The COO Roundtable

Episode 85: Josh Brier & Aldo Tarantini

Coldstream Wealth Managment — Wed, 01 Apr 2026 06:00:00 +0000

Matt welcomes Josh Brier, Chief Operating Officer of Connecticut Wealth Management, and Aldo Tarantini, Managing Director and former Director of Operations at Family Management Corporation. Connecticut Wealth Management, founded in 2010 out of an accounting business, recently celebrated its 15^th anniversary. Today, the firm manages approximately $5 billion of client assets with a team of 70 employees. Family Management Corporation, based in New York City, began in 1989 as a family office for the two founders. Since then, it has grown to manage approximately $5 billion in client assets with a lean team of 23 professionals. After sharing their professional journeys and backgrounds, Josh, Aldo, and Matt explore a range of impactful topics, including:

How a great COO can eliminate friction for advisors, enabling them to better serve clients
The role Operations plays in shaping the client experience and driving firm success
Leveraging technology to create efficiencies and improve workflows
Lessons learned from mid-project pivots and how to adapt when things don’t go as planned
The future of the RIA industry and how Operations teams can harness the current growth trends to increase their stature

The views and opinions expressed by guests on The COO Roundtable are their own and do not necessarily reflect the views of Coldstream Wealth Management. Guest statements regarding their firms, including assets under management and business performance, have not been independently verified by Coldstream.

Episode 84: Henry Lao & Ben Littman

Coldstream Wealth Managment — Wed, 04 Mar 2026 07:45:00 +0000

With Episode 84, Matt welcomes Ben Littman, Founding Member and Head of Corporate Development at Pure Financial Advisors, and Henry Lao, Vice President of Investments at Mercer Advisors. Pure Financial Advisors manages approximately $11 billion of client assets with a team of nearly 200 dedicated professionals. Mercer Advisors operates from over 100 offices nationwide, employing nearly 1,500 people, and oversees around $90 billion of client assets. Ben and Henry share how their professional friendship has enriched their careers and offer deep insights into the operational strategies behind their firms’ impressive growth. In this episode, you’ll discover:

Why operational strength is critical in every M&A conversation
How each firm decides which services to centralize and which to delegate to advisory teams
The advantages of owning your data, and how a robust data warehouse empowers RIAs to connect and leverage their tech stack
Strategies for aligning investment professionals with operations teams to ensure seamless implementation in client portfolios
How operations teams directly shape and elevate the client experience

*The CFA Institute owns the certification marks CFA^® and Chartered Financial Analyst^®. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP® and Certified Financial Planner™ in the U.S.

This podcast is for informational purposes only and does not constitute investment advice. References to third-party firms are based on self-reported information and are not verified by Coldstream.

Episode 83: Alli Jordan & Emily Wilcox

Coldstream Wealth Managment — Tue, 03 Feb 2026 21:40:00 +0000

In this episode, Matt is joined by Alli Jordan, President at LibertyFi, and Emily Wilcox, COO at Practifi, for a discussion on how leading RIAs are using innovative technology, operational excellence, and smart leadership to drive scalable growth. LibertyFi empowers growth-oriented RIAs to drive revenue and scale with the Envestnet platform, enabling seamless outsourcing of reporting, billing, and trading. Using technology and defined processes in their own business, LibertyFi currently supports 23 RIAs managing approximately $21 billion in assets with just eight employees. Practifi offers a unified workspace for financial advisory firms, blending CRM, practice management, compliance, and marketing features to streamline workflows and deepen client relationships. Alli and Emily aren’t just consultants to RIAs navigating change; they are practitioners at the forefront of their own firms’ growth stories. Together, they join Matt to explore how RIAs can grow profitably and efficiently. Other key topics covered include:

The importance of treating the components of your tech stack as an operational strategy, not just a technology choice
Dos and Don’ts for creating a tech stack designed to fuel growth in 2026
How to lead successful change across your firm by focusing on your team’s “hearts and minds”
Time management tips and how to escape the daily grind and focus on strategic growth
The top attributes of an effective RIA COO

Episode 82: Hannah Koch & Joe Walker

Coldstream Wealth Managment — Wed, 14 Jan 2026 07:00:00 +0000

In Episode 82, Matt sits down with two well-accomplished RIA operators: Hannah Koch, Director of Strategic Initiatives at Chicago-based Altair Advisers, and Joe Walker, COO of Bradley, Foster & Sargent (BFS), headquartered in Hartford, Connecticut, with nine total office locations. Altair Advisers serves individuals, families, foundations, and endowments, offering investment management, financial planning, and client education. BFS provides investment management services to individuals, families, entrepreneurs, professionals, non-profits, and institutions.

This episode dives deep into the real-world challenges and opportunities of RIA technology. Matt, Hannah, and Joe share candid insights on why successful tech implementation hinges as much on people and process as it does on the tools themselves. The conversation also covers:

Why defining a specific business problem must come before choosing any technology solution
The critical role of data governance and training before introducing AI across your firm
Tips for approaching change management and setting your team up for long-term success
The importance of seamless integration and data flow when designing your firm’s tech stack
How focusing solely on the fiduciary duty can sometimes overshadow your people, and ways to become an employer of choice

Episode 81: Jason Mirabella and Randy Lambert

Coldstream Wealth Managment — Wed, 03 Dec 2025 07:03:00 +0000

Matt is joined by industry veterans Jason Mirabella and Randy Lambert for Episode 81. Jason returns for his second appearance, having first joined Episode 37 nearly four years ago. Randy, the former COO of Orion, brings decades of experience after spending 30 years building and scaling one of the industry's leading organizations. Now, Jason and Randy have teamed up at Intention.ly to launch a new operational consulting arm, specifically designed to tackle the unique operational and growth challenges faced by RIAs and the fintechs that serve them. Together, Matt, Jason, and Randy dive into topics including:

The complexity of scale and why it’s important to “keep score”
How growing firms can remain “quick and nimble” instead of becoming “bloated and slow” as they transition into enterprises
The fundamental differences between a Director of Operations and a Chief Operating Officer, and how to determine which role your firm needs
Why change is so hard for organizations to navigate, and how COOs can become true change agents
Will AI replace the traditional CRM, or make it even more powerful?
How the COO role is evolving and what to expect going forward

Episode 80: Linda Bready

Coldstream Wealth Managment — Wed, 05 Nov 2025 07:00:00 +0000

In this episode, Matt sits down with Linda Bready, a renowned operations consultant to RIAs and author of the new book, The Exit Equation – M&A Strategies, Tools, and Insights for Financial Advisors. What started as a guide for sellers preparing for mergers or acquisitions, Linda’s book reveals itself as a comprehensive blueprint for operational readiness. It’s packed with practical strategies that empower firms to run more profitably and efficiently, whether or not a sale is on the horizon. As Linda writes, “a well-run firm isn’t just easier to sell, it’s easier to grow, scale, and live with.”

Linda’s expertise is extensive. She was a trailblazer in the field of RIA performance reporting during her 17 years running B-Ready Outsourcing Solutions, which she led until its acquisition by Envestnet in 2010. After serving in a leadership role at Envestnet for six years, Linda became Executive Vice President of Operations & Client Service at FolioDynamix―until, in a twist of fate, Envestnet acquired FolioDynamix in 2018. Today, Linda is back in the consulting sphere as the founder of CleverX Consulting, where she delivers fractional executive support and board-level insight to financial services firms and fintech innovators.

During this far-reaching conversation, Matt and Linda discuss her new book and a wide range of RIA operations and technology topics, including:

Why so many RIAs struggle with operational efficiencies
The common pitfall: mistaking technology ownership with technology optimization
Why now is the time for RIAs to focus on scalability and repeatability across their organizations
The critical role of culture and why it’s so often overlooked in M&A transactions
Strategies for effective change management
Why not all AUM is created equal
Overcoming the reluctance to document workflows and processes
The power of client segmentation and why understanding the true cost to serve each client is more important than focusing solely on top-line revenue

To learn more about how Linda works with advisors and operations professionals, please visit https://www.cleverxconsulting.com/

To purchase Linda’s amazing book, click here.

Episode 79: Morgan Bell & Lisa Crafford

Coldstream Wealth Managment — Wed, 01 Oct 2025 06:30:00 +0000

In Episode 79, Matt welcomes two long-time friends and industry experts: Lisa Crafford and Morgan Bell of Constellation Wealth Capital (“CWC”). CWC is a Chicago-based private equity firm founded in 2023 that specializes in making minority investments in growth-oriented wealth management firms across the United States. Lisa and Morgan first met at BNY Mellon Pershing, while consulting for RIAs. Today, Lisa serves as Managing Director, Head of Advisory, and Morgan leads technology consulting at CWC. Matt has long considered both Morgan and Lisa fellow “operations nerds,” and has enjoyed collaborating with them on content aimed at helping operations professionals run better firms. After sharing their career stories, the conversation dives into:

The evolution of the COO role as the wealth management industry matures
The need for leadership and next generation training in the industry, and how Lisa and Morgan addressed these needs – both historically and now at CWC
Solving the complex puzzle of building a scalable, efficient, and integrated tech stack
Where the COO is headed in the next five years
Common mistakes firms make, and how to avoid them at your RIA
Advice for first-time COOs and for RIAs hiring their first COO
And, of course, a short tribute to Mark Tibergien’s immense impact on our industry

The article, “The Importance of Strategy and How a COO Can Help” can be found here.

Episode 78: Eric Stephenson & Shelly Kapoor

Coldstream Wealth Managment — Wed, 03 Sep 2025 06:00:00 +0000

Episode 78 dives deep into a challenge many COOs contend with on a daily basis: mastering M&A integration. Matt hosts a dynamic discussion with two former COOs who have recently stepped into groundbreaking roles focused exclusively on business integration: Eric Stephenson and Shelly Kapoor.

Eric is Managing Director of Integration and Optimization at Pathstone, a firm spanning 22 office locations, 800 employees, and managing over $100 billion of assets for clients. Shelly is a colleague of Matt’s at Coldstream, where she has taken on the new role of Manager of Business Integration. Coldstream now has approximately $13 billion of AUA, eight office locations, and more than 200 employees. Eric and Shelly explain how they leverage their varied experiences as COOs in their integration work, as well as:

How their new roles extend beyond traditional M&A integration work
Their firms’ unique philosophies and approach to M&A
Why the human side of integration and change management remains the greatest challenge
The critical role of technology in supporting seamless integration
Essential advice for COOs considering or transitioning into dedicated integration roles

The article, “Growing RIAs Must Focus on Process, Not Technology” can be found here.

Episode 77: Brad Cox and Michael Walliser

Coldstream Wealth Managment — Wed, 06 Aug 2025 06:25:00 +0000

Episode 77 finds Matt interviewing two seasoned RIA operators: Brad Cox and Michael Walliser, for an insightful conversation on growth, technology, and collaboration in the wealth management industry. Brad is COO, CCO, and Partner at Diversified Portfolios, Inc., based in Bloomfield Hills, Michigan. The firm was founded in 1993 and has grown to approximately $1.8 billion of client assets, with a team of 19 employees. Michael serves as President and CCO at Condor Capital Wealth Management in Martinsville, New Jersey. Established in 1988, Condor Capital oversees about $2 billion for clients and employs 28 professionals. In this episode, Brad and Michael discuss their 32-year-old study group, the Council of Independent Financial Advisors (“CIFA”), as well as:

How to structure your study group to ensure each member gains the most from it
The processes at each of their firms that have needed to change as their firms have grown
The pros and cons of building a “best-of-breed” technology stack vs. adopting an “all-in-one” solution
Both guests’ approach to AI and how they have implemented it to enhance client service and streamline operations at their firms
What cybersecurity tools and protocols both firms use to protect sensitive employee and client data

To learn more about the Council of Independent Financial Advisors (“CIFA”), please visit: https://www.katiecalaguiconsulting.com/council-of-independent-financial-advisors

Episode 76: Tony Cox & Whitney Imeraj

Coldstream Wealth Managment — Wed, 21 May 2025 06:00:00 +0000

We are excited to return to our traditional interview format for Episode 76, but this time with a twist! For the first time, we are interviewing an RIA who is actively searching for a Chief Operating Officer. In this episode, we delve into the responsibilities they envision for their new COO, once hired.

Sage Mountain Advisors, founded in 2018 out of Goldman Sachs, has experienced remarkable growth. Starting with just six employees, the firm has expanded to 25 employees, managing approximately $5.5 billion for their clients. To date, the COO role has been filled by Whitney Imeraj, IACCP^®, who also serves as the CCO and Partner of the firm. Whitney has shared many operational duties with Tony Cox, Co-Founder, President, and Chief Investment Officer.

In this episode, Whitney, Tony, and Matt discuss why Sage Mountain believes it is the right time to bring in a new COO, as well as:

How they are conducting their COO search process
The “Technology and Innovation” components of the new COO’s job
How they hope the new COO will impact “Team Leadership and Culture Building”
Where Whitney sees the candidate driving “Operational Leadership”
What direction Tony sees the COO taking “Strategic Growth and Vision”
The “Compliance and Risk Management” responsibilities the new role will encompass
How Sage Mountain plans to engage in M&A, and the expected impact of the new COO on these goals
Other key areas of the firm beyond Technology, HR, Business Administration, and M&A that the new COO will hopefully influence

To apply for this role and/or to see what a comprehensive COO job description looks like, please see Sage Mountain Advisors’ job posting here.

You can read Matt’s recent article, Smart Hiring for RIAs: Aligning Talent with Team Needs

Episode 75: Why AI Is Not Your Top Tech Priority

Coldstream Wealth Managment — Wed, 23 Apr 2025 06:00:00 +0000

In the midst of volatile markets and a bustling tax season, Matt faced a unique challenge for Episode 75: he was unable to secure guests for the show. Rather than skipping an episode, he opted for a second monologue in a row, a format he typically reserves for special occasions. While he prefers to spotlight those leading operations at their firms, he chose a topic that resonates deeply with our listeners: leveraging technology to enhance the experiences of both teammates and clients.

Drawing on insights from his recent panel at the RIA Edge Nashville conference, titled Crafting a Memorable Client Experience With WealthTech, and his latest article, Why AI Isn’t Your RIA’s Top Technology Priority, Matt delves into the current landscape of RIA technology. He provides a thoughtful analysis on how to construct a tech strategy that underscores your firm’s value proposition for your ideal clients. Additionally, he discusses Matt Beecher’s compelling article, The Tech You Use Doesn’t Matter, along with several of his own writings on RIA technology.

