How to Lead M&A with Strategic Growth in Mind

Speaker: 00:00:01

Welcome to the Adjusted for Risk podcast.

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Join myself, Brian Naumann, as I

talk markets, investments, economics,

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and life as I help prepare you

for the upcoming week in markets.

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I work for Zephyr, and all opinions

expressed by myself and my podcast

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guests are solely of their own opinions

and do not reflect the opinion of

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Zephyr or Informa, its parent company.

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This podcast is for information

purposes only and should not be

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relied on for investment decisions

Hello, everyone, and welcome to

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Zephyr's Adjusted for Risk podcast.

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We are recording on location at the

Steward Symposium, which is going to be

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a great few days of fun conversations,

great content, and great insights.

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You know, growth within the wealth

management space has been a mixed

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bag, with organic growth becoming

more difficult for RIAs, and which

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has forced some RIAs to focus more

on M&A to achieve that growth.

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Well, I have on two industry experts

who are going to share some insights

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into Steward Partners growth team.

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But first, today's episode is sponsored

by the award-winning Zephyr, which

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helps investment professionals

make more informed investment

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decisions on behalf of their clients.

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All right, enough from me.

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Let's go ahead and bring

on the stars of the show.

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I'd like to give a very warm welcome

to Scott Danner and Valerie Rivera.

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Scott is the chief growth officer,

and Valerie is the chief operating

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officer at Steward Partners.

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Scott, this is your second go-around.

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I'm so glad you, uh, I didn't

scare you away after the first

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one, so that's fantastic.

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And Val, thank you so much for coming on.

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It's an honor to have you on.

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scott, can you start by telling me

a little bit more about yourself?

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Yeah.

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First of all, thank you so

much for having us on the show.

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Um, it's also extremely fun and

delightful to do it with, uh,

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my partner in so many things in,

in, uh, in business, Val Rivera.

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Um, but we're, we're, we're here

and honored to be talking about

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M&A, growth, and all the fun stuff.

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The quick background is, um, you know,

I've, I've kind of been on all parts of

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the financial wealth management journey.

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I, I built the business from the

ground up, knocking on doors and cold

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calling in the old Edward Jones days.

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Um, I then built an enterprise called

Freedom Street Partners, and in

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seven years, we built that to $3.5

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billion and $25 million in revenue.

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Um, and then in 2023, we came over to

Steward Partners, merged our company in a

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full acquisition, and then Val and I led

the beginning parts of M&A at Steward.

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We joined Steward, we were at $30 billion.

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Today, we sit above $50 billion in assets,

and that growth trajectory is largely

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in part, a majority of it has been M&A.

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And so coming in fresh and being able

to continue our model and understanding

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practice management, understanding

the advisor, understanding the,

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the, uh, the process of what we all

go through has been a, a delight.

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And, um, and having Val alongside as

the COO of strategic growth with us to

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build this, it's been a, a great honor.

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So I'll let Val give her

background as well, right?

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Thanks, Scott, and, and

thanks for having us on today.

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Um, I started in the industry 24 years

ago, uh, started at American Funds,

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and then actually moved over to Edward

Jones as well as a financial advisor.

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Uh, and then, uh, when Scott started

Freedom Street Partners, we knew that,

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uh, not only were we good friends, but we

also wanted to continue to work together.

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And so moved over to Freedom Street

Partners, helped manage, uh, our, uh,

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market, going to market for Freedom

Street, and then now we are helping

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other advisors in the industry navigate

their, uh, next steps and next chapter.

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Mm-hmm.

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I love it that you guys

have worked previously, had

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your firm at Freedom Street.

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Both of you came over and now

running the growth team here.

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So that's probably rewarding that

you guys have done it together, and

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also makes it that cohe- you know, a

cohesive group that you know each other.

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It's not like you're starting over

or building something from new.

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So, uh, that's fantastic.

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So Scott, you know, most firms, um,

have an M&A or recruiting department.

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Steward has a growth team.

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What's the difference between, you

know, what you guys are doing as

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a growth team at Steward and other

firms, how they might have a M&A team

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or just a, you know, a separate team?

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Can you, uh, talk about what's the

difference and, and why does it matter?

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Yeah, I love that question because, um,

I think details matter, especially when

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it comes to relationships and words.

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So, um, I chose strategic growth as

the organizing set of words for our

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Uh, group of, of growth-oriented

individuals here at Stewart because

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I didn't wanna be a recruiter.

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I don't believe in telling you and

selling you on why something is great.

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I believe in attracting the

right people to the right model.

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Building a model that attracts people

is completely different than telling

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everyone why something is wonderful.

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And so for me, strategic growth meant

we were building something bigger

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than, than where you are at today.

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People need to be going towards something,

not leaving or running from something.

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And so, uh, we have presidents

of strategic growth.

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I have three across the country that

Val and I have on our team, and, uh,

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everybody is very diligent about that

word in growth, because growth, if

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you're not growing, you're dying.

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Yeah.

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Every company needs a growth

and business development.

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So I think that we're so intricate

in the growth story that it's really

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important that we help shape the fabric

of the company and we want that to

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be a bigger word, and growth is just

the, the biggest word we can get to.

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Yeah, exactly.

