The Wire

May 11, 2019

Innovate or else: Advisers must leave the comfort zone before it's too late

A lack of innovation is threatening the growth that the financial advice industry has become accustomed to in recent decades, according to some top advisers.

Technology is commoditizing advice services. Without innovation "you may not be here in a couple of years," said one firm leader during a recent roundtable with the Alliance for Registered Investment Advisors, a think tank founded by advisers, hosted by InvestmentNews in New York.

May 1, 2019

Will Bob Oros’ PE-backed strategy for HighTower work?

After using a variety of strategies to grow to nearly $50 billion in AUM over the last 11 years, HighTower Advisors is unfurling its roadmap to build up value for an eventual liquidity event.

“Private equity is not long-term capital and Thomas H. Lee Partners [the RIA’s majority shareholder] is no different,” says HighTower CEO Bob Oros. “But Lee has patient capital, and if we build the firm the right way we will have quite a few options when the time comes [to make a decision]. We want to build enterprise value that people will be attracted to.”

But how exactly does Oros, the former Fidelity and H.D. Vest executive who replaced Elliot Weissbluth as CEO in January, plan to do that?

May 1, 2019

Brand ambitions: RIAs bid to become household names

If you were glued to the couch during the first few weekends of the NCAA Men’s Division 1 Basketball Tournament, you may have noticed an interesting advertisement or two nestled between the usual mind-numbing spots imploring you to eat Reese’s and drink orange vanilla-flavored Coca-Cola.

In one, a doctor tries to prescribe his wary patient a bottle of his proprietary elixir. In another, a waiter tries to push a ‘sardine surprise’ at a ritzy restaurant, telling his bemused customers that the restaurant gets a hefty commission with every sardine dish sold.

April 30, 2019

$575M RIA Spectrum Management Group Announces Affiliation with Ron Carson; Rebrands to Carson Wealth

Spectrum Management Group, a boutique wealth management firm headquartered in Indianapolis, Indiana, today announced the team's decision to affiliate as a Carson Wealth office. Co-founders Bob Phillips and Leslie Thompson, who lead a team of eight, decided to affiliate with Carson Wealth to better serve their clients and expand the already advanced menu of services and resources available. Both firms believe in a shared focus on guiding clients to financial confidence by simplifying their financial lives.

Spectrum Management Group becomes Carson Wealth's fifth $500M+ AUM firm in the past year to take advantage of the increasingly popular equity swap option available to advisors. As with other advisors who have affiliated and rebranded as Carson Wealth offices, Phillips and Thompson will maintain active majority ownership of their firm and will remain the strategic decision-makers for all business decisions and operations in the Indianapolis office.

April 24, 2019

People are the Keys to Deal-Making

When it comes to deals, few things will facilitate or derail a deal the way the people involved will. Emotions and egos have an oversized impact on the success or failure of deals, and they can cause negotiations to rapidly break down over a perceived slight or imbalance that could have been worked out to everyone’s satisfaction.

I recently spoke with John Furey, the founder and principle of Advisor Growth, as a guest on my Fueling Deals podcast. John and his organization specialize in the financial advisor industry and in helping financial advisor firms grow, expand, strategize, and do deals of all kinds. John knows from firsthand experience the importance of keeping a level head and remaining fair to all parties involved, and he has also seen how emotions can have a chilling effect on deals.

April 24, 2019

Facilitating Deals and Growing Firms: Fueling Deals Podcast with Corey Kupfer

What You Will Learn:

  • John shares how he founded Advisor Growth Strategies as a go-to resource for professionals in the financial advisor industry. John describes the services and guidance his organization provides to its clients.
  • John describes the types of deals and transactions his organization has been involved in, with a wide range of values. He explains why most of the transactions they have worked on have been for multi-partner firms.
  • Learn why egos and emotions can be a detriment to any deal, potentially causing the deal to break down. John explains why a transaction advisor’s role is to make sure the numbers are fair for everyone and help smooth the process.
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