Top Industry CMOs And How CMOs Support Organic Growth

Plus My Quarterly M&A Review, Our Deals & Recruiting Roundup, Dynasty Affiliates On Growth Stages, Our Guide To M&A Conferences, NEXA’s Insights On Growth, RBC And NewEdge Recruits, And CAIA’s Latest Report
Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

The best products and services can wither on the vine if the target audience remains unaware of their existence or benefits. Creators of products and services need skilled marketing strategies to get the word out – and our industry is fortunate to have many excellent chief marketing officers who make that happen. This week, we honor the CMO 10: Top Wealth Management CMOs for 2024 and bring you the views of four of last year’s winners on how industry CMOs are tackling organic growth.

We also bring you the latest weekly Deals & Recruiting Roundup, the 2024 M&A edition of our Guide To Industry Conferences, CEOs of Dynasty affiliates on strategies at different growth stages, my quarterly review of industry M&A, NEXA’s strategy to achieve growth by making clients feel valued, recruitments by RBC and NewEdge, and CAIA’s new report on alternative investments.

This week, WSR Managing Editor Chris Latham will be onsite at the annual Morningstar Investment Conference, from June 26 to June 27 at Navy Pier in Chicago. Keep an eye out for his coverage of the event, and feel free to connect with Chris if you are in attendance.

Deals & Recruiting Roundup: This edition covers Fisher Investments agreeing to sell a minority stake, Allworth acquiring Del Monte Group, Wealth Enhancement Group acquiring Atlas Fiduciary Financial, RBC recruiting the Brown-Brinkley Group, NewEdge Advisors recruiting Stonebridge Financial Partners, Carson Group recruiting Avery Wealth, Equitable Advisors recruiting Star City Private Wealth, Compound Planning surpassing $2 billion in assets under management (AUM), RFG Advisory surpassing $5 billion in AUM, Nepsis expanding its tax services team, GenTrust appointing Suzanne Peck as President and Bank of America Private Bank releasing its 2024 Study of Wealthy Americans.

Honoring the CMO 10: Join us in congratulating this year’s list of the top chief marketing officers in wealth management. We recognize Gordy Abel of Dynasty Financial Partners, Douglas Anweiler of FusionIQ, Angel Gonzalez of Snappy Kraken, Megan Hanley of Edelman Financial Engines, Magdalena Pandiloska of iCapital, Katherine Paulson of Haven Mark Partners, Erin Taylor of Sowell Management, Susan Theder of FMG, Claire Verdirame of AlTi Tiedemann Global and Erika Wilson of Sound Income Group.

CMOs and organic growth: When organic growth doesn’t come easy, how do CMOs help advisors achieve it? We speak with four of last year’s CMO 10: Chris Broussard, CMO at NewEdge Capital Group, AmericanTCS and EdgeCo Holdings; Craig Clark, CMO of Nitrogen; Abby Salameh, Chief Growth Officer at RFG Advisory; and Joan Khoury, Senior Managing Director and CMO of Oppenheimer & Co.

My quarterly M&A review: I explore how advisors and firms can improve their pre-exit growth strategies, deal processes and outcomes. Vince Fertitta, President of Sanctuary Wealth; Bomy Hagopian, Partner at the M&A investment bank Berkshire Global Advisors; Neil Turner, Co-CEO of NewEdge Advisors; and Renee Farida, COO of Householder Group, share their perspectives.

Navigating growth stages: Growth requires different strategies at different stages. We hear from three CEOs of Dynasty-affiliated advisory businesses – at early, middle and fully achieved stages of growth – 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.

Which conferences to attend? Our latest installment of our Guide To Industry Conferences series covers two key M&A conferences: the ECHELON Partners Deals & Dealmakers Summit and DeVoe & Company’s M&A+ Succession Summit. ECHELON’s CEO and Managing Partner, Dan Seivert, and DeVoe’s CEO and Founder, David DeVoe, provide comments.

The value of feeling valued: The top factor driving advisory clients to advocate for and promote their advisors’ firms is whether clients feel valued, says Chris Manker, Founder of NEXA Insights, who explains what clients say about feeling valued and how advisors can use this knowledge to drive growth.

Implementing alts: The Chartered Alternative Investment Analyst (CAIA) Association released a report saying that advisors understand the “why” of alts, but are still struggling with the “how” of practical implementation. Aaron Filbeck, Managing Director and Head of UniFi by CAIA, provides comments.

Multigenerational recruit: RBC Wealth Management recruited the $915 million Brown-Brinkley Group from Truist. Based in Virginia, the team’s advisors include Alexander S. Brown, Managing Director and Financial Advisor; William F. Brinkley, Managing Director and Financial Advisor; and Taylor Brinkley, Financial Advisor. Brown and Warren Bischoff, Mid-Atlantic Complex Director for RBC, provide comments.

Michigan recruit: NewEdge Advisors recruited the $540 million, Michigan-based Stonebridge Financial Partners, led by Founder and Wealth Advisor Tim Bearden, from Carson Wealth. Bearden and Neil Turner, Co-CEO and Co-Founder of NewEdge Advisors, provide comments.

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Larry Roth
Wealth Solutions Report

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