Ep 392: Crafting Your Specialization When There Is No Standard Playbook To Learn It with Kristopher Heck

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 2 July 2024

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kristopher Heck is a Founding Partner of Tanager Wealth Management, an RIA based out of London that oversees approximately $1.1 billion in assets under management for 630 households. Kristopher's firm stands out by scaling to over a billion dollars in AUM, specializing in serving clients with financial and personal ties to both the United States and the United Kingdom, a niche lacking a standard playbook. This unique focus on complex transatlantic tax, estate, and planning issues has allowed them to develop a highly differentiated expertise in the marketplace over the past decade.

Listen in as Kristopher shares his journey of founding Tanager Wealth, drawing on his personal experiences as a US expatriate to specialize in cross-border US-UK financial planning. He explains how his firm fosters a learning environment through internal blogs, videos, and lunch-and-learns, as well as how establishing early partnerships with other expatriate-focused professionals has cultivated a robust referral network. We also discuss the structure of separate advisory and planning teams that enhance career development and knowledge sharing within the firm, highlighting the importance of combining the right people and technology to effectively scale and succeed in the financial advisory landscape.

For show notes and more visit: https://www.kitces.com/392

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with
0:07.1	financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading
0:12.4	financial advisors navigated the inevitable challenges that arise on the path to success
0:17.4	and get insight from leading industry consultants about how to break through to the next
0:22.2	level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:29.0	Welcome to the 392nd episode of the Financial Advisor Success Podcast. My guest on today's
0:34.4	podcast is Christopher Heck. Christopher is a founding partner of Tanger
0:37.8	Wealth Management, an RIA based in London, England, that oversees approximately
0:41.5	$1.1 billion in assets under management for 630 client households. What's unique about
0:47.5	Christopher, though, is how his firm has scaled to more than a billion dollars of AUM, while
0:51.8	specializing and working with clients whose personal
0:54.4	and financial lives touch both the United States and the United Kingdom, a niche for which
0:58.5	there is no set playbook to learn all the tax and the state and other financial expertise needed
1:03.6	to serve these clients, which makes the expertise they've crafted for themselves over the past
1:08.1	decade instantly differentiated in the marketplace.
1:12.3	In this episode, we talk in depth about how Christopher chose his unique cross-border specialization,
1:17.5	in part due to his own experience as a U.S. expatriate navigating the financial issues that come
1:21.9	with living and working in the UK. Why Christopher's firm emphasizes the ability to teach other team members about technical planning topics,
1:29.7	since team members have to learn most of the specialized knowledge on the job, as a key criterion
1:34.5	when hiring and evaluating new staff members to join Tanger Wealth, and how Christopher's firm
1:39.6	uses an internal blog and videos and regular luncheon learns to further transmit their internal
1:44.5	specialized knowledge across all the advisors in the firm. We also talk about how Christopher's
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