Episode 094: This week, Kyle Van Pelt talks with Jay Tarno. Jay is the COO of Cornerstone Planning Group. A former advisor turned operator, he helped lead Cornerstone’s transition to independence and rapid growth. Jay specializes in scaling operations, building advisor support systems, and leveraging technology to enhance client experience, all while maintaining a people-first, fiduciary approach.

Kyle and Jay discuss the risks and rewards of building a tech-forward firm from scratch. From navigating the choppy waters of the 2008 financial crisis to transitioning to independence during the COVID-19 pandemic in 2020, Jay shares his path and the key strategies behind Cornerstone Planning Group's scalable growth.

In this episode:

(00:00) - Intro

(01:31) - Jay's money moment

(05:16) - Going independent during the pandemic

(07:47) - Building a tech stack from scratch

(13:02) - How Cornerstone supports advisors with niche markets

(16:42) - What it takes to be a great COO

(18:42) - Creating Cornerstone’s service team and its impact on growth

(21:51) - Cornerstone's approach to recruiting and developing talent

(24:08) - Jay’s outlook on the future of financial advice, tech, and client relationships

(26:50) - Jay's Milemarker Minute

Key Takeaways

Despite launching its RIA during the pandemic, Cornerstone Planning Group thrived, demonstrating the power of adaptability and a strong value proposition.

Building a technology foundation from scratch allowed Cornerstone to select best-in-class solutions, enhancing efficiency and the client experience.

Cornerstone fosters a culture where advisors with niche markets are empowered and supported alongside more generalist practices.

By creating a dedicated service team, Cornerstone has freed up advisors to focus on client relationships and business development, leading to significant revenue growth.

Quotes

"When you're jumping into a new technology, it's nerve-racking. You have to really dive into it and use it to learn it." ~ Jay Tarno

"We like to pride ourselves on technology. We are nimble enough and have the autonomy to choose who we feel is best for us and our clients." ~ Jay Tarno

"On the tech side, you're going to have to lean into any tech that's going to improve client experience and make your lives easier. Save on labor costs and save on helping your team just make their work more efficient." ~ Jay Tarno

Links 

Jay Tarno on LinkedIn

Cornerstone Planning Group

Carmine Corino

Charles Schwab

Extreme Ownership

Connect with our hosts

Milemarker.co

Kyle on LinkedIn

Jud on LinkedIn

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