The COO Roundtable

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

With Episode 67, we are joined by Meghan Martin of Apella Wealth and Chrissy Lee of Merit Financial Advisors.  Meghan is the newly appointed Chief Operating Officer at Apella Wealth, headquartered in Hartford, CT.  The firm advises on approximately $4.35 billion and has 93 employees across 16 office locations.  Chrissy is the Chief Operating Officer at Merit Financial Advisors headquartered in Atlanta, GA. The firm manages approximately $12 billion of client assets and currently has close to 250 employees firmwide, with 48 locations around the United States. Matt, Meghan, and Chrissy focus their conversation on the operational aspects of mergers and acquisitions in the RIA space, but also hit on other topics near and dear to our listeners, including: Why RIAs should get into M&A in the first place How to articulate the value a buyer can offer an advisor looking to join Important messaging every advisor should address when getting clients excited about the transition Tips and suggestions for successfully transitioning employees during a merger How to examine the tech stack of the merging firm and slowly transition them to your tools and processes Why it is so vital to have a successful transition to point future merger partners to, so they feel comfortable joining your firm What one thing each guest wants our industry to understand about RIA operations

For Episode 66, we break the rules of a “roundtable” and have only one guest, Carolyn Armitage, joining Matt for a deep conversation around our industry’s continuing evolution of turning practices into businesses.  It was a real thrill for him to interview one of his most respected RIA leaders for this conversation.  As he states in the introduction, his Mount Rushmore of RIA practice management leaders consists of Mark Tibergien, Michael Kitces, and Carolyn Armitage.  You will see very quickly why he holds Carolyn in such high regard.  From her time heading up LPL’s enterprise business management consulting business, to acting as a “change management catalyst” as managing director at Echelon Partners, to running Thrivent Advisor Network, Carolyn has become an expert in strategic planning, organizational design, succession planning, and maximizing enterprise value.  She has now hung her own shingle and started Carolyn Armitage Consulting, where she acts as a CEO Whisperer – helping RIA owners better lead their people, form more precise strategic plans, drive change within their organizations, and create better enterprise value and succession solutions.  During this deep conversation, Matt and Carolyn discuss: The fact that the RIA industry is fragmented and in need of central leadership Whether or not there truly is a “Succession Planning Crisis” in our industry Why “We want more…” is not a complete strategic plan Advice for building high performance teams The pros and cons of relying on industry compensation reports How to use equity to retain your key employees A fantastic framework for successfully driving change within your organization And the most elusive question of them all: How to increase enterprise value

We are joined by Rebecca Davis of Greenspring Advisors and Joe Klein from The Bahnsen Group for Episode 65.  Rebecca is the Director of Operations at Greenspring, headquartered in Townson, MD with additional offices in New Jersey and Pennsylvania.  The firm has 41 team members and manages approximately $6.8 billion.  Joe has the dual role of Chief Operating Officer and Executive Director of the firm’s Family Office offering.  The Bahnsen Group is headquartered in Newport Beach, CA with offices in 6 other states.  The firm manages about $5.5 billion of client assets and employs 60 team members.  Matt, Rebecca, and Joe discuss what makes their firms unique from a cultural standpoint, as well as: How both firms leverage content marketing to drive organic growth What services and client experience they offer to make client relationships “sticky” The uniqueness of working at a founder-led RIA and how they both have worked to transition responsibilities away from the founder Time management techniques employed by both guests What strategies they execute to keep team members motivated and engaged

In this episode, Matt welcomes COO Adrian Chastain of Gratus Capital and Partner and COO Kailee Ostroski from Connecticut Wealth Management.  Gratus Capital manages approximately $3 billion of client assets, has 50 team members, and is located in Atlanta, GA.  Connecticut Wealth Management, in Hartford, CT, has 65 team members and oversees about $3.3 billion of client assets.  Matt, Adrian, and Kailee discuss what it means to be an RIA Operations professional, the core focus on People, Process, and Technology, as well as: How to best promote a “Culture of Operations” at your RIA Tips for getting “buy in” from team members for the adoption of new technology tools The “Goldilocks” scenario of trying to hire new employees at “just the right time” Different approaches to building your firm’s technology roadmap Why everything seems to come back to Process

