The Road to a Multi-Billion Dollar Firm

Several professionals from Beacon Pointe’s Leadership Team were active participants at this year’s Charles Schwab IMPACT 2018 Conference in Washington, D.C. this past October.  IMPACT is the most widely attending RIA conference focused on growth-oriented firms looking to capitalize on new opportunities.

Beacon Pointe, as one of the largest, independent RIAs in the country and one of the firms of the study group Alliances for RIAs, was represented on stage by firm partner, Matthew Cooper.  Matt was one of three panelists in “The Road to a Multi-Billion Dollar Firm: Pushing Past Challenges and Setbacks” session.

The overarching session theme showcased how advisors can significantly expand their business by avoiding common setbacks and taking advantage of key resources that foster growth. Many advisors hope to increase the size of their firms, but don’t have a clear idea of the obstacles they’re likely to encounter during growth, or how to overcome them. The panel of RIA M&A experts from large firms including that of Beacon Pointe discussed a variety of approaches—including internal succession and inorganic growth—that can help firms hoping to manage more than a billion dollars in assets.

Matt Cooper specifically touched on the following insights:

  • Focusing on unique abilities and delegating your weaknesses to those who are strong in the areas where you are weak
  • Firms must grow at 20% per year to provide opportunity to their teams
  • Determine whether you are the sales guy or the propeller head and stay in your strongest role
  • Have P&L discipline
  • Develop a professional compensation plan
  • Hire slow, fire fast

Key areas on how to support scaling a business and anticipating challenges were also covered during this jam-packed, standing room only session.