Today we’re talking with advisors at a different stage of their business development than those we normally feature: two XYPN members who are in their first six months of launching their firm. Chao Zhang and Stefanie Pickard are in the midst of figuring things out as their firms get off the ground.
This podcast is fun—and brutally honest. Despite both Chao and Stefanie having a 10-year financial runaway as they started their firms, the conversation is transparent around imposter syndrome and how they wished they had done things differently. We talk about how many hours they really spend working on their firms, and what has slowed them down. Both Stefanie and Chao approach their firms with different perspectives and have different goals for themselves, but they share so many commonalities about how they feel about launching their firms and what it’s done for them personally.
If you’re interested in what the first six months are really like, this episode is for you.
Listen to the Full Interview:
Watch the Full Interview:
What You'll Learn from This Episode:
- A rundown of Stefanie and Chao’s past experience in the financial industry (00:02:47)
- How the desire for freedom and flexibility drove them both to launch (00:08:35)
- The role compliance has played and how they both approached it (00:11:15)
- How they were able to transfer skills and feel financially secure only six months in (00:17:27)
- Learning to market themselves to prospects (00:28:31)
- How imposter syndrome creeps in and when it disappears with the right client (00:32:00)
- Their biggest insecurities around their new firms (00:35:38)
- Why finding a community and network is integral for success (00:39:05)
- How many hours they actually spend working for the type of firm they want to run (00:45:23)
Featured on the Show:
- Stefanie Pickard: Website | LinkedIn | Find An Advisor Profile
- Chao Zhang: Website | LinkedIn | Find An Advisor Profile
- XY Compliance Solutions
- Ep #324: The Power of Preparation & Perseverance in Building Your Ideal Firm: An Interview with Wes Shannon
- XYPN Community Forums
This Episode is Sponsored By:
A firm isn't a firm without clients—as the Chief Marketing Officer of your RIA, the most important job you have is guiding prospects through your marketing funnel and converting them to clients. If your funnel has leak, you could be spinning your wheels and missing opportunities. Mapping your funnel is the first step towards developing an effective marketing strategy and a valuable tool for evaluating the health of an existing one. Download our free template and map your funnel.