Don't Let the Noise Drown Out Your Inner Voice with Penny Phillips, Journey Strategic Wealth
Summary:
Are you letting everyone else’s opinions shape your decisions?
On this episode of Don’t Do That, Kelly Waltrich sits down with Penny Phillips, Founder of Journey Strategic Wealth, for a brutally honest conversation about entrepreneurship, motherhood, and building a financial advisory firm. Fresh off maternity leave with a three-month-old, Penny shares her unfiltered thoughts on the evolving financial services landscape, the challenges of being a woman in leadership, and why listening to too many opinions can derail your success. From the irony of independent advisors rolling up to PE-backed firms to the importance of trusting your instincts over external noise, this conversation doesn’t hold back on the messy realities of modern-day business leadership.
Kelly and Penny cover:
00:00 Introductions and Penny’s return to work after having a baby
01:30 The productivity superpower of new parents and Parkinson’s Law
03:09 Penny’s background coaching financial advisors and her entrepreneurial journey
05:31 The decision to build Journey East to give advisors “the best of all worlds”
06:34 The great industry irony: Independent advisors rolling up to larger firms
08:28 Why former independent advisors leading mega firms might be the solution
10:26 Journey’s mission: Lifestyle practices that monetize like enterprises
12:30 The technical model: Back/middle office infrastructure with coaching
13:47 Honest take on whether she’d recommend the industry to her daughter
15:55 Critique of women’s conferences and preparing women for real business challenges
18:14 Penny’s powerful “Don’t Do That” – don’t listen to too many people
20:13 Penny’s personal example: How seeking everyone’s opinion undermines confidence
22:11 How to distinguish between valuable feedback and noise
24:44 Being “maniacal about the problem, not the solution”
25:52 The reality of private equity money in the industry
26:30 Doing acquisitions the right way vs. the wrong way
27:00 Final thoughts on forming your own opinions and trusting your instincts
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About Our Guest:
Penny Phillips has spent most of her career coaching and consulting financial advisors and institutions. She is the co-founder and President of Journey Strategic Wealth, a Registered Investment Adviser built for advisors seeking independence and hands-on practice management support.
Prior to founding Journey, Penny founded Thrivos Consulting, a practice management coaching company. She has worked in various leadership positions across the financial services industry and has authored multiple practice management training programs focused on helping financial advisors build better businesses and prepare for the next generation of wealth holders.
As an industry speaker and sought-after facilitator, she has spoken at financial services conferences across the U.S. and Canada. She is a monthly contributor to Wealthmanagement.com and runs a YouTube channel called Practice Management with Penny. In 2022 Penny was nominated for Innovator of the Year by WealthManagement.com, and for a Luminary award by ThinkAdvisor. She was named as one of 23 People who Will Change the Wealth Management Industry in 2023 by FinancialPlanning.com.
On a personal note, Penny is certified in Advanced Behavioral Analysis. She earned dual degrees in Economics and Corporate Finance from The Macaulay Honors College of New York. She was born and raised in New York City, is of Greek descent, and speaks fluent Greek.