Ep 431: Successfully Navigating Money Conflicts Within Client Couples with Nick Rodkin

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 1 April 2025

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

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Summary

Nick Rodkin is the managing partner of Stoic Financial, an LPL-affiliated advisory firm based in Florida that oversees $107 million in assets under management for 70 client households. What’s unique about Nick is that after nearly 15 years as a financial advisor, he pursued a master’s degree in marriage and family therapy to enhance his ability to help couples resolve financial conflicts. This additional expertise allows him to address relationship dynamics that may hinder financial decision-making and the implementation of his financial planning recommendations.

Listen in as Nick shares how he helps client couples navigate their financial relationships by using structured conversations to uncover money mindsets, encouraging them to become “budget buddies” rather than “expense enemies.” He explains how his service model allows for AUM-based financial planning, flat-fee coaching, and hourly therapy sessions, enabling him to serve a diverse client base. Nick also reflects on how his own therapy journey reshaped his approach to financial planning, shifting from a product-focused mindset to a more human-centered practice that emphasizes actionable advice and meaningful client conversations.

For show notes and more visit: https://www.kitces.com/431

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.
0:28.9	Welcome to the 431st episode of the Financial Advisor's Success podcast. My guest in today's
0:34.3	podcast is Nick Rodkin. Nick is the managing partner of Stoic Financial,
0:38.1	an LPL-affiliated advisory firm based in Boynton Beach, Florida, that oversees $107 million in
0:43.0	assets under management for about 70 client households. What's unique about Nick, though,
0:47.6	is how after nearly 15 years of practicing as a financial advisor, he went back to graduate
0:51.8	school to get a master's degree in marriage and family therapy, which opened entirely new doors when working with client couples
0:57.9	to help them better understand and resolve their own couples conflicts around money that
1:01.7	would otherwise slow down or entirely stop implementation of his financial planning
1:06.0	recommendations. In this episode, we talk in depth about why Nick now dive so much deeper with client couples
1:11.9	into questions about their relationships with money early on in the planning engagement
1:15.7	so that each partner knows where the other is coming from before the potentially more
1:20.1	stressful situations emerge in the planning process.
1:23.0	How Nick deploys a particular series of questions, including what money was like in their
1:26.9	household growing up, and whether they see themselves and their partners as savers or spenders, to gauge
1:31.8	how each partner talks to the other when discussing money.
1:35.3	And how Nick's goal is for these questions and conversations to drive more productive
1:39.2	money discussions between client couples, not just during the planning meeting, but even
	...

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