Ep 275: Growing Organically Past $4B Of AUM With A Shared Ownership Mentality with Michael Chasnoff
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 5 April 2022
⏱️ 77 minutes
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Summary
Michael Chasnoff is the founder and CEO of Truepoint Wealth Counsel, an independent fee-only RIA based out of Cincinnati that oversees $4.5 billion in assets under management for 750 households. Michael has grown his firm completely organically by focusing on working with business owners and executives—and scaling his team by offering a distributed ownership structure with a broad equity participation plan.
Listen in as we explore the unique structure that he has built his firm around, becoming a one-stop shop for clients offering both financial planning and in-house tax and estate planning advice. You'll learn how he sells off his own founder shares to select team members to buy into company equity, as well as how he grew his firm entirely organically by focusing on working with business owners and executives with an average of $6 million in AUM, leveraging his expertise, establishing relationships with centers of influence, and becoming an active participant in industry organizations.
For show notes and more visit: https://www.kitces.com/275
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 leading |
| 0:19.2 | industry consultants about how to break through to the |
| 0:22.0 | next level in your advisory business. And now here's your host, Michael Kitsas. Welcome, everyone. |
| 0:28.9 | Welcome to the 275th episode of the Financial Advisor Success Podcast. My guest today's podcast is |
| 0:34.9 | Michael Chasnoff. Michael is the founder and CEO of TruePoint Wealth Council, |
| 0:38.9 | an independent fee-only RIA based in Cincinnati, Ohio, that oversees $4.5 billion in assets |
| 0:43.9 | and our management for 750 client households. What's unique about Michael, though, is how over a 30-year |
| 0:50.0 | span, he's grown TruePoint entirely organically through a focus of working with business owners |
| 0:55.0 | and corporate executives and has scaled his team by creating a distributed ownership structure |
| 0:59.7 | with a broad equity participation plan. In this episode, we talk in depth about how Michael |
| 1:05.5 | is structured his firm with specialty teams that provide not only financial planning, but also |
| 1:09.9 | in-house tax and state planning |
| 1:11.4 | advice in order to provide a more one-stop shop experience for his clients. The way the firm has |
| 1:16.4 | been able to leverage its truly higher-touch service offering into a steady flow of referrals with an |
| 1:21.1 | average household of 6 million of AUM, and how Michael's firm has designed his career tracks with the |
| 1:26.1 | ultimate goal of offering select |
| 1:27.5 | team members an opportunity to buy into company equity through the sale of his own founder |
| 1:32.0 | shares. |
| 1:33.3 | We also talk about how early in his career, Michael was turned off by the Marketing and Sales |
| 1:37.9 | Center in financial industry and was inspired to start his own firm that concentrated on offering |
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