by Matt Sonnen | Mar 25, 2024 | COO Best Practices
In today’s fast-paced and hyper-connected world, distractions seem to be everywhere, hindering our ability to stay focused and be productive. With notifications from apps and devices constantly vying for our attention, it’s no wonder that many of us struggle with a...
by Matt Sonnen | Feb 16, 2024 | Operations and Technology
The goal of every RIA operations professional is to add efficiency and scalability to their organization. Said differently, we want to find a way to serve more and more clients without our level of service dropping. The 201st largest client of the firm should feel...
by Matt Sonnen | Jan 25, 2024 | COO Best Practices
Earlier this month, we released our 5-year anniversary episode of the COO Roundtable Podcast. Feeling somewhat sentimental during the recording, I read a few sentences from our introductory episode, released back in December 2018: With the goal of shedding...
by Matt Sonnen | Aug 8, 2023 | COO Best Practices, Operations and Technology
Many RIAs look to tackle operational projects during the summer months, when inbound client requests inevitably slow down due to travel plans and family vacations. With one more month left in the summer season, now is the perfect time to audit your firm’s...
by Matt Sonnen | Jul 18, 2023 | Business Development
Most sales and marketing experts will say the secret to organic growth for a service business is having a clear understanding of who your ideal client is and what unique services you can offer to that narrow client niche. When you search Michael Kitces’ blog for the...
by Matt Sonnen | Jun 7, 2023 | Business Development
One common topic of discussion at financial advisor conferences is fee compression vs. margin compression. Several years ago, the industry press was predicting that robo advisors and the proliferation of ETFs in client portfolios would cause RIA management fees to...
by Matt Sonnen | Apr 18, 2023 | M&A
The current state of RIA M&A activity seems to be a hot topic in the press these days. While rising interest rates and a slowing stock market are sure to dampen the record-breaking pace of acquisitions we’ve experienced over the past 8 years, mergers and...
by WealthManagement.com | Apr 11, 2023 | COO Best Practices
Focus on the tasks you love while giving your staff responsibility and more autonomy. Michael Kitces has declared the “unhappiest successful advisors” to be those that fall into a category he has termed “accidental business owners.” As he describes on his blog, “The...
by COO Society | Apr 4, 2023 | Podcasts
Ep 51 - Vince Crane of Flower City Capital & Zach Morris of Paces Ferry Wealth Advisors https://coosociety.com/wp-content/uploads/2023/04/Ep51-Final-Edit.mp3 For our 51st episode, Matt welcomed two operations professionals who run relatively new firms, Vince...
by COO Society | Mar 28, 2023 | Podcasts
With another batch of podcasts in the books and now four years of consistent, monthly episodes, we’d like to once again thank everyone who has listened, subscribed, and given feedback on The COO Roundtable. We’ve enjoyed having these discussions and hearing your...
by Matt Sonnen | Mar 21, 2023 | COO Best Practices
In late 2021 we urged RIA owners to, “Wake Up and Smell the Talent Shortage.” At the time we wrote, “Many RIA owners have their heads in the sand and don’t believe they need to court employees with the same passion and enthusiasm they court potential clients or...
by COO Society | Mar 15, 2023 | Podcasts
Ep 50 - Allison Felix of Cassaday & Co. & Scott Brown of Pinnacle Associates https://coosociety.com/wp-content/uploads/2023/03/Ep50-Final-Edit.mp3 For our milestone 50th episode, Matt is joined by two guests who are equally committed to highlighting the...
by Matt Sonnen | Mar 9, 2023 | Entrepreneurship
Your definition of success must be defined and agreed upon before you set out on a business journey. For those of you with children under 15 living in your home, you are probably familiar with MrBeast. For the rest of you, 24-year-old Jimmy Donaldson (“MrBeast”) is...
by Matt Sonnen | Feb 28, 2023 | COO Best Practices, Operations and Technology
Members of The COO Society often hear me say, “Choosing technology tools for your RIA is relatively easy (there aren’t that many technology tools to choose from!) but building processes around those tech tools is the hard part!” But that’s not to say that plenty...
by Matt Sonnen | Feb 21, 2023 | Operations and Technology
“Integration” has become the key factor for RIAs as they build out their tech stack. Some firms will choose an all-in-one platform that provides all components of the technology back office under one technology solution, assuming it will provide the best integration...
by Matt Sonnen | Feb 14, 2023 | Operations and Technology
As an RIA grows and more and more specialized roles begin to take shape across the organizational chart, advisors will gladly hand over the burdens associated with tasks such as employee onboarding, or Compliance, or the intricacies of reporting on outside...
by Matt Sonnen | Feb 8, 2023 | COO Best Practices, Operations and Technology
Regardless of the nature of the task you are looking to outsource, there will always be components that will remain the responsibility of your internal team. As the RIA industry continues to grow and win market share from the traditional banks and wirehouses, RIA...
by COO Society | Feb 1, 2023 | Podcasts
EP 49 - Edgar Collado of Tobias Financial & Alex Satterfield of Byron Financial https://coosociety.com/wp-content/uploads/2023/02/Ep-49-COO-Roundtable-Final-Edit-1.mp3 Our latest episode of The COO Roundtable features two guests who challenge our audience to think...
by Matt Sonnen | Jan 24, 2023 | COO Best Practices
Recent research by Axos Advisor Services supported the importance of Operations professionals at RIAs by declaring that “71% of elite RIAs hire professionals to focus on operational issues, compared with 41% of other firms.” The report continued, “As the [RIA] grows...
by COO Society | Jan 17, 2023 | Podcast Appearances
It was an incredible honor for Matt to be a guest on Michael Kitces’ hugely successful podcast, the Financial Advisor Success Podcast. Matt and Michael spoke in detail about: The value operations professionals bring to RIAs (whether their title is Ops Manager,...
by Matt Sonnen | Jan 10, 2023 | Operations and Technology
It is much less disruptive to take the time and train everyone on existing software tools than it is to convert to an entirely new system that requires you to transfer data along the way. RIA owners often call our office and frustratedly demand, “Just tell me the best...
by COO Society | Jan 3, 2023 | Podcasts
EP 48 - Barrett Karvis of Edge Capital Group and Daryl Seaton of Sowell Management https://coosociety.com/wp-content/uploads/2023/01/Ep-48-COO-Roundtable-Final.mp3 For our first podcast of the new year (and our fourth year running!), Matt is welcomed by two exciting...
by COO Society | Dec 13, 2022 | Podcasts
With another batch of podcasts in the books and now four years of consistent, monthly episodes, we’d like to once again thank everyone who has listened, subscribed, and given feedback on The COO Roundtable. We’ve enjoyed having these discussions and hearing...
by COO Society | Dec 6, 2022 | Podcasts
EP 47 - Julie Allen of FirstWave Financial and Chris Pelch of Vance Wealth https://coosociety.com/wp-content/uploads/2022/12/Ep-47-COO-Roundtable-Final-1.mp3 For our final episode of 2022, we were joined by two incredible members of our COO Society community: Julie...
by Matt Sonnen | Nov 17, 2022 | COO Best Practices, Operations and Technology
The SEC recently proposed a new rule offering further guidance on the due diligence process expected of RIAs when they are evaluating third party vendors used in their regular course of business. Below is a list of questions you may want to consider when assessing a...
by Matt Sonnen | Nov 9, 2022 | COO Best Practices
They can lay out functional responsibilities and expectations for everyone in an organization. Between The Great Resignation, Quiet Quitting, and the surge in growth the RIA industry has experienced over the past 3 years (even when accounting for the recent market...
by COO Society | Nov 1, 2022 | Podcasts
EP 46 - Stacey McKinnon of Morton Capital Wealth https://coosociety.com/wp-content/uploads/2022/11/Ep46-COO-Roundtable-1.mp3 Our latest episode of The COO Roundtable features a rare single-guest format. Stacey McKinnon of Morton Wealth recently wrote an important...
