Chip Roame of Tiburon Strategic Advisors - The State Of Wealth And Investment Management

Jul 19, 2022

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Changes in technology, demographics, and the economy are having an impact on how people invest their money. New opportunities are emerging for those willing to take risks.

In this episode, Rusty talks with Chip Roame, Founder & Managing Partner of Tiburon Strategic Advisors and the Tiburon CEO Summits. He is responsible for all of Tiburon's advisory, research, service, and marketing activities, keeping him on the leading edge of strategic initiatives in the industry's fastest-growing businesses.

Chip shares with Rusty the five key things everyone in financial services should consider regarding the industry, gives advice to aspiring financial advisors, and provides insight into future-proofing financial service practices.

Key Takeaways

[03:49] - Chip Roame's professional background.
[05:39] - Tiburon Strategic Advisor's role in wealth and investment management.
[07:18] - The fun of Tiburon Strategic Advisors.
[10:38] - The current and future states of wealth and investment management.
[14:00] - Chip’s investment equation solution.
[16:38] - Chip's thoughts on direct indexing and ETFs.
[17:55] - Chip's perspective on the new tax alpha.
[19:46] - A piece of advice Chip has for aspiring financial advisors.
[21:12] - Two channels that are gaining traction with financial consumers.
[23:00] - The impact of COVID on financial services.
[25:05] - Chip's outlook on mergers and acquisitions.
[27:07] - How registered investment and financial advisors can future-proof their practices.
[29:57] - How Chip's investment strategy looks.
[31:01] - The qualities of a good financial advisor.
[31:55] - How Chip manages his time effectively.

Quotes

[11:34] - "The Gen X generation is your big opportunity in the next decade. Gen X will save and invest more money than millennials and baby boomers added together in the next 10 years." - Chip Roame

[13:38] - "Women trade less and buy more cost-competitive products. So, two reasons they do better are they buy cheaper stuff and don't turn it over and create taxes. So, if you compare women and men, that's why they beat men." - Chip Roame

[20:59] - "If I were a young person wanting to join the wealth industry, I would certainly look to join an RIA registered investment advisor who's charging fees, acting as a fiduciary, and doing a lot of planning." - Chip Roame

[35:17] - "The wealth management industry is a great profession. On both ends of the spectrum, I think you can build a huge business in wealth management right now, whether through organic growth or inorganic acquisitions." - Chip Roame

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1171-OPS-7/6/2022