Ep 507: Growing Bigger For Succession And Then Intentionally Downsizing For A Simpler Lifestyle Practice with Carolyn McClanahan

Carolyn McClanahan, founder of Life Planning Partners, describes growing her Jacksonville RIA to more than 100 clients and $300 million in assets under management before intentionally downsizing to 65 client households. She explains how business coaches helped clarify career paths, set measurable expectations and revise compensation structures, and how the firm's growth strategy contributed to burnout. She also argues the financial planning profession could benefit from medical-style residency programs and discusses knowing when not to grow.

1. The firm grew to more than 100 clients and later downsized to 65 client households.
2. McClanahan used business coaches to create clearer career paths, measurable expectations and improved compensation structures.
3. She says the firm's growth strategy contributed to burnout.
4. She believes the financial planning profession could benefit from medical-style residency programs.