Today we welcome XYPN member Andy Panko, CFP®, RICP®, EA, founder of Tenon Financial, to XYPN Radio. Andy always knew he wanted to be a financial advisor—but the harsh reality of financial planning opportunities (or the lack of them) for a fresh college graduate was discouraging. So, Andy spent the first 19 years of his career working in insurance, banking, and brokerage firms. It was in 2016 that Andy discovered XYPN Radio and realized that his dream of helping others with their finances could be a reality.
Andy spent the next three years preparing to launch—and that preparation really paid off. COVID soon followed Teton Financial’s 2019 launch. Rather than seeing this as a roadblock, Andy took it as a sign to double down on his marketing efforts, and it paid off handsomely. He got his first client in June 2020 and quickly reached capacity at the beginning of 2022. Andy is truly passionate and candidly talks with us about his growth and how he has worked to intentionally build a high-efficiency solo practice.
If you’re interested in working with clients to and through retirement and building a great firm in the process, this is the episode for you.
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What You'll Learn from This Episode:
- Moving from the institutional side of financial planning to the RIA advising side (00:02:40)
- Andy’s pre-launch plans which included getting numerous certifications and taking advantage of industry education (00:10:17)
- How launching with the niche of retirement tax planning differs from launching with a traditional niche such as profession based (00:16:37)
- What clients can expect when working with Andy (00:23:02)
- How fee transparency can eliminate the time spent meeting with prospects who aren’t the right fit (00:27:25)
- Client growth and determining when you’ve hit capacity as a solo firm (00:34:52)
- How Andy leveraged a Facebook group to find ideal prospective clients (00:37:37)
- The intentionality behind choosing to be solo from the beginning (00:49:10)
- Advice about how it’s okay to redirect your career regardless of your age or time in the industry (00:55:30)
Featured on the Show:
- Andy Panko: Website | Twitter | LinkedIn | Facebook Group | YouTube | Podcast | Tenon Tax Preparation
- CERTIFIED FINANCIAL PLANNER™
- XYPN Radio Nomination Form
- XYPN VIP Facebook Community
- Retirement Income Certified Professional (RICP)
- Enrolled Agent (EA)
- FPA Residency Program
- eMoney Advisor
This Episode is Sponsored By:
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