Tag: RIA

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

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.


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.

4. Trends in RIA M&A with David DeVoe

4. Trends in RIA M&A with David DeVoe

Sponsored by: LPL

Across the board, many companies struggle with succession planning—some of this fear comes from human capital, and others come from misunderstanding of new trends in the industry. 

In this episode, David Armstrong, editor-in-chief of WealthMangement.com, speaks to David DeVoe, founder and CEO of DeVoe & Company to discuss his insight about mergers and acquisitions across RIAs of various sizes. David discusses the impact of COVID restrictions in the M&A space, and discusses the decision-making process when it comes to creating your succession plan. 

David discusses: 

  • How $1 billion+ RIAs are driving the record-breaking activity in deals.
  • What a “META” RIA is, and how they will change the industry
  • The percentage improvement in a firm’s valuation that comes from a mere 1% boost in growth.
  • The numbers that dispel the myth of the “seller’s market” for RIAs
  • How his own journey as an entrepreneur began in the surf shops of Santa Barbara

Connect with David DeVoe:

LinkedIn: David DeVoe
DeVoe & Company

Connect with David Armstrong:


About Our Guest: 

David DeVoe is the founder and CEO of DeVoe & Company, a strategic advisor to RIAs.

Episode 2 – The Evolution of LPL’s New Affiliation Models –– With Marc Cohen

Episode 2 – The Evolution of LPL’s New Affiliation Models –– With Marc Cohen

In this episode, David Armstrong, editor in chief of WealthMangement.com, speaks with Marc Cohen, executive vice president of advisor business at LPL Financial in San Diego. 

David and Marc discuss how LPL Financial is enhancing the business to appeal to independent advisors, the expansion of their custodial platform and services for fee-only advisors, and the new affiliation models that challenge the notion of a traditional independent broker/dealer. 

You will learn:

  • Why Marc Cohen told his team they were retiring the term “independent broker dealer” to describe what they do.
  • The primary drivers that are shifting the way advisors do business and serve clients.
  • Why fee-only RIAs are increasingly finding a home at LPL Financial.
  • LPL’s new services around succession planning, business support and transition services.
  • LPL’s commitment to helping the independent advisor — not competing with them — in whichever business model the advisors’ choose.

Resources: WealthManagement.com| LPL Financial | Marc Cohen LinkedIn

Episode 1 – How Do You Want To Live Your Professional Life –– With Mindy Diamond

Episode 1 – How Do You Want To Live Your Professional Life –– With Mindy Diamond

Welcome to Advisor Innovations, the newest podcast from WealthManagement.com.

In this inaugural episode, David Armstrong, editor in chief of WealthMangement.com, speaks with Mindy Diamond, a long-time columnist for the publication and its predecessor titles, the CEO of Diamond Consulting and one of the country’s leading consulting and recruiting firms for financial advisors. 

Mindy and David discuss the broad trends in why advisors work where they do, how the business models where advisors affiliate is changing, the state of the so-called “breakaway broker” trend, and why the line between the broker/dealer channel and the RIA channel are growing blurrier by the day.

In this episode, you will learn:

  • Why, and how, Mindy started Diamond Consulting.
  • How she has seen the industry change over the last 20 years.
  • The new firms that really have the traditional wire houses worried.
  • How the evolving platforms in the brokerage space are blurring the lines between the independent broker/dealer channel and the pure RIA channel.
  • The “push, pull” dynamic that drives advisors’ decisions around moving to a new firm.
  • The rise of the ‘middle ground’ professional options and multi-affiliate business models that sit between fully employed and fully independent.
  • Why money should never be the top reason to make a move (but it’s not unimportant.)

Resources: WealthManagement.com| Diamond Consulting | Mindy Diamond LinkedIn