Ep #186: Carving Out a Niche Working with Clients with College-Bound Kids - The Career of Alyssa Lum
January 09, 2019
Having a flexible schedule is valuable, especially when you’re starting a family and want to spend more time at home. Alyssa Lum shares her journey from a financial projection team to learning her way around financial planning and eventually starting her own firm at home. She discusses the ups and downs of the experience and lets us in on what she learned throughout the process.
Alyssa shares how she found her niche serving families with college-bound kids, as well as how she acquires clients using one-time plans. She also dives into how she funnels them into her ongoing planning service. You’ll get some great insight on how to gain experience, find your niche, and create a business that provides value and works well with your life.
Listen to the Full Interview:
Want more from XYPN Radio? Become a VIP to access our private community!
What You'll Learn from This Episode:
- An overview of Alyssa’s current financial planning business.
- Her history in finance and how she ended up finding her way to financial planning.
- How she gained experience in the planning field.
- Why it's important for firm owners to be flexible with hours.
- When Alyssa decided she wanted to start a firm—and when she decided to actually do it.
- How she made the transition out of working for an employer and into launching her business.
- How her clients find her.
- The various service models she uses.
- How she decided on her specific niche.
- How she leveraged her personal network.
- The ongoing challenges she has faced and what she has learned along her journey.
Featured on the Show:
- Alyssa Lum: Website | Blog | Facebook | Twitter | LinkedIn
- Garrett Planning Network
- Wells Fargo
- XYPN VIP Community
This Episode is Sponsored By:
How much money do you need to launch your own firm? That’s a question we’ve gotten at XY Planning Network hundreds—if not thousands—of times. To answer it once and for all, we developed a free budget template that accounts for the many variables of your first year in business. Along with the template, successful XYPN members opened their books for us and shared how they did it, what they spent, and what they’d do differently. Our First Year Budget Download is an incredibly valuable resource for anyone considering launching a firm of their own. Download it for free at www.xyplanningnetwork.com/budget.
Share
- Advisors (122)
- Fee-only Financial Planning (120)
- Finance (115)
- Gen Y (114)
- Millennials (114)
- Gen X (113)
- Advice (111)
- Financial Planners (105)
- Financial Planning Firm (94)
- XYPN Radio (91)
- Training (87)
- NextGen Clients (86)
- Professionals (86)
- Profit (86)
- Entrepreneurship (67)
- Financial Advisors (67)
- Financial Planning (66)
- Niche Marketing (66)
- RIA (44)
- Niche (43)
- Business Growth (38)
- Business Model (37)
- Growth (34)
- Building a Firm (31)
- Financial Planner (31)
- Starting a Firm (24)
- Family (23)
- Career Changers (22)
- Financial Plan (20)
- Growing Your Firm (19)
- Marketing (18)
- Financial Planning Fees (17)
- Careers (16)
- CFP Certification (14)
- Growing Business (14)
- Communication (12)
- Financial Freedom (12)
- Financial Success (12)
- Partnership (12)
- Work Ethic (12)
- Alan Moore (11)
- Michael Kitces (11)
- Family Business (9)
- Networking (9)
- Transitions (9)
- Assets Under Management (AUM) (8)
- Compliance (8)
- Perseverance (8)
- Advisor Success (7)
- Broker-Dealers (7)
- Launching a firm (7)
- Practice Management (7)
