Allworth Financial's State of the Industry: Recent Episodes
Scott Hanson
Enjoy listening to Allworth Financial’s Co-Founder, Scott Hanson, as he interviews financial advisory thought leaders about what’s happening today, where our industry is headed tomorrow, and what it means for the typical advisor.
Allworth co-founder and program host Scott Hanson welcomes new Boston-area equity partner, Laurie Ingwersen, CFP®, co-owner of The Harvest Group. Laurie, whose business partner is her father, Roger Ingwersen, discusses why her firm elected to conduct their own due diligence, how Allworth’s internal culture is unique, and why she chose to partner with a larger firm rather than buy her father out.
On this episode of State of the Industry podcast, “Partnering with Allworth gave me back my life,” host Scott Hanson discusses with equity-partner Kathleen Carpenter what the partnership has meant to the career tracks of her employees and what a pleasure it has been to reclaim some life-work balance.
Key Takeaways:
- Why the difficulty recruiting young advisors made partnering easier
- The difference maker that is Allworth’s enhanced partner-employee career track
- What it means to achieve a 99% client retention rate after the sale
- The joy of relinquishing the day-to-day responsibilities of running an office
Allworth’s State of the Industry podcast: “There was Allworth and then everyone else.” Host Scott Hanson welcomes equity partner, Albuquerque-based advisor, Matt Keller, who discusses when his firm and two co-principals suddenly realized they needed to implement a succession plan.
Scott and Matt discuss:
- The moment they knew needed a succession plan
- What differentiated Allworth
- How it feels to achieve a true work-life balance
- The key differentiators between Allworth and other firms
- What the merger has been like
On Allworth’s SOI podcast, “Confronting the emotion of selling your practice,” host and Allworth Co-Founder Scott Hanson welcomes David DeVoe, CEO of DeVoe & Company, to discuss their new collaborative white paper, “The Heart of the Deal,” an examination of the emotion behind selling one’s life work.
Allworth’s State of the Industry podcast: “How a health emergency convinced me I needed a succession plan.” Host Scott Hanson welcomes equity partner, Durham-area advisor, Eric Chetwood, who discusses how cancer motivated him to re-evaluate and improve his advisory work-life balance.
Scott and Eric discuss:
- How being diagnosed with stage 4 cancer forever changed Eric’s priorities
- How Allworth was different than the other firms he spoke with
- Eric’s role with Allworth
- How the partnership has simplified his life
On Allworth’s SOI podcast, “What does unsustainable success look like?” host and Allworth Co-Founder Scott Hanson welcomes, David Johanson, who speaks to how today’s regulatory requirements simply can’t be managed without the larger infrastructure of a partner firm.
Host Scott Hanson welcomes equity partner, Phoenix-area advisor, Kelly Richards, who discusses how cancer forced him to re-evaluate and improve his advisory work-life balance.
Hanson and Richards discuss:
- How being diagnosed with cancer forever changed Kelly Richards’ perspective
- Why the decision to partner with Allworth seems obvious now
- Richards’ role with Allworth
- Why it feels like the weight of the world has been lifted
OnFebruary’s State of the Industry podcast, “Behind the scenes: Doing what’s best for my clients,” Allworth award-winning Co-Founder Scott Hanson welcomes new equity partner-advisor Jeffrey DeBoer, the President of $180M DeBoer Financial Group.
The two discuss:
- The “a-ha” moment when DeBoer realized it was time for a new journey
- That there are times when the highest offer isn’t an offer at all
- The questions he asked more than a dozen potential partners
- What a business relationship really comes down to
- Jeff’s role at Allworth
- And, what it feels like to stop running a business and get back to advising
Host Scott Hanson welcomes one of Allworth’s newest equity partners, advisor Chris Giordano, the founder of $315M Giordano Wealth Management Group.
Hanson and Giordano discuss:
- How success can lead to burnout
- The conflict of being a hands-on advisor and running a business
- Why Giordano decided to partner with Allworth
- And, why he’s once again excited about advising
Allworth’s SOI podcast is available at Apple Podcasts, Spotify, or on the Allworth Partner Program website.
In the latest edition of State of the Industry podcast, titled: “Capital Gains Tax Changes Webinar – What This Could Mean for Your Firm and Your Future,” host and Allworth Co-CEO Scott Hanson welcomes Financial Planning Association (FPA) President Skip Schweiss.
