The Hunter

About Gladstone — https://gstoneinc.com/

About Orion – https://orion.com/ 

Steven Clark sits down with Natalie Wolfsen, CEO of Orion, for an unfiltered conversation. Orion's AI-native wealthtech platform powers financial advisors, servicing $6.6 trillion in assets under administration.

Wolfsen shares her take on the questions advisors and RIA owners are asking most right now, from how far AI can actually go in closing the advisor capacity gap to whether the wealth tech ecosystem is due for a wave of consolidation.

For an owner trying to figure out where technology, growth, and talent intersect, it's a direct look behind the curtain from someone building one of the industry's biggest platforms.

CHAPTERS

[08:00] $6.6 Trillion and Growing: Orion's Platform by the Numbers

[12:00] The Decisions That Built Orion, According to the Woman Running It Now

[17:00] Why Wolfsen Bet Big on AI Before It Was Trendy

[21:00] Guarding Against Rogue AI: Inside Orion's ISO 42001 Certification

[26:00] Organic vs. Inorganic Growth for Advisors

[29:00] Is the Wealth Tech Ecosystem About to Consolidate?

[44:00] AI Is the Real Fix for the Advisor Shortage

[46:00] Bold Prediction: AI Will Look Nothing Like This by December

ABOUT THE HUNTER

The Hunter Podcast is hosted by Steven Clark, Senior Managing Director and President of Search at Gladstone Group, and features conversations with executives and leaders driving change across asset management, wealth management, insurance, and fintech. New episodes are released regularly as part of Gladstone's ongoing content series.

Enjoyed this conversation? Gladstone Group brings nearly four decades of relationships and pattern recognition to RIAs and wealth management firms navigating M&A, executive search, and valuation decisions. Visit gstoneinc.com to learn more about our services or to get in touch with our team.

Looking for your next search or considering what your firm is worth? Reach out through gstoneinc.com to start the conversation.

Subscribe to The Hunter Podcast to catch every episode, and follow Gladstone Group on LinkedIn for the latest insights on M&A, talent, and growth in the wealth management industry

About Gladstone — https://gstoneinc.com/

About Modern Wealth Management – https://www.modwm.com/ 

Steven Clark sits down with Jason Gordo, President and Co-Founder of Modern Wealth Management, for an unfiltered conversation.

Modern is one of the fastest-growing aggregators in the industry, now over $15 billion in AUM in just 40 months. Gordo answers the questions Gladstone hears constantly from RIA owners considering a sale, from what private equity has really done to the industry to how a buyer actually separates true growers from lifestyle businesses looking for an exit.

For an owner weighing timing or wondering how buyers really evaluate a firm, it's a direct look behind the curtain from someone building one of them.

[09:00] What United Capital and Goldman Sachs Taught Him About Building It Right

[26:00] What Do Aggregators Think About Exiting Founders?

[29:00] Is PE a net good or a net bad for the industry? — Gordo's Unfiltered Take

[33:00] Why Revenue Quality Matters More Than Scale

[37:00] What Inning Are RIA Valuations In?

[39:00] Is the Advisor Shortage Overblown?

[44:00] Bold Prediction: Q4 2026 Will Be the Biggest Consolidation Quarter Ever

The Hunter Podcast is hosted by Steven Clark, Senior Managing Director and President of Search at Gladstone Group, and features conversations with executives and leaders driving change across asset management, wealth management, insurance, and fintech. New episodes are released regularly as part of Gladstone's ongoing content series.

Enjoyed this conversation? Gladstone Group brings nearly four decades of relationships and pattern recognition to RIAs and wealth management firms navigating M&A, executive search, and valuation decisions. Visit gstoneinc.com to learn more about our services or to get in touch with our team.

Looking for your next search or considering what your firm is worth? Reach out through gstoneinc.com to start the conversation.

Subscribe to The Hunter Podcast to catch every episode, and follow Gladstone Group on LinkedIn for the latest insights on M&A, talent, and growth in the wealth management industry.

Chapters
About The Hunter Podcast

About Gladstone - https://gstoneinc.com/

Episode Summary

Steven Clark kicks off the Hunter Podcast's summer series with Glenn Coward, founder and CEO of Capability Source, a work management solutions provider whose client list includes Charles Schwab, USAA, Prudential, and Disney. Coward built his career at the intersection of business process and technology, and this conversation covers what that intersection actually looks like in practice, including a Schwab case study that generated $30 million in new-to-firm revenue and $1.7 billion in new assets under management from a single project.

