Ep 318: From So Many Clients To So Few: Transitioning From Retail Brokerage To The Multi-Family Office With Ali Swart

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 31 January 2023

⏱️ 96 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ali Swart is a Partner and Managing Director for Waldron Private Wealth, a multi-family office based out of Pennsylvania that oversees nearly $3-billion in assets under management for 280 ultra-high-net-worth clients. Ali made a unique transition from a retail brokerage firm, where she served nearly 400 clients and was also responsible for acquiring more business, to a multi-family office where she works with specialized client relationship teams that limit the number of clients per advisor to no more than 10 at any given time.

Listen in as Ali discusses the "white glove" service offered by her firm, which serves ultra-high-net-worth families through specialized client relationship teams focusing on wealth planning, investing, and client service, and details the in-depth financial plan offering for prospects, which can take several weeks to months to develop and aims to foster strong relationships with clients. We also discuss Ali’s personal journey, including her decision to leave her previous firm and negotiate for a formal maternity leave policy, her goal to become a partner by age 40, and the importance of maintaining alignment with her core values of family, finance, and fitness.

For show notes and more visit: https://www.kitces.com/318

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 level
0:22.3	in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. Welcome to the
0:29.3	318th episode of the Financial Advisor's Success podcast. My guest's podcast is Ali Swart. Allie's a partner
0:36.9	and the managing director for Waldron
0:38.6	Private Wealth, a multifamily office based in Bridgefield, Pennsylvania that oversees nearly
0:42.9	$3 billion in asset center management for 280 ultra high net worth family households. What's unique
0:48.7	about Ali, though, is how she transitioned from a retail brokerage firm where she served nearly
0:52.7	400 clients and was responsible
0:54.9	for business development to get more of them, to a multi-family office serving clients through
0:59.1	specialized teams that keep advisor capacity in no more than about 10 clients per advisor at any
1:04.7	given time. In this episode, we talk in depth about how Ellie and her firm serve their
1:09.7	ultra-high net worth families
1:10.9	with client relationship teams of wealth planning, investing in client service to delve into the
1:15.3	full depth of the financial complexities while delivering their white glove service.
1:20.9	How Waldron instituted an in-depth upfront financial plan offering for prospects that can take
1:25.5	anywhere from three weeks to six months to
1:27.7	develop and deliver, with the intention of building their relationships so well during that time
1:32.9	that when they have to actually decide whether the firm will be hired to implement the recommendations,
1:37.5	a prospective client would so feel like they're already involved that it would be firing
	...

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