#FA Success Ep 289: Coming Together As A Partnership To Serve Your Collective Community, With Kamila Elliott

#FA Success Ep 289: Coming Together As A Partnership To Serve Your Collective Community, With Kamila Elliott

Welcome back to the 289th episode of the Financial Advisor Success Podcast!

My guest on today’s podcast is Kamila Elliott. Kamila is the CEO and Founder of Collective Wealth Partners, an independent RIA based in Atlanta, Georgia, that oversees nearly $25 million in assets under management for almost 175 client households.

What’s unique about Kamila, though, is how she and her partners built an independent advisory firm, comprised entirely of Black CFP professionals, dedicated to supporting the creation of wealth for BIPOC and other underserved communities with a model that simply charges them for advice… even if they don’t have assets (or at least, not yet).

In this episode, we talk in-depth about how, after years of working in an environment where she saw first-hand how ultra-high-net-worth clients keep and grow their wealth (and the lack of diversity among those clients), Kamila decided to build a practice that focused on providing holistic financial planning to communities of color with emerging wealth, how Kamila and her partners serve their clients collectively with a team approach where each team member focuses on different areas of specialized expertise such as employee benefits, tax planning, and equity compensation, and why Kamila and her partners feel they can better serve their clients as advisors of color because they have a deeper understanding of both the cultural competencies necessary to serve different communities and the values those communities want to see represented in their investments and financial planning recommendations.

We also talk about why Kamila intentionally shifted her career focus to build an independent practice after years of working with clients and realizing how few looked like her, how despite working hard, Kamila was frustrated she was not receiving the recognition and compensation she felt she deserved and ultimately decided to follow the advice she gives her clients by advocating for herself and leaving her prior firm, and how Kamila explains the value of hiring a financial advisor to her clients (as many in communities of color have never had an advisor before) by likening it to hiring a personal trainer as financial advisors help clients stay focused, motivated, and accountable.

And be certain to listen to the end, where Kamila shares how she was surprised by how much time it takes to manage aspects of her business, like compliance, technology, and having time to learn new industry information in order to build a successful practice, how Kamila now recognizes risk and fear are part of growth and wishes she could have taken more risks early in her career, and why she believes in the importance of taking multiple career steps across different domains of the financial services industry that build upon one’s expertise (especially leadership skills) over time, even if that means having a more circuitous career… as not everything in life is linear.

So, whether you’re interested in learning about how working with ultra-high-net-worth clients at her former firm gave Kamila the insight to help others grow and retain wealth, why Kamila and her partners chose to create a firm with an equal partnership, even dividing responsibilities to ensure they are serving their clients to the best of their expertise, or how being comprised of entirely Black CFP professionals gives Kamila’s firm the leverage to better serve and connect with clients of color with emerging wealth, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Kamila Elliott.

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