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Synergy25 Live Ep. 2: David Hohimer Answers the Next Generation Question
30 Plays1 month ago
TradePMR believes that independent advisors can best grow when they focus on building relationships instead of selling products. Yet for many firms, building relationships with the next generation has remained elusive. There are countless tools designed to help reach and retain young investors, but technology alone isn’t a silver bullet. The question is how advisors can deploy tech to build personal relationships.
In this special episode of the Synergize podcast, David Hohimer joins TradePMR’s Bill Coppel and Ryan Neal to discuss how his firm has answered that question. Hohimer explains how he refined his firm’s offerings to be ready for the opportunities presented by the great wealth transfer.
Listen as they explore:
- Meeting the next generation of clients where they are
- Expanding your skill set to better serve next-gen clients
- Investing in a team built to achieve sustainable growth
Subscribe now, and connect with us on social media:
● YouTube
Get the transcript for this episode, with sources, at https://synergizepodcast.com/.
David Hohimer, Hohimer Wealth Management, and TradePMR are unaffiliated companies.
If you want to join the conversation or connect with us, please visit us at synergizepodcast.com. This content is provided for general information purposes only. The views expressed by non-affiliated guest speakers are their own and do not necessarily reflect the opinion of TradePMR or its affiliates. TradePMR and its affiliates do not endorse any guest speakers or their companies and therefore give no assurances as to the quality of their products and services. This channel is not monitored by TradePMR. TradePMR does not provide investment advice, tax advice or legal advice. TradePMR is a member of FINRA and SIPC. TradePMR, Inc. is registered with the Securities and Exchange Commission {SEC) and the Municipal Securities Rulemaking Board (MSRB). TradePMR provides brokerage and account services to registered investment advisors. Custodial services provided by First Clearing. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker dealer and non-bank affiliate of Wells Fargo & Company. Copyright 2025. TradePMR, Inc. For a transcript of this episode with sources, visit synergizepodcast.com.
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Transcript
Introduction to Synergize Podcast Live
00:00:05
Speaker
Hi, I'm Bill Capelle, Chief Client Growth Officer at Trade PMR, a Robinhood company. And I'm Ryan Neal, Senior Editor at Trade PMR slash Robinhood. And welcome to the Synergize Podcast Live.
00:00:17
Speaker
Well, it is live, Ryan, because where are we? We're at the JW Marriott in Tampa for Trade PMR's signature event, Synergy
Meet David Hoheimer and his journey with Trade PMR
00:00:25
Speaker
25. And we had the opportunity to sit down with David Hoheimer, who is the founder and CEO of Hoheimer Wealth Management, one of our clients here at Trade PMR.
00:00:36
Speaker
I wanted to make sure the audience knew that. but Having said that, David has an amazing story, and we've got to get the story about on the boat, on the ship, into this thing. Sure. but it's a really important ah look into what an innovative thinker and leader is doing to redefine what it is to provide value to clients today. So, David, thank you for joining us. Hey, thank you for inviting me. I'm always excited. ah I always think, and I say it to you folks, but I'll say it publicly that ah you guys have been great partners on this journey of independence. And ah we just celebrated our sixth year and we continue to grow. The firm continues to expand. We are opening offices in Scottsdale and Las Vegas in the next 90 days. And that's great. And so what would be helpful for our audience is to
00:01:24
Speaker
Just give us a quick history of how you, you know, where you started and how you got here, because I think that's really worth noting. Okay, yeah, sure. um Like anything, got into business in 1991 as an advisor, right? As ah as a broker, um not advisor, as a broker.
00:01:39
Speaker
And we would, i was trained and I would sell products. I would sell products, I would sell- At a wire At a wire house, sure. And so I worked at several. um And then over time, naturally, as industry kind of evolved from brokers and transactions to somewhat a hybrid model. And then in 2019, I got an incredible opportunity with um Wells Fargo Advisors to partner up with Trade PMR to actually take a step of independence.
00:02:07
Speaker
of which I was excited, but I don't quite sure i really knew what that meant. And so I tell folks about that. But ah that was a beginning of a whole new kind of ah lifestyle, a whole new adventure, and it's been awesome since 2019.
Philosophy and Services of Hoheimer Wealth Management
00:02:24
Speaker
That's great.
00:02:24
Speaker
So David, Hoheimer Wealth is a little bit different, I'd say. yeah um i would like you to talk about how you have what is your philosophy around delivering advice and guidance, how you've structured your firm, and where you see the opportunities going forward.
00:02:42
Speaker
um Well, I would tell everyone that's looking at to go into independence as an RIA that this is an incredible opportunity to kind of curate your own experience.
00:02:54
Speaker
So it's not a kind of one size fits all that's the client experience you're talking about. talking about the client experience and the firm that you want to build to help deliver the client experience. So folks can can can become independent RIAs and they can build what they want, which is kind of cool, right? In other words, there is no so there is no standardized model. So when we decided, when I decided to start Holheimer Wealth Management, initially I just wanted independence. I didn't want i didn't want to be confined and I didn't want to have to do specific products.