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And y- I love the, "If you're not

growing, you're dying," and it's so true.

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And, you know, if there's something

going on, it's s- it's growth, right?

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I've had numerous conversations over the

past two days, and the growth that you

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guys have experienced in nine years, but

even more recently, is, uh, phenomenal.

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So Scott, let's stay with

you again here real quick.

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You know, you've been a driving force

behind Stewart's expansion, that growth.

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What's your North Star, uh,

when evaluating whether a

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partnership or acquisition is,

is truly right and the right fit?

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Because I know one thing- A lot

of things I don't know, Scott and

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Val, but one thing I do know is at

Steward, culture is very important.

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Fit is very important.

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So how do you, when you're going

through and, you know, looking for

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strategic partners, um, what is

that one thing you're looking for

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to make sure that fit is right?

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So the first thing I'm looking for

is relationship over transaction.

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So any time you look at it as a

transaction, you're looking for a deal.

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That means somebody's looking to

take something from another person.

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That is not what we're looking for.

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We're looking for a partner.

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So you said the word

strategic partnership.

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Those words go together.

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Again, the power of those words, looking

for strategic partners to then make up

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the equity component of Steward Partners

is extremely important and dynamic.

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So we were just, uh, talking in our board

meeting about the benefits of not adding

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one advisor from one place, but adding the

advisor from one place, the 10X person,

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the one that's gonna expand the scope,

that's gonna bring everybody they know

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with them, and that's because they're

dynamic, they're energetic, they're the

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right human, and they have a personal

story, not just a professional story.

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Nothing drives me crazier than someone

whose identity is only their profession.

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That is not enough, and that's not

something that I wanna get into.

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I wanna actually build a relationship

and develop it on a much greater scale.

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Yeah, that's so spot on.

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Everyone … I feel everyone's

got a story, you know, and

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I love the unique stories.

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Everyone has their own unique story.

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Tell it, you know?

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And, and kind of be proud of it, um,

because, uh, Scott, to be honest with

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you, some of the, some of the, all the

professional stories are kind of boring.

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They get boring.

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Yeah, exactly.

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Val, you bring a unique lens to this

role as a woman leading operations

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on the growth side of a wealth

management firm, an area that

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historically is very male-dominated.

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How has your perspective shaped how a

Steward approaches growth differently,

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especially, like you said, in a

very male-dominated, uh, industry?

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Sure, and I think Scott, what

Scott mentioned earlier is, is key.

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We really look at this as a relationship

and a long-term relationship, so

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coming at it from that perspective and

really listening to what the concerns

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are for advisors, um, what I find it

mostly, it's not financial at all.

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Um, most of the concerns for advisors in

their next chapter is, you know, what is

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it gonna mean to the employees that work

for them, the clients that they serve?

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Um- Leaving a legacy for their family

or transitioning wealth to their family

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is some of the most important things.

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So working with them directly to

build that strategy, um, walk them

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through the process, understanding,

and ultimately, that's what is

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gonna drive a better outcome.

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Mm-hmm.

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That's fantastic.

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So do you think people don't, or like

an advisor who's thinking about moving

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their book over to Stewart, they don't

focus on the relationships enough?

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Or not even coming to Stewart, just

in the industry, they focus too

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much on dollar signs, getting a

payout, and do you think that's one

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of the biggest mistakes they make?

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I think, and a lot of our competitors

will look, like Scott said, will look

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at the transaction slowly- Mm … and

try and close a deal, and that's not

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what an advisor's really looking for.

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The hardest part for them is

navigating change- Mm … and

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having, knowing that there's somebody

to help walk them through that.

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So as a female in the industry, I feel

like that's where I bring, um, you

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know, have a, a little bit of advantage.

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Maybe women are, are better

listeners sometimes- … especially

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where- Yes, they are.

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… it's male-dominated, so you have a lot of

older gentlemen that are looking to make

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this transition, and then someone that's

helping them walk through that process.

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You have more of a care factor?

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Sure.

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Is that…

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I mean.

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I just want to jump in.

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I think it's, it's really interesting

because maybe it doesn't get noticed

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enough, but the nurturing benefit

of, of Val's demeanor and her ability

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to be patient in the process is

something that's extremely valuable.

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So I think this is something that,

you know, I could tell you right now,

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I have a lot less patience for the

crazy and the one-offs and the…

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There's been moments where I'm

like, "Hey, Val, you take it over.

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I'm done."

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"This, this is, uh, getting frustrating."

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And so, yes, I think to that extent

it's very valuable in that, um, we

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definitely can bring two different sets

of eyes to the way that we, um, we work

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together, and sometimes it has nothing

to do with being a man and a woman.

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Sometimes it has

everything to do with that.

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It depends on the human that we're

sitting across from, and, and

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what we find is we can usually

connect with the person sitting

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across, whether it's her or myself.

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We have a, a tendency to find

that, that common ground.

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You, and you're exactly right, Scott.

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At the end of the day, it

ju- that teamwork between the

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two of you works really well.

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You know what you're good at, Val, you

know the strengths that you bring to

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the table, and how to make it all work,

and because I'm sure that transition,

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that process for a financial advisor and

their clients and their team can be very

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stressful, and it's the biggest decision

that they're gonna make in their career.

