Most advisors we speak with who make the leap to independence do so not because they are running away from something. More often, they are running towards something they see as better for the business in the long run.
They’re the entrepreneurial types, who have a vision of growing something bigger than themselves—and to remove any constraints that may impede their path.
The guest on this episode, Todd Resnick speaks much about that vision and demonstrates clearly how he and his colleagues were able to achieve what they set out to—and then some.
In July 2016, Todd and three of his Morgan Stanley colleagues left with some $600mm in assets under management to start RIA firm One Seven, headquartered in Ohio, hiring RIA consultant and service provider, TruClarity to assist them in their launch.
Their goal: To serve their clients in new and creative ways but even more so they were attracted to the idea of building what Todd describes as a “destination” for other advisors.
And that they have.
Today, One Seven is a firm with $2.8B in managed assets. They’ve been prolific acquirers and most recently made news for their merger with MGO Investment Advisors, an RIA that specializes in 401(k) services.
Top that off with Merchant Investment Management taking a minority, noncontrolling stake in One Seven to drive additional organic growth.
In this episode with Louis Diamond, Todd discusses how his unique point of view came about, plus:
- The limitations they were feeling from the bank—and how that impacted their business and mission.
- Their due diligence process—and the ultimate decision to leverage TruClarity for the transition.
- One Seven’s extraordinary growth over the last 6 years—and how they achieved it.
- The decision to take on Merchant as a capital partner—and how Todd envisions the relationship benefiting their goals.
- Plus, the evolution of Todd’s perceptions over time—and how that translated to One Seven’s community and mission…and much more.
It’s an extraordinary conversation that demonstrates how vision can drive growth and success, with several key learnings for advisors and business owners alike.