Key Takeaways from the Episode:

Clients expect advisors to use technology to manage their assets and enhance their relationships, not to provide DIY investment tools.
The client experience should prioritize human interaction, augmented by technology, rather than replacing personal connection by placing technology in the hands of the client.
Many RIAs fall into the trap of adopting new technology without fully understanding its impact ― an “Impact Filter” can help prevent “Shiny Object Syndrome.”
Focus on core technologies that support daily operations (like CRM and portfolio management) and use satellite tools (such as AI analytics) as enhancements that align with firm goals.
Many RIAs struggle with insufficient, misaligned, or excessive technology, making it essential to address foundational issues before tackling advanced solutions like AI.
While AI offers exciting opportunities, it shouldn't take precedence over resolving core technology challenges.
Ultimately, clients value personal support and confidence in their financial journeys more than the intricacies of an RIA’s tech stack.

We hope you enjoy, share, and subscribe.

Resources:

Matt’s recent article can be found here: Why AI Isn’t Your RIA’s Top Technology Priority
Matt Beecher’s article can be found here: The Tech You Use Doesn’t Matter
Matt’s article High Tech vs. High Touch: What Are Clients Really Asking For? can be found here.
Matt’s article RIAs That Excel at Technology Do Not Look Like Tech Firms can be found here.
Matt’s article Identify Your Ideal Client Before You Determine Your Tech Stack can be found here.
Matt’s article RIAs Are Struggling With Too Much Technology, Not Too Little can be found here.

Episode 74: The Importance of Client Segmentation

Coldstream Wealth Managment — Wed, 05 Mar 2025 07:27:00 +0000

In Episode 74, Matt steps away from our usual interview format to share a vital message that could reshape how you approach your business. Drawing insights from his recent article in RIABiz, titled, How Fiduciary Duty Is Causing Confused Advisors to Run Bad Businesses, he dives deep into the crucial themes of firm capacity and RIA scalability. The primary function of a COO is to strategically allocate resources -- both human and technological -- across an expanding client base in a way that ensures every client experiences white glove service. In Matt’s mind, success as a COO hinges on a maniacal focus on Client Segmentation. Because we are all constrained by the fact that there are only 24 hours in a day, if an RIA is overly focused on providing extensive services to smaller clients, it stands to reason that larger clients may be underserved. This imbalance not only affects client satisfaction but also undermines business growth. In this enlightening episode, Matt addresses a common issue: many advisors and RIA owners are misinterpreting the concept of Fiduciary Duty, leading to poor client segmentation practices. Here are the key takeaways:

Two major misconceptions about Client Segmentation
The four primary benefits of Client Segmentation, according to Fidelity, and their relevance to a COO’s responsibilities
Various methods for a COO to calculate their firm’s cost to serve clients
Four steps RIAs should take to assess team capacity and the profitability of client relationships, according to Julie Littlechild
The importance of both Quantitative and Qualitative aspects of Client Segmentation
How to build a matrix of client service tiers
Why the 80/20 Rule is critical to your Client Segmentation analysis

Matt’s recent RIABiz article can be found here: How Fiduciary Duty Is Causing Confused Advisors to Run Bad Businesses

Fidelity’s research on Client Segmentation can be found here: Four Steps to Successful Client Segmentation

Fidelity’s research calculating the national average cost to serve a client ($9,222) can be found here: Scaling Your Financial Advisory Business

Julie Littlechild’s Kitces.com article can be found here: 11 Action Steps to Design an Extraordinary Client Experience

Episode 73: Carrie King and Jay Tarno

Coldstream Wealth Managment — Wed, 05 Feb 2025 12:30:00 +0000

With Episode 73, Matt welcomes two thoughtful RIA operators to the podcast: Carrie King and Jay Tarno, CFP^®. Carrie is Partner, Chief Compliance Officer, Director of Trading, and a Wealth Advisor at Ullmann Wealth Partners, located in Jacksonville Beach, Florida. Ullmann Wealth Partners was founded in 2002 and has grown from approximately $400 million in 2018 when Carrie joined, to about $1.1 billion today. Jay is the Chief Operating Officer at Cornerstone Planning Group in Fairfield, New Jersey. Cornerstone launched in 2020 with about $100 million of assets and today manages approximately $700 million for clients. Matt, Carrie, and Jay discuss the career paths that led them to where they are today (including Carrie’s time as a French restaurant owner!), as well as:

The mindset they use for tackling each day to ensure they are as productive as possible
Favorite books that have shaped their approach to their careers (Getting Things Done by David Allen and Buy Back Your Time by Dan Martell)
How their firms have used specialized client niches to propel their growth
The hiring, onboarding, and training practices they use to set teammates up for success
The importance of documenting their firms’ processes and how those documented processed can cut employee training time in half
Specific tech initiatives their firms are focused on

Episode 72: Brittany Manning & Brian Habas

Coldstream Wealth Managment — Wed, 08 Jan 2025 06:00:00 +0000

We welcome Brittany Manning and Brian Habas for Episode 72! Brittany is the Chief Operating Officer at MCF Advisors, with offices in Covington, Lexington, and Louisville, Kentucky. The firm manages approximately $3.2 billion for both private clients and institutional clients and has 34 employees. Brian joined AlphaCore Wealth Advisory about six months ago as Chief Operating Officer. Alphacore is headquartered in La Jolla, CA, with additional offices in five other states. The firm manages around $3.5 billion and employes 49 team members. Britanny, Brian, and Matt discuss career paths for non-advisors in the wealth management industry, as well as:

How they identify different skillsets across their team and ensure they have the right people in the right seats
The importance of documented processes, especially at firms experiencing hyper-rapid growth
The complexities of technology integration
How each are approaching AI at their firms
Strategies both guests have implemented to successfully lead change across their organizations

Episode 71: Amy Flourry & Maria Millner

Coldstream Wealth Managment — Wed, 04 Dec 2024 07:05:00 +0000

Matt was joined by Amy Flourry, Director of Operations of Rehmann Wealth, and Maria Millner, Partner and Head of Operations of Transcend Capital Advisors. Rehmann Wealth is headquartered in Lansing, MI, with additional offices in Ohio and Florida, and advises on approximately $4 billion across private client and retirement plan assets. Transcend Capital Advisors is headquartered in Madison, NJ, with additional office locations in Michigan and Florida, and works with approximately $3 billion in client assets and has 40 employees. Matt, Amy, and Maria have a deep conversation on the struggles of work/life balance in a hybrid environment, as well as:

The need to feel uncomfortable sometimes by raising your hand for projects and career opportunities that may be out of your comfort zone
The power of formal and informal mentorship, and how it benefits both the mentor and the mentee
How to best navigate growth and determine the roles and responsibilities among team members
Why teamwork makes the dream work!
How both guests not only drive change, but survive in a rapidly changing work environment
The mindset needed to find motivation and purpose in a sometimes underappreciated career in Operations

Episode 70: Jeremy Massullo & Dr. Jordan Hutchison

Coldstream Wealth Managment — Tue, 05 Nov 2024 07:33:00 +0000

Matt was joined by Jeremy Massullo of Concurrent and Dr. Jordan Hutchison of RFG Advisory for Episode 70. Jeremy was Concurrent’s very first employee seven years ago, and currently serves as VP of Operations. The firm is headquartered in Tampa, FL, started as an OSJ on Raymond James’ platform, and currently has approximately $9.5 billion of client assets. Jordan serves as RFG’s Vice President of Technology and Operations. RFG Advisory is headquartered in Birmingham, AL, and manages approximately $5.5 billion with 65 employees. Matt, Jeremy, and Jordan tackle many operational topics that RIAs struggle with, including:

What day-to-day services they have centralized for advisors
How they both are approaching the hiring of new Operations staff
The evaluation of technology vendors and the challenge of “shiny object syndrome”
Steps they both take to ensure clean data is flowing across their tech stack
How they have designed their CRMs to support their advisors’ organic growth goals
Change Management techniques both have incorporated to limit the “change fatigue” felt by their firms’ advisors and staff

Episode 69: Jina Yi and Victoria Latham

Coldstream Wealth Managment — Wed, 02 Oct 2024 06:40:00 +0000

We are joined by Jina Yi of Wealth Architects and Victoria Latham of Parallel Financial and the Fiduciary Alliance for Episode 69. Jina has been with Wealth Architects, headquartered in Mountain View, CA, since 2007 and was appointed the Chief Operating Officer and Chief Compliance Officer in 2021. The firm employes 25 team members, managing close to $2 billion in assets under management for approximately 400 clients. Victoria is the Director of Operations for Parallel Financial, located in Greenville, South Carolina, and also the Chief Compliance Officer for Fiduciary Alliance, a roll-up of which Parallel Financial is one of 11 member firms under Fiduciary Alliance. Matt, Jina, and Victoria have a wide-ranging conversation covering their varied histories in the industry (including Victoria’s time as a police officer!), as well as:

How they approach their to-do lists every morning
Hiring and interviewing strategies to identify the right candidate for the right role
Tips to ensure their firm’s culture remains intact as they add more and more employees
The Technology and People challenges with integrating new tools into their tech stack
How they leverage technology to tackle their Compliance responsibilities
Suggestions for making the quarterly billing process more streamlined and consistent

Episode 68 - Rachel Lebowitz

Coldstream Wealth Managment — Wed, 04 Sep 2024 06:42:00 +0000

Episode 68 could very well be the most impactful episode we have recorded. For five and a half years, The COO Roundtable has highlighted the incredible work COOs perform daily across the RIA industry. As such, we’ve tended to focus on the tactical elements of the job: How do you effect change at your organization? How do you approach technology or process implementations? How do you tackle your never-ending to-do list?

In this episode, Matt focuses on the essential soft skills required for the COO role and interviews author Rachel Lebowitz about her research and new book, “Empowered COO – Eliminate Burnout, Resentment and Self Doubt as a Second-in Command.” After revealing his own past insecurities related to the role of COO, Matt asks Rachel to not only define the role of “Second-in-Command,” but to explain what about this unique position leads to burnout in so many cases (Rachel points out that the average COO engagement at a firm lasts about two and a half to five years). During this far-reaching conversation, Matt and Rachel discuss:

How a COO can easily lose themselves in the role if they aren’t intentional
Why only 5.5% of the population is truly cut out to be an Empowered COO
How the Visionary/Integrator relationship is so often a codependent one
The similarities between an Empowered COO and a triage nurse
What three soft skills must be mastered by successful COOs
How Assertiveness, Decisiveness, and Discernment (ADD) are the backbone of an Empowered COO

Episode 67 - Chrissy Lee & Meghan Martin

Coldstream Wealth Managment — Wed, 07 Aug 2024 06:00:00 +0000

With Episode 67, we are joined by Meghan Martin of Apella Wealth and Chrissy Lee of Merit Financial Advisors. Meghan is the newly appointed Chief Operating Officer at Apella Wealth, headquartered in Hartford, CT. The firm advises on approximately $4.35 billion and has 93 employees across 16 office locations. Chrissy is the Chief Operating Officer at Merit Financial Advisors headquartered in Atlanta, GA. The firm manages approximately $12 billion of client assets and currently has close to 250 employees firmwide, with 48 locations around the United States. Matt, Meghan, and Chrissy focus their conversation on the operational aspects of mergers and acquisitions in the RIA space, but also hit on other topics near and dear to our listeners, including:

Why RIAs should get into M&A in the first place
How to articulate the value a buyer can offer an advisor looking to join
Important messaging every advisor should address when getting clients excited about the transition
Tips and suggestions for successfully transitioning employees during a merger
How to examine the tech stack of the merging firm and slowly transition them to your tools and processes
Why it is so vital to have a successful transition to point future merger partners to, so they feel comfortable joining your firm
What one thing each guest wants our industry to understand about RIA operations

Episode 66 - Carolyn Armitage

Coldstream Wealth Managment — Wed, 10 Jul 2024 13:00:00 +0000

For Episode 66, we break the rules of a “roundtable” and have only one guest, Carolyn Armitage, joining Matt for a deep conversation around our industry’s continuing evolution of turning practices into businesses. It was a real thrill for him to interview one of his most respected RIA leaders for this conversation. As he states in the introduction, his Mount Rushmore of RIA practice management leaders consists of Mark Tibergien, Michael Kitces, and Carolyn Armitage. You will see very quickly why he holds Carolyn in such high regard. From her time heading up LPL’s enterprise business management consulting business, to acting as a “change management catalyst” as managing director at Echelon Partners, to running Thrivent Advisor Network, Carolyn has become an expert in strategic planning, organizational design, succession planning, and maximizing enterprise value. She has now hung her own shingle and started Carolyn Armitage Consulting, where she acts as a CEO Whisperer – helping RIA owners better lead their people, form more precise strategic plans, drive change within their organizations, and create better enterprise value and succession solutions. During this deep conversation, Matt and Carolyn discuss:

The fact that the RIA industry is fragmented and in need of central leadership
Whether or not there truly is a “Succession Planning Crisis” in our industry
Why “We want more…” is not a complete strategic plan
Advice for building high performance teams
The pros and cons of relying on industry compensation reports
How to use equity to retain your key employees
A fantastic framework for successfully driving change within your organization
And the most elusive question of them all: How to increase enterprise value

Episode 65 - Rebecca Davis & Joe Klein

Coldstream Wealth Managment — Wed, 05 Jun 2024 02:01:00 +0000

We are joined by Rebecca Davis of Greenspring Advisors and Joe Klein from The Bahnsen Group for Episode 65. Rebecca is the Director of Operations at Greenspring, headquartered in Townson, MD with additional offices in New Jersey and Pennsylvania. The firm has 41 team members and manages approximately $6.8 billion. Joe has the dual role of Chief Operating Officer and Executive Director of the firm’s Family Office offering. The Bahnsen Group is headquartered in Newport Beach, CA with offices in 6 other states. The firm manages about $5.5 billion of client assets and employs 60 team members. Matt, Rebecca, and Joe discuss what makes their firms unique from a cultural standpoint, as well as:

How both firms leverage content marketing to drive organic growth
What services and client experience they offer to make client relationships “sticky”
The uniqueness of working at a founder-led RIA and how they both have worked to transition responsibilities away from the founder
Time management techniques employed by both guests
What strategies they execute to keep team members motivated and engaged

