The COO Roundtable

In the 28th episode of The COO Roundtable, Matt welcomes two extremely experienced consultants from Charles Schwab Advisor Services’ Business Consulting & Education division, Tony Parkin and Nikolee Turner.  Matt, Tony, and Nikolee discuss how professional management drives “lasting and significant changes” at organizations, the importance of clear and repetitive internal communication, the need to understand your ideal client before determining your firm’s organizational structure, and much more including: An overview of Schwab’s consulting services and how they provide support to help RIAs run successful businesses A funny story about Tony’s first time visiting the PFI Advisors’ office Both guests’ professional backgrounds, including how Tony discovered the benefits of the independent model and Nikolee’s fascination with “how people pursue their own excellence” Nikolee shares Schwab’s Five Guiding Principles for Advisory Firm Success Tony and Nikolee’s thoughts on when they believe a firm needs professional management Challenges firms face when bringing in professional management for the first time   To view a copy of the 2020 Schwab RIA Compensation report, click here. We hope you enjoy, share, and subscribe! You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify. Sign up here to be notified of new practice management content added to our blog on a regular basis.

For this special edition of The COO Roundtable, Matt recorded live from Mercer Capital’s inaugural RIA Practice Management Insight’s conference. This virtual conference “focused on back of the house (operational) issues that are as vital to success as they are easy to ignore.” Joining Matt as guests were Kara Armstrong, Chief Operating Officer of CapSouth Wealth Management and Nick Maggiulli Chief Operating Officer (and Data Scientist) of Ritholtz Wealth Management. CapSouth Wealth Management is headquartered in Dothan, AL and has two other locations in Georgia and North Carolina, and they manage $650M in client AUM. Ritholtz Wealth Management is located in New York, NY, has 33 employees, and manages $2B in AUM. Together, Matt, Kara, and Nick discuss how COOs drive efficiencies and manage their most important clients – the employees of their respective firms.  Other topics covered include: Each guests’ professional background and personal journey that led them to their current role, including Kara’s route via finance and Nick’s background as a data scientist Overview of their respective firms and their growth visions for 2021 How each guest defines their role as COO due to their firm’s unique demands The ways Kara and Nick balance being “behind the scenes” while making sure they are recognized for their hard work and contributions to their firm How they each tackle integration of the various tools and systems that make up their firm’s technology stack We’d like to thank Mercer Capital for providing this opportunity. We hope you enjoy, share, and subscribe! You can listen and subscribe on Apple Podcasts, Spotify, iHeartRadio, or Stitcher. Sign up here to be notified of new practice management content added to our blog on a regular basis.

In the 26th episode of The COO Roundtable, our host, Matt Sonnen, welcomes Matt Ran, Chief Operating Officer and Partner of Telemus Financial Life Management, and Kelly Downs, Chief Operating Officer of Berman Capital Advisors.  Telemus has two offices in Michigan, another in Chicago, and manages $3.5B in AUM.  Berman Capital Advisors also manages $3.2B is headquartered in Atlanta, GA and has two additional offices in Chicago.   Matt, Kelly, and Matt discuss how a COO impacts all aspects of a firm’s success, including client “stickiness”, adopting new technology, and much more including: An overview of their firms’ backgrounds Matt and Kelly’s professional backgrounds and how they shifted toward professional management after both spent time as financial advisors What new initiatives each firm implemented during the pandemic that they plan to keep long term How each firm has placed priority and continued to focus on culture even in a Work From Home environment Each firm’s growth-oriented projects and outlook for 2021 We hope you enjoy, share, and subscribe! You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify. Sign up here to be notified of new practice management content added to our blog on a regular basis.

In the 25th episode of The COO Roundtable, Matt welcomes Lisa Cook, the newly-appointed COO at Pacific Portfolio Consulting in Seattle, WA and Erica Farber, Partner at Balentine in Atlanta, GA. Balentine’s 39 employees manage $3.5B in assets under advisement and Pacific Portfolio Consulting manages $3.8B in client assets with 17 employees.  Lisa and Erica join Matt to discuss how RIAs can leverage the role of the COO to its fullest potential, including the following topics: The history, ideal client, and service offerings of both firms Erica and Lisa’s respective backgrounds, including the support Erica received when she “raised her hand” and asked for a larger role, and Lisa’s industry experience while being caught in “merger mania” How they each impact their firm’s culture, including Lisa’s opportunities as the first COO in Pacific Portfolio Consulting, and how Balentine empowered their employees to create their present-day authentic culture The strategies they use to gain adoption and affect change in their organization How RIAs should rate the success of their COO How their firms are preparing themselves to be “M&A ready” We hope you enjoy, share, and subscribe! You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify. Sign up here to be notified of new practice management content added to our blog on a regular basis.

