Ep 339: Resetting The Business For Its Next Stage Of Growth After Hitting The 10-Year Capacity Wall With Eric Roberge

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 27 June 2023

⏱️ 97 minutes

🔗️ Recording | iTunes | RSS

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Summary

Eric Roberge is the Founder and CEO of Beyond Your Hammock, an independent RIA based out of Boston that oversees $47 million in assets under management for more than 80 households. Despite his firm’s impressive progress and consistent expansion over a decade, Eric faced a capacity wall as a solo advisor, experiencing setbacks when a $4-million client relocated and market volatility led to the departure of other clients, requiring him to spend a year rebuilding various components of his business to recover.

In this episode, Eric shares how he implemented several strategies to address capacity constraints and meet the firm's needs, first by ramping up part-time outsourced assistance, and additionally by making the strategic decision to change the firm's meeting cadence from three times a year to a surge meeting structure, allowing him to allocate more time to focus on the overall growth of the business. We also discuss how securing a valuation for the firm provided Eric with a fresh perspective, why he has enlisted the expertise of a PR firm to secure guest podcast appearances and drive traffic to his website, and why he is grateful for the opportunities brought by the challenges he faced.

For show notes and more visit: https://www.kitces.com/339

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.
0:28.6	Welcome to the 339th episode of the Financial Advisor's Success Podcast. My guest on today's
0:33.7	podcast is Eric Robers. Eric is the founder and CEO of Beyond Your Hammock,
0:38.2	an independent RIA based in Boston, Massachusetts that oversees 47 million in assets under
0:42.5	management for more than 80 client households. What's unique about Eric, though, is how
0:47.1	10 years after launching his firm and enjoying strong and steady growth, he hit a capacity
0:51.4	wall as a solo advisor and suddenly found the business going backwards as a
0:55.2	$4 million client decided to relocate and then market volatility caused several other clients to leave
0:59.9	the firm, all while he and his wife had their first child, leading Eric to go through a full
1:05.1	year of rebuilding multiple components to the business from staffing the technology to their
1:09.5	client service calendar to try to
1:11.3	get back on track again. In this episode, we talk in depth about how in 2022, Eric and his wife
1:16.9	Kaylee faced a tumultuous year as firm revenue dipped from 600,000 to 500,000 of revenue run rate
1:23.0	in just the first few months. And because it coincided with the arrival with her first child,
1:27.2	they didn't have the bandwidth and capacity to adapt. How to help with capacity constraints,
1:31.9	Eric decided to ramp up part-time outsourcing assistants from nifty advisors for their part-time
1:36.9	virtual assistant to East Bay Financial for a part-time virtual chief investment officer.
1:41.9	And how to create even more lifting capacity constraints, Eric changed
	...

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