In his third ever monologue “rant,” Matt takes a break from our normal interview format to speak directly to RIA owners and COO candidates to discuss the “Do’s and Don’ts of COO Onboarding.”  Referencing conversations with COOs, past articles he’s written, and former podcast guests, Matt urges RIA owners to have a clear understanding of what they need from their next Operations hire before beginning a search (how will you know you’ve found a good candidate if you don’t know exactly what you are hiring for?).   He also recommends that newly-appointed COOs consider the firm’s capacity for change as they look to make recommendations to add efficiency and scale to their new RIA.  His ultimate goal is for COO candidates and RIA owners to use this episode as the foundation for productive conversations during the interview process to ensure the right people, with the right level of experience, are being hired for the right roles.  During this episode, Matt hits on the following topics: The definition of “Founder’s Bias” and how it derails a newly-appointed COO Why he’s not a fan of the fractional COO role Things COO candidates should look and listen for during the interview process to ensure they will be set up for success David Canter’s four action items every COO should perform after accepting a new job Why Ted Lasso was the perfect COO The difference between an Operations Manager, Director of Operations, and Chief Operating Officer The ultimate sin RIA owners can commit when hiring a COO

We are joined by Megan Hannah of Emerald Advisors and Spencer Rand from Five Oceans Advisors for Ep 62.  Megan has the unique position of Chief Operating Officer and Portfolio Manager.  Emerald Advisors is located in Bellevue, WA and manages approximately $700 million of client assets.  Spencer has the dual role of Director of Operations and Chief Compliance officer at Five Oceans Advisors, headquartered in Los Angeles with a fully remote staff, managing around $500 million.  Matt, Megan, and Spencer discuss their varied histories in the business, the fact that both guests have earned their Chartered Financial Analyst (CFA) designation, as well as: How their background in investments has shaped their approach to Operations What led both firms to land on their ideal client persona Services offered outside of traditional wealth management Recuriting and hiring strategies The importance of employee retention and culture We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

We welcome Janelle Anderson and David Lehman for Ep 61!  Janelle is the Operations Manager and Chief Compliance Officer at Grand Wealth Management, located in Grand Rapids, MI.  The firm manages approximately $600 million and has 13 employees.  Matt and Janelle met at a DFA study group in May 2023.  David is a financial advisor and the Chief Operating Officer with Wealthbridge Advisors, headquartered in Lake Oswego, OR.  Wealthbridge is affiliated with Ameriprise Financial, has 18 employees and manages around $760 million for clients.  David has been a member of the COO Society since March of 2023.  Janelle and David discuss with Matt how they both juggle dual-title responsibilities at their firms, as well as: Their approach to finding and retaining employees How they have both impacted culture at their organizations Productivity tips to ensure they are getting the most important tasks accomplished each day Career paths for Operations staff How they have both approached the “Valley of Doom,” made famous by Echelon Partners’ Dan Seivert We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

Episode 60 marks our 5-year anniversary, and Matt was feeling nostalgic for this conversation with Amber Salzman of Capstone Financial Advisors and Jean Paul Atallah of RZH Advisors.  Amber is Manager of Client Services and a partner of the firm, which is located in Downers Grove, IL, and manages approximately $1.8 billion with 35 employees.  She also has her Financial Paraplanner Qualified Professional (FPQP®) certification.  Jean Paul has spent his entire career in the financial services industry, but only joined RZH Advisors about 18 months ago, where he is the Chief Operating Officer and Chief Compliance Officer.  The firm is located in Stamford, CT, manages about $1.6 billion and has 11 employees.  Listeners of this episode will realize quickly that Amber and Jean Paul are true students of the industry, and they discuss with Matt different sources and industry groups they rely on for best practices, as well as: How they each have approached CRM implementations at their respective firms The search for the RIA Operations “holy grail” and how they ensure clean data is flowing across their tech stack The optimal firm structure for delivering services to their ideal clients What strategies they implement to best serve and motivate their employees How they both approached the crunch of year-end tasks this year Here is the Wealthmanagement.com article that Amber mentioned: Growing RIAs Must Focus on Process, Not Technology We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.

With “The Sabbatical Episode,” Matt welcomed two highly respected RIA professionals to tackle a topic not often discussed in our industry: mental health.  Allison Felix, a two-time guest to the podcast, is Managing Partner and Chief Operating Officer of Cassaday & Co.  Erika Yelle is Chief Compliance Officer at Coldstream Wealth Management.  Both guests have been with their firms for over two decades and have held various positions and witnessed incredible growth at both RIAs.  Cassaday & Co. is headquartered in McLean, Virginia, has 86 employees and currently manages just under $5 billion of AUM.  Coldstream Wealth Management employs approximately 160 employees, manages just under $7 billion of client assets, and has 7 office locations in the Pacific Northwest.  Matt, Allison, and Erika have an honest conversation around the internal pressures we tend to place on ourselves to always be available, the fear of setting an Out of Office reply, our industry’s slow movement away from Gordon Gekko’s comment in the ‘80s that “lunch is for wimps,” as well as: Their respective firms’ policies around sabbaticals How employees who are so integral to the day-to-day operations of their firms can plan for an extended time away The benefits sabbaticals have not only to employees, but the broader organization Tips for “re-entry” after time away so as not to be too overwhelmed We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.