Page 40 - Investment Advisor April/May 2023

RIA LESSONS & LEADERS

with prospecting will be in the best posi- What do you like most and least make a positive impact in the lives of
tions to maintain growth. about your job? advisors’ clients.
What I value most in leading Hightower
Are you most challenged by internal is playing a role in enhancing a com- What industry trend most interests
issues like hiring or training? Or are pany’s culture, empowering employees and/or concerns you and why?
you most challenged by external and having an impact on their career What are you doing about it?
issues like competitiveness or trajectories. Financial wellness includes not just
compliance? This past year, we launched “The portfolio allocations and financial plan-
We see internal priorities like hiring and Hightower Way,” where the entire ning but more holistic management of a
training as opportunities for enhancing company partakes in twice/week “hud- person. This becomes more important
our culture. To find the best talent we’ve dles” — small group meetings of 10 where as the industry consolidates and tech-
invested in internship opportunities, work- we discuss areas we’re committed to. nology evolves. Advisors must find ways
ing with recruiters to identify candidates to demonstrate their value outside of the
from nontraditional backgrounds. And our When did you get started in the traditional job description.
Hightower HIGHFlex program — a hybrid business? How and why did you That’s why at Hightower we focus on
model of 2 days in the office, regular all- do so? providing advisors with tools that can
firm “engagement days” and the ability to I joined Hightower in 2019 as I saw address a client’s total emotional, physi-
work from anywhere one month a year — an opportunity to provide a model for cal and overall balance and well-being —
helps us stand out as a great place to work. RIAs that is truly differentiated and can what we describe as ‘well-th.’

Integrated Partners Buys $2B RIA
Integrated Partners recently entered the M&A arena with the “Our model has now been bolstered by the ability to outright
acquisition of Laurel Wealth Advisors, a San Diego-area RIA acquire firms with which we closely align,” he said in a state-
whose 32 advisors manage over $2.25 billion in assets. ment. “We will continue to be deliberate in our recruiting
Laurel, an independent advisory firm that specializes in holistic efforts so we can help firms accelerate their growth while
planning, was started in 2011 by Lee Tripodi and Mark Welsh. maintaining the qualities that make them unique.”
After serving as a branch manager for Smith Barney from Paul Saganey, Integrated president and founder, said in
1991–2005, Tripodi went on to serve as senior vice president, the statement that the deal “represents a new dimension
executive director and complex manager at UBS before co- of Integrated’s growth strategy” and that “It was apparent
founding Laurel, according to his LinkedIn account. Welsh was almost immediately that the team at Laurel was a strong fit
an advisor for UBS from 1998–2004, according to his report for us and vice versa.”
on the Securities and Exchange Commission’s website. He was Integrated provides advisory firms with various options to
with two other firms before co-founding Laurel in 2011. accelerate growth, including minority and majority acquisi-
Tripodi and Welsh “saw an opportunity to build an advi- tion, revenue sharing and affiliation models, it said. “Each
sory firm that fosters core tenets of transparency and trust,” path allows RIAs to leverage Integrated’s suite of resources,
according to Integrated Partners. After recruiting 30 advisors, which include technology, investment management,
Laurel “recently started exploring paths to achieve continued advanced planning, marketing support, succession planning,
scale,” Integrated Partners said. and comprehensive business counsel,” it said.
Financial terms of the acquisition weren’t disclosed. The deal RIAs can also tap into Integrated’s long-running CPA Alliance,
was reached “after significant due diligence by both parties,” a program that partners advisors with CPAs to more compre-
said Waltham, Massachusetts-based Integrated Partners, which hensively serve clients; and its Business Owner Solutions pro-
increased its assets under advisement from about $8 billion in gram, which it said offers business owners the necessary plan-
2019 to $15 billion as of Feb. 28. Integrated now has 200 advi- ning infrastructure as they prepare to exit their firms.
sors, 165 CPAs and 60 regional offices across the U.S., it said. Integrated’s recently relaunched Integrated Family Office,
While this was the first acquisition for Integrated Partners, meanwhile, brings together experts in family and business
more are planned, according to Rob Sandrew, its chief growth law, business management, private lending, recordkeeping
officer, who added the deal closed in late November and and investing to serve the complex needs of business owners
“expands the Integrated footprint” in the California market. and affluent households, it said. —Jeff Berman

38 INVESTMENT ADVISOR APRIL/MAY 2023 | ThinkAdvisor.com