Ep 344: Scaling To $5B By Going Narrow And Deep Across Multiple Business Segments At Once With Brad Barrett
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 1 August 2023
⏱️ 99 minutes
🧾️ Download transcript
Summary
Brad Barrett is the Managing Director and Partner of One Capital Management, an independent RIA based in Westlake Village, California, that oversees $5.3 billion in assets under management for more than 2,000 client households. Brad's unique approach to business development has helped his firm scale and grow organically by creating multiple niche specializations, or business segments, each led by a dedicated advisor team.
Listen in as Brad discusses the firm's unique approach to growth through the development of specialized business segments and the strategic acquisition of niche practices. You'll learn about their innovative media strategy, the importance of regular evaluation of business segments, and the lessons learned from a challenging partnership experience. Finally, Brad shares his insights on the benefits of specialization, the importance of setting realistic career expectations, and the pursuit of long-term advisor happiness and financial success.
For show notes and more visit: https://www.kitces.com/344
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 Kitsis. Welcome, everyone. |
| 0:28.6 | Welcome to the 344th episode of the Financial Advisor's Success Podcast. My guest on today's podcast is |
| 0:34.5 | Brad Barrett. Brad is the managing director and partner of one capital management, an independent RIA based |
| 0:39.5 | in West Lake Village, California, with locations across the country that oversees 5.3 billion |
| 0:44.4 | in asset center management for more than 2,000 client households. |
| 0:48.0 | What's unique about Brad, though, is how he helped his large multi-billion dollar firm |
| 0:51.8 | develop what they call business segments, which are essentially |
| 0:54.9 | multiple niche specializations, each with their own advisor leader and team, but all built on their |
| 0:59.7 | centralized investment management process and similar private wealth target clientele, |
| 1:04.0 | but done in a manner that allows the firm and each of its advisor teams to differentiate |
| 1:07.9 | themselves and create new channels of direct clients to help scale and |
| 1:11.7 | grow the firm organically. |
| 1:13.6 | In this episode, we talk in depth about how Brad developed their business segments such as |
| 1:18.1 | fire and police, sports and entertainment and cross-border Canadians, helping Braden the firm |
| 1:22.3 | scale and grow because they could leverage having their advisor teams seen as specialize experts |
| 1:26.7 | in multiple different channels, but without needing to fully commit the whole firm to just one. |
| 1:31.6 | How Brad and his firm have further accelerated their growth by seeking out and acquiring |
| 1:35.3 | niche practices to turn into business segments for one capital, which means they pay even higher |
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