Ep 376: Accelerating Growth To 30 Clients/Month With Affordable Advice(-Only) Services Where Clients Can Keep Control with Eric Simonson
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 12 March 2024
⏱️ 93 minutes
🧾️ Download transcript
Summary
Eric Simonson, Founder & CEO of Abundo Wealth, joins the show to share how his 'advice-only' RIA model revolutionized the financial planning landscape. Despite launching just four years ago, Abundo has soared to oversee $600M in assets for 420 client households, with a unique approach generating over 30 new clients monthly. In this episode, Eric shares his strategies for empowering clients to implement investment decisions, maintaining advisor workload balance, and navigating the evolution of Abundo's fee structure, all while embracing the entrepreneurial challenges and growth opportunities of building a groundbreaking firm.
Listen in to hear why Eric believes the younger generation is shifting direction when it comes to giving up control of their finances, how his team schedules meetings with clients to ensure they feel comfortable, and the steps his team takes to set expectations for their clients. You'll learn about the pivotal role of referrals, the future of social media marketing, and Eric's unwavering commitment to his vision, even during the early days when financial sacrifices were necessary.
For show notes and more visit: https://www.kitces.com/376
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. |
| 0:29.0 | Welcome to the 376th episode of the Financial Advisor's Success podcast. My guest on today's |
| 0:34.7 | podcast is Eric Simonson. Eric is the founder and CEO of Abundo wealth, an advice-only RIA based in Minneapolis, Minnesota, |
| 0:41.9 | that oversees nearly 600 million in assets under advisement for 420 client households. |
| 0:48.0 | What's unique about Eric, though, is that Abundo has grown its base to 420 clients |
| 0:52.4 | and is on pace for well over a million dollars of revenue |
| 0:54.9 | in 2024, despite having launched barely four years ago with an advice-only business model |
| 1:01.2 | providing comprehensive financial planning for $189 a month and helping clients implement |
| 1:06.4 | themselves that's generated so much word of mouth that they're now bringing on more than 30 new |
| 1:11.3 | clients per month and staffing up on salary and financial advisors to meet the demand. |
| 1:16.9 | In this episode, we talk in depth about how Eric allows his clients to maintain control over |
| 1:21.6 | their investments, but to ensure they actually implement has built out guided tutorials of how |
| 1:26.8 | exactly to trade their own investments |
| 1:28.8 | across most of the major brokerage in 401K platforms. |
| 1:32.8 | How Abundo has arranged their team's capacity to balance each advisor's workload and set the metrics |
| 1:37.3 | for how far in advance of their continued growth they need to hire new advisors in order |
| 1:41.7 | to avoid burnout, and how primarily through referrals coupled with extremely affordable rates to reach a segment |
| 1:47.6 | of consumers that may not want to relinquish control to a traditional AUM advisor, Abundo is now |
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