The back half of the conversation turns directly to AI: where it already works, where it fails, and why Coward believes the industry is heading into the trough of disillusionment before a decade of genuine, durable value. For RIA leaders considering operational efficiency, client experience, and where AI fits within their firms, this episode offers a practitioner's view rather than a vendor's pitch.

Chapters

[00:00] Welcome to the Hunter Podcast summer series

[02:00] What Capability Source actually does

[03:00] Explaining a solutions provider "to your mother-in-law"

[05:00] From USAA to Schwab: the origin story

[07:00] Adobe, Disney, and the expansion beyond financial services

[08:30] The $1.7 billion hand-raiser project

[11:00] What is an enterprise architect, really

[13:30] The executive sponsor who made the leap possible

[16:00] Why AI adoption looks different across industries

[31:30] The good, the bad, and the synthetic voice

[33:30] The next generation of customer service isn't fully automated

[36:00] Building a virtual team a decade before COVID made it normal

[39:00] Keeping culture alive across a distributed team

[42:00] Lightning round

[44:00] Bold prediction: AI hits the trough of disillusionment in 2026

Kara Murphy, President and Chief Investment Officer of Kestra Investment Management, shares her remarkable journey of building a $4.3 billion investment platform from the ground up in just three and a half years. Drawing on her unique background in international relations, Kara brings a strategic perspective that goes far beyond traditional investment management.

In this conversation, Kara reveals her blueprint for successful platform building: identifying advisor pain points, creating scalable solutions, and leveraging technology to enhance rather than replace the human element. 

The discussion explores how Kara is helping solve the industry's most pressing challenges: the advisor shortage, succession planning gaps, and the need for greater efficiency. She demonstrates how AI tools are already transforming advisor productivity in note-taking, document analysis, and marketing, freeing professionals to focus on what matters most: client relationships. Kara also addresses the persistent opportunity for greater gender diversity in financial advisory and why she remains exceptionally bullish on financial services as a dynamic, entrepreneurial career path for the next generation.

Takeaways

• Strategic platform building starts with listening. Kara built Kestra Investment Management by identifying advisor pain points, determining what could be taken off their plates, and focusing on scalable solutions rather than manual processes.

• Diverse experience creates better leaders. Kara's background in geopolitics, fundamental research, and wealth management gave her a unique perspective on markets, client needs, and business building that traditional career paths might miss.

• Channel distinctions are becoming irrelevant. The convergence of wirehouses, independent broker-dealers, and RIAs reflects what clients have always wanted: trusted advisors who care about their financial goals, regardless of operational structure.

• The advisor shortage requires multifaceted solutions. Success demands better succession planning programs for founding advisors (G1s), comprehensive training for next-generation talent (G2s and G3s), and AI-driven efficiency tools that help fewer advisors serve more clients effectively.

• Investment opportunities exist beyond the obvious. While AI stocks have dominated headlines for three years, Kara sees compelling value in mid-caps, industrials building AI infrastructure, and international markets with attractive valuations and emerging growth catalysts.

• AI amplifies advisor effectiveness without replacing relationships. Early adoption in note-taking, document analysis, and marketing demonstrates how technology handles administrative work, allowing advisors to dedicate more time to the human connections that build trust and deliver value.

In this compelling conversation, George Nichols, President and CEO of the American College of Financial Services, shares his transition from a distinguished 17-year executive career at New York Life to leading one of America's oldest yet "stealthiest" academic institutions dedicated to financial services education. George candidly addresses the industry's most uncomfortable truth: financial services has collectively failed aspiring advisors, with 72% not surviving in the business (85% in insurance). He discusses how the nearly 100-year-old American College is evolving from its insurance roots to serve the broader wealth management industry through applied financial knowledge and specialization programs. George explores critical challenges facing the profession, including the looming advisor shortage (needing 700,000 advisors when only 300-400,000 exist today with a third retiring), the urgent need for better training and mentorship, and why firms must adapt to serve changing demographics. The discussion concludes with insights on AI's impact on both the industry and academic training, and why George remains more bullish on financial services careers than ever before.

Takeaways

The industry has accepted unacceptable failure rates - 72% of financial advisors fail to stay in the business, with insurance seeing 85% attrition. Despite building business models around these numbers, the industry must fundamentally rethink training and support to address this crisis.

Applied knowledge beats theoretical curriculum - The American College differentiates itself as a non-profit, accredited institution focused on applied financial knowledge that advisors can learn Monday and use Tuesday, not just theoretical education from university programs.

