Ep 331: Getting Comfortable Hiring Advisors 'Early' As The Advisory Business Revenue Grows With Jake Northrup

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 2 May 2023

⏱️ 97 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Jake Northrup is the Founder of Experience Your Wealth, an independent RIA based out of Rhode Island that advises 78 client households with a small team supporting nearly $700,000 of ongoing revenue. Jake stands out for his impressive achievement of generating that top revenue within just four years of starting his business and for recognizing the need to hire employees early on to avoid time constraints and capacity limitations as he scaled.

Listen in as Jake shares his reason for hiring an associate and a lead advisor early on in his business, the four-meeting financial planning process his firm follows, and why he outsources investment management despite being a CFA charter holder. Jake also discusses how he grew his firm quickly, as well as how he intentionally built and staffed his practice to give himself more flexibility, allow his employees to thrive, and help his clients pursue their passions while enjoying their money.

For show notes and more visit: https://www.kitces.com/331

Transcript

Click on a timestamp to play from that location

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.
0:28.6	Welcome to the 331st episode of the Financial Advisor's Success podcast. My guest on Cesar's podcast is
0:34.6	Jake Northrow. Jake is the founder of Experience Your Wealth and Independent RIA based in Bristol, Rhode Island,
0:39.8	that advises 78 client households with a three-person team supporting nearly $700,000
0:44.6	of ongoing revenue.
0:46.4	What's unique about Jake, though, is how he's been able to grow to $700,000 revenue
0:49.8	in just four years since launching from scratch.
0:52.5	And now he realized that because of how his rapid growth was going to impact future
0:55.9	capacity and time constraints, he'd need to hire employees sooner rather than later and
0:59.8	decided to hire an associate advisor in just the second year after launching the firm before
1:04.1	he even had $200,000 of revenue.
1:06.9	In this episode, we talk in depth about why Jake decided to hire an associate and then a lead advisor
1:11.7	within the first few years of what was originally intended to be a solo practice because he felt
1:16.1	his practice was just too completely dependent on him.
1:19.1	How Jake and his team implement a form meeting financial planning process that includes
1:23.1	creating a life planning timeline using Mind Meister to develop a mind map to visualize the client's
1:27.9	goals, and then creating a client dashboard and Meister task where clients can track their progress
1:32.3	as well as mark off tasks that need to be completed and move them along on their journey.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Michael Kitces, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Michael Kitces and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.