The two dissect the impact of the pending capital gains tax increase on advisors who are nearing retirement.
Highlights include:
- The details of the proposed capital gains tax increase legislation
- How the tax increase could affect the value of your advisory firms
- Why selling, creating a succession plan, or partnering now could save principals millions
- The importance of January 1, 2022
- How partnership equity could lower your tax exposure
Allworth Co-CEO Scott Hanson welcomes former RAA CEO John Bentley, the current Sr. Vice President of Allworth, and current Allworth COO Pete Engelken. The three talk about how two different. firms become a team, and how the COVID-19 pandemic added numerous unexpected challenges to the RAA/Allworth Financial unification that built trust and made the bond between the two firms stronger.
Key Takeaways:
- What John Bentley and the RAA leadership were looking for in a partnership
- How the onset of COVID expedited the fledgling RAA/Allworth unification
- What happens behind the scenes when a $2.8 billion firm partners with Allworth?
- Why so many team members at RAA have found bigger roles with Allworth
- What was different about this partnership from any other
- Why there is no “one size fits” road map for combining firms, and how that leads to opportunity
On this episode, program host and Allworth Co-CEO Scott Hanson welcomes Mark Shone, CEO of Shone Wealth Management of Walnut Creek, California, and the latest firm to partner with Allworth Financial. Shone and Hanson discuss the “a-ha” moment when Shone realized that he either had to make a big change to his business or get out of advising altogether.
Key Takeaways:
- How the responsibilities of operating a firm took the joy out of advising
- What specifically attracted him to partner with Allworth
- How Allworth offers more potential career options for his loyal staff
- The reason he now wants to keep working for another 5-15 years
- Where he looked for, and found, the inspiration to join forces with Allworth
To learn more, please visit: https://allworthpartners.com/
With 12 transactions under our belt, we have learned a lot about M&A best practices in our industry. How about you? Do you really understand what it takes to acquire or merge with a firm and realize the value of that deal in a meaningful way?
In April’s State of the Industry podcast, Allworth Co-CEO and host Scott Hanson welcomes Pete Engelken, who has not only overseen 12 partnerships as COO of Allworth Financial, but has a long history of quarterbacking deals in the financial services industry..
On “What it takes to be a buyer of firms,” Hanson and Engelken explain to listeners:
- How to find the right partner and cultural alignments
- Why every deal and negotiation are unique
- Where the money originates, how equity is earned, and who assumes the debt
- Overcoming common (and not so common) legal issues
- What industry regulations are at play in a deal
- Negative vs. positive client consent
- Aggregators vs. integrators vs. partial integrations
It’s a white-hot seller’s market. Listen to two senior leaders of the 4th fastest growing RIA in America[1] come together to talk M&A.
On this episode, Scott Hanson welcomes our newest team member, Scott Collins, who has recently assumed the role of Senior Vice President of Business Development. Scott now manages the vision, strategy, and key initiatives of the Partner Program.
Key Takeaways:
- Where our industry is headed and what forward-thinking advisors should be aware of
- The main differences between aggregator and integrator firms and why advisors should know the difference
- Why there are so many advisors moving towards the RIA model
- The types of firms Collins and his team are seeking to forge partnerships with
To learn more, please visit: https://allworthpartners.com/
On this episode of SOI podcast, we welcome Scott Hanson,: Co-Founder of Allworth Financial as our host. He shares an insightful discussion with Chris Oddy, Allworth's Chief Financial Officer
Key Takeaways:
- The reasons behind the blistering acceleration of M&A
- What’s a fair selling price for a firm in the $200M to $300M AUM range?
- What principals can do to prepare for a potential merger or sale
- Why firms should focus on revenue streams, growth and client mix
- Why 2021 might be a surprising year
- Understanding the importance of the distribution of fixed and variable costs when considering partnering with outside investors
Why would a successful independent advisor with his own RIA and an affiliation with a quality major independent broker dealer choose to merge his firm with an RIA 40 times his size?
One reason might be striking while the iron is hot. Others include setting up an eventual succession plan, gaining the benefits of scale, help with growth and gaining equity in a firm that is growing faster and more reliably than his or her own firm. If the end of 2020 is any indication, 2021 could be another record year for M&A activity.
On this episode of State of the Industry podcast, we welcome Scott Hanson: Co-Founder, Allworth Financial (Host) and Dave Bastoni: Founder and Principal of hybrid advisory firm Bastoni Financial Services.
