Bryan Keller of Dakota Wealth Management - The Future of RIAs

May 16, 2023

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Registered Investment Advisors (RIAs) have become popular for individuals and businesses seeking personalized investment advice. They have won the trust and loyalty of clients who value tailored investment strategies with their direct and personalized approach. While the current economic environment presents its fair share of challenges, many experts believe the industry is well-positioned to navigate these obstacles and continue its growth trajectory. RIAs remain confident about the future of their industry and are expected to be vital players in the financial services industry for years to come.

In this episode, Rusty and Robyn talk with Bryan Keller, Chief Strategic Officer at Dakota Wealth Management. In his role, Bryan focuses on the firm's merger & acquisition efforts, creating strategic opportunities with industry partners, Dakota's investment policy and portfolio management, custodian and trading platforms, and ensuring a superior client experience.

Skilled in managing the mechanical details of investment management offerings and strategically developing customized client portfolios, Bryan talks about the future of Registered Investment Advisors (RIAs), the ins and outs of the RIA landscape, and how mergers and acquisitions (M&A) are playing out in the RIA industry today.

Key Takeaways

[03:54] - Bryan's career history.
[06:56] - How Bryan began working with Dakota Wealth Management.
[09:02] - What a typical day for a Chief Strategic Officer is like.
[10:58] - How M&A plays out in the RIA industry today.
[13:51] - How high-interest rates and volatility in equity markets impact M&A activity.
[15:54] - Factors that can make RIAs ineffective at selling their businesses.
[18:06] - How advisors can sift through the overwhelming information involved in M&A.
[21:24] - How likely are smaller RIAs to succeed in the future?
[22:46] - The top challenges and needs of advisors in the future.
[24:52] - How generative AI can impact financial services.
[27:13] - What a snowflake investor and a snowflake market are.
[31:11] - What advisors should consider when building portfolios in the current economic climate.
[36:25] - Bryan's outlook for inflation and economic growth.
[37:52] - How Bryan maintains his ability to perform at a high level.
[39:59] - The people Bryan is grateful to on a professional level.
[43:46] - Bryan's recommendations for content.

Quotes

[16:40] - "Every seller wants to get everything they want as part of a deal. They want the highest price, they want the loosest terms, and they want it all. But if the buyer is doing the same thing for every transaction they're doing, what they end up getting at the end is just an aggregated business." ~ Bryan Keller

[21:28] - "RIAs are phenomenal businesses. The clients like them more because they're getting that direct, customized approach." ~ Bryan Keller

[37:29] - "We have a challenging economic environment at the headline level, but it's navigatable. I don't see it as something I'm particularly worried about." ~ Bryan Keller

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1100-OPS-4/18/2023