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So having, you know, a team that

shows compassion in a relationship

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is probably very important.

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So Scott, the, y- when an advisor and

their team is considering joining Steward,

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what's the moment in the conversation

where you, you can tell, you know what?

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They get it.

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You know, that is different

from any other team.

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They get it.

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They understand the value

that Steward can bring.

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They understand the culture.

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Is there a point where it's like,

all right, you're, you're a good fit?

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Well, I think, I think the point starts

out in an intro conversation when they're,

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when, when we ask them a, a question about

their lives, and if they go right into

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only the business, I know right out of

the gate this is gonna be a transaction.

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If they have the ability to open

up and tell me a little bit about

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themselves, give me a little insight

into who they are and what they

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stand for, why are they doing this?

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How can we help them accomplish

what their goals are?

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So many times, they're, they're, they're

chasing the dollar, and then the dollar's

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empty, and then they don't understand what

they did wrong, but chasing the dollar

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will never, ever give them what they want.

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Mm-hmm.

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So if we help them achieve a greater

good, and we work at s- at something

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that's a little bit, uh, deeper, we

know that in that, that part of the

224

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conversation, we kind of know that,

that this relationship is pretty good.

225

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We got, we got a, a email the other

day from large team we had met with,

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and, and the lead partner sent us a

message that just said, "You know,

227

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we've, we've done 15 to 20 of these,

uh, interviews, and that was the first

228

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one where we felt connected to anybody.

229

00:13:47,129 --> 00:13:50,769

Your questions went deeper than

just our, our, our day job.

230

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It allowed me to open up about my kids,

about our life, about what we're trying

231

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to actually accomplish, and I just wanted

to thank you for making this process

232

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feel different than everybody else."

233

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Mm-hmm.

234

00:14:01,819 --> 00:14:05,419

I think that is a complete testament

to what we do that's a little bit

235

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unique, and I'm, I'm very proud

of, of how our team does that.

236

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Yeah.

237

00:14:10,949 --> 00:14:11,999

That's fantastic.

238

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And Val, you said it earlier

too that most financial advisors

239

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They want the relationship.

240

00:14:19,423 --> 00:14:21,153

Do you think it's a misconception?

241

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Because a lot of people think,

"Oh, financial advisors are

242

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just looking, oh, for money.

243

00:14:25,183 --> 00:14:27,513

They're just want power and money."

244

00:14:27,513 --> 00:14:29,623

And do you think that's a misconception?

245

00:14:29,623 --> 00:14:33,903

There's a lot of financial advisors

out there that actually want more than

246

00:14:33,903 --> 00:14:38,293

that, want the relationship, they want

with the firm that they're moving to.

247

00:14:38,623 --> 00:14:39,413

Yeah, 100%.

248

00:14:39,453 --> 00:14:43,843

I, I mean, most of these, you know,

most of the clients that you serve

249

00:14:43,883 --> 00:14:48,633

over decades become not only just your

clients, but you've built, you know,

250

00:14:48,673 --> 00:14:51,873

advisors have built really strong

relationships, and they really care

251

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about who they're handing that off to.

252

00:14:53,983 --> 00:14:59,653

And so I feel like as advisors go through,

um, a transition, they're most concerned

253

00:14:59,663 --> 00:15:03,193

about not themselves or the monetary

aspect of the deal, but they're really

254

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concerned about making sure they're

making the right decision for not only

255

00:15:06,513 --> 00:15:09,633

their clients, but also their team

and people that have worked with them.

256

00:15:09,923 --> 00:15:12,593

So they carry that burden on

their shoulders- Mm-hmm … that

257

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they're making the right decision

for all these other people.

258

00:15:15,443 --> 00:15:16,843

Yeah, that's fantastic.

259

00:15:16,883 --> 00:15:23,013

And I, I, it's spot on because

especially now with, you know, so

260

00:15:23,013 --> 00:15:26,343

many advisors getting older, they've

got to look at succession planning.

261

00:15:26,353 --> 00:15:30,803

A lot of times that might be with their

family, maybe their kids, daughters, sons.

262

00:15:30,813 --> 00:15:35,273

So they gotta look at it beyond

themselves, um, in that move.

263

00:15:35,273 --> 00:15:40,693

So Val, the due diligence process

for M&A and recruiting is very

264

00:15:40,693 --> 00:15:42,843

competitive, very intense.

265

00:15:42,863 --> 00:15:44,633

You guys know it better than anyone.

266

00:15:45,223 --> 00:15:49,223

Walk us through what Stewart

looks for beyond the numbers.

267

00:15:49,313 --> 00:15:54,313

Scott, you kind of mentioned it before,

there's more than just recurring revenue,

268

00:15:54,653 --> 00:15:56,573

you know, what's in the book of business.

269

00:15:56,763 --> 00:15:59,463

What are the intangibles

that make or break a deal?

270

00:16:00,795 --> 00:16:03,605

So yeah, we're gonna look

at how the business is run.

271

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Um, we wanna understand how the

practice operates, so when we're

272

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integrating the practice, that we

can make it as smooth as possible.

