What the Fastest-Growing RIAs Are Doing Differently with Ian Wenik
Episode 156: This week, Kyle Van Pelt talks with Ian Wenik, Editor at Citywire. Ian covers the independent wealth management industry with a focus on RIAs, mergers and acquisitions, advisor technology, and the business forces reshaping financial advice. Through his reporting and conversations with industry leaders, he has developed a front-row view of the trends driving growth across the advisory landscape.
Kyle and Ian explore what separates today's fastest-growing RIAs from the rest of the industry. They discuss why competition for acquisitions continues to intensify, how firms can balance scale with independence, and why organic growth remains the ultimate differentiator. They also examine Schwab's latest referral changes, AI's potential to level the playing field for mid-sized firms, emerging technology trends, and what Ian believes the future holds for advisors building the next generation of great firms.
In this episode:
(00:00) - Intro
(03:25) - A preview of Citywire's fastest-growing RIAs report
(05:47) - Why the M&A market is becoming more competitive
(08:00) - Why large RIAs struggle to reach the public markets
(11:02) - Are RIAs becoming the new wirehouses?
(13:21) - Deal structures that don't work
(16:05) - Schwab's referral changes and what they mean for RIAs
(22:06) - What's driving organic growth today
(25:21) - How AI can help mid-sized firms compete
(27:00) - Ian's advice for firms that want to stay independent
(27:58) - Technology trends among the fastest-growing firms
(29:16) - Ian's outlook on the future of the financial services industry
(30:41) - Ian's Milemarker Minute
Key Takeaways
Deep expertise creates opportunities. Whether investing, acquiring businesses, or serving clients, deep subject-matter expertise allows firms to spot hidden value and underrated talent before the broader market takes notice.
Ownership drives commitment. If you want entrepreneurial people to stay engaged, give them meaningful opportunities to build equity rather than relying solely on compensation.
Optimize organic growth strategies for modern discovery. Traditional search and referral channels are evolving. To maintain a strong pipeline, leaders must diversify their acquisition strategies—leveraging digital media, strategic partnerships, and AI-driven search visibility.
Use AI to create more time for people, not less. Automating operational work improves efficiency, but relationships and trust remain the foundation of exceptional client service. Let AI handle the back office so you can spend more time on the conversations that actually grow the business.
Quotes
"For the public markets to open up to RIAs, you need a really strong, well-capitalized firm, a strong balance sheet, a clean operating and capital structure, strong cash flows, and high organic growth." ~ Ian Wenik
"The reason that we've seen so many transactions fail is that the transactions are structured in a way where it's cash-heavy, short earn-out. It allows the founders to cash themselves out. They peace out after maybe a year, and you have a second generation that's actually managing the underlying client book of business that has no incentive to stick around." ~ Ian Wenik
"Invest in what you do best. Remember why you got into this business. If you focus on that core business, as long as you maintain a baseline level of profitability, a lot of things will fall into place." ~ Ian Wenik
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