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

Connect with our hosts

Milemarker.co

Kyle on LinkedIn

Jud on LinkedIn

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