Episode 64 - Adrian Chastain & Kailee Ostroski

Coldstream Wealth Managment — Wed, 08 May 2024 03:59:00 +0000

In this episode, Matt welcomes COO Adrian Chastain of Gratus Capital and Partner and COO Kailee Ostroski from Connecticut Wealth Management. Gratus Capital manages approximately $3 billion of client assets, has 50 team members, and is located in Atlanta, GA. Connecticut Wealth Management, in Hartford, CT, has 65 team members and oversees about $3.3 billion of client assets. Matt, Adrian, and Kailee discuss what it means to be an RIA Operations professional, the core focus on People, Process, and Technology, as well as:

How to best promote a “Culture of Operations” at your RIA
Tips for getting “buy in” from team members for the adoption of new technology tools
The “Goldilocks” scenario of trying to hire new employees at “just the right time”
Different approaches to building your firm’s technology roadmap
Why everything seems to come back to Process

Episode 63 - Do's and Don'ts of COO Onboarding

Coldstream Wealth Managment — Wed, 03 Apr 2024 04:00:00 +0000

In his third ever monologue “rant,” Matt takes a break from our normal interview format to speak directly to RIA owners and COO candidates to discuss the “Do’s and Don’ts of COO Onboarding.” Referencing conversations with COOs, past articles he’s written, and former podcast guests, Matt urges RIA owners to have a clear understanding of what they need from their next Operations hire before beginning a search (how will you know you’ve found a good candidate if you don’t know exactly what you are hiring for?). He also recommends that newly-appointed COOs consider the firm’s capacity for change as they look to make recommendations to add efficiency and scale to their new RIA. His ultimate goal is for COO candidates and RIA owners to use this episode as the foundation for productive conversations during the interview process to ensure the right people, with the right level of experience, are being hired for the right roles. During this episode, Matt hits on the following topics:

The definition of “Founder’s Bias” and how it derails a newly-appointed COO
Why he’s not a fan of the fractional COO role
Things COO candidates should look and listen for during the interview process to ensure they will be set up for success
David Canter’s four action items every COO should perform after accepting a new job
Why Ted Lasso was the perfect COO
The difference between an Operations Manager, Director of Operations, and Chief Operating Officer
The ultimate sin RIA owners can commit when hiring a COO

Episode 62 - Megan Hannah of Emerald Advisors and Spencer Rand from Five Oceans Advisors

Coldstream Wealth Managment — Wed, 06 Mar 2024 05:00:00 +0000

We are joined by Megan Hannah of Emerald Advisors and Spencer Rand from Five Oceans Advisors for Ep 62. Megan has the unique position of Chief Operating Officer and Portfolio Manager. Emerald Advisors is located in Bellevue, WA and manages approximately $700 million of client assets. Spencer has the dual role of Director of Operations and Chief Compliance officer at Five Oceans Advisors, headquartered in Los Angeles with a fully remote staff, managing around $500 million. Matt, Megan, and Spencer discuss their varied histories in the business, the fact that both guests have earned their Chartered Financial Analyst (CFA) designation, as well as:

How their background in investments has shaped their approach to Operations
What led both firms to land on their ideal client persona
Services offered outside of traditional wealth management
Recuriting and hiring strategies
The importance of employee retention and culture

We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

Ep 61 - Janelle Anderson of Grand Wealth Management & David Lehman of Wealthbridge Advisors

Coldstream Wealth Managment — Wed, 07 Feb 2024 05:00:00 +0000

We welcome Janelle Anderson and David Lehman for Ep 61! Janelle is the Operations Manager and Chief Compliance Officer at Grand Wealth Management, located in Grand Rapids, MI. The firm manages approximately $600 million and has 13 employees. Matt and Janelle met at a DFA study group in May 2023. David is a financial advisor and the Chief Operating Officer with Wealthbridge Advisors, headquartered in Lake Oswego, OR. Wealthbridge is affiliated with Ameriprise Financial, has 18 employees and manages around $760 million for clients. David has been a member of the COO Society since March of 2023. Janelle and David discuss with Matt how they both juggle dual-title responsibilities at their firms, as well as:

Their approach to finding and retaining employees
How they have both impacted culture at their organizations
Productivity tips to ensure they are getting the most important tasks accomplished each day
Career paths for Operations staff
How they have both approached the “Valley of Doom,” made famous by Echelon Partners’ Dan Seivert

We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

Ep 60 - Amber Salzman of Capstone Financial Advisors & Jean Paul Atallah of RZH Advisors

Coldstream Wealth Managment — Wed, 17 Jan 2024 05:00:00 +0000

Episode 60 marks our 5-year anniversary, and Matt was feeling nostalgic for this conversation with Amber Salzman of Capstone Financial Advisors and Jean Paul Atallah of RZH Advisors. Amber is Manager of Client Services and a partner of the firm, which is located in Downers Grove, IL, and manages approximately $1.8 billion with 35 employees. She also has her Financial Paraplanner Qualified Professional (FPQP®) certification. Jean Paul has spent his entire career in the financial services industry, but only joined RZH Advisors about 18 months ago, where he is the Chief Operating Officer and Chief Compliance Officer. The firm is located in Stamford, CT, manages about $1.6 billion and has 11 employees. Listeners of this episode will realize quickly that Amber and Jean Paul are true students of the industry, and they discuss with Matt different sources and industry groups they rely on for best practices, as well as:

How they each have approached CRM implementations at their respective firms
The search for the RIA Operations “holy grail” and how they ensure clean data is flowing across their tech stack
The optimal firm structure for delivering services to their ideal clients
What strategies they implement to best serve and motivate their employees
How they both approached the crunch of year-end tasks this year

Here is the Wealthmanagement.com article that Amber mentioned: Growing RIAs Must Focus on Process, Not Technology

We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

Ep 59 - Allison Felix of Cassaday & Company & Erika Yelle of Coldstream Wealth Management

Coldstream Wealth Managment — Wed, 06 Dec 2023 05:00:00 +0000

With “The Sabbatical Episode,” Matt welcomed two highly respected RIA professionals to tackle a topic not often discussed in our industry: mental health. Allison Felix, a two-time guest to the podcast, is Managing Partner and Chief Operating Officer of Cassaday & Co. Erika Yelle is Chief Compliance Officer at Coldstream Wealth Management. Both guests have been with their firms for over two decades and have held various positions and witnessed incredible growth at both RIAs. Cassaday & Co. is headquartered in McLean, Virginia, has 86 employees and currently manages just under $5 billion of AUM. Coldstream Wealth Management employs approximately 160 employees, manages just under $7 billion of client assets, and has 7 office locations in the Pacific Northwest. Matt, Allison, and Erika have an honest conversation around the internal pressures we tend to place on ourselves to always be available, the fear of setting an Out of Office reply, our industry’s slow movement away from Gordon Gekko’s comment in the ‘80s that “lunch is for wimps,” as well as:

Their respective firms’ policies around sabbaticals
How employees who are so integral to the day-to-day operations of their firms can plan for an extended time away
The benefits sabbaticals have not only to employees, but the broader organization
Tips for “re-entry” after time away so as not to be too overwhelmed

We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

Ep 58 - Cameron Herold Author of The Second in Command: Unleash the Power of Your COO

Coldstream Wealth Managment — Wed, 01 Nov 2023 04:00:00 +0000

For this episode, we step away from our normal format of speaking with operations professionals in the trenches, to speaking with an author and entrepreneur about the role of the COO. Cameron Herold has written a fabulous book directed at CEO’s who are contemplating hiring a COO, titled, Second in Command – Unleash the Power of Your COO. He is also the founder of the COO Alliance and the host of his own podcast dedicated to the role of COOs, Second in Command. Cameron has sat in the COO seat himself, overseeing the growth at 1-800-GOT-JUNK from $2 million to $106 million in revenue in just six years.

Matt and Cameron have an honest conversation around the CEO’s need to hire for their blind spots, as well as:

The difficulty business owners have in finding the right person to fill the COO role
Why RIAs need to keep the rate of change inside their organizations greater than the rate of change outside their businesses
The seven types of COOs and what each brings to their organization
Cameron’s advice for those who aspire to be a COO
How a CEO and COO should work best together, and the proper expectations from both sides of that working relationship
How CEOs can best judge the success of their COO
When RIAs should consider replacing their COO for the next phase of growth

We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

To purchase Cameron’s book, click here.

You can view Cameron’s COO Scorecard here.

Ep 57 - Trevor Hodges of Sax Wealth Advisors & Sean Chen of Validus Capital

Coldstream Wealth Managment — Wed, 04 Oct 2023 04:00:00 +0000

Matt welcomes two long-time RIA operations professionals for Episode 57. Trevor Hodges is the relatively new Director of Operations at Sax Wealth Advisors, headquartered in Parsippany, New Jersey with a few offices in the New York and New Jersey area. While he has spent his entire career within the RIA space, Trevor joined Sax Wealth a few months ago. Sean Chen has known Matt since they were both 21 years old and working together at Merrill Lynch, and continued their professional relationship at Luminous Capital. Sean is the COO and CCO at Validus Capital in Los Angeles. Sax Wealth Advisors formed in the late ‘90s underneath their parent company, Sax LLP, which is an accounting and tax practice firm. Today the firm manages roughly $1.7 billion and employs a team of 21. Validus Capital launched in 2022 out of a predecessor RIA, manages approximately $1.4 billion of client assets, and currently has 13 employees and one remote employee in Texas. Matt, Trevor, and Sean discuss what makes Sean unique among all previous guests on the podcast, how operations professionals can prove their worth in this client-focused industry, as well as:

How they view the systems and processes utilized by their firms
The additional services beyond wealth management offered by both firms to attract and retain more of their ideal clients
How they both leverage portal technology to deliver services to their clients
The importance of CRM for their internal teams and the delivery of consistent and scalable service
Each guest’s approach to inorganic growth

We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

Ep 56 - Rachel Rant of Aspen Capital Management & Scott Swanson of Quantum Financial Advisors

Coldstream Wealth Managment — Wed, 06 Sep 2023 04:00:00 +0000

The COO Roundtable Episode 56

Powered by Coldstream Wealth Management

For Episode 56, Matt invited two operations professionals that he met at a DFA Operations Strategy session earlier this year. Rachel Rant is a partner and Director of Operations at Aspen Capital Management, located in Boise, ID. Scott Swanson is a partner, Chief Operating Officer, and financial advisor with Quantum Financial Advisors, with several office locations in the Los Angeles area. Aspen Capital management was founded in 2002 as a solo advisor practice and stayed that way until about 2017. Fast forward to today, the firm manages approximately $900 million in assets and employs 9 full-time employees. Quantum Financial Advisors was launched in 2022 out of a larger RIA and today manages approximately $900 million of client assets and employs 13 people. Rachel, Scott, and Matt discuss the pros and cons of adding institutional complexity to the organization as you add more technology tools over time, as well as:

When and how each guest landed in wealth management after successful careers in other industries
What metrics they study to help determine when their growing firms need to add more staff
The deliberate planning that has gone into the organizational structure of each of their firms
Their early attempts to segment their client base and determine the appropriate service level
Each guest’s approach to remote work vs. in-office work, and how the definition of “productive” changes from day to day

We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

Ep 55 - Tee Meeks of Waddell & Associates & Cory Jackmuff of BLB&B Advisors

Coldstream Wealth Managment — Wed, 02 Aug 2023 12:00:00 +0000

The COO Roundtable Episode 55

Powered by Coldstream Wealth Management

Matt was joined by two thoughtful and experienced Operations professionals for Episode 55. Tee Meeks is the Chief Administrative Officer and Chief Compliance Officer at Waddell & Associates, headquartered in Memphis, TN. Cory Jackmuff, from BLB&B Advisors in Montgomeryville, PA, is the firm’s Operations Manager. Waddell & Associates was founded in 1986, currently manages approximately $1.4 billion of client assets, and has 7 advisors with 19 full-time employees. BLB&B Advisors dates its inception to its broker dealer days, all the way back to 1964. The firm currently has 30 employees and has approximately $2 billion of assets under management. After detailing their career paths that led them to where they are today, Tee and Corey discuss the following topics with Matt:

How they each approach the tricky task of integrating the various vendors that make up their RIA infrastructure
What initiatives both have implemented at their firms to best achieve scale
How those initiatives have allowed advisors at their respective firms to spend more of their valuable time on client-facing activities
Hiring strategies they both have designed to ensure the best people are coming to their organizations
How they promote personal growth at their firms, for themselves and their employees

We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

Ep 54 - Bryce Wisan of Sepio Capital & Angie Tower of Prairie Capital Management

Coldstream Wealth Managment — Wed, 12 Jul 2023 05:00:00 +0000

The COO Roundtable Episode 54

Powered by Coldstream Wealth Management

In Episode 54, Matt is joined by two operations professionals he has worked with in the past. Bryce Wisan is the Managing Director, CFO, and CCO with Sepio Capital, headquartered in Salt Lake City, UT. Angie Tower is Managing Director and COO at Prairie Capital Management, located in Kansas City, MO. Sepio Capital manages approximately $7 billion for high net worth and ultra high net worth clients, many who have recently experienced an exit from a startup. The firm currently has 28 employees and is contemplating a shift in focus from wealth management to asset management. Prairie Capital Management’s team of 40 employees oversees more than $6 billion for individual clients, foundations, and endowments. They consider themselves a holistic wealth manager with a focus on private equity and alternative investments. Bryce and Angie both joined their firms about 18 months ago, and they discuss with Matt how they’ve looked to add scale and efficiencies to their organizations, as well as:

How they each approach the people management side of their roles
Strategies they both have implemented to increase user adoption of new tools and processes
Where they see their firms getting more complex in the years ahead, and how they have started addressing that complexity today
Their approach to client segmentation

EP 53 - Julie Higgins of Geometric Wealth Advisors and Kevin Galvin of Hopwood Financial Services

Coldstream Wealth Managment — Mon, 19 Jun 2023 20:00:00 +0000

The COO Roundtable Episode 53

Powered by Coldstream Wealth Management

With episode 53, Matt welcomes two guests that both take a very measured approach to Operations at their firms: Julie Higgins, Chief Operating Officer at Geometric Wealth Advisors and Kevin Galvin, Executive Vice President and Senior Advisor with Hopwood Financial Services. Geometric Wealth provides comprehensive financial planning for executives and partners in management consulting. The firm is roughly 8 years old, manages approximately $600 million of client assets, and has 21 employees, all working remotely full-time (the firm was fully remote pre-COVID). Hopwood Financial Services is headquartered in Reston, VA, was founded in 2003 by Herb Hopwood, has approximately $500 million assets under management, and has 11 employees. Matt, Julie, and Kevin discuss how they view people and process to best poise their firms for future growth and much more, including:

Their take on the industry’s “old thinking” with respect to how Operations supports client service and ultimately, business development
How both firms rely on the Entrepreneurial Operating System (EOS) to better align their employees with the firm’s vision and values
Each guest’s approach to hiring and onboarding employees
How they design their org chart to ensure the right employees are in the right seats
Client segmentation strategies used by both guests to determine the best service offering for their clients

We hope you listen, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

You can read the full transcript here.

