Beyond the Broker Dealer: Next Gen Sheds Light on Their Evolution to RIA

Gideon Drucker – President and CEO, Drucker Wealth Management

Overview

Gideon Drucker, CFP? AIF? ECA shares a multi-generational growth story, evolving from the insurance world, to independent broker dealer HTK, and most recently, to fully independent as an RIA. Now CEO, Gideon shares insights on his own evolution from next gen to leader, the advantages of independence, and their transition.

About this episode

Many multi-generational wealth management businesses evolve from one generation to the next, with each generation making its mark and helping to drive the firm to the next higher level.

In this case, Bernie Drucker started in the life insurance world in 1959, building a practice helping families find financial independence. Bernie’s son, Lance, joined him in 1985, integrating investment management into their services. The third generation of Druckers, Gideon, came on board in 2016 after serving as a paratrooper in the Israeli military.

Gideon learned the insurance and wealth management business from the ground up, working alongside his father and extending the legacy born two generations earlier.

Drucker Wealth thrived for over 38 years with independent broker dealer Hornor, Townsend & Kent (also known as HTK), where they were the largest advisory team for 18 straight years, managing over $700mm in assets for their clients.

But just as Lance had helped take the business to the next level when he joined his father, Gideon set his sights on creating what he calls “Drucker Wealth 3.0”.

it was with that goal in mind that the team left the IBD world to become a stand-alone independent RIA firm.

Gideon now serves as the President and CEO of Drucker Wealth Management and talks with Mindy Diamond about the firm’s evolution, as well as his own, including:

• The growth from one generation to the next—and how that motivated them through change.
• Signs they were outgrowing the broker dealer model—and what inspired them to explore their options.
• Their transition from HTK and the broker dealer world—and what advantages they gained as an RIA firm.
• Growing up in the business—and how his story can offer learnings for senior advisors and next gen alike.
• The transition from next gen to leader—and how Gideon needed to adapt and grow.
• Plus, Gideon offers a candid insider’s perspective just one year in—and describes what he sees as the next phase of evolution for the business.

It’s an episode that offers value to those considering how to create continuity and a legacy, as well as serves as a growth blueprint for any next gen or senior advisor.

Related Resources

From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story - Andy Schwartz went from selling insurance at Northwestern Mutual to managing $3.5B in assets and leading one of the firm’s largest groups. In 2014 they left to go independent as Bleakley Financial Group, now managing $8B in assets as a hybrid RIA.

The Succession Conundrum: How Advisors Can Balance Legacy and Liquidity -Multigenerational teams have several options for monetizing and transitioning the book from one generation to the next. So, how do they decide what’s best?

Wealth Management Landscape At A Glance: Focus on Independence - In a greatly evolved industry landscape, the independent space has expanded to offer a variety of models with varying levels of freedom and flexibility. Which one might be right for you?

You can also listen to the full episode on our website, as well as on Apple Podcasts,?Stitcher or Spotify.