We’re excited to have XYPN member Levi Sanchez, founder of Millennial Wealth, a fee-only firm in Seattle, Washington on the show today. Like many advisors, Levi got his start in this industry immediately after college at Merrill Lynch and went through their advisor training program. Although he only spent about three years there, he speaks highly of the experience and credits it for training him on establishing real personal rapport with clients. After starting his CFP® curriculum and leaving Merrill, he decided to open up his own RIA with a then-business partner, both when they were just in their mid 20s. Although the partnership only lasted for about a year, Levi serves over 60 clients today on his own.
Join us as we talk at length about his focused marketing strategy and how his commitment to his niche - tech professionals in the Seattle area - as well as his early interest in content creation and SEO gets Levi over 4,000 unique visitors to his website every month. Learn how Levi relies on the community to refer wrong-fit clients and seizes opportunities to outsource so he can service his clients as best as he can. Finally, listen as Levi talks about his Native American heritage and shares his perspective on how the lack of financial education keeps different populations out of the industry, both as practitioners and as clients.
If you're a young planner and you're considering starting your firm, you won't want to miss this episode.
Listen to the Full Interview:
What You'll Learn from This Episode:
- A brief introduction of Levi’s firm and his start in the industry through Merrill Lynch (00:03:01)
- How the lack of career path and his desire to deliver more value for his clients from a team approach prompted Levi to leave Merrill Lynch and start his own RIA (00:12:20)
- Levi’s experience with a business partner and his advice for other advisors thinking of partnerships (00:18:03)
- Levi’s current client count and how he achieved such rapid growth by marketing to his ideal client (00:21:57)
- How Levi stays relevant and helpful for his clients through continuing education (00:33:06)
- Dealing with the “imposter syndrome” and more advice for younger advisors who are scared to be an entrepreneur (00:37:08)
- How we can change the financial planning industry to be more inclusive and accepting of the underrepresented, both as practitioners and clients (00:46:23)
- Levi’s final advice for advisors out there who want to start and run their own RIA (00:51:34)
Featured on the Show:
- Levi Sanchez: LinkedIn | Website
- CERTIFIED FINANCIAL PLANNER™ (CFP®)
- XY Tax Solutions
- Embracing the Abundance Mentality When Building An Advisory Firm
- Behavioral Financial Advisor™ through Kaplan Professional
This Episode is Sponsored By:
Avocado toast. Selfies. A mountain of student loan debt. Gen Y is anything but traditional and with over 75 million people, it's a population you don't want to ignore. Learn more about how to serve this unique population in our guide, "Attract and Profitably Serve Millennial Clients in Your RIA." Discover three key ways to tap into the millennial market and the six things they want from their financial advisor. Visit www.xyplanningnetwork.com/millennials for your free copy.
Get the Full Episode Transcript:
Read the Transcript Below: