Category: Finance
RIA Edge Podcast: Alternatives at the Core with Dick Pfister

RIA Edge Podcast: Alternatives at the Core with Dick Pfister

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In this episode of the RIA Edge Podcast, David Armstrong, editorial director at Informa Connect’s Wealth Management Group, sits down with Dick Pfister, founder of AlphaCore Wealth Advisory, to explore his firm’s investment approach that places alternatives at the core of the service offering. Dick discusses his early days bringing alternatives to advisors with his firm Altegris, the origins of AlphaCore, the organic growth journey of the firm, and how the sometimes cumbersome alt-investment process is integrated into the service for clients.  

David and Dick explore:

  • AlphaCore’s distinctive approach of integrating alternative strategies to provide diversification and risk management at the portfolio’s core
  • How he approaches building a dedicated team and scalable technology to support both organic growth and acquisitions.
  • The reasoning behind taking an investment from Karl Heckenberg’s Constellation Wealth Capital
  • The firm’s seven core values, including No. 1: Do what’s best for the client.
  • Practical strategies for achieving organic growth through client referrals, educational events, business development, and leveraging referral networks

Resources:

 Connect With David Armstrong:

Connect With Dick Pfister:

About Our Guest:

Dick has over 25 years of experience in the wealth advisory and financial services industry with an emphasis on diversifying traditional portfolios with alternative strategies. In 2015, he founded AlphaCore, which has become a leading wealth advisory firm. He serves as AlphaCore’s CEO and is a managing member of the Investment Committee. Throughout his career, he has successfully navigated changing market conditions on behalf of hundreds of entrepreneurs and investment professionals.

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RIA Edge Podcast: Enhancing the RIA Experience with Jalina Kerr

RIA Edge Podcast: Enhancing the RIA Experience with Jalina Kerr

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In this episode of the RIA Edge Podcast, David Armstrong, editorial director at Informa Connect’s Wealth Management Group, sits down with Jalina Kerr, managing director of client experience for Schwab Advisor Services. Jalina talks about Schwab’s approach to enhancing the advisor experience, including the group’s work on technology integrations, changes made in the wake of the TDAI integration, and how the firm is trying to follow advisors’ lead when it comes to prioritizing the custodian’s approach to tech development.  

David and Jalina discuss:

  • How the firm is thinking about the “advisor experience” on the platform, and how they are working to improve it. 
  • Schwab’s approach to gathering and acting on advisor feedback in close to real-time.
  • Addressing the challenges and complexities of large-scale platform integration, particularly post-TD Ameritrade merger
  • The growing demand for simplified technology ecosystems, including integrated bundles,  and how Schwab aims to meet those needs.

Resources:

Connect With David Armstrong:

Connect With Jalina Kerr:

About Our Guest:

Jalina Kerr is the Managing Director of Client Experience for Schwab Advisor Services. Kerr’s team shapes the constantly evolving client experience with progressive technical and human resources designed to support the custody needs of a diverse advisor base.

Kerr began her career at Schwab in 1994 on the Advisor Services trading desk. During her tenure at Schwab, Kerr has held roles in client service delivery and operations, as well as advisors in transition, strategy, and technology.

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RIA Edge Podcast: Ken Stern on Lido Advisors’ Path to $20B in AUM

RIA Edge Podcast: Ken Stern on Lido Advisors’ Path to $20B in AUM

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Ken Stern’s journey with Lido Advisors started almost a decade ago with a chance meeting at a family office conference. His initial connection with Lido’s founders quickly evolved into a shared vision of providing unmatched client service and scaling a national brand. In some ways, the Lido story is a bit different among RIAs—instead of a firm starting with retail clients and moving upstream to high and ultra-high net worth, Lido started in the family office space and under Stern’s operational guidance has brought the family office-style suite of services to a broader base of clients and prospects. 

In this episode, David Armstrong, managing director of editorial and content strategies for the Wealth Management Group at Informa, talks with Ken Stern, president of Lido Advisors, to delve into the approaches they’ve taken to scale, how he thinks about growth as almost a mandate to bring clients a top-tier experience, and how they’ve balanced organic growth and acquisitions. 

