Ep 204: Being Able To Just Focus On Clients By Choosing To Be An Employee Advisor At A Growing Firm with Blair DuQuesnay

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 24 November 2020

⏱️ 96 minutes

🔗️ Recording | iTunes | RSS

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Summary

Blair DuQuesnay is a financial advisor with Ritholtz Wealth Management, an independent RIA based in New York City that oversees nearly $1.3 billion of assets under management for more than 1,000 affluent clients. Blair had a unique journey to her current role, where she has built a strong client base managing $90 million of assets in under 2.5 years by focusing on client relationships and the investment committee work instead of prospecting.

Listen in as we talk about Blair’s journey through the industry, from a major wirehouse where she broke away after the financial crisis, to various operational and investment support roles, to launching her own independent RIA as a reluctant entrepreneur, and eventually landing in her current role with Ritholtz. She’ll also be sharing why she believes that it’s important to start at the bottom and take early entry-level roles that build a strong foundation for a long-term career as a financial advisor, and shares the moment she knew she had to make a major change while at a financial advisor conference.

For show notes and more visit: https://www.kitces.com/204

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with
0:07.2	financial planner, speaker, and consultant Michael Kitsas to hear stories of how leading financial
0:13.1	advisors navigated the inevitable challenges that arise on the path to success and get insight
0:18.7	from leading industry consultants about how to break through to the
0:22.1	next level in your advisory business. And now here's your host, Michael Kitsas. Welcome, everyone.
0:29.3	Welcome to the 204th episode of the Financial Advisor Success Podcast. My guest on today's podcast is Blair
0:35.7	Duques-Ducane. Blair is a financial advisor with RIT Holt's
0:38.6	wealth management, an independent RIA based in the New York City area that oversees nearly
0:42.4	1.3 billion of assets in her management for more than 1,000 affluent clients. What's unique about
0:48.8	Blair, though, is the way that she's been able to build her client base at the firm, up to 90 million
0:52.8	of client assets in barely two and a half years, in a role that by design and her choice doesn't require her to actively
0:59.0	prospect for business, and instead lets her focus on the client relationships and the
1:02.9	investment committee work she enjoys most, and why she gave up being a partner at her prior
1:07.1	firm for this current employee role.
1:10.4	In this episode, we talk in depth about the journey that Blair has taken through different
1:14.3	types of firms in the industry, from starting out in a major warehouse in various operational
1:18.7	and investment support roles, to the transition she first made to the independent channel,
1:22.7	not as a proactive decision to break away from the wirehouse world, but simply out of need
1:26.7	for a job after the financial crisis. Why her decision to launch her from the wirehouse world, but simply out of need for a job after
1:27.6	the financial crisis. Why her decision to launch her own independent R.A. was driven more by a family
1:32.8	change and limited alternatives than a desire to hang her own shingle, the opportunity that
1:37.5	led her to merge her firm into a larger local one, and why finding an advisory firm that had a strong
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