Ep 361: Scaling A $2.4B Advisory Enterprise With Debt-Financed Acquisitions Into High-Productivity Pods, With Peter Tiboris

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 28 November 2023

⏱️ 88 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Peter Tiboris is a Partner of Park Avenue Capital, an advisory firm affiliated with Northwestern Mutual based out of New York City that oversees $2.4 billion in assets under management for over 1,300 households. Peter and his business partner have distinctively grown their firm within the Northwestern Mutual ecosystem through organic expansion and strategic mergers and acquisitions. Their position as one of the largest Northwestern Mutual offices, coupled with their ability to leverage debt-financing, has given them a competitive edge that propels their growth.

Listen in as Peter dives into Park Avenue Capital's growth strategies, highlighting their unique approach to acquisitions and the innovative bank financing arrangements that fuel their serial acquisitions. He also shares insights into the creation of 3-person advisor pods designed to enhance client capacity and the firm's commitment to a service-oriented culture that fosters client loyalty, reflects on his entry into the industry post-9/11, and breaks down his forward-thinking approach to business decisions.

For show notes and more visit: https://www.kitces.com/361

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner,
0:08.5	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
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.
0:29.0	Welcome to the 361 episode of the Financial Advisor Success Podcast. My guest on today's podcast is
0:35.1	Peter Toboris. Peter is a partner of Park Avenue Capital,
0:38.4	an advisory firm affiliated with Northwestern Mutual based in New York City that oversees $2.4 billion
0:43.6	in asset center management for almost 1,400 client households. What's unique about Peter,
0:48.8	though, is how he and his business partner have built up their firm through a combination of organic
0:52.8	growth and a series of mergers
0:54.3	and acquisitions all conducted within the Northwestern Mutual ecosystem, where Park Avenue Capital
0:59.3	size is one of the largest Northwestern Mutual offices in the country, and their ability to access
1:03.6	debt financing provides a unique acquisition differentiator that's just further accelerating
1:09.1	their growth. In this episode, we talk in depth about
1:11.8	how Park Avenue Capital has grown to 20 million of revenue through a combination of organic growth
1:16.6	and M&A activity, their approach to evaluating and valuing potential acquisitions and the unique
1:21.4	bank financing arrangements that they've been able to make to fund serial acquisitions over
1:26.0	time. The way Peter and his firm have built
1:28.8	out three-person advisor pods, including a lead advisor and associate and a client service administrator,
1:34.2	and structures team support around the pods to allow them to increase their client capacity
1:38.1	and productivity with a target of 50% gross profit margins. And how Peter and his business partner
	...

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