RIA Edge

Following a remarkable period of M&A activity in the RIA industry, one of the star bankers in the industry has made the leap from leading deals to leading one of the largest RIAs in wealth management.   In this special episode of the RIA Edge Podcast, host Mark Bruno, the Managing Director of the Wealth Management Group at Informa, engages in a fascinating dialogue with Liz Nesvold, a renowned investment banker with a 30-year career in the industry. Recorded live at the RIA Edge Conference, this episode offers an exclusive peek into Liz’s recent transition from investment banking to her new role as President of Cresset, one of the fastest-growing and most successful RIA firms. Together, they explore the motivations behind her move and delve into the opportunities within the RIA space, drawing from Liz’s vast experience advising on major transactions and working with top-tier investment firms. Throughout the conversation, they touch on various topics including: The current state of mergers and acquisitions, along with RIA valuations Opportunities to accelerate growth in the RIA channel  The challenges and opportunities associated with talent acquisition.  Liz’s deep insights and unique perspective shed light on the evolving landscape   Resources:  RIA Edge Podcast Connect With Mark Bruno: WealthManagement.com LinkedIn: WealthManagment.com LinkedIn: Mark Bruno Twitter: Mark Bruno LinkedIn: Informa Connect With Liz Nesvold: LinkedIn: Liz Nesvold  Cressetcapital.com About Our Guest: Throughout her 30-year career, Liz has served as a trusted consultant and investment banker, providing exceptional advice to her clients across business strategy, succession planning, integration, and growth. Liz is a founder and CEO herself, having launched and built the investment bank Silver Lane Advisors with several talented partners, including her husband, Peter Nesvold. Under Liz’s leadership, Silver Lane became a widely recognized leading RIA M&A firm, which was sold to a Fortune 500 company in 2019. Liz remained a Managing Director and Head of Asset and Wealth Management Investment Banking until joining Cresset. Among her many recognitions, Liz was recognized as a Woman to Watch by InvestmentNews in 2019 for her leadership in the financial advisory industry. She has also been an active champion and advocate for women in financial services throughout her career and is a member of CHIEF, 100 Women in Finance, and Young Presidents Organization. She serves as the independent director on the board of ClientWise, which she recapitalized with Northwestern Mutual Future Ventures Fund. Liz earned a Bachelor of Arts from Binghamton University and an MBA in Finance with high honors from Fordham University Gabelli School of Business.

Building an RIA firm that can successfully attract, retain and develop top talent – and ultimately become the “RIA of choice” in a specific market — is no easy feat. But one firm, Halbert Hargrove, for years has been building bridges from G1, to G2 and even G3 talent. In the process the firm’s experiences has created a bit of a roadmap for other RIA firms to learn from and follow as they look to expand their talent base.  In this episode of the RIA Edge podcast, JC Abusaid, the President and CEO of Halbert Hargrove, talks with Mark Bruno about the key lessons learned from the firm’s organic growth and human capital growth. Specifically, Mark and JC discuss:  The importance of internships and structured programs to develop talent  Designing a firm that is structured to grow organically – with consistency – across the organization  The importance of advanced succession planning  How firms can successfully expand their networks and attract new talent Resources:  RIA Edge Podcast Connect With Mark Bruno: WealthManagement.com LinkedIn: WealthManagment.com LinkedIn: Mark Bruno Twitter: Mark Bruno LinkedIn: Informa Connect With GUEST: JC Abusaid: Bio Halbert Hargrove Company Site JC Abusaid: LinkedIn About Our Guest: As CEO and President of Halbert Hargrove, JC is guiding the firm confidently into the future. Execution and operational excellence are his bywords; we consider him our glue. He formally took the helm of CEO in December 2021. For many years, working alongside Chairman and HH founder Russ Hill, JC has had the privilege to be involved in most facets of the firm, and has enjoyed being part of HH’s growth and success. JC enjoys the dynamic nature of his role: “I like solving big challenges,” he says. He joined HH as Operations Manager in 1996 and was named President and Chief Operating Officer in 2010. JC earned his Bachelor of Science in Business Administration with a Finance emphasis from the Colegio de Estudios Superiores de Administracion in Bogota, Colombia, and his MBA from University of Redlands School of Business. He was awarded the ACCREDITED INVESTMENT FIDUCIARY designation by the University of Pittsburgh-affiliated Center for Fiduciary Studies. In 2016, JC was part of Stanford University’s pioneer cohort in earning a LEAD Certificate in Corporate Innovation from Stanford Graduate School of Business. In 2021, he was again part of an inaugural class, this time in taking part in BlackRock’s first Emerging Leader Lab.

