Ep 369: Breaking Through To New Growth By Changing Your Mindset Around Hiring (Complementary) Team Members with Michelle Ogden
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 23 January 2024
⏱️ 90 minutes
🧾️ Download transcript
Summary
Michelle Ogden is the founder of Ogden Wealth, an RIA based out of Florida that oversees $50 million in assets under management for 120 households. Unique in her approach, Michelle chose a cautious and deliberate path for her business growth, avoiding rapid expansion and minimal staff reliance for over a decade. This strategy, however, led to a pivotal moment where the business's success depended entirely on her, prompting her to partner with a TAMP and subsequently more than double her business by focusing on her core strengths.
Listen in as Michelle shares her initial reluctance to enter the financial industry, the pivotal moments that led her to establish her own thriving RIA, and how strategic partnerships with third-party platforms catalyzed significant growth at her firm. You'll hear about how her reputation as a trusted financial guide helped expand her client base, as well as her focus on joy in her work, overcoming management challenges, and boosting revenue without increasing workload.
For show notes and more visit: https://www.kitces.com/369
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.5 | 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 |
| 0:18.9 | leading industry consultants about how to break through to the |
| 0:22.1 | next level in your advisory business. And now here's your host, Michael Kitsas. Welcome, everyone. |
| 0:29.4 | Welcome to the 369th episode of the Financial Advisor Success Podcast. My guest on today's |
| 0:34.8 | podcast is Michelle Ogden. Michelle is the founder of Ogden Wealth, an RAA based in Maitland, Florida, that oversees 50 million in assets under management for almost 120 client households. |
| 0:45.1 | What's unique about Michelle, though, is that after seeing the challenge that come with too fast growth in her husband's business, she decided to be very slow and methodical in her own growth and limit her need to |
| 0:54.4 | rely on any staff for more than a decade of her career, only to eventually hit a wall when the |
| 0:59.5 | whole business relied on her and leaning her to eventually decide to partner with the tamp and |
| 1:03.5 | then quickly more than double her business in the subsequent few years by finally getting to |
| 1:08.1 | focus on what she does best. In this episode, we talk in depth about Michelle's journey from vowing to avoid the financial |
| 1:15.1 | advisor industry after a negative internship experience as a woman in a male-dominated |
| 1:19.2 | wirehouse in the 1990s, to eventually coming into the industry with a positive experience |
| 1:23.7 | at Charles Schwab and ultimately forming her own successful RIA. |
| 1:27.3 | How awareness of trusting others led Michelle to slow the ultimately forming her own successful RIA. How awareness of trusting |
| 1:29.1 | others led Michelle to slow the growth of her own firm and the way partnering with third-party |
| 1:33.3 | platforms, including Edelman Financial and then Carson Partners, ultimately allowed her to unlock |
| 1:38.2 | the next level of growth and better leverage her own skills. And how word of mouth through |
| 1:42.8 | kingdom advisors and Michelle's strategy of simply |
| 1:45.1 | passing along financial information that she found and thought might be helpful to others on |
| 1:49.3 | social media gave Michelle the reputation of being the person to connect with for any questions |
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