David and Ken discuss:

  • Lido Advisors’ impressive growth to over $20 billion in AUM and the strategies behind their rapid expansion.
  • Why cracking the code on multi-generational planning has become a key driver in the firm’s overall growth strategy.  
  • Why Lido Advisors chose to bring services like trust management and tax preparation in-house to provide better control and a seamless client experience
  • One potential, highly valued client-service area that remains largely untapped by most RIAs and is on Lido’s strategic roadmap. 
  • Lido’s approach to mergers and acquisitions and the role of partnerships with private equity firms like Charlesbank Capital Partners and Constellation Partners in fueling expansion

Resources:

Connect With David Armstrong:

Connect With Ken Stern:

About Our Guest:

Ken Stern is the President of Lido Advisors. Ken is focused on executing Lido’s vision of growing Lido Advisors into a nationally recognized leader in advanced wealth management and investment strategy. After working with and helping grow various financial institutions, Ken saw a need for a client-centric financial advisory firm focused on comprehensive planning and dynamic investment management. As a result, he founded both Asset Planning Solutions, Inc. and Ken Stern & Associates. Ken has authored seven personal finance books and appeared in or been quoted on several TV and radio shows including The Today Show, CNBC, and CNN.

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RIA Edge Podcast: Talent Development and Client Engagement with Nate Lenz

RIA Edge Podcast: Talent Development and Client Engagement with Nate Lenz

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Learn how independent financial advisors can drive growth and streamline operations while maintaining their autonomy as David Armstrong, editorial director for Informa Connect’s Wealth Management Group, speaks with Nate Lenz, CEO & co-founder at Concurrent.

They explore talent development, organic growth strategies and the unique model Concurrent uses to allow advisors to thrive while maintaining their brand identity. 

David and Nate highlight the following:

  • The evolution of Concurrent and its transition to a fully independent RIA
  • Strategies for achieving organic growth and the critical role of talent development
  • The significance of minority non-control stakes in building advisor partnerships
  • Concurrent’s approach to expanding service offerings through strategic acquisitions

Resources:

 Connect With David Armstrong:

Connect With Nate Lenz:

About Our Guest:

At 25, Nate Lenz was the youngest vice president at Raymond James Financial Services, where he led the succession planning and acquisition team and helped recruit financial advisers from large, full-service brokers, providing them with the support they needed to grow their own businesses independently. That work helped shape his vision for Concurrent, which he co-founded in 2016 in Tampa, Florida, to build a better business model for advisers looking to go it alone. “Concurrent is a service provider to advisors that helps them make the jump to independence,” Lenz said.

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RIA Edge Podcast: Organic Growth Fuels Industry Rebound in 2023

RIA Edge Podcast: Organic Growth Fuels Industry Rebound in 2023

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Schwab’s Lisa Salvi shares insights from the firm’s annual benchmarking report, revealing how top-performing RIAs are driving significant organic growth amidst industry challenges. 

In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect’s Wealth Management Group, talks with Lisa Salvi, managing director of advisor services at Schwab, about the firm’s annual advisor benchmarking report that reveals a strong rebound in 2023. While M&A remains prevalent, organic growth is increasingly prioritized as a key driver for top-performing firms. Finding the right talent continues to pose challenges as firms are urged to invest in career pathing and employee development programs.

Specifically, David and Lisa discuss:

  • How advisors are rebounding by defining ideal client personas and cultivating long-term relationships. 
  • Using technology as a catalyst for driving efficiency and enhancing client experience.
  • Attracting and retaining clients based on value proposition, independent of market fluctuations.
  • The need for strategic hiring and employee development programs amidst an industry facing a critical talent shortage.  
  • How M&A continues to be a strategic option for many advisory firms seeking to expand their reach and talent pool.
  • Why succession planning is vital for firms to ensure long-term stability.

Resources:

 

Connect With David Armstrong: 

Connect With Lisa Salvi:

About Our Guest: 

Lisa Salvi is a member of the Advisor Services leadership team and is responsible for Schwab’s Business Consulting and Education offer. Her team develops and manages programs and one-on-one consulting engagements designed to help independent advisors make lasting and significant improvements within their firms by focusing on key business, technology, and cybersecurity issues. Salvi’s team leads the annual RIA Benchmarking Study, the Compensation Study, and programs that support the development of advisor talent through executive education and student initiatives. They also provide insights and tools that help the Advisor Services sales and support teams deliver outstanding client service to independent advisors.