The math doesn't add up on advisor supply - With 700,000 advisors needed in 10-15 years, only 300-400,000 currently practicing, a third retiring in the next decade, and 72% attrition rates, the industry faces a critical talent shortage that current approaches cannot solve.

Demographics demand new approaches - With $30 trillion in horizontal wealth transfer to women through 2030 (70% of whom change advisors after a spouse's death), plus fastest population growth among mixed-race, Hispanic, Asian, and Black Americans, firms must rethink how they attract both clients and advisors.

Four A's framework for talent development - Success requires Awareness (understanding financial services as a career), Alignment (matching candidates to the right sector), addressing Attrition (the 72% failure rate), and supporting Advancement (career progression and specialization).

Specialization is the future beyond CFP - While comprehensive financial planning provides the foundation, the next generation of successful advisors will specialize in areas like wealth management, taxes, retirement, philanthropy, and special needs planning.

AI brings efficiency but requires knowledge - Artificial intelligence will make advisors and firms more efficient, but garbage in still equals garbage out. Advisors need sufficient knowledge to evaluate whether AI-generated recommendations are sound.

Regulatory structure will slow AI adoption - Unlike other industries, financial services' strict regulatory framework will prevent rapid AI transformation. Regulators lack resources to quickly establish AI policies, likely restricting usage until rules are clear.

Training must evolve for modern practice models - Large aggregators no longer need advisors to hunt for clients but need well-trained professionals to manage handed-down books of business. This requires different training focused on practice management, not just prospecting.

George remains bullish on the profession - Despite challenges, financial services offers tremendous opportunity for those who prepare properly. The need for good financial advice has never been greater, creating options for advisors willing to serve clients beyond just the ultra-wealthy.

In this engaging session, financial industry pioneer Ric Edelman shares his journey from founding one of America's largest wealth advisory firms to becoming a leading advocate for blockchain technology and digital assets. Beginning with his Philadelphia roots and recent work with the Edelman Fossil Park, Ric transitions to explaining why he believes blockchain represents the most revolutionary technological advancement since the internet itself. He discusses the current state of digital assets, practical allocation strategies for advisors, and how the changing regulatory landscape is creating unprecedented opportunities. Ric emphasizes that RIAs who ignore digital assets are not only missing a key differentiator in a homogenous industry but also failing to address their clients' existing crypto holdings and questions. The conversation concludes with insights on tokenization as the future of asset management and the implications of a more crypto-friendly political environment.

Takeaways

• Blockchain is Internet 3.0 - Just as Internet 1.0 connected people and 2.0 connected things, blockchain technology is creating the Internet of Money, enabling frictionless, fee-less transactions without intermediaries.

• Digital assets are a legitimate, established asset class - With 15 years of performance data, Bitcoin has proven itself as the first new asset class in 170 years. Modern Portfolio Theory research suggests a 5% allocation optimizes risk-adjusted returns.

• Compliance barriers are dissolving - With Bitcoin ETFs now available from major asset managers like BlackRock and Fidelity, compliance departments no longer have legitimate reasons to prohibit digital asset investments.

• Client demand is overwhelming - 40% of US adults own Bitcoin, and 65% of clients would leave their advisor to find one who could help them with digital assets. Most firms are unprepared to meet this demand.

• Tokenization will transform asset management - Beyond cryptocurrencies, blockchain enables the tokenization of real estate, art, music royalties, and other assets, potentially creating thousands of new investable asset classes.

• Regulatory environment is improving dramatically - The current administration is strongly pro-crypto, with supportive officials throughout government and favorable legislation expected within the next 18 months.

• Digital assets represent an M&A and organic growth opportunity - Firms that develop expertise in digital assets can differentiate themselves in a homogenous industry, attract new clients, deepen relationships with existing clients, and potentially increase their valuation.

Chapters

00:00 - Introduction and Philadelphia Connections

01:14 - The Edelman Fossil Park and Dinosaur Discoveries

02:43 - Evolution of the Personal Finance Industry

05:47 - Ric's Journey into Blockchain and Digital Assets

09:27 - Understanding Blockchain Technology as Internet 3.0

14:44 - Practical Asset Allocation Strategies for Digital Assets

18:06 - Bitcoin's Correlation with Traditional Markets

20:40 - Bitcoin as Digital Gold and Store of Value

23:14 - The Broader Digital Asset Ecosystem and Investment Options

25:45 - The Case for Adding Digital Assets to Client Portfolios

35:22 - ETFs and Product Proliferation in Digital Assets

38:23 - Tokenization: The Future Beyond ETFs

41:42 - Digital Assets in Retirement Accounts and Mainstream Adoption

44:00 - The Transforming Regulatory Landscape

47:25 - Impact on M&A Activity and Closing Advice

Summary

In this episode, Steven Clark interviews Gui Costin, Founder and CEO of Dakota, who shares his non-linear path to entrepreneurship and the principles that transformed his leadership approach. After cycling through 14 different jobs in 17 years, Gui founded Dakota to create a place where people could build long-term careers and "become the best version of themselves." 