273

00:16:12,275 --> 00:16:15,935

So that might come down to certain

technologies that are very important in

274

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the bus- to run and operate the business

on a daily basis, certain team members,

275

00:16:20,335 --> 00:16:23,825

how do they fit into the new, uh,

infrastructure that they're coming into.

276

00:16:24,445 --> 00:16:26,245

And then we have a great

team that surrounds us.

277

00:16:26,245 --> 00:16:27,875

So Scott and I don't do it ourselves.

278

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We have great department heads.

279

00:16:29,525 --> 00:16:30,625

We all work together.

280

00:16:30,935 --> 00:16:35,375

I mean, I think the key in due diligence

and integration is communication

281

00:16:35,375 --> 00:16:39,355

amongst all of us at Stewart Partners

to really deeply understand how that

282

00:16:39,355 --> 00:16:43,045

practice is functioning, and that when

they come over, that they can continue

283

00:16:43,045 --> 00:16:45,505

to run their business the way they

operate and run the business today.

284

00:16:46,405 --> 00:16:48,195

Val, you brought up operations.

285

00:16:48,665 --> 00:16:51,885

Obviously, you're the chief

operating officer, so you're

286

00:16:51,885 --> 00:16:53,615

very good at operations.

287

00:16:54,025 --> 00:16:59,025

What … You know, growth at this

pace, like we've talked about, uh,

288

00:16:59,075 --> 00:17:01,735

Stewart is experiencing huge growth.

289

00:17:02,095 --> 00:17:05,845

F- um, the pace of growth

is very fast and steep.

290

00:17:06,625 --> 00:17:09,625

How do you make sure that

that infrastructure within the

291

00:17:09,625 --> 00:17:14,055

operations and the processes can

keep up with the pace of growth?

292

00:17:14,875 --> 00:17:19,045

So we've certainly adapted some

technology, right, and tools to make

293

00:17:19,045 --> 00:17:20,744

sure that communication is flowing.

294

00:17:20,755 --> 00:17:26,285

That's, I would say, the most key point of

an integration and due diligence process,

295

00:17:26,395 --> 00:17:32,145

is making sure that, um, everybody on

the team understands this team coming

296

00:17:32,145 --> 00:17:37,545

in, and that we know that, uh, we are

set up and ready to bring them on board.

297

00:17:37,555 --> 00:17:41,185

So having the right people in

place, having the systems and

298

00:17:41,185 --> 00:17:44,625

processes, checklists, there's lots

of checklists and tests that we

299

00:17:44,625 --> 00:17:48,325

go through, um, and everybody has

that r- that role in the process.

300

00:17:48,565 --> 00:17:50,185

And then it's more of a rinse and repeat.

301

00:17:50,505 --> 00:17:50,535

Okay.

302

00:17:50,545 --> 00:17:52,835

Now, transitions are

always different, right?

303

00:17:52,845 --> 00:17:54,125

There's always gonna be something.

304

00:17:54,565 --> 00:17:57,045

Um, I tell advisors this all

the time when they onboard.

305

00:17:57,455 --> 00:18:00,125

You know, everybody says, "Okay, we

want you to have a smooth transition."

306

00:18:00,125 --> 00:18:02,105

Is there gonna be things

that come up unexpected?

307

00:18:02,105 --> 00:18:02,475

Sure.

308

00:18:02,485 --> 00:18:02,805

Mm-hmm.

309

00:18:02,805 --> 00:18:03,645

Every single time.

310

00:18:04,165 --> 00:18:07,005

But it's really managing the

expectations of the advisors as they

311

00:18:07,005 --> 00:18:09,985

come over, and then knowing that

we're gonna solve for it as a team.

312

00:18:10,565 --> 00:18:15,005

I think that's fantastic, and it's

so important to whether a financial

313

00:18:15,015 --> 00:18:19,455

advisor has their client talking about

investments is manage expectations.

314

00:18:19,735 --> 00:18:23,735

And if you don't set those expectations

at the beginning, it probably

315

00:18:23,735 --> 00:18:27,795

causes issues down the road, or it

could cause issues down the road.

316

00:18:28,325 --> 00:18:34,675

Scott, there's a lot of noise in the M&A

space right now, private equity, private

317

00:18:34,675 --> 00:18:40,525

equity, whether we're investing, wanna

get it in portfolios, or private equity

318

00:18:40,525 --> 00:18:48,845

is investing in, um, getting a piece of

the M&A pie, consolidators, aggregators,

319

00:18:48,875 --> 00:18:50,685

all competing for the same talent.

320

00:18:50,805 --> 00:18:54,925

How does Stewart cut through that

noise and kinda separate yourself

321

00:18:54,935 --> 00:18:58,753

from all these other folks out there?

322

00:18:59,253 --> 00:19:01,263

Listen, I think it's,

it's like anything else.

323

00:19:01,293 --> 00:19:03,583

I don't believe anything is competition.

324

00:19:03,603 --> 00:19:06,313

I believe the only competition

we have is within ourselves.

325

00:19:06,643 --> 00:19:11,163

So at the end of the day, knowing who

we are, how we put ourselves out there

326

00:19:11,163 --> 00:19:15,443

in the open market, what we stand for,

what we don't stand for, and standing

327

00:19:15,443 --> 00:19:17,703

by it, is what differentiates us.

