Ep 408: Merging Into A Mid-Sized Firm To Grow Something Together (And Have A Real Piece Of It) with Maddi Keegan

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 22 October 2024

⏱️ 92 minutes

🔗️ Recording | iTunes | RSS

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Summary

Maddi Keegan is a financial advisor and the Director of Operations at Frazier Financial Advisors, an RIA based out of Ohio that oversees $860 million in assets under management for 650 client households. After building a successful solo advisory firm, Maddi merged her business with Frazier Financial Advisors, where she secured a stake and stepped into both advisory and operational roles to help scale the business.

Listen in as Maddi shares how her strategic merger with Frazier Financial Advisors allowed her to expand her impact, blending her expertise with the firm's resources to enhance client services. She details her journey from a solo practitioner to a key player in a larger firm, including her initial investment in SEO that significantly boosted her client base, and her decision-making process that led to successfully transitioning her clients to the new firm. Maddi also discusses the broader benefits of networking and her proactive role in community leadership, which opened doors to opportunities that shaped her career trajectory.

For show notes and more visit: https://www.kitces.com/408

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, speaker, and consultant Michael Kitsas, to hear stories of how leading financial advisors navigated the inevitable challenges that arise on the path to success and get insight from leading industry consultants about how to break through to the next level in your
0:21.2	advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. Welcome to the
0:27.5	408th episode of the Financial Advisor's Success Podcast. My guest in today's podcast is Maddie Kegan.
0:33.9	Maddie's a financial advisor and director of operations of Frazier Financial, an RIA based in
0:38.4	Columbus, Ohio that oversees 860 million in assets under management for 650 client households.
0:44.8	What's unique about Maddie, though, is that after building a successful solo advisory firm,
0:48.8	she then decided to merge her business with Frazier, a mid-sized RIA in her area where she
0:53.5	negotiated for a stake in the
0:54.9	business while stepping into both an advisor and operational leadership role where she could
0:59.7	really have an impact in helping them scale to the next level. In this episode, we talk about how
1:04.3	Maddie, after successfully establishing and building her own solo firm, made the decision to merge
1:08.9	with a larger, but not too large large firm and negotiated the two-way
1:12.9	street of sharing her knowledge while also absorbing the way of Fraser Financial.
1:17.2	How Maddie charted the size and worth of her solo firm against Frazier's multi-evisor firm
1:21.6	to allow for an equitable 18-month transition on-ramp into Frazier.
1:26.6	And how Maddie's three non-negotiables of culture, equity, and base compensation shaped
1:31.3	how Maddie negotiated a package that she felt acknowledged the full spectrum of her value
1:35.8	from her existing clients to knowledge of business operations that she was bringing to the table.
1:40.3	We also talk about Maddie's own unique journey from working at a Fortune 100 company to launching as a solo advisor to now being a director at her firm, including how as a solo, Maddie invested just $1,500 in improving her SEO strategy at the firm by leveraging better keywords and gathering Google reviews and soon managed to get over 50% of our new prospects coming from Google instead of referrals.
2:06.0	How Maddie's experience of mentoring, hiring, and eventually losing her first contractor-turned employee made Maddie reflect on what she really wanted out of building her own firm and
2:09.5	ultimately decide that she didn't really want to continue to build a loan.
2:13.4	And how Maddie explained her decision to close her business and merge with Fraser Financial
	...

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