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In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect’s Wealth Management Group, talks with Mike LaMena, chief executive officer of Wealthspire Advisors, about how his firm navigates the shift from traditional stock-centric advice to a holistic life-coach approach and does so at an ever-growing scale. Having recently acquired a $3 billion firm, LaMena is optimistic about the prospects for more mergers and acquisitions to find complementary capabilities that, he says, empower advisors to focus on demonstrating their credibility in niche markets while benefiting from a national brand and consistent client experience.
Specifically, David and Mike discuss:
- The recent acquisition of $3 billion AUM GM Advisory Group and where that firm sits in Wealthspire’s growing UHNW service model.
- How one-third of Wealthspire’s clients have multi-generational wealth, and what the firm offers those clients to bring the generations together. Hint: Philanthropic planning and in-house family dynamic specialists are key.
- Why a highly personalized client service model, ironically, requires growth and scale.
- Why firms are required to adopt the Wealthspire brand, and how that helps, not hurts, the advisor’s personal brand and credibility in the marketplace.
- How he’s seen no slowdown in M&A opportunities even with higher interest rates, and how demographics and new opportunities continue to lift the entire industry—even as the firms that were offering “crazy valuations” seem to have quieted down. Still, the pipeline for quality deals remains high.
Resources:
Connect With David Armstrong:
- WealthManagement.com
- LinkedIn: WealthManagment.com
- LinkedIn: David Armstrong
- Twitter/X: @djamesarmstrong
- LinkedIn: Informa
Connect With Mike LaMena:
- LinkedIn: Mike LaMena
- Wealthspire Advisors
About Our Guest:
Mike LaMena is the Chief Executive Officer of Wealthspire Advisors, joining the firm in September of 2017. He has over 27 years of experience building, operating, and leading global wealth management organizations. His commitment to service excellence and his fundamental belief in the power of the firm’s independent, conflict-free model of financial advice inspires his enthusiasm to serve clients and expand the business. At Wealthspire, Mike has helped grow the organization to over $20 billion in AUM with 22 offices nationwide and more than 300 employees.