by Matt Sonnen | Oct 27, 2022 | Business Development
When asked how organic growth is achieved, advisors always point to referrals from centers of influence and/or clients. According to Schwab’s most recent benchmarking study, referrals account for more than 60% of asset growth coming from new clients. With...
by Matt Sonnen | Oct 18, 2022 | COO Best Practices
As Operations consultants, a primary question often posed to us from RIAs is, “How do we service more clients without our level of service dropping?” Technology and workflows, no doubt, can add scalability to an organization, but often the high-level answer to...
by Matt Sonnen | Oct 11, 2022 | Business Development
The conversation shouldn’t be about “How are we going to get more?” it needs to be, “What do we want more of?” The calendar has officially rolled into the fourth quarter of 2022, which means many RIAs will be conducting strategic planning sessions in the coming weeks...
by COO Society | Oct 4, 2022 | Podcasts
EP 45 - Michael Wagner of Omnia Family Wealth & Ben Gurley of Heartwood Wealth Advisors https://coosociety.com/wp-content/uploads/2022/10/Ep45-COO-Roundtable-Final.mp3 Our latest episode of The COO Roundtable features two leaders of relatively young and evolving...
by Matt Sonnen | Sep 27, 2022 | Operations and Technology
Many of the guests on our COO Roundtable podcast, as well as several of our RIA clients, run their businesses on the Entrepreneurial Operating System (“EOS”), made famous in Gino Wickman’s book, Traction: Get a Grip on Your Business. And one of the key components to...
by Matt Sonnen | Sep 20, 2022 | Operations and Technology
We are often contacted by RIAs that ask us to perform an assessment of their technology, their processes, and their people. Typically, we’ll start that analysis by asking the firm’s owners to pretend we are a prospective client and give us their value...
by Matt Sonnen | Sep 15, 2022 | Thought Leadership
A good cultural fit is key to the success of a merger. Day 2 of the Echelon Deal & Deal Makers Summit included a fantastic session moderated by Katie Johnson of FiComm Partners with Herbers & Co. CEO Angie Herbers and Limitless Advisor CEO Stephanie...
by COO Society | Aug 31, 2022 | Podcasts
EP 44 - Crystal Creekmore of SYM Financial Advisors & Gary Bonner of Southwestern Investment Group https://coosociety.com/wp-content/uploads/2022/08/Ep-44-COO-Roundtable-Final.mp3 In the “Reggie Jackson episode” of The COO Roundtable, Matt welcomes two thoughtful...
by Matt Sonnen | Aug 16, 2022 | Entrepreneurship
I recently completed my third viewing of the 10-part documentary series, “The Last Dance,” detailing the Chicago Bulls’ 1998 championship season, and highlighting Michael Jordan’s entire career. I have never considered myself a Michael Jordan fan, per se, but...
by Matt Sonnen | Aug 9, 2022 | Operations and Technology
At RIAs, they’re an indispensable way to find out more about potential hires than what’s just on a resume. While scrolling through LinkedIn recently, I came across a headline, “Recruiter shreds cover letters.” When I clicked on the headline, I found this post by...
by COO Society | Aug 2, 2022 | Podcasts
EP 43 - Amanda Barrale of Moneta & Eric Sontag of Wealthspire https://coosociety.com/wp-content/uploads/2022/08/Ep-43-Final-2.mp3 In our latest episode of The COO Roundtable, Matt welcomes two impressive guests: Amanda Barrale, Chief Platform Officer of Moneta and...
by Matt Sonnen | Jul 19, 2022 | COO Best Practices
This month marks my 25th anniversary in the wealth management industry. I started down this career path with Merrill Lynch in July of 1997 as a Wire Operator (you’ll have to look that job up – it no longer exists!). In 2008, I helped launch Luminous Capital, and when...
by Matt Sonnen | Jul 12, 2022 | COO Best Practices, Operations and Technology
It goes well beyond being able to reboot the router. Regular listeners to our COO Roundtable podcast have heard me make the claim many times that the average RIA owner drastically discounts the value of a chief operating officer because, in their minds, the...
by COO Society | Jul 5, 2022 | Podcasts
EP 42 - Kristie Clayton of iMatter and the Visionary Forum & Melissa Bushman of AltruVista https://coosociety.com/wp-content/uploads/2022/07/Ep-42-Final.mp3 In our latest episode, Matt welcomes two incredible guests: Kristie Clayton, Integrator at iMatter and the...
by Matt Sonnen | Jun 27, 2022 | White Papers
Advisory firms’ challenges when it comes to alts range from getting access to investments, meeting minimums, figuring out how to subscribe and the headache of performance reporting. Ask any two firms how they go about investing in and reporting on their...
by COO Society | Jun 23, 2022 | Podcasts
With another batch of podcasts in the books and over three years of consistent, monthly episodes, we’d like to once again thank everyone who has listened, subscribed, and given feedback on The COO Roundtable. We’ve enjoyed having these discussions and hearing your...
by Matt Sonnen | Jun 13, 2022 | Operations and Technology
If you are a newly-launched RIA setting up your performance reporting tool for the very first time, or if you have acquired another firm and need to transfer and configure their data from their reporting tool into yours, we recommend this 7-point checklist. We...
by Matt Sonnen | May 26, 2022 | Business Development, Operations and Technology
Knowing exactly who are you trying to serve has benefits beyond just marketing. Speaking at an industry conference earlier this month, Mark Tibergien stated, “Firms that have a niche or technical specialty are the ones growing in our industry and driving the business...
by COO Society | May 17, 2022 | Podcasts
EP 41 - Lauren Oschman, Tommy Martin, and Brad Quick of Vestia Personal Wealth Advisors https://coosociety.com/wp-content/uploads/2022/05/EP41_Final-2.mp3 For the 41st episode of The COO Roundtable, Matt welcomes three special guests from Vestia Personal Wealth...
by COO Society | May 11, 2022 | White Papers
PFI Advisors (“Promoting Financial Independence”) released today a new industry white paper on the complexities of reporting on alternative investments. This is the eleventh report in PFI’s continuing educational series. The white paper examines the increasing demand...
by Matt Sonnen | Apr 27, 2022 | Operations and Technology
I am fully prepared to take some heat for this article, as there are many financial advisors who tout Calendly as the most innovative tool they’ve added to their tech stack in several years, but as a recipient of many Calendly links and inbound meeting requests, I’m...
by Matt Sonnen | Apr 13, 2022 | Thought Leadership
The onboarding of an employee should start weeks before the new hire arrives in the office, not the morning of their hire date. One of the many great things about the RIA industry is our deep-felt commitment to the fiduciary rule, which states that advisors must put...
by COO Society | Apr 5, 2022 | Podcasts
EP - 40 Yonhee Gordon of JMG Financial Group & Christine DeMao of Gibson Capital https://coosociety.com/wp-content/uploads/2022/04/Ep40_Final-1.mp3 In the 40th episode of The COO Roundtable, Matt welcomes two extremely thoughtful and strategic guests, Yonhee...
by Matt Sonnen | Mar 29, 2022 | Operations and Technology
Over the last few weeks, more and more RIAs have been heading back to the office workspace. For some this has meant returning to the office fulltime, for many others, the return has marked the beginning of a new hybrid work schedule. Employees are now asked to be in...
by Matt Sonnen | Mar 22, 2022 | COO Best Practices
I recently stumbled across this tweet from Dee Snider, the lead singer of the 80’s “hair metal” band, Twisted Sister: To provide some back story, Twisted Sister rose to fame in 1984 with their third studio album, “Stay Hungry,” which featured the hit singles, “We’re...
by Matt Sonnen | Mar 9, 2022 | M&A
For buyers and sellers, highlighting the talent up and down the organization is a powerful way to stand out among competitors. It has been widely reported that 2021 marked the eight consecutive year of record M&A activity in the RIA space. A principal driving...
by COO Society | Feb 28, 2022 | Podcasts
EP 39 - Rob Ziliak of Buckingham Wealth Partners & Ryan Armock of Thrivent Advisor Network https://coosociety.com/wp-content/uploads/2022/03/Ep39_final.mp3 This month’s episode features two incredible guests: Rob Ziliak, Chief Operating Officer at Buckingham...
