Next Mile

Episode 115: This week, Kyle Van Pelt talks with Matt Matrisian, President of Signature Estate & Investment Advisors (SEIA). Matt is a pioneer in transforming the delivery of financial advice. His career has focused on simplifying the financial services industry, supporting its evolution, and enhancing the value to advisors. He believes the best investment outcomes begin with advisor-centric tools and capabilities that wrap around investors' needs. Matt's appointment as President of SEIA represents the culmination of a three-decade journey dedicated to reimagining how wealth management firms can scale with purpose while preserving the personal touch that defines the client experience.

Kyle and Matt discuss how SEIA builds a platform that enables advisors to thrive. From transitioning independent contractors to equity partners to driving double-digit organic growth, Matt reveals how the firm empowers advisors with infrastructure, flexibility, and support. Matt also talks about the race for talent in the industry and how firms should develop the next generation of advisors to sustain future growth.

In this episode:

(00:00) - Intro

(02:14) - Matt's money moment

(04:08) - SEIA's founding and growth trajectory

(08:17) - Making the move from 1099 to W-2 advisors seamless

(12:18) - Understanding the advisor lifecycle

(14:04) - The role of Signature Investment Advisors (SIA) in the industry

(15:51) - Should larger firms become their own TAMPs or asset management arms?

(19:43) - How outsourcing can accelerate growth

(25:19) - Delivering value that justifies the cost

(27:15) - The race for talent: The importance of developing G2 and G3 talent

(31:29) - How SEIA leverages technology

(34:17) - How SEIA utilizes the power of AI

(36:38) - Matt's outlook on the future of the industry

(39:29) - Matt's Milemarker Minute

Key Takeaways

Growth requires structure, not just ambition. Success stems from clear systems—shared equity, technology, and culture—that give advisors both autonomy and stability.

Outsourcing drives exponential growth. Advisors who outsource investment management and back-office operations free up valuable time to focus on relationships, growth, and client experience.

Know your "why" behind growth. Growth isn't about chasing numbers. It's about serving more families who need financial guidance, while creating space for advisors to live fuller lives.

Invest in G2 and G3 talent. To ensure long-term sustainability, firms must have a structured career ladder and a pathway for young talent to grow, get licensed, and eventually become equity partners. Actively recruiting and nurturing the next generation is essential in the industry's "race for talent."

Quotes

"I envision SEIA as always being a dual affiliation model. We will always have W-2 and 1099 advisors. We want to give the best of both worlds to advisors, and how they want to affiliate with us." ~ Matt Matrisian

"To provide that flexibility and eliminate the swivel-chair experience of advisors having to go across multiple platforms, to give them a technology platform that integrates everything and consolidates into a data lake solution, and to surface their assets regardless of the platform or investment vehicle used for advice to digest and monitor, that's where we need to be spending our time." ~ Matt Matrisian

Links 

Matt Matrisian on LinkedIn

Signature Estate & Investment Advisors

Raymond James

Charles Schwab

Fidelity Investments

Reverence Capital Partners

Signature Investment Advisors

Osaic

LPL Financial

AssetMark

Execution: The Discipline of Getting Things Done

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Episode 114: This week, Kyle Van Pelt talks with Torie Happe, Head of Partnerships at Holistiplan. Torie began her career at LPL Financial, where she managed new accounts, led RIA conversions, and developed new operational procedures. In 2016, Torie transitioned into fintech at Riskalyze. She later held leadership roles at FIX Flyer and Onramp Invest before joining Holistiplan in 2022 as Head of Partnerships.

Kyle and Torie discuss how Holistiplan enables advisors to turn complex tax returns into clear, actionable plans. Torie also discusses the difference between tax planning and tax advice, how firms can bridge that gap, and where Holistiplan seamlessly integrates into an advisor's tech stack. Torie also talks about Holistiplan's academic program, which provides hundreds of students with free access to the firm's award-winning software and a certification course to enrich their curriculum and credentials.

