Episode summary
RIA Edge Podcast: Building an Integrated Wealth Management Firm with Mike LaMena
Summary
Mike LaMena says Wealthspire is building a broad, integrated wealth management platform that spans private wealth, institutional consulting, retirement services, family office and business management. He describes the firm as having close to 1,400 employees across the U.S., Canada and the UK, with more than 600 billion in institutional assets under advisement and management and 90 billion on the individual side. The strategy is to present those capabilities in a simpler, more cohesive way for clients and to keep expanding through both organic growth and M&A.
A central theme is “cross-solving”: using institutional relationships to uncover private wealth needs, and using wealthy clients’ philanthropic or business ties to create institutional opportunities. Mike LaMena says the advisor’s role is not to do everything alone, but to act as a quarterback who pulls in specialists in trust, estate planning, tax, investments, family office accounting and retirement. He argues this model requires strong internal education so advisors know what to listen for and trust the experts they bring in.
He also says the firm is targeting long-term margins of 30% to 35% while continuing to invest in capabilities. Areas he sees as especially important include integrated tax, Canada, the UK and cross-border client needs. The long-term goal is to meet clients at different levels of complexity without letting them outgrow the platform.
Key takeaways
- Mike LaMena says Wealthspire targets 30% to 35% margins over time while still reinvesting in growth, M&A and new capabilities.
- He says Wealthspire has close to 1,400 employees and more than 600 billion in institutional AUM/AUA plus 90 billion on the individual side.
- LaMena frames the firm’s growth model as “cross-solving,” not cross-selling, to move opportunities between institutional and private wealth relationships.
- He says advisors are quarterbacks, while specialists handle trust, estate, tax, retirement and family office needs that require deeper expertise.
- LaMena sees integrated tax, Canada, the UK and cross-border planning as the clearest next growth areas.
Notable quotes
“our objective is to continue to simplify the brand story so that we can deliver all those capabilities in a more seamless cohesive way”
“our terminology internally is not cross-selling. It's cross-solving”
“we want to be in that 30 to 35% range over a long period of time”
“We're playing a long-term game where if we're in the business of having the full capability set and delivering it in a more comprehensive, seamless way with brand simplification, we think that's a long-term winning strategy”
How the episode opens
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Hi everyone, welcome to the RA Edge podcast. This is as I think my chance to speak to the top executives creating the financial advice firms of the future. Today we are pleased to be joined by Mike Lamena, the CEO of Wellspire Advisors.
Mike, thanks very much for joining us.
David, thanks for having me. Always great to talk. — Yeah, I appreciate it. It's there will be few people listening to this who don't know Wealthspire, but I think you were on the RA program probably about 2 years ago. Do you want to just give like a maybe a quick 101 of of where you guys are now, the firm, how you describe it to others in the financial services industry and maybe some recent numbers in terms of aum and clients etc.
Sure. So I I think Wellspire is one of the largest independent individual and institutional wealth management platforms in the in the US. We have close to 1,400 employees throughout the US, Canada, and the UK.
We have scaled business in the private client space with a dedicated family office segment, Wellspire family office, and a significant high net worth wealth management business. We also are very active in the institutional side of the business with defined benefit, defined contribution, Taft Hartley foundation endowment practices led by tremendous investment consultants. We also have an industry-leading business management platform, ground control, which it think of athletes, entertainers, significant musicians, business executives, where we really act as a full financial quarterback for all aspects of their lives, including tax preparation, bill pay, accounting, and advice.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- integrated wealth management
- advisor teams
- cross-solving approach
- tax estate planning
- m&a growth strategy
Companies and tickers mentioned
- Wealthspire
Watch the episode
Watch “RIA Edge Podcast: Building an Integrated Wealth Management Firm with Mike LaMena” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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