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Ep #66: How to Successfully Execute a Succession Plan with Jake Kuebler

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Jake Kuebler is a 30-year-old planner at the helm of the very successful, fee-only firm, Bluestem Financial Advisors. He joins the podcast this week to discuss succession plans, the future of the retainer model, and how to seamlessly manage a firm’s transition in ownership.

When we last spoke with Jake, he had accepted an offer of 50% ownership in Bluestem Financial Advisors with the intention to buy out his partner after she retired. This year has been a whirlwind of experiences, including transitioning clients, recovering from the loss of a lead advisor, and relocating to new office space.

Succession plans don’t often end well with both parties benefiting as expected from the arrangement. Jake’s journey shows us that succession plans work well when structured by the existing owner in a way that seeks a win-win for both parties.

Additionally, Jake offers an inside perspective on how the net worth and income fee structure made better sense for his firm. Learn how they re-evaluated the firm’s business model, doubled their fees, and only lost one client in the process in this week’s episode.

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Listen to the Full Interview:

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What You’ll Learn from This Episode:

  • The pros and cons of operating as a solo firm owner vs a partnership.
  • A positive example of how succession plans can work well over time.
  • The custodial changes that are involved with the transition of ownership in a partnership.
  • The compensation plans Jake is considering to attract new advisors.
  • Whether equity partnerships are ideal compensation strategies for new advisors.
  • How to explain your fee structure to clients.
  • The future of AUM and the compensation structure for planners.

 

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Ep #7: The Career of Jake Kuebler – How He Bought a Fee-Only Firm at 25 Years Old

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Today’s interview is one that we’ve been looking forward to ever since we first starting planning this show. Jake Kuebler is our guest today, and he has an awesome story that not many people have heard.

Jake is the president and managing partner of Bluestem Financial Advisors, LLC. His story embodies one that many of us have always aspired to be a part of.

Many financial planners have felt that they have been sold a bill of goods on a firm that never actually materializes. Jake, along with his business partner Karen, show us exactly how acquiring a firm should be done. He has bought 50% of a fee-only financial planning firm at the age of 25, and will be the full owner by the time he hits 30.

If your goal is to buy a firm, then this episode is full of information that will guide you through the process, including how you should evaluate a firm and draw-up a buyout agreement.

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Listen to the Full Interview:

What You’ll Learn From This Episode:

  • Why Jake decided to become a financial advisor.
  • How Jake met his business partner.
  • How taking an internship became the best opportunity Jake ever had.
  • Why you need to be talking to college students.
  • How Jake became a managing partner within six years.
  • How Jake and Karen created their succession plan.
  • Why Jake stopped taking new clients for a few months.
  • Jake’s vision for the future of his firm.
  • Why Jake has a financial advisor.

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