Ep 281: Leveraging Tax Planning To Create Unique Value For Small Business Owners with Duncan Kelm
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 17 May 2022
⏱️ 87 minutes
🧾️ Download transcript
Summary
Duncan Kelm is a managing partner for Arrow Point Wealth Management, a hybrid advisory firm based in Santa Rosa, California that oversees $163 million in assets under management for 142 client households. Today Duncan joins the show to discuss how he leverages owning and operating his own tax firm, in addition to his advisory firm, to offer more integrated tax planning and wealth management services to his small business owner clientele.
Listen in as he shares how he leveraged his tax expertise and years as a business consultant to build his own tax firm to offer full suite tax and financial planning to his clients, as well as how he created what he calls “character insurance” with his clients to help them define who they are and document their ethos for future generations. You will learn how Duncan struggled to accept becoming his father's successor, what mental toughness means to him, and why he chooses to no longer be outcome-focused.
For show notes and more visit: https://www.kitces.com/281
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 |
| 0:18.3 | 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. |
| 0:28.2 | Welcome to the 281 episode of the Financial Advisor Success Podcast. My guest on today's podcast is |
| 0:34.3 | Duncan Kelm. Duncan is a managing partner for Aero Point Wealth Management, |
| 0:38.2 | a hybrid advisory firm based in Santa Rosa, California, that oversees 163 million of assets under |
| 0:43.4 | management for 142 client households. What to think about Duncan, though, is how he leverages |
| 0:48.8 | owning and operating his own tax firm, in addition to his advisory firm, to offer more integrated |
| 0:53.6 | tax planning and wealth management |
| 0:54.9 | services to his small business owner clientele. In this episode, we talk in depth about how Duncan |
| 1:01.0 | leverages tax expertise in years as a business consultant to build his own tax firm and offer |
| 1:06.0 | that full suite of tax and financial planning to his clients. How Duncan utilizes his tax business, as well as local |
| 1:11.5 | CPAs, to generate leads for prospective wealth management clients, and how Duncan created what he |
| 1:16.9 | calls character insurance with his clients to help them define who they are and document their ethos |
| 1:21.7 | for future generations when they're no longer around. We also talk about how Duncan fought to become a more knowledgeable person |
| 1:29.0 | improve his worth after transitioning from consulting into an entry-level position at a wirehouse. |
| 1:34.6 | How Duncan decided to partner with his father to build their own independent firm after he became |
| 1:38.5 | frustrated with the lack of freedom and opportunities at the wirehouse. And how Duncan struggled |
| 1:42.9 | to accept becoming his father's successor as he tried to balance |
| 1:45.7 | building a career of his own and taking advantage of the partnership opportunity in front |
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