Welcome back to the 90th episode of the Financial Advisor Success podcast.
This week’s guest is Julie Murphy. Julie is the founder and chief visionary officer of JMC Wealth Management, a dual-registered advisory firm in Chicago with a team of seven that serves more than 200 active clients with $200 million of assets under management, on top of generating nearly $300,000 a year in recurring financial planning fees. What’s unique about Julie, though, is her focus on what she calls “financial healing,” with financial planning conversations that are heavily focused around the intersections of money and emotions, and energy flow to the point that Julie is not only in traditional strategic alliances with attorneys and CPAs, but also has what she calls more esoteric strategic alliances with psychologists and meditation specialists as well.
In this episode, we talk about how Julie has structured her unique advisory firm practice with a combination of quarterly retainer fees that clients pay for ongoing financial planning, separate implementation revenue that clients pay to have their portfolios managed as well, Julie’s three-meeting planning process and how she charges for each, and the software tools that Julie uses to implement her process.
We also talk about how she’s been able to generate a steady flow of new clients. How Julie authored a book to establish and demonstrate her expertise, the way that she separated her writing activities into an outside business activity to manage the compliance concerns, the way she built up 50,000 followers on Facebook and the kinds of posts that she’s found to be most successful, and how Julie was able to accelerate her success and growth by doing what she calls “letting her freak flag fly,” by simply being her authentic self and allowing clients who are interested in what she has to offer to be drawn to her rather than trying to advertise out to them, because in the end, most advisors attract and develop best rapport with clients who are a reflection of themselves anyways.
And be certain to listen to the end, where Julie discusses how she’s systematizing the soft skills of her financial planning process to train new advisors. How she aims to transition all of her clients to other advisors so she can do the part of the process that she enjoys most, which is meeting with and working with the challenges of new clients, and why she decided to write another book not just for marketing purposes, but also because the process of writing about her planning approach is actually helping her to figure out how best to systematize it.
So whether you’re interested in learning about Julie’s “esoteric” strategic alliances, how she is creating a process to systematize the soft skills of financial planning to build a strong bench of like-minded advisors, or how’s she’s managed to gather 50,000 followers on Facebook, then we hope you enjoy this episode of the Financial Advisor Success podcast.