Ep 306: Restructuring Partner Compensation And Roles To Align For The Next Stage Of Growth With Cean Kenefick-Rogers
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 8 November 2022
⏱️ 97 minutes
🧾️ Download transcript
Summary
Cean Kenefick-Rogers is the CEO and Co-Founder of Ironwood Wealth Management, an independent RIA based out of Arizona that oversees just under $550 million of assets under management for nearly 500 households. Cean and his partners inadvertently created a three-way struggle in the early days of their firm that forced them to seek third-party intervention, restructure their partnership roles and compensation, and ultimately unlock the next stage of business growth.
Listen in as Cean shares the journey that he and his partners look from brokerage firm to their own independent RIA, as well as how infighting within their firm nearly led to its dissolution—and how they ultimately managed to turn the firm around and scale the business to the next level of success. We also discuss Cean’s role as CEO, including how he navigated having sole accountability and decision-making for the firm, how he adjusted his mindset from advisor to leader, and why he measures his success beyond his own contributions to the firm.
For show notes and more visit: https://www.kitces.com/306
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:06.8 | financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading |
| 0:12.1 | financial advisors navigated the inevitable challenges that arise on the path to success, |
| 0:17.2 | and get insight from leading industry consultants about how to break through to the next |
| 0:21.9 | level in your advisory business. And now here's your host, Michael Kitsas. Welcome, everyone. |
| 0:29.8 | Welcome to the 306th episode of the Financial Advisor Success podcast. My guest today's podcast is |
| 0:36.0 | Seen Kenneth Rick Rogers. Seen is the CEO and co-founder |
| 0:39.1 | of Ironwood Wealth Management, an independent RIA based in Chandler, Arizona, that oversees just |
| 0:44.1 | under $550 million in Asset Center Management for nearly 500 households. What's unique about Seen, though, |
| 0:50.3 | is how the path that he and his partners took to break away from the insurance and brokerage worlds to run their own independent RIA, inadvertently created a three-way struggle |
| 0:58.5 | to find the proper compensation and accountability across their differing books of business |
| 1:03.1 | and ultimately forced them to seek third-party intervention from an industry consultant |
| 1:07.1 | to allow them to restructure the partnership and roles in compensation, which then |
| 1:12.3 | unlock the next stage of growth and scaling up the business. In this episode, we talk in depth |
| 1:17.4 | about the journey that's seen in his partners took from originally starting their careers |
| 1:21.3 | an insurance company, then moving to an independent broker dealer until they ultimately decided |
| 1:25.5 | to transition to an independent RIA and on the advice of |
| 1:28.8 | their attorney dropped their FINRA licenses altogether to reduce the risks to the RIA and simplify |
| 1:34.1 | its ADV. |
| 1:35.7 | How, after struggling with infighting over proper compensation and accountability amongst the partners |
| 1:40.4 | and almost reaching the point of business dissolution, Seine and his partners sought |
| 1:45.0 | help from an industry consultant to restructure the firm roles and create compensation structures |
... |
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