Some of the best stories we share on this show are from advisors who essentially grew up in the business. Those who started out in the brokerage firm training programs, taking advantage of all that the firm offered and making the most of it—and then some.
Take, for example, our guest on this episode, Richard Mullen.
Rich started out cold calling at Lehman Brothers and then moved onto a training program at Prudential Securities. It was the early 1990s and a very different world than now: That is, devoid of the technology we’ve come to rely upon today and more “holistic” as he describes it.
He grew his business in the ultra-high net worth segment at Morgan Stanley Private Wealth Management and later moved to UBS.
It was at UBS that he created what he refers to as a “Virtual Multi-Family Office.” It’s a concept that he says was “born out of necessity” and allowed him to pull together key team members and resources who were not a part of the UBS ecosystem.
But eventually, like many entrepreneurial-minded advisors, Rich started running into situations where he and his team were still limited in what they could really do for their clients, which led him to explore his options.
Today, the independent firm he launched, Pallas Capital Advisors, is a $1.75B RIA platform.
In this interview with Louis Diamond, Rich discusses:
- The choice to explore options outside of UBS—and what triggered that decision.
- His first leap to join an RIA for additional scaffolding and support—and why he later decided to launch his own firm.
- The “Virtual Multi-Family Office” concept—and how it enabled him to offer a menu of services and create a level of continuity he could not otherwise achieve at UBS.
- The importance of inorganic growth via recruiting—and how he defined a strategy that helped drive success for Pallas Capital.
Rich’s mantra of “doing what’s right for the clients” has motivated him to continually push toward new and creative ways to serve his ultra-high net worth clients with a level of continuity that he could not otherwise achieve on his own or as an employee.
It’s a conversation that explores the potential derived through ingenuity and creativity—whether you are an employee or an independent business owner.
Download a transcript of this episode…