While the M&A activity levels at the start of 2023 slowed somewhat, there have been several notable developments during the first half of the year that will shape M&A and valuations over the remainder of 2023 – and beyond.  In this episode of the RIA Edge Podcast, Jessica Polito, Founder of investment bank Turkey Hill Management, talks with Mark Bruno about the drivers, motivators and market forces that have influenced M&A activity year-to-date. More specifically, Mark and Jessica discuss:  The quality and objectives of RIAs currently engaging in M&A  How M&A has evolved into a strategic growth tool for firms on the rise  Why valuations have remained strong despite headwinds in global markets and increasing costs of capital  The keys to a deal being successful “after the close” Resources: RIA Edge Podcast  Connect With Mark Bruno: WealthManagement.com LinkedIn: WealthManagment.com LinkedIn: Mark Bruno Twitter: Mark Bruno LinkedIn: Informa Connect With Jessica Polito: LinkedIn: Jessica Polito Turkey Hill Management About Our Guest: Jessica Polito founded Turkey Hill Management, LLC in 2021 after a long career in investment banking. Turkey Hill is built on the premise that there should be complete alignment between the M&A advisor and the wealth management client it serves. The company does not charge a “success fee” at the completion of a deal, as is done by most traditional investment banks. In doing so, the client can be assured that the advice given is unbiased and in the best interest of the client. Jessica draws from her many years of buyside and sellside M&A experience in the wealth management space to ensure that every partnership is not just financially sound, but preserves the legacy of both sides of the deal. She lives in Westport, Connecticut with her husband and four small children. She received her Bachelors of Science in Business Management from Babson College with dual concentrations in Finance and Economics and holds her Series 79 and 24 licences. 

This episode of the RIA Edge podcast provides advisors with a view into the trends that are influencing and impacting growth across the RIA landscape.  Specifically, industry veteran Tom Bradley, Managing Director at Schwab Advisor Services, and Informa’s Mark Bruno provide benchmarks for growth rates and a high-level view of the “levers” that top firms are using to accelerate growth. In addition, it addresses some of the challenges even the most successful firms have experienced from their growth – and how they have set their firms up to solve for these issues and continue to grow their businesses. Mark and Tom also discuss: 93% of firms in Schwab’s Outlook research expect to grow over the next five years, and the average growth rate of net new assets is 17%. What will differentiate the firms that outperform and exceed these expectations? If I am looking to assess the quality of my firm’s growth – and more specifically, my future growth potential – what questions should I be asking? How do I connect this with the potential investments I might need to make in human capital, technology, marketing, or business development? Many RIAs have doubled, or even tripled in size, over the last decade. What are some of the most common challenges that this growth as caused for firms? While thousands of RIAs have seen their assets under management swell over the last decade, “true growth” – growth excluding market appreciation and M&A – was incremental for many. What are the most successful firms in the industry doing to create intentional and repeatable growth? Resources:  RIA Edge Podcast  Connect With Mark Bruno: WealthManagement.com LinkedIn: WealthManagment.com LinkedIn: Mark Bruno Twitter: Mark Bruno LinkedIn: Informa Connect With GUEST: LinkedIn: Tom Bradley  Website: Schwab Advisor Services  About Our Guest: Tom Bradley is Managing Director for Schwab Advisor Services and oversees the division that provides custodial support services for independent Registered Investment Advisors with up to $2 billion in assets custodied at Schwab. He is also a leader in driving the ongoing integration between Schwab Advisor Services and TD Ameritrade Institutional. Prior to joining Schwab, Bradley spent over three decades at TD Ameritrade, much of that time in the service of independent advisors. He served as president of TD Ameritrade’s Institutional business for 12 years prior to becoming president of the firm’s Retail Distribution unit, which is where he spent his last five years at the firm. He is a graduate of the University of Richmond’s Robins School of Business.

