Independent RIAs can derive benefits they may not have realized by leveraging a chief operating officer to manage day-to-day responsibilities.
So says the sixth in a series of industry reports from PFI Advisors, a firm that works with billion-dollar breakaway teams to establish their own RIAs. The report says that although RIAs generally regard COOs as cost centers and not revenue generators, leaving the management of ordinary activities to COOs frees up RIAs to focus on business development and client service.
It also quotes Yosef Colish, managing director of Leah Yosef International Inc., saying, “Hiring the right COO is also critical for firms seeking growth through acquisition. The right COO will run the entire process, ensuring a smooth transition for not only clients, but the entire back office, understanding where there are synergies and where efforts are duplicative,” adding, “Have a leader who can run this process makes any transition a more palpable reality for both firms in an M&A transaction.”
Leah Yosef International is a boutique executive search firm specializing in the private wealth and investment management arena, catering to single/multi-family offices and registered investment advisory (RIA) firms nationwide.
With a proven track record of success, Leah Yosef International delivers premier talent, placing financial advisors, relationship managers, investment managers, subject-matter experts, and directors and C-level leaders in operational, investment, and compliance roles.
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