in as we dive into how Joyce started out preparing tax returns during the tech bubble of the 1990s, as well as how she turned her tax prep side business into a boutique independent advisory firm. Joyce also shares how she has intentionally maintained a smaller client base that averages around 71 hours of work per client every year, how she became the go-to expert for entrepreneurs and executives building wealth in startups, and why she is now turning her sights to building her staff to create a future succession plan.
For show notes and more visit: https://www.kitces.com/263
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 from |
| 0:18.9 | leading industry consultants about how to break through to the next |
| 0:22.3 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. Welcome |
| 0:28.6 | to the 263rd episode, the Financial Advisor Success Podcast. My guest in today's podcast is Joyce Franklin. |
| 0:35.1 | Joyce is the founder of J.L. Franklin Wealth Planning, an independent |
| 0:37.7 | R.A based in the San Francisco Bay Area that oversees about 200 million in assets under management |
| 0:42.6 | for 40 client families. What's unique about Joyce, though, is how she's built a true |
| 0:47.5 | boutique financial advisory firm by serving as a personal CFO for her high-profile tech executives, |
| 0:53.2 | creating loyal relationships by not only helping |
| 0:55.3 | them leverage their equity awards and stock options and positioning herself as a steward of |
| 0:59.1 | their wealth, but with her firm averaging 71 hours of service work provided to each client |
| 1:04.1 | every year. In this episode, we talk in depth about how Joyce started out as a CPA preparing |
| 1:09.2 | tax returns, big four accounting firms during |
| 1:11.4 | the tech bubble in the 90s, where she developed her expertise in stock option equity |
| 1:15.5 | award planning. How Joyce has intentionally maintained a smaller boutique style client base to ensure |
| 1:20.2 | she can provide all of her clients with the deep personal touch, but has recently turned her |
| 1:24.5 | sights on growing her staff to create a succession plan. And how Joyce continues to execute high-touch comprehensive planning services for her clients |
| 1:31.6 | while still only charging an asset on her management fee. |
| 1:34.7 | We also talk about Joyce's desire to stay away from commission-based products from the very |
| 1:38.6 | start of her career and how instead she focused on building client trust through |
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