The COO Roundtable

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 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 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

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

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.

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  

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

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

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

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

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 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

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

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

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

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

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

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.

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.

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.