MarketCounsel, the business and regulatory compliance consultancy to independent advisors, has hired Anthony Stich, former chief revenue officer at digital custodian Entrustody, as executive managing director. Stich confirmed the move, effective May 16, at the Wealth Management EDGE conference at The Diplomat Beach Resort in Hollywood Beach, Fla. this week.
Brian Hamburger, MarketCounsel president and CEO, said Stich’s role was created due to the growing complexity of the firm’s business, putting constraints on their resources and staff. Stich will handle a lot of the firm’s operations, business development, relationship management and events, so Hamburger can spend more time working with RIA clients and on the firm’s programs.
“My role has been to make sure our team is aligned, is heading in the same direction and at the same speed,” Hamburger said in an interview with WealthManagement.com. “And it’s becoming more and more challenging. We’d be doing ourselves a disservice to not double down on the quality of that work.”
“Every one of our practice groups is pulling on Brian for his opinion, his thoughts, what the firm needs,” said Ryan Marcus, who was recently promoted to managing director, engagement, at MarketCounsel. “By getting him out of the operational aspect of it, he can then focus on what the business truly needs and allow Tony to come in and lend that support and make sure that all these practice groups are working in the way they need to.”
WealthManagement.com was the first to report Stich’s departure from Entrustody, the self-described “digital-first custodian and technology company," in January. Prior to that, he was the chief operating officer at NaviPlan by Advicent, where he focused on sales, marketing and customer experiences across North America.
Stich said he received many phone calls after he left Entrustody about possible opportunities—some on the technology side, others on the RIA side.
“After taking these phone calls, it dawned on me that I could be a better citizen to the industry in a spot in the middle, not just on the technology side or the RIA side,” he said. “It became abundantly clear that what I’m passionate about—driving the industry forward and improving upon the firms with which we interact—MarketCounsel was the perfect home for that.”
Indeed, he will bring his sales and marketing expertise; but he will also focus his attention on the success and satisfaction of the firm’s clients and how they can provide more services.
“RIAs are coming to us with more complex requests, and in some instances, they’re looking for our advice on where to find the solution to that,” he said. “Perhaps that solution is within the MarketCounsel umbrella.”
Stich will also work on enhancing the annual MarketCounsel Summit, now in its 16th year.
In addition to Stich, MarketCounsel has also brought in two new senior executives, including Scott Coleman, a 20-year veteran at Schwab, as director of business development for MarketCounsel and The Hamburger Law Firm. Coleman, who previously led a team of business development officers at Schwab’s RIA custodian, will be responsible for the day-to-day business development, a task that previously was under Marcus’s purview. That allows Marcus to focus on MarketCounsel’s strategic vision, client experience and marrying the sales and service side of the business.
Nitesh Verma has also joined the firm as director of partnerships. Verma was most recently the head of enterprise and partnerships at Snappy Kraken, and he’ll focus specifically on growing the number of partners.