Key Takeaways:
- Review of M&A trends for 2020 and predictions for M&A in 2021
- Why we’ve seen an increase in multiples for financial advisory firms
- Why private equity and other institutional investors are interested in our industry
- Why an independent BD advisor with $270M in AUM changed his business model to merge with a $10B RIA
- How David Bastoni navigated a critical growth inflection point – investing and building infrastructure or joining a firm with a platform in place
- Why many older advisors are making a mistake by setting their firms on cruise control and plan to retire "with their boots on"
To learn more, please visit: https://allworthpartners.com/
On this episode of State of the Industry podcast, we welcome:
- Scott Hanson, Co-Founder, Allworth Financial (Host)
- Brian Murphy, President of Tucson’s Pathways Financial Partners
- Blake Davelaar, CFP® and second in command at Pathways
Key Takeaways:
- Why PFP’s Brian Murphy and Blake Davelaar chose Allworth Financial over every other suitor
- What the partnership means for clients
- The different professional motivations for Brian, in his 60s, and Blake, who hopes to work for another 30 years
- How the special niche of client that PFP serves stands to benefit from the partnership
- Why both Brian and Blake are more excited about the future than ever before
On this episode of State of the Industry, we welcome:
- Scott Hanson, Co-Founder, Allworth Financial (Host)
- Hugh Phillips, former principal at Napa-area HBP Retirement Group, Inc., which, in 2018, entered into a “sell and stay” partnership with Allworth Financial.
Key Takeaways:
- How HBP Retirement Group and Hugh Phillips became part of Allworth Financial in a classic “sell and stay” transaction.
- How Hugh made sure his junior advisor and staff benefitted from the transaction.
- What mental and emotional roadblocks Hugh Phillips had to overcome to complete the transaction.
- What are the logistical and quality of life advantages that Hugh Phillips has enjoyed since the acquisition?
- What was the impact on Phillips’ associate advisor, who’d been with HBP for 15 years, and does he feel about the partnership?
We hope you enjoy. You may subscribe to our podcast by clicking here on iTunes Podcasts.
M&A activity was slow over the last few months, but it was not all quiet. As the ground begins to thaw and offices begin to (cautiously) reopen, hear why some advisors have decided to join forces to secure the desired future for their firm and quit competing for the same clients.
In this edition of our State of the Industry podcast, join Co-CEO and podcast host Scott Hanson as he welcomes Allworth’s newest partners, Bob Frater and Chris Brown, principals at Houston Asset Management.
Bob and Chris discuss:
- The logistics of the partnership
- Equity considerations
- What was easy, and what most surprised them
- And why they decided to make the change when they did
Finally, Scott welcomes Allworth’s Chief Operating Officer, Pete Engelken, who discusses firm valuations along with other aspects of the nine unique partnershipsAllworth has completed in just the last three years.
Find out more here: https://allworthpartners.com/
On this episode of State of the Industry, we welcome:
- Scott Hanson, Co-Founder & Senior Partner, Allworth Financial (Host)
- Matt Brinker, Former head of M&A for United Capital and current Managing Partner at Merchant
- Bob Sponseller, Founder, Capstone Capital, Inc.
Each guest offers a unique perspective on the current state of RIA M&A and how advisors can position themselves in the current marketplace to best serve client and personal goals.
Key Takeaways:
- The strategy behind United Capital’s growth and success
- Unique opportunities for growth for RIAs during a disruptive time period
- What kind of firms and advisors make good strategic partners for acquisitive firms
- How COVID-19 provides opportunity for resourceful advisors
- Predictions for post-coronavirus M&A activity
- Allworth’s most recent acquisition, Bob Sponseller, discusses reaching a growth ceiling and why he’s decided to partner with Allworth
On this special episode of State of the Industry, we provide an 8-Minute Video Update on the most pressing issues facing the financial advisory space today.
Today’s topics include:
- How diversifying the company’s ownership helped us as business owners
- How our capital partners have enabled us to better navigate this uncertain time
- Our growth path since partnering with a private equity firm
- What partnering with a larger firm could mean for your business and clients
- Why it’s never too early to consider your options for succession
Our hosts:
- Scott Hanson, Co-Founder and Co-CEO, Allworth Financial (Host)
- Pat McClain, Co-Founder and Co-CEO, Allworth Financial
We hope you enjoy. To see the video, please click here or copy the URL and paste it into your browser:https://allworthpartners.com/8-minute-update-diversifying/
On this special episode of State of the Industry, we provide an 8-Minute Video Update on the most pressing issues facing the financial advisory space today.
