Being Your Own Boss

The Challenge

Fresh out of college, Andy Panko found the opportunities in the financial planning industry for a new graduate to be scarce, often restricted to roles in insurance sales and commission-based positions. Andy spent the first 19 years of his career working in insurance, banking, and brokerage firms. Then, in 2016, Andy stumbled across XYPN Radio, and everything clicked.

"It blew the lid off for me. I realized... there are ways to give advice, to be an advisor, to actually do planning... not just sell insurance and not just gather assets."

Now, the challenge was clear: How could he transition from a structured corporate career to running his own fee-only firm? He needed to build credibility, attract clients, and figure out how to manage it all—solo.

"I was like, I can’t see me doing this another two decades... I saw and learned some really cool stuff, but... it was all corporate and institutional and none of it was direct retail advising or personal advice."

The Solution

Andy didn’t just take the leap immediately—he spent three years meticulously planning his move. To boost his expertise and credibility, he earned the CFP®, RICP, and EA credentials. When he launched Tenon Financial in November 2019, he carved out a niche in retirement income planning, setting himself apart in a crowded space.

To get the word out, Andy turned to digital marketing. He created a Facebook group for retirees, sharing valuable insights without sales pitches. His flat-fee pricing model gave clients clarity and predictability—no AUM percentages, just straightforward costs. 

Andy initially at in his early stage RIA had set his fees at $6,000 per year for single clients and $7,200 for couples, aiming for a fair and transparent model. As demand for his services surged, he adjusted his pricing to reflect the value he provided. His goal? A pricing model that truly reflects the work he does and the value he provides.

"The flow of clients didn’t slow down... I upped my fees... still, the flow of clients didn’t slow down and there wasn’t balking at my prices."

He also offered tax prep as an optional add-on, reinforcing his value as a tax-savvy retirement planner. More than half of his 45 clients take him up on that service, though he caps his workload at around 50 returns a year to keep things manageable. He steers clear of overly complex returns, like those with multiple rental properties, to maintain efficiency and keep his practice running smoothly.