- RIA Owner (7)
- Tax Preparation (7)
- Work Life Balance (7)
- Business Strategy (6)
- Business Vision (6)
- Client Service Model (6)
- Community (6)
- Confidence (6)
- Fee-only advisor (6)
- Financial Life Planning (6)
- Follow-up (6)
- Hourly (6)
- Inclusion (6)
- Marketing Strategy (6)
- Relationships (6)
- Student Loan Debt (6)
- Tax Planning (6)
- Benchmarking Study (5)
- Certified Public Accountant (CPA) (5)
- Client Management (5)
- Client Relationships (5)
- Coaching (5)
- Comprehensive Financial Planning (5)
- Discrimination (5)
- Diversity (5)
- Female Financial Planners (5)
- Financial Independence (5)
- Investment Management (5)
- Leverage (5)
- Lifestyle practice (5)
- Mentorship (5)
- Mergers (5)
- Passions (5)
- Podcasting (5)
- Remote (5)
- Technology (5)
- Women (5)
- Attainable Wealth (4)
- Challenges (4)
- Client Experience (4)
- Current Events (4)
- Finances (4)
- Financial Therapy (4)
- Firm Ownership (4)
- Getting Clients (4)
- Hiring (4)
- Impostor Syndrome (4)
- Inspiration (4)
- Military Finance (4)
- Online Marketing (4)
- Pricing Models (4)
- Retirement (4)
- Scaling Up (4)
- Setting Goals (4)
- Side Hustle (4)
- Support System (4)
- Taxes (4)
- Teamwork (4)
- Time Management (4)
- Virtual (4)
- Working Mom (4)
- Advertising (3)
- Advice-Only Planning (3)
- Business Owner (3)
- Business Plan (3)
- Businesswoman (3)
- College Planning (3)
- Company (3)
- Coworking (3)
- Data (3)
- Divorce (3)
- Education (3)
- Evolving (3)
- Experience Wealth (3)
- Facebook Groups (3)
- Faith-Based Finance (3)
- Financial Advice (3)
- Financial Education (3)
- Financial Planning for Women (3)
- Finding Success (3)
- Fintech (3)
- Grief (3)
- Intention (3)
- Lessons (3)
- Management (3)
- Mastermind Group (3)
- Minorities (3)
- New Business (3)
- Operations Manager (3)
- Perspective (3)
- Philosophy (3)
- Recession (3)
- Reflection (3)
- Regulators (3)
- Running a Firm (3)
- Small Business (3)
- Spouse (3)
- Strategy (3)
- Succession Plans (3)
- Virtual Advisor (3)
- Wealth (3)
- AJ Ayers (2)
- Acquisition (2)
- Acting (2)
- Adventures (2)
- Advisor Posts (2)
- Authenticity (2)
- Blog (2)
- Bluestem Financial Advisors (2)
- Branding (2)
- Business Foundation (2)
- Cady North (2)
- Carolyn Dalle-Molle (2)
- Certified Divorce Financial Analyst (CDFA) (2)
- Changes (2)
- Charity (2)
- Check in (2)
- Chris Dale (2)
- Content Marketing (2)
- Conversations (2)
- Creatives (2)
- Crisis (2)
- Custody Rule (2)
- David Rae (2)
- Diana Bacon (2)
- Dual-Entrepreneurs (2)
- Emily Purdon (2)
- Empathy (2)
- Entrepreneurial Operating System (EOS) (2)
- Eric Roberge (2)
- Fee-Based Financial Planning (2)
- Fiduciary (2)
- Financial Coaching (2)
- Financial Planning Advice (2)
- Firm Within a Firm (2)
- First Six Months (2)
- First Year (2)
- Foundation for Financial Planning (2)
- Fulfillment (2)
- Growing Income (2)
- Healing (2)
- Homeschool Families (2)
- Hui-chin Chen (2)
- Immigrants (2)
- Impact Folio (2)
- Integrating Faith-Based Principles (2)
- International financial planning (2)
- Joe Messinger (2)
- Kathleen Boyd (2)
- Kenneth Klabunde (2)
- Kevin Mahoney (2)
- LGBTQIA+ (2)
- Learning (2)
- Leighann Miko (2)
- Life planning (2)
- Linden Cornett (2)
- Listening (2)
- Luis Rosa (2)
- Maddy Roche (2)
- Market Downturn (2)
- Marketing Funnel (2)
- Marriage (2)
- Meg Bartelt (2)
- Mental Health (2)
- Merging Practices (2)
- Miguel Gomez (2)
- Mindset Shift (2)
- Modern Money Advisor (2)
- Monthly Retainer Model (2)
- Morgen Rochard (2)
- Moving Forward (2)
- NextGen (2)
- Non-traditional (2)