EP 52 - Matt Sonnen of Coldstream Wealth Management

Coldstream Wealth Managment — Tue, 09 May 2023 14:00:00 +0000

The COO Roundtable Episode 52

Powered by Coldstream Wealth Management

In episode 52, Matt assures our listeners that no major changes will occur with the podcast moving forward, despite its new sponsor (and Matt’s new employer), Coldstream Wealth Management. As of May 1, 2023, Matt has taken the role of Chief Operating Officer at Coldstream, headquartered in Bellevue, WA. The firm employs 135 people and manages roughly $6.5 billion of client assets, spread across 7 client service teams. Coldstream has three affiliated businesses (Fit Insurance, Ascent Capital, and Rainier Group) and has additional office locations in Portland, OR, Boise, ID, and Kenai, AK. During this monologue episode, Matt discusses why he’s excited to join Coldstream, what his major responsibilities will be as COO, and much more, including:

Advice for any RIA operations professionals approaching a transition to a new firm
How to approach change management at your firm
While referencing several past episodes, he reminds listeners how to ensure their success when joining a new organization and mistakes to avoid
The five common business situations leaders may find themselves moving into
Why his passion for professional management across the RIA industry will propel both the COO Roundtable podcast and COO Society coaching platform into the future
Each guests’ career path and how they became operations professionals

We hope you enjoy, share, and subscribe!

You can read the full transcript here.

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

Here is a link to Michael Watkins’ book, The First 90 Days

EP 51 - Vince Crane of Flower City Capital and Zach Morris of Paces Ferry Wealth Advisors

Coldstream Wealth Managment — Tue, 04 Apr 2023 20:00:00 +0000

The COO Roundtable Episode 51

By PFI Advisors

For our 51st episode, Matt welcomed two operations professionals who run relatively new firms, Vince Crane, COO, CCO and Partner of Flower City Capital and Zach Morris, Managing Partner and Founder of Paces Ferry Wealth Advisors. Flower City Capital was founded in 2016 and is located in Rochester, New York. They are currently a team of 5 and manage roughly $200M in AUM. Paces Ferry Wealth Advisors was founded in 2018 and is located in Atlanta, Georgia. They have 6 employees and manage approximately $300M in assets. Matt, Vince, and Zach chat about how, from Day 1, our guests have set in place systems and processes with future scalability in mind and much more including:

Each guests’ career path and how they became operations professionals
The pros and cons of a centralized back office vs a pod structure
Each firm’s ideal client and how that persona drives the services they offer
How each guest approaches their firm’s “next hire”
How each guest shapes their firm’s culture

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 50 - Allison Felix of Cassaday & Co. and Scott Brown of Pinnacle Associates

Coldstream Wealth Managment — Wed, 15 Mar 2023 18:25:00 +0000

The COO Roundtable Episode 50

By PFI Advisors

For our milestone 50^th episode, Matt is joined by two guests who are equally committed to highlighting the importance of professional management across the RIA industry: Allison Felix, Managing Partner and Chief Operating Officer of Cassaday & Co. and Scott Brown, President of Pinnacle Associates. Celebrating their 30^th anniversary, Cassaday & Co was founded in 1993 and is a hybrid broker dealer and RIA. They are located in McLean, Virginia, have 85 employees, and currently manage $4.5B in AUM. Pinnacle Associates was founded in 1984 and has both an institutional and a wealth management component to their business model. They are located in New York City, have 65 employees, and currently manage just over $7B in AUM. Matt, Allison, and Scott discuss how the COO role impacts their teams internally, their firm holistically, and themselves personally, and much more including how each guest:

Navigated their career path, including Allison’s journey from Executive Assistant to Chief Operating Officer, and Scott’s beginnings as General Counsel, to CCO, COO and now President
Has continued to grow their skillset and advance their career
Tackles the HR portion of their job
Has affected their firm’s client experience and service offerings
Manages to stay sane as they tackle all their role requires

And don’t miss Scott’s Godfather impression at the top of the interview!

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 49 - Edgar Collado of Tobias Financial Advisors & Alex Satterfield of Byron Financial

Coldstream Wealth Managment — Wed, 01 Feb 2023 15:00:00 +0000

The COO Roundtable Episode 49

By PFI Advisors

Our latest episode of The COO Roundtable features two guests who challenge our audience to think of the COO role in different ways - Edgar Collado of Tobias Financial Advisors and Alex Satterfield of Byron Financial. Tobias Financial Advisors is based in Florida and has a strong foundation in tax planning. They were founded in 1980 as a CPA firm and currently manage about $700M in AUM and have 19 employees. Byron Financial is headquartered in North Carolina and began in 1985 with a focus on life insurance. Currently they have 7 employees and grew from roughly $175M in AUM in 2019 to approximately $700M in AUM today. Matt, Edgar, and Alex talk about the COO role from both the day-to-day operations of a firm to a high-level, strategic point of view and much more including:

Each guests’ background, career path, and how they landed in an Operations role
How each guest involves their team in the firm’s strategic planning process
How they prioritize the goals and needs of their respective firms
The “Myth of Outsourcing”
The HR component of the COO role

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 48 - Daryl Seaton of Sowell Management & Barrett Karvis of Edge Capital Group

Coldstream Wealth Managment — Tue, 03 Jan 2023 16:05:00 +0000

The COO Roundtable Episode 48

By PFI Advisors

For our first podcast of the new year (and our fourth year running!), Matt is welcomed by two exciting guests – Daryl Seaton, President at Sowell Management and Barrett Karvis, Managing Director and Chief Operating Officer of Edge Capital Group. Sowell Management is headquartered in North Little Rock, Arkansas. Founded as a TAMP, they recently celebrated 20 years in business and have 29 employees. They currently manage $4B in AUA. Edge Capital Group is headquartered in Atlanta, Georgia. Founded in 2007, their AUM as of last year was approaching $5 billion and currently have 37 employees. Matt, Daryl, and Barrett chat about how their roles as operations professionals intertwine with their firm’s inorganic growth strategies and much more including:

Who supports them running their larger than average RIAs
The role of the COO in talent acquisition and talent management
How each guest balances scalability with customization
What metrics they use to judge the health of their organization

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 47 - Julie Allen of FirstWave Financial & Chris Pelch of Vance Wealth

Coldstream Wealth Managment — Tue, 06 Dec 2022 17:46:00 +0000

The COO Roundtable Episode 47

By PFI Advisors

For our final episode of 2022, we were joined by two incredible members of our COO Society community: Julie Allen, Vice President of Business Operations at FirstWave Financial, and Chris Pelch, Chief Operating Office of Vance Wealth. FirstWave Financial began as a CPA firm in 1995 with a strong family foundation aimed to help its clients “deal with the complexity that wealth brings.” They are located in Satellite Beach, Florida, and currently have $400M in AUM and a team of 12 employees. Vance Wealth was founded in 2003 and helps its clients tackle important questions they face when looking to retire. They have two offices in California, $450M in AUM, and a team of 18 employees. During their discussion with Matt, Julie and Chris tackle both the Human Resources and Operations component of their roles and much more including:

The different strategies each firm has used to successfully onboard new employees
How each guest handles ongoing new-employee engagement and career development
The steps each guest takes when evaluating different vendors
Time management tips and tricks
Their top initiatives for 2023

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 46 - Stacey McKinnon of Morton Wealth

Coldstream Wealth Managment — Tue, 01 Nov 2022 15:30:00 +0000

The COO Roundtable Episode 46

By PFI Advisors

Our latest episode of The COO Roundtable features a rare single-guest format. Stacey McKinnon of Morton Wealth recently wrote an important paper titled, “Your Career is Up to You” which features Philip Palaveev of the Ensemble Practice. Matt and Stacey discuss the paper by turning the spotlight inward and instead of focusing on how listeners can help their firms achieve more growth, they discuss ways everyone can be more fulfilled and successful in their professional life. Matt and Stacey have an honest and revealing conversation about their own career paths and much more including:

What it means to really “own” your career
How you can’t become the best version of yourself without the help of others
Common obstacles people face in their careers and how to overcome them
Keys to standing out in your organization to ultimately advance your career
How to keep your sanity through it all!

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 45 - Michael Wagner of Omnia Family Wealth & Ben Gurley of Heartwood Wealth Advisors

Coldstream Wealth Managment — Tue, 04 Oct 2022 14:31:00 +0000

The COO Roundtable Episode 45

By PFI Advisors

Our latest episode of The COO Roundtable features two leaders of relatively young and evolving RIAs. We are joined by Michael Wagner, Co-Founder and Chief Operating Officer of Omnia Family Wealth and Ben Gurley, Director of Heartwood Wealth Advisors. Omnia Family Wealth was launched in 2015 and started with a team of 5 members. Currently headquartered in Aventura, Florida, they are now a team of 11 people and advise on $2.2B in assets. Heartwood Wealth Advisors joined the RIA space in 2019. They are headquartered in Richmond, VA, have 11 employees, and $1B in AUM. Together, Matt, Michael, and Ben (who both service clients in an advisory capacity in addition to operations) tackle the question, “Does make you better at operations or vice versa?” and much more including:

Each guests’ career path, including Ben’s background as a middle school teacher and Michael’s experience joining the family business
How each guest manages both the operations portion of their role as well as the additional responsibility of firm ownership
How each firm is evolving to meet the needs of their clients
Each guest discusses how operations has helped their firm grow organically
How each guest approaches talent management, a hot topic at many RIAs today!

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 44 - Crystal Creekmore of SYM Financial Advisors & Gary Bonner of Southwestern Investment Group

Coldstream Wealth Managment — Wed, 31 Aug 2022 14:30:00 +0000

In the “Reggie Jackson episode” of The COO Roundtable, Matt welcomes two thoughtful leaders of their organizations, Principal and Chief Compliance Officer of SYM Financial Advisors, Crystal Creekmore, and returning guest Gary Bonner, COO of Southwestern Investment Group. SYM Financial Advisors is headquartered in Winona Lake Indiana and has 5 offices across Indiana and Michigan. Founded in 1968, they are currently in their 3^rdgeneration of ownership. They manage $3.7B in AUM and have 68 employees. Founded 20 years ago, Southwestern Investment Group is headquartered Franklin, Tennessee. They currently have 11 offices across 5 states and manage $5.5B in AUM with 176 employees. Together, Matt, Crystal and Gary discuss how solid operations can better communication both within the firm and with clients directly, and much more including:

Professional background of each guest, including how Crystal's kindergarten teacher served as a job reference when she applied at SYM Financial Advisors
Each guest’s view on the dual-hatted role of COO/CCO
Guests discuss whether it is best to centralize or silo operations
How each firm tracks the status of projects and tasks
How RIAs can leverage portal technology to communicate with clients
Each guest shares how they have used the EOS framework within their firm

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 43 - Amanda Barrale of Moneta & Eric Sontag of Wealthspire

Coldstream Wealth Managment — Tue, 02 Aug 2022 19:38:00 +0000

In our latest episode of The COO Roundtable, Matt welcomes two impressive guests: Amanda Barrale, Chief Platform Officer of Moneta and Eric Sontag, President and Chief Operating Officer of Wealthspire. Moneta is headquartered in St Louis and has offices in Kansas City, Denver, and Boston and currently manages $32.8B in AUM with 440 employees. Wealthspire is headquartered in New York City and has 19 offices around the country. Founded in 1995, they manage $19B in AUM and have 270 employees. Together, Matt, Amanda, and Eric have a great discussion about building RIA Operations at scale and much more, including:

The crucial role Operations plays in M&A
The balancing act of offering customization to clients in a scalable fashion
The conundrum of centralizing operational tasks vs. allowing advisory teams to work independently
How each firm uses data intelligence and transparency to communicate to the broader firm, especially in a hybrid work environment
Career paths for Operations team members

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 42 - Kristie Clayton of iMatter and the Visionary Forum & Melissa Bushman of AltruVista

Coldstream Wealth Managment — Wed, 06 Jul 2022 04:34:00 +0000

In our latest episode, Matt welcomes two incredible guests: Kristie Clayton, Integrator at iMatter and the Visionary Forum, and Melissa Bushman, VP of Operations at AltruVista. Kristie’s experience in banking and credit unions led her to wealth management where she found her true passion – leading teams and developing people to their full potential. Melissa brings a history of project management consulting, sports and entertainment, and non-profits to her current role at AltruVista. In this episode, Matt, Kristie, and Melissa discuss their role as an “integrator” and the impact it has on their firms. Other topics of discussion include:

How each guest was introduced to the EOS system and how they have implemented it in their roles
Kristie’s creation of FIM (Female Integrator Mastermind) developing from a desire to foster a community of likeminded individuals
The difference between “Chief Operations Officer” and “Chief Operating Officer”
How each guest gets everything done in their busy schedules
Training and career paths for operations roles

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 41 - Lauren Oschman, Tommy Martin, & Brad Quick of Vestia Personal Wealth Advisors

Coldstream Wealth Managment — Wed, 18 May 2022 02:18:00 +0000

For the 41st episode of The COO Roundtable, Matt welcomes three special guests from Vestia Personal Wealth Advisors – CEO and Co-founder, Lauren Oschman, Co-founder and board member, Tommy Martin, and Partner and Chief Operating Officer, Brad Quick. Vestia has offices in Fort Wayne, IN, Indianapolis, IN, Los Angeles, CA, and Omaha, NE. They currently manage $500M and specialize in serving physicians. Together, Matt, Lauren, Tommy, and Brad have an insightful discussion about how focusing on their niche has helped Vestia become more efficient, knowledgeable, and consistent in providing stellar service to their clients’ unique needs. Other topics of conversation include:

Each guests’ career paths and the skills they bring to Vestia’s leadership team
How Vestia uses the EOS framework in their firm
Their approach to succession planning
The specific metrics Vestia uses to gauge the health of the organization (their answers are amazing, and we suggest you have a notepad handy!)
How they use a physician’s heart transplant model as a roadmap for their employee development

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 40 - Yonhee Gordon of JMG Financial Group & Christine DeMao of Gibson Capital

Coldstream Wealth Managment — Tue, 05 Apr 2022 06:57:00 +0000

In the 40th episode of The COO Roundtable, Matt welcomes two extremely thoughtful and strategic guests, Yonhee Gordon, Principal, Chief Operating Officer, and Chief Marketing Officer of JMG Financial Group, and Christine DeMao, Chief Operating Officer and Managing Partner of Gibson Capital. JMG Financial Group is headquartered in Downers Grove, IL just outside of Chicago. They recently celebrated 38 years in business, have 86 employees, and currently manage $4.7B in AUM. Celebrating 33 years in business, Gibson Capital is headquartered in Wexford, PA, currently manages $2.3B, and has 15 employees. Together, Matt, Yonhee, and Christine have a comprehensive discussion on the many ways a COO impacts the firm, including culture, creating a consistent and outstanding client experience, and much more, as they cover:

Their firms’ respective backgrounds, including ideal clients, service offerings, and growth trajectories
Their professional backgrounds, including Yonhee’s lengthy tenure at JMG and the experience Christine brings with her 15 years at Gibson Capital
How to promote RIA ownership within the firm for not just those on the advisor track, but for those in operations roles as well
Which Key Performance Indicators each guest keeps their eye on
Steps each firm is taking to balance in-person vs. remote work to ensure everyone is on the same page

We hope you enjoy, share, and subscribe!

