The COO Roundtable

In the eleventh episode of The COO Roundtable, Matt welcomes Kelli Cruz, CEO of Cruz Consulting and Jim Regitz, Founding Partner and Senior Advisor at Newport Advisory Financial Counsel.  The three professionals discuss the importance of the COO role at growing RIAs, and what led Jim to realize he needed to hire professional management at his firm 2 years ago.  Kelli is a well-known consultant to the wealth management space -- her firm specializes in human resource sourcing and human capital development.  Based in Newport Beach, California, Newport Advisory is an independent wealth management firm that has more than tripled its AUM in the past few years, to over $700 million today.  With the goal of highlighting the importance of the human capital element when it comes to the COO role, Matt, Kelli, and Jim sit down to discuss what characteristics make for a good COO and much more, including:   Jim and Kelli’s respective backgrounds and views on the people-side of workflows The importance of self-awareness in the C-suite while crafting roles and responsibilities How Jim best supports his COO and how he delegates duties, allowing them both to be successful in their roles Kelli’s views on the pros and cons of hiring a COO from outside the firm, as opposed to promoting from within How Jim utilizes his COO in M&A transactions from negotiations through integration The qualities and characteristics Jim and Kelli look for when identifying the right talent for operations roles   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 tenth episode of The COO Roundtable, Matt takes some time to reflect on some of the highlights and biggest takeaways from the nine content-packed episodes we’ve produced so far and he even finds time to squeeze in a Princess Bride reference!  By focusing on all the unique perspectives that our guests bring to the table—including a number of COOs and operations professionals, as well as CEOs and service providers—we can see how the COO role is multifaceted and can encapsulate so many different responsibilities depending upon the needs of the firm.  Listen in to learn how a COO can be an instrumental part of an RIA’s C-suite through: Applying a keen attention to detail in process documentation Attracting and retaining top talent Balancing profit and growth Leveraging technology to improve the client experience Making the firm operate its best through improved workflows Delineating tasks among the C-suite and employees Making client relationships more sticky Preparing the firm for M&A and/or implementing an acquisition Listening for the most pressing needs of the firm Supporting employees to best support the end client We hope you enjoy, share, and subscribe! To subscribe to the podcast on iTunes, click here or to subscribe on Google Play, click here. Sign up here to be notified of new practice management content added to our blog on a regular basis.

In the ninth episode of The COO Roundtable, Matt welcomed Susan Dickson and Suzanne Williamson, principals of Private Ocean.  Susan is the Chief Operating Officer of the firm, and Suzanne is the Director of Client Services.  Private Ocean, headquartered in San Rafael, CA, manages over $2 billion in client assets with 51 employees and has additional offices in San Francisco and Seattle.  With the goal of highlighting that people come before technology in the COO role, Matt, Susan, and Suzanne sat down to discuss the importance of culture, how that culture can successfully translate to M&A acquisitions, and much more, including: The history and tremendous growth Private Ocean has experienced since its founding in 1983 Susan and Suzanne’s respective backgrounds and how they both have impacted and managed Private Ocean’s growth The pros and cons Susan faced coming from outside the industry as COO Suzanne’s unique role as Director of Client Services and how she acts as the liaison between various departments throughout the organization The importance of culture at Private Ocean and the post-hire personality test they have instituted to help ensure their culture remains intact as they add more employees How Susan, as COO, is involved in M&A transactions from the very beginning of negotiations Suzanne’s role in integrating their acquisitions’ various client service models under one roof We hope you enjoy, share, and subscribe! To subscribe to the podcast on iTunes, click here or to subscribe on Google Play, click here. We are increasing the frequency of our own RIA practice management articles – to sign up to be notified of new content, click here. To purchase Greg Friedman’s (Private Ocean Founder & CEO) book, “The Financial Advisor M&A Guidebook,” click here.

