Ep 439: Scaling Financial Planning With Monday.com As A Project Management Hub In Lieu Of Wealthbox CRM with Alvin Carlos

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 27 May 2025

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

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Summary

Alvin Carlos made a strategic decision to build internal efficiency and client accountability into the heart of his planning process—a move that not only streamlined how his team manages financial plans and client tasks, but also helped him scale. Turning Monday.com into the operational core of his firm, he has carved out a niche in serving younger clients profitably, while keeping his tech stack lean and highly functional.

Alvin is the CEO of District Capital Management, an RIA based out of Washington, D.C., that generates $850,000 of annual, primarily retainer-based, revenue serving 155 households. Listen in as he shares how he uses Monday.com and RightCapital together to streamline financial plan presentations and track client follow-on tasks and also leverages AI tools like Krisp to generate meeting summaries and action items at a lower price point than industry-specific options. He also talks about how he profitably serves clients in their 30s and 40s with a complexity-based retainer model—adjusting fees to improve accessibility while monitoring labor efficiency to guide hiring decisions—and why building a mission-driven firm that allows him to serve clients from a variety of backgrounds and grow the number of job opportunities for financial planners is core to his long-term vision.

For show notes and more visit: https://www.kitces.com/439

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.
0:29.2	Welcome to the 439th episode of the Financial Advisor's Success Podcast. My guest on today's
0:34.6	podcast is Alvin Carlos. Alvin is the CEO of District Capital Management,
0:38.9	an RIA based in Washington, D.C., that generates $850,000 of annual, primarily retainer-based,
0:44.7	revenue-serving 155 client households. What's unique about Alvin, though, is how he has grown
0:50.2	his firm by using Project Management Software Monday.com as a central hub for financial
0:54.6	plan presentations and efficient client task management. In this episode, we talk in depth about
0:59.6	how Alvin uses Monday.com alongside financial planning software right capital, which he uses to run
1:05.0	planning projections to create a taskboard of common planning recommendations and the
1:08.8	subtasks needed to complete them to efficiently
1:11.2	present clients' financial plans and track their progress completing follow-on tasks, why Alvin
1:16.1	recently switched from Wealthbox to Monday.com as his CRM, as he was attracted by Monday's ability
1:21.8	for it to seamlessly connect with its project management functionality as well as its mass emailing
1:26.5	capabilities, and how Alvin
1:28.2	uses AI meeting notes tool crisp to prepare meeting summaries, transcripts, and lists of action items,
1:33.3	and how we found it to be more cost effective than planning industry-specific note-taking tools.
1:38.3	We also talk about how Alvin is able to profitably serve clients in their 30s and 40s with
1:42.9	a primarily retainer-based model by
	...

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