Ep 367: When Being In Business With Your Spouse Doesn't Work Out And You Have To Start Over With Kimberly Enders

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 9 January 2024

⏱️ 93 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kimberly Enders is the Lead Financial Planner and Managing Partner of Enders Wealth Management, a hybrid advisory firm based out of Michigan that oversees $50 million in assets under management for 85 client households. Kimberly's unique journey in the financial industry began with rebuilding her practice from scratch after a divorce in 2015, starting with just 12 clients and $7 million in assets. Over the past eight years, she has successfully grown her business by implementing a highly customized 12-month onboarding process for new clients, fueling rapid growth through referrals.

Listen in as Kimberly shares her journey of reinventing her career after leaving a joint business with her husband, focusing on her ideal clients and making it a priority to build strong advisor/client relationships. You'll hear about the lessons she learned from exploring various roles in the financial industry, the challenges she faced in starting her own advisory firm, and how her definition of success has evolved to prioritize autonomy and control over her time, rather than just financial success.

For show notes and more visit: https://www.kitces.com/367

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 Kitsis. Welcome, everyone.
0:29.2	Welcome to the 367th episode of the Financial Advisor's Success podcast. My guest on today's
0:34.7	podcast is Kimberly Enders. Kimberly is the lead financial planner and managing partner of Enders Wealth Management,
0:40.3	a hybrid advisory firm based in Sterling Heights, Michigan that oversees 50 million in assets
0:44.9	in our management for 85 client households.
0:48.1	What's unique about Kimberly, though, is that after building a practice jointly with her
0:51.2	husband, in 2015, she had to reinvent herself after a divorce
0:54.8	left her without a practice and starting over with just 12 clients and 7 million in assets,
1:00.0	and how in the eight years since she has built herself up by developing a highly customized
1:04.2	12-month onboarding process for new clients that's driven her ability to generate rapid growth
1:09.8	from referrals.
1:16.2	In this episode, we talk in depth about what Kimberly learned through entering and then exiting a business relationship with her husband that was, unfortunately, for her not
1:20.1	structured in a way to fully protect her claim to the clients and revenue with the practice.
1:24.7	What Kimberly did turn her career around through honing in on her ideal
1:29.3	target client, steadily pruning away those who are no longer a good fit. And how Kimberly has structured
1:34.9	her 12-month onboarding plan for new clients that focuses on comfort with the technology
1:39.5	and advisor-client relationship before she even starts her approach to financial planning after a full
1:44.6	six months with a new client, a system that, again, has allowed her firm to grow almost entirely
	...

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