Tag: Succession Planning
The Financial Advisory Succession Crisis with David DeVoe (Ep. 52)

The Financial Advisory Succession Crisis with David DeVoe (Ep. 52)

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It looks like the financial services industry is progressing towards a succession crisis. Are advisors ready to handle it?

This week, Shannon Spotswood interviews David DeVoe, the Founder and CEO of DeVoe & Company, about the current state of M&A activity and succession planning in the financial advisory space. 

Together, they highlight the succession crisis in the field and the importance of succession planning. David also talks about the challenges and barriers to succession planning, the factors contributing to a firm’s success, and the impact of marketing on the industry. 

David discusses: 

  • M&A activity and succession planning in the financial advisory arena
  • The current state of M&A activity and its future outlook
  • The potential for a succession crisis in the industry and reasons why succession planning is so important
  • The challenges and barriers of succession planning
  • Ways psychological factors impact succession planning
  • Reasons we need radical change within firms to attract and retain next-generation advisors
  • What factors contribute to the success of a firm, including profitability and risk factors
  • Proactive strategies for driving higher valuations and protecting an organization’s future
  • And more

Resources:

Connect with Shannon Spotswood:

Connect with David DeVoe:

About Our Guest:

David DeVoe founded DeVoe & Company in 2011 to help wealth management companies optimize their business decisions. The company has supported hundreds of firms in consulting, investment banking, and valuation engagements since its launch. David has been a thought leader on RIA practice management for 18 years and was named the ‘RIA M&A Guru’ by Barron’s magazine. 

Previously, he served as Managing Director of Strategic Business Development at Charles Schwab Advisor Services. In this role, he developed and led Schwab’s Transition Planning platform, which provides comprehensive M&A and succession planning services to registered investment advisors. During these eight years, he provided strategic counsel to over 500 advisors. Previously, David worked in the Business Strategy group at American Express. David holds a BA degree from the University of California, Berkeley, and an MBA from Cornell University Johnson Graduate School of Management.

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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.

The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

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How To Be Prepared for the Industry’s Succession Crisis Ft. Rick Wedell, CIO at RFG Advisory (Ep. 16)

How To Be Prepared for the Industry’s Succession Crisis Ft. Rick Wedell, CIO at RFG Advisory (Ep. 16)

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Rick Wedell is Chief Investment Officer at RFG, and he’s back on Disruption Blueprint with Shannon Spotswood, President of RFG. Together they tackle one of the biggest challenges in the industry—how to be prepared for a succession crisis. They also identify widely held misconceptions about valuation, deal structures, and everything else in between for advisors that have a $50 – $300 million AUM practice.

Rick is Chief Investment Officer of RFG and oversees RFG’s in-house investment strategies at Bluemonte. Prior to joining us on our mission to build RFG 2.0, Rick spent 12 years at Bain Capital Partners where he crafted financing packages, negotiated deal terms, and helped design buyouts. Rick played an instrumental role in helping Bain grow to become a global investment powerhouse, serving client assets in excess of $30 billion.

Selling a practice is tough, but Rick comes to this conversation with a unique perspective not found anywhere else. In this revealing episode, he exposes the real truth about advisor succession and answers the raw, unfiltered questions. He also gives straightforward advice on one of the toughest parts of a sale: deal structure.

Join the conversation to hear about:

  • Focusing on segmenting the market, financial packages & designing deal terms 
  • What is my succession plan? 
  • Protege vs. acquisitions 
  • Defining your practice 
  • Aligning your values & how you treat your clients goes a long way 
  • Getting “cute” with deal structure 
  • Do I have to accept a seller’s note? 
  • Developing a synopsis for your practice 
  • Behavioral modification 
  • Organizing a successful handoff of the client relationships 

Referenced Materials:

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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.

The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

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How to Build a High-Performing Team Ft. Matt Hottle, Co-founder of Redhawk Advisory (Ep. 13)

How to Build a High-Performing Team Ft. Matt Hottle, Co-founder of Redhawk Advisory (Ep. 13)

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Welcome Matt Hottle to this episode of Disruption Blueprint. Matt Hottle is the Co-Founder of Redhawk Advisory, and Managing Partner of the  Alabama Futures Fund, an early stage VC fund that is driving entrepreneurialism and economic development right here in the state of Alabama.

Matt has held several operating positions where he was deep in the trench in a lot of different industries, building high performing teams, and even coached Shannon Spotswood, President at RFG Advisory.

