Ep 058: Custom Designing Your Office For A Better Data Gathering Experience with David Armstrong

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 6 February 2018

⏱️ 97 minutes

🔗️ Recording | iTunes | RSS

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Summary

My guest on today’s podcast has followed an uncommon career path leading to financial services, and has quite a unique story when it comes to business evolution, as well. The co-founder of Monument Wealth Management—a hybrid RIA that serves about 120 families and oversees nearly $300 million of assets under management with a team of 11 people—David Armstrong built his early career under a broker-dealer before shifting to a hybrid arrangement with an outside SEC-registered RIA. From there, he is steadily dialing down his amount of broker-dealer business over time as he shifts increasingly toward an AUM-based wealth management model.

In this episode, David shares the story of building and developing his firm, as well as how Monument has systematized everything from financial planning deliverables to their path to partnership to using an engagement letter before taking on a client. Listen in to hear how the team makes the firm’s hybrid model such a success and why their approach to data gathering just might have other firms reconsidering their methods.

For show notes and more visit: https://www.kitces.com/58

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner,
0:08.4	speaker and consultant Michael Kitsis to hear stories of how leading financial advisors
0:13.6	navigated the inevitable challenges that arise on the path to success and get insight from leading
0:19.2	industry consultants about how to break through to the
0:22.0	next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:29.0	Welcome to the 58th episode of the Financial Advisor Success podcast. My guest on today's podcast is
0:34.8	David Armstrong. David is the co-founder of Monument Wealth Management, a hybrid RAA in the Washington, D.C. area that
0:40.6	serves about 120 families and overseas nearly 300 million of assets under management with a team of 11 people.
0:47.1	What's unique about David's business, though, is the way that he's evolved the business over time,
0:51.5	having built his early career under a broker-dealer, then
0:54.4	shifting to a hybrid arrangement with an outside SEC-registered R-A that's separate from
0:58.9	his broker-dealer, and then steadily dialing down his amount of broker-dealer business over
1:02.7	time as he shifts increasingly towards an AUM-based wealth management model to service clients.
1:08.2	In this episode, we talk in depth about the way that David has focused the firm
1:11.8	over time towards clients who have created their wealth through a business or other liquidity event.
1:17.0	Their ensemble approach where every client is a client of the firm and not just any particular
1:21.1	advisor, the way they've structured their team into client services, financial planning, and asset
1:25.8	management, and how they've systematized everything in the firm from their financial planning deliverables to their
1:31.2	path to partnership, to using an engagement letter before taking on a client, and even the
1:36.5	data gathering process. In fact, we talk in depth about the really unique way that David
1:42.5	structures his data gathering process with clients.
1:45.1	By creating an interactive experience using a series of whiteboards to collect information and
	...

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