328

00:19:17,733 --> 00:19:19,453

I don't need to be like anybody else.

329

00:19:19,453 --> 00:19:21,043

I don't want to be like anybody else.

330

00:19:21,053 --> 00:19:22,303

Steward is unique.

331

00:19:22,303 --> 00:19:28,143

Steward is growing at a unique pace, and

we stand out because we are different.

332

00:19:28,543 --> 00:19:29,633

And so I don't…

333

00:19:29,663 --> 00:19:35,433

Uh, I think just knowing that is a,

is a major benefit to this process.

334

00:19:36,373 --> 00:19:36,963

I love that.

335

00:19:37,013 --> 00:19:37,173

If…

336

00:19:37,203 --> 00:19:41,353

When you're confident in what you

do, it's like, who cares what's

337

00:19:41,353 --> 00:19:43,283

going on in the outside world, right?

338

00:19:43,343 --> 00:19:46,333

Like, this is what we do,

and you know who you are.

339

00:19:46,773 --> 00:19:50,613

Um, you might know what maybe

you're not good at, what you can't

340

00:19:50,613 --> 00:19:52,163

do, but you know what you can do.

341

00:19:52,163 --> 00:19:52,883

And you know what?

342

00:19:53,253 --> 00:19:55,133

If you like it, jump on board.

343

00:19:55,133 --> 00:19:56,883

If not, then you know what?

344

00:19:57,373 --> 00:19:58,963

We'd find somewhere else.

345

00:19:58,993 --> 00:19:59,243

Yeah.

346

00:19:59,253 --> 00:20:03,443

I, I celebrate, um, the wins of our,

of our, of our counterparts, the

347

00:20:03,443 --> 00:20:07,463

people that I know in the industry,

when they're- when they take on a

348

00:20:07,463 --> 00:20:09,193

team, maybe we both talk to that team.

349

00:20:09,223 --> 00:20:13,413

I celebrate it for them because if

it's the right fit for that human and

350

00:20:13,413 --> 00:20:16,703

it's the right relationship for them,

then I'm rooting for them to win.

351

00:20:17,033 --> 00:20:19,113

If the industry's winning,

we're all winning.

352

00:20:19,463 --> 00:20:21,293

Another thing that's

really important, you know?

353

00:20:21,293 --> 00:20:25,243

That's, that's a, that's a

very, um, important part.

354

00:20:25,283 --> 00:20:27,213

I'm not rooting against anybody.

355

00:20:27,273 --> 00:20:31,403

I'm rooting for the industry- Mm-hmm

… rooting for wealth management, and

356

00:20:31,403 --> 00:20:35,093

rooting for the individual that's

looking for the right fit in their lives.

357

00:20:35,293 --> 00:20:35,623

Yeah.

358

00:20:35,753 --> 00:20:36,963

No, that's a very good point.

359

00:20:36,983 --> 00:20:38,093

What's the saying?

360

00:20:38,603 --> 00:20:41,623

A rising sea lifts all boats, right?

361

00:20:41,633 --> 00:20:41,643

100%.

362

00:20:41,653 --> 00:20:46,733

So if the industry is rising, everyone

should hopefully benefit, right?

363

00:20:46,793 --> 00:20:51,523

And like you said, it makes for a better

industry and better everyone involved.

364

00:20:51,753 --> 00:20:53,883

Every- hopefully even a podcaster.

365

00:20:56,433 --> 00:20:56,523

Um- 100%.

366

00:20:56,523 --> 00:21:00,863

What's, uh, stay with you, Scott,

what's the biggest misconception

367

00:21:00,893 --> 00:21:05,633

advisors have when they first engage

with Steward about a transition or a

368

00:21:05,653 --> 00:21:07,833

partnership, and how do you address it?

369

00:21:09,691 --> 00:21:10,741

It's a great question.

370

00:21:10,821 --> 00:21:18,471

The, the biggest misconception I think

is, excuse me, maybe they, maybe they

371

00:21:18,471 --> 00:21:24,561

struggle with understanding the value of

the entire team and the entire process.

372

00:21:24,821 --> 00:21:28,021

So I think, I think sometimes

there's a lot of education

373

00:21:28,021 --> 00:21:29,271

that goes with this process.

374

00:21:29,271 --> 00:21:36,711

They're not often, uh, maybe as prepared

going to market, and so we spend

375

00:21:36,711 --> 00:21:42,261

a lot of time helping and coaching

them in the process, f- whether it's

376

00:21:42,271 --> 00:21:47,741

from, uh, understanding the economics

to understanding team dynamics.

377

00:21:48,151 --> 00:21:53,301

Um, one of the other things we talk a lot

about is the value of the team and making

378

00:21:53,301 --> 00:21:57,991

sure the entire team is winning in an, in

an, in a, uh, a transaction of any kind.

379

00:21:58,311 --> 00:22:00,681

So if we're gonna be building a

relationship and it's gonna be about

380

00:22:00,681 --> 00:22:04,391

the future, we have to make sure that

every single human as a part of this

381

00:22:04,401 --> 00:22:06,081

is gonna be winning in some capacity.

382

00:22:06,441 --> 00:22:09,311

And so I think those are often

little surprises that pop up.