Today’s topics include:
- How to take an introspective look at your business
- What areas of your business you should be taking inventory on
- Creative ideas for new service offerings, delivery methods and pricing models
- Assessing your organization’s openness to change
Our hosts:
- Scott Hanson, Co-Founder and Co-CEO, Allworth Financial (Host)
- Pat McClain, Co-Founder and Co-CEO, Allworth Financial
We hope you enjoy. You may subscribe to our podcast by clicking here on iTunes Podcasts.
On this special episode of State of the Industry, we provide an 8 Minute Video Update on the most pressing issues facing the financial advisory space today.
Today’s topics include:
- How to look at your business with fresh eyes
- Keeping a keen focus on client communication
- Ways to serve clients by leveraging new technology
- How to get creative with service offerings
- Understanding options for pricing structures
Our hosts:
- Scott Hanson, Co-Founder and Co-CEO, Allworth Financial
- Pat McClain, Co-Founder and Co-CEO, Allworth Financial
In this special edition State of the Industry Podcast, our Co-Founder and Senior Partner, Scott Hanson discusses the precautions, communications and steps Allworth Financial is taking in response to the Coronavirus and market volatility.
On this episode, we welcome:
- Scott Hanson, Co-Founder and Co-CEO, Allworth Financial (Host)
- Brad Boekestein, Vice President of Marketing, Allworth Financial
- Julie Anderson, Vice President of Human Resources, SPHR®, Allworth Financial
Key Takeaways:
- What advisors need to know about conducting business
- How advisors are handling external client communication
- What precautions are being taken by staff and employees
- Employee management, operations, and contingency plans
Guests:
- Host: Scott Hanson, Co-Founder and Co-CEO, Allworth Financial
- Brandon Kawal, Principal at Advisor Growth Strategies
- Pat McClain, Co-Founder and Co-CEO, Allworth Financial
In this episode you will learn:
- The latest research about growth opportunities in the advisory sector
- Why firms are seeking internal or external succession plans
- What makes a plan succeed or fail
- How succession plans can help to scale and grow a business
On this episode of State of the Industry, we welcome the following guests to the panel. Each offering a unique perspective on mergers and acquisitions in our space, the pros and cons of serving a niche market, and the announcement of an exciting partnership between Allworth and RAA:
- Scott Hanson, Co-Founder and Co-CEO, Allworth Financial (Host)
- Pat McClain, Co-Founder and Co-CEO, Allworth Financial
- Andrew Dodson, Managing Partner, Parthenon Capital Partners
- Jeffrey Baumert, President & COO, RAA
Key Takeaways:
- How Allworth grew their firm in a niche space
- How to navigate the potential of a bear market
- Why private equity is interesting in the financial advisory space and is more interest to come?
- The pros and cons of serving a niche market
- The story of RAA and their airline community niche focus
- How RAA grew to $2.8B AUM in a select niche market
We are back with our second episodeof the State of the Industry Podcast, where we welcome the following guests to the panel: Scott Hanson, Co-Founder of Allworth Financial, Ryan Grau, VP of Business Valuation Services at FP Transitions, and Chris Oddy, CFO of Allworth Financial.
Key Takeaways:
- Key metrics to track based on business goals and objectives
- Industry M&A deal trends
- Succession plan options and when to start implementing them
- What investors look for when evaluating a business
- What the average advisor can focus on to drive value
Please take a listen and let us know what you think. To learn more, please visit: https://allworthpartners.com/soti-episode-2/
On this episode of State of the Industry, Scott Hanson welcomes three insightful guests, each offering a unique perspective:
- Charles “Chip” Roame, Managing Partner of Tiburon Strategic Advisors
- Andrew Dodson, Managing Partner, Parthenon Capital Partners
- David DeVoe, Managing Partner for DeVoe & Company.
This episode includes an analysis of Goldman Sachs' recent purchase of United Capital,and whether this is the ‘new normal’ for our industry.
Followed by that, a conversation about which entities are making the most 'noise' on the acquisitions front, and what forward-thinking principals and advisors need to know about how this trend could affect their practices and employees.