- Outsourcing (2)
- Pandemic (2)
- Part Time (2)
- Pavlov Financial Planning (2)
- Physicians (2)
- Planning (2)
- Politics (2)
- Pricing (2)
- Processes (2)
- Public Relations (PR) (2)
- Purpose (2)
- RIA Compliance (2)
- RIA Consultant (2)
- RIA Registration (2)
- Real Estate (2)
- Referrals (2)
- Regulations (2)
- Ryan Frailich (2)
- Scott Bell (2)
- Security (2)
- Selling Insurance (2)
- Shane Mason (2)
- Sharon Weaver (2)
- Social Media (2)
- Socially Responsible Investing (SRI) (2)
- Solo Advisor (2)
- Solutions (2)
- Supporting Clients (2)
- Survey (2)
- Systems (2)
- Team Building (2)
- Tech Professionals (2)
- Therapy (2)
- University (2)
- Update (2)
- Visionary and Integrator Roles (2)
- Wealth Management (2)
- smart ria pricing (2)
- 2050 Trailblazers (1)
- AIM Higher Act (1)
- Aaron Agte (1)
- Abby Morton (1)
- Abel Soares (1)
- Abundant Advisors (1)
- Accessibility (1)
- Adam Cmejla (1)
- Adrienne Ross (1)
- Advisor Facing Tax (1)
- African American (1)
- Agreements (1)
- Air Force (1)
- Alex Yeager (1)
- Alexandra Baig (1)
- Allen Mueller (1)
- Alyssa Lum (1)
- Amy Irvine (1)
- Andie Clark (1)
- Andrew Gray (1)
- Andy Panko (1)
- Angela Moore (1)
- Angie Furubotten-Larosee (1)
- Antowoine Winters (1)
- Arielle Minicozzi (1)
- Arlene Moss (1)
- Ashlee deSteiger (1)
- Ashley Murphy (1)
- Au Pair (1)
- Author (1)
- Automation (1)
- BB Webb (1)
- Balance (1)
- Barson Financial Planning (1)
- Becky Meats (1)
- Becky Partridge-Eason (1)
- Behavior (1)
- Ben Martinek (1)
- Best Financial Life (1)
- Betty Wang (1)
- Bonnie Arnold (1)
- Brad Sherman (1)
- Breanna Reish (1)
- Brian O’Neill (1)
- Brian Thompson (1)
- Britton Gregory (1)
- Brooklyn Brock (1)
- Brownsboro (1)
- Business (1)
- Business Development (1)
- Business With Friends (1)
- Buy Out (1)
- CBS (1)
- Cameo Roberson (1)
- Candice Carlton (1)
- Capstone Wealth Partners (1)
- Care (1)
- Carl Richards (1)
- Cash Flow (1)
- Cash Flow Planning (1)
- Cathy Morgan (1)
- Catie Hogan (1)
- Chad Holmes (1)
- Chao Zhang (1)
- Chessie Advisors (1)
- Chief Compliance Officer (COO) (1)
- Chip Munn (1)
- Choices (1)
- Chris Jackson (1)
- Christine Amill Centeno (1)
- Chuck Donalies (1)
- Cindu Thomas-George (1)
- Clarity Wealth Development (1)
- Clients (1)
- Cliff Downie (1)
- Cody Garrett (1)
- Common Cents Financial Literacy (1)
- Company Culture (1)
- Compassion (1)
- Connection (1)
- Consulting (1)
- Consumer Protection (1)
- Continuing Education (1)
- Corporate Banking (1)
- Corporate Finance (1)
- Couples (1)
- Courtney Ranstrom (1)
- Craig Joncas (1)
- Credibility (1)
- Cristina Livadary (1)
- Cryptocurrency (1)
- Custodians (1)
- Cynthia Meyer (1)
- Dan Keslin (1)
- Dan Moisand (1)
- Dan Slagle (1)
- Dana Menard (1)
- Daniel Hannoush (1)
- Daniel Yerger (1)
- Danielle Harrison (1)
- Danika Waddell (1)
- Dave Ramsey (1)
- Dave Rowan (1)
- Dave Zaegel (1)
- David Barson (1)
- David Shotwell (1)
- Deb Meyer (1)
- Debbie Gallant (1)
- Defining Roles and Responsibilities (1)
- Delegating Tasks (1)
- Denise Downey (1)
- Depression (1)
- Differentiation (1)
- Dillon Cobb (1)
- Dimensional Fund Advisors (DFA) (1)
- Disability Accounts (1)
- Disasters (1)
- Dream Firm (1)
- ESG Investing (1)
- Eagle Grove Advisors (1)
- Early Retirement (1)
- Economics (1)
- Ed Coambs (1)
- Educators (1)
- Effectiveness (1)
- Elaine King (1)
- Elements (1)
- Email Marketing (1)
- Emlen Miles-Mattingly (1)
- Engineer (1)
- Equally-Owned Firm (1)
- Equitable (1)
- Equity (1)
- Equity Compensation (1)
- Eric Gabor (1)
- Eric Thomas (1)
- Erica Blake (1)
