Welcome back to the thirty-seventh episode of the Financial Advisor Success podcast!
My guest on today’s podcast is Johanna Fox Turner. Johanna is the founder of Fox and Company, a fee-only financial planning firm that specializes in working with physicians.
What’s unique about Johanna’s advisory business, though, is the sheer volume of rapid success that she’s had with her recent pivot to specializing in doctors. After having already spent more than 10 years building her fee-only advisory business, and more than 30 years working as a CPA with a separate accounting firm, focusing into a niche has transformed her growth, from a practice that had steadily grown to 150 clients over a decade, to one that is now fielding 4 prospect inquiries a week from doctors, and has a waiting list to accept new clients! And 100% of her doctor clients work with her virtually, through email and video conferencing!
In this episode, Johanna details not only why she decided to make a shift to a niche advisory firm working with doctors – on a purely virtual basis – as an experienced 60-year-old advisor, but how she actually went about marketing her new niche, the unique Centers of Influence – two leading bloggers for doctors – that she’s been able to build relationships with to generate a high volume of referrals, and why answering online questions in a niche can generate substantial new business, even as answering similar questions on “Ask An Advisor” Q&A sites like Nerdwallet generates no results at all.
In addition, we talk about the way that Johanna completely restructured her advisory fees into a three-tiered retainer structure to serve her niche (because the Centers of Influence she gets referrals from don’t believe in the AUM model!), what scheduling and video teleconferencing software she adopted to work with those new clients, and the 5-meeting financial planning process she uses to work with clients, built heavily around using eMoney Advisor not only to do financial planning, but also making the eMoney portal a central part of her value proposition with clients.
And be certain to listen to the end, where Johanna talks about how she broke the news of shifting into a niche to her existing clients, and why despite her fears, her existing non-doctor clients haven’t left even as she focuses into her new doctor niche… although, ironically, she voluntarily decided to transition out nearly 1/3rd of her smallest clients just to help create capacity for the new growth she’s now experiencing!
So whether you’re curious about the unique Centers of Influence that can be cultivated in a niche, want to understand how an existing advisor can pivot into a niche, or simply want a glimpse of how an advisor has customized everything from her pricing and business model to her services and deliverables to fit her specific target clientele, I hope you enjoy this episode of the Financial Advisor Success podcast!
source https://www.kitces.com/blog/johanna-fox-turner-and-company-podcast-fee-only-financial-planning-for-doctors-only-centers-of-influence-coi/?utm_source=rss&utm_medium=rss&utm_campaign=johanna-fox-turner-and-company-podcast-fee-only-financial-planning-for-doctors-only-centers-of-influence-coi
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