The Wealth Management EDGE conference in Boca Raton, Florida, brought together a panel of registered investment advisor (RIA) leaders to share their strategies for organic growth. While many RIAs are struggling to grow, these experts have found success through innovative approaches. Gary Roth, co-CEO of Modern Wealth, highlights the importance of building a dedicated client prospecting team and process, rather than relying on advisors to find new business. This strategy has helped Modern Wealth grow to over $13 billion in assets under management after its 2023 launch. Similarly, Merit Financial Advisor President Kay Lynn Mayhue has focused on institutionalizing organic growth by building a robust client prospecting pipeline for its advisors. This has given them more time to work with clients and has helped Merit grow to about $25 billion in client assets. James Bogart, CEO of Bogart Wealth, has achieved growth through targeted marketing to prospects, focusing on being a subject matter expert in a niche-based, scalable marketing campaign. These strategies demonstrate the importance of finding innovative ways to attract and retain clients, rather than relying on traditional methods. However, the industry is also facing challenges, such as the retirement of 26,000 advisors over the next decade, which will drive M&A and consolidation. The movement by Commonwealth Financial Network advisors after the LPL Financial acquisition has caused an unexpected bump in the firm's M&A. In my opinion, the future of the RIA industry will depend on its ability to adapt to these challenges and find new ways to grow and innovate. The panel of experts at the Wealth Management EDGE conference has shown that there are successful strategies for organic growth, but the industry must continue to evolve to stay competitive.
