Ep 513: The Path From (Unpaid) Intern To CEO Of A $3.4 Billion Advisory Firm with Neela Hummel
Michael Kitces • 4 days ago
What This Video Is About
The Financial Advisor Success Podcast features Nila Hmel, CEO of Abacus Wealth Partners, discussing her career path and advice for newer advisors. Nila started as an unpaid intern and rose through the ranks to become CEO, overseeing $3.4 billion in assets under management.
Major Ideas Discussed
- Nila's journey in the financial planning industry began at 22, driven by her desire to make a meaningful difference in clients' lives.
- She gained client-facing traction by offering value to senior advisors and built confidence in taking the lead on client relationships.
- Nila became the chief of advisory services, helping the firm professionalize its processes, and eventually became co-CEO.
- Her path to equity ownership was driven by her ambition and entrepreneurial spirit, believing equity ownership is essential for employees to feel invested in the firm's growth.
- Abacus Wealth Partners is now entirely employee-owned, with 26 partners and no external investors.
- Nila advises newer advisors to be curious, open to learning, and willing to ask questions and seek feedback, developing a growth mindset to learn from mistakes.
What to Watch Next
Nila's story serves as an inspiration to newer advisors, reminding them that success is a continuous journey, not a destination, and that hard work, determination, and curiosity are key contributors to achieving success in the financial planning industry.