Ep 398: Building A $2.5B AUM Advisory Enterprise Under The Umbrella Of A National CPA Firm With Eric Wulff

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Aug 13, 2024

Eric Wulff, CEO of Marcum Wealth, oversees $2.5 billion in assets for 2,700 households. He reveals how leveraging relationships with CPAs drives referrals, emphasizing a 'give to get' strategy. Wulff discusses the integration of tax advisory into financial planning and the value of standardized services across locations. He also explains their unique approach to client acquisition, converting prospects by presenting detailed plans upfront, all while balancing growth with a targeted focus on mid-career advisors.

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INSIGHT

CPA vs. RIA Business Models

CPA firms operate on a billable hours model, focusing on maximizing revenue per hour.
Wealth management firms prioritize long-term client relationships and recurring revenue.

ADVICE

Give to Get

Demonstrate value to clients by offering free financial planning upfront.
This "give-to-get" approach builds trust and encourages client engagement.

ANECDOTE

Client Onboarding Process

Marcum Wealth requires all clients to have a financial plan.
The firm presents the hard facts, helps adjust the plan, and only then discusses implementation.

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Eric Wulff is the CEO of Marcum Wealth, an RIA based out of Cleveland that oversees $2.5 billion in assets under management for approximately 2,700 households. Eric has uniquely developed Marcum Wealth into a multi-billion-dollar firm under the umbrella of a national accounting firm, largely by fostering mutually beneficial relationships with internal CPAs to secure referrals of their accounting clients to his financial planning business. This strategy has effectively integrated and leveraged the firm's existing services to expand its client base and enhance its financial planning division.

Listen in as Eric shares his strategic approach to generating internal referrals at his firm, using a "give to get" philosophy with CPAs to ensure his advisors are top of mind for financial planning referrals, especially through exit planning services that help maintain CPA-client relationships beyond traditional business needs. He also explains how his firm standardizes financial planning across national offices through a centralized team, the effectiveness of presenting detailed financial plans to prospects before they commit, and his targeted acquisition strategy focusing on growth-minded mid-career advisors.

For show notes and more visit: https://www.kitces.com/398

Headers:

What Marcum Wealth Looks Like Today [6:35] Using A Team-Based Approach To Building Financial Plans [16:10] Linking Marcum Wealth's Planning Process To Its Asset Allocation Frameworks [28:44] Converting Prospects Into Clients Through The Plan Delivery Process [33:06] How Marcum Wealth Generates Referrals From Its Attached CPA Firm [46:10] Dividing Advisory Teams By Geography And Client Segments [57:43] Marcum Wealth's Strategic Approach To Acquisitions [1:04:21] What Surprised Eric The Most Building An Advisory Business [1:15:40] The Low Point On Eric's Journey [1:17:34] What Eric Would Tell His Younger Self [1:22:58] Eric's Advice For Younger Advisors [1:24:15] What Success Means To Eric [1:27:25]

The following contains the thoughts and opinions of Eric Wulff, CEO, of Marcum Wealth, LLC. Marcum Wealth is an investment adviser registered with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The statements herein are intended as brand and general educational and informational content only, and no viewer should construe any statements as an offer of Marcum Wealth’s advisory services. Viewers are encouraged to discuss the content of this broadcast with, and direct any questions to, the financial professional of their choosing.