In this episode:

(00:00) - Intro

(02:18) - Torie's money moment

(06:16) - How Holistiplan has gone viral in the fintech space

(08:04) - Making taxes simple and meaningful for clients

(10:03) - The difference between tax planning and tax advice

(11:40) - How advisors use Holistiplan alongside other tools

(15:55) - Holistiplan's academic program

(19:49) - Torie's outlook on the future of the industry

(22:09) - Torie's Milemarker Minute

Key Takeaways

Simplicity wins. Magic happens when you make complex financial concepts simple enough for clients to actually understand and engage with.

Use technology as a bridge, not a barrier. Fintech tools like Holistiplan are there to enhance advisor-client relationships, not replace them.

Plan first, execute second. Tax planning lays out the "what-ifs." Tax advice executes the "what now." Small firms can thrive by focusing on that planning layer before involving a CPA.

AI is powerful, but people are irreplaceable. While AI can streamline workflows, clients will still want authentic, face-to-face interaction with their advisors.

Quotes

"We took something really complicated (tax) and made it really simplistic for an advisor to understand." ~ Torie Happe

"Tax planning is really just planning for your life. What are you doing with every dollar you've spent or will spend this year? The tax advice piece is that execution piece, and that's where you're going to your tax professional to execute on the plan that your advisor has built." ~ Torie Happe

"Clients actually want to talk to a human. You're dealing with their everyday money and their lifestyle. They don't want to just be automated into whatever email campaigns or text messages you're going to send out." ~ Torie Happe

Links 

Torie Happe on LinkedIn

Holistiplan

Nitrogen

The Outsiders

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Kyle on LinkedIn

Jud on LinkedIn

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Episode 113: John Bunch, CEO of Allworth Financial. With over 30 years in financial services, John has guided firms through big transitions, from founder succession and acquisitions to private equity cycles and scaling operations, while preserving their culture. 

This week, Kyle talks with John about leading Allworth into its third generation. John reflects on lessons from Schwab and other founder-led firms, and how Allworth is balancing organic growth with strategic acquisitions. He explains the importance of culture, integration, and advisor support, while also detailing the firm’s investments in tax services and AI innovation. From client-centric models to the future role of advisors as coaches, John offers an inside look at building enduring growth in a rapidly changing RIA landscape.

In this episode:

(00:00) - Intro

(02:11) - John's money moment

(04:07) - Allworth's third-generation growth strategy: Evolve, Elevate, and Execute

(04:51) - The holy grail of financial services

(07:04) - Allworth's organic growth strategy

(09:29) - John's growth mindset

(12:29) - What it's like to work with industry legends

 (16:09) - Why RIAs are moving into tax services

(19:10) - The power of specialized teams

(22:02) - How Allworth manages multiple tech stacks

(24:16) - Allworth's approach to AI adoption

(28:31) - John's thoughts about the future of the industry

(30:35) - John's Milemarker Minute

Key Takeaways

The holy grail in this industry is organic growth. Acquisitions help, but building scalable, client-centered growth engines is what drives long-term value.

Don't focus on what you spend on growth. Focus on the payback. If a channel is working, invest more in it. A supportive board will always back a strategy with a good return on investment.

Be a "fiduciary to their dreams." When acquiring a founder-led firm, respect their legacy and understand that they built the business to help people. Frame the future as a partnership and be willing to adopt the best ideas, regardless of where they come from.

Embrace AI now or get left behind. Firms that fail to strategically adopt AI will be at a disadvantage. Start experimenting and integrating it into your operations, from client service to advisor dashboards, and see how it can help you get more insights.

Quotes

"The holy grail in this industry is organic growth. That's what drives valuations. And if you get that right, you're building a scalable business for the future." ~ John Bunch

"If you're not willing to evolve your business and elevate how you meet with your clients, you're going to be in a bit of trouble. The winners in the long term in this industry are going to be the folks who can grow organically." ~ John Bunch

"Advisors will be more like counselors and coaches on a wide variety of things than they will be on experts on cash flow or investments. And the firms that actually help their advisors move in that direction are going to be the winners." ~ John Bunch

Links 

John Bunch on LinkedIn

Allworth Financial

Pat McClain

Scott Hanson

Darla Sipolt

Charles Schwab

Jump AI

Atomic Habits

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Kyle on LinkedIn

Jud on LinkedIn

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Episode 112: This week, Kyle Van Pelt talks with Jason Wenk, Founder and CEO of Altruist. Jason has lived and breathed the financial services industry over the last 20 years as a financial advisor, investment systems developer, analyst, and founder.

