This week, John McCarthy joins us for a discussion about leveraging lessons learned after launching and ultimately closing his own financial planning firm.
John began his career as a corporate tax accountant before taking an interest in personal finance. After joining XYPN as a member, he started an RIA firm in Ohio. Unfortunately, his firm struggled to reach clients and John found the mechanics of running a firm overwhelming. He closed down the RIA after one year.
But he didn’t quit — instead, he acted as a true entrepreneur and took action on the idea that you should fail fast and iterate to start again. John pivoted and recognized a need among financial advisors to provide business tax services, client accounting solutions, and in-depth projections. He recently launched Advisor Facing Tax to provide a seamless tax solution for financial advisors and their clients.
By partnering with financial advisors, John has been able to identify a niche that drives repeat business. He proves that failure isn’t final, and the true key to success is to fail fast and learn from the experience. In true start-up fashion, John teaches us how to experiment, fail, learn, and iterate until you strike upon an idea that works and succeeds.
Listen to the Full Interview:
What You’ll Learn from This Episode:
- How you can build a side business while working as a corporate accountant.
- The challenges that someone without a CFP or financial planning experience will face when starting an RIA from scratch.
- How powerful a study group can be for those studying for the CFP.
- Two main areas that make it difficult for financial advisors to provide accounting services.
- The business model that allows Advisor Facing Tax to serve financial advisors and their clients.
- How homeschooling his four children impacts running a business.
Featured on the Show:
- Register for #XYPN17
- XYPN Radio VIP Community
- Advisor Facing Tax
- Monthly Retainer Model by Alan Moore and Micheal Kitces
- Radical Personal Finances: 159-Financial Planning Isn’t Just For Boomers Anymore: Interview with Alan Moore, Co-Founder of XY Planning Network