by Matt Sonnen | Feb 24, 2022 | Operations and Technology
Don’t be gaslit into believing that operations should take a subordinate role to sales and relationship management. As many of our loyal listeners know, one of my favorite topics to discuss on our COO Roundtable podcast each month is the unfortunately...
by COO Society | Feb 15, 2022 | Podcasts
EP 38 - Jennifer Wagoner Kirksey of Tolleson Wealth Management & Trevor Phillippi of 6 Meridian https://coosociety.com/wp-content/uploads/2022/02/EP_38_Final_v2-2.mp3 For our latest episode, Matt welcomes two fantastic guests: Jennifer Wagoner Kirksey, Managing...
by Matt Sonnen | Feb 1, 2022 | Operations and Technology
I think we all will remember March 17, 2020, and the fear it brought for all of our businesses. Would the market hold up? Would our employees be able to service clients while working from home? Jump ahead to today, and who would have predicted that practically...
by Matt Sonnen | Jan 25, 2022 | Operations and Technology
It seems that every RIA reported record growth in both 2020 and 2021, and accordingly, every RIA is looking to add members to their team to help support the additional clients. Many firms are seeking service advisors to handle client relationships, as well as...
by Jay Veale | Jan 11, 2022 | COO Best Practices, Operations and Technology
While no one likes having to conduct an internal audit, it is imperative that RIAs confirm (on a regular basis) that the fee rates written on their client contracts match those loaded in their billing software, be that their reporting software or some other invoicing...
by COO Society | Jan 4, 2022 | Podcasts
EP 37 - Jason Mirabella of WealthSource Partners & Tom Preston of Brighton Jones https://coosociety.com/wp-content/uploads/2022/01/EP-37-2-Final.mp3 For our first episode of the new year, Matt welcomes two highly accomplished guests: Jason Mirabella, Chief...
by COO Society | Dec 21, 2021 | COO Best Practices
Our industry has seen tremendous growth over the past two years, and it feels like every RIA in the country is reporting record years in terms of onboarding new clients and new assets under management. That means that most, if not all, RIAs are looking to hire...
by COO Society | Dec 14, 2021 | Podcasts
With another batch of podcasts in the books and almost three years of consistent, monthly episodes, we’d like to once again thank everyone who has listened, subscribed, and given feedback on The COO Roundtable. We’ve enjoyed having these discussions and hearing your...
by Matt Sonnen | Dec 7, 2021 | Operations and Technology
Collaboration between compliance and operations is key. When PFI Advisors is hired to perform an Operational Diagnostic of an RIA, one of the important components of our assessment is a review of the firm’s compliance manual to ensure it matches what is truly...
by COO Society | Nov 30, 2021 | Podcasts
EP 36 – Karl Heckenberg of Emigrant Partners https://coosociety.com/wp-content/uploads/2021/12/EP-36-2-Final.mp3 For our special three-year anniversary episode, we put a twist to our regular format and Matt was joined by Karl Heckenberg, CEO and President of Emigrant...
by Matt Sonnen | Nov 17, 2021 | M&A
Like with any relationship, it’s important to have those uncomfortable conversations early. We have previously written about the trials and tribulations of RIAs looking to merge businesses in the wake of an M&A transaction. In our experience, buyers and sellers...
by COO Society | Nov 2, 2021 | Podcasts
EP 35 – Amanda Green of Matrix Private Capital Group & Gary Davis Jr. of Satovsky Asset Management https://coosociety.com/wp-content/uploads/2021/11/EP-35-3-Final.mp3 In the 35th episode of The COO Roundtable, Amanda Green of Matrix Private Capital Group and Gary...
by Matt Sonnen | Oct 27, 2021 | Entrepreneurship
Previously on this blog, I detailed a strategy that I have implement which has resulted in a more productive and creative work week. Today, I want to share a strategy I am still struggling to implement on a regular basis – I’m hoping that by writing about...
by Matt Sonnen | Oct 19, 2021 | COO Best Practices
No matter how you view it, M&A activity in the wealth management space is at record levels. The latest Deal Book, published by Devoe & Company, concludes that “M&A activity is on pace to finish 2021 well above last year’s record volume of 159...
by Matt Sonnen | Oct 13, 2021 | Operations and Technology
Advisors are learning that their CRM doesn’t only help them keep track of clients, but of their employees, too. In a pre-COVID-19 world, due to its ability to track client relationships and touchpoints, advisors consistently ranked their CRM as the most important...
by COO Society | Oct 6, 2021 | Podcasts
EP 34 - Jennifer Papadopolo of RegentAtlantic & Matt Wiles of Crestone Capital https://coosociety.com/wp-content/uploads/2021/10/EP34-2-Final.mp3 In the 34th episode of The COO Roundtable, Matt welcomes two amazing guests: Jenn Papadopolo, COO of RegentAtlantic,...
by Matt Sonnen | Sep 22, 2021 | COO Best Practices
Like many of you, I’m constantly asking myself, “How do I get more done each day?” One of the common questions I pose to our guests on The COO Roundtable podcast is “Tell me about your time management tips and tricks.” Most COOs have a seemingly endless To Do List...
by Matt Sonnen | Sep 14, 2021 | COO Best Practices
While providing feedback to employees about their job performance is valuable, it’s much more important to use this opportunity to allow employees to feel supported and heard. RIAs continue to miss a huge opportunity when it comes to their approach to employee...
by COO Society | Sep 7, 2021 | COO Best Practices, Podcasts
EP 33 - Jandy Rowe of Wipfli Financial Advisors & Brad Hixson of Lido Advisors https://coosociety.com/wp-content/uploads/2021/09/EP-33-1-Final.mp3 In the 33rd episode of The COO Roundtable, Matt welcomes two highly respected operations professionals: Jandy Rowe,...
by Matt Sonnen | Sep 1, 2021 | M&A
What first-time buyers are missing is that, despite popular opinion, most transactions are not propelled solely by a seller’s desire for monetary gain – they simply want to feel that by joining a larger organization, they can experience the next stage of career...
by Matt Sonnen | Aug 17, 2021 | COO Best Practices
I was honored to participate in Addepar’s Discovery Week back in June, alongside Amy DeTolla of Focus Financial and Cameron Sheehan of Addepar. During our session, we covered many topics including trends affecting our industry and how to most easily evaluate your...
by COO Society | Aug 4, 2021 | Podcasts
EP 32 - Overview of Our New Digital Consulting Platform https://coosociety.com/wp-content/uploads/2021/08/EP-32-1-FINAL.mp3 For the 32nd episode of The COO Roundtable, we wanted to pause from our regular interview format and answer some questions we have been...
by COO Society | Jul 27, 2021 | Podcasts
With another batch of podcasts in the books and more than two years of consistent, monthly episodes, we’d like to once again thank everyone who has listened, subscribed, and given feedback on The COO Roundtable. We’ve enjoyed having these discussions and hearing your...
by Matt Sonnen | Jul 13, 2021 | COO Best Practices
It’s not personal, it’s strictly business. Many RIAs struggle with profitability when they attempt to “be all things to all people,” which forces them to offer a wide range of services to clients of all shapes and sizes. As we have previously written, if...
by COO Society | Jul 6, 2021 | Podcasts
EP 31 - Eric Stephenson of Align Impact & Natalie Wheeler of Berkshire Money Management https://coosociety.com/wp-content/uploads/2021/07/EP-31-2-Final.mp3 In the 31st episode of The COO Roundtable, Matt welcomes two operations professionals who have had a huge...
by Matt Sonnen | Jun 15, 2021 | COO Best Practices, Operations and Technology
Division of labor is wildly important if you are looking to grow and scale your business. Operationally speaking, it is the goal of every RIA to free up their advisors to focus solely on clients and prospects. Your advisors’ best use of time and energy, as well...
