Ep #06: Buying a Firm and Transitioning from AUM to a Flat Fee Model with Jim Miller

Jim Miller of Woodward Financial Advisors joins the show today to discuss how the flat fee model works and what made him decide to go that route. He also shares his experiences and insight on buying out a firm, switching financial models, retaining clients, acquiring new clients, and bringing on the right team members.

Listen in to hear the details of Jim's early years in the industry and how he navigated various challenges and hurdles that came his way. You'll learn the mechanics of buying an existing firm, the process of moving from an AUM model to a flat fee model, and more.

Listen to the Full Episode:

What You'll Learn In Today's Episode:

How Jim got started in the financial planning industry. (1:55)
His transition into firm ownership. (6:55)
How the buy-out process worked and the firm stats then and now. (9:08)
A breakdown of how the flat fee model works. (12:13)
How to explain this model and its downsides. (15:06)
What the hiring process should look like and what Jim learned along the way. (19:54)
How he developed his leadership and management skills to buy and build a firm. (26:51)

Ideas Worth Sharing:

“There’s a need for a financial bodyguard of sorts. Someone who’s going to look out for them and make sure they’re not being taken advantage of.” - Jim Miller Share on X “Having a flat fee helps the team and the staff to not think their job is at risk if the market goes down.” - Jim Miller Share on X “You can take your unique interests and skill sets and apply it to any of these business development and marketing activities, and there’s a potential to bring in new business.” - Jim Miller Share on X

Resources In Today's Episode:

Download your free copy of the New Planner Career Roadmap!

In this roadmap, you'll be guided through the details of various stages of your financial planner career, including position descriptions, licensing, skill and experience level requirements, and compensation ranges.