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Cody Garrett’s ‘advice-only’ approach to financial planning

Welcome to the 255th episode of Financial Advisor Success Podcast,

My guest on today’s podcast is Cody Garrett. Cody is the founder of Major Twice Financial, an independent RIA based in Houston, Texas that has managed to rapidly grow to nearly $150,000/year in annual financial planning fees in barely more than 6 months since launch Used to be.

However, what is unique about Kodi is their “advice-only” approach to financial planning, where customers have no obligation, expectation, or even Option To have their investments managed by Kodi’s firm…which has allowed them to quickly attract a waiting list of customers who may be Do-It-Yourselfers at the time of implementation, but not Learn-It-Yourselfers We are happy to pay Kodi for more personalized education.

In this episode, we talk in-depth about how Cody first got into the advice-only model, after talking to a dismayed prospect who interviewed 10 fee-only advisors looking for someone who’s Were looking for what would charge him for financial advice and could not find Anyone Who would complete the plan without expecting to manage their money, how Kodi has managed to find a niche with a certain segment of do-it-yourself consumers who are willing to pay financial planning fees for advice and education. And how Kodi has been able to build a steady pipeline of new customers by immersing itself in the Facebook Do-It-Yourself Fire communities of extremely early retirees.

We also talk about what exactly is Kodi does In its financial planning process for DIY customers, a 3-month 3-meeting process for which it charges a planning fee of $6,400, why Kodi avoids using traditional financial planning software to earn its planning fee, and 25 -plus the ‘one-pagers’ that Kodi offers to customers in the form of their educational financial plan deliverables.

And be sure to listen to the ending, where Cody shares how building an advice-only model has allowed him to build the ideal practice for his lifestyle, which is the way he made his process to the point quickly. Arranged that he doesn’t need to work more than 10 hours per week to generate approximately $150,000/year in financial planning fees, his lean approach to building his practice with high-value clients means that He’s able to take home more than 90% of his gross revenue after all business expenses, and what he wants to do with it Rest He is involved in giving back his time to the advisory and consumer communities now that he is able to achieve his lifestyle goals.

So whether you’re interested in knowing how Kodi offers advice-only services to DIY investors, how it gets referrals by “giving it all”, or why it charges the same amount from all of its clients, we hope Do you enjoy this episode of The Financial Advisor Success Podcast, With Cody Garrett.

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