We’ve talked to several multi-generational wealth management teams on this series, and while each has a unique story to share, we see some common threads.
First, there is a desire to develop what the previous generation has created – to take what exists and make it better and stronger.
And the other is the perception of looking at the bigger picture and longer term. That is, questioning the status quo to determine whether it aligns with their vision for the future.
For example, Dan Katz was the next gen of a team at UBS that included his father, Kenneth Katz, and friend Michael Israel. In 2009, he decided to transition to Oppenheimer, where he built a business with $300 million in assets under management.
Over time, as his business grew, so did his thinking.
In conversations with his brokerage firm peers, he begins to recognize an incompatibility between Ken, Dan, and Michael in how their practice Vs. other teams.
Essentially, they realized they were “playing a different game.”
So they set out on a quest to find out their options. And in 2017, that discovery led them to form RIA Revolve Wealth Partners. Today, the Hackensack, NJ firm manages more than $700 million in assets.
In this episode, Dan shares his story with Louis Diamond, including:
- The transition from UBS to independence at Oppenheimer – and the inspiration behind each step.
- The value of a multi-generational team—and how his father’s experience helped him move on to the next phase of his business.
- The idea of building a firm from scratch—and why they chose that path over other independent avenues.
- The difference they’ve realized as independent business owners — and how they can respond to their customers’ needs and grow in ways they couldn’t at Oppenheimer.
- The community of like-minded independent consultants found him—and how it filled the gap of peer collaboration, missing from the wirehouse world he left behind.
And how, in developing Ken’s legacy, they were able to double their assets under management since their launch, and more.
It’s an interesting story that is concerning for employee consultants, potential breakaways, and business owners alike.
Download the transcript of this episode…
Hear more episodes of Mindy Diamond on Freedom, A Podcast for Financial Advisors Considering Change,