There is no one-size-fits-all approach to starting or scaling a practice, and today, we sit down for a conversation with XYPN member Spencer Stephens who has taken his own path starting and scaling his firm. Stephen, like many folks, is interested in building a lifestyle practice vs. an enterprise practice. He founded Rooted Interest, a fee-only firm in Salt Lake City, Utah, in 2017, and today, he discusses why he serves a smaller client base than other comparable firms.
He discusses why he continued to stay employed at his father’s CPA practice full time while building his firm. Spencer is a dad of five, and it was important for him to get into the giving profession to help his clients in the ways that work best for them while not sacrificing what is best for himself and his family. Spencer talks about his intentionality in building slowly, his annual expenses (hint, it's still under the 10k mark), and what his plans are for ramping his business up.
If you’re considering starting a practice at a slower rate or on a part-time basis, then this episode is for you.
Listen to the Full Interview:
Watch the Full Interview:
What You'll Learn from This Episode:
- An overview of Spencer’s lifestyle practice (00:02:47)
- The impact of working part-time on the firm’s growth trajectory (00:08:11)
- How working with his father’s CPA firm has helped Spencer with flexibility and growth (00:13:55)
- Why Spencer was interested in being an entrepreneur and business owner (00:16:26)
- Spencer’s discovery of fee-only (00:23:50)
- How Spencer allocates his time to his family and clients (00:24:45)
- The struggles of imposter syndrome and how Spencer is able to overcome it (00:30:36)
- The fulfillment behind being a financial planner and diminishing financial illiteracy (00:38:34)
- What the future looks like for Spencer and Rooted Interest (00:43:40)
Featured on the Show:
- Spencer Stephens: Website | LinkedIn | Find an Advisor Profile
- CERTIFIED FINANCIAL PLANNER™
- Certified Public Accountant (CPA)
- The National Association of Personal Financial Advisors (NAPFA)
- XYPN Member Forums
- Setting Up An RIA And Starting A New Financial Planning Practice On Less Than $10,000
- Arlene Moss
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.