Welcome back to the 95th episode of the Financial Advisor Success podcast.
This week’s guest is Linda Lubitz Boone. Linda is the founder of Lubitz Financial Group, an independent registered investment advisory in the Miami area that oversees nearly $250 million of assets under management for 125 affluent clients. What’s unique about Linda is that, despite having reached a phenomenal level of success building a $250 million AUM firm over the past 25 years, she continues to proactively iterate on and make changes to improve the advisory firm, from the service provider she uses to support the business to the very business model itself.
In this episode, we talk in-depth about how Linda continues to evolve her advisory firm: from exploring a potential shift from an AUM fee plus an upfront planning fee into a consolidated income plus net worth retainer fee instead, as a way to shift the client focus away from the portfolio toward growing their entire net worth instead; the decision to outsource her back-office investment operations to a third-party provider but without fully transitioning to a TAMP; and how Linda is shifting her own role in the business to transition new and existing clients to her next-generation advisors while formalizing a business development training process for the firm.
We also talk about how Linda got started in the first place. The way she built her business in the early years with the philosophy: “Meet a lot of people, answer the phones quickly, and do what you say you’re going to do”; why it’s so crucial to plan to cover 2 to 3 years of personal living expenses when starting an advisory firm even if you’re confident it’s going to succeed; and how joining or even forming your own study group to have a network of peers to hold you accountable to your own business plan can help keep the advisory business focused and growing.
And be certain to listen to the end, where Linda shares how she made a key personal life transition in the midst of growing her business, splitting 50 percent of her time between her home base in Miami and out to San Francisco, where her then-new husband’s firm was based; and how in the end, even though we’re often so fearful about how existing clients will react to a change, in reality, once clients trust us, they tend to stick with us and even support us in our own life changes as advisors.
And so with that introduction, I hope you enjoy this episode of the Financial Advisor Success podcast with Linda Lubitz Boone.