Ep 414: Narrowing Down The Focus To Byte-Sized Planning For Tech Employees To 10X To $50M AUM In Just 3 Years with Eric Franklin

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 3 December 2024

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Eric Franklin is the Managing Partner of Prospero Wealth, an RIA based out of Seattle that oversees $52 million in assets under management for 80 households. Eric uniquely grew his assets under management to $50 million in just three years by targeting employees at big tech firms and adapting his planning process into smaller, manageable segments. This approach, which spreads out financial planning over time, proved more valuable for his busy clients, preventing them from feeling overwhelmed.

Listen in as Eric shares how he enhances client engagement by focusing on a few planning priorities at a time and starting engagements with goal-setting exercises to clarify and prioritize their objectives. He details his targeted marketing strategy toward tech employees, his own transition from tech to financial planning, and the growth of his firm through hiring like-minded advisors from the tech industry. You'll hear how he's leveraging technology tools for efficient communication, why he recommends industry conferences for career changers to learn best practices before launching their financial planning careers, and more.

For show notes and more visit: https://www.kitces.com/414

Transcript

Click on a timestamp to play from that location

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.
0:29.1	Welcome to the 414th episode of the Financial Advisor Success Podcast. My guest on today's podcast is
0:35.1	Eric Franklin. Eric is the managing partner of Prospera Wealth,
0:38.7	an RAA based in Seattle, Washington, that oversees $52 million in asset center management for 80 client households.
0:45.4	What's unique about Eric, though, is how he was able to 10x his AUM to $15 million in just three years
0:51.0	by focusing on working with his ideal target clients, employees of big tech
0:55.1	firms, which led him to then break down his planning process into much smaller bite-sized
1:00.2	chunks, as he found that doing less at a time stretched out over a longer period of time was
1:05.9	actually more valuable as it avoided overwhelming his, given their especially busy work schedules.
1:13.0	In this episode, we talk in depth about why Eric focuses on just two or three planning priorities
1:18.5	at a time with clients, rather than trying to address the full scope of financial planning
1:22.7	needs to increase the chances that the clients will actually follow through and implementing
1:26.8	them, given their hectic vibes.
1:28.9	How Eric starts planning engagements by having clients review a list of potential goals,
1:33.0	which helps them consider goals they might not have thought of themselves,
1:35.6	so he can work with them to identify those that resonate and help them highlight and prioritize
1:40.8	the top goals they really want to pursue first.
1:43.8	And why Eric holds a dedicated
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Michael Kitces, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Michael Kitces and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.