Ep 335: Systematizing Succession and New Partner Transitions In A $1.5B Ensemble Enterprise With Timothy Wyman

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 30 May 2023

⏱️ 105 minutes

🔗️ Recording | iTunes | RSS

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Summary

Tim Wyman is a Managing Partner for the Center for Financial Planning, a hybrid advisory firm based out of Michigan that oversees $1.5 billion in assets under management for 1,000 client households. Tim's uniqueness lies in his contribution as a second-generation partner in redesigning the organizational structure of the firm, helping to transform the firm's individual advisor-focused structure to an ensemble practice—and overhauling the compensation system in the process. By doing so, Tim established a systematic approach for future partnership opportunities for the next generation of financial advisors, as well as key non-advisory team members, that ensures the firm remains internally owned for the long term.

Listen in as Tim shares his insights on transforming a siloed advisor structure to an ensemble practice, the impact it had on the firm's success, and how Tim and his partner developed the "Center for Financial Planning Path to Partnership" document that outlines buy-in options and criteria to become a partner at the firm. We also discuss the importance of implementing a monthly scorecard and a bi-annual report to monitor the financial health and productivity of the firm, Tim's approach to assigning client service associates, and why he believes it is crucial for newer associate planners to be involved in all client-facing activities.

For show notes and more visit: https://www.kitces.com/335

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 Kitsas. Welcome, everyone.
0:28.6	Welcome to the 335th episode of the Financial Advisor Success Podcast. My guest on today's podcast is
0:34.5	Tim Wyman. Tim is the managing partner for the Center for Financial Planning, a hybrid advisory firm based in Southfield, Michigan, that oversees $1.5 billion in assets under management for 1,000 client households.
0:46.6	What's unique about Tim, though, is how as a second-generation partner, he helped redesign the firm's organizational structure from siloed advisors of the founders to an ensemble
0:54.8	practice, both restructuring the firm's compensation and in the process, systematizing future
0:59.9	partnership opportunities to both next generation advisors and also key non-advisory team
1:04.9	members to ensure their continuous internal ownership of the firm for the long term.
1:10.0	In this episode, we talk in depth about
1:11.5	why Tim and another G2 partner decided to transition the firm from their legacy siloed approach to
1:17.2	an ensemble approach, both to fulfill the vision of first-generation partners and to evolve the
1:22.2	firm into an enterprise and create equitable partnership opportunities for all employees of the firm.
1:28.2	How Tim and his firm works with Philip Halev to develop their Center for Financial Planning
1:32.7	Path to Partnership document that outlines buy-in options in the quantitative and qualitative
1:37.7	criteria that team members have to meet to become a partner.
1:41.0	And why Tim and his firm implement a monthly scorecard called the State of the Center
1:45.1	and a biannual report using the old Moss Adams benchmarking ratios to monitor the financial
1:50.5	health and productivity of the business. We also talk about why Tim and the firm don't assign a
1:55.8	dedicated client service administrator for each lead advisor, but instead ensure that each client
	...

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