Jason shares his journey from humble beginnings to building some of the fastest-growing RIAs. From his early days at Morgan Stanley to pioneering digital marketing for his own RIAs, Jason discusses the innovations that led to the founding of Altruist. Jason also explores the power of content and why social media platforms are today's hub for advisor growth.

In this episode:

(00:00) - Intro

(02:44) - Jason's money moment

(05:21) - From intern to industry disruptor: Jason’s path to building two RIAs

(13:56) - Jason's digital marketing playbook

(17:38) - Where attention is won: YouTube, TikTok, referrals, and more

(25:02) - Why offline marketing still crushes in 2025

(28:05) - The pain points that led Jason to create Altruist

(34:12) - How Altruist is using AI to transform advisor workflows

(43:06) - Jason's Milemarker Minute

Key Takeaways

Leverage digital marketing. Blogging and creating videos on social media build authority and trust.

Play the long game. Social media platforms can drive billions in new business. But when they eventually get crowded, differentiation comes from client experience and outcomes, not just marketing tactics.

Know your audience. AI and SEO shifts may impact younger investors, but retirement-age clients still search the old-fashioned way. Tailor your approach to the people you want to reach.

Consistency wins. Whether it's local seminars, radio shows, or social media content, firms that pick a lane and execute with discipline tend to outpace the rest.

Quotes

"A lot of our fastest-growing advisors are using YouTube as their primary mechanism to be in front of new clients. We have a few who are using social media, so they're active on X, some are heavy on LinkedIn, and we're starting to see some who are actually doing decent volume from TikTok." ~ Jason Wenk

"Our generation is open about how and what we do. We all have an abundance mindset, and we share and love celebrating everybody else's wins." ~ Jason Wenk

"In a world where it'll be nearly impossible to be different and unique based on your content, what you actually deliver will matter a lot more. Driving the best outcomes and the best experience will become a differentiator. " ~ Jason Wenk

Links 

Jason Wenk on LinkedIn

Altruist

Morgan Stanley

AI Assistance - Altruist

Elon  Musk

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Kyle on LinkedIn

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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

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Kyle on LinkedIn

Jud on LinkedIn

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Episode 110: This week, Kyle Van Pelt talks with Kevin Knull, CEO of TaxStatus. With more than 30 years in financial services and fintech, Kevin has led growth and innovation at companies like MoneyGuidePro, YCharts, Symetra Financial, and Hartford Leaders. Throughout his career, he's been dedicated to advancing the industry by helping advisors deliver smarter, higher-quality advice to their clients.

Kevin talks about how TaxStatus leverages access to IRS data to help financial advisors get a complete picture of a client's financial life. He explores the opportunities this presents for organic growth, building relationships with COIs, and providing better, more holistic advice. From his early days in the U.S. Coast Guard to leading FinTech and advisory firms, Kevin shares how his career has been fueled by one mission: delivering better advice and better outcomes.

In this episode:

(00:00) - Intro

(02:01) - Kevin's money moment

(04:42) - Why "better advice, better outcomes" is harder than it looks

(06:15) - How tax data can serve as the foundation for holistic advice

(09:27) - How TaxStatus can access clients’ IRS data

(11:13) - Consent, compliance, and how advisors can use IRS data responsibly

(13:01) - Turning tax data into organic growth opportunities

(16:20) - Partnering with CPAs and COIs through smarter data sharing

(19:16) - The importance of a standardized process for data collection

(24:28) - The role of AI in the future of the industry

(31:22) - Kevin's Milemarker Minute

Key Takeaways

Advice is both an art and a science. Financial planning requires connecting multiple disciplines—tax, investments, estate planning, and risk management—rather than operating in silos.

Start with the source of truth. The IRS holds the most complete financial picture of clients. Leveraging that data helps advisors deliver more accurate, holistic advice.

Organic growth lives with existing clients. The fastest way to grow isn't always new leads. It's uncovering assets, businesses, and properties that clients already have but haven't disclosed.

