PRACTICE PROFILE
Empowering Voices in Financial Planning
Danika Waddell, CFP® of Xena Financial Planning
From an early age, Danika Waddell, CFP®, founder and lead planner at Xena Financial Planning, received an inside look into money management. She grew up helping her dad pay the monthly bills and balance the family’s checkbook. “I appreciated my dad’s willingness to ‘pull back the curtain’ and give me a front-row seat to see how our budget worked,” Danika reflects. “I am a firm believer in removing the stigma we have around money conversations, even with our closest family and friends.”
Beyond challenging outdated stigmas, Danika remained passionate about making financial planning more accessible to groups of people who have typically been excluded by the profession, particularly Black and Brown Americans and LGBTQ+ individuals. “I didn’t see any other firms out there that were serving the type of clients I wanted to work with and in the way I wanted to practice,” she says. “I wanted to serve women, people of color, the LGBTQ+ community, and a younger demographic—not just retirees.”
In 2020, Danika launched Xena Financial Planning, a Seattle-based, 100% virtual Fee-Only firm currently serving 110 households. The firm specializes in guiding women in tech and mid-career professionals who receive equity compensation, such as restricted stock options (RSUs).
From Corporate to Community
With a mathematics degree and over 15 years of experience in corporate finance and accounting, Danika enjoyed the structure and problem-solving her job provided. However, she sought more human interaction and a more fulfilling purpose than helping a company’s bottom line. In her late 30s, she pursued the CFP® designation and decided to switch careers. “It may sound trite, but I found my calling,” she says. “Financial planning marries technical aspects like investments and retirement planning with things like relationship management, helping clients reach their goals, and other qualitative skills.”
Compelled to start Xena Financial Planning from the ground up, Danika specializes in serving groups not typically targeted by financial planning firms. The firm’s core values center around curiosity, not judgment, and inclusivity for people historically excluded from financial services. Her team strongly advocates for the LGBTQ+ community and partners with women, people of color, and clients of any gender identity or sexual orientation. Xena also focuses on authentic goal setting and encouraging clients to be true to themselves. “I want to have real conversations about money and would never guide someone to be miserable just for the money,” Danika says. “If a client wants to quit their job and travel the world, I want to help them find a way to make it happen.”
Danika also saw an unmet need to reach mid-career professionals in early wealth accumulation phases, as the traditional financial planning field primarily focused on retirees. She is well-versed in assisting women in tech with managing equity compensation such as incentive stock options (ISOs), non-qualified stock options (NQSOs), and employee stock purchase plans (ESPP) from many big tech companies.
A Fee-Only firm from day one, Danika founded Xena with a commitment to honest, fiduciary-based guidance. “There may be a place for both models,” she acknowledges of the Fee-Only and fee-based models, “but I am much more comfortable with the reduced conflicts of interest in the Fee-Only model and prefer not to sell a product.”
Building Connections
Danika shares that joining NAPFA in 2018 was one of the most valuable steps she took to support her growth. “I have benefited tremendously from participating and being on the NAPFA West Region board, as well as the Women’s Initiative Committee,” she says. “The community is incredible, and I appreciate the commitment to continuing education NAPFA members have embraced.” Throughout her financial planning career, she has undergone a successful merger, expanding her reach and capabilities, and has been named to “Investopedia’s” Top 100 Financial Advisors in 2022 and 2023.
Challenged with finding, developing, and retaining the right talent, Danika has turned to programs like the Externship and BLX Internship to find people searching for their next role. “I also like marketing the firm on social media, mostly Instagram and LinkedIn,” she says, noting her preferred engagement tool is video as it doesn't feel like a chore. “I strongly believe every planner should find a medium that resonates with them, whether it’s writing, video, or another platform, and focus their efforts there.”
Danika’s favorite financial podcasts are “Planet Money” and “Marketplace” on NPR. Her go-to non-financial planning app is the “New York Times,” particularly the game section where she plays daily Wordle, Connections, and Spelling Bee sessions.
Her advice for other NAPFA members? “Volunteer! I have made invaluable connections and appreciate the ability to effect meaningful change within the organization and the profession,” she says.