Ep 100: Scaling A Financial Life Management Firm By Starting With Client Intentions Instead Of Goals with Joe Duran

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 27 November 2018

⏱️ 111 minutes

🔗️ Recording | iTunes | RSS

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Summary

Joe Duran is the founder and CEO of United Capital, a national independent RIA that oversees nearly $25 billion of assets under management and consistently ranks as one of the nation's fastest-growing wealth counseling firms. However, Joe doesn’t view his firm as being in the wealth management business; he sees it as being in the financial life management—or FinLife—business, because, as he puts it, the primary focus of the company is to help clients live richly, not die richly.

In this episode, Joe opens up about the unique approach that has seen United Capital grow to more than $200 million of revenue in under 15 years, as well as what holds many advisors back from experiencing similar growth. Listen in to hear what he says is the secret to scaling an advisory business, the major shifts he predicts for the financial planning world, and his advice for new advisors coming into the industry today.

For show notes and more visit: https://www.kitces.com/100

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
0:21.9	next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:28.2	Welcome to the milestone 100th episode of the Financial Advisor Success Podcast.
0:33.3	My guest on today's podcast is Joe Duran. Joe is the founder and CEO of United Capital,
0:38.7	a national independent RIA that oversees nearly 25 billion of assets under management
0:42.9	is one of the largest independent wealth management firms in the country. What's unique about
0:47.4	Joe, though, is that he does view his own advisory firm as being in the wealth management
0:52.2	business, but instead in the financial life management
0:54.9	or fin life business instead. Whereas Joe puts it, the primary focus is to help clients live
1:00.2	richly, not die richly. In this episode, we talk in depth about United Capital's financial
1:06.6	life management offering, why the firm starts by talking to clients not about their goals, but about
1:12.3	their values and their intentions instead. The unique tools that United Capital develop specifically
1:17.5	to facilitate the values and priorities conversations with clients and especially couples,
1:22.5	how United Capital standardized the value add of their financial planning process, even while
1:27.1	allowing their advisors to choose from their financial planning process even while allowing their
1:27.7	advisors to choose from multiple financial planning software platforms, and why Joe believes it's not
1:33.1	wise to force every client to go through a comprehensive financial plan up front, even for firms
1:38.1	that are otherwise very financial planning centric. We also talk about the evolution of United
1:42.8	Capital itself, why the secret to scaling an
	...

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