Data builds trust with COIs. CPAs, attorneys, and other professionals benefit from cleaner, real-time data. Advisors who bring value here strengthen partnerships and referrals.

Quotes

"There's science and there's art to this industry. And unfortunately, because the industry evolved, each discipline is operated separately." ~ Kevin Knull

"The IRS is the source of truth. They have everything. So if you're going to render advice, that's the first place to start." ~ Kevin Knull

"Financial planning, investment advice, and wealth management are art and science. Just like insurance and tax, there's a whole lot of gray. That gray is where firms, advisors, and professionals are going to differentiate themselves." ~ Kevin Knull

Links 

Kevin Knull on LinkedIn

TaxStatus

Envestnet | MoneyGuide

Plaid

Yodlee

NAPFA

Catch-22

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Kyle on LinkedIn

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Episode 109: This week, Kyle Van Pelt talks with Tiffany Irving, Senior Vice President and Wealth Advisor at Mesirow Wealth Management. Tiffany specializes in working with high-net-worth individuals, families, and non-profit organizations by providing comprehensive wealth management advice and customized asset allocation strategies to help them accumulate, grow, protect, and distribute their wealth. 

Tiffany shares her work with business owners and her passion for empowering women in finance. From the challenges of working with busy entrepreneurs to navigating wealth transfer and the evolving role of women in financial planning, Tiffany offers valuable insights on preparing, planning, and protecting both personal and business wealth. She also shares her perspective on technology, growth strategies, and the future of consolidation in the RIA space.

In this episode:

(00:00) - Intro

(01:28) - Tiffany's money moment

(03:49) - How Tifanny succeeds in communicating with business owners

(05:24) - How Mesirow helps business owners

(06:54) - Helping business owners prepare, protect, and plan their wealth

(09:21) - What it takes to attract the next generation of investors

(11:55) - Tiffany's thoughts on the great wealth transfer and women in finance

(16:44) - Leveraging technology to serve clients better

(18:01) - Mesirow's growth strategies and marketing approaches

(19:56) - Tiffany's outlook on the future of the industry

(23:38) - Tiffany's thoughts on the consolidation happening in the industry

(26:41) - Mesirow's core values

(27:56) - Tiffany's Milemarker Minute

Key Takeaways

Treat your personal wealth like your business, with a strategy to prepare, plan, and protect.

Create your board of directors. As a business owner, you shouldn't be the middleman between all of your advisors. Surround yourself with a trusted team of professionals, including attorneys and tax experts, and let them collaborate on your behalf.

Educate the next generation. The great wealth transfer is happening now. Get the next generation involved in conversations about the family's financial history, values, and goals.

Women are not a niche market. With women living longer and the rise of female breadwinners and business owners, the financial industry is overdue in adapting to serve women. Financial planning is about empathy and understanding the unique goals and concerns of every client, regardless of gender.

Quotes

"There are a lot of tools in our tool belt as advisors. We just have to remember to educate our clients and let them know what's available." ~ Tiffany Irving

"Women are not a niche market. We're over 50% of the population. So, we're trying to make sure that both partners or spouses are engaged and involved in all of our financial discussions." ~ Tiffany Irving

"Client demographics are evolving. The next generation is here, and we have to meet them where they are." ~ Tiffany Irving 

Links 

Tiffany Irving on LinkedIn

Mesirow

Salesforce

eMoney Advisor

Holistiplan

Charles Schwab

Fidelity Investments

The God of the Woods

Lula Dean's Little Library of Banned Books

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Kyle on LinkedIn

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Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.

Episode 108: Michael Batnick is the Managing Partner at Ritholtz Wealth Management, where he helps shape one of the most influential RIAs in the country while also co-hosting popular podcasts like Animal Spirits. Known for his candor and curiosity, Michael brings a refreshing perspective to investing, leadership, and the business of advice.

This week, Kyle talks with Michael about his winding path into finance—from drifting through college and struggling in sales to finding purpose in markets and mentorship. Michael reflects on the lessons of curiosity, humility, and hiring the right people, while unpacking the challenges of building a sustainable RIA. The conversation spans advisor recruitment, the pull of private equity, operational hurdles, tech frustrations, and AI’s coming role in reshaping client service. 

