Ep 273: Scaling Yourself As An Advisor: Tucking In Or Institutionalizing Your Own IP with Penny Phillips
Financial Advisor Success
Michael Kitces
4.7 • 719 Ratings
🗓️ 22 March 2022
⏱️ 91 minutes
🧾️ Download transcript
Summary
Penny Phillips is the President and Co-Founder of Journey Strategic Wealth, an independent RIA platform for advisors to outsource their back-office compliance and operations management. Through the firms they work with, Journey Strategic Wealth oversees $3 billion in assets and offers their advisors the ability to lean into already-built processes so they can scale their own time and productivity in order to focus on the client work they enjoy.
Listen in as Penny shares her journey through the advisor industry, from coaching advisors who were transitioning from insurance to financial advice, to launching her advisor platform in the middle of a pandemic. We also discuss the challenges that firms face building structures and centralizing operations (even with all the technology advancements in the industry), how Journey Strategic Wealth gives advisors the flexibility to choose how much plug-and-play support they need, and why making unpopular decisions often comes with the territory when leading a growing business.
For show notes and more visit: https://www.kitces.com/273
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 |
| 0:17.2 | 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. |
| 0:28.4 | Welcome to the 273rd episode of the Financial Advisor Success podcast. My guest today's podcast is |
| 0:34.4 | Penny Phillips. Penny is the president and co-founder of Journey |
| 0:37.5 | Strategic Wealth, an independent RA platform for advisors that manages over $3 billion in assets |
| 0:42.6 | through the firms that they work with to outsource their back office compliance and |
| 0:46.7 | operations management. What's unique about Penny, though, is her expertise in helping advisors |
| 0:51.6 | to scale her own time and productivity to work more effectively |
| 0:54.5 | with clients, both as a consultant that's trained advisors to turn their planning approach |
| 0:59.0 | into processes that other advisors in the firm can be trained on, and now as an outsourcing |
| 1:03.0 | provider to support advisors who don't want to have to build the processes themselves and |
| 1:07.1 | prefer to simply tuck into a larger enterprise so that they can focus on the client work they enjoy. In this episode, we talk in depth about how Penny spent years helping |
| 1:15.8 | advisors build systems and processes to eventually institutionalize their vision of how clients |
| 1:20.6 | should be served so that the advisor's legacy can live on after they retire. Why Penny decided to |
| 1:25.4 | launch her own advisor platform to offer advisors a space to |
| 1:28.6 | tuck in and plug in new existing operational infrastructure without need to be bound up by |
| 1:33.4 | restrictive covenants. And how advisors can decide for themselves where they want to be on what |
| 1:38.4 | Penny calls the RAA spectrum, from being totally independent having everything on your shoulders, |
| 1:43.4 | to being an employee of an |
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