Tag: Succession Planning
RIA Edge Podcast: Building a National RIA Brand Without Losing Identity with Kay Lynn Mayhue

RIA Edge Podcast: Building a National RIA Brand Without Losing Identity with Kay Lynn Mayhue

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In this episode of the RIA Edge podcast, host David Armstrong speaks with Kay Lynn Mayhue, president of Merit Financial, about the firm’s approach to growth as it reaches $24 billion in assets under management and celebrates its 50th acquisition. Mayhue discusses Merit’s recent capital partnership with Constellation Wealth and how the firm balances aggressive M&A activity with organic growth initiatives.

Mayhue explains Merit’s three partnership models—succession, leadership, and growth—and how the firm has evolved to attract larger, more sophisticated advisory practices. She emphasizes Merit’s philosophy that organic growth responsibility belongs at the company level rather than with individual advisors, allowing advisors to focus on client relationships while the firm develops strategic alliances and referral programs to drive new business.

Key insights:

  • How Merit Financial maintains a unified brand across all 50+ offices, which Mayhue credits with creating operational efficiencies while still allowing advisors significant autonomy within established guardrails
  • How the firm’s approach to advisor efficiency varies based on client demographics and advisor growth potential, with top producers receiving additional support to maintain growth capacity
  • How strategic partnerships with CPAs, banks, and retirement plan advisors serve as critical organic growth channels for Merit advisors
  • How Merit’s leadership team development has been crucial to its scaling strategy, with Mayhue advising firms to hire strategic leadership positions earlier than they think necessary

Resources:

Connect With David Armstrong:

Connect With Kay Lynn Mayhue:

About Our Guest:

Kay Lynn Mayhue, CFP®, AEP®, RFC®, has played many roles in the financial advisory industry: as a successor, partner, seller, and buyer. This unique and diverse background allows her to be able to relate to advisors in all phases of their careers and mergers and acquisitions.

With a background in financial planning and leadership, her career spans several areas, including advising clients, mergers and acquisitions, and strategic growth. Kay Lynn worked her way up from an entry-level position to earn her seat at the C-Suites table as President of Merit, which oversees $15.96 billion* in RIA and Brokerage assets under management. She holds her CFP®, AEP®, and RFC® and has been a critical decision-maker for two firms over the past twenty years.

Kay Lynn has overseen multiple mergers and acquisitions over the past four years and has been recognized for her position as a female leader in the financial services industry. She is passionate about helping people take their careers – and themselves – to exceptional levels. Kay Lynn’s influence in the industry and her drive for success a driving factors in Merit’s ongoing growth and appeal to growth-oriented advisors. 

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RIA Edge Podcast: Concurrent’s Nate Lenz on True Independence at Scale

RIA Edge Podcast: Concurrent’s Nate Lenz on True Independence at Scale

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Is true independence possible at scale? In this episode of the RIA Edge podcast, host David Armstrong talks with Concurrent CEO Nate Lenz about how his fast-growing RIA platform is helping advisors stay independent while accessing the scale, capital and talent needed to grow. 

From multi-custodial flexibility to a unique minority partnership model, Lenz shares what is energizing younger advisors looking to remain independent, even as pressures to scale drive business strategy and soaring RIA valuations keep many from being able to afford the benefits of firm ownership. 

Key takeaways:

  • Why Concurrent launched a “minority, non-control” capital program backed by capital partner Merchant to take ownership stakes in RIAs, arguing the approach aligns incentives with advisors and avoids the roll-up model that often strips away autonomy.
  • How the firm’s “Basecamp” platform creates efficiencies that advisors could not achieve alone, even as they retain their own brands and client relationships, and how a “powered by Concurrent” co-branding with partner firms can preserve local culture while signaling national strength.
  • How his firm is addressing the “talent wars” by turning inward and building training programs for new advisors. Lenz has a goal to train 100 new advisors over five years through a structured apprenticeship model.
  • How Concurrent is using its large 401(k) plan sponsor base and partnerships with firms like TIFIN to create new organic growth channels.
  • How higher interest rates have compressed valuations and raised the cost of capital in the RIA M&A market, yet not all firms will respond in the same way. Some well-capitalized firms with equity to deploy still have a strong edge even as they steer clear of auction-style deals where buyers pay unsustainable multiples.