by Matt Sonnen | Jun 7, 2021 | White Papers
When RIAs add professional managers beyond the founding group of advisers to add professional managers, they can finally achieve the levels of growth and profitability the advisers envisioned upon launching their firm. The origin story of many RIAs is somewhat...
by COO Society | Jun 1, 2021 | Podcasts
In the 30th episode of The COO Roundtable, Matt welcomes Michael Paley, Chief Operating Officer at Klingman & Associates and Kevin Hrdlicka, Chief Operating Officer at Savant Wealth Management. Klingman & Associates is located in New York City, has 18...
by Sandra Saldana | May 25, 2021 | COO Best Practices
If you have ever listened to an episode of The COO Roundtable podcast, you’ve probably heard Matt joke that, “As a kid, no one says to themselves, ‘When I grow up, I want to the COO of an RIA firm!’” This is then followed by chuckles from our guests and their...
by Matt Sonnen | May 18, 2021 | COO Best Practices
Work-life balance is tricky for every professional, but 2020’s work from home environment and the added stresses of a global health scare made the past 14 months a truly unique time for all of us. I constantly drive myself to get more done each day, but year after...
by Matt Sonnen | May 11, 2021 | Business Development, COO Best Practices
Knowing the type of client you are looking to serve will allow you to design the best products and services needed by them. When an RIA owner asks us to perform an Operational Diagnostic review of their business, they typically have two burning questions: Have we...
by COO Society | May 4, 2021 | Podcasts
EP 29 - Gina Bradley of Colony Group & Susan Korin of Balasa Dinverno Foltz https://coosociety.com/wp-content/uploads/2021/05/EP-29-1-Final.mp3 In the 29th episode of The COO Roundtable, Matt welcomes two highly accomplished RIA professionals, Gina Bradley, COO...
by COO Society | May 3, 2021 | White Papers
Continuing our focus on professional management in the RIA space, we are proud to announce the release of our latest white paper (the tenth in our continuing educational series) highlighting the role of the Chief Executive Officer. The report focuses on how CEOs...
by COO Society | Apr 27, 2021 | COO Best Practices, Podcasts
With another batch of podcasts on the books and two years of consistent, monthly episodes, we’d like to once again thank everyone who has listened, subscribed, and given feedback on The COO Roundtable. We’ve enjoyed having these discussions and hearing your responses...
by BNY Mellon Pershing and PFI Advisors | Apr 19, 2021 | White Papers
We were extremely honored to partner with BNY Mellon|Pershing on their latest research report, “Why the Sale of Your Firm Should Be Viewed as a Catalyst for Growth.” Too often, advisors view the sale of their firm as the “end game,” rather than as the impetus for the...
by Matt Sonnen | Apr 13, 2021 | Operations and Technology
Technology should be used to enhance the advisor-client relationship but should never stand between the advisor and the client. I had the privilege of participating in Dimensional Fund Advisor’s recent Applied Business Strategy Workshop with DFA’s Regional Director,...
by COO Society | Apr 6, 2021 | Podcasts
EP 28 - Tony Parkin & Nikolee Turner of Charles Schwab Advisor Services https://coosociety.com/wp-content/uploads/2021/04/EP-28-1-Final-1.mp3 In the 28th episode of The COO Roundtable, Matt welcomes two extremely experienced consultants from Charles Schwab Advisor...
by Matt Sonnen and Shaun Kapusinski | Mar 30, 2021 | COO Best Practices
As the RIA industry continues to evolve and competition for clients (and advisors) increases, RIAs are realizing the importance of a dedicated Operations team that ensures that the trains are running on time and allows advisors to focus their attention solely on...
by Matt Sonnen | Mar 23, 2021 | Entrepreneurship
“If you wanna live life on your own terms,You gotta be willing to crash and burn…” – “Primal Scream, ” Mötley Crüe, 1991 When most people hear the term, “entrepreneur,” the first names that come to mind are usually Jeff Bezos, Steve Jobs, or Mark Zuckerberg. ...
by Matt Sonnen | Mar 16, 2021 | COO Best Practices, Operations and Technology
One of the most popular articles we’ve ever written was titled ‘Integratable’ Does Not Mean ‘Integrated,’ But There’s Hope. The reason it resonated with so many readers is because advisors are often sold on the exciting dream that once they launch their RIA, all of...
by Matt Sonnen | Mar 9, 2021 | COO Best Practices
RIAs can benefit by increasing the talent pool beyond the geographic limitations of the firm’s physical office, but methodical planning and proper diligence are required to ensure success. With the calendar rolling into March, many RIAs are marking a full year...
by COO Society | Mar 4, 2021 | Podcasts
EP 27 - Kara Armstrong of CapSouth Wealth Management & Nick Maggiulli of Ritholtz Wealth Management https://coosociety.com/wp-content/uploads/2021/03/EP-7-1-FINAL-1.mp3 For this special edition of The COO Roundtable, Matt recorded live from Mercer Capital’s...
by Matt Sonnen | Feb 23, 2021 | Business Development
Someone recently crinkled their nose at me and asked, “You’re an operations and technology/business consulting firm – why do you waste so much time on content marketing?” It’s a fair question, and one I was proud to answer. We do spend a lot of time writing...
by COO Society | Feb 16, 2021 | COO Best Practices
Matt had the opportunity to sit down with Stacey McKinnon, COO of Morton Capital, to discuss her recent paper, “5 Untold Truths of Acting in Your Client’s Best Interest.” During their conversation, they discussed the importance of professional management, their...
by Matt Sonnen | Feb 9, 2021 | COO Best Practices, Operations and Technology
A COO’s role differs with each firm. That makes evaluating their performance all the more complex. During my recent interview with Lisa Cook of Pacific Portfolio Consulting and Erica Farber of Balentine for our latest COO Roundtable podcast, I relayed...
by COO Society | Feb 2, 2021 | Podcasts
EP 26 - Kelly Downs of Berman Capital Advisors & Matt Ran of Telemus Financial Life Management https://coosociety.com/wp-content/uploads/2021/02/EP-26-1-Final-1.mp3 In the 26th episode of The COO Roundtable, our host, Matt Sonnen, welcomes Matt Ran, Chief...
by Matt Sonnen | Jan 27, 2021 | COO Best Practices
I recently joined Rich DeSalvo of F3 Logic and Barrett Ayers of Adhesion Wealth for Adhesion’s monthly podcast, “Power Your Advice.” The topic of conversation was the benefits of outsourcing, and how RIAs can best utilize their relationship with outside business...
by COO Society | Jan 12, 2021 | Podcasts
EP 25 - Lisa Cook of Pacific Portfolio Consulting & Erica Farber of Balentine https://coosociety.com/wp-content/uploads/2021/01/EP-25-2-Final.mp3 In the 25th episode of The COO Roundtable, Matt welcomes Lisa Cook, the newly-appointed COO at Pacific...
by Matt Sonnen | Jan 11, 2021 | COO Best Practices, M&A, Operations and Technology
These are the ways buyers and sellers commonly fall short when combining firms. 2020 was another banner year for M&A activity in the RIA industry, and while deal makers continue to build on the momentum to execute new transactions, we continue to see buyers make...
by Jay Veale | Dec 15, 2020 | COO Best Practices
PFI Advisors has written extensively about the COO role within an RIA firm. However, we are always seeking new perspectives by periodically examining this role’s impact on other industries and how the different approaches might influence our own thoughts and decisions...
by COO Society | Dec 8, 2020 | Podcasts
EP 24 - Phil Hildebrandt & Paul Lythberg of Segall Bryant & Hamill https://coosociety.com/wp-content/uploads/2020/12/EP-24-1-Final.mp3 In the 24th episode of The COO Roundtable, which marks our podcast’s 2nd anniversary, Matt welcomes two prominent guests from...
by Matt Sonnen | Dec 2, 2020 | Business Development, COO Best Practices, Operations and Technology
Regardless of what the pandemic will bring, or not bring, in 2021, the wealth management industry has been changed forever. Everyone is excited to turn the page on 2020. With several recent headlines surrounding the success of multiple COVID-19 vaccines, the...