Gui discusses how a failed platform pivoted into a successful database business, the importance of treating people with kindness rather than just niceness, and why cold outreach remains the foundation of effective fundraising despite technological shifts. Gui also shares insights on the evolving RIA landscape, private credit markets, and Dakota's commitment to community impact through its giving initiatives.

Takeaways

• The Dakota culture emphasizes kindness while maintaining high performance standards - not "nice" but genuinely kind

• Cold outreach and being a "master messenger" remain fundamental to fundraising success despite technological changes

• The RIA channel continues to grow as advisors seek independence, creating ongoing opportunities

• Dakota Gives focuses on local, direct impact through carefully selected charities with an increasing focus on health, nutrition and youth sports

Chapters

01:00 Introduction and Early Career Path

06:18 The Founding of Dakota

13:25 Evolution of Company Culture

17:28 Leading Younger Generations

21:03 The Dakota Way of Sales

23:24 Trends in the RIA Family Office Channel

26:11 Private Credit and Investment Trends

30:56 Dakota Gives and Community Impact

33:46 Lightning Round and Closing

Summary

In this episode, Mark Carver, Managing Director and Global Head of Equity Factors at MSCI, shares how embracing discomfort and taking calculated risks shaped his path from an aspiring lawyer to a financial services leader. From his early days at Fidelity to pioneering factor ETFs at iShares, Carver offers candid insights about learning from setbacks and the importance of taking strategic risks in building a successful career. The conversation explores how embracing discomfort and challenging conventional wisdom can lead to transformative changes in financial services.

Takeaways

Chapters

00:00 Introduction to Mark Carver's Journey

03:18 Early Career and Transition to Financial Services

05:55 The Move to iShares and Embracing ETFs

10:17 Navigating Sales Management Challenges

13:27 Pivoting to Product Management and Factor Investing

17:33 Demystifying MSCI and Its Capabilities

21:01 The Role of Technology in Financial Services

23:30 Understanding Equity Solutions and Client Needs

30:18 Trends in Asset Management and Future Outlook

33:28 Reflections on the Investment Industry

35:16 Lightning Round and Closing Thoughts

Summary

Ed Lopez shares his path as head of product management at VanEck, where he guides a team that has helped transform the firm from its mutual fund roots to an ETF powerhouse. Through candid discussions about product launches, team building, and business growth, Ed reveals how patience and conviction shape successful leadership decisions. His practical approach to developing new products, combined with his commitment to open communication and team empowerment, offers a masterclass in modern asset management leadership.

Takeaways

Leadership Style

Business Growth

Product Development

Market Insights

Team Building

Chapters

00:00 Introduction to VanEck and ETF Landscape

04:04 VanEck's Growth and Product Management

06:54 The Current ETF Market Dynamics

10:10 Active ETFs and Market Trends

12:57 Mutual Fund Conversions and Their Impact

16:06 Thematic ETFs: Trends and Challenges

19:08 Exploring Private Markets and ETPs

21:57 Product Development and Market Strategy

24:48 Measuring ETF Success and Sustainability

27:49 Digital Assets and Advisor Adoption

31:09 Leadership and Management Style Evolution

33:46 The Future of Asset Management

In this conversation, Steven Clark connects with Eric Levinson, head of business development at VinaCapital, who shares his journey from the United States to Vietnam. Eric discusses his career transitions, the impact of travel on his professional life, and the unique challenges and opportunities he faced while moving to Vietnam during the COVID-19 pandemic. He provides insights into the investment market in Asia, the distribution models in the region, and offers advice for those considering bold career moves.

Takeaways

Chapters

00:00 Introduction to Eric Levinson

03:00 Eric's Journey in Financial Services

09:02 The Impact of Travel on Career Choices

15:03 Transitioning to National Accounts

20:54 Moving to Vietnam During COVID-19

27:02 Financial Services in Asia

32:47 Distribution Models in Vietnam

39:07 Advice for Bold Career Moves