Salvi has worked with fee-based advisors since 2003. Since joining Schwab in 2007, she has held several positions, including Chief of Staff to Bernie Clark, head of Advisor Services.

Salvi holds a bachelor’s degree from the University of California, Los Angeles, and the Series 7 and Series 24 registrations.  

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RIA Edge Podcast: How Conway Wealth Prioritizes Clients’ Life Goals Beyond Investments

RIA Edge Podcast: How Conway Wealth Prioritizes Clients’ Life Goals Beyond Investments

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Michael Conway shares how advisors at his firm, Conway Wealth, prioritize a deep understanding of each client’s values and puts health and well-being at the center of the planning conversation. 

In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect’s Wealth Management Group, talks with Michael Conway, founder and CEO of Conway Wealth, about their bespoke approach to wealth management services for the high-net-worth market. The firm has a unique process for understanding a clients’ values and priorities beyond finance, and creating personalized plans that speak to their longer-term goals and values. Access to a vetted roster of professionals in the fields of health, nutrition, travel and family dynamics is part of the value proposition at Conway. Their customized emphasis on each client has fueled significant growth in recent years and allowed the firm to make a major investment in developing their own fintech with Seeds Investor, an investment platform that facilitates client conversations and gives advisors a path toward deeper and more meaningful portfolios and financial plans.

Specifically, David and Michael discuss:

  • How Conway Wealth puts a focus on discovering the motivations and priorities for each client and seeks to tailor a customized plan that moves beyond investments to speak to the their longer-term life goals.
  • How the firm formalized its Life & Wealth Network, designed as an exclusive association of professionals and platforms to provide guidance for clients around health, nutrition, relationships, leisure, security, and charitable giving—and how Michael thinks about the economics of using a partner network versus bringing services in-house. 
  • The metrics that Michael watches closely to ensure the firm is running efficiently and to flag capacity problems before they negatively impact the client experience. 
  • The decision to build their own stand-alone investment platform, Seeds Investor, to bring client values and priorities into planning discussions and building bespoke portfolios.

Resources:

RIA Edge Podcast

Connect With David Armstrong:

LinkedIn: David Armstrong 

Twitter/X: @djamesarmstrong

Connect With Michael Conway:

LinkedIn: Michael Conway

Conway Wealth

About Our Guest: 

Michael Conway is founder and CEO of Conway Wealth Group, a premier, independent financial planning and advisory group. He is also a shareholder of Summit Financial, LLC.

As a successful and well-respected financial advisor, Michael has spent more than 30 years building his practice and providing clients with specialized solutions that blend financial and estate planning strategies with open architecture investment management.

Michael’s high net worth clients include successful entrepreneurs, corner office executives, CEOs, CFOs, Wall Street professionals, professional athletes, and others, all with significant wealth tied to their businesses or employers. Michael’s process focuses on leading clients toward Aligning Life & Wealth by focusing not just on investment gains, but the important parts of life that create lasting happiness for families.

Michael is a member of the Financial Planning Association and has earned Certified Financial Planner® and Chartered Financial Consultant® credentials. In addition, Michael is frequently looked to as an expert in financial news media and has been featured in various publications, including Barron’s, the Wall Street Journal, Investment News, and Investor’s Business Daily, among others. He was also named one of the 100 Most Influential Advisors by Investopedia.



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RIA Edge Podcast: Helium Advisors’ Tax-Optimized Approach to Building Wealth

RIA Edge Podcast: Helium Advisors’ Tax-Optimized Approach to Building Wealth

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Helium founder and partner Howard Morin explains the benefits of bridging financial planning with deep tax expertise.

In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect’s Wealth Management Group, talks with Howard Morin, founder and partner at Helium Advisors, about integrating tax planning into the center of wealth management services. Located in Seattle and started in 2016, Helium has grown organically, with some M&A, to $270 million in assets currently. The focus on tax planning throughout the financial planning process ensures clients maximize after-tax returns, which are, after all, the only returns that count. While Helium leads with their tax and wealth management expertise, they also collaborate with a network of legal and accounting professionals for specialized support to meet the varying needs of each client. 

