We're trying out a new interview format today, focused on our guest's business and current strategy rather than their career path. XYPN founding member Mike Solari has kindly agreed to give it a shot - let us know what you think!
Mike started his own independent firm in 2013 without a single client. He joined us here at XYPN in 2014, and we've gotten to witness his business grow as he's built a practice that serves about 26 people - two-thirds of which are on retainer.
In this interview, Mike talks about his biggest struggles and successes running the business, and how he's made up for his own shortcomings with grit and education. We talk retainer fees, networking to find clients, and hitting that 5-year business milestone.
Listen to the Full Interview:
What You'll Learn from This Episode:
- Why Mike decided to leave his previous firm without any clients and strike out on his own.
- How he leveraged NAPFA and other networks to prospect.
- What other advisors said to and did for Mike that helped him get off to a great start.
- How he learned to get better at selling despite his natural disinclination for sales.
- Where Mike's practice is today and how he manages to have one of the higher monthly retainer fees we've heard of in the business.
- Mike's vision for the future of his firm and how he plans to get there.
- What's kept him going through the highs and lows of owning his own business.
Featured on the Show:
- Register for #XYPN17
- XYPN Radio VIP Community
- Solari Financial
- Jude Boudreaux
- eMoney Advisor
- Garrett Planning Network
- The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries
- The Snowball: Warren Buffett and the Business of Life by Alice Schroeder
- Shareholders Service Group
- Richard Kiyosaki