While the need for financial advice – and the ability to access advice – has never been greater, most advisors still have not been able to capitalize on the growing number of opportunities.  According to Steve Sanduski, advisor coach, CFP, New York Times Best-Selling Author and founder of the Sanduski Advisor Network, suggests that while it’s a bull market for advice, it has not been a bull market for financial advisors. In this episode of the RIA Edge podcast, Steve and Mark Bruno discuss how advisors can accelerate the growth of their businesses, specifically: How advisors can adopt the right mindset and framework for thinking about growth How advisors can kickstart true organic growth strategies How AI, generational change, and other factors will force advisors to revamp their business models/strategies to be competitive as we complete the waning years of the last baby boomers turning 65. Resources:  RIA Edge Podcast Connect With Mark Bruno: WealthManagement.com LinkedIn: WealthManagment.com LinkedIn: Mark Bruno Twitter: Mark Bruno LinkedIn: Informa Connect With Steve Sandusky: Steve Sanduski.com  LinkedIn: Steve Sanduski  Twitter: Steve Sanduski  About Our Guest: Steve Sanduski has 35-plus years of business experience includes: Working in Silicon Valley for Hewlett-Packard pre-internet days. Helping start a RIA that grew from $0 to $1.8 billion in AUM during my six years at the firm. Running Peak Advisor Alliance (now Carson Group Coaching) for 11 years as the Managing Partner as it grew from 0 to 1,000 financial advisor coaching clients. The co-founder and CEO of ROL Advisor, a digital tools and training company that serves hundreds of financial advisors in 11 countries. On top of that, he’s been A CERTIFIED FINANCIAL PLANNER licensee since 1996, a New York Times Bestselling author, and currently hosts four popular podcasts with more than 700 published episodes. Over the decades he has realized that his flow state is really a “Flow Wheel.” It’s the virtuous cycle of Learning, Translating, and Inspiring people to live a meaningful and financially sufficient life. In practice, that means he’s a curious, voracious learner and doer who translates what he learns so he can inspire others through coaching, group training and tools, and his podcasts, books, and blogs.

While there have been hundreds of M&A transactions in the RIA channel in recent years, Focus Financial was one of the first strategic acquirers in the industry more than a decade ago – and has since grown into one of the largest and most influential firms in the wealth management business.  In this episode of the RIA Edge podcast, Rajini Kodialam, Focus Co-Founder and Chief Operating Officer, sits with Informa’s Mark Bruno to discuss the evolution of M&A and the opportunities that exist today. Specifically, Mark and Rajini discuss: How RIAs – both as buyers and sellers – are thinking differently about M&A today than they were just 12 months ago, given the changes in markets, economy and cost of capital What “problem” Focus specifically solves for firms that it acquires or partners with – and how has that evolved over the last decade How Focus differentiates itself from other professional buyers that have emerged in recent years Opportunities for RIA to go global and enter markets outside of the U.S. Resources:  RIA Edge Podcast Connect With Mark Bruno: Website: WealthManagement.com LinkedIn: WealthManagment.com LinkedIn: Mark Bruno Twitter: Mark Bruno LinkedIn: Informa Connect With Rajini: LinkedIn: Rajini Kodialam Website: Focus Financial Partners   About Our Guest: Rajini is a co-founder of Focus and responsible for acquisition, relationship management and value-added initiatives across the firm. Prior to founding Focus, Rajini worked at American Express where she managed interactive services for the U.S. Consumer Card and Travel businesses. Prior to joining American Express, she was with McKinsey & Company. Rajini loves to cook, experiment with xeric gardening in her Austin home and aspires to write a sci-fi novel.  Rajini holds an MBA from Columbia Business School in New York, a PGDM from the Indian Institute of Management, Ahmedabad and a B.A. from Delhi University, India.

