#FA Success Ep 269: Accelerating The Fee-Only Transition By Acquiring A Commission-Based Book Of Business, With Michael Hartman

#FA Success Ep 269: Accelerating The Fee-Only Transition By Acquiring A Commission-Based Book Of Business, With Michael Hartman

Welcome back to the 269th episode of the Financial Advisor Success Podcast!

My guest on today’s podcast is Michael Hartman. Michael is the founder of Hyperion Financial, an independent RIA based in Shillington, Pennsylvania, that oversees almost $60 million in assets under management for 75 client households.

What’s unique about Michael, though, is how he fast-tracked his transition away from his insurance roots to become a fee-only RIA… by making the investment to acquire a commission-based book of clients and convert them to fee-only as well.

In this episode, we talk in depth about the way Michael built a financial planning fee model with a base financial planning fee and then offsets AUM fees against his ongoing planning fee if clients want him to manage assets after creating the comprehensive plan, how Michael and his team leverage a client service calendar and ‘surge’ meetings to more efficiently create a high-touch experience for their clients, and how Michael and his firm present clients with a one-page ‘financial snapshot’ at every meeting to remind clients of their financial goals and reassure them those goals are on track.

We also talk about how Michael’s discovery of the financial planning world through publications and podcasts inspired him to pursue a career change as a financial advisor; how, after being weighed down for years by the contractual obligations of the insurance companies he worked for, Michael realized he needed to acquire his CFP designation to take his career to the next level; and how Michael ultimately recognized he needed to become an independent firm owner to achieve the freedom to serve clients the way he craved and achieve his personal business aspirations.

And be certain to listen to the end, where Michael shares how he persevered through losing 3 out of 6 of his team members (including his wife) while trying to transition the insurance company he worked for into the financial planning space; how taking a personal “pause” with an 8-week road trip gave Michael the clarity to purchase a local insurance firm and convert it into an independent RIA; and how Michael has lived firsthand the challenge that, much like being a parent for the first time, research and preparation can only get you so far, and at some point, you just have to take the leap to make your business what you think it can become.

So whether you’re interested in learning about how Michael guided his newly purchased insurance brokerage firm through fee and model transitions, how Michael encourages other advisors to actively seek advice and resources from professionals outside of their immediate circles to expand their career opportunities, or how Michael believes the hardships and failures he encountered are part of the journey toward personal and professional growth, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Michael Hartman.

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