Ep 314: Focusing On The Planning Work You Enjoy By Providing Outsourced Virtual CFP Services With Sue Chesney

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 3 January 2023

⏱️ 95 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sue Chesney is the owner of Delegated Planning, which offers virtual outsourced financial planning support to 55 advisory firms, and co-founder of Planning Zoo, an outsourced financial planning data entry business that helps current and recently graduated students from college CFP programs connect with advisory firms for paraplanner support. Through both of these firms Sue has pioneered one of the largest outsourced financial planning support firms in the country, and she shares her experience in witnessing how many advisory firms are scaling the delivery of their financial plans by separating the delivery of the plans from the creation of the plans.

Listen in as Sue shares why she launched Delegated Planning and Planning Zoo to help advisors find planning and data entry support, why she feels it is important to help new planners get real-world experience under their belts, and how advisors have been able to better align their fees with the financial planning offering by charging by the hour. We also discuss how she navigates cybersecurity and E&O risks of being an outsourced financial planning service provider, why she believes that newer advisors should consider the opportunity to start their own firm one day, and what she considers the key to her success.

For show notes and more visit: https://www.kitces.com/314

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 314th episode of the Financial Advisor's Success podcast. My guest on today's
0:34.3	podcast is Sue Chesney. Sue is the owner of Delegated Planning, which offers
0:38.3	virtual outsourced financial planning support to 55 advisory firms. It is also the co-founder
0:43.1	of Planning Zoo, an outsourced financial planning data entry business that helps current and
0:47.6	recently graduated students from CFP educational programs to connect advisory firms with the
0:53.0	paraplanner support they need.
0:55.5	What's unique about Sue, though, is how through delegated planning and planning
0:58.7	zoo, she's pioneered one of the largest outsource financial planning support firms in the
1:02.5	country and shares her firsthand experience of how advisory firms are scaling the delivery of
1:07.3	comprehensive financial plans by increasingly separating the front office work
1:11.6	of delivering plans to clients from the middle office work of creating them, and how firms are
1:16.6	increasingly leveraging outsource providers so they don't have to be responsible for hiring
1:20.2	and training those financial planning support employees either. In this episode, we talk in depth
1:25.4	about why Sue found a delegated planning so that she could bridge a gap between CFP professionals who simply wanted to work on financial plans, and not necessarily with their own clients, and advisors doing financial plans for clients who needed both paraplanning and virtual CFP support services, but again, don't have the time or the resources to hire a full-time employee that they'd have to
1:44.4	train and manage themselves.
1:46.0	How in a similar vein of supporting advisor, Sue decided to launch planning zoo, where
1:50.1	she and her partners train and teach aspiring CFP professionals the skills to do data
	...

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