Ep 307: Dropping Your Broker-Dealer License Without Dropping The Broker-Dealer Platform With Stacey Hyde
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 15 November 2022
⏱️ 92 minutes
🧾️ Download transcript
Summary
Stacey Hyde is the President of Envision Financial Planning, an independent RIA that oversees nearly $200 million in assets under management for 206 client households. Stacey and her partner decided to drop their FINRA licenses and launch their own RIA to gain more flexibility and independence for the firm, and in this episode, we talk about why they decided to drop their broker-dealer licenses and drop out of the corporate RIA structure.
Listen in as Stacey explains what she did to simplify language for clients and help them better understand the firm’s offerings, as well as why her firm implemented a fee schedule where the tiers have hard breakpoints after a certain threshold. You’ll learn the processes she has put in place to more easily communicate the fee schedule to clients, how she and her firm built their client base by leveraging both client referrals and an advisor network that has many connections, and what helped Stacey to realize that she had a greater impact in her clients' lives than simply being their “advisor.”
For show notes and more visit: https://www.kitces.com/307
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 307th episode of the Financial Advisor Success podcast. My guest in today's podcast is |
| 0:34.8 | Stacey Hyde. Stacey is the president of En of envisioned financial planning and independent RIA based in Memphis, Tennessee |
| 0:40.1 | that oversees nearly 200 million in assets under management for 206 client households. |
| 0:45.9 | What you need about Stacey, though, is how to gain more flexibility in independence for her firm, |
| 0:49.9 | she and her partner decided to drop their FINRA licenses and launch their own RIA, |
| 0:54.0 | while continuing their relationship with Commonwealth as their now former broker-dealer platform. |
| 0:59.9 | In this episode, we talk in depth about why Stacey and her partner decided to drop the |
| 1:03.9 | broker-dealer licenses and drop out of the corporate R.A. structure altogether, |
| 1:07.8 | transitioning instead to fully owning their own independent R.A. |
| 1:10.5 | But remaining affiliated to their now former broker-dealer so they could keep the benefits structure altogether, transitioning instead to fully owning their own independent R.A., but remaining |
| 1:11.4 | affiliated to their now former broker-dealer so they could keep the benefits of having the back |
| 1:15.9 | office tech and investment support. Why Stacey wanted to create her own investment advisory |
| 1:20.8 | agreement for her firm from scratch so that she could simplify language for clients and help them |
| 1:25.1 | better understand the firm's offerings and the true nature of the relationship. And why Stacey and her firm implement a fee schedule where the tiers |
| 1:32.1 | are not graduated, but instead of hard break points where after a certain threshold, clients can see |
| 1:36.6 | an outright drop in their fees, which makes it easier for Stacey to communicate the fee schedule |
| 1:41.4 | to clients while also incentivizing them to add funds and |
... |
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