Read the full transcript here.

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 39 - Rob Ziliak of Buckingham Wealth Partners and Ryan Armock of Thrivent Advisor Network

Coldstream Wealth Managment — Tue, 01 Mar 2022 05:42:00 +0000

This month’s episode features two incredible guests: Rob Ziliak, Chief Operating Officer at Buckingham Wealth Partners and Ryan Armock, Head of Operations at Thrivent Advisor Network. Founded in 2019, Thrivent currently has 450 employees, and manages $6.5B in AUM. Buckingham Wealth Partners, a well-known RIA founded in 1994, currently manages $65B in collective assets between Buckingham Strategic Wealth and Buckingham Strategic Partners and has 540 employees. Together, Matt, Rob, and Ryan discuss the effect their respective roles play in creating and ensuring a great client experience and much more, including:

An overview of each firm and their respective strategies for growth
How each firm has adapted their business throughout the pandemic and the long-term effects of these changes
What our guests are doing to attract the best talent in the current job market
How our guests’ roles in operations impact their firm’s M&A strategy

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

Investment advisory services offered through Thrivent Advisor Network, LLC., (herein referred to as “Thrivent”), a registered investment adviser. Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Thrivent Advisor Network reported over $5.3 billion in AUM in its latest annual Form ADV filing. Thrivent Financial for Lutherans is ranked 369 on the Fortune 500. (Fortune Magazine, June 2021).

Correction: When Ryan Armock states, "…and that brings us to where we are at today with about six and a half billion in assets under management, about 450 employees and about 300 IARs.” the correct number is 200 IARs.

EP 38 - Jennifer Wagoner Kirksey of Tolleson Wealth Management and Trevor Phillippi of 6 Meridian

Coldstream Wealth Managment — Tue, 15 Feb 2022 09:36:00 +0000

For our latest episode, Matt welcomes two fantastic guests: Jennifer Wagoner Kirksey, Managing Director of Wealth Operations at Tolleson Wealth Management, and Trevor Phillippi, Chief Operating Officer of 6 Meridian. Originally founded as a single family office, Tolleson Wealth Management currently has $10B in assets under oversight and is headquartered in Dallas, Texas. 6 Meridian, founded in 2016, is located in Wichita, Kansas and currently manages $1.8B in AUM. Matt, Jennifer, and Trevor discuss how their role is critical to “running the business,” what excites them about the future, and much more, including:

An overview of each firm, and how they have both grown organically
Each guests’ professional background, specifically looking at Trevor’s long tenure at Meridian and Jennifer’s path from entry level to Managing Director
The role of the performance reporting analyst and the importance of reliable, high-quality data
The services each firm offers their clients beyond traditional investment management
The challenges each firm contends with in acquiring talent in today’s market

We hope you enjoy, share, and subscribe!

To read our article, “Adding to Your Team? Consider a Performance Reporting Analyst” published in Wealth Management.com, click here.

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

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The views and opinions expressed here today do not necessarily reflect the view of Tolleson Wealth Management. The information discussed is for informational purposes only and is not a solicitation or an offer to buy a security or instrument or participate in any other service offered by the firm.

EP 37 - Jason Mirabella of WealthSource Partners & Tom Preston of Brighton Jones

Coldstream Wealth Managment — Tue, 04 Jan 2022 10:41:00 +0000

For our first episode of the new year, Matt welcomes two highly accomplished guests: Jason Mirabella, Chief Platform Officer of Wealthsource Partners, and Tom Preston, Director of Client Service of Brighton Jones. Founded in 2009, Wealthsource Partners is headquartered in San Luis Obispo, California, has 35 employees and manages $1.8B in AUM. Brighton Jones was founded in 2000 and currently has 225 employees. They are headquartered in Seattle, Washington and manage $8.5B in AUM. Matt, Jason, and Tom discuss how operations plays a key role in firm growth, client experience, and much more, including:

An overview of each firm, including how each guests’ role fits into their overall firm structure
Our guests tackle the “Sales vs. Operations” divide in the industry
KPIs each guests calculate to gauge the health of their organization
How to create actionable steps from those KPIs and implement them in a firm
Where both guests see the industry trending in the next 18 months

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 36 – Karl Heckenberg of Emigrant Partners

Coldstream Wealth Managment — Wed, 01 Dec 2021 12:48:00 +0000

For our special three-year anniversary episode, we put a twist to our regular format and Matt was joined by Karl Heckenberg, CEO and President of Emigrant Partners for a compelling conversation on the RIA industry. Known for their strategic partnership with RIAs, Emigrant Partners is currently invested in 19 firms and has close to $90B in cumulative assets. Matt and Karl talk about industry trends including the investment outlook for RIAs, the role of the COO moving forward, RIAs now being run as true business, and much more, including:

The history behind Emigrant Partners
After a bit of teasing by Matt, Karl shares an in-depth version of his professional background
Karl shares the signs he looks for to determine if an RIA needs operations help
What role the COO plays in an RIA’s M&A pitch to other firms
The “gating issue” Karl sees when it comes to onboarding clients of different generations and how operations can enhance that client experience

We hope you enjoy, share, and subscribe!

Click here to read our article “Why Professional Management Fails for RIAs”.

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 35 – Amanda Green of Matrix Private Capital Group & Gary Davis Jr. of Satovsky Asset Management

Coldstream Wealth Managment — Tue, 02 Nov 2021 10:19:00 +0000

In the 35th episode of The COO Roundtable, Amanda Green of Matrix Private Capital Group and Gary Davis Jr. of Satovsky Asset Management join Matt to discuss all things RIA operations and change management. Matrix Private Capital Group manages nearly $600 million of AUM, is headquartered in New York City, and has offices in Chicago, Los Angeles, Newport Beach, and Palm Beach, Florida. Satovsky Asset Management manages $700 million from their headquarters in New York City. Matt, Amanda, and Gary discuss how an operations professional who is new to their firm should conduct an early assessment of the RIA and much more, including:

A history and overview of each firm
Each guest’s experience in the RIA industry, including Amanda’s time at BNY Mellon | Pershing and Gary’s time as a consultant
How they each attain buy-in from management and staff when suggesting changes to the organization
How each guest positions their firm for growth in a profitable fashion
What opportunities they see in the RIA industry in the coming 18 – 24 months

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 34 - Jennifer Papadopolo of RegentAtlantic & Matt Wiles of Crestone Capital

Coldstream Wealth Managment — Wed, 06 Oct 2021 11:52:00 +0000

In the 34th episode of The COO Roundtable, Matt welcomes two amazing guests: Jenn Papadopolo, COO of RegentAtlantic, and Matt Wiles, COO of Crestone Capital. RegentAtlantic is headquartered in Morristown, New Jersey and has a satellite office in New York City. They have 70 employees and manage $6B in AUM. With 50 employees and approximately $3.5 billion of AUM, Crestone Capital is headquartered in Boulder, Colorado and has offices in Denver, Austin, Los Angeles, and a brand-new office in Salt Lake City. Matt, Jenn, and Matt discuss the intersection of HR and Operations and much more, including:

An overview of each firm
Each guest’s career background, including Jenn’s long tenure at RegentAtlantic and the unique perspective Matt has gained from being both an advisor and COO
The different services each firm offers their clients beyond traditional wealth management
How each guest acknowledges and empowers their ops teams
The biggest challenge they are each facing today

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 33 - Jandy Rowe of Wipfli Financial Advisors & Brad Hixson of Lido Advisors

Coldstream Wealth Managment — Wed, 08 Sep 2021 12:48:00 +0000

In the 33rd episode of The COO Roundtable, Matt welcomes two highly respected operations professionals: Jandy Rowe, Principal and Chief Operating Officer of Wipfli Financial Advisors, and Brad Hixson, Director, Mergers and Acquisitions of Lido Advisors. Wipfli Financial Advisors has 90 employees, is headquartered in Milwaukee, Wisconsin with 19 offices around the country and manages $5B in AUM. Lido Advisors has 110 employees and is headquartered in Los Angeles with an additional 22 offices across the United States. Lido manage $10B in AUM. Matt, Jandy, and Brad discuss how operations plays a key role in growth by attracting both ideal advisors and clients, and much more including:

Background of each firm, including Wipfli Financial Advisors’ use of the CPA services from Wipfli LLP and the development of their AVID platform for smaller clients, and Lido Advisors’ approach to bringing “family office style investment philosophy to the high net worth space”
Our guests’ professional background, including how Brad’s career “started at the gym” and Jandy’s unlikely start with Wipfli 20 years ago
How each firm structures their back office for maximum efficiency and growth
What other outside resources our guests leverage as they manage multi-billion dollar enterprises
How each guest manages to “do everything” with the help of their team

Click here to read the Advisor Perspectives article Matt mentioned during this episode, M&A Requires More Than Securing Financing.

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 32 - Overview of Our New Digital Consulting Platform

Coldstream Wealth Managment — Thu, 05 Aug 2021 12:20:00 +0000

For the 32nd episode of The COO Roundtable, we wanted to pause from our regular interview format and answer some questions we have been receiving about our new digital consulting platform, The COO Society. PFI Advisors offers one-on-one consulting services on a project or retainer basis, but we also wanted to create a DIY consulting platform for RIAs looking to gain access to our insights at a lower price point. Our industry does a great job of providing sales training to advisors, and there are a lot of certifications investors and even compliance professionals can pursue, but we felt there was a void in educational and training resources available for those trying to educate themselves on how to run an RIA and position it for growth. We are driven to fill that void with our latest consulting offering, The COO Society.

Be sure to listen to the end of the episode, where we provide a promo code to get a discount on your first month’s membership!

You can watch a promotional video and learn more about The COO Society here.

For a sample of what the course material looks like, please watch this 4-minute clip from our latest course detailing Key Performance Indicators.

You can view a PowerPoint presentation highlighting the key components of the platform here.

Thank you for being a continued listener to the COO Roundtable Podcast!

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 31 - Eric Stephenson of Align Impact & Natalie Wheeler of Berkshire Money Management

Coldstream Wealth Managment — Tue, 06 Jul 2021 06:09:00 +0000

In the 31st episode of The COO Roundtable, Matt welcomes two operations professionals who have had a huge impact on their respective organizations, Natalie Wheeler, Chief Operating Officer at Berkshire Money Management and Eric Stephenson, Director of Client Advisory and Operations at Align Impact. Celebrating 20 years in business this year, Berkshire Money Management is located in Dalton Massachusetts. They have 15 employees and manage $775 in AUM. Founded in 2014, Align Impact is headquartered in Los Angeles and has 20 employees. They manage $1.6B in AUA. Matt, Natalie, and Eric discuss how they have worked to standardize their firms’ processes and procedures and much more including:

Background of each guests’ firm including ideal client and service offerings
Our guests’ professional background, including a fun story about Eric’s past as a pole vaulter and Natalie’s recent promotion to Chief Operating Officer
How each guest “keeps their sanity” while juggling the many demands of their role
How they impact organic growth at their firms
How career opportunities come to those who raise their hands
The “Profit vs Growth” question, or as Matt calls it “The Chicken and Egg Conundrum”

We hope you enjoy, share, and subscribe!

You can read the full transcript here.

