Welcome everyone! Welcome to the 510th episode of the Financial Advisor Success Podcast!
My guest on today’s podcast is Michael Yoder. Michael is the founder of Yoder Wealth Management, an RIA based in Walnut Creek, California, that oversees approximately $400 million in assets under management for 64 client households.
What’s unique about Michael, though, is how he has implemented a discovery meeting process that has converted all prospects who go through it into clients over the past 10 years and allowed him to maintain a tailored practice that meets his lifestyle goals.
In this episode, we talk in-depth about how Michael starts his discovery process with an intro call that helps him determine whether a prospect would be a good fit for him and to introduce the personal questions that he will ask in the next meeting, how Michael uses a “deep discovery” meeting to help prospects explore their values around money and unearth goals they might not have previously considered, and how Michael finishes this process with an “initial findings” meeting where he presents preliminary planning recommendations (demonstrating the value they could receive from working with his firm without getting too specific about the actions required to implement chosen strategies).
We also talk about how Michael transitioned his firm from a generalist practice serving 177 client households (which came at a significant personal cost of time and stress) into a lifestyle practice serving 64 clients (including the challenge of finding new homes for clients and staff members), how Michael narrowed his focus to providing advanced retirement income services before later transitioning to working with clients on equity compensation issues, and how Michael has regularly received referrals from CPAs by demonstrating his expertise in specific topic areas relevant to their clients (for example, knowing the ins and outs of qualified small business stock).
And be certain to listen to the end, where Michael shares how using “precise language” without veering into industry jargon demonstrates credibility to clients and centers of influence alike, why Michael doesn’t shy away from fee conversations with prospects (as they have already seen the depth of value that his firm can provide), and how Michael has ultimately found that transitioning into a more focused (yet still highly profitable) practice has allowed him to better balance his professional, family, and personal goals.
