Ep 297: From $0 To $70M In 2 Years By Leveraging Facebook Groups To Share Authentic Expertise With Andy Panko
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 6 September 2022
⏱️ 101 minutes
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Summary
Andy Panko is the owner of Tenon Financial, a virtual independent RIA that oversees $70 million in assets under management for 43 retired client households. Andy was able to reach his client capacity goal in only two short years by leveraging a Facebook group that he created to share his expertise directly with the types of clients that he wanted to serve.
Listen in as Andy shares how he was able to leverage his Taxes in Retirement Facebook Group to grow his firm, how he inadvertently created a virtual firm through the process, and why he first structured his firm with a flat-fee model to clearly project his revenue potential. We also discuss how he was able to build his initial list of members to his Facebook group, why he created a list of advisors that have similar focuses to refer prospects to, and why he chose not to take on any more clients—even though his Facebook group is still gaining momentum.
For show notes and more visit: https://www.kitces.com/297
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 |
| 0:12.7 | advisors navigated the inevitable challenges that arise on the path to success and get insight |
| 0:18.4 | from leading industry consultants about how to break through to the next |
| 0:22.0 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.8 | Welcome to the 297th episode of the Financial Advisor's Success podcast. My guest on today's |
| 0:34.5 | podcast is Andy Panko. Andy is the owner of Tenin Financial, a virtual independent |
| 0:39.0 | RIA that oversees 70 million in assets and our management for 43 retired client households. |
| 0:44.8 | What's unique about Andy, though, is how shortly after launching his practice, he created a Facebook |
| 0:50.1 | group so that he could share his expertise directly with the types of clients he wanted to serve, |
| 0:55.0 | which unexpectedly became so successful that in just two short years, he fully reached his client |
| 1:00.3 | capacity goal that he set out to as he went from zero to $70 million. |
| 1:05.2 | In this episode, we talked in depth about how after seeing little success in his traditional |
| 1:09.7 | marketing efforts like seminars |
| 1:10.9 | and creating profiles on advisor referral sites, Andy decided instead to create a Facebook group |
| 1:16.4 | focused on taxes in retirement so that he could more directly engage with and show his |
| 1:21.7 | expertise to the prospects he wanted to work with. How Andy built the initial list of members |
| 1:26.9 | for his taxes and retirement |
| 1:28.1 | Facebook group to gain enough momentum for Facebook's own algorithm to start making his group more |
| 1:32.7 | visible and bring in even more prospects. And how Andy's Facebook group is still gaining momentum, |
| 1:38.5 | but he's purposely decided to not take on any more new clients so he can keep capacity |
| 1:43.4 | and flexibility for his current clients, |
... |
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