Ep #180: Diving into XYPN's 2018 Annual Benchmarking Study with Michael Kitces

November 28, 2018

EP 180 Michael Kitces

XYPN co-founder Michael Kitces is back on the show! For the second year now, we have collected data from our member firms to help us better understand their businesses and how they’re operating, and Michael joins me today to talk about what we found.

We dive into our 2018 Benchmarking Study's primary charts and cover key data points that will help advisors thinking about launching a firm set realistic expectations about growth. How much revenue should you expect for your first years in business? Is it really necessary to find a niche? Does the CFP even matter? Listen in to get those answers and more!

Want to follow along? Check out the graphs from our 2018 Benchmarking Study, as referenced in this episode.

Listen to the Full Interview:

What You'll Learn from This Episode:

  • How long it typically takes for a new advisory firm to get traction.
  • The phases advisors go through in the first few years of starting a firm.
  • A key turning point that tells you you’ve made it.
  • What will allow your firm to survive long enough to see the major profit shift in year four.
  • Why the CFP matters.
  • What the data tells us about the power of niches.
  • How experience and revenue are correlated.
  • A big myth about entrepreneurs.
  • The interesting trend in advisors changing their fees.
  • Key takeaways from the study.

Featured on the Show:

This Episode is Sponsored By:


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