The Rise of Independent Advisors

Empowering Advisors to Become Independent with Rob Mooney

Author

Kyle Van Pelt
June 25, 2024

Episode 049: In this episode of The Connected Advisor, Kyle Van Pelt talks with Rob Mooney, Managing Partner and CEO of Snowden Lane Partners. They discuss why Snowden Lane Partners has consistently been on the top RIA lists, the increasing trend of advisors leaving wirehouses to join independent firms, and the evolving landscape of the financial industry. Rob also talks about the role of technology in enhancing advisor capabilities and the future trends and growth potential for independent RIAs.

Rob spent more than 22 years at Merrill Lynch in New York, Singapore, Hong Kong, and London. He was the General Counsel and Chief Business Risk Officer of Global Wealth Management and a member of the GWM Executive and Operating Committees. 

Rob talks with Kyle about why Snowden Lane Partners has consistently been on the top RIA lists, the increasing trend of advisors leaving wirehouses to join independent firms, and the evolving landscape of the financial industry. Rob also discusses the role of technology in enhancing advisor capabilities and the future trends and growth potential for independent RIAs.

In this episode:

  • [02:19] - Rob's money moment.

  • [07:03] - Different models of the independent marketplace.

  • [07:58] - Rob's favorite country to work in.

  • [09:50] - Why Snowden Lane is one of the leading RIA firms.

  • [11:41] - What Rob finds exciting about independent RIAs.

  • [14:14] - Rob's thoughts about the future of the industry.

  • [15:36] - Snowden Lane’s tech stack.

  • [17:54] - Rob's favorite period of American history.

  • [19:30] - Rob's Milemarker Minute

Key Takeaways

  • Financial advisors are increasingly seeking independence from the bureaucracy of large firms, giving rise to independent RIAs. 

  • The industry is shifting toward customized services to better meet client needs and expectations.

  • Technology plays a crucial role in empowering advisors to provide efficient, personalized, and innovative solutions to clients.

  • Future trends for RIAs include consolidation, scale, and delivering value through client-centered approaches.

Quotes

"What gets me excited is the enormous growth potential of the independent industry. We're at a point where we're seeing consolidation in the industry. We're seeing scale grow in the industry. But there is still enormous room for boutique firms to flourish like ours." ~ Rob Mooney

"We offer advisors freedom and flexibility. All of our advisors who come to Snowden Lane take equity as part of their transition in our firm, and we find that empowering and a great alignment of interests." ~ Rob Mooney

"The industry is becoming increasingly personalized, customized, and efficient. On the macro front, some very large firms are emerging in the independent marketplace. But there are still opportunities for boutiques to flourish." ~ Rob Mooney

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If you’d like to schedule a time to talk with me about anything we cover on our podcast or Milemarker, click here for 15 minutes.

Kyle Van Pelt