Three Advisory CEOs Describe Strategy at Three Stages Of Growth

Dynasty Affiliate CEOs Relate Challenges And Insights At Three Growth Stages: One Year Post-Launch, Growing Past $1 Billion, And As A Large-Scale Business

Growth isn’t a linear, smooth path – it’s filled with multiple challenges as a firm proceeds through stages. Navigating the ship of business requires different approaches from advisory firms that recently launched, those that have reached their final intended heights, and those in between.

We reached out to three CEOs of advisory businesses – at early, middle and fully achieved stages of growth – that are affiliated with Dynasty Financial Partners: Matt Liebman, Founding Partner, CEO and Wealth Advisor at Amplius Wealth Advisors; Phil Fiore, Co-Founder, Partner, Executive Managing Director and CEO of Procyon Partners; and Michael Lehman, CEO and Founding Partner of Premier Path Wealth Partners.

We asked each of them about the challenges, strategies, insights and experiences of their stage of growth. Our questions and their answers follow.

Michael Lehman, CEO & Founding Partner, Premier Path Wealth Partners

Michael Lehman, CEO & Founding Partner, Premier Path Wealth Partners
Michael Lehman, CEO & Founding Partner, Premier Path Wealth Partners

WSR: What are the strategies and challenges advisors face during the early stages of a wealth management firm?

Lehman: We just celebrated our first anniversary after launching from a wirehouse. The one-year checkpoint is a great time to reflect on the transition and look forward to upcoming opportunities.

Embrace independence: Launching from a large wirehouse is stressful, with the top priority of calling and transitioning all your clients – all while learning a new world of platforms, systems and technologies. It’s easy to fall back to your previous ways with, “At our last firm, it was so much easier to …” But by being resilient and embracing the short-term learning curve, we’ve found the universe of opportunities quickly unfolds – both for your clients and practice.

Find your brand identity and lean into it: It’s difficult to differentiate your practice at a large wirehouse. Launching your own firm allows you to clearly articulate your mission, vision and unique service offering. Once you’ve articulated this, fully dedicate the time and resources to lean into it. For us, it’s the passion and expertise to help our clients create an enduring legacy.

Our typical clients own closely held, middle-market, multi-generational businesses. We’ve come to call theirs the “owner’s mindset.” After we identified this mindset, we robustly expanded how we serve our clients. We now offer services such as business advisory, investment banking, family legacy and governance planning, advanced estate flow modeling and sophisticated investment solutions.

Don’t get distracted: Each day we learn about a new opportunity or capability that we didn’t have access to before. It’s easy to let these “shiny objects” become distractions and spread you too thin. A new firm would be well served to keep their antennas up, listen to every new opportunity once, but quickly pivot by making a note and then prioritizing the top initiatives that will help them uniquely serve their clients.

Matt Liebman, Founding Partner, CEO And Wealth Advisor, Amplius Wealth Advisors

Matt Liebman, Founding Partner, CEO & Wealth Advisor, Amplius Wealth Advisors
Matt Liebman, Founding Partner, CEO & Wealth Advisor, Amplius Wealth Advisors

WSR: What are the complexities and growth strategies for CEOs in breaking through the $1 billion asset barrier?

Liebman: Breaking through the $1 billion asset barrier as an RIA involves navigating significant complexities and implementing strategic growth initiatives. Transitioning from an advisor to a CEO is one of the primary challenges. This shift requires a big change in mindset and skill set.

Organizations like Dynasty also offer invaluable training programs that help our advisors develop essential leadership skills, strategic thinking and operational management capabilities.

Another key growth strategy we implemented was hiring planning-based associate advisors to deepen client relationships. As we scale, keeping personalized client interactions becomes even more important. These new advisors bring a wealth of experience and expertise, allowing us to cater to high net worth clients’ sophisticated needs. Plus, adding these advisors frees up time for our leadership team to drive further growth and deliver greater value to our clients.

Establishing a strong personal and corporate brand through content creation is also crucial. In today’s digital age, content drives brand visibility and growth. We actively create insightful, relevant content that resonates with our target audience through blogs, podcasts, webinars and social media. By letting our voice be heard, we can position ourselves as thought leaders in the industry, which not only boosts our brand’s credibility but also attracts potential clients and top-tier advisors looking for leadership with a clear and compelling vision.

Phil Fiore, Co-Founder, Partner, Executive Managing Director And CEO, Procyon Partners

Phil Fiore, Co-Founder, Partner, Executive Managing Director & CEO, Procyon Partners
Phil Fiore, Co-Founder, Partner, Executive Managing Director & CEO, Procyon Partners

WSR: What are the insights and experience of a tenured executive managing a large-scale, highly successful wealth management enterprise?

Fiore: Managing a large-scale wealth management enterprise over the past seven years has offered invaluable insights into leadership and strategy. A key lesson is the importance of a client-centric approach. By prioritizing clients’ needs and fostering trust-based relationships, we build loyalty and long-term success.

Another critical element is the continuous investment in technology and innovation. In an era where digital transformation drives efficiency and enhances client experiences, staying ahead of technological trends is essential.

Equally vital is cultivating a strong, cohesive team. A company’s greatest asset is its people. By fostering a culture of continuous learning and development, we ensure our advisors are equipped with the latest knowledge and skills. Emphasizing diversity and inclusion within the team enhances creativity and problem-solving.

Risk management and regulatory compliance are paramount. As the financial landscape evolves, staying proactive in risk assessment and compliance ensures stability and client trust. Additionally, anticipating marketplace trends and adapting accordingly is essential. We continually look ahead to understand emerging trends and implement strategies today that position us for future success.

As the ultimate cultural carrier of the firm, I embody and promote our core values. By setting the tone at the top, I ensure that our culture of integrity, exceptionalism and client-first mentality permeates every level of the organization.

James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.

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