Ep 103: Finding Success As A Great Financial Planner Without The Need For Business Development Or Partnership with Kathleen Kenealy

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 18 December 2018

⏱️ 112 minutes

🔗️ Recording | iTunes | RSS

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Summary

My guest today is here to talk about a kind of success that hasn’t been covered much on the podcast: building a career within a larger firm instead of going independent. Kathleen Kenealy is the Managing Director and Senior Wealth Advisor for Boston Private Wealth—a private bank and trust company that oversees nearly $8 billion of assets under management—and while she manages more than $300 million for seventy-five client households, she isn’t actually responsible for bringing in clients. Instead, she focuses her time on doing financial planning for the firm’s clients and improving the financial planning processes within the company, which recently earned her recognition as an InvestmentNews 40 under 40 honoree.

In this episode, Kathleen opens up about what it’s like to work within a larger advisory firm that has separated out prospecting and business development from financial planning work, as well as how she’s been able to find job opportunities with companies that reward her for being a great financial planner without requiring her to find clients herself. Listen in to hear how she found her way into the financial planning world and navigated her unique career path, why she chose to work within larger firms rather than going out on her own, and where she plans to end up in the long run as she follows this corporate career path.

For show notes and more visit: https://www.kitces.com/103

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
0:12.5	financial advisors navigated the inevitable challenges that arise on the path to success
0:17.5	and get insight from leading industry consultants about how to break through to the
0:22.0	next level in your advisory business. And now here's your host, Michael Kitsas.
0:28.7	Welcome, everyone. Welcome to the 103rd episode of the Financial Advisor Success Podcast.
0:34.6	My guest on today's podcast is Kathleen Keally. Kathleen is the managing director and
0:39.1	senior wealth advisor for Boston Private Wealth, a private bank and trust company in the Boston
0:43.4	area that oversees nearly $8 billion of assets under management, of which Kathleen manages more
0:48.2	than $300 million for 75 client households. What's unique about Kathleen and her role at Boston
0:53.8	private, though, is that
0:54.7	she wasn't responsible for doing the business development to get those 75 client households
0:59.3	over the past three years, which was handled by the business development officers for the
1:03.3	private bank instead, allowing her to spend all of her time simply focused on really doing
1:08.3	financial planning for her affluent clients and also improving
1:11.3	the financial planning processes of the entire firm, for which she was recently recognized as an
1:16.0	investment news 40 under 40 on her. In this episode, we talk in depth about what it's like to work
1:22.0	within a larger advisory firm that has separated out the prospecting and business development
1:26.9	from the financial planning
1:28.0	work that its wealth managers are responsible for, how the firm does still involve its wealth
1:32.5	advisors towards the end of the business development process to ensure that prospective clients
1:36.5	are connected with the right advisor, what it's like to come into existing planning relationships
	...

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