Welcome back to the ninth episode of the Financial Advisor Success podcast!
This week, I’m excited to host Dr. Carolyn McClanahan, of Life Planning Partners. Carolyn is an emergency medicine physician turned comprehensive financial planner in Jacksonville, Florida, where she maintains a practice serving 80 clients and nearly $1 million of stable recurring revenue from financial planning retainer fees.
What makes Carolyn’s firm especially unique is the way she has applied the principles of a professional medical practice, into her advisory practice. Each of Carolyn and her three advisors all communicate and support clients directly – akin to a doctor with nurses and other support staff who all interact with patients directly – with each working in their respective area of expertise. And their holistic services are covered by a single “complexity-based” retainer fee, including both financial planning and asset management services.
In this podcast episode, Carolyn shares her journey from wanting to be an actuary, to becoming a physical therapist, and then an ER physician, and finally transitioning into financial planning. She also discusses why her plan is never to grow beyond 100 client families, the hard lessons she has learned about hiring, and the parallels she sees between professional medicine and the emerging professionalization of financial planning.
And be certain to listen to the end, where Carolyn talks about exactly how she prices and adjusts her complexity-based retainer fee for each client, and the “client engagement standards” document that she requires every client to sign to ensure she only works with considerate, responsive, and all-around “good” clients!
So whether you’ve been thinking about adopting some kind of retainer fee structure, or simply want insight on a unique kind of holistic financial planning lifestyle practice, I hope you enjoy this latest episode of the Financial Advisor Success podcast!
source https://www.kitces.com/blog/carolyn-mcclanahan-life-planning-partners-podcast-holistic-financial-planning-complexity-retainer-model/?utm_source=rss&utm_medium=rss&utm_campaign=carolyn-mcclanahan-life-planning-partners-podcast-holistic-financial-planning-complexity-retainer-model
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