Page 39 - Investment Advisor April/May 2023

RIA LESSONS & LEADERS

By Jeff Berman

2 Challenges Advisors Must Address Now:

Bob Oros

They need to focus on the next generation of wealth and succession planning.

espite the strength of the RIA What industry trend/competitive
sector, there are a few things issue is most affecting your firm
D that advisors should be doing and its advisors? What about your
now that many of them are not, accord- firm’s business growth/business
ing to Bob Oros, CEO and chairman of building is working and what’s not?
Hightower Advisors. Between an aging advisor population
Some advisors and firms are only and the fact that one in four advi-
focused on the present and are setting sors who are expected to transition
themselves up for two potential major their business within the next 10
challenges down the road: serving new years are unsure of their succession
generations of investors and, later, passing plan, the industry certainly faces a
their firms on to new leadership, he says. types of clients from high-net-worth to challenge here.
Oros joined Hightower four years ago ultra-high-net-worth or niche and fall There are proactive steps a firm can
and, during that time, he has “trans- into various AUM ranges. take to support the longevity of a busi-
formed its business and culture, accel- Despite these differences, these firms ness and ensure clients will continue to
erated acquisitions, expanded services and their advisors share a common be served after the partner or founder
for advisors and achieved consistently aspiration: To grow and build strong retires. First, prioritize identifying and
strong organic growth,” according to client relationships. To help them suc- training successors. Second, play a role
the firm. ceed, Hightower creates and develops in your communities to ignite interest
What has helped him is his more than services they can choose to use on in the field. How is your firm addressing
25 years of strategic and operational behalf of clients. There’s no one-size- this trend?
experience, with a track record of suc- fits-all approach. At Hightower we’re working with the
cessfully recruiting, retaining and sup- For example, value-added services next generation of RIA leaders through
porting advisors. He previously served such as the Hightower National Trust our Hightower Center for Leadership —
as CEO of HD Vest, was executive vice Company enables firms to build stron- building strong leadership skills as well
president and head of the RIA segment ger ties with clients by offering corpo- as connections across the firm.
at Fidelity Clearing and Custody, and rate and administrative personal trust
held leadership roles at LPL Financial services in-house. For firms seeking What’s holding you back and what
and Charles Schwab. portfolio management support, they do you intend to do about it?
Via email, we asked Oros a few can access expert advice and fund Organic growth is Hightower’s primary
questions about what advisors should offerings through our Investment focus. Our pace of M&A activity remains
be doing today that they aren’t, what Solutions Group. strong. However, what we see as truly
industry trend or competitive issue is And our Well-th and Well-being moving the needle for our business is
most affecting his firm and its advisors, initiative helps provide resources for how we support firms in growing their
and more. advisors to share with clients deal- practices through increasing net new
ing with aging parents, mental health assets. We do this with operational
What are advisors at your firm not issues and more. resources, marketing campaigns, invest-
doing today that they should be As for what all advisors should be ment management and more.
doing (and want to do) for clients? doing more of today, there are two areas While market activity will, of course,
Bob Oros: Each of the 132 advisory all firms need to be considering: How have an impact on AUM growth, firms
firms in Hightower’s community have they serve the next generation of wealth that are able to focus on client relation-
different specialties, serve different and succession planning. ships and not take the gas off the wheel

APRIL/MAY 2023 INVESTMENT ADVISOR 37