Every year, we collect data from our members to track where they are in their business so we can better understand their journeys and what new members can do to supercharge their businesses. Today, I have Michael Kitces joining me on the show to go over this year’s benchmarking survey and share the results.
Listen in to hear the core data points we focused on and the interesting findings that came out of the study. You will learn how niches affect success, how the CFP® impacts growth, and more as we provide answers to questions many of us have had while building our practices. Whether you are just starting out or looking to grow your existing firm, this is an episode you don't want to miss!
Listen to the Full Interview:
What You'll Learn from This Episode:
- Why we do our own benchmarking study.
- What you can learn from how people are adjusting their fees.
- Why we have a younger group of advisors.
- The impact of niches on the success of a firm.
- Why growth rates slow after the first few years.
- How firms with the CFP grow differently.
- Where members are actually getting clients from.
Featured on the Show:
- Michael Kitces: Website | Podcast | Twitter | LinkedIn | Facebook
- 2019 Benchmark Study
- 5 noteworthy trends from XYPN's annual benchmarking survey
- #FASuccess Ep 005: Mark Tibergian On The Rise Of The Professionally Managed Financial Advisory Firm
- #XYPNLIVE Registration
- XYPN PAUSE: Business Strategy Program
- XYPN VIP Community
This Episode is Sponsored By:
XY Planning Network's annual Benchmarking Study is out! Are you curious about the average number of clients XYPN members get in their first year? Or, how successful niches really are? To answer these burning questions (and more), we enlisted a professional research firm to complete our annual Benchmarking Study. Get your copy hot off the press and discover vital statistics such as the median advisor revenue by years in practice and sources of firm growth—from referrals to blogging, social media, and more! Head over to xyplanningnetwork.com/study to purchase your copy today.