In this episode:

(00:00) - Intro

(01:17) - Michael's money moment

(04:38) - From cold calling to discovering a passion for the markets

(10:06) - Michael's hiring philosophy

(13:35) - Ritholtz acquisition strategy

(14:49) - The influence of private equity on RIAs

(19:02) - What makes Ritholtz an excellent choice for advisors

(24:28) - What it takes to run support infrastructure for advisors

(28:41) - Ritholtz's tech stack

(33:30) - Mystery chart challenge

(35:56) - Michael's thoughts on AI and the future of the industry

(44:14) - Michael's Milemarker Minute

Key Takeaways

Hire for personality, not just the resume.  Skills can be taught, but finding someone you actually want to work with every day is irreplaceable. 

Don't underestimate the power of a strong brand and organic growth. Organic reach and sustainable growth allow firms to hire advisors who are philosophically aligned with their values, rather than those who are simply motivated by an upfront payout.

The best advisors are the best listeners. Over-talking is a rookie mistake. Clients value being heard more than being dazzled with facts.

AI will make advisors better listeners. Real-time feedback and conversation analysis will help advisors catch missed cues and improve client relationships.

Quotes

"Things change a lot, they change always, and they change often. And I didn't want to be an expert on an earlier version of the world. The world is a dynamic place, and you need to stay involved in what's going on." ~ Michael Batnick

"The job of an advisor is very difficult. It is to be a listener first." ~ Michael Batnick

 "Younger advisors tend to oversell and overcommunicate. It's not about you convincing the prospect that you are smarter than they are. The best advisors are the best listeners." ~ Michael Batnick"It's relatively easy to convince clients to give you money. But what's hard is actually executing and implementing and doing the things that you said that you were going to do." ~ Michael Batnick

Links 

Michael Batnick on LinkedIn

Ritholtz Wealth Management

Joshua Brown

Barry Ritholtz

BlackRock

Jay Tini

Anna Chaiken

Nick Maggiulli

Salesforce

Orion Advisor Solutions

Fidelity Investments

Charles Schwab

Altruist

VRGL

Wealth.com

T3 Conferences

Envestnet | MoneyGuide

eMoney Advisor

The Godfather

Animal Spirits Podcast

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Kyle on LinkedIn

Jud on LinkedIn

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Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.

Episode 107: Richard Alt is the CEO of Carnegie Investment Council, where he has led the firm through significant growth, including major acquisitions like Eagle Ridge. With more than two decades of experience, Richard is committed to true fiduciary principles—putting clients’ interests first, eliminating conflicts of interest, and helping investors navigate risk with clarity and trust.

This week, Kyle talks with Richard about his unconventional path into wealth management, inspired by his grandmother’s financial struggles, and why fiduciary duty drives his work. He unpacks the six key risks investors must navigate, discusses Carnegie’s recent Eagle Ridge acquisition, and highlights how communication and culture underpin successful firm transitions. Richard also shares his perspective on technology, the limits of AI in advising, and why trust and human relationships remain central to helping clients answer the ultimate question: “Am I going to be okay?”.

In this episode:

(00:00) - Intro

(01:34) - Richard's money moment

(06:26) - How to identify a trustworthy financial advisor

(08:56) - Celebrating Carnegie’s 50th anniversary and lessons from decades of experience

(10:44) - The six types of financial risks and how to manage them

(15:02) - Inside Carnegie’s recent partnership with Eagle Ridge

(18:12) - Why clear communication is the key to successful firm transitions 

(22:47) - The surprising origin story behind Carnegie Investment Counsel’s name

(25:12) - How Carnegie leverages technology—and why AI won’t replace advisors

(30:24) - The biggest challenges facing financial advisors today

(33:25) - Richard's Milemarker Minute

Key Takeaways

Choose fiduciaries, not salespeople. A license doesn’t equal expertise—ask whether your advisor is a fiduciary 100% of the time and committed to putting your interests ahead of their own.

Understand the six types of risk. Inflation, market volatility, individual security exposure, government actions, international factors, and regulatory surprises all threaten wealth. Managing these risks requires diversification, discipline, and perspective.

