We are excited to have XYPN members Sean Gillespie and Paul Allen—founders of the fee-only firm Redeployment Wealth Strategies—on the show today. Both Sean and Paul chose financial planning as their encore careers after serving in the Navy for over 20 years.
After meeting by chance through a Facebook Group, Sean and Paul teamed up to rebrand Paul's existing RIA into their joint firm three years ago with the mission of serving their people—former and active military members. During this episode, Sean and Paul share the benefits of the monthly retainer model and credit the monthly fee structure in insulating them from the COVID-19 pandemic.
Sean and Paul discuss how they have continued to stay successful despite the current economy through their niche focus (military personnel), their active participation with their online community, and their partnership.
If you're interested in learning how to launch or build a firm that protects you, your business, and clients during turbulent times, this episode is for you.
Listen to the Full Interview:
What You'll Learn from This Episode:
- Introducing Sean and Paul’s firm - Redeployment Wealth Strategies - and their military-specific niche (00:03:12)
- Paul’s transition into becoming a financial advisor, based on his personal experience with a commission-based advisor and his desire to provide fair and honest financial advice at reasonable rates (00:04:42)
- Sean’s reason for getting into the financial planning industry and his experience at his first firm (00:06:41)
- Sean and Paul’s fortuitous meeting through a Facebook group for military personnel (00:10:56)
- Diving deeper into Paul’s transition and how he started his firm with the flat fee model, not charging AUM (00:14:49)
- Sean and Paul’s fees and how their primary service model is the subscription model (00:18:28)
- Sean and Paul’s partnership and why they work so well with each other (00:21:58)
- The evolution of their fees (00:24:51)
- Why the subscription model is better, given the downturn in the market due to COVID-19 (00:27:52)
- The firm’s growth during the first quarter of 2020 and how clients have not withdrawn from working with a financial planner (00:31:19)
- Sean’s approach to coaching concerned clients as well as a thorough breakdown of their fees (00:34:29)
- How Paul runs the tax side of the firm and how it serves as a referral source for the financial planning side of the firm (00:42:23)
- How advisors can make financial planning more available for underserved communities (00:47:12)
- The importance of leveraging the community, how valuable #XYPNLIVE was in meeting advisors in a similar niche, and how those connections has led to a new group called “Military Financial Advisors Association” (00:50:02)
- Sean and Paul’s parting advice to advisors who are thinking of starting their firm (00:54:39)
Featured on the Show:
- Sean Gillespie: LinkedIn
- Paul Allen: LinkedIn
- Redeployment Wealth Strategies
- Kitces Podcast
- Certified Financial Planner® (CFP®)
- Bason Asset Management
- National Association of Personal Financial Advisors (NAPFA)
- Microsoft Teams
- Military Financial Advisors Association
This Episode is Sponsored By:
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