The COO Roundtable

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.

Discover the transformative power of client segmentation for business growth. Learn why overextending services can harm larger clients and overall profitability. Uncover two common misconceptions around segmentation and explore practical methods to assess a firm's client cost structure. Gain insights on strategically allocating resources to enhance service quality and align offerings with client tiers. Finally, hear actionable steps for ensuring organizational capacity supports both client satisfaction and sustainable growth.

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