The COO Roundtable Coldstream Wealth Managment

We are joined by Rebecca Davis of Greenspring Advisors and Joe Klein from The Bahnsen Group for Episode 65.  Rebecca is the Director of Operations at Greenspring, headquartered in Townson, MD with additional offices in New Jersey and Pennsylvania.  The firm has 41 team members and manages approximately $6.8 billion.  Joe has the dual role of Chief Operating Officer and Executive Director of the firm’s Family Office offering.  The Bahnsen Group is headquartered in Newport Beach, CA with offices in 6 other states.  The firm manages about $5.5 billion of client assets and employs 60 team members.  Matt, Rebecca, and Joe discuss what makes their firms unique from a cultural standpoint, as well as:

How both firms leverage content marketing to drive organic growth
What services and client experience they offer to make client relationships “sticky”
The uniqueness of working at a founder-led RIA and how they both have worked to transition responsibilities away from the founder
Time management techniques employed by both guests
What strategies they execute to keep team members motivated and engaged

In this episode, Matt welcomes COO Adrian Chastain of Gratus Capital and Partner and COO Kailee Ostroski from Connecticut Wealth Management.  Gratus Capital manages approximately $3 billion of client assets, has 50 team members, and is located in Atlanta, GA.  Connecticut Wealth Management, in Hartford, CT, has 65 team members and oversees about $3.3 billion of client assets.  Matt, Adrian, and Kailee discuss what it means to be an RIA Operations professional, the core focus on People, Process, and Technology, as well as:

How to best promote a “Culture of Operations” at your RIA
Tips for getting “buy in” from team members for the adoption of new technology tools
The “Goldilocks” scenario of trying to hire new employees at “just the right time”
Different approaches to building your firm’s technology roadmap
Why everything seems to come back to Process

In his third ever monologue “rant,” Matt takes a break from our normal interview format to speak directly to RIA owners and COO candidates to discuss the “Do’s and Don’ts of COO Onboarding.”  Referencing conversations with COOs, past articles he’s written, and former podcast guests, Matt urges RIA owners to have a clear understanding of what they need from their next Operations hire before beginning a search (how will you know you’ve found a good candidate if you don’t know exactly what you are hiring for?).   He also recommends that newly-appointed COOs consider the firm’s capacity for change as they look to make recommendations to add efficiency and scale to their new RIA.  His ultimate goal is for COO candidates and RIA owners to use this episode as the foundation for productive conversations during the interview process to ensure the right people, with the right level of experience, are being hired for the right roles.  During this episode, Matt hits on the following topics:

The definition of “Founder’s Bias” and how it derails a newly-appointed COO
Why he’s not a fan of the fractional COO role
Things COO candidates should look and listen for during the interview process to ensure they will be set up for success
David Canter’s four action items every COO should perform after accepting a new job
Why Ted Lasso was the perfect COO
The difference between an Operations Manager, Director of Operations, and Chief Operating Officer
The ultimate sin RIA owners can commit when hiring a COO

We are joined by Megan Hannah of Emerald Advisors and Spencer Rand from Five Oceans Advisors for Ep 62.  Megan has the unique position of Chief Operating Officer and Portfolio Manager.  Emerald Advisors is located in Bellevue, WA and manages approximately $700 million of client assets.  Spencer has the dual role of Director of Operations and Chief Compliance officer at Five Oceans Advisors, headquartered in Los Angeles with a fully remote staff, managing around $500 million.  Matt, Megan, and Spencer discuss their varied histories in the business, the fact that both guests have earned their Chartered Financial Analyst (CFA) designation, as well as:

How their background in investments has shaped their approach to Operations
What led both firms to land on their ideal client persona
Services offered outside of traditional wealth management
Recuriting and hiring strategies
The importance of employee retention and culture

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We welcome Janelle Anderson and David Lehman for Ep 61!  Janelle is the Operations Manager and Chief Compliance Officer at Grand Wealth Management, located in Grand Rapids, MI.  The firm manages approximately $600 million and has 13 employees.  Matt and Janelle met at a DFA study group in May 2023.  David is a financial advisor and the Chief Operating Officer with Wealthbridge Advisors, headquartered in Lake Oswego, OR.  Wealthbridge is affiliated with Ameriprise Financial, has 18 employees and manages around $760 million for clients.  David has been a member of the COO Society since March of 2023.  Janelle and David discuss with Matt how they both juggle dual-title responsibilities at their firms, as well as:

Their approach to finding and retaining employees
How they have both impacted culture at their organizations
Productivity tips to ensure they are getting the most important tasks accomplished each day
Career paths for Operations staff
How they have both approached the “Valley of Doom,” made famous by Echelon Partners’ Dan Seivert

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Episode 60 marks our 5-year anniversary, and Matt was feeling nostalgic for this conversation with Amber Salzman of Capstone Financial Advisors and Jean Paul Atallah of RZH Advisors.  Amber is Manager of Client Services and a partner of the firm, which is located in Downers Grove, IL, and manages approximately $1.8 billion with 35 employees.  She also has her Financial Paraplanner Qualified Professional (FPQP®) certification.  Jean Paul has spent his entire career in the financial services industry, but only joined RZH Advisors about 18 months ago, where he is the Chief Operating Officer and Chief Compliance Officer.  The firm is located in Stamford, CT, manages about $1.6 billion and has 11 employees.  Listeners of this episode will realize quickly that Amber and Jean Paul are true students of the industry, and they discuss with Matt different sources and industry groups they rely on for best practices, as well as:

How they each have approached CRM implementations at their respective firms
The search for the RIA Operations “holy grail” and how they ensure clean data is flowing across their tech stack
The optimal firm structure for delivering services to their ideal clients
What strategies they implement to best serve and motivate their employees
How they both approached the crunch of year-end tasks this year

Here is the Wealthmanagement.com article that Amber mentioned: Growing RIAs Must Focus on Process, Not Technology
We hope you enjoy, share, and subscribe on Google Podcasts, Apple Podcasts, or Spotify.