Ep 271: Right-Sizing Your Client Base To Operate As An Intentional High-Margin Solopreneur with Cady North
Financial Advisor Success
Michael Kitces
4.7 • 719 Ratings
🗓️ 8 March 2022
⏱️ 90 minutes
🧾️ Download transcript
Summary
Cady North is the founder of North Financial Advisors, a boutique fee-only financial planning firm that focuses on serving female business owners. Based out of San Diego and Washington, North Financial oversees more than $24-million in assets for 30 households, and purposefully maintains a limited number of clients to create high income without the risk of burnout.
Listen in as Cady shares why she built a firm around helping a younger clientele of female entrepreneurs, how she helps them balance their money goals and use their capital in the best way possible, and why she intentionally downsized to focus on quality over quantity when it comes to her clients. We also discuss how she has been able to maintain a solo advisor practice by systematizing and automating processes, why she took a 6-month sabbatical to examine what was truly important for her, and why she let go of the to-do lists to focus on feeling fulfilled both mentally and financially.
For show notes and more visit: https://www.kitces.com/271
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 Kitsis to hear stories of how leading |
| 0:12.1 | financial advisors navigated the inevitable challenges that arise on the path to success |
| 0:17.1 | and get insight from leading industry consultants about how to break through to the next |
| 0:21.9 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.3 | Welcome on the 271 episode of the Financial Advisor's Success Podcast. My guest on today's podcast is |
| 0:34.6 | Katie North. Katie is the founder of North Financial Advisors, |
| 0:37.9 | a boutique fee-only financial planning firm focused on serving women business owners that's based |
| 0:42.0 | in San Diego and Washington, D.C., and oversees more than 24 million of assets across just 30 |
| 0:47.1 | client households. What's unique about Katie, though, is how she right-sized her practice |
| 0:51.6 | from what was a much larger number of clients. She now purposefully |
| 0:55.1 | maintains a very limited number of households that she serves to create a business that has both |
| 0:59.5 | a strong earning potential while remaining personally sustainable for herself without risk of |
| 1:04.0 | burnout. In this episode, we talk in depth about how Katie has built her firm to help younger |
| 1:08.6 | clientele of women entrepreneurs discover the best |
| 1:10.9 | uses for their capital and ways to balance their own money goals. |
| 1:14.0 | Why Katie veers away from the traditional corporate full-time philosophy to ensure that she |
| 1:18.0 | has time and capacity to meet the needs of her clients as well as herself. |
| 1:21.9 | And how Katie is systematized and automated processes to avoid the pressure of always |
| 1:26.2 | staying connected as a solo advisor. |
| 1:28.5 | We also talk about how Katie's experience with burnout and her former career inspired her to take |
| 1:32.8 | a six-month sabbatical to step back and examine what was truly important in her own life. |
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