Bronfman Rothschild has recently flexed its muscles as a major buyer of RIAs. What can other buyers learn from the firm?
Bronfman’s COO Michael LaMena says there’s a common mistake both buyers and sellers make when approaching prospective deals: They underestimate the importance of cultural fit in the transaction.
LAMENA: Balancing growth and scaling the business. It’s organic growth and client retention.
I think if there’s a market correction, you’re gonna have some, you know, resistance to move. But, you know, I think consolidation is happening and will continue to be a big part of our industry.
Not assessing cultural fit.
If they aren’t clear on what they’re trying to achieve on the transaction – and a lot of that gets down to the culture they’re joining – I think they can make mistakes.
I think succession planning. Making sure the top-quality advisors today are planning for the future.
I think it starts with culture and then the capabilities that you offer them in serving clients.