The COO Roundtable

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.

In the 18th episode of The COO Roundtable, Matt welcomes Steven Beals, Chief Administrative Officer of EP Wealth Advisors and Eric Hehman, Chief Executive Officer and Principal of Austin Asset.  EP Wealth Advisors manages $6B of AUM across 14 offices with their  headquarters in Torrance, California.  Managing over $1B in AUM, Austin Asset is aptly headquartered in Austin, Texas.  As the country adjusts to “the new normal,” Matt, Steven, and Eric discuss how crucial the COO position has been in successfully keeping firms running now and in the future.  Other topics of conversation include:     Background on their respective firms, what clients they serve, and a fun story about Luke Sonnen’s playdate arriving at the Sonnen house wearing an EP Wealth Advisors baseball uniform Their career paths, specifically Eric’s long tenure at Austin Asset and his path from unpaid intern to CEO, and Steven’s interesting journey in the industry that included moving to Arizona and his promotions at Charles Schwab which lead to various management roles Coordinating their firm’s operations and services to succeed in a work from home environment How EP Wealth Advisors has made their firm an attractive home for advisors Eric discusses his book Success and Succession: Unlocking Value, Power, and Potential in the Professional Services and Advisory Space Career paths for professionals invested in the operational space     We hope you enjoy, share, and subscribe!     To learn more about Eric Hehman’s book, click here.   To read the CFP Board’s Financial Planning Career Paths report, click here. To read a full transcript of this episode, click here.   You can listen and subscribe on Apple Podcasts, Google Podcasts, Spotify, iHeartRadio or Stitcher.

In the 17th episode of The COO Roundtable, Matt welcomes Vibhaw Arya, Chief Operating Officer at Shufro Rose and Brandon McKerney, Partner and Director of Operations at Columbia Pacific Wealth Management.  Headquartered in New York City, New York, Shufro Rose manages approximately $1.5B in AUM and was founded in 1938.  Columbia Pacific Wealth Management manages almost $4.5B in AUM and is headquartered in Seattle, Washington.  As the country continues to navigate the unfolding COVID-19 crisis, our guests detail their respective firms’ response to this operating challenge.  Matt, Vib, and Brandon discuss the  COO’s role in supporting a firm’s “People, Culture, and Vision” and much more, including:   Their backgrounds, including Brandon being drafted as a pitcher for the Seattle Mariners The role of the COO in continuing firm productivity and boosting morale during this time Their firms’ transition to working from home and their experience in two major cities seriously affected by COVID-19 The COO’s responsibility in implementing the firm’s vision by empowering employees and finding the best solutions available How they drive integration and user adoption in their firms Career paths their firms have created for their teams   We hope you enjoy, share, and subscribe!    You can listen and subscribe on iTunes, Google Play, 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 16th episode of The COO Roundtable, Matt welcomes David Aaron, Partner at Cerity Partners* and Jim Atkinson, COO and Head of Mergers & Acquisitions at STA Wealth Management.  Prior to selling his firm in January 2020 to Cerity Partners, the $26B AUM aggregator, David was Co-CEO and CIO of EMM Wealth, a $3 billion RIA in New York City.  STA Wealth Management is headquartered in Houston, TX, and manages approximately $2.1 billion.   With most of the country under quarantine and practicing social distancing, many firms are experiencing major transitions themselves to partial or entire remote work models.  Dubbing this interview the “Stay at Home” episode, Matt, David, and Jim highlight the COO’s key contributions to successful transitions in both business continuity and M&A.  Their discussion also covers the importance of planning for contingencies, routine continuity plan testing, strategic use of leadership teams, and much more, including:   How a tested, strong Business Continuity Plan makes for a smooth transition to remote work Their respective paths to leadership roles at their firms Comparing and contrasting their experiences on each side of an M&A transaction The role the COO plays in transitions—either M&A transactions or emergency continuity situations How adopting a strategic operating system, such as the one described in the best-selling book “Traction” can unlock higher levels of productivity   *All uses of the name Cerity Partners, and any derivations of the name Cerity Partners, refer exclusively to Cerity Partners LLC, a national wealth management firm headquartered in New York. For more information about Cerity Partners, visit www.ceritypartners.com.     We hope you enjoy, share, and subscribe!   You can listen and subscribe on iTunes, Google Play, 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 15th episode of The COO Roundtable, Matt welcomes Loren Pierson, COO of Mercer Advisors and Michael Kossman, COO, CCO, and Partner of Aspiriant.  A trailblazer in the RIA industry in the field of mergers and acquisitions, Mercer Advisors has acquired 31 firms to date.  Headquartered in Denver, Colorado, Mercer has over 400 employees and approximately $18 billion in client assets.  Headquartered in Los Angeles, CA, Aspiriant has 11 offices around the country and manages over $12 billion in client assets.  With the goal of highlighting how a COO’s key contributions to a firm’s operations lead to successful mergers and acquisitions, Matt, Loren, and Michael sit down to discuss the importance of an organized, scalable infrastructure, alignment of common core values, translating vision into action, and much more including:   Their individual paths that led them to become COOs at powerhouse RIAs The story behind San Francisco’s “Michael Kossman Day” Comparing and contrasting their respective firms’ philosophies on M&A The role the COO plays in each of their respective firms’ M&A strategy How to create a culture and scalable process that gives a unified, stand out client experience across offices nationwide How they each plan for their respective firms’ future   We hope you enjoy, share, and subscribe!   You can listen and subscribe on iTunes, Google Play, Spotify, iHeartRadio or Stitcher.   Sign up here to be notified of new practice management content added to our blog on a regular basis.      

