Kathy Longo recently sat down with Michael Kitces to take part in his Financial Advisor Success Podcast, and to discuss how walking away from an RIA partnership to found Flourish Wealth Management has shaped her business philosophy. In addition to discussing her upcoming book Flourish Financially: Values, Transitions, and Big Conversations (Fall ’18), Kathy also gives insights into how to structure the investment management component of a financial planning firm, how to create a strong culture for growing your team, and benefits of participating in a study group.
Listen to the full podcast below:
Highlights
- Why having a study group of peers and colleagues is essential [9:21]
- The benefits of women-only study groups vs. broader study groups [14:37]
- Tips for starting a study group if you can’t find one in your area [17:20]
- Flourish Wealth Management’s fee structure [24:58]
- What Kathy says is one of the hardest parts of being a business owner [28:30]
- The crucial philosophy that small business owners should embrace [31:42]
- How she structured and built the staffing of her own firm [33:15]
- Why she created a “culture snapshot” and how she uses it to screen prospective employees [43:37]
- How she handles having her spouse as part of her business [51:12]
- What made Kathy decide to leave an independent RIA worth over $1 billion—after successfully climbing the partnership track ladder [1:01:40]
- Her plans for the future of Flourish [1:30:58]
- What made Kathy decide to write a book to further propel the growth of her firm [1:32:38]
To learn more about the Financial Advisor Success Podcast and read a full transcript of this podcast, click here.
To learn more about Michael Kitces, click here.
