Ep 332: Transitioning From (A Father's) Commissions-Based Practice To Fee-Based Planning As A G2 Advisor With Liz Hand

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 9 May 2023

⏱️ 95 minutes

🔗️ Recording | iTunes | RSS

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Summary

Liz Hand is the co-owner of Pleasant Wealth, a hybrid advisory firm based out of Ohio that oversees over $140 million in assets under management for 522 households. Liz stands out for her exceptional ability to manage the transition of her father's large commission-based practice with over 1,500 clients into a fee-based financial planning practice, along with her brother. What sets them apart is their dedication to ensuring that long-term clients—even those with smaller or more transactional needs—receive fair treatment throughout this transition process.

Listen in as Liz shares how she and her brother refocused their niche and client loads after taking over their father’s business to realize the future vision of their financial planning firm, as well as why they made the strategic decisions to sell a portion of the business and change their broker-dealer relationship. You'll learn why Liz chose to become the successor for another advisor before becoming the successor for her father, the three tiers of service they have implemented for clients, and how a mindset coach not only helped Liz gain confidence, but also inspired her to become a mindset coach herself.

For show notes and more visit: https://www.kitces.com/332

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 financial
0:12.7	advisors navigated the inevitable challenges that arise on the path to success and get insight
0:18.3	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.
0:28.9	Welcome to the 332nd episode of the Financial Advisor Success Podcast. My guest on today's podcast is
0:34.9	Liz Hand. Liz is the co-owner of Pleasant Wealth, a hybrid advisory firm based in Canton, Ohio, that oversees 146 million in assets under management for 522 client households.
0:46.4	What's unique about Liz, though, is how she and her brother have taken ownership of what was originally their father's broad commission-based practice with more than 1,500 clients and have managed to balance the transitioning of the business into a fee-based financial planning
0:59.0	practice while still doing right by the smaller or more transactional clients who may have
1:03.6	been with the firm for a decade or more. In this episode, we talk in depth about how to realize
1:08.7	their vision for the future of a commission-based
1:10.9	firm their father originally built, Liz and her brother have gone through the messy multi-year
1:14.9	process of refocusing new a niche and right-sizing their client loads.
1:19.5	How Liz and her brother realized in the process of buying into the firm that they didn't want to
1:22.8	continue working on retirement plans and encourage their father to sell that portion of
1:26.9	business to their former UNESCO branch office and use the proceeds from that sale to reduce the buyout
1:31.9	cost for the portion of the firm they wanted to buy. And why Liz chose to change the firm's
1:37.1	BD relationship to Kestra based not only on a pricing structure that was just a better fit for
1:42.2	where their practice was going, but also the
1:44.2	cultural fit that she felt would better support them as advisors. We also talk about why before buying
1:50.4	into her father's firm, Liz decided to become the successor for another advisor so that she could
1:54.8	have an opportunity to find her own voice as an advisor independent of being her father's family successor.
	...

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