In the eighth episode of The COO Roundtable, Matt sat down with David Canter and Scott Slater of Fidelity Clearing & Custody Solutions.  David is the Executive Vice President and Head of the RIA Segment at Fidelity.  A lawyer by trade, David has been in the industry for 25 years and has been involved in everything from setting up RIAs from a legal and compliance perspective to helping them grow and scale from a practice management standpoint.  Scott is the Vice President of Practice Management and Consulting at Fidelity.  He helps some of the largest firms in the industry work through their M&A strategy and is also host of the Future Ready Through M&A Podcast.  Matt, David, and Scott sit down to discuss their unique perspective into RIAs of various shapes and sizes across the country and much more, including: David and Scott’s respective professional backgrounds and how those affect their roles today The evolution of the Chief Operating Officer role and how they can help a firm navigate the greater RIA ecosystem How Fidelity is working with firms outside of their clearing and custody solutions The four areas Fidelity focuses on to help take RIAs to the next level Scott’s take on what Buyers and Sellers need to do in order to be successful in the M&A market David’s perspective on the profit vs. growth debate Their thoughts on why professional management tends to fail at RIAs We hope you enjoy, share, and subscribe! To subscribe to the podcast on iTunes, click here or to subscribe on Google Play, click here. We are increasing the frequency of our own RIA practice management articles – to sign up to be notified of new content, click here. Check out Scott’s favorite entrepreneurship book, The E-Myth Revisited, here. Check out David’s favorite entrepreneurship podcast, Startup, here. Fidelity Clearing & Custody Solutions® provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. Fidelity is not affiliated with PFI Advisors.

In the seventh episode of The COO Roundtable, Matt sat down with Heather Goodman of True Capital Management and Mark DeLotto of Massey Quick Simon.  Heather is the COO, President, and Co-Founder of True Capital and helps the firm manage $1.1 billion in client assets across two offices in San Francisco and Los Angeles with 36 employees.  Mark, Managing Partner, COO, and CCO, helps Massey Quick Simon manage over $4 billion in client assets across six office locations with 55 employees.  Matt, Heather, and Mark sit down to discuss their roles in sustaining their firms' plethora of family office services and much more, including: The history and background of True Capital Management and Massey Quick Simon Heather and Mark’s respective professional backgrounds and how they’ve influenced their roles today Mark’s dual role of COO and CCO and the overlap he sees between the two Heather and True Capital’s internship program and the benefits it has provided the firm The unique hiring committee Mark has created at Massey Quick Simon How True Capital and Massey Quick Simon truly offer family office services Heather’s view on her role as COO in the M&A recruiting process A very fitting Jerry Maguire reference! We hope you enjoy, share, and subscribe! To subscribe to the podcast on iTunes, click here or to subscribe on Google Play, click here. We are increasing the frequency of our own RIA practice management articles – to sign up to be notified of new content, click here.

In the sixth episode of The COO Roundtable, Matt was excited to welcome the first CEO to the Roundtable discussion!  Jeff Concepcion, Nancy Andrefsky, and Lou Camacho from Stratos Wealth Partners joined Matt for an easy going, yet extremely insightful interview.  Stratos Wealth Partners has 287 advisors in 87 offices across 24 states and serves more than 13,000 clients with over $13 billion in assets under management.  Jeff is Founder and CEO of the firm while Nancy, who has worked with Jeff since the firm’s inception, holds the COO and CFO titles and Lou heads Stratos Wealth Alliance as its President.  In this episode, Matt, discussed with Jeff, Nancy, and Lou how they each play a vital role in sustaining such a large, acquisition-focused enterprise and much more, including: The Stratos Wealth Partners model and how they differentiate themselves in the marketplace Nancy and Lou’s respective backgrounds and how those experiences influence their current roles at the firm How Nancy balances the plethora of responsibilities that come with being COO and CFO Jeff’s take on the importance of professional management in the RIA space Nancy’s thoughts on the age-old profit vs. growth debate How Lou leverages Stratos’ technology platform in the sales process with advisors Jeff’s opinion on the recent large liquidity events of RIA aggregators (Focus Financial Partners, Hightower Advisors, and the recent sale of United Capital to Goldman Sachs) We hope you enjoy, share, and subscribe! To subscribe to the podcast on iTunes, click here or to subscribe on Google Play, click here. We are increasing the frequency of our own RIA practice management articles – to sign up to be notified of new content, click here.