383

00:22:09,311 --> 00:22:12,481

I don't think there's, there's as

big a surprise as today as maybe

384

00:22:12,751 --> 00:22:16,551

several years ago, but today I

think that's, that's a big one.

385

00:22:16,551 --> 00:22:21,031

The, the last point I'll say, and, and you

asked Val a question a, a few minutes ago,

386

00:22:21,451 --> 00:22:26,251

um, about what are we looking for and what

are the things that really stand out, I

387

00:22:26,251 --> 00:22:31,521

think I always say I want the individual

to not be the god of their practice.

388

00:22:31,521 --> 00:22:35,171

I want them to be a prophet for their

practice, meaning that when they come

389

00:22:35,171 --> 00:22:37,511

to us, they have a solid next gen.

390

00:22:37,941 --> 00:22:40,351

They have systems and processes.

391

00:22:40,671 --> 00:22:44,551

The practice is bigger

than them That adds value.

392

00:22:44,931 --> 00:22:45,131

Mm-hmm.

393

00:22:45,141 --> 00:22:49,601

And so educating people on that,

not everything running through you.

394

00:22:49,601 --> 00:22:51,331

If everything runs through

you, that's dangerous.

395

00:22:51,361 --> 00:22:55,471

And, and believe it or not, in those

intros, in those very first conversations,

396

00:22:55,711 --> 00:22:59,541

we often can tell if they're the

god of the practice or if they've

397

00:22:59,551 --> 00:23:03,991

built a system and a process around

the practice to serve their clients.

398

00:23:04,521 --> 00:23:06,111

You know, that's a really good point.

399

00:23:06,111 --> 00:23:12,451

I've had a lot of conversations about

this, and it's all about th- the value

400

00:23:12,501 --> 00:23:17,851

of a practice increases when you have

more processes and it's not just, like

401

00:23:17,851 --> 00:23:20,041

you said, on one person, that one god.

402

00:23:20,071 --> 00:23:26,611

If it is spread across multiple people,

there's efficiencies, technology, they've

403

00:23:26,611 --> 00:23:31,901

got pro- it makes practice more valuable,

and probably a lot easier to transition.

404

00:23:32,001 --> 00:23:32,811

Yeah, integrate.

405

00:23:32,841 --> 00:23:33,211

Yeah.

406

00:23:33,281 --> 00:23:35,271

And also, too, do you think…

407

00:23:35,641 --> 00:23:38,971

You mentioned, Scott,

there's less surprises.

408

00:23:39,031 --> 00:23:43,871

Do you think it's because advisors now

are doing a better job planning and

409

00:23:43,871 --> 00:23:48,431

just preparing, thinking about, you

know, more so than maybe 10 years ago,

410

00:23:48,431 --> 00:23:52,341

they're thinking about what are they

doing, what do they want, and that

411

00:23:52,341 --> 00:23:55,571

planning process is more comprehensive?

412

00:23:55,701 --> 00:23:57,451

I, I don't, I don't know if…

413

00:23:57,661 --> 00:23:59,481

I, I'll, maybe I'll take

it a different direction.

414

00:23:59,551 --> 00:24:01,231

I don't know if they're

doing any more planning.

415

00:24:01,841 --> 00:24:04,871

I think advisors often

plan last for themselves.

416

00:24:04,921 --> 00:24:08,731

So they, they're great at planning

for their clients, and quite frankly,

417

00:24:08,731 --> 00:24:11,451

if their clients brought them some of

the deals that we've put in front of

418

00:24:11,461 --> 00:24:14,821

people, they would tell their clients

they're crazy to not take them, right?

419

00:24:14,821 --> 00:24:15,891

There's, there, there's an…

420

00:24:15,921 --> 00:24:20,071

It's a, it's a miracle how hard it is for

them to make the decision, but for their,

421

00:24:20,081 --> 00:24:24,161

for them to tell their clients the same

situation, it's like a, a no-brainer.

422

00:24:24,441 --> 00:24:28,551

I actually just think the topic,

conversations like this, podcasts

423

00:24:28,561 --> 00:24:32,741

like this, s- uh, stages at, at

major conferences, this is the

424

00:24:32,741 --> 00:24:34,651

number one most requested topic.

425

00:24:34,871 --> 00:24:39,721

So I think now, three years, four

years later, we're finally seeing

426

00:24:39,731 --> 00:24:44,151

people listening- Mm-hmm … opening

up, communicating, actively talking

427

00:24:44,151 --> 00:24:45,591

about what's working and what's not.

428

00:24:46,011 --> 00:24:48,311

And, and I think that is, is the, uh…

429

00:24:48,491 --> 00:24:52,731

I'm a big soccer fan, and, you know,

growing up and, and playing soccer for

430

00:24:52,751 --> 00:24:57,281

30, 40 years in this, in this country,

there's been a progression of soccer.

431

00:24:57,611 --> 00:25:00,541

And now more people understand

it, more people are going to

432

00:25:00,541 --> 00:25:01,871

games all over the country.

433

00:25:01,911 --> 00:25:03,711

I kinda feel like M&A is like that.

