Skip navigation

Michael Kitces' #FASuccess Podcast: Charlotte Geletka's Family Business Succession Plan

Silver Penny Financial's Charlotte Geletka details her journey buying her father's financial advisory firm.



Welcome back to the 242nd episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Charlotte Geletka. Charlotte is the owner and managing partner of Silver Penny Financial, where Charlotte personally manages $140 million for 150 families.

What's unique about Charlotte, though, is that she purchased her father’s financial advisory firm, at a time when the firm’s existing business model was no longer really viable, in order to build her own vision for the next stage in the firm’s future.

In this episode, we talk in depth about the lessons Charlotte learned from the experience of buying the business from her father, understanding that, while she would have to make some substantive changes, she was still buying, as she puts it, “someone’s business child that they built from nothing,” the process Charlotte went through to determine a fair price for an advisory business with a number of different business segments (each requiring their own multiple) and how she deliberately structured the seller-financed deal with an accelerated payback in order to put pressure on herself to grow revenue quickly.

We also talk about Charlotte’s mindset shift away from viewing financial planning as simply a means of generating business and to offering financial planning as a stand-alone service as a way to serve clients who aren’t a good fit for the AUM model, why Charlotte leverages TAMPs for portfolio management (and how she integrates the TAMP fees with her own AUM fee structure), and how Charlotte created a one-page deliverable for clients explaining all the value-added services she provides beyond “just” managing their investments.

And be certain to listen to the end, where Charlotte shares her own pathway into the industry, from being vehemently opposed to working in financial services to realizing that a career as an advisor would offer her the opportunity to receive compensation that was directly correlated with how hard she worked, Charlotte’s growing appreciation for just how important leadership qualities are when it comes to the success of her business, and the important lesson Charlotte learned about the benefits (both professional and personal) of surrounding herself with other like-minded advisors.

So whether you’re interested in learning about Charlotte’s experience buying her father’s practice, about the valuation process she used to settle on a price for the business or how she integrates TAMPs into her fee structure, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Charlotte Geletka.

Listen to this podcast

Browse more podcasts in this series. ... 

TAGS: Careers People
Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.