Monthly Archives: August 2021

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9. Greg Friedman and Cynthia Greenfield on Why Culture Matters in RIA Mergers or Acquisitions



Mergers and acquisitions can be a rewarding path to growth for an RIA firm, but also complicated for the companies involved. Often, the most overlooked, but most important, component to making the transaction a success is the firms’ “culture.”  But what is culture, how is it formed and reinforced throughout an organization, and how can culture be maintained through a merger?  

In this episode, David Armstrong sits down with Greg Friedman, chief executive officer & founder of Private Ocean Wealth Management and Cynthia Greenfield, chief experience officer at Private Ocean Wealth Management to talk about their most recent book, Integrating Culture in Successful RIA Mergers and Acquisitions, and their own experiences—both good and bad—maintaining their company’s culture during a merger or acquisition. 

This podcast is an opportunity to hear Greg and Cynthia’s expert advice, and some tips and tricks to make the transition easier for everyone involved, as well as increase your chances of a successful merger. 

Greg and Cynthia discuss:

  • What “culture” in the RIA industry means to them
  • Greg and Cynthia’s own personal experience with mergers and acquisitions 
  • A view into why most RIA firms get culture wrong when they are approaching M&A
  • How to read unspoken signals coming from potential partners
  • Where the most common conflicts happen during a merger or acquisition and what firm leaders can to do to mitigate them
  • How the size of the acquiring firm may change the culture equation 
  • Maintaining the culture in the pandemic, and what they see happening in a post-pandemic world.

Resources:

Integrating Culture in Successful RIA Mergers and Acquisitions by Greg Friedman and Cynthia Greenfield

Connect With Greg and Cynthia:

Connect With Adam Holt:

About Greg Friedman: Greg Friedman is the CEO of Private Ocean, an innovative West Coast wealth management firm, and the founder of Junxure, a CRM platform that defined technology for financial advisors. In 2007, Charles Schwab honored him with its prestigious IMPACT Award® for “Best in Tech.” In 2008, Financial Planning Magazine included Greg in its elite list of financial “Movers and Shakers”. Greg was also recognized in InvestmentNews’ 2017 Class of Icons and Innovators for his contribution to the advancement of the financial advice profession and for conceiving new ideas and tools that have propelled the industry forward. In 2018, Greg was named CEO of the Year at the WealthManagement.com Industry Awards.

About Cynthia Greenfield: Chief Experience Officer, Leadership Coach and Author. Cynthia develops strategies that deliver on a company’s mission and enhances the employee and client experience through organization, communication and engagement. She combines over a decade of experience in the financial services and technology industries with life coaching techniques to help build people stronger relationships that lead to successful partnerships. She is a community liaison who strives to partner firms with non-profit organizations and external vendors and she spearheads the event strategy for a $2B+ RIA firm. An advocate of healthy company culture, she helps drive cultural integration efforts during times of growth and transition and is responsible for developing and training staff on how to deliver a consistent client experience. In 2021, Cynthia co-authored the book, Integrating Culture in Successful RIA Mergers and Acquisitions, aimed toward business leaders within the financial services industry.


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8. Matthew Enyedi on Business Solutions for the Modern Advisor



The modern advisor is not just a financial advisor to their clients, they are also business owners.  LPL, with their Business Solutions Suite, helps advisors with everything from office administration to real estate needs. 

How comfortable are you with hiring new staff or handling all the office administration within your practice? 

In this episode, David Armstrong speaks with Matthew Enyedi, managing director at LPL Financial, about the many ways in which LPL assists their advisors to run their businesses more efficiently.

David and Matt discusses:

  • A deep dive into LPL’s business support services for advisors
  • How hundreds of LPL advisors are using LPL employees as administrative assistants.
  • The assistance LPL gives advisors when it comes to mergers and acquisitions
  • An explanation of the business service support subscription fees
  • How LPL’s support for advisors will evolve in the future

Connect With Matthew Enyedi:

Connect With David Armstrong:

About Our Guest:

Matthew Enyedi has served as managing director, business solutions of LPL Financial since November 2020. He is responsible for developing and deploying a suite of automated professional services to LPL advisors, and aligning them with the firm’s other programs that support advisors as business owners.  Prior to his promotion to managing director, Matt served as executive vice president, national sales from March 2015 to January 2020. In that role, he led the firm’s data analytics and business intelligence efforts, and oversaw a team focused on providing front‐ and middle‐office capabilities to help advisors grow their businesses and reach new segments of clients.


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7. Gavin Spitzner on What Advisors Get Wrong Around Technology



Clients aren’t leaving their financial advisors because of performance issues.  They’re leaving because of communication and service issues with their current advisors. 

What are you doing to prevent your clients from switching advisors? 

In this episode, David Armstrong talks with Gavin Spitzner, president of Wealth Consulting Partners, about the many ways in which financial technology is growing and changing the financial world. They also discuss what you can do to ensure you aren’t underutilizing what strategies and technology is available to you as an advisor. 

David and Gavin discusses:

  • How most advisors are underutilizing the technology they have.
  • How the long-term bull market in equities has made many advisors complacent and masks problems around organic growth and client expectations.
  • Why advisors should expect companies like Amazon or Apple to enter the wealth management industry, and how to prepare..
  • When every aspect of wealth planning is built around algorithms, what’s left for the human advisor?

Connect With Gavin Spitzner:

Connect With David Armstrong:

About Our Guest:

Gavin Spitzner founded his company Wealth Consulting Partners six years ago. They help wealth managers (banks, RIAs, broker dealers) design and execute profitable revenue growth strategies based on enhancing client and internal associate experiences and leveraging modern, integrated technology, professional development and process re-engineering. Some areas of focus include digital advice, portfolio management, reporting and CRM systems, client portals, data aggregation tools and other systems of engagement capabilities as well as emerging AI/machine learning capabilities.