Ep 513: The Path From (Unpaid) Intern To CEO Of A $3.4 Billion Advisory Firm with Neela Hummel
Michael Kitces talks with Neela Hummel, CEO of Abacus Wealth Partners, a $3.4 billion advisory firm, about her 17-year climb from unpaid intern to CEO and what each step taught her.
The gist
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Hummel earned her way into client meetings by offering senior advisers help, such as running live projections and turning her notes into follow-up emails.
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To build a grown-up bedside manner, she studied neuro-linguistic programming, slowed her speech, and asked for direct feedback after every meeting.
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She brought in zero clients in her first year as a relationship manager and says business development took six to seven years to become consistent.
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Hummel recommends Radical Candor and The Psychology of Money, and says solution-focused therapy taught her to move clients out of their pain instead of dwelling on it.
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After a 2022 split over ESG investing, Abacus doubled down on its B Corp values, and Hummel avoids meetings before 10, after 4, and on Fridays.
"I think Radical Candor is still one of my favorites. It's a great management book, but I think it's a really good people book."
▶ Play at 35:323 creators recommend it, including Michelle Khare and Andrew Rosen.
See all on the Radical Candor page6 creators recommend it, including Ali Abdaal, Chris Williamson, and George Kamel.
See all on the The Psychology of Money page"We did do a whole session internally on solution focused therapy that was really, really helpful, because so much of the marketing at the time in our business was focus on the pain... It's let's acknowledge it and then be like, where are we going to go? What would it be like i..."
▶ Play at 36:10What they recommend · 3 picks
"We did do a whole session internally on solution focused therapy that was really, really helpful, because so much of the marketing at the time in our business was focus on the p..."
"I think Radical Candor is still one of my favorites. It's a great management book, but I think it's a really good people book."
"Psychology of Money, of course. Fabulous."
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