Episode 111: This week, Kyle Van Pelt talks with Ian Wenik, Editor at Citywire and one of the sharpest reporters covering the RIA space. While many firms rely on market performance to maintain their numbers, Ian sheds light on what truly differentiates the fastest-growing RIAs. From niche strategies and referral networks to the big M&A moves reshaping the industry, Ian shares insights from Citywire's 50 Growers Across America and why organic growth is the real differentiator. He also unpacks the pressures of private equity ownership, the challenges of succession, and what the endgame looks like for mega firms.

In this episode:

(00:00) - Intro

(01:46) - Ian's money moment

(04:01) - What sets the fastest-growing RIAs apart

(07:55) - The future of inorganic growth and M&A trends

(10:45) - The challenges of the IPO market for large RIAs

(17:15) - Why Ian compares the industry to a fancy beach house

(22:06) - Innovative growth programs and strategies

(24:19) - Challenges for America's fastest-growing RIAs

(25:47) - Ian's thoughts about trends and the  future of the industry

(31:17) - Ian's Milemarker Minute

Key Takeaways

Organic growth is harder—but more sustainable—than most advisors realize. Many RIAs rely heavily on market appreciation to appear successful, but Ian underscores that true, organic growth takes significant investment and intentional strategy. The fastest-growing firms often succeed by identifying niche markets, building strong referral networks, and developing internal training programs to cultivate talent from within.

Talent is the real differentiator (and how you develop and retain it). In a competitive, consolidating market, your ability to recruit, train, and retain top talent matters more than ever. Firms that provide clear career paths, equity ownership, and operational roles for junior staff—not just rainmakers—will be best positioned for long-term success.

Quotes

"Momentum generates momentum. Deals generate deals. Once you have a track record of being able to integrate a firm, keep clients on board, and keep the advisors happy, you're going to have those bankers who handle sell-side engagements trust you with more deals." ~ Ian Wenik

"What's driving so much of the M&A in the industry right now is time. A lot of the big firms sell because they have succession planning needs. Or if you're already an institutionally-backed firm, you're in the market because you're a private equity owner, and you have an expiration on that play clock." ~ Ian Wenik

"The dirty secret of the RIA industry is that many firms don't grow at all. They don't grow organically. It's the market appreciation that's propping them up." ~ Ian Wenik

Links 

Ian Wenik on LinkedIn

Citywire

Newsday

The Deal

Alex Steger

Alec Rich

Carson Group

Hightower Advisors

Wealth Advisor Solutions

Schwab Advisor Network

FINTRX

Ulrich Investment Consultants

Allworth Financial

Wealth Enhancement

Creative Planning

CI Financial

Corient

LPL Financial

Cetera Financial Group

Osaic

The Unlock

Michael Batnick

Moneta Group

Alaska Wealth Advisors

Angie Herbers

Cerity Partners

Genstar Capital

Steward Partners

Morgan Stanley

Merrill Lynch

UBS

Goldman Sachs

Summit Trail Advisors

BBR Partners

Ameriprise Financial

Edelman Financial Engines

Mariner Wealth Advisors

Savvy Wealth

Dakota Wealth Management

The Fund

Great Leap Forward

Mao's Great Famine

Connect with our hosts

Milemarker.co

Kyle on LinkedIn

Jud on LinkedIn

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