Ep 269: Accelerating The Fee-Only Transition By Acquiring A Commission-Based Book Of Business with Michael Hartman
Financial Advisor Success
Michael Kitces
4.7 • 719 Ratings
🗓️ 22 February 2022
⏱️ 89 minutes
🧾️ Download transcript
Summary
Michael Hartman is the founder of Hyperion Financial, an independent RIA based out of Pennsylvania that oversees nearly $60 million in assets under management for 75 households. What's unique about Michael is the way he fast-tracked his fee-only RIA through the acquisition of a commission-based book of clients that he then converted to fee-only.
Listen in as he shares how he got started in the financial planning industry after being in the insurance world, as well as the realization he had that led him to become an independent firm owner to serve clients the way he wanted to and achieve his own personal business aspirations. You'll hear about the challenges Michael went through while transitioning his insurance firm to financial planning, why sometimes you have to take a leap of faith to truly make your business what you know it can be, and more.
For show notes and more visit: https://www.kitces.com/269
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:06.8 | financial planner, speaker, and consultant Michael Kitsas to hear stories of how leading financial |
| 0:12.6 | advisors navigated the inevitable challenges that arise on the path to success and get insight |
| 0:18.2 | from leading industry consultants about how to break through to the next level |
| 0:22.2 | in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. Welcome to |
| 0:28.6 | the 269th episode, the Financial Advisor Success Podcast. My guest in today's podcast is Michael |
| 0:34.5 | Hartman. Michael is the founder of Hyperion Financial, an independent |
| 0:38.0 | RIA based in Schillington, Pennsylvania, that oversees almost 60 million in assets under |
| 0:42.1 | management for 75 client households. |
| 0:45.3 | What's unique about Michael, though, is how he fast-tracked his transition away from his insurance |
| 0:49.2 | routes to become a fee-only RIA, by making the investment to acquire commission-based book of clients and convert |
| 0:55.6 | them to fee-only as well. In this episode, we talk in depth about the way Michael build a financial |
| 1:01.4 | planning fee model with a base financial planning fee that then offsets AUM fees against it |
| 1:06.5 | when clients want to manage assets after creating the comprehensive plan. How Michael and his team leverage a client service calendar and surge meetings to more efficiently |
| 1:14.8 | create a high-touch experience for clients, and how Michael and his firm present clients with a |
| 1:19.5 | one-page financial snapshot at every meeting to remind clients of their financial goals and |
| 1:23.6 | reassure them those goals are on track. We also talk about how Michael's discovery of the financial planning world through |
| 1:29.8 | publications and podcasts inspired him to pursue a career change as a financial advisor. |
| 1:34.9 | How, after being weighed down for years by the contractual obligations of insurance companies |
| 1:38.8 | he worked for, Michael realized he needed to acquire his CFP designation to take his career |
| 1:42.8 | to the next level. And how Michael ultimately recognized he needed to become his CFP designation to take his career to the next level. |
| 1:47.8 | And how Michael ultimately recognized he needed to become an independent firm owner to achieve the freedom of the serve clients the way that he craved |
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