434

00:25:03,941 --> 00:25:08,481

In our industry, people are now starting

to talk about something that's always

435

00:25:08,501 --> 00:25:12,211

been an option, it's always been cool-

Yeah … it's always been something

436

00:25:12,211 --> 00:25:16,081

that can solve, uh, you know, your,

your biggest challenges, and it's

437

00:25:16,091 --> 00:25:17,731

fun, and it's fun to talk about.

438

00:25:17,731 --> 00:25:20,331

And the more we talk about it,

the more people are educated, and

439

00:25:20,331 --> 00:25:21,791

then it becomes better planning.

440

00:25:22,091 --> 00:25:24,101

No, that's fantastic,

because you're right.

441

00:25:24,953 --> 00:25:26,043

We talk about it a lot.

442

00:25:26,423 --> 00:25:27,973

You know, wealthmanagement.com,

443

00:25:27,983 --> 00:25:31,853

they, their front page is

covered with just M&A deals

444

00:25:31,853 --> 00:25:33,993

and, and whatever, um, it is.

445

00:25:33,993 --> 00:25:35,573

So it is a hot topic.

446

00:25:35,993 --> 00:25:40,753

So Val, the two of you, you and

Scott, you guys operate as a team,

447

00:25:40,763 --> 00:25:42,743

a very good, a cohesive team.

448

00:25:42,763 --> 00:25:46,863

I can tell just by this conversation

how well you two work together.

449

00:25:47,663 --> 00:25:51,043

At the top of the growth

function, you guys work as a team.

450

00:25:51,113 --> 00:25:53,043

How do your roles complement each other?

451

00:25:53,043 --> 00:25:57,673

You kinda s- mentioned it at the beginning

how you complement each other, and what

452

00:25:57,673 --> 00:26:02,423

does that dynamic produce that maybe a

single leader can't, where maybe there's

453

00:26:02,423 --> 00:26:04,813

just one growth officer and that's it?

454

00:26:05,193 --> 00:26:06,993

How, why is it better to have a team?

455

00:26:07,593 --> 00:26:10,233

Yeah, 'cause we, we're both

great at different things, right?

456

00:26:10,233 --> 00:26:13,033

So Scott is exceptional

at seeing what's possible.

457

00:26:13,653 --> 00:26:16,313

I'm focused on making sure what's

possible becomes a reality.

458

00:26:16,433 --> 00:26:22,223

Um, so Scott's really great at painting

a picture, vision planning with advisors,

459

00:26:22,603 --> 00:26:27,283

um, focusing on what's most important

to them, and then I think about things

460

00:26:27,283 --> 00:26:32,323

like strategy, execution, delivering

on our commitments to advisors.

461

00:26:32,823 --> 00:26:37,213

Um, we balance each other really well,

and we, we, we've worked together for

462

00:26:37,213 --> 00:26:43,423

over 20 years, um, and we just, we've

always worked well together because we

463

00:26:43,423 --> 00:26:45,193

balance each other in different aspects.

464

00:26:45,393 --> 00:26:46,633

We're great at different things.

465

00:26:47,223 --> 00:26:47,993

Mm-hmm.

466

00:26:48,003 --> 00:26:51,593

Yeah, that's fanta- and like I said, I

could tell just during this 30-minute

467

00:26:51,593 --> 00:26:53,393

conversation, you guys work well together.

468

00:26:53,733 --> 00:26:57,513

Lastly, Val, we'll just start

with you, then go over to Scott.

469

00:26:57,943 --> 00:27:00,073

Where is Steward's growth story headed?

470

00:27:00,313 --> 00:27:04,403

Where are we going from here maybe

three, four, five years from now?

471

00:27:04,403 --> 00:27:07,713

Let's get our crystal,

crystal balls out here.

472

00:27:07,713 --> 00:27:12,453

What does success look like for your

team, you know, into the future?

473

00:27:13,253 --> 00:27:14,333

I think we're just starting.

474

00:27:14,383 --> 00:27:17,053

I mean, Scott and I started this

M&A division here at Steward

475

00:27:17,053 --> 00:27:18,203

two and a half years ago.

476

00:27:18,873 --> 00:27:24,233

We've seen huge momentum since then, and

it's just rapidly continuing to grow.

477

00:27:24,713 --> 00:27:29,733

Um, I'll let Scott s- Scott answer, uh,

pick up from where Steward's future is,

478

00:27:29,753 --> 00:27:34,423

but it's bright, and, uh, we're just

enjoying the ride as, as we work each day.

479

00:27:36,503 --> 00:27:37,123

Yeah, I, I…

480

00:27:37,163 --> 00:27:42,953

Listen, I think the, um, we've, we've

seen 30 billion to 50 billion in AUM,

481

00:27:43,343 --> 00:27:49,343

ninth on Barron's list, growth of our,

of our teams, all of our back office

482

00:27:49,343 --> 00:27:56,223

integration is, is becoming more and

more, um, just connected and cohesive.

483

00:27:56,233 --> 00:27:56,253

Mm-hmm.

484

00:27:56,263 --> 00:28:00,023

All those things are great, and that

just means the foundation is strong.

485

00:28:00,463 --> 00:28:02,913

I see us, you know, at $100 billion firm.

486

00:28:02,913 --> 00:28:08,833

I see us growing to a place where, um,

you know, we continue to attract the

487

00:28:08,833 --> 00:28:12,983

next level talent and yesterday's talent.