- Erik Klumpp (1)
- Ethan Miller (1)
- Everest Financial Advisors (1)
- Everlong Financial (1)
- Exchange-Traded Funds (ETF) (1)
- FINRA (1)
- FSG (1)
- FiComm Partners (1)
- Fields Financial Services (1)
- FinTech Winner (1)
- Finance for Parents (1)
- Financial Design Studio (1)
- Financial Independence, Retire Early (FIRE) (1)
- Financial Life Management (1)
- Financial Planner Podcast (1)
- Financial Planning Platform (1)
- Financial Planning for Dual-Citizens (1)
- Financial Projection (1)
- Financial Services (1)
- Finding Your Why (1)
- Formula Wealth (1)
- Frank Austin (1)
- Gabe Anderson (1)
- Genentech (1)
- George Kinder (1)
- Global Vantage Wealth Management (1)
- Globally Mobile (1)
- Goals (1)
- Grant Bledsoe (1)
- Greater Than Financial (1)
- Guiding Wealth Management (1)
- Health Care (1)
- Heather Jarvis (1)
- Heather Townsend (1)
- Hedge Fund (1)
- Helen Ngo (1)
- Hillel Katzeff (1)
- Hispanic (1)
- Holistic (1)
- Homeless (1)
- Honesty (1)
- How to be a Financial Advisor (1)
- Humor (1)
- Hyland Financial (1)
- IRA (1)
- Ian Bloom (1)
- Ideal Clients (1)
- Impact (1)
- Impact Acceleration (1)
- Impact Investing (1)
- Income Tax (1)
- Independent Financial Advisor (1)
- Independent RIA (1)
- Industry Trends (1)
- Inga Chira (1)
- Inspired Vision Accounting (1)
- Insurance (1)
- Integrity (1)
- Internal Revenue Service (1)
- Interns (1)
- Introverts (1)
- Investing (1)
- Investment Planner (1)
- Investor (1)
- Jake Northrup (1)
- James Hindes (1)
- Jan Schalkwijk (1)
- Janna Jacobs (1)
- Jantz Hoffman (1)
- Jason Speciner (1)
- Jeff Clark (1)
- Jennipher Lommen (1)
- Jeremy Walter (1)
- Jessica Goedtel (1)
- Jim Bradley (1)
- Jirayr Kembikian (1)
- Joanne Burke (1)
- Jocelyn Wright (1)
- Joe Morgan (1)
- John Chesbrough (1)
- John Mason (1)
- John Underhill (1)
- Julia Lorenz-Olson (1)
- Julie Ford (1)
- Julie Quick (1)
- Justin Brownlee (1)
- Kate Welker (1)
- Kay Dee Cole (1)
- Kaysi Gordon Financial Planning (1)
- Kaysian Gordon (1)
- Kelly Klingaman (1)
- Kelly Luethje (1)
- Kelly Moorman (1)
- Kendra Rehm-Dehn (1)
- Kerrie Beene (1)
- Kingston Hollman (1)
- Knowledge gap (1)
- Kori Lennon (1)
- Kyle Mast (1)
- Kyle Moore (1)
- Lamar Watson (1)
- Large firm (1)
- Lauryn Williams (1)
- Lawsuits (1)
- Legacy Care Wealth (1)
- Leo Marte (1)
- Leslie Ransom (1)
- Letters (1)
- Levi Sanchez (1)
- Listener survey (1)
- Liz Weinstein (1)
- Loan forgiveness (1)
- Lora Woodward (1)
- Lorri DeFoor (1)
- Lucy Robeson (1)
- MY Wealth Planners (1)
- Maggie Beach (1)
- Malcolm Thomas (1)
- Mana Financial (1)
- Mandatory Payroll Withholding (1)
- Maranantha Financial (1)
- Mark Wilson (1)
- Market Volatility (1)
- Marketing Your Firm (1)
- Marlon Wesh (1)
- Martha Williams (1)
- Martin Lundgren (1)
- Matthew Ricks (1)
- Measure Twice Financial (1)
- Megan Carpenter (1)
- Megan Donnelly (1)
- Mellen Money Management (1)
- Michael Anderson (1)
- Michael Rahn (1)
- Michael Reynolds (1)
- Michelle Gass (1)
- Michelle Smalenberger (1)
- Mike Bronson (1)
- Mike Troxell (1)
- Mission (1)
- Mistakes (1)
- Modern Financial Planning (1)
- Moisand Fitzgerald Tamayo (1)
- Molly Laughter (1)
- Money Management (1)
- Money Quotient (1)
- Morgan Ranstrom (1)
- Motherhood (1)
- Motivation (1)
- Nancy Hetrick (1)
- Natalie Slagle (1)
- Natalie Taylor (1)
- Native American (1)
- Neil Mahoney (1)
- New Planner Recruiting (1)
- NexJenn Financial Services (1)
- Next Generation Financial Planning (1)
- North Financial Advisors (1)
- One and Done Financial (1)
- Operations (1)
- Opportunities (1)
- PFS (1)
