How to Spin Out and Grow a Wealth Management Firm W/Michelle Neiswender, CFP
Podcast
Summary
On this episode of Growing Your Firm, host David Cristello interviews Michelle Neiswender, CFP the founder and CEO of FIRE Wealth Management. Michelle shares insights from her experience in the wealth management industry, offering valuable lessons applicable across different sectors.
As a fee-only certified financial planner, Michelle specializes in serving physicians, dentists, and high-income families with comprehensive planning. Listeners can expect discussions on workflow, process, tech stack, AI, and more as Michelle delves into her journey from a 15-year partnership to launching her own firm.
What you’ll learn
The listener will learn about Michelle Neiswender’s journey in the wealth management industry, including her transition to launching her own firm, utilizing workflow, process, tech stack, and AI in her business.
As well as, decision-making process behind launching a new firm, importance of compliance, transition to niche clientele, virtual financial planning, client acquisition strategies, developing workflow project management, personalizing financial planning, managing meetings effectively, running weekly staff meetings, incorporating AI into tech stack, and maximizing returns for accounting firms and CPAs.
Guest Bio
Michelle Neiswender is a visionary in the world of wealth management, with a career marked by innovation, dedication, and a commitment to personalized financial planning.
As the founder and CEO of Fire Wealth Management, Michelle has carved out a niche in serving physicians, dentists, and high-income earning families with flat fee comprehensive planning. Her journey in the financial industry began as an office manager in a CPA firm, where she honed her skills and expertise in operations and workflow management.
Michelle’s transition to wealth management was a pivotal moment in her career, as she co-founded a successful firm with a focus on providing financial clarity to clients in a different tax bracket.
Through her strategic decision to niche down into serving physicians, dentists, and high-income families, Michelle found her true calling and resonated with a client base that valued comprehensive financial planning over traditional investment management.
One of Michelle’s key achievements lies in her ability to leverage online forums and communities to acquire clients and build a strong client base.
By engaging with DIY physicians on platforms like the White Coat Investor forum and the Mommy’s Doctor Group on Facebook, Michelle established herself as a trusted advisor and garnered word-of-mouth referrals that propelled her firm’s growth.
Michelle’s approach to financial planning is rooted in personalization and efficiency. She understands the importance of streamlining workflows and project management to deliver consistent and high-quality services to her clients.
Through the implementation of tools like Jetpack Workflow, Michelle has optimized her firm’s operations, ensuring that every client interaction is productive and tailored to their individual needs.
Looking towards the future, Michelle is exploring the integration of AI into her tech stack to enhance efficiency and scalability in delivering client services. Her forward-thinking approach and commitment to staying at the forefront of industry trends showcase her dedication to continuous improvement and innovation in the wealth management space.
With a strong ethos centered around personalized financial planning, client empowerment, and leveraging technology for efficiency, Michelle stands as a beacon of excellence in the wealth management industry.
Her passion for helping clients achieve financial clarity and her strategic approach to business growth make her a respected figure in the field, inspiring others to elevate their practices and redefine the standards of wealth management.
Detailed Synopsis
Implementing a structured workflow and project management system is crucial for providing consistent services and managing client relationships effectively. In this episode, Michelle Neiswender, the founder and CEO of Fire Wealth Management, emphasized the importance of having a well-defined workflow and project management system in place.
As her firm grew and acquired more clients, Michelle realized the need for a structured process to ensure consistent services. With a waitlist of up to six months for financial planning clients, they recognized the importance of a streamlined workflow to manage client interactions efficiently.
Initially, Michelle tried using their CRM program but found it lacking in necessary features to track task progress and ensure team accountability.
Eventually, they adopted Jetpack Workflow, allowing them to customize job templates and create a more efficient workflow system.
By implementing Jetpack Workflow and mapping out their processes, Michelle and her team streamlined client meetings, deliverables, and overall service delivery.
They established a structured system where tasks were assigned to different team members at each stage of the client engagement process, ensuring a consistent client experience.
Through weekly staff meetings, they identified any bottlenecks or delays in the workflow, especially when waiting on client information. Using the software’s note features, they tracked client interactions, set reminders, and adjusted due dates as needed to keep the process moving smoothly.
Overall, the structured workflow and project management system not only helped Fire Wealth Management provide consistent services but also improved client relationship management. It enabled them to stay organized, track progress, and ensure personalized, high-quality financial planning services for each client.
Niche specialization can be a powerful strategy for attracting the right clients and setting a firm apart in a competitive market. Michelle shared her experience of transitioning from serving a broad client base to focusing specifically on physicians, dentists, and high-income earning families in the podcast episode.
By narrowing down their target audience, Michelle’s firm tailored their services to meet the unique needs and challenges of these specific groups.
The decision to niche down clarified the firm’s messaging and helped them stand out in a crowded market. By positioning themselves as experts in serving physicians, dentists, and high-income families, they attracted clients who resonated with their specialized expertise.
This targeted approach also allowed them to develop a deep understanding of the financial intricacies specific to their niche, enhancing the value they provided to clients.
Moreover, Michelle highlighted the role of online forums like the White Coat Investor and Mommy’s Doctor Group in connecting with their target audience.
By engaging in these platforms and providing valuable insights, Michelle’s firm established credibility and built relationships with potential clients seeking financial guidance.
In the context of workflow and project management, niche specialization played a crucial role in streamlining processes and creating a more efficient client experience.
Focusing on a specific clientele allowed the firm to develop customized workflows and templates tailored to the needs of physicians, dentists, and high-income families, improving service quality, client satisfaction, and retention.
Michelle also discussed the potential benefits of incorporating AI technology into the tech stack to enhance productivity, particularly in creating meeting notes and deliverables.
Leveraging AI tools like automated transcription or summarization can optimize processes, save time, and allow professionals to focus on strategic tasks rather than manual administrative work.
The integration of AI technology into the workflow can lead to improved productivity, better client service, and a more streamlined operation. As technology advances, leveraging AI tools in wealth management and other industries can provide a competitive edge and drive business growth.
Timestamps
[00:03:05] Launching a new financial firm.
[00:04:10] Financial planning niche discovery.
[00:09:36] Workflow management using Jetpack Workflow.
[00:11:26] Personalized financial planning process.
[00:16:54] AI integration for efficiency.
[00:18:45] Workflow and client meetings insights.