We’ve spoken to several multi-generational wealth management teams on this series, and while each one has a unique story to share, we see a few common threads.
First, there’s the desire to evolve what the prior generation created—to take what exists and make it better and stronger.
And second is the notion of looking bigger picture and longer-term. That is, questioning the status quo to determine if it aligns with their vision for the future.
For example, Dan Katz was the next gen of a team at UBS that included his father, Kenneth Katz, and friend Michael Israel. In 2009, they decided to transition to Oppenheimer, where they built the business to $300 million in assets under management.
Over time, as their business evolved, so did their thinking.
In conversations with their brokerage firm peers, they started to recognize an incongruency between how Ken, Dan, and Michael managed their practice vs. the other teams.
Essentially, he felt they were “playing a different game.”
So they set out on a quest to explore their options. And in 2017, that exploration led them to build RIA Revolve Wealth Partners. Today, the Hackensack, NJ firm manages over $700 million in assets.
In this episode, Dan shares his story with Louis Diamond, including:
- The transitions from UBS to Oppenheimer to independence—and the impetus behind each move.
- The value of a multi-generational team—and how his father’s experience helped them advance toward the next phase of their business.
- The idea of building a firm from scratch—and why they chose that path over other independent paths.
- The difference they’ve realized as independent business owners—and how they can answer their clients’ needs and grow in ways they could not at Oppenheimer.
- The community of like-minded independent advisors they found—and how it filled the gap of peer collaboration missing from the wirehouse world they left behind.
And how, in evolving Ken’s legacy, they were able to double their assets under management since their launch, and much more.
It’s an interesting story that’s highly relatable for employee advisors, prospective breakaways, and business owners alike.
Download a transcript of this episode…