Resources:

Connect With David Armstrong:

Connect With Nate Lenz:

About Our Guest:

With more than a decade of financial industry experience, Nate Lenz is a leader for advisors looking to realize their potential as entrepreneurs. He is currently the CEO and Co-Founder of Concurrent, a $7 billion OSJ turned RIA that was named an InvestmentNews Best Place to Work in 2023. Concurrent is driven by partnering with advisors to help them grow their independent businesses.

Nate’s career has focused on supporting financial advisors, empowering them to succeed without the backing of big financial services companies. Prior to his work at Concurrent, he was a Co-Founder and Managing Partner at I&A Consulting, focusing on mergers and acquisitions and recruiting experienced advisors. Before that, he was VP of Succession Planning & Acquisitions at Raymond James Financial Services, where he led the in-house consulting team that provided support to 4,000+ RJ independent financial advisors. His previous work helped shape his vision for Concurrent and deepen his investment in guiding independent financial advisors through all phases of the business life cycle.

He graduated from Columbia University and was recognized in 2022 as an InvestmentNews 40 Under 40 honoree.

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RIA Edge Podcast: How James Bogart Grew His Firm to $3B Client-by-Client—And What Comes Next

RIA Edge Podcast: How James Bogart Grew His Firm to $3B Client-by-Client—And What Comes Next

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James Bogart, founder of Bogart Wealth, has created an organic growth machine, going from $526 million to $3 billion in assets in less than 10 years—client by client, no M&A. 

His story shows the benefits of putting in place a strategic, repeatable and intentional growth program (especially for smaller entrepreneurial advisors) and focusing on a distinct niche where those efforts are more easily amplified.

But at $3 billion, and with 40 employees, the growth path starts to look a little different. 

In this episode of the RIA Edge Podcast, James describes to host David Armstrong what he is doing now to continue the trajectory—from letting go of some operational oversight to a trusted management executive, to building internal training programs and tapping institutional funding to support the business—all while eyeing his first acquisition.

James and David discuss: 

  • His early start as a new advisor focused on ExxonMobil executives, hosting education-only retirement planning lunches and dinners—and the metrics he tracked to fine-tune the strategy.
  • How COVID-inspired digital seminars dramatically accelerated the firm’s growth
  • When, and how, he started to adapt the organization, including departmentalization and multi-point client servicing models. 
  • Solving the human capital problem with home-grown internal training programs 
  • The decision to hire Jeffrey Fuhrman, formerly head of Focus Financial firm Coastal Bridge Advisors, as president
  • Taking on outside capital for the first time with Constellation Partners
  • Why he’s beginning to eye M&A for the first time to continue the growth trajectory. 

Resources:

Connect With David Armstrong:

Connect With James Bogart:

About Our Guest:

As CEO of Bogart Wealth, James Bogart focuses on maintaining the highest level of customer service possible and seeking to deliver the most effective technology, reporting tools, and analysis to every Bogart Wealth client. A charismatic visionary and next-gen founder with seemingly endless energy, he surrounds himself with people who complement his skills. James promotes a collaborative environment, leading by example and always exemplifying Bogart Wealth’s core values. He sets a high bar for himself and his employees, encouraging everyone to acquire designations that will help them advance their careers and better serve clients. 

A seasoned wealth advisor and visionary leader, James takes personal pride in assisting executives, entrepreneurs, and professionals in pursuing their dreams through highly customized financial planning strategies. James’s practice spans wealth plan design, investment management, estate planning, family legacy planning, business succession, charitable giving, asset protection, and retirement concerns, with a special insight and focus on multi-generational strategies. He regularly addresses audiences of industry professionals and senior corporate executives on new and upcoming developments in this field.

