The Perfect RIA Understanding Growth Metrics in a Bull Market With Michael Belluomini and Liam Heffernan
Mar 26, 2026
Liam Heffernan, a Carson Wealth leader focused on integration, due diligence, and talent retention. Michael Belluomini, a Carson Wealth executive who shaped coaching and M&A strategy. They discuss equity swaps and minority-stake deals. They dig into culture-first acquisitions, separating net-new asset growth from market gains, and practical diligence steps for smooth transitions.
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Let Go Of Operations To Focus On High Payoff Work
- Focus on the founder doing high-payoff activities: client meetings, prospecting, and servicing wealth; outsource the rest to scale.
- Carson offers to remove operational roadblocks so advisors can concentrate on revenue-generating work.
Growth Beats Cost Cutting For Valuation Creation
- Buyers may rely on growth rather than cost-cutting or EBITDA arbitrage; acquiring high-growth firms reduces effective purchase multiple over time.
- Carson targets growth-oriented firms they can help accelerate instead of firing staff to squeeze returns.
Culture And Growth Are The Primary Deal Criteria
- Culture and growth are Carson's primary deal filters, with talent and niche capabilities as secondary strategic reasons to buy.
- They value firms that protect employees and bring specialized skills they can't easily build internally.