Michael Kitces' #FASuccess Podcast: Financially Empowering Girls With Stacy Francis

Welcome again to the 113th episode of Monetary Advisor Success Podcast!

My visitor on right now’s podcast is Stacy Francis. Stacy is the president and CEO of Francis Monetary, an unbiased RIA based mostly in New York Metropolis that manages practically $280 million in property for 140 prosperous shoppers.

What’s distinctive about Stacy, although, is her deep dive area of interest into working with and financially empowering ladies. From her RIA’s give attention to hourly consulting with ladies going by means of the divorce course of earlier than working with them as ongoing wealth administration shoppers, to her launch of Savvy Girls, a nonprofit devoted to offering monetary empowerment to ladies, and all stemming from Stacy’s personal difficult household state of affairs of witnessing a beloved grandmother who stayed in an abusive marriage till the top as a result of she wasn’t financially empowered sufficient to depart.

On this episode, we discuss in depth about Stacy’s distinctive area of interest focus in working with ladies who had been lately widowed or going by means of a divorce, the distinctive referral community that she’s been in a position to develop by changing into recognized for a focused specialization, how she successfully will get paid to market her wealth administration companies by getting paid hourly to seek the advice of with ladies going by means of the divorce course of after which discovering that almost 95 p.c of them keep on board for an ongoing foundation thereafter, and why her largest remorse within the enterprise shouldn't be making the choice to go all in to give attention to her ladies and divorce area of interest sooner as her agency has grown as a lot up to now three years inside her area of interest than within the prior 15 years main as much as it.

We additionally discuss in regards to the distinctive method that Stacy has structured her agency and developed her group to ship companies to shoppers. From a rotating group construction the place one lead advisor may go with as much as three completely different assist groups of analysts and affiliate to service shoppers based mostly on who will work with them greatest, to the agency’s use of interns to effectively ship the labor-intensive features of their funding and monetary planning course of, why the agency has two full-time staff and its personal intern in advertising to assist assist in its ongoing development, and why Stacy not solely makes use of a enterprise coach to information her personal success but in addition hires a separate coach to work together with her group members and navigate their success as effectively.

And make sure to hearken to the top, the place Stacy shares why and the way she in the end determined to develop her advisory agency past simply delivering companies to shoppers herself, and why she believes that monetary planning is an particularly good profession for girls due to how versatile it's to mildew the enterprise round your life, at the same time as she acknowledges that she didn’t benefit from that flexibility and ask for assist early on in her personal profession when, looking back, she needs she had.

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