Ep 342: Scaling To $1M Of Financial Planning Fee Revenue By Specializing In The Divorce Niche With Nancy Hetrick
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 18 July 2023
⏱️ 100 minutes
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Summary
Nancy Hetrick is the Founder and CEO of Smarter Divorce Solutions, a consulting firm based out of Arizona that provides financial expertise to individuals and couples going through the divorce process. Nancy's unique journey from a do-it-yourself divorce to becoming a divorce expert was driven by her personal experience of non-enforceability, leading her to help other women avoid similar situations. She successfully scaled her divorce practice to 8 team members and $1M in annual revenue, while also growing her RIA to $65M AUM by assisting clients with rollovers and investment implementation post-divorce.
Listen in as Nancy shares how she overcame imposter syndrome by recognizing the value of her own life experiences, why she chose to expand her technical expertise to earn her CDFA credential and become a Master Analyst in Financial Forensics and a Certified Divorce Coach, and the strategies she used to grow her network in the divorce niche. We also discuss how she effectively communicates the value of her divorce planning work to prospects, how she earns fees on a divorce case, and what led her to sell her RIA and focus on being a solo practitioner in the divorce field.
For show notes and more visit: https://www.kitces.com/342
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.6 | navigated the inevitable challenges that arise on the path to success and get insight from leading |
| 0:19.2 | industry consultants about how to break through to the |
| 0:22.0 | next level in your advisory business. And now here's your host, Michael Kitsas. Welcome, everyone. |
| 0:29.1 | Welcome to the 342nd episode of the Financial Advisor's Success Podcast. My guest on today's podcast is |
| 0:35.1 | Nancy Hedrick. Nancy is the founder and CEO of Smarter Divorce Solutions, |
| 0:39.6 | a consulting firm based in Phoenix, Arizona, that provides financial expertise to individuals and |
| 0:44.2 | couples, and sometimes mediators and attorneys, going through the divorce process. |
| 0:49.9 | What's unique about Nancy, though, is that after going through her own do-it-yourself divorce process |
| 0:54.5 | and then discovering after the fact that none of it was enforceable, after her ex-husband |
| 0:58.9 | chose not to comply with the agreement, she decided to become a divorce expert herself to help |
| 1:03.4 | other women avoid the same fate. |
| 1:05.6 | And in the process, scaled her divorce practice as high as 18 members in a million |
| 1:09.5 | dollars of annual revenue just in divorce fees, on top of growing her RAA to 65 million of ASA under management, |
| 1:15.9 | when her divorce-aid clients inevitably needed help with rollovers and investment implementation |
| 1:20.0 | after the divorce was finalized and they received their settlements. |
| 1:23.8 | In this episode, we talk in depth about how Nancy overcame her initial imposter syndrome and went from finding attorneys to be a little threatening to realizing that they're just regular people and don't necessarily know a lot about finance by recognizing how important her own lifetime experiences were. |
| 1:39.9 | How Nancy also did expand her technical expertise by earning not only the CDFA credential, but also became a master analyst in financial forensics with a matrimonial specialization and a certified divorce coach, too. |
| 1:52.5 | And how Nancy grew her business in the divorce niche through networking events, not to connect with individuals going through divorce, but rather simply to build relationships that positioned her as an expert who, |
| 2:02.1 | in her terms, provides individuals and couples with a kinder, gentler, and much more affordable divorce, |
| 2:08.3 | with people who could then refer Nancy to their own friends and family who might be going through |
... |
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