by Matt Sonnen | Nov 17, 2020 | COO Best Practices, Operations and Technology
Your revenue-generating employees are just as important, if not more important, than your revenue-paying clients. Make sure they know that starting on their first day. Much has been written and discussed regarding the fight for talent in the RIA industry. Older...
by COO Society | Nov 10, 2020 | Podcasts
EP 23 - Aiki Altmets of Regimen Wealth & Lynne Born of Wealth Architects https://coosociety.com/wp-content/uploads/2020/12/Ep-23-1-Final.mp3 In the 23rd episode of The COO Roundtable, Matt welcomes Aiki Altmets, COO and CCO of the newly-formed Regimen Wealth and...
by Matt Sonnen | Oct 13, 2020 | Business Development, COO Best Practices, Operations and Technology
Until an advisor can identify who they are serving and how they want to serve them, they cannot begin to build out a proper technology stack. We are often contacted by breakaway advisors looking to establish their firms, or by existing RIAs simply looking to...
by Matt Sonnen | Oct 6, 2020 | Entrepreneurship
This tribute to Eddie Van Halen is going to seem silly to most readers, considering I never met the man, but the fact remains that I am absolutely devasted by the news of his passing today. His music – and in my goofy mind – Eddie himself has been a large part...
by COO Society | Oct 6, 2020 | Podcasts
EP 22 - Karen Denise of CAPTRUST & Kaylyn Melia of Socius Family Office https://coosociety.com/wp-content/uploads/2020/10/Ep-22-0-Final-1.mp3 In this special episode of The COO Roundtable, Matt recorded live for Bob Veres’ Insider’s Forum. For those unfamiliar...
by Jay Veale | Sep 29, 2020 | COO Best Practices, M&A
The continued tear of M&A activity throughout the RIA industry has resulted in some firms reaching critical mass very quickly. These firms are learning that with size comes all the troubles associated with scalability. Beyond the structural challenges...
by Matt Sonnen | Sep 22, 2020 | COO Best Practices, Operations and Technology
Matt was honored to partner with Stacey McKinnon, COO of Morton Capital, for this guest article on Kitces.com. Matt and Stacey reflect on the shift in workplace environment caused by the COVID-19 pandemic and how it can lead to long-term changes throughout our...
by Matt Sonnen | Sep 15, 2020 | COO Best Practices
As I declared when we launched the COO Roundtable podcast in late 2018, “Every advisory firm struggles with the goal of providing high-touch service to a larger and larger client base in a scalable and efficient fashion. It is the COO’s job to execute the...
by Matt Sonnen | Sep 8, 2020 | M&A
If the collective vision for investment philosophy—who will be managing the portfolios and choosing what the best investments are for client portfolios—cannot be agreed upon, there is no reason to continue down the M&A path. It has been well documented that...
by COO Society | Sep 1, 2020 | Podcasts
EP 21 - Doug Johnson of Parcion Private Wealth & Chris Keller of Benjamin F. Edwards & Company https://coosociety.com/wp-content/uploads/2020/09/Ep-21-1-Final.mp3 In the 21st episode of The COO Roundtable, Matt welcomes Chris Keller, Executive Vice President...
by Matt Sonnen | Aug 25, 2020 | COO Best Practices
Below is a long, harrowing, frustrating, and oftentimes sad recount of my recent interaction with Microsoft support for our son’s Xbox. As you will see, this experience has scarred me for life. I can’t imagine any RIA putting their client through such an...
by COO Society | Aug 18, 2020 | COO Best Practices
With our twentieth podcast in the books and a year and a half of consistent, monthly episodes, we’d like to once again thank everyone who has listened, subscribed, and given feedback on The COO Roundtable. We’ve enjoyed having these discussions and hearing...
by COO Society | Aug 4, 2020 | Podcasts
EP 20 - Diane Gabianelli of Parallel Advisors & Cecilia Williams of Halbert Hargrove https://coosociety.com/wp-content/uploads/2020/08/Ep-20-1-Final.mp3 In the 20th episode of The COO Roundtable, Matt welcomes Diane Gabianelli, Co-President and Chief Financial...
by Matt Sonnen | Jul 28, 2020 | M&A, Operations and Technology
With RIA M&A activity at a frenzied pace, much has been written about how to best value an RIA business. Typically, a multiple is applied to either revenue or cash flow (profits). In my humble opinion, profits are all that matter. If two...
by Matt Sonnen | Jul 21, 2020 | COO Best Practices, Operations and Technology
Every year, we recommend RIA leaders take time over the summer, when things inevitably slow down a bit, to take stock of not only their technology stack, but their policies, procedures, and various workflows built into the firm’s use of technology. As employees...
by Matt Sonnen | Jul 14, 2020 | COO Best Practices, M&A
As we have written in the past, M&A transactions can cause a tremendous amount of trepidation and angst among employees of both Buyer and Seller. While completely normal, the root of fear associated with merging two firms generally revolves around change in...
by Matt Sonnen | Jul 6, 2020 | Operations and Technology
The RIA industry has always done a good job detailing the career path for those aspiring to become financial advisors and ultimately owners in their business. In fact, the Center of Financial Planning put out a fantastic report last year titled “Financial...
by COO Society | Jun 30, 2020 | Podcasts
EP 19 - Mike Reed of Dakota Wealth Management & Michelle Thetford of Hightower Advisors https://coosociety.com/wp-content/uploads/2020/06/Ep-19-1-Final.mp3 In the 19th episode of The COO Roundtable, Matt welcomes Michelle Thetford, Chief Operations Officer of...
by Matt Sonnen | Jun 16, 2020 | COO Best Practices, Operations and Technology
While some RIAs were caught flat-footed when widespread stay-at-home orders were instituted across the country in March, most have reported a “better than expected” experience as clients have continued to be serviced in a high-quality fashion. With most...
by COO Society | Jun 11, 2020 | White Papers
PFI Advisors is proud to announce we have partnered with Stacey McKinnon, COO of Morton Capital for an industry research piece, “The New RIA Workplace.” While some RIAs were caught flat-footed when widespread stay-at-home orders were instituted across the...
by Matt Sonnen | Jun 4, 2020 | Operations and Technology, White Papers
When wirehouse or IBD advisors look to launch their own firm, the main question on their minds is, “How will I recreate the products and services I’ve always offered my clients throughout my career, as an employee of my current firm?” As they start to think...
by COO Society | Jun 4, 2020 | Podcasts
EP 18 - Steven Beals of EP Wealth Advisors & Eric Hehman of Austin Asset https://coosociety.com/wp-content/uploads/2020/06/Ep-18-1-Final.mp3 In the 18th episode of The COO Roundtable, Matt welcomes Steven Beals, Chief Administrative Officer of EP Wealth Advisors...
by Matt Sonnen | May 12, 2020 | COO Best Practices, Entrepreneurship
I was 9 years old when Van Halen’s masterpiece album “1984” was released. That album had the same effect on me as it did many people my age – it changed my life. So much so that 36 years later, I still find myself approaching many situations by asking, “What would...
by COO Society | May 11, 2020 | Operations and Technology, White Papers
PFI Advisors (“Promoting Financial Independence”) announced today the release of a new industry report (the ninth in its continuing educational series) on reporting provider technology available to RIAs in the Independent channel. This report showcases four...
by COO Society | May 5, 2020 | Podcasts
EP 17 - Vibhaw Arya of Shufro Rose & Brandon McKerney of Columbia Pacific Wealth Management https://coosociety.com/wp-content/uploads/2020/05/Ep-17-1-Final-1.mp3 In the 17th episode of The COO Roundtable, Matt welcomes Vibhaw Arya, Chief Operating Officer at...
by Matt Sonnen | Apr 30, 2020 | Entrepreneurship
Over the past 4 ½ years many people have said to me “You work with your spouse?!? I could never do that!” And my humorous reply has always been, “What makes it work is that Reese works from home, and I go to the office every day!” But all of that obviously changed...