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 30 - Michael Paley of Klingman & Associates and Kevin Hrdlicka of Savant Wealth Management

Coldstream Wealth Managment — Wed, 02 Jun 2021 10:29:00 +0000

In the 30th episode of The COO Roundtable, Matt welcomes Michael Paley, Chief Operating Officer at Klingman & Associates and Kevin Hrdlicka, Chief Operating Officer at Savant Wealth Management. Klingman & Associates is located in New York City, has 18 employees and manages $2.7B in client assets. Savant Wealth Management is headquartered in Rockford, Illinois, has 18 offices across the country and manages just under $11B. Matt, Michael, and Kevin discuss how professional management drives RIAs to the next level and much more, including:

The background of each guest’s firm, their ideal clients, and how each firm has historically grown assets under management
Our guests’ professional backgrounds, including Michael’s time as an early employee at Focus Financial Partners and his continued growth in the industry, and Kevin’s career-spanning journey with Savant Wealth Management
How they, as COOs, support their firm’s growth, including Kevin’s input on “specialization” and Michael’s advice to think “five years ahead”
How the COO is the “keeper of the client experience”
What each guest does on a daily basis to make employees as successful as possible
The KPIs our guests use to monitor the health of their respective firms

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple P od casts, or Spotify

EP 29 - Gina Bradley of Colony Group & Susan Korin of Balasa Dinverno Foltz

Coldstream Wealth Managment — Tue, 04 May 2021 07:44:00 +0000

In the 29th episode of The COO Roundtable, Matt welcomes two highly accomplished RIA professionals, Gina Bradley, COO & General Counsel of Colony Group and Susan Korin, COO & CCO of Balasa Dinverno Foltz (“BDF”). Colony Group is celebrating its 35^th anniversary this year and is headquartered in Boston, MA. With 15 offices nationwide and 260 employees, Colony Group manages $13B in AUM. BDF was also founded in 1986 and is headquartered in Chicago, IL. They have 67 team members and currently manage $5.3B in AUM. Matt, Gina, and Susan discuss the many areas a COO impacts their firm, how the COO manages people vs infrastructure, and much more including:

Background of each guests’ firm including ideal client and service offerings
Our guests’ professional background, including how they both became COOs and how they juggle their dual roles in their respective firms
How their role as COO both supports and manages the growth in their organization and the infrastructure needed to achieve those goals
Both firms’ vision (as of April 2021) of a post-COVID workplace
The cultural impact the COO has on a firm

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 28 - Tony Parkin & Nikolee Turner of Charles Schwab Advisor Services

Coldstream Wealth Managment — Tue, 06 Apr 2021 08:02:00 +0000

In the 28th episode of The COO Roundtable, Matt welcomes two extremely experienced consultants from Charles Schwab Advisor Services’ Business Consulting & Education division, Tony Parkin and Nikolee Turner. Matt, Tony, and Nikolee discuss how professional management drives “lasting and significant changes” at organizations, the importance of clear and repetitive internal communication, the need to understand your ideal client before determining your firm’s organizational structure, and much more including:

An overview of Schwab’s consulting services and how they provide support to help RIAs run successful businesses
A funny story about Tony’s first time visiting the PFI Advisors’ office
Both guests’ professional backgrounds, including how Tony discovered the benefits of the independent model and Nikolee’s fascination with “how people pursue their own excellence”
Nikolee shares Schwab’s Five Guiding Principles for Advisory Firm Success
Tony and Nikolee’s thoughts on when they believe a firm needs professional management
Challenges firms face when bringing in professional management for the first time

To view a copy of the 2020 Schwab RIA Compensation report, click here.

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 27 - Kara Armstrong of CapSouth Wealth Management & Nick Maggiulli of Ritholtz Wealth Management

Coldstream Wealth Managment — Thu, 04 Mar 2021 11:22:00 +0000

For this special edition of The COO Roundtable, Matt recorded live from Mercer Capital’s inaugural RIA Practice Management Insight’s conference. This virtual conference “focused on back of the house (operational) issues that are as vital to success as they are easy to ignore.” Joining Matt as guests were Kara Armstrong, Chief Operating Officer of CapSouth Wealth Management and Nick Maggiulli Chief Operating Officer (and Data Scientist) of Ritholtz Wealth Management. CapSouth Wealth Management is headquartered in Dothan, AL and has two other locations in Georgia and North Carolina, and they manage $650M in client AUM. Ritholtz Wealth Management is located in New York, NY, has 33 employees, and manages $2B in AUM. Together, Matt, Kara, and Nick discuss how COOs drive efficiencies and manage their most important clients – the employees of their respective firms. Other topics covered include:

Each guests’ professional background and personal journey that led them to their current role, including Kara’s route via finance and Nick’s background as a data scientist
Overview of their respective firms and their growth visions for 2021
How each guest defines their role as COO due to their firm’s unique demands
The ways Kara and Nick balance being “behind the scenes” while making sure they are recognized for their hard work and contributions to their firm
How they each tackle integration of the various tools and systems that make up their firm’s technology stack

We’d like to thank Mercer Capital for providing this opportunity.

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Apple Podcasts, Spotify, iHeartRadio, or Stitcher.

EP 26 - Kelly Downs of Berman Capital Advisors & Matt Ran of Telemus Financial Life Management

Coldstream Wealth Managment — Tue, 02 Feb 2021 11:44:00 +0000

In the 26th episode of The COO Roundtable, our host, Matt Sonnen, welcomes Matt Ran, Chief Operating Officer and Partner of Telemus Financial Life Management, and Kelly Downs, Chief Operating Officer of Berman Capital Advisors. Telemus has two offices in Michigan, another in Chicago, and manages $3.5B in AUM. Berman Capital Advisors also manages $3.2B is headquartered in Atlanta, GA and has two additional offices in Chicago. Matt, Kelly, and Matt discuss how a COO impacts all aspects of a firm’s success, including client “stickiness”, adopting new technology, and much more including:

An overview of their firms’ backgrounds
Matt and Kelly’s professional backgrounds and how they shifted toward professional management after both spent time as financial advisors
What new initiatives each firm implemented during the pandemic that they plan to keep long term
How each firm has placed priority and continued to focus on culture even in a Work From Home environment
Each firm’s growth-oriented projects and outlook for 2021

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 25 - Lisa Cook of Pacific Portfolio Consulting & Erica Farber of Balentine

Coldstream Wealth Managment — Tue, 12 Jan 2021 10:10:00 +0000

In the 25th episode of The COO Roundtable, Matt welcomes Lisa Cook, the newly-appointed COO at Pacific Portfolio Consulting in Seattle, WA and Erica Farber, Partner at Balentine in Atlanta, GA. Balentine’s 39 employees manage $3.5B in assets under advisement and Pacific Portfolio Consulting manages $3.8B in client assets with 17 employees. Lisa and Erica join Matt to discuss how RIAs can leverage the role of the COO to its fullest potential, including the following topics:

The history, ideal client, and service offerings of both firms
Erica and Lisa’s respective backgrounds, including the support Erica received when she “raised her hand” and asked for a larger role, and Lisa’s industry experience while being caught in “merger mania”
How they each impact their firm’s culture, including Lisa’s opportunities as the first COO in Pacific Portfolio Consulting, and how Balentine empowered their employees to create their present-day authentic culture
The strategies they use to gain adoption and affect change in their organization
How RIAs should rate the success of their COO
How their firms are preparing themselves to be “M&A ready”

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 24 - Phil Hildebrandt & Paul Lythberg of Segall Bryant & Hamill

Coldstream Wealth Managment — Wed, 09 Dec 2020 01:06:00 +0000

In the 24th episode of The COO Roundtable, which marks our podcast’s 2nd anniversary, Matt welcomes two prominent guests from Segall Bryant & Hamill: Chief Executive Officer Phil Hildebrandt and Chief Operating Officer & Chief Compliance Officer Paul Lythberg. Segall Bryant & Hamill is headquartered in Chicago, IL, has been in business for over 26 years, and manages $22B of client assets. Matt, Phil, and Paul discuss how their CEO and COO roles work together to ensure “the trains are running on time,” the nuances of running a large organization, and much more, including:

Overview of Segall Bryant & Hamill’s history and services
We hear Phil and Paul’s background, including Phil’s start with the firm in 1995 when SBH was in its startup phase and how Paul has honed his skills from his days at Allstate to joining SBH 8 years ago
How SBH’s growth required investments in their infrastructure and professional management, which led to Paul’s COO role allowing him to free up more of Phil’s time and increase organizational scalability
Their views on culture, including Phil’s take that culture is a “living, breathing, organism you can’t fabricate”
How our guests manage change in their larger-than-average firm
The Key Performance Indictors they rely on to get a picture of the “health” of their business

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 23 - Aiki Altmets of Regimen Wealth & Lynne Born of Wealth Architects

Coldstream Wealth Managment — Tue, 10 Nov 2020 07:30:00 +0000

In the 23rd episode of The COO Roundtable, Matt welcomes Aiki Altmets, COO and CCO of the newly-formed Regimen Wealth and Lynne Born, President of Wealth Architects. Regimen Wealth is headquartered in Atlanta, Georgia, and manages $200 million in client assets with 6 employees. Located in Mountain View, California, Wealth Architects has over $1 billion in AUM with 20 employees. Matt, Aiki, and Lynne discuss the entrepreneurial spirit and the commitment necessary to be successful in professional management while growing an RIA, and much more, including:

Overview of their firms’ backgrounds, services, and ideal clients
We hear each guest’s fascinating background, including Aiki’s story about co-founding an RIA during a global pandemic; and Lynne’s journey from running one of the largest accounting firm-owned multifamily offices to her decision to join Wealth Architects earlier this year
How each guest works with their respective CEOs to tackle their firm’s needs and the demands of their positions
The technological challenges each guest has overcome to build a more efficient back office infrastructure
What entrepreneurial characteristics help both Aiki and Lynne in their respective roles

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

EP 22 - Karen Denise of CAPTRUST & Kaylyn Melia of Socius Family Office

Coldstream Wealth Managment — Tue, 06 Oct 2020 05:47:00 +0000

In this special episode of The COO Roundtable, Matt recorded live for Bob Veres’ Insider’s Forum. For those unfamiliar with Insider’s Forum, it “is designed to provide essential information for running and growing prosperous businesses and better serving clients, advanced technical content, as well as valuable opportunities for networking with industry thought leaders.” Matt had the pleasure of interviewing Kaylyn Melia, Chief Operating Officer at Socius Family Office and Karen Denise, Senior Director in charge of Client Service at CAPTRUST. Socius Family Office is headquartered in Ft. Lauderdale, Florida and has one office just outside of Pittsburg, Pennsylvania. With approximately 100 different client families, Socius Family Office manages approximately $550B in assets. A well-known name in the industry, CAPTRUST is headquartered in North Carolina and has over 30 locations and 721 employees. They manage roughly $400B in client assets across their various business lines. Matt, Kaylyn, and Karen’s thoughtful conversation covers just how involved operations professionals are in all aspects of a firm; they also discuss:

Overview of their respective firms and the clients they service, such as Socius Family Office’s focus on young professional athletes and entrepreneurs and CAPTRUST’s concentration on foundations and institutional retirement plans
The professional background of each guest and how they entered the wealth management industry
Fantastic career advice from both women including Kaylyn explaining how “Small wins can add up,” and Karen reminding professionals “Don’t limit your thinking to your current role”
How each firm manages growth in a profitable and scalable fashion
Where each guest goes for further industry-specific education

It was a great honor to record our podcast live as part of the conference. We’d like to thank Lisa Crafford of BNY Mellon Pershing and Shaun Kapusinski of HIFON for providing this opportunity.

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Apple Podcasts, Spotify, iHeartRadio, or Stitcher.

EP 21 - Doug Johnson of Parcion Private Wealth & Chris Keller of Benjamin F. Edwards & Company

Coldstream Wealth Managment — Wed, 02 Sep 2020 02:48:00 +0000

In the 21st episode of The COO Roundtable, Matt welcomes Chris Keller, Executive Vice President and Director of Business Services at Benjamin F. Edwards & Company and Doug Johnson, newly appointed Chief Operating Officer at Parcion Private Wealth. The Benjamin F. Edwards & Company brand dates back 130 years, and the company is headquartered in St. Louis, Missouri with more than 600 employees and advisor affiliates and assets totaling about $27 billion. Parcion Private Wealth opened its doors in October 2019 and is headquartered in Bellevue, Washington with 16 employees and about $1.2 billion in assets under management. Matt, Chris, and Doug discuss a number of topics, including integrating their technology stack with different vendors, how their firms leverage that technology to provide outstanding client service, and much more including:

Overview of their respective firms and their professional backgrounds, including a funny moment regarding Chris’ LinkedIn bio
The challenges both Chris and Doug have faced when looking to move their businesses toward the RIA model
An interesting conversation about when to hire a COO at an RIA
The value professional management brings to the wealth management space, specifically
Their firms’ respective views and goals regarding inorganic vs. organic growth

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Apple Podcasts, Spotify, iHeartRadio, or Stitcher.

EP 20 - Diane Gabianelli of Parallel Advisors & Cecilia Williams of Halbert Hargrove

Coldstream Wealth Managment — Tue, 04 Aug 2020 11:24:00 +0000

In the 20th episode of The COO Roundtable, Matt welcomes Diane Gabianelli, Co-President and Chief Financial Officer of Parallel Advisors and Cecilia Williams, Director of Investment Operations and Chief Compliance Officer of Halbert Hargrove. Parallel Advisors manages over $3 billion of client assets and is headquartered in San Francisco, with offices in Denver, Honolulu, Ohio, and Oklahoma City. Halbert Hargrove is headquartered in Long Beach, California and has over $2 billion in assets under management with 44 employees and offices in 5 states. Matt, Diane, and Cecilia discuss a myriad of topics, including how they oversee their firm’s operations, how they manage their time, and much more, including:

Overview of their respective firms and how they provide their clients a high level of service
Diane’s career path that led her to Parallel Advisors and Cecilia’s long tenure at Halbert Hargrove, as well as working to get her MBA while continuing to hold her full time position at the firm
How both firms and their multiple offices have transitioned to the Work From Home model and their plans for returning to collaborative in-person work in the future
The steps each firm has taken to foster a more inclusive and diverse culture
Career development and recruiting at each firm

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Apple Podcasts, Spotify, iHeartRadio, or Stitcher.

EP 19 - Mike Reed of Dakota Wealth Management & Michelle Thetford of Hightower Advisors

Coldstream Wealth Managment — Tue, 30 Jun 2020 10:04:00 +0000

In the 19th episode of The COO Roundtable, Matt welcomes Michelle Thetford, Chief Operations Officer of HighTower Advisors and Michael Reed, Chief Operating Officer of Dakota Wealth Management. HighTower Advisors is headquartered in Chicago, Illinois and has $57 billion under management with 108 different advisory businesses and 225 advisors. Founded in 2018, Dakota Wealth Management has $1.2 billion under management, 30 team members, and is headquartered in Palm Beach Gardens, Florida. Matt, Michelle, and Mike discuss how, even in the current climate with uncertainty around every corner, the COO continues to play a key role in a firm’s long-term success and goals. Other topics of conversation include:

Overview of their respective firms and how they each became COOs, including Mike’s interesting transition from a “classically trained medical practitioner” to the RIA space
How the transition to Work From Home has affected both of their larger than average firms’ operations
How they have managed team morale, communication, and acknowledged their teams’ needs to ensure great client experience throughout the pandemic
An update on how the pandemic has impacted their firm’s M&A pipeline
Branding after an M&A acquisition
How best to keep advisors focused on their biggest value-add activities

We hope you enjoy, share, and subscribe!

You can listen and subscribe on Apple Podcasts, Google Podcasts, Spotify, iHeartRadio or Stitcher.

To read a full transcript of this episode, click here.

