Ep 347: When The Firm You Sell To Gets Sold And You Have To Reinvent Yourself With Cary Carbonaro

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 22 August 2023

⏱️ 87 minutes

🔗️ Recording | iTunes | RSS

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Summary

Cary Carbonaro is the Senior Vice President and Director of Women and Wealth Services for Advisor Capital Management, an independent RIA with offices around the country that oversees more than $6 billion in assets under management for 1,700 households. Cary distinctively transitioned from selling her practice to United Capital to establishing a leadership role, only to later grapple with the sale of United Capital to Goldman Sachs. This shift presented complexities as she encountered a culture not attuned to her media-centric approach to advisor marketing.

Listen in as Cary recounts her decision to launch her own advisory practice during tech crashes and dwindling marketing budgets, as well as her subsequent choice to sell to United Capital. She also discusses the transformative sale of United Capital to Goldman Sachs and its impact on her marketing strategies, her efforts to buy back her practice, and her move to a smaller firm amidst personal challenges. You'll hear about Cary’s early career confidence struggles and how her evolving definition of success now goes beyond practice growth.

For show notes and more visit: https://www.kitces.com/347

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 Kitsas. Welcome, everyone.
0:28.9	Welcome to the 347th episode on the Financial Advisor's Success podcast. My guest on today's
0:34.1	podcast is Carrie Carbonearo. Carrie is the senior vice president and director of women and wealth services for
0:39.4	advisor capital management, an independent RIA with offices around the country and headquartered
0:43.7	in Ridgewood, New Jersey that oversees more than $6 billion in assets under management for
0:47.3	1,700 client families.
0:49.4	What's unique about Carrie, though, is how she navigated selling her practice to United
0:53.1	Capital and after several years of establishing herself in a leadership role there, then had to navigate
0:57.5	the sale of United Capital itself to Goldman Sachs. And the complexities and challenges that followed
1:02.2	as she found herself in a very different kind of culture that wasn't aligned to her media-driven
1:06.9	approach to advisor marketing. In this episode, we talk in depth about how in 2001, Carrie left her director of marketing
1:13.9	role at Lord Abbott selling mutual funds, and in the face of the tech crash, realized that
1:17.8	mutual fund companies were so cutting their marketing budgets that she may as well just launch
1:21.4	her own advisory practice instead.
1:23.7	How, after years of growing successfully on her own, Carrie realized that her gift was bringing
1:27.3	in clients and that she needed help scaling the back office and consequently decided to sell her
1:32.3	practice and tuck into United Capital and leverage their support systems.
1:35.9	And how Carrie then dealt with the sudden sale of United Capital Goldman Sachs that
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