While markets may be in bear territory, it’s a bull market for financial advice – as more individuals need access to professional advice than ever before.  How can RIAs effectively take advantage of this once-in-a-lifetime growth opportunity to acquire new clients and deepen relationships with existing clients? Megan Carpenter, the CEO and Founder of FiComm – and one of the top marketing minds in the wealth management industry — dropped by the RIA Edge podcast to share stats, best practices and an RIA playbook for putting a strategic marketing plan in place.  In the episode of RIA Edge, Megan and host Mark Bruno discuss: The mindset of RIAs that are having the most success creating meaningful organic growth — and how leaders of these firms make sure this trickles down to all of their employees There have been a number of firms that have experimented with digital marketing over the last several years. The firms that have seen the most growth, what are they doing correctly? More specifically, among the firms that are experimenting and having success, what are they doing differently? Benchmarks for healthy organic growth rates, as well as how much should RIAs be investing in marketing Marketing is still a new frontier for many leaders of wealth management firms. What are some good resources for advisors who want to become more educated about all of the options and innovations available to accelerate their marketing? Resources:  RIA Edge Podcast Connect With Mark Bruno: WealthManagement.com LinkedIn: WealthManagment.com LinkedIn: Mark Bruno Twitter: Mark Bruno LinkedIn: Informa Connect With Megan Carpenter: Connect with Megan on LinkedIn Meet Megan: FiComm website Read Megan’s Blog Book time to talk with Megan  

While scores of RIAs continue to experience growth, despite headwinds in the markets and economy, some firms are growing more strategically than others – and this strategic growth is exponentially more valuable according to Jeff Vivacqua, President of Growth & Development at Cambridge Investment Research. In this episode of the RIA Edge podcast, Mark Bruno, Managing Director at Informa Wealth Management, speaks with Jeff about the drivers of high-quality growth and how RIA firm leaders can create processes and guidelines that will generate repeatable growth through M&A and organic strategies. Specifically, Mark and Jeff explore: Areas of opportunity for advisors to accelerate the growth of their businesses organically  How will the future drivers of growth differ from the previous, more traditional drivers of growth? The firms that are growing the fastest – and the most consistently – what are they typically doing right? How are they thinking about, and investing in marketing, strategically? What role will M&A play in Cambridge’s future growth and development? Resources:  RIA Edge Podcast  Connect With Mark Bruno: WealthManagement.com LinkedIn: WealthManagment.com LinkedIn: Mark Bruno Twitter: Mark Bruno LinkedIn: Informa Connect With Jeff Vivacqua and Cambridge: LinkedIn Cambridge website

RMB Capital has become one of the largest and most successful RIA firms in the wealth management industry – with its own, at times, under-the-radar approach to growth. A strategic approach to M&A, organic growth and management of all things capital has fueled the firm’s success over the years, landing RMB on the inaugural RIA Edge 100 list of the industry’s top firms.  In this episode of the RIA Edge podcast, Informa Wealth Management’s Mark Bruno interviews Don Bechter, Managing Partner of RMB, about the primary contributors to the firm’s growth since inception. Specifically, Mark and Don discuss: What role M&A has played in accelerating RMB’s growth and reach How RMB has created a scalable, repeatable strategy for growing through both marketing and business developments New roles and development programs that RMB has added to help the firm continue to grow and attract new talent Resources:  RIA Edge Podcast Connect With Mark Bruno: WealthManagement.com LinkedIn: WealthManagment.com LinkedIn: Mark Bruno Twitter: Mark Bruno LinkedIn: Informa Connect With Don Bechter and RMB: RMB Capital Website:  LinkedIn: Don Bechter

With heightened market volatility and uncertainty significantly impacting client portfolios over the last year, RIAs have been leaning more on alternative investments to present their clients with new sources of return, income and downside protection.  In this episode of RIA Edge, David Levi, Managing Partner at Brookfield and Head of Brookfield Oaktree Wealth Solutions, shares his perspective with Informa’s Mark Bruno about the rise of alternatives in the RIA channel and the increased number of alternative offerings now directly available to high-net-worth investors. Specifically, Mark and David discuss: Macro-challenges and opportunities across the RIA landscape – What are the most successful RIAs doing to drive growth, attract and retain clients in a challenging market Why alternatives, why now: How alternatives have shifted from institutional to individual investors and the major driving forces behind this shift  What types of problems are advisors largely looking to solve now that has prompted a heightened interest in a broader set of alternative investment options?  How advisors can now access new real estate, infrastructure and private credit offerings for their clients Resources:  RIA Edge Podcast Connect With Mark Bruno:  WealthManagement.com LinkedIn: WealthManagment.com LinkedIn: Mark Bruno Twitter: Mark Bruno LinkedIn: Informa Connect With David Levi and Brookfield: Brookfield.com Brookfield|Oaktree LinkedIn: David Levi