EP 18 - Steven Beals of EP Wealth Advisors & Eric Hehman of Austin Asset

Coldstream Wealth Managment — Wed, 03 Jun 2020 07:26:00 +0000

In the 18th episode of The COO Roundtable, Matt welcomes Steven Beals, Chief Administrative Officer of EP Wealth Advisors and Eric Hehman, Chief Executive Officer and Principal of Austin Asset. EP Wealth Advisors manages $6B of AUM across 14 offices with their headquarters in Torrance, California. Managing over $1B in AUM, Austin Asset is aptly headquartered in Austin, Texas. As the country adjusts to “the new normal,” Matt, Steven, and Eric discuss how crucial the COO position has been in successfully keeping firms running now and in the future. Other topics of conversation include:

Background on their respective firms, what clients they serve, and a fun story about Luke Sonnen’s playdate arriving at the Sonnen house wearing an EP Wealth Advisors baseball uniform
Their career paths, specifically Eric’s long tenure at Austin Asset and his path from unpaid intern to CEO, and Steven’s interesting journey in the industry that included moving to Arizona and his promotions at Charles Schwab which lead to various management roles
Coordinating their firm’s operations and services to succeed in a work from home environment
How EP Wealth Advisors has made their firm an attractive home for advisors
Eric discusses his book Success and Succession: Unlocking Value, Power, and Potential in the Professional Services and Advisory Space
Career paths for professionals invested in the operational space

We hope you enjoy, share, and subscribe!

To learn more about Eric Hehman’s book, click here.

To read the CFP Board’s Financial Planning Career Paths report, click here.

To read a full transcript of this episode, click here.

You can listen and subscribe on Apple Podcasts, Google Podcasts, Spotify, iHeartRadio or Stitcher.

EP 17 - Vibhaw Arya of Shufro Rose & Brandon McKerney of Columbia Pacific Wealth Management

Coldstream Wealth Managment — Tue, 05 May 2020 10:13:00 +0000

In the 17th episode of The COO Roundtable, Matt welcomes Vibhaw Arya, Chief Operating Officer at Shufro Rose and Brandon McKerney, Partner and Director of Operations at Columbia Pacific Wealth Management. Headquartered in New York City, New York, Shufro Rose manages approximately $1.5B in AUM and was founded in 1938. Columbia Pacific Wealth Management manages almost $4.5B in AUM and is headquartered in Seattle, Washington. As the country continues to navigate the unfolding COVID-19 crisis, our guests detail their respective firms’ response to this operating challenge. Matt, Vib, and Brandon discuss the COO’s role in supporting a firm’s “People, Culture, and Vision” and much more, including:

Their backgrounds, including Brandon being drafted as a pitcher for the Seattle Mariners
The role of the COO in continuing firm productivity and boosting morale during this time
Their firms’ transition to working from home and their experience in two major cities seriously affected by COVID-19
The COO’s responsibility in implementing the firm’s vision by empowering employees and finding the best solutions available
How they drive integration and user adoption in their firms
Career paths their firms have created for their teams

We hope you enjoy, share, and subscribe!

You can listen and subscribe on iTunes, Google Play, Spotify, iHeartRadio or Stitcher.

EP 16 - David Aaron of Cerity Partners & Jim Atkinson of STA Wealth Management

Coldstream Wealth Managment — Tue, 07 Apr 2020 02:22:00 +0000

In the 16^th episode of The COO Roundtable, Matt welcomes David Aaron, Partner at Cerity Partners* and Jim Atkinson, COO and Head of Mergers & Acquisitions at STA Wealth Management. Prior to selling his firm in January 2020 to Cerity Partners, the $26B AUM aggregator, David was Co-CEO and CIO of EMM Wealth, a $3 billion RIA in New York City. STA Wealth Management is headquartered in Houston, TX, and manages approximately $2.1 billion. With most of the country under quarantine and practicing social distancing, many firms are experiencing major transitions themselves to partial or entire remote work models. Dubbing this interview the “Stay at Home” episode, Matt, David, and Jim highlight the COO’s key contributions to successful transitions in both business continuity and M&A. Their discussion also covers the importance of planning for contingencies, routine continuity plan testing, strategic use of leadership teams, and much more, including:

How a tested, strong Business Continuity Plan makes for a smooth transition to remote work
Their respective paths to leadership roles at their firms
Comparing and contrasting their experiences on each side of an M&A transaction
The role the COO plays in transitions—either M&A transactions or emergency continuity situations
How adopting a strategic operating system, such as the one described in the best-selling book “Traction” can unlock higher levels of productivity

*All uses of the name Cerity Partners, and any derivations of the name Cerity Partners, refer exclusively to Cerity Partners LLC, a national wealth management firm headquartered in New York. For more information about Cerity Partners, visit www.ceritypartners.com. We hope you enjoy, share, and subscribe! You can listen and subscribe on iTunes, Google Play, Spotify, iHeartRadio or Stitcher. Sign up here to be notified of new practice management content added to our blog on a regular basis.

EP 15 - Loren Pierson of Mercer Advisors & Michael Kossman of Aspiriant

Coldstream Wealth Managment — Tue, 03 Mar 2020 11:49:00 +0000

In the 15^th episode of The COO Roundtable, Matt welcomes Loren Pierson, COO of Mercer Advisors and Michael Kossman, COO, CCO, and Partner of Aspiriant. A trailblazer in the RIA industry in the field of mergers and acquisitions, Mercer Advisors has acquired 31 firms to date. Headquartered in Denver, Colorado, Mercer has over 400 employees and approximately $18 billion in client assets. Headquartered in Los Angeles, CA, Aspiriant has 11 offices around the country and manages over $12 billion in client assets. With the goal of highlighting how a COO’s key contributions to a firm’s operations lead to successful mergers and acquisitions, Matt, Loren, and Michael sit down to discuss the importance of an organized, scalable infrastructure, alignment of common core values, translating vision into action, and much more including:

Their individual paths that led them to become COOs at powerhouse RIAs
The story behind San Francisco’s “Michael Kossman Day”
Comparing and contrasting their respective firms’ philosophies on M&A
The role the COO plays in each of their respective firms’ M&A strategy
How to create a culture and scalable process that gives a unified, stand out client experience across offices nationwide
How they each plan for their respective firms’ future

EP 14 - Industry Spotlight: M&A Landscape for RIAs

Coldstream Wealth Managment — Fri, 07 Feb 2020 01:05:00 +0000

With M&A activity at an all-time high and no sign of stopping anytime soon, we take a break from our usual interview format here in Episode 14 and Matt speaks directly to our listeners about the ever-important topic of Buyer Preparation. For any firm to be a successful buyer in this ultra-competitive M&A market, we believe they first need a strong COO and well-defined back-office systems and workflows, as these are what Sellers are looking for when comparing their options of who to partner with and entrust with their client assets. With the goal of highlighting the importance of having the proper infrastructure in place before jumping into the M&A game, Matt draws inspiration from Christina Townsend’s recent InvestmentNews article “RIAs: Shopping for M&A Deals?: Better Get Your House in Order First…” Chris Voss’s Never Spit the Difference, and even sprinkles in a little humor with an Old School reference when discussing “capacity, people, and technology.” Matt’s “rant” includes:

Setting realistic expectations for acquisitions
The importance and value of a comprehensive onboarding plan for M&A
The fears employees face during the transition period and how to handle those situations in a way that is fair and productive for both firms
The 7 Components of Successful M&A strategies
How the COO can be leveraged during M&A transactions

We hope you enjoy, share, and subscribe! You can listen and subscribe on iTunes, Google Play, Spotify, iHeartRadio or Stitcher. In this episode, Matt discusses many of the previous articles we have written on our blog -- sign up here to be notified of new practice management content added to our blog on a regular basis.

EP 13 - Kristi de Grys of Merriman & Larry Miles of AdvicePeriod

Coldstream Wealth Managment — Tue, 07 Jan 2020 17:47:00 +0000

In the 13^th episode of The COO Roundtable, Matt welcomes Kristi de Grys of Merriman Wealth Management and Larry Miles of AdvicePeriod. After spending almost two decades in the aerospace industry, Kristi de Grys brings an outside (and strongly analytical) perspective and occupies a role not yet seen on The COO Roundtable—that of the Chief Investment Officer/COO. Similarly, Larry brings the perspective of a “recovering history and English major” to his role of providing strategic leadership for growth and profitability. With the goal of highlighting the importance of values & culture when it comes to the management of a firm, Matt, Kristi, & Larry sit down to discuss how a COO can make the firm’s values the basis for its processes, how to build the right culture for your firm, and more, including:

The benefits of hiring a diverse set of team members from both within and without the industry
How intentionality is key when building a distinct culture at your firm
How a COO can maintain an outsider’s perspective in order to continually challenge the status quo
Larry’s experience being both a principal and a practice management author
Kristi’s three levels of communication within a firm
The importance of professional management, and the COO specifically, for RIAs in acquisition mode
Where Kristi and Larry turn to for peer-level best practices and education

Check out Larry’s book, It’s That Simple: How to Build the Professional Service Firm of the Future, here. We hope you enjoy, share, and subscribe! You can listen and subscribe on iTunes, Google Play, Spotify, iHeartRadio or Stitcher. Sign up here to be notified of new practice management content added to our blog on a regular basis.

EP 12 - Mark Tibergien & Karen Novak of BNY Mellon Pershing

Coldstream Wealth Managment — Tue, 03 Dec 2019 04:26:00 +0000

In the 12^th episode of The COO Roundtable, Matt welcomes Mark Tibergien and Karen Novak of BNY Mellon Pershing.* Mark, CEO, Advisor Solutions, BNY Mellon Pershing is a monumental figure in the RIA space and a true champion of professional management in the RIA industry. Similarly, Karen has contributed thirty years to the financial services industry, twenty-three of which have been at Pershing, where she serves as Chief Operating Officer, Advisor Solutions, BNY Mellon Pershing. With the goal of highlighting the importance of professional management when it comes to the COO role, Matt, Mark, and Karen sit down to discuss what key metrics a COO should consider when seeking to execute the vision for the firm and much more, including:

The benefits of a good cultural fit between the CEO and COO and how they can enhance firm-wide growth through a joint effort
How Karen helps make Pershing an “employer of choice” by thinking through the employee experience from onboarding through succession planning
Mark’s six components of a successful business and how the COO can drive those standards of excellence forward
The importance of re-evaluating and adjusting business plans and admitting when the direction of the firm might need resetting
Understanding the three biggest trends every firm owner should be mindful of
Matt’s unbridled joy at speaking with his personal hero Mark Tibergien (are you familiar with Eddie Van Halen’s idolization of Eric Clapton?)

We hope you enjoy, share, and subscribe! You can listen and subscribe on iTunes, Google Play, Spotify, iHeartRadio or Stitcher. Sign up here to be notified of new practice management content added to our blog on a regular basis. *This interview was conducted on November 18^th, prior to the Schwab-TD Ameritrade merger announcement on November 21^st.

EP 11 - Kelli Cruz of Cruz Consulting & Jim Regitz of Newport Advisory

Coldstream Wealth Managment — Thu, 07 Nov 2019 07:15:00 +0000

In the eleventh episode of The COO Roundtable, Matt welcomes Kelli Cruz, CEO of Cruz Consulting and Jim Regitz, Founding Partner and Senior Advisor at Newport Advisory Financial Counsel. The three professionals discuss the importance of the COO role at growing RIAs, and what led Jim to realize he needed to hire professional management at his firm 2 years ago. Kelli is a well-known consultant to the wealth management space -- her firm specializes in human resource sourcing and human capital development. Based in Newport Beach, California, Newport Advisory is an independent wealth management firm that has more than tripled its AUM in the past few years, to over $700 million today. With the goal of highlighting the importance of the human capital element when it comes to the COO role, Matt, Kelli, and Jim sit down to discuss what characteristics make for a good COO and much more, including:

Jim and Kelli’s respective backgrounds and views on the people-side of workflows
The importance of self-awareness in the C-suite while crafting roles and responsibilities
How Jim best supports his COO and how he delegates duties, allowing them both to be successful in their roles
Kelli’s views on the pros and cons of hiring a COO from outside the firm, as opposed to promoting from within
How Jim utilizes his COO in M&A transactions from negotiations through integration
The qualities and characteristics Jim and Kelli look for when identifying the right talent for operations roles

EP 10 - Highlights: Episodes 1 - 9

Coldstream Wealth Managment — Thu, 10 Oct 2019 06:04:00 +0000

In the tenth episode of The COO Roundtable, Matt takes some time to reflect on some of the highlights and biggest takeaways from the nine content-packed episodes we’ve produced so far and he even finds time to squeeze in a Princess Bride reference! By focusing on all the unique perspectives that our guests bring to the table—including a number of COOs and operations professionals, as well as CEOs and service providers—we can see how the COO role is multifaceted and can encapsulate so many different responsibilities depending upon the needs of the firm. Listen in to learn how a COO can be an instrumental part of an RIA’s C-suite through:

Applying a keen attention to detail in process documentation
Attracting and retaining top talent
Balancing profit and growth
Leveraging technology to improve the client experience
Making the firm operate its best through improved workflows
Delineating tasks among the C-suite and employees
Making client relationships more sticky
Preparing the firm for M&A and/or implementing an acquisition
Listening for the most pressing needs of the firm
Supporting employees to best support the end client

We hope you enjoy, share, and subscribe! To subscribe to the podcast on iTunes, click here or to subscribe on Google Play, click here. Sign up here to be notified of new practice management content added to our blog on a regular basis.

