Ep 319: Competing For Big Clients As A Small Boutique With A Focus On Task Management With Jim Niedzinski

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 7 February 2023

⏱️ 97 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jim Niedzinski is the Co-Founder of Motive Wealth Advisors, an independent RIA based out of Detroit that oversees $250 million in assets under management for nearly 50 households. Jim and his partner have established a successful boutique firm that competes with larger firms to attract and retain ultra-high-net-worth families by implementing a unique client task management system beyond traditional CRM, ensuring their advice is followed by clients.

In this episode, Jim shares why he and his partner built their firm around Asana, a project management tool, instead of the traditional CRM system, as well as how he leveraged relationships with accountants, lawyers, and other professionals to gain a steady flow of referrals. He also talks about how they used those referrals to grow the firm from $0 in AUM to $250 million in less than 3 years and why he and his partner are intentional about serving only 25 clients each at a time.

For show notes and more visit: https://www.kitces.com/319

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 319th episode of the Financial Advisor's Success podcast. My guest on today's podcast is
0:35.2	Jim Nizinski. Jim is the co-founder of motive wealth advisors,
0:39.2	an independent RIA based in the suburbs of Detroit, Michigan, that oversees $250 million in
0:44.2	assets under management for nearly 50 client families. What's unique about Jim, though, is how
0:49.3	he and his partner have successfully built a small boutique firm that effectively competes with big
0:54.2	wirehouses to attract and retain very high net worth families and have differentiated
0:58.8	themselves by developing and implementing a client task management system that goes
1:02.9	beyond traditional CRM to really ensure that the advice they are giving actually gets
1:07.1	implemented by clients. In this episode, we talk in depth about how Jim and his partner
1:12.3	felt they could differentiate themselves from big firms by trying to maximize how many of
1:16.8	their financial planning recommendations actually get implemented by clients and decided
1:20.8	to build their firm around Asana, a task and project management tool, instead of a traditional
1:25.1	advisor CRM system to ensure that the advice they give is set in motion.
1:29.9	We also talk about how Jim leverages relationships he built with accountants, attorneys, and other
1:33.9	professionals through cold calls early on his career to now be able to gain a steady flow of referrals of very high net worth clients.
1:40.8	And how through referrals only, Jim and his partner have been able to grow their firm
1:44.8	from zero to 250 million in AUM in less than three years since breaking out of the road.
	...

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