Educated at the University of Virginia and Georgetown University, James is an Investment Adviser Representative, a Chartered Financial Consultant® (ChFC®), and a CERTIFIED FINANCIAL PLANNER (CFP®).

James and his wife, Ashley, enjoy spending time with their children, Makenna, Peyton, and Landon. He serves on the board of directors for local non-profit The Hopkins Society. He is also a proud Eagle Scout, remaining active with the Boy Scouts of America. He enjoys golf, travel, reading, and cooking. 

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RIA Edge Podcast: Redefining Growth in Wealth Management

RIA Edge Podcast: Redefining Growth in Wealth Management

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David Armstrong talks with Jim Gold, CEO of Steward Partners, about the firm’s growth trajectory. Steward Partners, originally founded by wirehouse breakaways, has cultivated a unique approach by tapping experienced advisors with the independence of RIAs. With over $40 billion in assets, Jim shares insights into their robust M&A strategy and the importance of succession planning in an aging industry.

The main takeaways include:

  • Steward Partners’ M&A philosophy and its pivotal role in addressing the “succession crisis.”
  • The changing mix of advisor recruits and firm acquisitions as growth levers.
  • How Steward designs equity and partnership structures to attract and retain advisors.
  • Future growth ambitions and potential needs for additional capital.
  • Strategies for organic growth and how they differentiate Steward.
  • The importance of keeping advisors happy and well-resourced for their own success.

Resources:

Connect With David Armstrong:

Connect With Jim Gold:

About Our Guest:

Jim Gold serves as CEO, is a Founding Partner, a Board Member, and a member of the Executive leadership team at Steward Partners Global Advisory. He has extensive experience in the Financial Services industry, having held several senior-level roles, most recently as Executive Director at Morgan Stanley. Prior to assuming his current role, Mr. Gold ran the Southern Connecticut Complex, headquartered in Greenwich, Conn. Mr. Gold spent 18 years with Smith Barney, beginning in 1995 as a financial advisor. He went on to hold numerous management positions at the firm, including National Training Officer, Assistant Branch Manager, Branch Manager, and Complex Manager. Mr. Gold received numerous accolades from the firm during his tenure, most recently, he was recognized for his accomplishments in Diversity.

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RIA Edge Podcast: Carolyn Armitage on The Importance of Succession Planning for RIAs

RIA Edge Podcast: Carolyn Armitage on The Importance of Succession Planning for RIAs

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The number of advisors looking to execute a succession plan in 2022 has nearly doubled since the beginning of the year, according to the latest RIA Edge Study “Pulse Poll” released in September. What is driving this accelerated shift?

In this episode of the RIA Edge Podcast, Mark Bruno, managing director at Informa Wealth Management, speaks with Carolyn Armitage, head of Thrivent Advisor Network, about the importance of creating a succession plan—and ultimately, the best and worst practices for putting a formal succession plan in place. 

Specifically, Mark and Carolyn discuss:

  • What is motivating RIA firm leaders to execute succession plans now
  • Why it’s important to have a formal written succession plan
  • How to determine when it is the right time for the founder to exit—and the employees to take over
  • Who business owners are choosing as successors and the importance of ensuring cultural alignment

Resources:

Connect With Mark Bruno:

Connect With Carolyn Armitage:

About Our Guest:

Carolyn Armitage leads Thrivent’s newly crafted independent RIA, Thrivent Advisor Network. With her extensive experience in the wealth management industry, Carolyn’s strategic guidance will enable the next phase of development for the organization.

Her experience includes roles as an independent Financial Advisor, producing Branch Manager, the head of multiple wealth management teams such as HD Vest – now Advantax, ING Advisors Network – now Voya & Cetera, among others. She also led the Large Enterprise Business Management Consulting team for LPL Financial. Prior to her current role of heading up Thrivent’s RIA, Thrivent Advisor Network, Carolyn provided investment banking and consulting services, including valuation, expert witness, strategic planning and positioning, compensation, incentives, and equity sharing structuring, and internal and external succession planning to the industry’s most elite firms through the firm ECHELON Partners. 

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