A couple of years ago, I got a call from Jill Schlesinger, a CFP(R) turned award-winning journalist and host of the Jill on Money podcast. She had a new book out, The Great Money Reset, and wanted to see about appearing on one of our podcasts. I knew immediately that she would be a star guest, and a few months later, she knocked it out of the park on this episode of The Compound and Friends. She was so dynamic and entertaining that I found myself fist-pumping and laughing out loud while listening in the grocery store. I’m sure I received a few sideways glances for these random outbursts, but I couldn’t help myself.
Fast-forward: Jill is now a regular contributor to The Compound’s YouTube channel, where the audience has grown to over 150,000 subscribers. So I was thrilled to receive an invitation to appear on her show. The episode aired this weekend. It’s an hour-long conversation covering everything from my career to how I work with clients today. Along the way, we throw in some thoughts about my NYT Op-ed and the continuing gender imbalance among financial advisors, sales versus advice, permanent life insurance (TLDR: most people don’t need it), and the proper use of annuities.
One thing I was hesitant to admit is that my minimum for working with new clients is $7 million. This is where our services, called The Preserve, begin, and I was tasked with building out that service level at the firm a few years ago. I think my hesitancy stems from two places. First, it’s a large number that very few Americans will ever reach. It feels elitist even to say this number out loud. But Ritholtz Wealth does not have a minimum. We’ve built service models such as our roboadvisor, Liftoff, and our low-cost planning model, Good Advice, to serve clients no matter where they are on their net worth journey. But my reality is that my plate is full, and I have specialized in working with higher net worth clients.
The second reason I hesitate is that I work with many clients below $7 million. I’m not leaving these clients; I’m just not taking on any new ones. Instead, Alan Brockhaus, an advisor with me in the New Orleans office, will take on these new relationships.
It feels good to share this news with the world. This is my truth today. I’m blessed to be at a rapidly growing firm like RWM, which has clients of all sizes.
Many thanks to Jill for having me on. There’s no better person to conduct this interview. As a former advisor and always CFP(R) herself, Jill knows what it’s like to be in my shoes. It doesn’t hurt that she’s an absolute pro at all things media. I’m excited to see how Jill on Money powered by The Compound grows and expands our audience.
