08 Nov TSG And Similar Independent Advisor Firms Are On The Rise
The transformation of independent advisor firms into financial powerhouses is evident in Steve Garmhausen’s recent Barron’s article entitled, Independent Advisor Firms Are Hitting Their Stride.
We, at TSG Wealth Management, recognize and appreciate this evolution as it aligns with our commitment to providing top-notch financial services to our clients. Our unwavering commitment to quality and our disciplined approach to wealth management and investments have always been at the heart of our service philosophy. We take immense pride in cultivating strong relationships with our clients and their families, as this foundational principle allows us to gain invaluable insights into their present financial needs and future aspirations.
Mark Schulten, Managing Partner at TSG Wealth Management, emphasizes, “Our founding principle is to put our clients’ interests above all else. This article underscores the remarkable transformation of the independent advisor industry, aligning with our goal to consistently exceed expectations.”
The Barron’s article aptly captures the evolution of independent registered investment advisor (RIA) firms, highlighting their substantial growth and expanded service offerings. These independent firms have transitioned from being perceived as “mom-and-pop” operations to becoming formidable players, managing billions in client assets.
“The growth of independent advisory firms, as showcased in this article, mirrors our belief that putting clients first is paramount,” noted Allen Schreiber, Partner at TSG Wealth Management. “We are dedicated to providing our clients unparalleled service, access and results.”
The statistics presented in the article, particularly the substantial increase in assets under management among retail-focused independent (RIAs), exemplify the industry’s maturity. This growth has empowered independent firms to diversify their services, including tax planning, insurance consulting, estate planning, and alternative investments, providing clients with comprehensive financial solutions.
The article emphasizes that clients recognize the interconnectedness of their financial decisions and are looking for practices that can provide a “one-stop-shop.” At TSG Wealth Management, we see this need and strive to ensure that every aspect of our clients’ financial well-being is carefully coordinated and optimized.
The Barron’s rankings are a testament to the industry’s progress, showcasing the best independent advisors and firms based on both qualitative and quantitative criteria. This recognition shows that we prioritize and value experience, advanced expertise and a commitment to compliance, aligning with our mission to deliver the highest level of service for our clients.
The article also delves into the industry’s ongoing evolution, with mergers and acquisitions playing a significant role in the growth of independent firms. The support provided by aggregator firms, technology advancements, and an ecosystem of third-party service providers have all contributed to this positive trajectory.
The agility of independent firms, such as TSG Wealth Management, in adapting to industry changes is reflected in our ability to harness technology and collaborate with top-tier partners, ensuring that our clients receive cutting-edge solutions and personalized service.
Also, as the industry continues to mature, the importance of hiring top talent cannot be overstated. The article highlights that the COVID-19 pandemic expanded the talent pool by demonstrating the effectiveness of remote working. While at TSG we take pride in providing tailored service and amenities at our locations, this is a trend we’ve paid close attention too and remain open minded to the flexibility of the modern workforce. Regardless, our commitment to excellence extends to hiring and training best-in-class professionals to serve our clients.
The articled highlighted three ways independent advisor firms are becoming more sophisticated:
1. They may have in-house experts who can assist clients with taxes and estate planning.
2. They increasingly can provide access to alternative investments, like private credit and venture capital, to qualified clients.
3. They may partner with outside technology firms to offer highly customized accounts with features like direct indexing, which can provide clients with significant tax benefits or help them weed out investments that conflict with their values.
The independent advisor industry’s growth and transformation underscore our shared commitment to providing clients with exceptional service and results. While we acknowledge and are a big part of the industry’s evolution, we remain steadfast in our belief that putting clients first and consistently exceeding their expectations will always be our guiding principle. At TSG Wealth Management, we invite you to experience the difference and trust us to help you navigate your financial journey.
Read the Barron’s article here: https://www.barrons.com/articles/top-independent-financial-advisors-ranking-2023-46cdfd20