by Matt Sonnen | Apr 21, 2020 | Business Development, COO Best Practices, Operations and Technology
This article is being published a bit early, I realize that. When you go to the doctor with clogged sinuses, a splitting headache, and body aches like you’ve never had, you just want some antibiotics that will get you back on your feet as quickly as possible –...
by COO Society | Apr 15, 2020 | COO Best Practices
With our fifteenth episode and over a year of consistent, monthly releases, we’d like to once again thank everyone who has listened, subscribed, and given feedback on The COO Roundtable. We’ve enjoyed having these discussions and hearing your responses to...
by COO Society | Apr 6, 2020 | Podcasts
EP 16 - David Aaron of Cerity Partners & Jim Atkinson of STA Wealth Management https://coosociety.com/wp-content/uploads/2020/05/Ep-16-2-Final-1.mp3 In the 16th episode of The COO Roundtable, Matt welcomes David Aaron, Partner at Cerity Partners* and Jim Atkinson,...
by Matt Sonnen | Mar 27, 2020 | COO Best Practices
Every RIA needs a Business Continuity Plan (it’s SEC-required) and most RIAs are good about updating it every year when they perform their annual compliance review. Unfortunately, many firms focus on the document itself, and not the actual plan. If the document is...
by Matt Sonnen | Mar 23, 2020 | COO Best Practices, Operations and Technology
With the coronavirus pandemic triggering widespread quarantines, many advisory firms are implementing measures to set up their operations as a Work-From-Home (WFH) environment. We partnered with Kitces.com to provide practical steps firms can take to maintain...
by Jay Veale | Mar 17, 2020 | COO Best Practices, Operations and Technology
From social media giants to your local grocery store, these days everyone is looking to gather and use client data to run their businesses better— and your RIA should be no exception. Any RIA not incorporating analytics into the development of its business processes...
by Matt Sonnen | Mar 12, 2020 | COO Best Practices, Operations and Technology
RIA publications and the conference circuit are filled with articles and breakout sessions titled, “The Digitization of Advice” or “The Amazon and Netflix Effect on Our Industry” – all discussing the on-demand culture we find ourselves now living in. As we have...
by COO Society | Mar 3, 2020 | Podcasts
EP 15 - Loren Pierson of Mercer Advisors & Michael Kossman of Aspiriant https://coosociety.com/wp-content/uploads/2020/05/Ep-15.2-Final.mp3 In the 15th episode of The COO Roundtable, Matt welcomes Loren Pierson, COO of Mercer Advisors and Michael Kossman, COO,...
by Matt Sonnen | Feb 25, 2020 | Entrepreneurship
Yesterday was Kobe Bryant’s memorial service here in Los Angeles. On January 26th Kobe, along with his 13-year-old daughter, Gianna, and 7 others tragically perished in a helicopter crash on their way to Gianna’s basketball game. This catastrophe has sent ripples...
by Matt Sonnen | Feb 11, 2020 | Business Development, COO Best Practices, Operations and Technology
There is a friction that commonly exists within many organizations, and it occurs between the sales department and the back-office operations department. Both feel underappreciated by the other – Operations thinks Sales doesn’t realize that no product or service...
by COO Society | Feb 7, 2020 | Podcasts
EP 14 - Industry Spotlight: M&A Landscape for RIAs https://coosociety.com/wp-content/uploads/2020/05/Ep-14-2-Final.mp3 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...
by Matt Sonnen | Jan 29, 2020 | COO Best Practices, Operations and Technology
I had the distinct pleasure of interviewing Mark Tibergien and Karen Novak of BNY Mellon Pershing, Advisor Solutions for Episode 12 of our podcast, The COO Roundtable. One of the main goals of the podcast is to promote the notion of professional management within the...
by Jay Veale | Jan 21, 2020 | Entrepreneurship
Proud of your latest Millennial hire? You may want to consider the fact that Gen Z, the generation after Millennials, has already begun graduating college and are looking for our first jobs. We have been raised on technology, have a dramatically different...
by Matt Sonnen | Jan 13, 2020 | COO Best Practices, M&A, Operations and Technology
In his book on negotiation, “Never Split the Difference,” former FBI hostage negotiator Chris Voss states that, “’Yes’ is nothing without ‘How.’” Voss, who made a living brokering some of the most high-stakes negotiations, where lives were literally on the line,...
by COO Society | Jan 7, 2020 | Podcasts
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...
by Matt Sonnen | Dec 19, 2019 | Operations and Technology, White Papers
PFI Advisors continues to tout the benefits of professional management for RIAs. As Rich Gill of Wealth Partners Capital Group recently stated on the Mindy Diamond on Independence podcast, the first two non-client facing executive-level hires for RIAs are...
by Matt Sonnen | Dec 12, 2019 | Business Development, COO Best Practices
Following the success of our COO white paper and personal enjoyment of interviewing the profiled COOs at the end of 2018, we at PFI Advisors declared 2019 to be “The Year of the COO.” We launched our COO Roundtable podcast in January and have spent the entire...
by COO Society | Dec 3, 2019 | Podcasts
EP 12 - Mark Tibergien & Karen Novak of BNY Mellon Pershing https://coosociety.com/wp-content/uploads/2020/05/Ep-12-3-Final.mp3 In the 12th episode of The COO Roundtable, Matt welcomes Mark Tibergien and Karen Novak of BNY Mellon Pershing.* Mark, CEO, Advisor...
by COO Society | Nov 21, 2019 | White Papers
PFI Advisors (“Promoting Financial Independence”) announced today the release of a new industry report (the eighth in its continuing educational series) highlighting the growth opportunities CCOs unlock for RIAs once the owners of the firm can focus their time and...
by COO Society | Nov 6, 2019 | Podcasts
EP 11 - Kelli Cruz of Cruz Consulting & Jim Regitz of Newport Advisory https://coosociety.com/wp-content/uploads/2020/05/Ep-11-2-Final.mp3 In the eleventh episode of The COO Roundtable, Matt welcomes Kelli Cruz, CEO of Cruz Consulting and Jim Regitz, Founding...
by COO Society | Nov 4, 2019 | COO Best Practices
With ten episodes now under our belt, we’d like to once again thank everyone who has listened, subscribed, and given feedback on The COO Roundtable. We’ve enjoyed having these discussions and hearing your responses on them. Our interviews to date have included...
by Matt Sonnen | Oct 18, 2019 | COO Best Practices, Operations and Technology
Technology isn’t developed to replace human interaction, but rather to enhance it. At the Envestnet conference this past May, the late Jud Bergman was asked about his thoughts around technology’s place in our industry. He astutely concluded, “It’s...
by COO Society | Oct 10, 2019 | Podcasts
EP 10 - Highlights: Episodes 1 - 9 https://coosociety.com/wp-content/uploads/2020/05/Ep-10-1-Final.mp3 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...
by Anna Maria Garcia | Oct 1, 2019 | COO Best Practices, Operations and Technology
The Fear of Change: A 3-Part Series for RIAs As the RIA industry matures, consolidates, grows, and evolves, many of our clients contemplate M&A transactions, changing their technologies or workflows, or they may strive to break away from their current employer to...
by Anna Maria Garcia | Sep 27, 2019 | COO Best Practices, M&A
The Fear of Change: A 3-Part Series for RIAs As the RIA industry matures, consolidates, grows, and evolves, many of our clients contemplate M&A transactions, changing their technologies or workflows, or they may strive to break away from their current employer to...
by Matt Sonnen | Sep 17, 2019 | COO Best Practices
In the eighth episode of The COO Roundtable, featuring David Canter and Scott Slater of Fidelity Clearing & Custody Solutions, we talked about an uncomfortable but extremely important topic: how and why COOs often fail in their role at RIAs. We’ve previously...
by COO Society | Sep 5, 2019 | Podcasts
EP 9 - Susan Dickson & Suzanne Williamson of Private Ocean https://coosociety.com/wp-content/uploads/2020/05/Ep-9-1-Final.mp3 In the ninth episode of The COO Roundtable, Matt welcomed Susan Dickson and Suzanne Williamson, principals of Private Ocean. Susan...
