RIA leaders face a dilemma: they want outside capital to generate liquidity and drive growth, but don’t want to lose independence and be forced to undergo ownership changes every few years. These leaders have built their firms from the ground up. They want to uphold their brand and the promises they’ve made to their clients.
Aspen Standard Wealth is the solution that RIA leaders have been looking for. Aspen was founded to provide RIA leaders with long-term investment capital and the support needed to attain exceptional talent and organic growth, all rooted in a deep respect for a firm’s existing brand and culture.
We recently connected with Aly Kassim-Lakha, CEO of Aspen, to learn more about the firm’s unique approach to long-term partnerships with RIAs.
Aly, Aspen differentiates itself with a focus on long-term partnerships with RIAs. What exactly does that mean?
Aspen is a permanent home for RIAs. We’re modeled after Berkshire Hathaway in that we attract RIA owners wanting a long runway to operate, while leveraging the carefully crafted brand and legacy that their clients know and expect.
When we acquire RIAs, we hold them indefinitely. Neither Aspen, nor the RIAs we partner with, are on a “shot clock” with a short-term need to cut costs and sell. We focus all our energy on helping our RIA partners grow, in whichever manner is in the best interests of their advisors and clients. This is the firm commitment we make to our RIA partners.
This commitment is unique in our industry. Other firms will often buy and sell in five-year increments, which means they curtail investments required for long-term growth. We never want to make this tradeoff, because organic growth is the lifeblood of an RIA. We structured Aspen such that client service and growth could be our sole priorities.
Why is that so attractive to the leaders of the RIAs you work with? How unique is Aspen’s approach in the marketplace?
It all starts with the clients and what they need and expect. RIA customers have spent their lives building wealth for retirement, for their children, grandchildren, great-grandchildren and so on. They often want this wealth to sustain their family for generations.
It’s essential, then, that the RIAs that serve these families have longevity. They must be able to fulfill their promises, provide better service, maintain stability through market cycles, and orient around a time horizon that’s aligned with the customer.
That is why RIAs are attracted to our model. We are equipped to help them make that long-term commitment to clients.
I’ll add that RIA owners are often challenged to focus on growth. They have so much going on with client service, investment management, and all the day-to-day responsibilities associated with running a business. Aspen’s model is designed to help achieve a trajectory of growth that is unlike what the firm could do standalone… through talent, through technology, through investment capital, through digital marketing and more. We provide best-in-class strategies, people, and systems to fuel the growth of our RIA partners.
Tell us more about how the Aspen team integrates with the RIAs you partner with to support their vision and growth. What services do you provide?
To start, what doesn’t change is the brand and culture of the RIAs we work with. We know how valuable that is, and we are not about to alter that brand promise. What we do offer is a deep bench of talent and resources to supercharge their operations, such as support with direct marketing, programs to increase share of wallet capture, design of centers of influence programs, updating of compensation structures for advisors, as well as an optimized technology stack across finance, HR, compliance, marketing, etc.
Our entire goal is to alleviate the burdensome tasks that RIA leaders and advisors must deal with each day so that they can fully focus their time on meaningful client interactions.
How do you balance that support with enabling the RIAs you work with to retain their culture and brand?
First and foremost, our relationship is a partnership and is treated as such—from initial outreach on. We ensure that we are aligned with firm leadership and advisor teams from the very beginning. We take time to have deep conversations about their culture and brand, where the headaches are, where there are areas for improvement—as well as what is working. If it’s not broken, we’re not going to fix it. We are careful to ensure that everyone is on board regarding the future vision for the firm and its clients. We approach that vision as a team, and only when everyone is on board do we execute and begin to build from what is typically an already strong foundation. Full alignment and open, honest, continual communication with our RIA partners are key to our success.
What has the response been from the RIA marketplace so far to Aspen’s approach to long-term partnerships?
It’s been amazing. The feedback we are hearing from RIAs is, “Finally. We’ve been waiting for an approach like this.” There is no one structured to make investments for the long-term like we are. No one is focused on organic growth like we are, and that is enormously attractive to so many RIAs. We are what they’ve been looking for in a partner, and we are honored to be there for them.
Contact us to learn more about how Aspen invests in RIAs for the long run.