With M&A activity at an all-time high and no sign of stopping anytime soon, we take a break from our usual interview format here in Episode 14 and Matt speaks directly to our listeners about the ever-important topic of Buyer Preparation.  For any firm to be a successful buyer in this ultra-competitive M&A market, we believe they first need a strong COO and well-defined back-office systems and workflows, as these are what Sellers are looking for when comparing their options of who to partner with and entrust with their client assets.  With the goal of highlighting the importance of having the proper infrastructure in place before jumping into the M&A game, Matt draws inspiration from Christina Townsend’s recent InvestmentNews article “RIAs: Shopping for M&A Deals?: Better Get Your House in Order First…” Chris Voss’s Never Spit the Difference, and even sprinkles in a little humor with an Old School reference when discussing “capacity, people, and technology.” Matt’s “rant” includes:   Setting realistic expectations for acquisitions The importance and value of a comprehensive onboarding plan for M&A The fears employees face during the transition period and how to handle those situations in a way that is fair and productive for both firms The 7 Components of Successful M&A strategies How the COO can be leveraged during M&A transactions   We hope you enjoy, share, and subscribe!   You can listen and subscribe on iTunes, Google Play, Spotify, iHeartRadio or Stitcher.   In this episode, Matt discusses many of the previous articles we have written on our blog -- sign up here to be notified of new practice management content added to our blog on a regular basis.    

In the 13th episode of The COO Roundtable, Matt welcomes Kristi de Grys of Merriman Wealth Management and Larry Miles of AdvicePeriod.  After spending almost two decades in the aerospace industry, Kristi de Grys brings an outside (and strongly analytical) perspective and occupies a role not yet seen on The COO Roundtable—that of the Chief Investment Officer/COO.  Similarly, Larry brings the perspective of a “recovering history and English major” to his role of providing strategic leadership for growth and profitability.  With the goal of highlighting the importance of values & culture when it comes to the  management of a firm, Matt, Kristi, & Larry sit down to discuss how a COO can make the firm’s values the basis for its processes, how to build the right culture for your firm, and more, including:   The benefits of hiring a diverse set of team members from both within and without the industry How intentionality is key when building a distinct culture at your firm How a COO can maintain an outsider’s perspective in order to continually challenge the status quo Larry’s experience being both a principal and a practice management author Kristi’s three levels of communication within a firm The importance of professional management, and the COO specifically, for RIAs in acquisition mode Where Kristi and Larry turn to for peer-level best practices and education   Check out Larry’s book, It’s That Simple: How to Build the Professional Service Firm of the Future, here.   We hope you enjoy, share, and subscribe!   You can listen and subscribe on iTunes, Google Play, 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 12th episode of The COO Roundtable, Matt welcomes Mark Tibergien and Karen Novak of BNY Mellon Pershing.*  Mark, CEO, Advisor Solutions, BNY Mellon Pershing is a monumental figure in the RIA space and a true champion of professional management in the RIA industry.  Similarly, Karen has contributed thirty years to the financial services industry, twenty-three of which have been at Pershing, where she serves as Chief Operating Officer, Advisor Solutions, BNY Mellon Pershing.  With the goal of highlighting the importance of professional management when it comes to the COO role, Matt, Mark, and Karen sit down to discuss what key metrics a COO should consider when seeking to execute the vision for the firm and much more, including:   The benefits of a good cultural fit between the CEO and COO and how they can enhance firm-wide growth through a joint effort How Karen helps make Pershing an “employer of choice” by thinking through the employee experience from onboarding through succession planning Mark’s six components of a successful business and how the COO can drive those standards of excellence forward The importance of re-evaluating and adjusting business plans and admitting when the direction of the firm might need resetting Understanding the three biggest trends every firm owner should be mindful of Matt’s unbridled joy at speaking with his personal hero Mark Tibergien (are you familiar with Eddie Van Halen’s idolization of Eric Clapton?)   We hope you enjoy, share, and subscribe!   You can listen and subscribe on iTunes, Google Play, Spotify, iHeartRadio or Stitcher.   Sign up here to be notified of new practice management content added to our blog on a regular basis.   *This interview was conducted on November 18th, prior to the Schwab-TD Ameritrade merger announcement on November 21st.