Business Scaling Workshop Live Q&A | Ep 809
episodePreviously titled “Business Scaling Workshop Live Q&A | Ep 827” — renamed by the publisher on Aug 2, 2026
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How can I scale my financial planning business?
Hey, Ox. Hello. My name is Rick, and I sell financial planning services to young big tech employees, W2 employees. We do about half a million in revenue. I'd love to be at five million within the next three years or so. And what's currently stopping me is just a time resource management issue where I'm currently doing the fulfillment of meeting with our clients and I hired a new full-time associate planner to start to take over those relationships. And so I think my current constraint is figuring out how to replicate teams as I continue to grow the business. We're doing, relatively, we're just doing organic marketing content, mostly on LinkedIn, and write a daily blog, which I post to the website, and an email list, a small email list.
How many sales a month did you do?
About two.
Two sales a month, and is the model like 1% assets under management?
No, and that was another question that I wanted to get your thoughts on was, One of the big swings that I took about four or five years ago is to change the traditional financial planning model. So instead of charging the 1% AUM fee, we charge a 25 basis point AUM fee and then a monthly subscription, which is 275. So it nets out to be about 5,000 per client per year on an annual basis. And then obviously bigger clients pay more on the AUM.
Interesting. Okay, got it. Okay, so typically with your type of business, they're usually demand constrained, not supply constrained. Like managing lots of people and lots of money usually doesn't actually take too many resources relative to how much they make you. And so I think that the big issue is probably just acquisition. So getting two sales a month is probably the big bottleneck. And so I would, so what's the big incentive for someone to get on the phone with you?
What's in it for them? Why do they contact us? Initiatives to get their financial house in order. We do a lot around getting people's financial independence by age 50.
Retire with a million dollars.
Yeah, fire movement. Real well.
As much as you may hate what I'm about to say, there's a reason that all the big dogs do the same exact playbook, which is they run to either virtual or they run to in-person workshops. Because in one or two days or even a half day, you can gain a lot more trust than a very long time online. And I would probably use that as my lead magnet. because that sometimes like for a lot of you guys like one of the biggest levers you can have like when we unlock like a easy 5x it's usually something at the very front where it's just like we just swap the lead magnet from like hey book a call to hey get this thing and then a call just happens to be part of it or a workshop happens to be the vehicle for delivering that outcome and we do that like that's when all of a sudden your lead flow goes from making two sales a month to eight or ten and i think that for me that would be the biggest issue now you managing
Customers it's like I think I think you just need more cash flow Which more customers will help you with and then you can get an account manager who can kind of like run those relationships But most relationship guys can handle many many many customers because people don't I mean also the higher up you go They tend to in my experience actually need less Is that required
Uh, it is, it's sort of like our, our sort of bread and butter. So where we do a lot of accountability, a lot of like coaching, a lot of like, is that for them to like save more money and stuff?
Save more money, save on taxes, tax projections and manage their, I think you're, I think you're under, under charging and over, not over delivering, but doing too much.
Yeah.
Yeah.
So it's like, there's the Dave Ramsey of like, hey, stop spending money, silly pants. And then there's the like, once I have money, what do I do with it? And I feel like you're kind of blending those, but you're not, but you're doing both services and pricing like one, but like lower. So I think, basically you're not making enough money per customer to do the work you're doing.
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