Recorded live at the Schwab Impact Conference in San Francisco, David Armstrong, editorial director at Informa Connect’s Wealth Management Group, sits down with Michael Goodman, founder and leader of RIA Wealthstream Advisors, an RIA Edge 100 firm, to explore how he thinks about sustainable growth and client service in wealth management.
They delve into Goodman’s philosophy and approach behind managing a successful wealth advisory firm and serving clients with meaningful wealth and complex financial needs. Goodman emphasizes the importance of tailored support, from working with full delegators to knowledgeable individuals within financial services.
They discuss:
- What Goodman saw was missing from his accounting client relationships, which prompted him to take the leap and launch his own RIA.
- The process Wealthstream Advisors uses to decide to take on certain clients that may not always meet their minimum AUM requirement.
- How a deep understanding of certain corporate compensation plans helps Wealthstream turn executive clients at those companies into fans of the firm, fueling their referrals.
- Why Goodman encourages his advisors to dump the jargon around the sophisticated planning strategies the firm employs and simply ask the client one pertinent question.
- How the 100% employee-owned firm approaches M&A
- Why Goodman believes that it’s important to sacrifice maximized firm profitability in order to keep some excess capacity in the organization—to accommodate future growth or cushion the inevitable sustained market downturn.
- The key KPIs Goodman tracks to help make decisions on staffing and resources.
Resources:
Connect With David Armstrong:
- WealthManagement.com
- LinkedIn: WealthManagment.com
- LinkedIn: David Armstrong
- Twitter: David Armstrong
- LinkedIn: Informa
Connect With Michael Goodman:
About Our Guest:
Michael Goodman, founder of Wealthstream Advisors, is dedicated to fostering lifelong partnerships and helping clients achieve greater financial clarity and peace of mind. Wealthstream Advisors, an independent boutique wealth management firm in New York City, operates as a Registered Investment Advisory firm, providing objective and personalized financial planning and evidence-based investment management while adhering to a fiduciary standard.
Michael emphasizes the importance of tailored financial plans and investment strategies. Through collaboration with Wealthstream Advisors, clients gain enhanced financial knowledge and confidence, empowering them to make informed decisions about managing and growing their wealth.
