Ep 016: Building Authentic Client Relationships By Practicing Skills (Not Pursuing Passions!) with Deena Katz
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 18 April 2017
⏱️ 79 minutes
🧾️ Download transcript
Summary
Our guest this week, Deena Katz, was already writing entire books about practice management when I was still cutting my teeth as a financial advisor. Deena is a financial advisor, author, and educator who has long espoused the importance of holistic financial planning.
Deena was an early adopter of niches, settling into work with widows and divorcees that needed help managing their money. Deena has empowered not only women during her 41-year career, but clients and planners from all walks of life.
In this interview, Deena talks about the early years of financial planning and how she and her partners established one of the first fee-only practices. Deena also talks about the second half of her career, which she’s dedicated to teaching the next generation of financial planners.
Get the full show notes and transcript for this episode at: https://www.kitces.com/16
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:07.2 | financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading financial |
| 0:13.1 | advisors navigated the inevitable challenges that arise on the path to success and get insight |
| 0:18.7 | from leading industry consultants about how to break through to the |
| 0:22.1 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:29.0 | Welcome to the 16th episode of the Financial Advisor Success podcast. My guest on today's podcast is |
| 0:35.0 | Dina Katz. Dina is the co-chairwoman of Avensky and Katz-Faults Financial, a $1.6 billion independent |
| 0:41.4 | R.A. in Coral Gables, Florida, and Lubbock, Texas. |
| 0:44.7 | In addition, Dina is an author, editor, and contributor to nine books on financial planning |
| 0:49.4 | and wealth management, including three specifically on practice management for financial |
| 0:53.6 | advisors. |
| 0:55.6 | And she's now a professor in the financial planning program at Texas Tech University as well. In this episode, Dina shares |
| 1:01.6 | how she built her career in financial planning, from getting traction early on by focusing on a niche |
| 1:06.7 | with women who were recent widows and divorcees to running and systematizing |
| 1:11.3 | Evansky and Katz as it grew and what the firm has found that works and doesn't work |
| 1:15.6 | when it comes to business models and that infamous question of whether it's better to charge |
| 1:19.8 | separately for financial planning or not. In addition, Dina also talks about why her firm |
| 1:25.2 | does not provide full-length comprehensive financial plans |
| 1:28.3 | new clients anymore and instead breaks up their financial planning process into modules that |
| 1:33.2 | stretch out over the first year. She also talks about the simple process that the firm uses to |
| 1:37.9 | demonstrate its ongoing financial planning value over time and what she thinks it will take |
| 1:42.2 | to succeed in the financial planning business going |
... |
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