Matt is a fountain of information in this episode. If you don’t have a team of people who thrive at being adaptable you’re going to struggle because you’re going to be dragging them every time. “Laser focus in on your culture, and what are those attributes of success within your culture.”

Listen to this episode with Matt Hottle, Co-Founder of Redhawk Advisory and Managing Partner of the  Alabama Futures Fund. In this episode, Shannon and Matt discuss topics such as why teams need to define the roles and responsibilities, why you have to hire for adaptability, tracking your organization from a data perspective, and so much more.

Join the conversation to hear about:

  • Do you have the right people in the right seats doing the right things? 
  • Let’s talk about talent 
  • What are ‘attributes’ and how does it fit into hiring? 
  • It’s all about the best fit 
  • Sequencing: defining the roles and responsibilities 
  • Focusing on talent and diversity 
  • What is opportunity cost? 
  • Taking inventory of what is important: identifying team routine and impact 
  • Small, short, concise, and frequent communication 
  • Creating repeatable and scalable processes 
  • Preparing a team for the marathon versus the sprint
  • Why you have to hire for adaptability
  • Advisor behavior modification
  • Tracking your organization from a data perspective
  • No longer a fit: navigating underperformance
  • The power of reviews
  • Evolving your short term goals
  • 20 things you should know about me 

Referenced Materials:

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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.

The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

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When Two Worlds Collide Ft. Nate Reynolds, Financial Advisor at Billings Group (Ep. 12)

When Two Worlds Collide Ft. Nate Reynolds, Financial Advisor at Billings Group (Ep. 12)

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“It was very challenging, but the energy and the drive and the passion you felt there from both Bobby and Dom and the other guys there was just incredible.”

Challenge yourself and change how you communicate with clients. After a background in the U.S. Army, Nate Reynolds, dove headfirst into working with his father-in-law as a Financial Advisor at Billings Group.

It’s been eye-opening to hear from the Billings Group in their individual Disruption Blueprint episodes, Ep. 9 with Lance Billings, and Ep. 10 Disruption Blueprint Ft. Josh Kilsch as Lance is father-in-law to both Nate and Josh. You’ll also learn more about Nate’s military background as a U.S. Army veteran, how he found RFG Advisory through Dom Raso, and even how he got introduced to Dom’s ARMR-UP program.

Through each episode, you can piece together how Lance, Josh, and Nate work together so well, how their different life experiences come into play, and how they aim to continue crushing it through succession planning. “​​We have the responsibility to continue that legacy,” says Nate.

“It really is all about the client and service we provide for them,” Nate says.

From Salina to the surrounding four states, the Billings Group is planning for decades in the future, not just for tomorrow. Listen to this episode with Nate Reynolds, Financial Advisor at Billings Group, a wealth management firm and family-run business with deep community ties in Salina, Kansas, to learn about shattering the box and helping your clients find their ‘why.’

Join the conversation to hear about:

  • Being intentional and finding the crush everything mindset 
  • Confirming RFG was the right choice
  • Focusing on mindset during a transition
  • Preparing for training with Bobby White and Dom Raso 
  • Succession planning: continuing the legacy
  • Taking the life journey and growing with a client 
  • Using tools to redefine the client experience 
  • Dedication and discipline
  • Family and working as a team
  • Helping your clients find their “why”

Referenced Materials:

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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.

The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

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Changing How You Communicate With Clients Ft. Josh Kilsch, Financial Advisor at Billings Group (Ep. 11)

Changing How You Communicate With Clients Ft. Josh Kilsch, Financial Advisor at Billings Group (Ep. 11)

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“Show up every day, try to crush it.”

This Disruption Blueprint episode with guest Josh Kilsch, Financial Advisor at Billings Group, dives into why succession planning is a necessity, how to build your practice for the future, and how to take ownership of your life no matter what path you’re on. From a very young age, Josh was called to the importance of communication and compassion, the importance of being present with skills that serve him well as an advisor. He is someone who can listen to a client’s story and understand their goals.

“There’s so much that is detailed to a client’s story that you have to be able to have compassion, you have to be able to listen to them, you have to be ready to hear what they want, and then see how you’re going to help them achieve that timeline goal,” Josh says.

The future of Billings Group is bright. In this episode, Josh and RFG President, Shannon Spotswood, talk about the firm’s growth and the move toward being fully independent. The next steps involve continuing to grow, showing up every day, trying to crush it.

