Ep 287: Finding Solo Efficiency To Serve 50 Great Clients With $100M AUM with Jennifer Murray
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 28 June 2022
⏱️ 94 minutes
🧾️ Download transcript
Summary
Jennifer Murray is the owner and founder of Stonebridge Financial Advisors, an independent RIA based out of New Jersey that oversees $100 million of assets under management for 50 families. After experiencing the personal tragedy of losing her husband to cancer, Jennifer built a practice that specializes in recent widows, intentionally working with a limited number of clients to provide a more intimate service.
Listen in as she shares how losing her husband prompted her to focus on providing financial advice for newly-single women, as well as how she used referrals, seminars, bereavement groups, and local hospital foundations to gain clients in the early years. You'll learn what gave Jennifer the confidence to launch her own RIA, how she handles prospects that she doesn’t have the capacity to serve, and why she sees fulfillment as a financial advisor as being a combination of serving clients well and being valued by them (and paid accordingly).
For show notes and more visit: https://www.kitces.com/287
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. |
| 0:28.7 | Welcome to the 287th episode of the Financial Advisor Success Podcast. My guest on today's podcast is |
| 0:35.0 | Jennifer Murray. Jennifer is the owner and founder of Stonebridge Financial Advisors, an independent RAA based in Morristown, New Jersey, that oversees 100 million of assets under management for 50 client households. |
| 0:47.0 | What's unique about Jennifer, though, is how she built on her personal tragedy of losing her husband to colon cancer, to build a practice that specializes in recent |
| 0:55.4 | widows and intentionally works with a limited number of widowed clients to provide a more |
| 1:00.2 | intimate service without needing a higher-up staff around her. In this episode, we talk in depth about |
| 1:05.7 | how after becoming a widow herself and facing all the financial challenges and questions after losing a |
| 1:11.1 | spouse, Jennifer realized that she had the expertise to help other women going through the same |
| 1:15.7 | difficulties and decided to focus on newly single women. How a combination of referrals from |
| 1:21.6 | friends and family offering advice in her specialization through seminars, bereavement groups, |
| 1:26.0 | and local hospital foundations were what |
| 1:28.1 | helped Jennifer gain clients in our early years, and why Jennifer very intentionally only works |
| 1:33.5 | with no more than 50 clients so that she can provide her desired level of attentive service to |
| 1:38.4 | clients without needing a higher up or feel the pressure to expand and move beyond her own comfort |
| 1:43.2 | zone. |
| 1:49.0 | We also talk about how Jennifer realized after years as a lending officer at a private banking institution working with high net worth individuals that she could have a much greater impact |
| 1:53.1 | in clients' lives by working with them more holistically as a financial advisor. |
| 1:57.6 | How even though Jennifer was a well-prepared CFP and had experience in finance, she learned |
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