In the 24th episode of The COO Roundtable, which marks our podcast’s 2nd anniversary, Matt welcomes two prominent guests from Segall Bryant & Hamill: Chief Executive Officer Phil Hildebrandt and Chief Operating Officer & Chief Compliance Officer Paul Lythberg. Segall Bryant & Hamill is headquartered in Chicago, IL, has been in business for over 26 years, and manages $22B of client assets.  Matt, Phil, and Paul discuss how their CEO and COO roles work together to ensure “the trains are running on time,” the nuances of running a large organization, and much more, including: Overview of Segall Bryant & Hamill’s history and services We hear Phil and Paul’s background, including Phil’s start with the firm in 1995 when SBH was in its startup phase and how Paul has honed his skills from his days at Allstate to joining SBH 8 years ago How SBH’s growth required investments in their infrastructure and professional management, which led to Paul’s COO role allowing him to free up more of Phil’s time and increase organizational scalability Their views on culture, including Phil’s take that culture is a “living, breathing, organism you can’t fabricate” How our guests manage change in their larger-than-average firm The Key Performance Indictors they rely on to get a picture of the “health” of their business We hope you enjoy, share, and subscribe! You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify. Sign up here to be notified of new practice management content added to our blog on a regular basis.

In the 23rd episode of The COO Roundtable, Matt welcomes Aiki Altmets, COO and CCO of the newly-formed Regimen Wealth and Lynne Born, President of Wealth Architects.  Regimen Wealth is headquartered in Atlanta, Georgia, and manages $200 million in client assets with 6 employees.  Located in Mountain View, California, Wealth Architects has over $1 billion in AUM with 20 employees.  Matt, Aiki, and Lynne discuss the entrepreneurial spirit and the commitment necessary to be successful in professional management while growing an RIA, and much more, including:   Overview of their firms’ backgrounds, services, and ideal clients We hear each guest’s fascinating background, including Aiki’s story about co-founding an RIA during a global pandemic; and Lynne’s journey from running one of the largest accounting firm-owned multifamily offices to her decision to join Wealth Architects earlier this year How each guest works with their respective CEOs to tackle their firm’s needs and the demands of their positions The technological challenges each guest has overcome to build a more efficient back office infrastructure What entrepreneurial characteristics help both Aiki and Lynne in their respective roles   We hope you enjoy, share, and subscribe!   You can listen and subscribe on Google Podcasts, Apple Podcasts, or Spotify.   Sign up here to be notified of new practice management content added to our blog on a regular basis.

In this special episode of The COO Roundtable, Matt recorded live for Bob Veres’ Insider’s Forum.  For those unfamiliar with Insider’s Forum, it “is designed to provide essential information for running and growing prosperous businesses and better serving clients, advanced technical content, as well as valuable opportunities for networking with industry thought leaders.”  Matt had the pleasure of interviewing Kaylyn Melia, Chief Operating Officer at Socius Family Office and Karen Denise, Senior Director in charge of Client Service at CAPTRUST.  Socius Family Office is headquartered in Ft. Lauderdale, Florida and has one office just outside of Pittsburg, Pennsylvania.  With approximately 100 different client families, Socius Family Office manages approximately $550B in assets.  A well-known name in the industry, CAPTRUST is headquartered in North Carolina and has over 30 locations and 721 employees.  They manage roughly $400B in client assets across their various business lines.  Matt, Kaylyn, and Karen’s thoughtful conversation covers just how involved operations professionals are in all aspects of a firm; they also discuss:   Overview of their respective firms and the clients they service, such as Socius Family Office’s focus on young professional athletes and entrepreneurs and CAPTRUST’s concentration on foundations and institutional retirement plans The professional background of each guest and how they entered the wealth management industry Fantastic career advice from both women including Kaylyn explaining how “Small wins can add up,” and Karen reminding professionals “Don’t limit your thinking to your current role” How each firm manages growth in a profitable and scalable fashion Where each guest goes for further industry-specific education   It was a great honor to record our podcast live as part of the conference. We’d like to thank Lisa Crafford of BNY Mellon Pershing and Shaun Kapusinski of HIFON for providing this opportunity.   We hope you enjoy, share, and subscribe!   You can listen and subscribe on Apple Podcasts, Spotify, iHeartRadio, or Stitcher.   Sign up here to be notified of new practice management content added to our blog on a regular basis.  

