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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Brandon Kawal reflects on the RIA M&A shift from gold rush mentality to an institutional arms race.
In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect’s Wealth Management Group, talks with Brandon Kawal, partner at Advisor Growth Strategies, about remaining buoyant in the M&A market despite the challenges of 2022. According to Kawal, factors such as ongoing interest from external investors and demographic changes have helped sustain activity. He emphasizes the significance of meeting the needs of both sellers and buyers, particularly in terms of succession planning and potential partnerships.
Specifically, David and Brandon discuss:
How deal structures are shifting toward greater use of equity and why.
The premium placed on firms that incentivize current next-generation advisors for long-term growth.
The private equity equation, and the avenues toward liquidity.
What predicted growth means for private market investments.
How partnerships emerge as a solution to mitigate affordability constraints in internal succession plans.
Brandon leads client engagements, thought leadership, and research. He is tasked with bringing insight, creativity, and analytical know-how to collaborate with and help our clients reach new heights.
Brandon enjoys writing about industry challenges and trends, especially all things millennial. He authors and leads the annual M&A research for “The RIA Deal Room” which was recognized as the Industry Research Initiative of the Year in the 2021 Wealth Management Industry Awards. Brandon has contributed to major industry publishers such as Wealth Management, Barron’s, Citywire, and ThinkAdvisor. Brandon has been recognized as a ThinkAdvisor Luminary in Dealmaking and Growth.
Brandon resides in Phoenix and, thus, always roots for the Sun Devils. Brandon will always be a Californian at heart. He enjoys spending quality time with his wife, Kristi, and chasing his two young daughters and young son.
A former New York Mets baseball player, Brandon never misses watching a game. He also enjoys water sports, traveling with his family, and a well-crafted microbrew.
Foster’s firm, Angeles Wealth Management, has a 40% compound growth rate without tapping the M&A markets by fostering a “culture of storytellers.”
In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect’s Wealth Management Group, talks with Jon Foster, president and CEO of Angeles Wealth, a firm that caters to individuals with investable assets ranging from $10 million to $100 million, bridging the gap between boutique advisory services and full-scale family offices.
Foster shares his approach to this class of clients, prioritizing an “open architecture” service model, structuring unique investment opportunities in the private markets that put the advisor on the same side as the client, and his concerns over trends on the broader RIA market around short-term capital funding and market fluctuations. And if you’re applying for a job with Angeles Wealth Management, the one question you do not want to ask.
Specifically, David and Jon discuss:
How Angeles Wealth’s managed a 40% compounded growth rate over recent years without tapping the M&A market.
Why his first filter for hiring employees is to look for people who are natural “storytellers,” genuinely enjoy meeting people and can showcase the firm’s capabilities and client outcomes.
Why the firm prioritizes organic growth over mergers and acquisitions, recruiting advisors with knowledge of estate planning, philanthropy and generational family dynamics.
Using family discussions around philanthropy to unlock dynamics and spot potential red flags in multi-generational wealth.
How Angeles brings alternative investments to clients with either a fund-of-funds or as a co-investor and explains how he came to the unique decision to not charge management fees on client assets that get called into the strategies, in favor of a performance fee after the fund’s harvest period.
The benefits of retaining an “open architecture” when it comes to finding outside service providers—as opposed to bringing many of those services in-house—and why he never asks or expects a referral back from any outside estate attorney or service provider.
How culture is key for recruiting talent, and the one question that job candidates ask that ensures they will not be hired.
Jonathan is responsible for executive leadership of Angeles Wealth Management. Jonathan has over 30 years of experience in wealth management as both a client advisor and in senior management positions.
Prior to co-founding Angeles Wealth, Jonathan was President of two related companies, Carson Wealth Management Group, one of the nation’s premier full-service wealth management firms, and Peak Advisor Alliance, the largest independent coaching and consulting service focused on financial advisors. Jonathan is also the former Head of Wealth Management for E*Trade Financial, and CEO of Howard Capital Management.
Jonathan received an MBA in Finance from Northeastern University, and is a member of the Beta Gamma Sigma International Honor Society. He received his BA in Political Science from the University of Pennsylvania, where he was captain of the varsity squash team and an All-American.
Savant CEO and founder Brent Brodeski shares his playbook of success through M&A as a means to fill service gaps and to expand his service model across 15 states, with national ambitions.
In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect’s Wealth Management Group, talks with Brent Brodeski, CEO and founder of Savant, about laying a cornerstone to long-term success by drawing top talent and keeping relevant with clients’ changing expectations. Brodeski warns against the dangers of stagnation, advocating for a balance between client service and expansion.
Specifically, David and Brent discuss:
What many firms get wrong about “growth.”
What 2023 meant for Savant as it acquired nine RIAs and two accounting firms, and what those deals say about the firm’s national ambitions.
How he doesn’t view deals as “big fish swallowing smaller fish” but rather looks to partner with specialized firms that see the benefits of the scale while excited—and incentivized—to add to the firm’s growth story.
How he balances a commitment to employee equity with the recent investment from private middle-market investors Kelso & Co.
Why the firm made the recent investment in Australian fintech firm Lumiant, what it says about where he thinks the industry is headed and why he expects they will make more such investments in the future.
Brent is the CEO and founder of Savant. He has been involved in the financial services industry since 1988 and previously taught investment and finance courses at Rock Valley College, Rockford University, and Northern Illinois University. Brent earned a bachelor of science degree in finance and economics and a master’s degree in business administration with an emphasis in accounting from NIU. He is a Certified Public Accountant (CPA), a CERTIFIED FINANCIAL PLANNER™ professional, and a Chartered Financial Analyst® (CFA®).
Brent is a co-founder and past president of Zero Alpha Group (ZAG), an industry association. He is also a co-founder of the Alliance for RIAs (aRIA), a prestigious industry group. Brent was a long-term participant in Vistage (previously known as TEC) and The Strategic Coach™. He is currently a member of the Young Presidents’ Organization (YPO) and serves on the boards of the Northern Illinois University Foundation and the Rock Valley College Foundation.