00:03:27
Speaker
um Now, the evolution over the last six years are, we are a holistic wealth management firm, heavy white glove service that provides a ah suite of services that reduces the friction for a client.
00:03:44
Speaker
from a legacy estate planning and even tax compliance process. So we've worked really hard by expanding our tech stack, reducing our tech stack, and now we focus specifically on clients that need ah that somewhat complex is estate and legacy planning because our credentialed advisors can handle those kind of um kind of solutions, could help curate solutions for
Wealth Management and Future Generations
00:04:13
Speaker
clients.
00:04:13
Speaker
And it sounds like um taking that approach, you're also addressing sort of this wealth management transfer that's about to take or is taking place right now. This $124 trillion, as you really point out, that's moving.
00:04:27
Speaker
By focusing on those key areas, right, um you're also engaging with the next couple of generations, I imagine. Oh, yeah, yeah. i mean, that's reason why, like, for instance, Whole Amor Wealth Management has an affiliate that is a specific lending company. solution provider. We do private credit. We do traditional mortgages and HELOCs, all based on the simple concept that we wanted to access second generation, third generation, want to be able to talk to them about simple things like home buying.
00:04:54
Speaker
Got it. Got it. One thing I heard you say, sorry, but I'm going to cut in, when you made that transfer from the wire house world independent, the new skills, right? You went from selling products to now being a holistic wealth firm.
00:05:07
Speaker
And something we've talked about a lot of this podcast is learning those new skills. So can you talk about that, about like how how you learned and and your staff, how you guys ah built up you know skills beyond just selling products and portfolio management? What else did you have to learn? Ryan, great question. I mean, I tell folks, when we jumped, when when when we started, I felt like I was flying a plane and putting one together at the same time. There were many times I would be like, there you we need more lift and people would start flapping. I mean, it's ah it's a different skill set going from, you know, relatively a really successful advisor at a firm where we had hundreds of millions of dollars and several to actually managing
00:05:47
Speaker
a firm and being able to make sure that we're creating solutions for our clients. Significantly different skill set, different muscle, um but very rewarding. And really now I'm focused on the advisor being able to deliver a specific type of experience to the client.
00:06:06
Speaker
And so it's been very cool because we get very focused on what the advisors need to help make these ah so the the the solution or help give the solution to the clients relatively easy.
00:06:20
Speaker
So simple. We're trying to take complicated situations and make them simple. And that's been really fun. So, David, um there's a story that you've shared with me, and I'd like you to share it with our listeners.
00:06:31
Speaker
And I think it really captures the essence of who you are and who the firm is when it comes to uniquely servicing challenges people face every day.
Building Lasting Client Relationships
00:06:41
Speaker
it's i call it the boat story. Oh, yeah, yeah, yeah. Actually, and and I'll tell you this story, but it's important that as I've been looking at the evolution of the firm, we now consider Holheimer Wealth Management like an arc.
00:06:54
Speaker
where we are really specific to who we're bringing on the Ark the and making sure that we bring on folks that ah we can take care of and that they're kind of going in the same direction.
00:07:06
Speaker
and so um And so it's all from the concept after after we talked about it. So the boat story goes, it's ah it's a simple story. Well, it's a simple story to me, but it's it's it's complex.
00:07:17
Speaker
that we have a really wealthy ah and successful client that owns a large, several large fish fishing vessels. When I say fishing vessels, they 400 plus feed and they fish in the Bering Sea.
00:07:31
Speaker
Deadliest catch stuff. I'm a kid from Chicago. So when someone said, hey, do you want to go up to the Gulf of Alaska or go to the Bering Sea? I really didn't understand the magnitude of saying, sure, why not? I'll be glad to go there. And so ah they said, hey, no problem. They sent me ah a ticket to fly to Alaska, Anchorage, Alaska. And then from there, we went to Dutch Harbor. Have you ever heard of Dutch Harbor? Yep. yeah yeah How about you, Ryan? I've heard of it, but I don't know what it is. Yeah, so Dutch Harbor is the second shortest runway in the world.
00:08:05
Speaker
The shortest is Oslo, Norway. It's surrounded by three ah but ah three three parts of surrounded by water, and 50% of the commercial flights turn around. I did not know that. yeah but what but But going into that, I found out. So we land, it's a small place, we get on a boat, and then we go into the middle of the Bering Sea, where the captain of a much smaller boat looks at me and says, um Don't fall in as you go down this Jacob's Ladder because this guy and a guy shows up with ah a suit, ah an emergency suit, an overboard suit, says he's gonna have to go in and get you and you're both gonna die.
00:08:44
Speaker
ah so so So be careful, take your time, and I'm looking at him like, wait a minute. I just wanted to come here and talk to folks and talk about education, and and it kind of went quick.
