The Synergize podcast explores the evolving role of the financial advisor in an emerging AI-driven world. Host and TradePMR Chief Client Growth Officer Bill Coppel brings together thought leaders and industry experts across a range of disciplines to share insights designed to help registered investment advisors thrive in the industry of tomorrow. You can listen and subscribe for free on Apple Music, Spotify and YouTube.
On Episode 4 of Synergize, guest host Ryan Neal, Senior Editor at TradePMR, talks with Joe Duran, the former CEO of United Capital who is currently building a new company called Rise Growth Partners that aims to invest in the next generation of RIAs. Duran believes the RIA industry is maturing and entering a new phase of its evolution.
What does that mean for advisors today, and what could be changing about how RIAs grow their business? Read an excerpt below, which has been lightly edited for clarity.
TradePMR Senior Editor Ryan Neal: Joe, you've seen a lot over the years in your career. You’ve built firms from the ground up and you've helped guide some other firms in their growth journeys. So, can you tell us a little bit about where we are in the evolution of the RIA industry, and what you see on the horizon?
Rise Growth Managing Partner Joe Duran: Well, we clearly are in a major transition. We're in phase three. Phase one was the creation of a cottage industry that takes on the incumbents. Really, financial planning was something none of the large institutions were doing. Independent firms did that. Most of them breakaways from wirehouses and insurance companies.
Phase two was the launching and creation of national brands that took this cottage industry and made some brands that became big enough that people knew what they were.
RN: So, something like United Capital [which Duran founded and later sold to Goldman Sachs].
JD: Like United Capital, like Fisher, like Mariner. There's several of them out there.
And then phase three is the one we're in now when the market is now saturated with advisors. You have several hundred-billion-dollar and bigger RIAs. The only way you grow is if you take clients from somebody who already has an advisor, right? You’re having to expand by growing and taking clients from other places rather than the inflow of clients that were here in the 90s, the 2000s, and the early 2010s because people didn't have a planner.
But now you can get a planner pretty much everywhere. It’s a much more competitive environment.
You can find the full conversation along with every episode of Synergize here. Be sure to subscribe on Apple Music, Spotify, or YouTube, and check back every other Monday for the latest Synergize episode.
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For more than two decades, TradePMR has worked with growth-minded independent registered investment advisors (RIAs), providing innovative technology tools and support designed to transform their businesses. The privately-held brokerage and custodian services provider (Member FINRA/SIPC), based in Gainesville, Fla., works to streamline investment advisors' operations through comprehensive custodial, operational, and trading support. For more information, visit www.TradePMR.com.
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Disclosures:
This content is provided for general informational purposes only. The views expressed by non-affiliated guest speakers are their own, and do not necessarily reflect the opinion of TradePMR or its affiliates. TradePMR and its affiliates do not endorse any guest speakers or their companies, and therefore give no assurances as to the quality of their products and services. This channel is not monitored by TradePMR. TradePMR does not provide investment advice, tax advice or legal advice. TradePMR is a Member of FINRA and SIPC. Trade-PMR, Inc. is registered with the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB).TradePMR provides brokerage and account services to registered investment advisors and does not provide services to the general public. Custodial services provided by First Clearing. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.