Specifically, David and Howard discuss:

  • How Helium Advisors stands out by prioritizing tax integration from the outset, ensuring a cohesive approach to financial planning.
  • Why a tax-centric approach can significantly impact a client’s financial well-being and help clients minimize tax liabilities.
  • Addressing the challenges of balancing personalized service with efficient growth by scaling processes and maintaining a strong employee-to-client ratio.
  • The importance of utilizing the right technology to streamline processes and enhance client service.
  • Keeping client focus by understanding each client’s unique goals and risk tolerance, and also offering guidance on complex issues like business decisions and estate planning.

Resources:

RIA Edge Podcast

Connect With David Armstrong:

Connect With Howard Morin:

About Our Guest: 

Howard Morin co-founded Helium Advisors with partner Gary Russell in 2016. Howard has over 20 years of financial services and organizational leadership experience. Most recently, he oversaw the Financial Services Group of Conover serving as CEO of both the Conover Securities Corporation and Conover Capital Management. Starting as a manager of the institutional trader business at TradeStation Group his success was recognized by the Intel Corporation who relocated him to the Pacific Northwest in 2000 where he was named Managing Director of Global Financial Services. At Intel, Howard was responsible for implementing technology at some of the largest financial institutions in the world. After a career at Intel he returned to Wall Street, joining Union Bank of Switzerland (UBS) as a private financial advisor. Howard is passionate about advising clients on key decisions and working with employers to align their corporate retirement plan with their strategic goals. A native of South Florida, after almost 20 years in the Seattle area, he now calls Scottsdale, Arizona home.

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RIA Edge Podcast: Client-Centric Growth: A Model for Modern Wealth Management

RIA Edge Podcast: Client-Centric Growth: A Model for Modern Wealth Management

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President and CEO Phillip Hamman of Linscomb Wealth on how his firm outpaced market growth with a laser focus on client satisfaction.

In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect’s Wealth Management Group, talks with Phillip Hamman, president and CEO of Linscomb Wealth, about the firm’s comprehensive financial planning services, where they leverage a team-based approach and institutional knowledge to address clients’ diverse needs. Founded over 50 years ago, Linscomb Wealth transitioned to a fiduciary fee-only firm in the 1980s, doubling assets to $4.2 billion. With 1800 clients nationwide, they cater primarily to those with $1-10 million in liquid assets and believe prioritizing client well-being is a strong catalyst for driving organic growth.

Specifically, David and Phillip discuss:

  • How tracking detailed metrics guides their strategic decision-making. 
  • Why the firm prioritizes cultural alignment with potential acquisitions to safeguard against diluting their core principles and maintaining a cohesive organizational structure.
  • The challenges in talent acquisition and where they look to identify the right candidates who not only possess the necessary skills but, more importantly, align with the firm’s client-centric values.
  • How their relationship with Cadence Bank has expanded their product portfolio while still allowing the firm to maintain its independence.
  • What future services the firm is looking to offer to stay ahead of industry trends and client demands.

Resource:

Connect With David Armstrong:

Connect With Phillip Hamman:

About Our Guest:

Joining Linscomb Wealth (LW) over a decade ago, Phillip currently serves as the president and CEO. He leads the team in the development and execution of the firm’s long-run vision, propelling its growth. His leadership extends to serving on the LW Board of Directors, chairing the Executive Team, and contributing as a voting member of the Investment Committee, reflecting his deep proficiencies in investment advisory, client service, and wealth planning.

A graduate of Texas Tech University with a B.S. in Personal Financial Planning, Phillip’s professional journey encompasses significant experience with high-net-worth and ultra-high-net-worth individuals and families. Phillip is passionate about the advancement of the wealth management field and is currently a member of the University of Houston Bauer MSF Wealth Advisory Board, CFA Institute, Investments & Wealth Institute, and Financial Planning Association. A family man and lifelong Texan, Phillip is married with three wonderful children and resides in West Houston.

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RIA Edge Podcast: Charting Growth With Insights from Wealth Enhancement Group’s Jeff Dekko

RIA Edge Podcast: Charting Growth With Insights from Wealth Enhancement Group’s Jeff Dekko

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WEG CEO Jeff Dekko shares his company’s approach to staffing models, strategic decision-making, and the significance of organic growth in the financial advisory industry.