From good relationships to good communication, Josh talks about what he loves about RFG Advisory and the Billings Group coming together. Huddle up, you don’t want to miss this incredible episode of Disruption Blueprint.

Join the conversation to hear about:

  • Josh’s beginnings: from dropping out of high school to master’s in theology
  • Blending qualities as an advisor and as a minister
  • How human capital comes into play through work
  • “What I love about RFG and the Billings Group coming together”
  • What does mindset mean to Josh?
  • Taking ownership of your life
  • The dynamic Billings Group team of different personalities
  • Building the firm for the future

Referenced Materials:

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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.

The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

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Be Intentional About Growing Your Practice Ft. Lance Billings, Founder & Financial Advisor at Billings Group (Ep. 10)

Be Intentional About Growing Your Practice Ft. Lance Billings, Founder & Financial Advisor at Billings Group (Ep. 10)

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“I always have my faith, my family, and then my business,” says Lance Billings, Founder and Financial Advisor at Billings Group. This Disruption Blueprint episode features Lance Billings, who so powerfully weaves community, the love of his hometown, and his faith into building his business.

Salina, Kansas is home, it’s work, it’s family, it’s the center of everything Lance holds dear. Lance was born and raised in Salina. He raised his family there, started a business there, runs a business there, and will eventually pass the business on to family there. The Billings Group isn’t solely a wealth management firm, it’s a family-run business with deep community ties in Salina, Kansas.

Lance’s two son-in-law’s, Nathan Reynolds and Josh Kilsch, are also Financial Advisors with the Billings Group. Lance’s daughter, Alyssa Mitchell, spearheads client relations alongside an A-player operations team. Prior to founding the Billings Group, Lance watched and worked alongside his father, Larry R. Billings, in his tax practice Billings Tax, who at the age of 86, still does taxes.

Listen to this episode with Lance Billings to understand more about building your business during a transition, creating a multi-generational family business, and why you have to surround yourself with good people.

Join the conversation to hear about:

  • Growth in the future and building your business during a transition
  • The importance of hiring good people and surrounding yourself with good people
  • Lance’s advice to young advisors getting into the business
  • Engaging in a conversation thanks to technology
  • Navigating a multi-generational family business
  • Relationship building with clients to establish succession-planning
  • Walking into independence with succession-planning in mind
  • Why is it so hard for advisors to unplug?
  • Partnering with Bluemonte for investment management
  • Growing up in Salina, Kansas
  • Faith first
  • Facing growth boldly

Referenced Materials:

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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.

The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

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Take the Seat on a Rocket Ship Ft. RFG Advisory CIO Rick Wedell (Ep. 9)

Take the Seat on a Rocket Ship Ft. RFG Advisory CIO Rick Wedell (Ep. 9)

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“If someone offers you a seat on a rocket ship, you don’t ask questions. You just sit down and get to work”

This Disruption Blueprint episode featuring Rick Wedell Chief Investment Officer at RFG Advisory dives into topics on building the future, navigating the succession planning process, why he prefers video content above all else, and the big answer to why choose RFG.

“If anyone ever offers you a seat on the rocket ship, you don’t argue about whether or not it’s an aisle or a window, you just take the seat,” Rick says.

Rick is a veteran investor and brings institutional street cred to RFG and its advisors as the Chief Investment Officer. He holds degrees from Harvard University and Stanford University, was named Henry Ford Scholar and spent 12 years at Bain Capital before joining RFG in 2016. He was recently recognized by ThinkAdvisor as a 2021 LUMINARY in the Thought Leadership & Education category. RFG Advisory was also named to the LUMINARIES Class of 2021, receiving firm-wide recognition in the same category for RIAs.

Rick hosts client events and in-person roadshows on average 15 days a month. Needless to say, he’s wracking the Delta miles. He’s wired as a thought-leadership machine, ready to go in a moment’s notice armed with an artillery of knowledge. There are few industry CIOs to come close to Rick’s herculean efforts. Find out more and listen to this incredible episode of Disruption Blueprint podcast.

Join the conversation to hear about:

  • Welcome Rick to Disruption Blueprint
  • Rick’s education and background
  • If someone offers you a ride on a rocket ship, just take the seat
  • Why choose RFG?
  • Building the future: how RFG goes about the investment process
  • The story of making it on the fridge
  • The rewarding feeling of helping clients get from point A to point B
  • Navigating the succession planning process
  • Goodbye white papers, video content is the wave of the future
  • Human emotion and why it’s important to have a financial advisor

Referenced Materials:

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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.

The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

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