by Matt Sonnen | Aug 28, 2019 | COO Best Practices, Operations and Technology
The objection we hear most often from prospective clients (delivered in a sarcastic tone) is, “I don’t want to hire an operations and technology consultant. Not only do I have to pay your fee, but you are going to tell me I can’t continue to do business unless I...
by Matt Sonnen | Aug 21, 2019 | COO Best Practices, Operations and Technology
In our work with new and established RIAs looking to build and/or improve their technology stack, we encounter many frustrated advisors who lament, “We were told that the benefit of being an RIA was that all of our technology systems would be integratable with one...
by Matt Sonnen | Aug 15, 2019 | COO Best Practices
Most RIA owners are obsessed with growing top-line revenue at all costs, with little thought to the bottom-line profitability of each additional dollar of AUM A recent New York Times article called Uber and Lyft two of “the largest and most anticipated …...
by COO Society | Aug 2, 2019 | Podcasts
EP 8 - David Canter & Scott Slater of Fidelity Clearing & Custody Solutions https://episodes.castos.com/pfiadvisors/Ep-8-Final.mp3 In the eighth episode of The COO Roundtable, Matt sat down with David Canter and Scott Slater of Fidelity Clearing & Custody...
by Anna Maria Garcia | Jul 23, 2019 | COO Best Practices, Operations and Technology
In our work with large RIAs looking to increase their scale and efficiency, we often begin with a review of their various systems, people, and processes. We walk through a comprehensive list of their executives, advisors, and employees to better understand the...
by Matt Sonnen | Jul 18, 2019 | Entrepreneurship
This is my grandfather, Geremia (“Jerry”) Papa. He arrived in the United States in 1920, at the age of 18, from his homeland of Italy. My mother assures me that “Papa” is his real last name, but I’ve always fantasized that it was bestowed upon him when he was...
by Matt Sonnen | Jul 16, 2019 | COO Best Practices, Operations and Technology
Advisors looking to grow their business must constantly grapple with client acquisition costs. As advisors struggle to differentiate themselves and the services they offer, many have concluded that providing a higher touch to existing clients and working to gain a...
by COO Society | Jul 11, 2019 | Podcasts
EP 7 - Heather Goodman of True Capital Management & Mark DeLotto of Massey Quick Simon https://episodes.castos.com/pfiadvisors/Ep-7-Final.mp3 In the seventh episode of The COO Roundtable, Matt sat down with Heather Goodman of True Capital Management and Mark...
by Alex Webb | Jun 27, 2019 | COO Best Practices, M&A
Not a day goes by that the RIA press isn’t reporting on another merger or acquisition. At industry conferences, the panels discussing M&A are the most highly attended. With more and more outside capital circling, everyone wants in on the RIA M&A...
by COO Society | Jun 3, 2019 | Podcasts
EP 6 - Jeff Conception, Nancy Andrefsky, & Lou Camacho of Stratos Wealth Partners https://episodes.castos.com/pfiadvisors/Ep-6-0.mp3 In the sixth episode of The COO Roundtable, Matt was excited to welcome the first CEO to the Roundtable discussion! Jeff...
by COO Society | May 7, 2019 | COO Best Practices
We’d like thank everyone who has listened, subscribed, and given feedback on The COO Roundtable thus far. We’ve really enjoyed conducting these interviews and hearing all your reactions. Our interviews to date have included ten operations professionals at...
by COO Society | May 1, 2019 | Podcasts
EP 5 - Heather Fortner of SignatureFD and Lucas Winthrop of Winthrop Wealth Management https://episodes.castos.com/pfiadvisors/Ep-5-0.mp3 In the fifth episode of The COO Roundtable, host Matt Sonnen was thrilled to sit down with Heather Fortner of SignatureFD and...
by Matt Sonnen | Apr 24, 2019 | COO Best Practices, M&A, Operations and Technology
PFI Advisors has written a lot around the operational side of M&A, and how important it is for firms to think through not only deal structure and valuation, but the planning process around integrating the two firms into one cohesive company once the deal...
by Matt Sonnen | Apr 16, 2019 | COO Best Practices, Operations and Technology
Anders Jones of Facet Wealth recently wrote that as RIAs approach the elusive $1 billion AUM milestone, they need to be increasingly cognizant of their profit margins and resources needed to service their clients. The goal of any RIA is to provide high-touch...
by Anna Maria Garcia | Apr 8, 2019 | COO Best Practices, Operations and Technology
Technology reporter Ryan Neal’s recent article offered a refreshing (and interesting) perspective of problems RIAs often face with their technology suite of systems. He provided an entertaining spin on this common challenge for firms, likening popular Netflix...
by COO Society | Apr 1, 2019 | Podcasts
EP 4 - Tom Harms of Summit Trail Advisors and Stacey McKinnon of Morton Capital Management https://episodes.castos.com/pfiadvisors/Ep-4-0.mp3 In the fourth episode of our podcast, The COO Roundtable, Matt sat down with Tom Harms of Summit Trail Advisors and Stacey...
by Matt Sonnen | Mar 22, 2019 | M&A
There are more than 12,000 SEC-registered investment advisors[1] in the United States trying to differentiate and grow their businesses across the competitive and fragmented RIA space – a veritable Wild West of firms at the forefront of change. RIAs are not only...
by Matt Sonnen | Mar 17, 2019 | COO Best Practices
We have written much about the benefits of professional management for RIAs. By bringing in professional management, the owners/advisors of the firm are availed of the day-to-day burdens of running the business, which allows them to focus 100% of their efforts on...
by COO Society | Mar 4, 2019 | Podcasts
EP 3 - Trevor Chuna & Shaun Kapusinski of Sequoia Financial Group https://episodes.castos.com/pfiadvisors/Ep-3-0.mp3 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...
by COO Society | Feb 28, 2019 | COO Best Practices, M&A, White Papers
As we announce our latest co-written white paper, we thought we would first share some background research and history put into this particular M&A thought leadership piece. While this is the first time we have formally partnered with another industry leader...
by COO Society | Jan 29, 2019 | Podcasts
EP 2 - Gary Bonner of Avalon Advisors & Mike Lee of LourdMurray https://coosociety.com/wp-content/uploads/2020/05/Ep-2-1-Final.mp3 In the second episode of our podcast, The COO Roundtable, host Matt Sonnen sits down with Gary Bonner of Avalon Advisors and Mike Lee...
by COO Society | Jan 22, 2019 | Podcasts
EP 1 - Jeff Fuhrman of Coastal Bridge Advisors & Tony Craun of Sand Hill Global Advisors https://coosociety.com/wp-content/uploads/2020/05/Ep-1-1-Final.mp3 In our inaugural episode, Matt sits down with Jeff Fuhrman of Coastal Bridge Advisors and Tony Craun of Sand...
by COO Society | Jan 9, 2019 | COO Best Practices
In late October, we released our latest white paper, “Exploring the Benefits of Professional Management for RIAs: A Deeper Look into Chief Operating Officers,” the sixth installment in our industry series. Our goal was to uncover the benefits of professional...
by Matt Sonnen | Dec 11, 2018 | Podcasts
Introduction to COO Roundtable https://coosociety.com/wp-content/uploads/2020/05/Ep-0-0-Final.mp3 I am thrilled to announce the launch of The COO Roundtable, Powered by PFI Advisors; our latest endeavor in championing the role of operations professionals within...
by Anna Maria Garcia | Dec 5, 2018 | COO Best Practices
This open letter is a response to a Bloomberg Article InvestmentNews ran Tuesday about some male Wall Street executives whose concerns about #MeToo accusations have led them to limit the ways in which they work with female colleagues, for example by refusing to...
by COO Society | Nov 12, 2018 | Operations and Technology
PFI Advisors will be participating in this year’s #GivingTuesday in a very meaningful way. Any RIA that donates $10,000 or more to the Children’s Hospital Los Angeles donation page of Layla Paige Sonnen will receive a free Operational Diagnostic*. ...
