Every member of XYPN has a unique take on what we teach, and it's always fun to hear how each advisor is building a unique and valuable practice. Tony Madsen is building an RIA in rural Minnesota, after taking a leap out of the world of broker-dealers so he could have more fun with planning.
Tony wanted to build a practice that emphasizes community and charity while setting up his clients for a healthy financial life. Working within his chosen niche of medical professionals under 40, he's found a way to take his young practice from the red to the black in under three years.
In this interview, Tony shares his first-year revenue and expenses and talks openly about where he spent more money than he should. One of the most interesting things Tony explains is the cashflow management strategy he uses with clients, which allows them to donate to charity, save for the future, and pay down their debt, all while enjoying their lives.
Listen to the Full Interview:
What You'll Learn from This Episode:
- How his time in the broker-dealer world shaped Tony's future in financial planning.
- Why so many advisors undertake other big life changes - like moving - when they decide to open their own firm.
- Tony's first year revenue and expenses and his projections for the future.
- The marketing and technology tools he's used so far, and which he recommends.
- How Tony chose and narrowed his niche over time.
- The simple and brilliant way he's helping clients give back to the community, save for the future, and pay down debt using a 10-20-30-40 cashflow model.
- Tony's plans for the future of his firm and how he'll keep getting clients to implement advice.
Featured on the Show:
- Register for #XYPN17
- XYPN Radio VIP Community
- NewLeaf Financial Guidance
- iRebal from TD Ameritrade