A 12-Year Succession Plan Designed To Launch A Firm Into The Future

Leadership and Equity Succession Planning for RIAs with Thomas Carroll

Episode Summary

Episode 070:? In this episode, Kyle Van Pelt talks with Thomas Carroll, CFP? , CEO & President of Homrich Berg . They discuss the importance of a well-defined succession plan and growth strategies for RIAs, how firms can effectively plan succession, and how investing in technology improves client and advisor experiences. Thomas also talks about the trend of advisors and clients migrating to RIAs and the value of maintaining a culture and service model while scaling.

Show Notes

Episode 070: Succession planning and growth strategies are critical considerations for RIAs seeking long-term sustainability. As firms evolve and leadership transitions occur, a well-defined succession plan ensures smooth handover and business continuity. Succession plans, coupled with strategic growth initiatives and investing in the right technology, allow RIAs to deliver better client service, attract top talent and potential leaders, and provide more sophisticated services.

In this episode, Kyle Van Pelt talks with Thomas Carroll, CEO & President of Homrich Berg. Thomas has an extensive background in wealth management, both as an advisor to clients and as a leader of client service organizations.

Kyle and Thomas discuss the importance of a well-defined succession plan and growth strategies, how RIAs can effectively plan succession, and how investing in technology improves client and advisor experiences. Thomas also talks about the trend of advisors and clients migrating to RIAs and the value of maintaining a culture and service model while scaling.

In this episode:

• [02:05] - Thomas' money moment
• [07:05] - Homrich Berg's 12-year succession plan
• [10:07] - How RIAs plan for succession
• [13:39] - The emotional aspects of leadership transition
• [16:03] - Why advisors and clients migrate to RIAs
• [19:38] - The "Goldilocks" size for RIAs
• [21:59] - Maintaining the "Goldilocks" phase while scaling
• [25:10] - Technology investments at Homrich Berg
• [28:35] - Homrich Berg's philosophy for growth
• [30:20] - Trends in wealth management
• [34:05] - Thomas' Milemarker Minute

Key Takeaways

• A well-defined succession plan is important for a smooth leadership and equity transition in RIAs.
• Clients are becoming more sophisticated and seeking fee-only advisors who prioritize their best interests—a trend that’s driving growth for independent RIAs.
• The "Goldilocks" size for RIAs balances scale and client service. It is big enough to offer scale, resources, and technology investments, yet nimble and client-centric.
• Strategic growth can enhance client experience when combined with technology investments.?
• Optimizing core technology systems is more effective than acquiring multiple-point solutions.

Quotes

[17:08] - "The only revenue we make as a firm is providing advice to our clients. They're paying us for advice. And you're going to see more and more clients gravitate to that business model because it's inherently unconflicted. We do whatever is in the client's best interest." ~ Thomas Carroll

[22:50] - "We're here to provide a comprehensive fiduciary wealth management experience in a fee-only way on a chassis of service, not a chassis of sales." ~ Thomas Carroll

[28:35] - "Our goal was not to get bigger for bigger's sake. Our goal was to continue to deliver the client experience that we are committed to delivering in a fee-only construct with a service-oriented approach." ~ Thomas Carroll

Links?

• Thomas Carroll on LinkedIn
• Homrich Berg
• Truist Bank
• Andy Berg
• TPG Capital

Connect with our hosts

• Milemarker.co
• Kyle on LinkedIn
• Jud on LinkedIn

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