Ep 037: Leveraging Unique Centers Of Influence To Grow A Niche Advisory Firm For Doctors with Johanna Fox Turner
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 12 September 2017
⏱️ 85 minutes
🧾️ Download transcript
Summary
Today’s guest has seen her company go from gaining nearly 150 clients over a decade to yielding four prospect inquiries per week. How did they do it? Let’s just say Johanna Fox Turner has discovered the power of finding a niche. Her fee-only financial advisory firm, Fox & Company, recently switched to focusing on physicians as its specialty. It has since seen such rapid growth – there is now a six to eight week waiting list for new clients.
On this episode, Johanna shares with us how she managed her company’s change in focus – restructuring their advisory fees from an AUM model to a three-tiered retainer structure. We also learn how she has been able to generate a high volume of referrals through unique centers of influence.
Johanna explains how she broke the news of shifting into a niche to her existing clients, and why her existing non-doctor clients have stayed with her as she focuses into her new doctor niche.
Get the full show notes and transcript for this episode at: www.kitces.com/37
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. |
| 0:28.9 | Welcome to the 37th episode of the Financial Advisor Success Podcast. My guest on today's podcast is |
| 0:35.2 | Joanna Fox Turner. Joanna is the founder of Fox & Company, a fee-only |
| 0:39.3 | financial planning firm that specializes in working with physicians. What's unique about Joanna's |
| 0:44.5 | advisory business, though, is the sheer volume of rapid growth that she's had with her recent |
| 0:49.8 | pivot to specializing in doctors. After having already spent more than 10 years building her |
| 0:54.4 | generalist fee-only advisory business and more than 30 years working as a CPA with a separate |
| 0:59.1 | accounting firm, focusing into a niche has transformed her growth from a practice that had steadily |
| 1:04.3 | grown to almost 150 clients in a decade to one that is now fielding four prospect inquiries |
| 1:10.5 | a week from doctors. |
| 1:12.5 | And 100% of her doctor clients work with her virtually through email and video conferencing. |
| 1:18.5 | In this episode, Joanna details not only why she decided to make a shift to a niche advisory firm |
| 1:24.4 | working with doctors on a purely virtual basis as a 60-year-old advisor. |
| 1:29.4 | But how she actually went about marketing her new niche and the unique centers of influence |
| 1:34.5 | to leading bloggers for doctors that she's been able to build relationships with to generate a |
| 1:39.7 | high volume of referrals and why answering online questions in a niche can generate substantial |
| 1:45.5 | new business, even as answering similar questions on Ask an Advisor Q&A sites like NerdWallet |
| 1:51.7 | generate no results. In addition, we also talk about the way that Joanna completely restructured |
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