Barron's Advisor

Matthew Somberg, co-founder of Gottfried & Somberg Wealth Management, shares insights from his 25-year journey in the advisory world. He discusses the importance of hiring to enhance team strengths, highlighting mentorship and collaboration as keys to a successful partnership. Somberg dives into client pricing strategies and the significance of aligning pricing with strong client relationships. He also reflects on the legacy of leadership and the impact of fostering a supportive company culture.

Elizabeth Dennis, Head of Private Wealth Management at Morgan Stanley, shares insights on navigating the evolving landscape for ultra high net worth clients. She discusses the significance of tax-aware strategies in wealth management and the trend of companies remaining private longer. The conversation covers the demand for personalized investment approaches and liquidity solutions, as well as the growing trend of intentional philanthropy among wealthy families, highlighting how shared values influence their giving.

Every other Thursday on Barron’s Advisor: The Way Forward: Next Generation, we speak with successful advisors who share their best advice for getting ahead and making an impact. Learn more about your ad choices. Visit megaphone.fm/adchoices

David Newsom, founder of XNW Digital, shares his expertise in RIA marketing strategies aimed at achieving organic growth. He discusses the importance of identifying ideal high-net-worth clients and the need for tailored, data-driven marketing. The conversation explores how AI influences content strategies and emphasizes that quality websites remain crucial for effective engagement. Newsom also highlights balancing aesthetics with functionality in web design, the authenticity in attracting traffic, and evolving webinar formats for better audience connection.

Frank Lipman, a wellness pioneer and founder of Eleven Eleven Wellness, shares his insights on longevity through integrative medicine. He emphasizes the shift from traditional symptom-focused treatments to personalized medicine that addresses chronic health issues. Lipman discusses the role of smart medications and innovative biohacking techniques in enhancing life quality. He also cautions against synthetic nootropics, advocating for natural options, and highlights the dangers posed by environmental toxins, urging proactive health management.

Mary Ann Bartels, Chief Investment Strategist at Sanctuary Wealth, shares her insights from over 40 years on Wall Street. She believes we are entering a 'golden age of investing' with promising growth in technology, small caps, and Bitcoin. Bartels discusses the transformative power of AI in enhancing productivity and America's leadership in this sector. She also contrasts Bitcoin's stability with Ethereum's tech focus and emphasizes the importance of long-term investment strategies despite market volatility.

Nikolee Turner, the Head of Business Consulting at Schwab Advisor Services, shares her expertise in M&A strategies tailored for financial advisors. She breaks down a three-phase framework that emphasizes cultural alignment and proactive engagement. Turner discusses the critical need for thorough preparation and clear communication before acquisitions. She also addresses integration challenges, capturing synergies, and avoiding buyer's remorse. Finally, she offers insights into the future of the advisory sector and the impact of technological advancements on M&A.

Dennis Moseley-Williams, founder of DMW Strategic Consulting, dives into the transformative power of big ideas in financial services. He emphasizes how advisors can cultivate loyalty by creating a strong sense of belonging among clients. The discussion reveals how modern value comes from experiences rather than commodities, advocating for a shift towards impactful client relationships. By focusing on niche markets and fostering personal connections, advisors can nurture deeper bonds, ultimately enhancing their practice.

Melinda Bremley, a partner at Chapman & Co. Leadership Institute specializing in leadership assessment, shares her insights on identifying and nurturing effective leaders. She emphasizes the importance of emotional intelligence (EQ) in career progression and discusses innovative hiring methods that go beyond traditional interviews. Bremley also explores the balance of cultural fit in hiring, the significance of clear performance management systems, and emphasizes self-reflection as a tool for overcoming leadership blind spots.

Maria Quinn, a Senior Advice Strategist at Vanguard's Investment Advisory Research Center, shares her insights on navigating the $84 trillion wealth transfer. She emphasizes the need for financial advisors to adapt their strategies to attract next-gen clients, especially women. The discussion highlights the profound impact of empathy and authentic communication in building trust during market volatility. Quinn also explores how technology can enhance connections with younger generations, making financial discussions more relevant and engaging as demographics shift.