Unscripted: Growth

Submitted by Brian.Lavelle on April 18, 2020

The independent RIA life: Unscripted

What's going independent really like?

Two advisors discuss their newfound growth.

Sarah Keys, J.D.

Founding Partner

Cardan Capital Partners

SARAH KEYS:  Okay, so now you're up and running. How is it building your business now? Is there anything you do differently or you've found to be different in the independent space?

Eric Rosel

Founding Partner

Morgan Rosel Wealth Management

ERIC ROSEL:  It's every bit of what we dreamed it would be in our ability to be autonomous and create what we want to create. We wanted to bring clients, advisors, not just in wealth management space, but in the legal, the accounting, the insurance and the lending space, all in the same office, in the same room with our clients, so truly we can collaborate on their behalf, and even more importantly, execute on their behalf.

So now that we're out on our own, we're able to execute on this, and just by its virtue of us actually executing on this, our business has grown. Me and my business partner, David, we talk about this often that, you know, growth will come down the road if we do the right thing.

SARAH:  Yeah, I would echo that. I think the ability and the freedom from mandates, or whatever you want to call it, that we had before, and just to focus on the quality of what you're doing, it does… it comes out in so many different subtle ways with clients, that I feel like they are much more willing now than they ever were before to refer family, friends, centers of influence, too.

ERIC:  Yeah, isn't that funny how that works?

SARAH:  Yeah.

ERIC:  You think maybe they want to stay with the warm, cozy other firm…

SARAH:  Yeah.

ERIC:  …and they would be nervous about this for various schemes and things…

SARAH:  Yeah.

ERIC:  …that are in the finance… and it's the opposite.

SARAH:  Yeah. Well, you know, were pretty lucky before, in that we did experience, you know, somewhat regular referrals from our existing clients, but, wow, did the floodgates open when we went independent. And that might have been partially in response to the times, but I also think it was this ability that we had to talk about this independent story, to talk about our fiduciary duty, and clients started referring many more friends and family than we had ever gotten before. And probably even more interestingly, since that had kind of been, you know, source of business for us in the past, was the centers of influence. CPAs and attorneys that had never referred us clients before, that all of a sudden wouldn't just send one, but would send a handful of clients our way. And we were shocked, we had kind of heard that that might be something that could happen to us, but the extent to which it did was really quite surprising and really exciting, and also interesting.

DISCLOSURES

Information included during this video is intended to be an overview and is subject to change.

The comments, views, and opinions expressed in the presentation are those of the speakers.

Cardan Capital Partners, LLC and Morgan Rosel Wealth Management, LLC are not owned by or affiliated with Schwab, and its personnel are not employees or agents of Schwab. This video is not a referral to, endorsement or recommendation of, or testimonial for the advisor with respect to its investment advisory or other services.

Experiences expressed are no guarantee of future performance or success and may not be representative of your experience.

Schwab does not provide legal, regulatory or compliance advice. Consult professionals in these fields to address your specific circumstance.

Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support services of Schwab. Independent investment advisors are not owned by, affiliated with, or supervised by Schwab.

©2019 Charles Schwab & Co., Inc. ("Schwab"). All rights reserved. Member SIPC. (0120-9XZ3)

Relationships are the cornerstone of any investment advisor’s business. Eric Rosel and Sarah Keys reveal how their client relationships evolved and how that translated into growth for their firms.

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