Lifestyle advisory practice breaks the mold

Financial Planners


The desire to work virtually, the need for flexible work hours, and the freedom to move are just a few of the reasons three advisors cited for creating lifestyle practices at this week’s Invest In Women conference.

And to be clear, their business is as much about them as it is about their customers.

“It was really about owning your time. Founder Carey Morgan said: Morgan previously had a career in nonprofits, where she said she worked 13 hours a day, seven days a week. “I’m a recovering workaholic.”

For Chloe Moore, a 40-hour week schedule was out of the question. The founder of Financial Staples in Atlanta wanted to be able to focus on his passions, like traveling and volunteering in his community. Moore also wanted to participate in BLatinx Internship (BLX), a non-profit organization she co-founded. This non-profit organization offers paid internship opportunities to aspiring Black and Latino financial her planners.

And for Lauryn Williams, founder of Dallas-based Worth Winning, having a virtual practice was paramount. “I couldn’t get the idea of ​​being in a place and meeting people from a particular state or city. It wasn’t me,” she said. “It’s kind of based on the background I had…I don’t want to stop traveling.” The four-time Olympian competed in track and field and bobsled.

Williams, Morgan and Moore spoke Tuesday at the Invest In Women conference in Atlanta during a panel titled “Creating a Lifestyle Business.” financial adviserAdvisors enjoy working with people and helping them manage their financial lives, but eschew the traditional approach to financial planning. According to Williams, they see themselves as “kind of industry thugs trying to bridge the gap between financial planning and financial coaching.”

Williams became a professional athlete at the age of 20, with over $200,000 in annual contracts. But she didn’t have her financial knowledge and she said her experience with financial advisors didn’t work out either. “So part of getting into this industry was hurting my finances,” she said. She started her company seven years ago.

Williams said he thought about the size of the company, the income needed and the number of people he wanted to manage when starting his own company. She soon realized that she didn’t want to be responsible for managing people. She has hired paraplanners and full-time workers several times in the past, she said, but it didn’t work out for her.

“It was a big responsibility…to make sure that person got a 401(k), got compensation, had to get a raise. Where am I going to get the income to do… this isn’t for me,” Williams said, adding that she doesn’t always want to check in either.

When Moore started traveling solo over six years ago, he wanted to limit the number of clients he advised. She wasn’t interested in working 40 hours a week, nor was she interested in managing people. “So even when she started her career 20 years ago, she always had the idea that she would work part-time as her financial planner and do other things where money wasn’t the point,” she said. said.

Working virtually was also important to Moore, who works with young professionals, many of whom are technical employees. “It’s so easy for anyone to open up their laptop and have a meeting anywhere,” she says, noting that retiree clients are driving two hours in “awful” Atlanta traffic to meet them at the office. “I didn’t want that for my clients,” she said.

Morgan also said that she and her business partner, Megan Kiesel, have no interest in supporting someone else’s salary or managing people. She said she doesn’t know if she would have been in business without it. But she also said she wouldn’t suggest choosing a business partner just to have one. She’s definitely the right fit,” she said.

The pair worked together at a nonprofit and were both “burned out.” At the time, Morgan was caring for two ill parents and Kiesel has a young child. “So it’s not just about nurturing your relationship with your client, it’s about nurturing your relationship as a partner, and figuring out how you can support each other,” she says. said.

The firm provides financial planning and investment advice to most people who are underserved in the traditional financial planning sector, Morgan said. Depending on complexity he offers from $1,650 to $3,450 He offers a 6-month overall plan and a 12-month hourly ($150) contract. Morgan said it’s important for the company to come up with the right way to serve customers the way they want them to. “We’re a value-driven company. We spend a lot of time working with our clients up front on what’s important to them,” she said.

“I don’t think any client ever came to us and said my end goal was to be wealthy and leave a lot of money behind,” she said. For us, it’s not as important as having a meaningful impact on their community.”

When it comes to pricing, Mr. Moore carefully considered what he needed to comfortably meet his financial goals. She has a certain number of clients, but she wanted to secure clients who could support her fees. Her annual dues start at $6,000 for individuals and $9,000 for couples.

“There’s a concept of enough that a lot of people don’t think about. Everyone wants more and more, but there’s really enough. For example, there’s a point where you have more money than you need,” she said at a trust company. He said he had seen clients working and having more money than they needed in their lives and multiple generations.

She said that as her clients mature and her commissions rise, it’s natural to grow her company and earn more (she also has an AUM component). Moore also does writing, speaking, and consulting work to supplement her income. But once she gets to a certain point financially, “basically that’s where we are. Anything beyond that is gravy and doesn’t necessarily require money,” she said.

Williams said she had no income for the first three to four years of opening, but was able to bear the loss and try other things. She has received referrals from other advisors and has a strong stream to supplement her income. She does project-based planning, student loan consulting, webinars, has a podcast, she is a public speaker, financially sponsors her planning her retreat. She will be taking a group to Medellin, Colombia in her June and Bali, Indonesia in August.

“So a lifestyle practice is something you want to create for yourself … look at what is specific to your life purpose,” Williams said. As much as we do, we need to consider how we organize our finances for ourselves and what is enough,” she said.

The idea of ​​what is enough is important, Carey agreed. “I think working in poverty for so long and seeing people in deep poverty skews your view of what is enough,” she said. She said her clients run the gamut of ages and finances, with her lowest earning client earning her $16,000 and her over $1 million client having There is “I have to say that I’ve realized that low-income people are actually happier people. I think that’s really thought-provoking.”



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