- Panoramic Finance Advice (1)
- Paradigm Advisors (1)
- Patrick Clark (1)
- Paul Allen (1)
- Payment Model (1)
- Peace of Mind Waypoints (1)
- Pearl Michalson (1)
- Penobscot Financial Advisors (1)
- Philip Olson (1)
- Physician Wealth Services (1)
- Pierre-Emmanuel Jouve (1)
- Pivot (1)
- Portfolio Management (1)
- Pro Bono (1)
- Progress Report (1)
- Progressives (1)
- Quarry Hill Advisors (1)
- Quinn Arnold (1)
- RIA Audit (1)
- ROI (1)
- Rachael Burns (1)
- Racism (1)
- Raquel Hinman (1)
- Real Estate Investing (1)
- Real Estate Wealth Planning (1)
- Real Financial Planning (1)
- Realtors (1)
- Rebecca Connor (1)
- Redwood Money (1)
- Reese Harper (1)
- Reg BI (1)
- Registered Life Planner (RLP) (1)
- Restricted growth (1)
- Retirees (1)
- Rianka Dorsainvil (1)
- Risk (1)
- Risk Management (1)
- River Nice (1)
- Rob Brown (1)
- Rob Colon (1)
- Robo Advisors (1)
- Roger Pine (1)
- Rooted Planning Group (1)
- Rowan Financial (1)
- Ryan Bayonnet (1)
- Ryan Cole (1)
- Ryan Galiotto (1)
- Ryan Grieser (1)
- Ryan Inman (1)
- Ryan Mohr (1)
- SEC (1)
- SV CPA Services (1)
- Sales (1)
- Sammons Wealth Management (1)
- Sara Stanich (1)
- Sarah Ponder (1)
- Scholarship (1)
- Scott Alan Turner (1)
- Scott Arnold (1)
- Scott Gill (1)
- Scott Haley (1)
- Scott Snider (1)
- Scott Weiss (1)
- Sean Gillespie (1)
- Search Engine Optimization (SEO) (1)
- Selling a Firm (1)
- Service Members (1)
- Shannon Moenkaus (1)
- Shawn Tydlaska (1)
- Shehara Wooten (1)
- Shelby Brown (1)
- Sherman Wealth Management (1)
- Shotwell Rutter Baer (1)
- Sidney Divine (1)
- Simplicity Wealth Management (1)
- Smarter Divorce Solutions (1)
- Special Needs (1)
- Sphynx Automator (1)
- Spreadsheets (1)
- Start Ups (1)
- Stefanie Pickard (1)
- Stephanie Bucko (1)
- Stephanie Sammons (1)
- Steve Crawford (1)
- Steven Fox (1)
- Stigma (1)
- Stress & Anxiety (1)
- Study Group (1)
- Sue Peck (1)
- Suing (1)
- Sustain Financial Inc. (1)
- Sustainable Financial Planning (1)
- TAMP (1)
- Tara Unverzagt (1)
- Target Audience (1)
- Target Market (1)
- Task Management (1)
- Tax (1)
- Tax Firm (1)
- Taylor Deardorff (1)
- Team Communication (1)
- Tenon Financial (1)
- Terria Heng (1)
- Terry Bradford-Crane (1)
- The Market (1)
- The Table Financial Planning (1)
- Theory (1)
- Therapist (1)
- Therese Nicklas (1)
- Todd Pouliot (1)
- Todd Sensing (1)
- Tom Lo (1)
- Tommy Blackburn (1)
- Trader (1)
- Trailhead Planners (1)
- Transparency (1)
- Travis Johnson (1)
- Tremaine Wills (1)
- Trent Porter (1)
- Trishul Patel (1)
- Trusts (1)
- Tyler Landes (1)
- Underserved Community (1)
- Unexpected Challenges (1)
- Video Production (1)
- Vince Hockett (1)
- Virtual Assistant (1)
- Virtual Meetings & Events (1)
- Virtual Paraplanner (1)
- Wakefield Hare (1)
- Wealth of Confidence (1)
- Wes Shannon (1)
- Wesh Financial (1)
- Wildflower Financial (1)
- Williams Wealth Services (1)
- Willow Planning Group (1)
- Winged Wealth Management and Financial Planning (1)
- Wired Advisors (1)
- Wisdom (1)
- Workplace Issues (1)
- Worth Winning (1)
- WorthyNest (1)
- XY Bean Counters (XYBC) (1)
- XY Investment Solutions (XYIS) (1)
- XYPN Membership (1)
- XYPN News (1)
- Xavier Maldonado (1)
- Young Professionals (1)
- Your Greatest Contribution (1)
- Zach Teutsch (1)
- firm growth (1)
- grow revenue (1)
- market research (1)
- ultra-high net worth clients (1)
- women of faith (1)
Get episode alerts by email
You May Also Like
These Related Episodes

From Film Production to a Lifestyle Firm

Mother of Three and Advisor to Forty - The Growth Story of Financial Trex
