The COO Roundtable

Matt is joined by industry veterans Jason Mirabella and Randy Lambert for Episode 81. Jason returns for his second appearance, having first joined Episode 37 nearly four years ago. Randy, the former COO of Orion, brings decades of experience after spending 30 years building and scaling one of the industry's leading organizations. Now, Jason and Randy have teamed up at Intention.ly to launch a new operational consulting arm, specifically designed to tackle the unique operational and growth challenges faced by RIAs and the fintechs that serve them. Together, Matt, Jason, and Randy dive into topics including: The complexity of scale and why it’s important to “keep score” How growing firms can remain “quick and nimble” instead of becoming “bloated and slow” as they transition into enterprises The fundamental differences between a Director of Operations and a Chief Operating Officer, and how to determine which role your firm needs Why change is so hard for organizations to navigate, and how COOs can become true change agents Will AI replace the traditional CRM, or make it even more powerful? How the COO role is evolving and what to expect going forward

In this episode, Matt sits down with Linda Bready, a renowned operations consultant to RIAs and author of the new book, The Exit Equation – M&A Strategies, Tools, and Insights for Financial Advisors.  What started as a guide for sellers preparing for mergers or acquisitions, Linda’s book reveals itself as a comprehensive blueprint for operational readiness. It’s packed with practical strategies that empower firms to run more profitably and efficiently, whether or not a sale is on the horizon. As Linda writes, “a well-run firm isn’t just easier to sell, it’s easier to grow, scale, and live with.”  Linda’s expertise is extensive. She was a trailblazer in the field of RIA performance reporting during her 17 years running B-Ready Outsourcing Solutions, which she led until its acquisition by Envestnet in 2010. After serving in a leadership role at Envestnet for six years, Linda became Executive Vice President of Operations & Client Service at FolioDynamix―until, in a twist of fate, Envestnet acquired FolioDynamix in 2018. Today, Linda is back in the consulting sphere as the founder of CleverX Consulting, where she delivers fractional executive support and board-level insight to financial services firms and fintech innovators.  During this far-reaching conversation, Matt and Linda discuss her new book and a wide range of RIA operations and technology topics, including: Why so many RIAs struggle with operational efficiencies The common pitfall: mistaking technology ownership with technology optimization Why now is the time for RIAs to focus on scalability and repeatability across their organizations The critical role of culture and why it’s so often overlooked in M&A transactions Strategies for effective change management Why not all AUM is created equal Overcoming the reluctance to document workflows and processes The power of client segmentation and why understanding the true cost to serve each client is more important than focusing solely on top-line revenue To learn more about how Linda works with advisors and operations professionals, please visit https://www.cleverxconsulting.com/ To purchase Linda’s amazing book, click here.

In Episode 79, Matt welcomes two long-time friends and industry experts: Lisa Crafford and Morgan Bell of Constellation Wealth Capital (“CWC”). CWC is a Chicago-based private equity firm founded in 2023 that specializes in making minority investments in growth-oriented wealth management firms across the United States. Lisa and Morgan first met at BNY Mellon Pershing, while consulting for RIAs. Today, Lisa serves as Managing Director, Head of Advisory, and Morgan leads technology consulting at CWC. Matt has long considered both Morgan and Lisa fellow “operations nerds,” and has enjoyed collaborating with them on content aimed at helping operations professionals run better firms. After sharing their career stories, the conversation dives into: The evolution of the COO role as the wealth management industry matures The need for leadership and next generation training in the industry, and how Lisa and Morgan addressed these needs – both historically and now at CWC Solving the complex puzzle of building a scalable, efficient, and integrated tech stack Where the COO is headed in the next five years Common mistakes firms make, and how to avoid them at your RIA Advice for first-time COOs and for RIAs hiring their first COO And, of course, a short tribute to Mark Tibergien’s immense impact on our industry The article, “The Importance of Strategy and How a COO Can Help” can be found here.

In this engaging discussion, Eric Stephenson, Managing Director at Pathstone, and Shelly Kapoor, Manager of Business Integrations at Coldstream, share their insights on M&A integration. Both emphasize the importance of human elements in successful transitions, alongside the role of technology as a facilitating force. They highlight their firms' values-driven approaches to growth, discuss practical strategies for integration, and offer invaluable advice for COOs stepping into dedicated integration roles, underscoring the need for curiosity and relationship-building.

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