Ep #125: Alan & Kitces Unhinged - Diving Deep Into XYPN's Inaugural Benchmarking Survey

I’m excited to have Michael Kitces on the show to talk about XYPN's Inaugural Benchmarking Survey. This year, we hired The Ensemble Practice to survey XYPN members to really understand their businesses. The report was pretty lengthy, so Michael and I talk through some of the highlights from the survey. There were a few things that surprised us and a few that confirmed our original hypotheses. Overall I think this data and the results will be extremely valuable to those looking to roll out a monthly retainer service model.

Some of the highlights of the conversation include: How much revenue firms earned in their first several years in business; The number of clients advisors work with; The value of having a niche; The value of the CFP; How often advisors meet with clients; Whether advisors are raising their fees and much more. If you’re looking for more concrete data on how successful business models can be, this is the episode for you.

Listen to the Full Interview:

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What You'll Learn from This Episode:

• What the ultimate goal was for XYPN’s first benchmarking survey.
• Why XYPN hired a third-party company to compile the survey.
• What surprised Alan and Michael about revenue tracking from advisors.
• How niched and non-niched firms differ in terms of revenue, content marketing and long-term success.
• How the CFP certification surprisingly helps advisors get more initial clients.
• What the trend is for advisors when creating their fee structures and services over time.
• What the average revenue per client is for advisors, include income trajectories.

Featured on the Show:

• CFP
• Michael Kitces
• The Ensemble Practice
• Financial Advisor Success Episode 40