#FA Success Ep 287: Finding Solo Efficiency To Serve 50 Great Clients With $100M AUM, With Jennifer Murray

#FA Success Ep 287: Finding Solo Efficiency To Serve 50 Great Clients With $100M AUM, With Jennifer Murray

Welcome back to the 287th episode of the Financial Advisor Success Podcast!

My guest on today’s podcast is Jennifer Murray. Jennifer is the owner and founder of Stonebridge Financial Advisors, an independent RIA based in Morristown, New Jersey, that oversees $100 million of assets under management for 50 client households.

What’s unique about Jennifer, though, is how she built on her personal tragedy of losing her husband to colon cancer to build a practice that specializes in recent widows, and intentionally works with a limited number of widowed clients to provide a more intimate service without needing to hire up staff around her.

In this episode, we talk in-depth about how, after becoming a widow herself and facing all the financial challenges and questions after losing a spouse, Jennifer realized she had the expertise to help other women going through the same difficulties and decided to focus solely on newly-single women, how a combination of referrals from friends and family and offering advice in her specialization through seminars, bereavement groups, and local hospital foundations helped Jennifer gain clients in her early years, and why Jennifer very intentionally only works with no more than 50 clients so that she can provide her desired level of attentive service to her clients without needing to hire up or feel the pressure of expanding and moving outside of her own comfort zone.

We also talk about how Jennifer realized after years as a lending officer at a private banking institution working with high-net-worth individuals she could have a much greater impact on clients’ lives by working with them more holistically as a financial advisor, how even though Jennifer was a well-prepared CFP and had experience in finance, she learned as she experienced widowhood that as a single person there is always a need to have a thinking partner like a financial advisor, and how networking at financial conferences and receiving positive feedback from her clients early in her career gave Jennifer the confidence to eventually launch her own RIA to build her own ideal practice.

And be certain to listen to the end, where Jennifer shares how developing a well-targeted website early on in launching her practice helped increase its growth exponentially (and why it continues to support her growth even though she hasn’t updated it in nearly 10 years now), why Jennifer eventually had to stop taking new financial planning clients and how she handles prospects that she doesn’t have the capacity to serve, and how fulfillment as a financial advisor comes not only from the good that we do for clients, but the feeling that we as financial advisors are valued by our clients and are being paid well for the good work that we do.

So, whether you’re interested in learning about how facing the challenges of widowhood and being a single parent herself gave Jennifer the perspective to truly help her single women clientele, how networking and offering advice to specialized groups helped Jennifer realize her niche and gain referrals to launch her own RIA, or why Jennifer purposefully limits the number of clients she works with so she can provide higher attention and time for her clients to make the best financial decisions for them, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Jennifer Murray.

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