Building a Firm That Lasts: Trust, Culture, and Communication with Richard Alt
Episode 107: Richard Alt is the CEO of Carnegie Investment Council, where he has led the firm through significant growth, including major acquisitions like Eagle Ridge. With more than two decades of experience, Richard is committed to true fiduciary principles—putting clients’ interests first, eliminating conflicts of interest, and helping investors navigate risk with clarity and trust.
This week, Kyle talks with Richard about his unconventional path into wealth management, inspired by his grandmother’s financial struggles, and why fiduciary duty drives his work. He unpacks the six key risks investors must navigate, discusses Carnegie’s recent Eagle Ridge acquisition, and highlights how communication and culture underpin successful firm transitions. Richard also shares his perspective on technology, the limits of AI in advising, and why trust and human relationships remain central to helping clients answer the ultimate question: “Am I going to be okay?”.
In this episode:
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(00:00) - Intro
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(01:34) - Richard's money moment
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(06:26) - How to identify a trustworthy financial advisor
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(08:56) - Celebrating Carnegie’s 50th anniversary and lessons from decades of experience
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(10:44) - The six types of financial risks and how to manage them
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(15:02) - Inside Carnegie’s recent partnership with Eagle Ridge
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(18:12) - Why clear communication is the key to successful firm transitions
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(22:47) - The surprising origin story behind Carnegie Investment Counsel’s name
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(25:12) - How Carnegie leverages technology—and why AI won’t replace advisors
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(30:24) - The biggest challenges facing financial advisors today
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(33:25) - Richard's Milemarker Minute
Key Takeaways
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Choose fiduciaries, not salespeople. A license doesn’t equal expertise—ask whether your advisor is a fiduciary 100% of the time and committed to putting your interests ahead of their own.
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Understand the six types of risk. Inflation, market volatility, individual security exposure, government actions, international factors, and regulatory surprises all threaten wealth. Managing these risks requires diversification, discipline, and perspective.
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Culture and communication drive successful transitions. Whether it’s mergers, acquisitions, or client relationships, clarity of expectations, open communication, and valuing people are what ensure long-term success.
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Technology is powerful, but trust is irreplaceable. Tools like AI and portfolio software can enhance efficiency, but they cannot replace the human guidance, empathy, and wisdom clients need to confidently answer life’s big financial questions.
Quotes
"Being in the business for a long time gives us the ability to make good, long-term decisions and avoid the other trap of our industry, which is making emotional decisions that undermine any long-term plan." ~ Richard Alt
"Our job is not just picking stocks and putting them in their portfolio. It's managing risk and handholding clients." ~ Richard Alt
"Technology has the ability to really improve data, communications, and portfolio design. But it will never be able to take away that human element of looking across the table at somebody and saying, Am I going to be okay?" ~ Richard Alt
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