Many of the most successful financial advisors agree that having a clear and succinct value proposition is critical. Equally important is the ability to deliver on it. For many advisors, the latter can be difficult—particularly those in large wirehouses, who are often limited in the services they can provide to their clients.
And it’s that very reason that many leave the big brokerage firms and start their own independent businesses.
Gerry Spitzer built an extraordinary business in the wirehouse world. After starting with the Merrill training program, he met his partner, Richard Reyle. Together, they invested 20 years at the firm, building a practice focused on exit planning and ESOP strategies to help business owners monetize their lives’ work.
Yet, like many of their peers, they felt things changed at Merrill once Bank of America took over. After careful due diligence, independence seemed like a bridge too far at the time, while UBS offered the support and strategic alignment they desired, along with the ability to serve their unique client niche.
A decade later, after building the business to some $850mm in assets under management, they decided it was time to consider their own succession plan and path to monetization—and they didn’t see UBS as the right partner for this part of their journey.
The independent space had matured quite a bit since they last looked around, so in 2022, Gerry and Richard left UBS to launch Questar Capital Partners with support from Sanctuary Wealth.
Today, they are managing $1B in client assets and see this as only the beginning of their new chapter…a chance to unlock a world of opportunity.
In this episode, Gerry shares his story with Louis Diamond, including:
- The changes in the wirehouses that motivated them to explore—and why they ultimately chose independence in their second transition.
- Their exponential growth at Questar—and what is fueling their current momentum.
- Serving a niche client base—and how they can better do so in the independent space.
- The value of partnerships—and how the dynamics between Gerry and Richard is a key factor in their success.
- The counsel they provide to their clients around retirement and exit planning—and how those conversations impacted their own decision-making process.
It’s a digest of advice for all employee advisors who are considering how best to serve their clients, especially those with a niche practice. Plus, Gerry offers advice on the due diligence process, which we are happy to have guided them through—so be sure to listen in.
Download a transcript of this episode…