EP 9 - Susan Dickson & Suzanne Williamson of Private Ocean

Coldstream Wealth Managment — Mon, 09 Sep 2019 03:22:00 +0000

In the ninth episode of The COO Roundtable, Matt welcomed Susan Dickson and Suzanne Williamson, principals of Private Ocean. Susan is the Chief Operating Officer of the firm, and Suzanne is the Director of Client Services. Private Ocean, headquartered in San Rafael, CA, manages over $2 billion in client assets with 51 employees and has additional offices in San Francisco and Seattle. With the goal of highlighting that people come before technology in the COO role, Matt, Susan, and Suzanne sat down to discuss the importance of culture, how that culture can successfully translate to M&A acquisitions, and much more, including:

The history and tremendous growth Private Ocean has experienced since its founding in 1983
Susan and Suzanne’s respective backgrounds and how they both have impacted and managed Private Ocean’s growth
The pros and cons Susan faced coming from outside the industry as COO
Suzanne’s unique role as Director of Client Services and how she acts as the liaison between various departments throughout the organization
The importance of culture at Private Ocean and the post-hire personality test they have instituted to help ensure their culture remains intact as they add more employees
How Susan, as COO, is involved in M&A transactions from the very beginning of negotiations
Suzanne’s role in integrating their acquisitions’ various client service models under one roof

EP 8 - David Canter & Scott Slater of Fidelity Clearing & Custody Solutions

Coldstream Wealth Managment — Sat, 03 Aug 2019 07:51:00 +0000

In the eighth episode of The COO Roundtable, Matt sat down with David Canter and Scott Slater of Fidelity Clearing & Custody Solutions. David is the Executive Vice President and Head of the RIA Segment at Fidelity. A lawyer by trade, David has been in the industry for 25 years and has been involved in everything from setting up RIAs from a legal and compliance perspective to helping them grow and scale from a practice management standpoint. Scott is the Vice President of Practice Management and Consulting at Fidelity. He helps some of the largest firms in the industry work through their M&A strategy and is also host of the Future Ready Through M&A Podcast. Matt, David, and Scott sit down to discuss their unique perspective into RIAs of various shapes and sizes across the country and much more, including:

David and Scott’s respective professional backgrounds and how those affect their roles today
The evolution of the Chief Operating Officer role and how they can help a firm navigate the greater RIA ecosystem
How Fidelity is working with firms outside of their clearing and custody solutions
The four areas Fidelity focuses on to help take RIAs to the next level
Scott’s take on what Buyers and Sellers need to do in order to be successful in the M&A market
David’s perspective on the profit vs. growth debate
Their thoughts on why professional management tends to fail at RIAs

We hope you enjoy, share, and subscribe! To subscribe to the podcast on iTunes, click here or to subscribe on Google Play, click here. We are increasing the frequency of our own RIA practice management articles – to sign up to be notified of new content, click here. Check out Scott’s favorite entrepreneurship book, The E-Myth Revisited, here. Check out David’s favorite entrepreneurship podcast, Startup, here. Fidelity Clearing & Custody Solutions® provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. Fidelity is not affiliated with PFI Advisors.

EP 7 - Heather Goodman of True Capital Management & Mark DeLotto of Massey Quick Simon

Coldstream Wealth Managment — Fri, 12 Jul 2019 08:37:00 +0000

In the seventh episode of The COO Roundtable, Matt sat down with Heather Goodman of True Capital Management and Mark DeLotto of Massey Quick Simon. Heather is the COO, President, and Co-Founder of True Capital and helps the firm manage $1.1 billion in client assets across two offices in San Francisco and Los Angeles with 36 employees. Mark, Managing Partner, COO, and CCO, helps Massey Quick Simon manage over $4 billion in client assets across six office locations with 55 employees. Matt, Heather, and Mark sit down to discuss their roles in sustaining their firms' plethora of family office services and much more, including:

The history and background of True Capital Management and Massey Quick Simon
Heather and Mark’s respective professional backgrounds and how they’ve influenced their roles today
Mark’s dual role of COO and CCO and the overlap he sees between the two
Heather and True Capital’s internship program and the benefits it has provided the firm
The unique hiring committee Mark has created at Massey Quick Simon
How True Capital and Massey Quick Simon truly offer family office services
Heather’s view on her role as COO in the M&A recruiting process
A very fitting Jerry Maguire reference!

EP 6 - Jeff Conception, Nancy Andrefsky, & Lou Camacho of Stratos Wealth Partners

Coldstream Wealth Managment — Wed, 05 Jun 2019 07:03:00 +0000

In the sixth episode of The COO Roundtable, Matt was excited to welcome the first CEO to the Roundtable discussion! Jeff Concepcion, Nancy Andrefsky, and Lou Camacho from Stratos Wealth Partners joined Matt for an easy going, yet extremely insightful interview. Stratos Wealth Partners has 287 advisors in 87 offices across 24 states and serves more than 13,000 clients with over $13 billion in assets under management. Jeff is Founder and CEO of the firm while Nancy, who has worked with Jeff since the firm’s inception, holds the COO and CFO titles and Lou heads Stratos Wealth Alliance as its President. In this episode, Matt, discussed with Jeff, Nancy, and Lou how they each play a vital role in sustaining such a large, acquisition-focused enterprise and much more, including:

The Stratos Wealth Partners model and how they differentiate themselves in the marketplace
Nancy and Lou’s respective backgrounds and how those experiences influence their current roles at the firm
How Nancy balances the plethora of responsibilities that come with being COO and CFO
Jeff’s take on the importance of professional management in the RIA space
Nancy’s thoughts on the age-old profit vs. growth debate
How Lou leverages Stratos’ technology platform in the sales process with advisors
Jeff’s opinion on the recent large liquidity events of RIA aggregators (Focus Financial Partners, Hightower Advisors, and the recent sale of United Capital to Goldman Sachs)

EP 5 - Heather Fortner of SignatureFD and Lucas Winthrop of Winthrop Wealth Management

Coldstream Wealth Managment — Wed, 01 May 2019 07:03:00 +0000

In the fifth episode of The COO Roundtable, host Matt Sonnen was thrilled to sit down with Heather Fortner of SignatureFD and Lucas Winthrop of Winthrop Wealth Management. SignatureFD, headquartered in Atlanta, Georgia, currently manages approximately $3.5 billion in client assets with over 80 employees. Winthrop Wealth Management, located in Boston, Massachusetts, manages about $1.1 billion in client assets with 17 employees. Matt, Heather, and Lucas discuss the steps they take to put time back into the hands of their advisors and much more, including:

The history and background of SignatureFD and Winthrop Wealth
How Heather and Lucas came into their current COO roles
Where the two see the COO role fitting into the broader organization
How Heather and Lucas allocate their time to the dozens of responsibilities COOs are tasked with daily
The initiatives they take as COOs to help build and uphold firm culture
The never-ending debate: buy vs. build when it comes to an RIA’s technology stack
The balancing act required between 1^st generation and next-gen employees, and the need for appreciation and communication on both sides

EP 4 - Tom Harms of Summit Trail Advisors and Stacey McKinnon of Morton Capital Management

Coldstream Wealth Managment — Tue, 02 Apr 2019 07:29:00 +0000

In the fourth episode of our podcast, The COO Roundtable, Matt sat down with Tom Harms of Summit Trail Advisors and Stacey McKinnon of Morton Capital Management. Summit Trail Advisors manages about $5.2 billion in client assets across five office locations: New York City, Chicago, San Francisco, Boston, and Washington D.C. Morton Capital Management, located in Calabasas, California, manages roughly $1.8 billion in client assets. Matt, Tom, and Stacey discuss the core values and structure they’ve instilled at their respective firms and much more, including:

The history and background of Summit Trail and Morton Capital
Their individual professional experiences and how those experiences have shaped their roles today
Stacey’s extensive work in career pathing and establishing Morton Capital’s 5 E’s
Tom’s comprehensive risk management work he’s done across all of Summit Trail’s teams
Stacey’s standardization of Morton Capital’s client-facing marketing material and the greater importance this initiative has had on their organization
Tom’s crucial role in Summit Trail’s aggressive M&A strategy
The networking groups and industry consultants that Tom and Stacey turn to for peer insights and professional help
How Tom and Stacey see their role as COO fitting into the greater organizational structure

We hope you enjoy, share, and subscribe!

EP 3 - Trevor Chuna & Shaun Kapusinski of Sequoia Financial Group

Coldstream Wealth Managment — Wed, 06 Mar 2019 02:58:00 +0000

In the third episode of our podcast, The COO Roundtable, Matt was thrilled to sit down with Trevor Chuna and Shaun Kapusinski of Sequoia Financial Group, an RIA in Akron, OH managing over $4 billion. Trevor, also featured in our latest White Paper, is the Chief Technology Officer and Shaun is the Director of Technology and Operations at Sequoia. Matt, Trevor, and Shaun dive deep into how Sequoia has evolved the client experience through technology and much more, including:

The history and background of Sequoia Financial Group
Their respective professional experiences and how those experiences have shaped their roles today
How Trevor and Shaun manage the inevitable growing pains of implementing new technology in an acquisitive firm
The key differences Trevor sees between his CTO role and a more traditional COO role
Their extensive work in building out firmwide use of Salesforce
Trevor’s development of Sequoia’s financial planning platform
Shaun’s networking group founded for operations professionals, HIFON
Sequoia’s recent acquisition of LJPR Financial Advisors (a $776 million RIA)
Shaun’s new book, The Financial Advisor M&A Guidebook, co-authored with Greg Friedman of Private Ocean

We hope you enjoy, share, and subscribe! Be sure to keep an eye out for Episode 4, which will feature Stacey McKinnon of Morton Capital Management and Tom Harms of Summit Trail Advisors. Both firms manage roughly $1.8 billion and $5.2 billion in client AUM, respectively. To subscribe to the podcast on iTunes, click here or to subscribe on GooglePlay, click here. To learn more about Shaun’s networking group, HIFON, click here. To purchase Shaun’s book, click here.

EP 2 - Gary Bonner of Avalon Advisors & Mike Lee of LourdMurray

Coldstream Wealth Managment — Thu, 31 Jan 2019 02:48:00 +0000

In the second episode of our podcast, The COO Roundtable, host Matt Sonnen sits down with Gary Bonner of Avalon Advisors and Mike Lee of LourdMurray. Also featured in our most recent white paper, Gary and Mike are two accomplished Chief Operating Officers who have been catalysts for incredible growth at their respective RIAs. Matt, Gary, and Mike detail how the COO of an RIA really acts as a firm-wide business consultant; how they are more than a just technology guru; and much more, including:

The history and background of Avalon Advisors and LourdMurray
Their professional experiences and how they influence their approach to their current roles
How Gary and Mike cope with the natural growing pains of firms their size
What they feel is the main focus of their role at their respective firms
The two tackle the age-old debate: profit vs. growth
The networking groups they turn to for practice management insights
And finally, what makes for a successful day

We hope you enjoy, share, and subscribe! Be sure to keep a lookout for Episode 3, which will feature Trevor Chuna and Shaun Kapusinksi, two operations professionals from Sequoia Financial Advisors, an RIA in Akron, OH managing over $4 billion. To read the executive summary of Episode 1, please click here.

EP 1 - Jeff Fuhrman of Coastal Bridge Advisors & Tony Craun of Sand Hill Global Advisors

Coldstream Wealth Managment — Thu, 17 Jan 2019 12:50:00 +0000

In our inaugural episode, Matt sits down with Jeff Fuhrman of Coastal Bridge Advisors and Tony Craun of Sand Hill Global Advisors. These two were gracious enough to be profiled in our latest white paper, “Exploring the Benefits of Professional Management for RIAs: A Deeper Look into Chief Operating Officers.” Matt, Jeff, and Tony discuss the strategies they incorporate to successfully tackle their day-to-day responsibilities, help their firms grow, and much more, including:

The history and background of Coastal Bridge Advisors and Sand Hill Global Advisors
How their personal experiences affect their current roles in their respective firms
How Jeff and Tony handle inevitable challenges that come with the growth their firms have experienced
Tony dives deeper into Sand Hill Global Advisors’ millennial hiring campaign
Jeff describes Coastal Bridge Advisors’ hyper-specific job descriptions, and how they maintain their relevancy
How their respective firms view M&A/industry consolidation, and how they personally influence those views within their respective firms
And finally, what makes for a successful day in their roles?

We hope you enjoy, share, and subscribe! And keep a lookout for Episode 2, which will feature Gary Bonner of Avalon Advisors and Mike Lee of LourdMurray. To read Matt’s introductory blog post, please click here.

Introducing The COO Roundtable Podcast

Coldstream Wealth Managment — Tue, 11 Dec 2018 01:46:00 +0000

I am thrilled to announce the launch of The COO Roundtable, Powered by PFI Advisors; our latest endeavor in championing the role of operations professionals within the RIA industry. This podcast series will feature panel discussions with Chief Operating Officers at some of the country’s leading independent firms. We plan to highlight operational best practices and the benefits that professional management can bring to an RIA.

Our inaugural guests will be the COOs most recently highlighted in PFI Advisors’ white paper, “Exploring the Benefits of Professional Management for RIAs – A Deeper Look into Chief Operating Officers:” Gary T. Bonner of Avalon Advisors, Jeff Fuhrman of Coastal Bridge Advisors, Michael Lee of LourdMurray, and Anthony Craun of Sand Hill Global Advisors.

We view this podcast as a natural extension of our core mission here at PFI Advisors:

To further evolve the RIA industry from a collection of practices to businesses, and to be a continued voice in validating the industry as a legitimate landing spot for billion-dollar teams and their clients.

With the goal of shedding light on the tremendously important work COOs perform every day in the trenches, this podcast is a bit of a passion project of mine, as I have seen throughout my 20-year career in financial services that operations professionals are widely viewed as “cost centers” and not “revenue generators” within sales organizations. Industry luminaries such as Mark Tibergien, David Canter, and Philip Palaveev have been advocating for the professionalization of our industry for some time, and we intend to demonstrate that without leveraging a Chief Operating Officer, RIAs cannot achieve the organic or inorganic growth initiatives they set for themselves. We strongly believe that COOs are needed to free the owners of these organizations from the daily minutiae of running a business.

As Jeff Fuhrman said during his interview for our recent white paper, “It’s the Chief Operating Officer’s duty to be in the wings, supporting the role of the advisor. Leave the management of the firm to the COO, and they will make sure advisors get what they need so they can do the most effective job for their clients.”

We at PFI Advisors are declaring 2019 as the “Year of the COO” in the RIA Industry and aim to spend the year illuminating the hard work successful Chief Operating Officers bring to their respective firms through The COO Roundtable. Our featured COOs will discuss how they overcome challenges pertaining to the day-to-day administration of their firms; how they maintain a holistic view of their organization’s culture; how they drive workflow improvements; and how they navigate the human resources element of being a COO, all at once. We’ll also look to share their stories of hanging pictures on the walls, drilling holes in desks, and duct taping phone cables together, as no job is ever beneath a competent COO.

Our goal is to help the industry realize the massive value Operations professionals bring to RIAs. Every advisory firm struggles with the goal of providing high-touch service to a larger and larger client base in a scalable and efficient fashion. It is the COO’s job to execute the owner’s vision through people and technology, and to execute that vision profitably.

We hope you take a listen, subscribe, and enjoy!