Ep 291: Managing Fast Growth And Slow Growth Of A Planning-Centric Advice Firm with Amy Irvine
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 26 July 2022
⏱️ 97 minutes
🧾️ Download transcript
Summary
Amy Irvine is the owner of Rooted Planning Group, an independent RIA based out of New York that oversees $67 million in assets under management for 175 households. Impressively, Amy has successfully managed the complexities of starting her own RIA focused on Gen X women despite seeing a very rapid expansion from 30 clients to over 100 clients in under 18 months.
Listen in as she shares what made her realize that there was an untapped opportunity to provide financial planning services to career-driven Gen X women, as well as how she gained a generous amount of referrals. We also discuss how Amy managed the rapid growth of her firm, including why she chose to stop taking on any new clients for 3 months and instead hired a coach to prioritize the mental health of her staff over the economic growth of her firm.
For show notes and more visit: https://www.kitces.com/291
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. |
| 0:30.5 | Welcome to the 291st episode of the Financial Advisor Success podcast. My guest on today's |
| 0:36.2 | podcast is Amy Irvine. Amy is the owner of |
| 0:39.0 | Rooted Planning Group, an independent RIA based in Corning, New York that oversees 67 million |
| 0:43.8 | in assets under management for 175 client households. What's unique about Amy, though, is how she |
| 0:49.4 | managed the complexities of starting her own firm focused on Gen X Women and then dealt with |
| 0:54.0 | unexpected growing pains |
| 0:55.2 | as her business development worked too well, and the firm rapidly expanded from nearly 30 clients |
| 1:00.3 | to over 100 in under 18 months. And then Amy had to figure out how to service all of her new clients |
| 1:05.9 | at the same time that she was hiring and training team members to try to reduce that client workload. |
| 1:10.6 | In this episode, |
| 1:11.4 | we talk in depth about how after working for years in the financial industry, Amy realized |
| 1:15.5 | there was a missing opportunity in working with career-driven Gen X women like her and decided |
| 1:19.7 | to focus on serving that type of clientele she knew so well. How the initial fear of launching |
| 1:25.3 | a firm on her own initially led Amy to partner with another advisor and try to capitalize on the opportunity to convert his practice from its commission-based routes into a fee-only firm, only to quickly realize that they didn't share the same vision and that she would be better off as a solopreneur instead. |
| 1:40.8 | And how Amy's unique model of charging subscription fees with no asset minimum for Gen X |
| 1:45.5 | women revealed such an untapped market opportunity in her local area that as soon as she just |
| 1:50.2 | started volunteering for local organizations and providing education and nonprofits in the |
... |
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