Honoring The Next Gen – And How To Attract And Retain Them

Plus Our Deals & Recruiting And Wealthtech Roundups, A Digital Estate Planning Partnership, Serving UHNW Clientele, Overcoming Growth Bottlenecks, A Marketing And Tech Disconnect, WEG’s Acquisition, Stratos’ Recruit And Realta’s New COO
Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

It’s common knowledge in our industry that the average advisor age is in the late 50s and a large portion of advisors plan to retire in a few years. However, we hear from industry insiders that the urgent need to attract and retain the next generation is not confined to advisors, but is in every space across wealth management.

This week, we honor five exceptional Next Gen professionals from various backgrounds in wealth management, as well as speak with experts about the shortcomings in our industry’s recruitment of the Next Gen and how we can turn it around for both advisors and the broader industry.

We also bring you our Deals & Recruiting Roundup, Wealthtech Roundup, Dynasty affiliates on the need of ultra-high net worth clients, Catchlight on overcoming organic growth bottlenecks,  Facet’s estate planning partnership with wealth.com, Wealth Enhancement Group’s $1.2 billion acquisition, Stratos’ latest recruit, F2 Strategy’s survey revealing a disconnect between tech and marketing, and Realta’s new COO.

Honoring the next generation: WSR honors our inaugural NEXT 5 – Top Next Gen Wealth Management Leaders. Please join us in congratulating Nico DeMaio, President of AdvizorStack; Louis Diamond, President of Diamond Consultants; Joanna Kanakis, SVP – Business Development, Financial Institutions at LPL Financial; Sarah Pochedly, Practice Management Consultant at Stratos; and Stephen Stephano, Vice President at Berkshire Global Advisors.

Attracting the Next Gen: More must be done to attract Next Gen professionals into the wealth management industry. We spoke with Luke Winskowski, President of 49 Financial; Kristine McManus, Chief Advisor Growth Officer of Commonwealth Financial Network; Maura Cunningham, Founder of Rock The Street, Wall Street; and Craig Pfeiffer, President and CEO of the Money Management Institute, on barriers and solutions.

Deals & Recruiting Roundup: This edition covers Wealth Enhancement Group acquiring The Financial Advisory Group, Constellation Wealth Capital investing in Requisite Capital Management and CV Advisors, Ashton Thomas onboarding Campbell Private Wealth Management, Stratos Wealth Advisors recruiting Spain & Smith, Avantax recruiting advisor Erin Hinzmann through Alliance Wealth Strategies, Steward Partners adding Coastal 360 Capital Advisors, Dynasty helping to launch Founders Grove Wealth Partners, Schwab Advisor Services releasing its Supported Independence Study, Realta Wealth appointing John Barragan as COO and UBS reshuffling its Global Wealth Management heads.

Wealthtech Roundup: Meet our newest Wealthtech Leader of the Month, Jason Broder, Managing Director and Chief Product Officer at iCapital. Other entries include Addepar partnering with Corient, wealth.com partnering with Facet, Docupace announcing its 2024 Back Office Heroes Award Winners, FusionIQ integrating with Interactive Brokers Canada, BetaNXT appointing Robert Santella as CEO, Asset-Map conducting an advisor survey on Next Gen clients, Flourish integrating with RightCapital, Envestnet partnering with Salesforce, and Bank of New York Mellon’s Pershing hosting its 26th annual INSITE Conference.

Supporting UHNW clients: Ultra-high net worth clients have unique needs. We caught up with affiliates of Dynasty Financial Partners who serve this clientele to hear how advisors can meet those needs: Jerry R. Sneed, Senior Vice President, Senior Private Wealth Advisor at Procyon Partners; Matthew Celenza, Founder and Managing Partner, Boulevard Family Wealth; and Katherine Forrester Schneewind, Founder And CEO, High Note Wealth.

Organic growth bottlenecks: Yelena Melamed, Head of Product at Catchlight, addresses organic growth with limited resources. She describes three major bottlenecks to growth – sourcing, qualifying and engaging leads – and how to leverage technology to overcome those for organic growth.

Tech disconnect: F2 Strategy’s latest report examines the disconnect between marketing and technology. The survey reveals that advisors still rely heavily on word-of-mouth for referrals while organic growth rates fall. At the same time, it points to trends toward increased marketing efforts.

Estate planning partnership: Facet and wealth.com announced a partnership bringing wealth.com’s estate planning tools to Facet’s members. Facet CEO Anders Jones and President and COO Shruti Joshi comment, along with Tim White, Co-Founder & Chief Partnership Officer of wealth.com.

Texas-sized acquisition: Wealth Enhancement Group (WEG), led by CEO Jeff Dekko, is buying The Financial Advisory Group, an independent RIA that manages over $1.22 billion in client assets. Dekko and Richard J. Alphonso, CEO and Chairman of The Financial Advisory Group, provide commentary, along with WEG Chief Strategy Officer Jim Cahn.

Ohio recruit: Stratos Wealth Advisors recruited Ohio-based Spain & Smith, with advisors Henry Spain and Dayna Smith. Spain and Jeff Concepcion, Founder and CEO of related firm Stratos Wealth Partners, provide comments.

COO moves: Realta Wealth hired former Kestra Investment Management and Goldman Sachs executive John Barragan as its COO. Barragan and CEO Kevin Keefe provide comments.

Send us your latest thoughts via email and connect with us on LinkedIn!

Larry Roth
Wealth Solutions Report

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