What happens when you stop thinking like a renter and start thinking like an owner?
Not just in theory, but in how you run your business, make decisions, and show up for clients.
For Ricky Smith, that question didn’t come at the beginning of his career. It came 30 years later, after building a highly successful practice at Edward Jones and beginning to see the business through a different lens.
Today, Ricky is the founder and managing partner of Inspired Wealth Planning, the independent firm he built with Kestra Private Wealth Services. Since launching in March 2023, the firm has grown to over $1.25B in assets under its care across seven locations.
What makes this story interesting isn’t just the move—it’s how intentional it was. Ricky didn’t rush into independence. He spent a year evaluating 12 different firms and paths, clarifying what mattered most, and ultimately making a decision based on people and alignment, not just economics.
Ricky shares his journey with Jason Diamond, including:
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His approach to due diligence—and why he dove deeper into the weeds before he was satisfied with his next steps.
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Reconsidering the wirehouse model—and why he felt independence was the best path forward.
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The “ownership mindset”—and how that drives his values and processes.
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The early phase of independence—and why it’s less about growth and more about getting the structure right.
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Growing by 50%—and what “breakthroughs” he had in less than three years.
Ricky offers the perspective that making the leap to independence may be “short-term hard,” but you’re working toward building a business that’s designed to be “long-term easy.”
And there’s another broader idea worth paying attention to: Most advisors don’t lack options; they hesitate to act on them.
Listen in for sage advice from an advisor who has lived in the wirehouse world and is now independent—and has realized the value of ownership.
