The Future of RIAs: Organic Growth, AI, and Advisor Culture with Michael Batnick
Episode 108: Michael Batnick is the Managing Partner at Ritholtz Wealth Management, where he helps shape one of the most influential RIAs in the country while also co-hosting popular podcasts like Animal Spirits. Known for his candor and curiosity, Michael brings a refreshing perspective to investing, leadership, and the business of advice.
This week, Kyle talks with Michael about his winding path into finance—from drifting through college and struggling in sales to finding purpose in markets and mentorship. Michael reflects on the lessons of curiosity, humility, and hiring the right people, while unpacking the challenges of building a sustainable RIA. The conversation spans advisor recruitment, the pull of private equity, operational hurdles, tech frustrations, and AI’s coming role in reshaping client service.
In this episode:
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(00:00) - Intro
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(01:17) - Michael's money moment
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(04:38) - From cold calling to discovering a passion for the markets
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(10:06) - Michael's hiring philosophy
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(13:35) - Ritholtz acquisition strategy
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(14:49) - The influence of private equity on RIAs
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(19:02) - What makes Ritholtz an excellent choice for advisors
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(24:28) - What it takes to run support infrastructure for advisors
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(28:41) - Ritholtz's tech stack
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(33:30) - Mystery chart challenge
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(35:56) - Michael's thoughts on AI and the future of the industry
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(44:14) - Michael's Milemarker Minute
Key Takeaways
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Hire for personality, not just the resume. Skills can be taught, but finding someone you actually want to work with every day is irreplaceable.
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Don't underestimate the power of a strong brand and organic growth. Organic reach and sustainable growth allow firms to hire advisors who are philosophically aligned with their values, rather than those who are simply motivated by an upfront payout.
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The best advisors are the best listeners. Over-talking is a rookie mistake. Clients value being heard more than being dazzled with facts.
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AI will make advisors better listeners. Real-time feedback and conversation analysis will help advisors catch missed cues and improve client relationships.
Quotes
"Things change a lot, they change always, and they change often. And I didn't want to be an expert on an earlier version of the world. The world is a dynamic place, and you need to stay involved in what's going on." ~ Michael Batnick
"The job of an advisor is very difficult. It is to be a listener first." ~ Michael Batnick
"Younger advisors tend to oversell and overcommunicate. It's not about you convincing the prospect that you are smarter than they are. The best advisors are the best listeners." ~ Michael Batnick"It's relatively easy to convince clients to give you money. But what's hard is actually executing and implementing and doing the things that you said that you were going to do." ~ Michael Batnick
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