In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect’s Wealth Management Group, talks with Jeff Dekko, CEO of Wealth Enhancement Group, about the firm’s history and active role in the M&A space. The company currently manages around $80 billion in assets, primarily in the RIA industry. With over two decades of experience at the company, Dekko emphasizes sustainable growth as a critical aspect of their strategy along with optimizing processes to enhance productivity and employee satisfaction.

Specifically, David and Jeff discuss:

  • How the firm is committed to organic growth but evolved over time to embrace M&A as well.
  • The need to establish clear benchmarks for hiring and capacity utilization so the firm ensures efficient operations and maintains service quality without the need for ad hoc decision-making.
  • What the changing landscape of M&A in the RIA space means and how it reflects the competitive nature of the market.
  • The impact of private equity investments in the industry and the importance of assessing the compatibility of PE partners to achieve success in quality-driven growth.
  • Why the firm targets both small and large companies for acquisition. They seek clarity and process maturity to drive efficient utilization of technology, particularly Salesforce, to streamline operations and support their client-centric approach.
  • Wealth Enhancement Group’s long-term operational philosophy and strategic focus on building a resilient and enduring company with an expanding geographic reach.

Resources:

Connect With David Armstrong:

Connect With Jeff Dekko:

About Our Guest: 

Jeff has more than 20 years of business experience in marketing, technology, operations, and finance. He is responsible for overall leadership, growth, and development of Wealth Enhancement Group. Jeff began his career with General Mills, Inc., where he served in a variety of marketing management positions. In 1994 he joined Recovery Engineering, Inc., where he was instrumental in the development and branding of the PUR water filtration system. Jeff was a key member of the team that successfully sold the company to Procter & Gamble for a 100% premium over market value. Through his work in technology and management consulting firms, Jeff has helped numerous organizations realize greater levels of success. Jeff provided consulting services to Wealth Enhancement Group before being asked to join the organization as CEO in 2003.

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RIA Edge Podcast: Marshberry’s John Orsini on The Paths to Growth

RIA Edge Podcast: Marshberry’s John Orsini on The Paths to Growth

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Marshberry’s director of financial advisory services on how advisors navigate their growth trajectories.

In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect’s Wealth Management Group, and John Orsini, director, of financial advisory services, at MarshBerry, discuss the recent RIA Edge research study detailing how firms are navigating their growth trajectories and approaching decisions around service expansion, fee compression and specialization.

Specifically, David and John talk about:

  • The services most RIAs say they are likely to add, which they aren’t, and why. 
  • The financial metric firms should keep in mind when designing a sustainable growth strategy. 
  • How smaller RIAs that strive to accommodate all client service requests eventually find that “stumbling forward” on the growth path can lead to more significant problems down the road.
  • Where the convergence of private equity, insurance tax, and estate planning in M&A has gained momentum and where it has not.
  • Some of the challenges “next-generation” advisors face as the industry evolves from a collection of practices to larger and professionally managed businesses.

Resources:

Connect With David Armstrong:

Connect With John Orsini:

About Our Guest: 

John Orsini joined MarshBerry as a Director in 2021 for its Wealth Advisory division. In his role, he is responsible for being the client-facing lead on merger and acquisition projects, developing strategy and implementing client deliverables, and maintaining client relationships to ensure successful project execution.

John has more than 15 years of experience in strategic finance, including product launches, technology investments, and the build-out of mutual fund distribution systems through wirehouses, banks and wealth advisors. In addition, he served in various finance leadership roles during stops at The Vanguard Group, Morgan Stanley Investment Management, and Nationwide Financial. Most recently, John was Associate Vice President of Business Development & Acquisitions for Nationwide Financial’s Investment Management Group. In this role, he led all aspects of acquisition strategy, deal execution, implementation, and strategic partnerships. He was the liaison between their leadership team and enterprise finance regarding all inorganic growth activities.

John currently maintains the FINRA Securities Industry Essentials Exam and Series 7, 63 and 79 FINRA registrations through MarshBerry Capital, LLC, the affiliated FINRA-registered Broker/Dealer of Marsh, Berry & Co., LLC. John holds an MBA from Widener University and a BS from Temple University and achieved certification from Wharton Executive Education in Mergers & Acquisitions.

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