by COO Society | Oct 29, 2018 | COO Best Practices, White Papers
PFI Advisors (“Promoting Financial Independence”) announced today the release of a new industry report (the sixth in its continuing educational series) on an often overlooked topic facing independent RIAs: how to leverage professional management –...
by Larissa Marcontell Sonnen | Oct 12, 2018 | COO Best Practices, Operations and Technology
RIAs regularly review their clients’ financial goals and portfolios. They should also service themselves with the same care and consistency with an internal review of their technology infrastructure and back office. This analysis should cover the following core...
by Matt Sonnen | Sep 25, 2018 | COO Best Practices, Entrepreneurship
At the Echelon Deal and Deal Makers conference in Newport Beach earlier this month, several sessions tackled the big question: If I’m looking to sell my firm, what is more important to a buyer – my growth rate, or my bottom line profits? From a deal makers’...
by Alex Webb | Sep 14, 2018 | Breakaway/RIA Set Up, COO Best Practices, Operations and Technology
The most common question we receive from breakaway advisors is, “If I start an RIA, how do I recreate the products and services I’ve always had available to me during my career in the wirehouse?” This line of thinking often leads to questions around Lending and...
by COO Society | Aug 1, 2018 | COO Best Practices, M&A, Operations and Technology
We have been long-time proponents of the notion that RIAs need top tier technology infrastructure to support growth through M&A. Many would-be Buyers mistakenly think, “If I’m the one writing the check, it is the Seller who needs to impress me.” What...
by COO Society | Jul 9, 2018 | Entrepreneurship
Layla – you left us one year ago, at 3:58am on July 8th, 2017, in your mother’s arms, surrounded by your dad and big brother Luke, and more love than we ever thought possible. There was no name for your brain disorder, no prognosis, no medical protocol to follow...
by Matt Sonnen | May 11, 2018 | COO Best Practices, M&A
With the RIA industry setting itself up for further consolidation based on the macro trends impacting the industry, the opportunity for peer-to-peer M&A activity is increasing dramatically. Multiple industry studies are anticipating record levels of deal-making in...
by FinancialAdvisor | Apr 11, 2018 | COO Best Practices
Karen DeMasters of Financial Advisor Magazine detailed the strategies used by some of the most successful RIA acquirers in our industry. We were honored to cover these firms in our most recent white paper. See Karen’s full article here
by COO Society | Apr 5, 2018 | White Papers
We are excited to present the latest installment in our “Becoming a Professional Buyer” research series. This white paper highlights five industry leaders and the lessons they have learned from their varied experiences in the M&A arena: Aspiriant, Beacon...
by Anna Maria Garcia | Mar 21, 2018 | COO Best Practices, Operations and Technology
As an operations and technology consulting firm that works with both breakaway advisors and existing RIAs in growth mode, we have become adept at project management and the importance of maintaining a strict schedule with many moving parts. Building an RIA from...
by Matt Sonnen | Mar 4, 2018 | COO Best Practices, Entrepreneurship, Operations and Technology
As a consultant to both breakaway advisors and RIAs, some may question my title to this article, and others may question my timing, as “The Enduring Advisory Firm: How to Serve Your Clients More Effectively and Operate More Efficiently” was released over a year ago. ...
by Matt Sonnen | Feb 2, 2018 | COO Best Practices, Operations and Technology
With the accelerating pace of technological change, how can you be sure you are making the right technology choices? What should your tech stack look like? One of the biggest changes in the financial advisory business over the past 10 years or so has been the rise of...
by Matt Sonnen | Jan 2, 2018 | COO Best Practices
We wrote this article for InvestmentNews to highlight the research we conducted for our Alternative Investments White Paper last October, where we highlighted the alternative investment resources provided by Artivest, iCapital Network, PPB Capital Partners, and...
by COO Society | Dec 8, 2017 | COO Best Practices
While attending Schwab IMPACT last month, we had the privilege of listening to a presentation by Joe Duran, CEO of United Capital. In his opening remarks, he compared Vanguard in the financial services industry to Netflix in the entertainment industry, or Amazon...
by Matt Sonnen | Oct 9, 2017 | COO Best Practices, M&A
As operational and technology consultants, we are contacted at least three times per month from larger RIAs saying, “A friend of mine just bought a $100 million practice – I want to do that too!” This is a common response from aspiring buyers as the industry is...
by COO Society | Mar 15, 2017 | COO Best Practices
Too many wirehouse brokers considering going independent are led to believe that once they leave their bank-owned brokerage they will no longer have access to sophisticated lending tools to offer their clients, such as competitively priced margin loans or home loans....
by Anna Maria Garcia | Dec 16, 2016 | Entrepreneurship
PFI Advisors’ Analyst, Anna Maria Garcia, suggests Millennials seek a mentor that leads with values in the beginning development of their career. “Millennials and their entry into the workforce” has been a hot topic as of late. Plenty of articles have been written...
by Matt Sonnen | Nov 28, 2016 | M&A
As conference season winds down in the wealth management industry, everyone seems to be discussing the “mega trends” that are leading to consolidation in the RIA space. From aging advisors, to low-cost online competition, to more strict regulatory requirements...
by Larissa Marcontell Sonnen | Oct 11, 2016 | Entrepreneurship
Sheryl Sandberg’s 2013 book kicked off a public discussion on what it means to be a successful woman in the workplace, and it provided strategies and motivation for women to get ahead in their careers. More specifically to the financial services industry, Sallie...
by COO Society | Sep 12, 2016 | White Papers
Our latest industry white paper details the 7 key capabilities that all RIA buyers need to develop before engaging in M&A activity. This report also highlights four industry leaders and the lessons they have learned from their varied experiences: Savant...
by Anna Maria Garcia | Aug 24, 2016 | M&A
For an RIA, onboarding a wirehouse advisor or advisory team and incorporating them into your firm is an intriguing concept, but seems daunting to most. The biggest question RIAs always have is, “Where do I begin?” There are often so many unfamiliar nuances...
by Matt Sonnen | Jul 8, 2016 | Entrepreneurship
We often hear from industry experts that the end game for entrepreneurs is to build their firms so they can monetize and sell them down the road as quickly as possible. Perhaps these “experts” are missing the point? Consider this excellent article by Ted...
by COO Society | Jun 23, 2016 | COO Best Practices
Everyone in the industry is, in our opinion, losing their mind over fee compression caused by Robo Advisors. Advisors feel they need to increase their spending on technology and cut their fee in half to prevent their clients from leaving in droves for a Robo Advisor....
by Matt Sonnen | Jun 15, 2016 | Operations and Technology
When meeting with advisers in their offices, I often hear, “The average age of our client base is 67 years old. We know the statistics — 90% of children fire their parent’s adviser. We are scared to death that we will lose the next generation. We need to offer a robo...
by Matt Sonnen | May 24, 2016 | Business Development
Envestnet was kind enough to invite me to participate in a panel discussion last week at their Advisor Summit in Chicago. The topic was “Growing Your Firm’s Top Line Through The Headwinds.” I arrived to the session with prepared remarks in line with our M&A...
by COO Society | May 12, 2016 | Entrepreneurship
My wife, Larissa (“Reese”), and I launched PFI Advisors on September 25th, 2015. One month and one day later, our 6-month old daughter, Layla, had her first seizure. She was admitted into the hospital the next day, October 27th, and stayed there for 6...
by COO Society | Apr 19, 2016 | COO Best Practices, M&A
As the wealth management industry continues to age, the number of advisory firms that will be transitioned due to succession planning or principal retirement is expected to increase dramatically. In fact, 2015 was the largest year on record for RIA mergers and...
by RIABiz | Jan 19, 2016 | Entrepreneurship
With his wife, Larissa (“Reese”), as sidearm, Matt Sonnen seeks to fulfill a niche for a service level between John Furey and Shirl Penney Tuesday 1.19.16 by Lisa Shidler Brooke’s Note: If, as some suggest, seawater can replace oil as a fuel then our...