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Financial Advisor Success

Ep 288: Transitioning From (Divorce) Attorney To (Divorce-Specialized) Financial Advisor with Patrick Kilbane

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8696 Ratings

🗓️ 5 July 2022

⏱️ 77 minutes

🧾️ Download transcript

Summary

Patrick Kilbane is a Partner and Director of the Divorce Advisory Group for Ullmann Wealth Partners, an independent RIA based in Jacksonville Beach, Florida that oversees $800 million in assets under management for 350 client households. After stepping away from a successful career as a family law attorney, Patrick transitioned into becoming a financial advisor who specializes in divorce with a unique value-add of being able to work collaboratively with his former legal colleagues. In this episode, we talk in-depth about this transition, including how he leverages the professionalism, trust, and connections he built as a lawyer. 

Listen in as Patrick shares how he utilizes his knowledge of the law to offer specialized assistance to divorcing clients so they can better prepare for meetings with their lawyers during divorce proceedings. You will learn when he realized his interest in personal finance, the ways passive income can impact one’s life, and more. 

For show notes and more visit: https://www.kitces.com/288 

Transcript

Click on a timestamp to play from that location

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.

0:28.1

Welcome to the 288th episode of the Financial Advisor Success Podcast. My guest on today's podcast is

0:34.0

Patrick Kilbain. Patrick is a partner and the director of the Divorce Advisory Group

0:38.1

for Oman Walth Partners, an independent RIA based in Jacksonville Beach, Florida that oversees

0:42.8

800 million in assets under management for about 350 client households. What's unique about Patrick,

0:48.2

though, is how he stepped away from a successful career as a family law attorney to transition into

0:52.9

becoming a financial advisor who

0:54.5

specializes in divorce with a unique value out of being able to work collaboratively with

0:58.9

his former legal colleagues to provide support services for new clients who are going through

1:03.3

the divorce process. In this episode, we talk in depth about how and why, after almost a decade

1:09.1

of practicing family law and helping clients

1:10.9

through divorce, Patrick made the transition to a financial advisor to better help his clients

1:15.0

navigate the financial challenges that come with divorce. How Patrick leverages the professionalism

1:20.5

trusts and the connections that he built as a lawyer to gain referrals for him in his advisory

1:24.6

firm. And while he doesn't give any formal legal advice to clients,

1:29.2

Patrick is able to utilize his knowledge of the law to offer specialized assistance to divorcing clients

1:34.1

so they can better prepare for meetings with their lawyers during divorce proceedings.

1:39.1

We also talk about how after reading Rich Dad Poor Dad while in college, Patrick realized his interest in

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