In the fifth episode of The COO Roundtable, host Matt Sonnen was thrilled to sit down with Heather Fortner of SignatureFD and Lucas Winthrop of Winthrop Wealth Management.  SignatureFD, headquartered in Atlanta, Georgia, currently manages approximately $3.5 billion in client assets with over 80 employees. Winthrop Wealth Management, located in Boston, Massachusetts, manages about $1.1 billion in client assets with 17 employees. Matt, Heather, and Lucas discuss the steps they take to put time back into the hands of their advisors and much more, including: The history and background of SignatureFD and Winthrop Wealth How Heather and Lucas came into their current COO roles Where the two see the COO role fitting into the broader organization How Heather and Lucas allocate their time to the dozens of responsibilities COOs are tasked with daily The initiatives they take as COOs to help build and uphold firm culture The never-ending debate: buy vs. build when it comes to an RIA’s technology stack The balancing act required between 1st generation and next-gen employees, and the need for appreciation and communication on both sides We hope you enjoy, share, and subscribe! To subscribe to the podcast on iTunes, click here or to subscribe on Google Play, click here. We are increasing the frequency of our own RIA practice management articles – to be notified of new content, click here.

In the fourth episode of our podcast, The COO Roundtable, Matt sat down with Tom Harms of Summit Trail Advisors and Stacey McKinnon of Morton Capital Management.  Summit Trail Advisors manages about $5.2 billion in client assets across five office locations: New York City, Chicago, San Francisco, Boston, and Washington D.C.  Morton Capital Management, located in Calabasas, California, manages roughly $1.8 billion in client assets.  Matt, Tom, and Stacey discuss the core values and structure they’ve instilled at their respective firms and much more, including: The history and background of Summit Trail and Morton Capital Their individual professional experiences and how those experiences have shaped their roles today Stacey’s extensive work in career pathing and establishing Morton Capital’s 5 E’s Tom’s comprehensive risk management work he’s done across all of Summit Trail’s teams Stacey’s standardization of Morton Capital’s client-facing marketing material and the greater importance this initiative has had on their organization Tom’s crucial role in Summit Trail’s aggressive M&A strategy The networking groups and industry consultants that Tom and Stacey turn to for peer insights and professional help How Tom and Stacey see their role as COO fitting into the greater organizational structure We hope you enjoy, share, and subscribe!  

In the third episode of our podcast, The COO Roundtable, Matt was thrilled to sit down with Trevor Chuna and Shaun Kapusinski of Sequoia Financial Group, an RIA in Akron, OH managing over $4 billion.  Trevor, also featured in our latest White Paper, is the Chief Technology Officer and Shaun is the Director of Technology and Operations at Sequoia.  Matt, Trevor, and Shaun dive deep into how Sequoia has evolved the client experience through technology and much more, including: The history and background of Sequoia Financial Group Their respective professional experiences and how those experiences have shaped their roles today How Trevor and Shaun manage the inevitable growing pains of implementing new technology in an acquisitive firm The key differences Trevor sees between his CTO role and a more traditional COO role Their extensive work in building out firmwide use of Salesforce Trevor’s development of Sequoia’s financial planning platform Shaun’s networking group founded for operations professionals, HIFON Sequoia’s recent acquisition of LJPR Financial Advisors (a $776 million RIA) Shaun’s new book, The Financial Advisor M&A Guidebook, co-authored with Greg Friedman of Private Ocean We hope you enjoy, share, and subscribe!  Be sure to keep an eye out for Episode 4, which will feature Stacey McKinnon of Morton Capital Management and Tom Harms of Summit Trail Advisors.  Both firms manage roughly $1.8 billion and $5.2 billion in client AUM, respectively. To subscribe to the podcast on iTunes, click here or to subscribe on GooglePlay, click here. To learn more about Shaun’s networking group, HIFON, click here. To purchase Shaun’s book, click here.

In the second episode of our podcast, The COO Roundtable, host Matt Sonnen sits down with Gary Bonner of Avalon Advisors and Mike Lee of LourdMurray.  Also featured in our most recent white paper, Gary and Mike are two accomplished Chief Operating Officers who have been catalysts for incredible growth at their respective RIAs.  Matt, Gary, and Mike detail how the COO of an RIA really acts as a firm-wide business consultant; how they are more than a just technology guru; and much more, including: The history and background of Avalon Advisors and LourdMurray Their professional experiences and how they influence their approach to their current roles How Gary and Mike cope with the natural growing pains of firms their size What they feel is the main focus of their role at their respective firms The two tackle the age-old debate: profit vs. growth The networking groups they turn to for practice management insights And finally, what makes for a successful day We hope you enjoy, share, and subscribe!  Be sure to keep a lookout for Episode 3, which will feature Trevor Chuna and Shaun Kapusinksi, two operations professionals from Sequoia Financial Advisors, an RIA in Akron, OH managing over $4 billion. To read the executive summary of Episode 1, please click here.