In the 21st episode of The COO Roundtable, Matt welcomes Chris Keller, Executive Vice President and Director of Business Services at Benjamin F. Edwards & Company and Doug Johnson, newly appointed Chief Operating Officer at Parcion Private Wealth.  The Benjamin F. Edwards & Company brand dates back 130 years, and the company is headquartered in St. Louis, Missouri with more than 600 employees and advisor affiliates and assets totaling about $27 billion.  Parcion Private Wealth opened its doors in October 2019 and is headquartered in Bellevue, Washington with 16 employees and about $1.2 billion in assets under management.  Matt, Chris, and Doug discuss a number of topics, including integrating their technology stack with different vendors, how their firms leverage that technology to provide outstanding client service, and much more including:   Overview of their respective firms and their professional backgrounds, including a funny moment regarding Chris’ LinkedIn bio The challenges both Chris and Doug have faced when looking to move their businesses toward the RIA model An interesting conversation about when to hire a COO at an RIA The value professional management brings to the wealth management space, specifically Their firms’ respective views and goals regarding inorganic vs. organic growth     We hope you enjoy, share, and subscribe!   You can listen and subscribe on Apple Podcasts, Spotify, iHeartRadio, or Stitcher.   Sign up here to be notified of new practice management content added to our blog on a regular basis.  

In the 20th episode of The COO Roundtable, Matt welcomes Diane Gabianelli, Co-President and Chief Financial Officer of Parallel Advisors and Cecilia Williams, Director of Investment Operations and Chief Compliance Officer of Halbert Hargrove.  Parallel Advisors manages over $3 billion of client assets and is headquartered in San Francisco, with offices in Denver, Honolulu, Ohio, and Oklahoma City.  Halbert Hargrove is headquartered in Long Beach, California and has over $2 billion in assets under management with 44 employees and offices in 5 states.  Matt, Diane, and Cecilia discuss a myriad of topics, including how they oversee their firm’s operations, how they manage their time, and much more, including:   Overview of their respective firms and how they provide their clients a high level of service Diane’s career path that led her to Parallel Advisors and Cecilia’s long tenure at Halbert Hargrove, as well as working to get her MBA while continuing to hold her full time position at the firm How both firms and their multiple offices have transitioned to the Work From Home model and their plans for returning to collaborative in-person work in the future The steps each firm has taken to foster a more inclusive and diverse culture Career development and recruiting at each firm   We hope you enjoy, share, and subscribe!   You can listen and subscribe on Apple Podcasts, Spotify, iHeartRadio, or Stitcher.   Sign up here to be notified of new practice management content added to our blog on a regular basis.  

In the 19th episode of The COO Roundtable, Matt welcomes Michelle Thetford, Chief Operations Officer of HighTower Advisors and Michael Reed, Chief Operating Officer of Dakota Wealth Management.  HighTower Advisors is headquartered in Chicago, Illinois and has $57 billion under management with 108 different advisory businesses and 225 advisors.  Founded in 2018, Dakota Wealth Management has $1.2 billion under management, 30 team members, and is headquartered in Palm Beach Gardens, Florida.  Matt, Michelle, and Mike discuss how, even in the current climate with uncertainty around every corner, the COO continues to play a key role in a firm’s long-term success and goals.  Other topics of conversation include: Overview of their respective firms and how they each became COOs, including Mike’s interesting transition from a “classically trained medical practitioner” to the RIA space  How the transition to Work From Home has affected both of their larger than average firms’ operations How they have managed team morale, communication, and acknowledged their teams’ needs to ensure great client experience throughout the pandemic An update on how the pandemic has impacted their firm’s M&A pipeline Branding after an M&A acquisition How best to keep advisors focused on their biggest value-add activities We hope you enjoy, share, and subscribe! You can listen and subscribe on Apple Podcasts, Google Podcasts, Spotify, iHeartRadio or Stitcher. To read a full transcript of this episode, click here. Sign up here to be notified of new practice management content added to our blog on a regular basis.