488

00:28:13,193 --> 00:28:16,913

If you are the best at your firm,

this is the place you wanna work.

489

00:28:17,103 --> 00:28:19,813

This is the place you

wanna actually retire.

490

00:28:19,853 --> 00:28:22,873

This is the place that you

don't have to sell out- Mm-hmm

491

00:28:22,883 --> 00:28:26,213

but you can sell and be a part of

something bigger than yourself.

492

00:28:26,693 --> 00:28:28,383

Very few places are like that.

493

00:28:28,633 --> 00:28:30,893

And so I think, I think

it's really exciting.

494

00:28:31,263 --> 00:28:33,973

Um, you know, and it's exciting to

do it with, with the right team.

495

00:28:34,283 --> 00:28:40,443

So for us, watching, uh, Jim and High

have found this company and build it, but

496

00:28:40,453 --> 00:28:45,673

be open enough to take it in different

directions, that's also, that also

497

00:28:45,673 --> 00:28:49,413

shows you a lot about this board, a lot

about our leadership, and about what

498

00:28:49,413 --> 00:28:51,473

we've been able to do within a system.

499

00:28:51,773 --> 00:28:55,603

So this system and this infrastructure

was existent before we joined.

500

00:28:55,893 --> 00:28:59,943

We are very grateful to be building upon

it, but now we're building something

501

00:28:59,953 --> 00:29:04,503

that is rapidly growing, and if someone's

listening out there and they're, they're

502

00:29:04,503 --> 00:29:07,543

not attracted to this, I think they're

missing where the industry's heading.

503

00:29:07,613 --> 00:29:07,953

Yeah.

504

00:29:08,103 --> 00:29:09,023

That's fantastic.

505

00:29:09,593 --> 00:29:12,577

Scott I think that's a

great way of wrapping it up.

506

00:29:12,577 --> 00:29:16,087

It's like you have your own podcast

the way you wrapped it all up.

507

00:29:16,667 --> 00:29:16,917

Yeah.

508

00:29:16,927 --> 00:29:20,347

Real quick, where can our audience get

more information about your podcast?

509

00:29:20,377 --> 00:29:22,767

So, uh, my podcast is The

High Performance Life.

510

00:29:23,097 --> 00:29:25,987

Um, and, uh, it's Scott

Danner is the name.

511

00:29:25,987 --> 00:29:28,677

And so if you just, if you just

put in Scott Danner on, on Apple

512

00:29:28,677 --> 00:29:31,377

Podcasts, Spotify, YouTube, anywhere.

513

00:29:31,787 --> 00:29:34,077

Um, believe it or not, we

don't talk about the industry.

514

00:29:34,077 --> 00:29:37,967

We talk about life, love- Mm-hmm

… impact, faith and energy, and the

515

00:29:37,967 --> 00:29:42,147

four parts and components that I

believe make up an imbalanced life.

516

00:29:42,167 --> 00:29:43,427

We're all imbalanced.

517

00:29:43,707 --> 00:29:47,897

And so, you know, I just had one of the

top Alzheimer's doctors on my show the

518

00:29:47,897 --> 00:29:52,747

other day who had just done a presentation

of 5,000, uh, doctors and neuroscientists

519

00:29:52,767 --> 00:29:57,867

in the space, but how valuable that can

be to adding value to our clients or our

520

00:29:57,867 --> 00:29:59,567

relationships or our business partners.

521

00:29:59,567 --> 00:30:01,497

And so that's the part that I really love.

522

00:30:01,497 --> 00:30:02,357

It's all unified.

523

00:30:02,357 --> 00:30:05,197

It's all part of it, and, uh,

we, we appreciate any listeners.

524

00:30:05,737 --> 00:30:06,207

I love it.

525

00:30:06,287 --> 00:30:07,267

Fantastic.

526

00:30:07,907 --> 00:30:08,397

Awesome.

527

00:30:08,487 --> 00:30:09,867

Thank you so much, Val.

528

00:30:09,937 --> 00:30:10,887

Thank you, Scott.

529

00:30:10,927 --> 00:30:12,747

Really fun conversation.

530

00:30:12,747 --> 00:30:16,877

I love to just listening to

you guys chat back and forth.

531

00:30:16,927 --> 00:30:19,697

Um, very insightful, fun conversation.

532

00:30:19,707 --> 00:30:20,787

Thank you for coming on.

533

00:30:20,817 --> 00:30:21,727

It was an honor.

534

00:30:22,247 --> 00:30:24,827

Thank you everyone for listening

to this episode of Zephyr's

535

00:30:25,347 --> 00:30:26,917

Adjusted for Risk podcast.

536

00:30:26,927 --> 00:30:31,177

You can watch all of our other episodes

on the Zephyr YouTube channel, Spotify,

537

00:30:31,177 --> 00:30:33,667

and wherever else you get your podcasts.

538

00:30:34,007 --> 00:30:37,547

And please be sure to like, subscribe

and give us a follow on LinkedIn.

539

00:30:37,877 --> 00:30:40,217

Thank you very much, and have

a great rest of your week.

540

00:30:45,189 --> 00:30:45,859

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