Welcome, everyone! Welcome to the 54th episode of the Financial Advisor Success Podcast!
My guest on today’s podcast is Greg Friedman. Greg is the co-founder of Private Ocean, an independent RIA in northern California that manages nearly $1.2B of assets under management for 450 households, with a combination of both investment management and financial planning services.
What’s unique about Greg, though, is that in addition to leading a billion-dollar advisory firm that he founded over 25 years ago, he also developed his own CRM system to better manage all the workflows for his financial planning clients… which he eventually made available to other advisory firms as well, in the form of the software we now know as Junxure CRM.
In this episode, Greg talks about how Private Ocean got its initial traction with a niche Center of Influence in the California Tire Dealers Association – just to emphasize that any niche can work when you build connections to the key Centers of Influence – how the firm is structured today with lead and associate advisors, how compensation is set for the firm’s lead advisors, and why Private Ocean has decided to charge only AUM fees despite having such a deep focus on its financial planning work with clients.
In addition, we talk in depth about the real-world challenges that cropped up when Greg decided to merge his successful advisory firm with a larger one 7 years ago, to become the successor CEO of the combined organization when the other firm’s founder retired, how Greg is able to manage his software company along with his advisory firm and how he handles his time, the guiding philosophy that he uses to stay focused across all of his businesses, and why Greg thinks it’s so crucial to have an Executive Coach.
And be certain to listen to the end, where we include a small additional “bonus” interview – because ironically, in the short time between when we originally recorded this podcast, and when it went live, Greg actually sold Junxure to AdvisorEngine. So we gather some of his thoughts about what makes you want to sell a company you built. Especially when you’re not ready to retire yet.
So whether you have been curious about how to build your business by leveraging a niche, the unique opportunities for advisory firms that develop and eventually sell their own software, or curious about the real world challenges that come with merging a successful advisory firm into a larger one, I hope you enjoy this episode of the Financial Advisor Success podcast!
source https://www.kitces.com/blog/greg-friedman-private-ocean-junxure-ceo-podcast-merger-launching-fintech-firm/?utm_source=rss&utm_medium=rss&utm_campaign=greg-friedman-private-ocean-junxure-ceo-podcast-merger-launching-fintech-firm
No comments:
Post a Comment