Culture and communication drive successful transitions. Whether it’s mergers, acquisitions, or client relationships, clarity of expectations, open communication, and valuing people are what ensure long-term success.

Technology is powerful, but trust is irreplaceable. Tools like AI and portfolio software can enhance efficiency, but they cannot replace the human guidance, empathy, and wisdom clients need to confidently answer life’s big financial questions.

Quotes

"Being in the business for a long time gives us the ability to make good, long-term decisions and avoid the other trap of our industry, which is making emotional decisions that undermine any long-term plan." ~ Richard Alt

"Our job is not just picking stocks and putting them in their portfolio. It's managing risk and handholding clients." ~ Richard Alt

"Technology has the ability to really improve data, communications, and portfolio design. But it will never be able to take away that human element of looking across the table at somebody and saying, Am I going to be okay?" ~ Richard Alt

Links 

Richard Alt on LinkedIn

Carnegie Investment Counsel

Gary Wagner

Berkshire Global Advisors

Charles Schwab

Fidelity Investments

Vanguard

Good to Great

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Episode 106:  Lacey Shrum, Founder of Smart Kx, is an accomplished professional with a diverse background in law, compliance, and entrepreneurship. At Smart Kx, Lacey applies her extensive experience to drive strategic initiatives and deliver innovative solutions within the legal and technology sectors.

This week, Kyle and Lacey do a deep dive into the metric that truly matters for advisory firms—revenue. Lacey shares why AUM can be a vanity metric, how to calculate and use blended rates, and ways to streamline billing for greater efficiency and profitability. They discuss common challenges during firm growth and acquisitions, how average daily balance reconciliation can smooth out revenue volatility, and why automation reduces friction in advisor operations.

In this episode:

(00:00) - Intro

(04:32) - Why protecting revenue matters more than chasing AUM

(08:26) - How Smart Kx gathers the data to power its calculations

(09:55) - The risks of relying on spreadsheets for billing 

(14:17) - Why due diligence on revenue metrics is critical in acquisitions

(17:22) - Using Average Daily Balance (ADB) reconciliation for fairer, more transparent billing

(22:13) - Lacey's take on the fee structure debate

(23:39) - What’s holding RIAs back from adopting automation

(27:46) - The key revenue metrics every advisor should track

(32:59) - How Smart Kx is leveraging technology and AI

(36:07) - Lacey’s predictions for the future of the industry

(40:07) - Lacey's Milemarker Minute

Key Takeaways

Build a true revenue system—not just billing. Go beyond sending invoices. Create a complete revenue framework that combines accurate AUM fee calculations, airtight documentation of every client agreement, and detailed revenue analysis. This holistic view will give you clarity and control over your firm’s financial health.

Ditch the spreadsheets for fee management. Spreadsheets are fragile, error-prone, and a single point of failure. Replace them with specialized technology that automates and validates calculations, ensuring accuracy while freeing your team from time-consuming manual work.

Do real revenue due diligence in acquisitions. Don’t stop at surface-level metrics. Examine a target firm’s actual revenue drivers—average client size, blended rate, and revenue per client. This will reveal hidden gaps or “potholes” in their billing process and help you plan a smooth integration.

Automate to eliminate friction. In a slow-to-adopt industry, actively seek tech that reduces clicks and speeds up payment workflows. The less time you spend chasing revenue, the more time you can invest in serving clients and growing your business.

Quotes

"Revenue is so important to anybody's business. We are trying to make a profit here, provide for ourselves, and build a business." ~ Lacey Shrum

"If you are responsible for signing that ADV and representing your firm in that contract, you have to have some orderly system, or you're just kicking the can down the road of a regulatory and probably litigation nightmare." ~ Lacey Shrum

"Advisors are not in the billing business. They're in the business of managing money. So, try to get billing down to the least amount of time possible so you can manage money." ~ Lacey Shrum

Links 

Lacey Shrum on LinkedIn

Smart Kx

NFL

A Tree Grows in Brooklyn

Onboarding New Clients Made Easy with Lacey Shrum

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Kyle on LinkedIn

Jud on LinkedIn

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