Ep 412: 3X’ing The Business With No More Than 50 Great Clients By Hyperfocusing On Who You Can Add The Most Value For with Anjali Jariwala

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 19 November 2024

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

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Summary

Anjali Jariwala is the Founder of FIT Advisors, a California-based RIA that operates virtually nationwide, managing $65 million in assets for 45 client households. Over the past six years, Anjali has tripled her annual revenue from $250,000 to $750,000 while only adding a net of 10 client households by focusing on physicians with complex tax needs and small business owners with revenues of $5M-$20M. She achieved this growth by enhancing her service offerings with advanced financial planning and CFO services, while raising her fees to reflect the increased value.

Listen in as Anjali shares how she transitioned from paid ads to creating niche-specific blog and podcast content that continues to attract high-quality prospects long after she paused active content creation to support her clients and manage personal stress during the early days of the COVID pandemic. She discusses her strategic approach to growing her revenue by raising her minimum annual retainer fee while keeping her client base compact, and how offering tailored services like advanced tax planning and CFO-style business planning justifies these fees for her clients. Anjali also reflects on her decision to limit her client count to enhance service quality, her use of an outsourced Chief Investment Officer to conduct investment research and cue up trades for her to execute, and how she defines success now that she has built a financially thriving practice.

For show notes and more visit: https://www.kitces.com/412

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. Welcome
0:29.2	to the 412th episode of the Financial Advisor's Success Podcast. My guest on today's podcast is
0:34.6	Anjali Jariwala. Anjali is the founder of Fit Advisors and R-A based in Torrance, California, but working virtually
0:41.1	with clients nationwide, that oversees 65 million assets under management for 45 client households.
0:47.4	What's unique about Anjali, though, is how she has tripled her annual revenue from
0:50.9	$250,000 to $750,000 during the past six years, while only adding a net
0:56.2	of 10 client households going from 35 to 45 in total, by hyper-focusing into her specializations
1:02.7	with physicians, with complex tax needs and small business owners with $10 to $20 million
1:07.2	of revenue offering a combination of advanced planning and tax and even CFO
1:11.8	business planning services while raising her fees along the way to match the additional value.
1:17.0	She's now able to provide them.
1:18.7	In this episode, we talked in depth about how Anjali shifted her marketing approach over time
1:23.2	from paid advertisements, an area that was very successful for her early on, but it
1:27.4	had become increasingly competitive for her early on, but had become
1:27.7	increasingly competitive for her target clients and instead went to build a blog and a podcast
1:32.2	to target her two niches.
1:34.6	How Anjali was able to then attract high-quality prospects by centering the content from her blog
1:39.3	and her podcasts on the issues her top 10 existing clients were already asking her about, including both
	...

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