00:08:57
Speaker
And at the time, must have been 32, 33, I had four young kids, under six at home. I'm thinking, like, if I die, my wife's gonna kill me. but Lo and behold, i I go down the Jacob's Ladder, I get into the smallest skiff, it goes to the mothership, the mothership has a big electronic arm, it picks us up, puts me on board, and then I spend nine days on the Bering Sea going back to Seattle, educating these 400 plus ah employees of this client of ours. wow and And that story,
00:09:29
Speaker
I mean, one, it became a client that we have one, two, three generations of him, but really many of those folks there, from the folks that worked in the you know in the in the manufacturing piece to simply the captains, are all clients of ours.
00:09:46
Speaker
So that's I love that story because Talk about going you know going above and beyond yeah totally so to get a new client. You're really subjecting yourself to But I think what it points to also is your passion for helping people understand what their options are, how to think about planning and managing and and and being prepared really shines.
00:10:12
Speaker
Yeah, and I think it's even it all of that. Plus, we're looking for relationships. We're not looking for transactions. We're not looking for a product. We're saying we're going to be here and we're going to help Gen 1 transition to Gen 2.
00:10:27
Speaker
Gen 2 transition to Gen 3. i'm And and they they see it with me. I mean, I used to have, you know, 90% of them were clients that I was the lead advisor on. I now have six clients that I would say I'm the lead advisor on.
00:10:41
Speaker
And I'm simply trying to transition them to the next generation. So they see us doing it and it helps them understand that they need to have a plan as well. Great, great.
Return to Synergy Event and Future Investments
00:10:51
Speaker
So I believe this is not your first synergy, correct? You've to this conference before? love synergy. I love coming here. I love seeing what's new, what's happening, what's out there. I got to control myself because i think the first one... Shiny toy. Yeah, the shiny toy. The first one, I was like a fish to a shiny lure. I bought a lot of things.
00:11:09
Speaker
All right, well, so what brings you back this year, and and what what are you most excited about? i' Most excited to hear about the partnership with Trade, PMR, and Robinhood. Really excited about that tech and want to get a better understanding of that.
00:11:22
Speaker
That's first. Second, love to reconnect with folks to understand best practices in the industry. ah There's many people here that I've become friends with, so it gives me an opportunity to kind of take a step back and say what's working and what's not working at their firm.
00:11:36
Speaker
and Then lastly, I bring a crew out with me, so I have five folks from our firm. that come and actually get to talk to folks here at Trade PMR, as well as look at what's out there to see if there's something that can make their job a little easier. That's great.
00:11:54
Speaker
And one thing I think is important to point out here, David, based on how long we've known each other, ah you're not a own you're not afraid to invest in your people. Oh, no, I think that's essential. I think that is one of ah the secret ingredients at Home and Wealth Management, which is i' am investing in the next two, three generations. I'm looking to make sure that this firm is a firm where my wife and my kids, my grandkids all will do business at.
00:12:20
Speaker
That's great. That's great. So, Ryan, let's wrap it up. Great. Well, what we'd like to do at the end of the podcast is give sort of one actual item that our listeners can take with them. So if you've got, let's let's go with growth. one One tip for growth out there. What can they take? um You know, I would say if you want if you're looking to grow, um you should be thinking about the client that you're focused on. So the segment that you really want to do, narrow and see what what are the services they're going to need, and build an offering that helps them get that services with the least amount of friction.
00:12:57
Speaker
Fantastic. Excellent. Well, thank you very much for stopping by the Synergy podcast here. My pleasure. I love it i appreciate you both. Thank you, David. Good to have you with us. Oh, we got handshakes going on. Well, want I want one too. Yeah, the yeah, yeah.
00:13:09
Speaker
And for all of our listeners, thank you so much.
Conclusion and Sponsorship Messages
00:13:12
Speaker
Wherever you're getting this podcast, if you could take a minute to like, subscribe, share, all those great things helps the algorithm get the podcast out there.
00:13:21
Speaker
And we'll catch you on the next one. I look forward to our next episode where we'll share more insights and actionable ideas to help you grow your business. And remember, the challenge is yours to capitalize on what the future offers.
00:13:33
Speaker
This special episode of the Synergize podcast was sponsored by... Built for efficiency, designed for opportunity. AdviseOn is a transformative all-in-one platform that helps simplify advisor tech and modernizes the way you connect with clients.
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Speaker
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00:15:57
Speaker
Please contact the provider for information about their terms and conditions as well as any fees that may apply.
00:16:09
Speaker
If you want to join the conversation or connect with us, please visit us at SynergizePodcast.com. This content is provided for general information purposes only. The views expressed by non-affiliated guest speakers are their own and do not necessarily reflect the opinion of Trade PMR or its affiliates.
00:16:28
Speaker
Trade PMR and its affiliates do not endorse any guest speakers or their companies and therefore give no assurances as to the quality of their products and services. This channel is not monitored by Trade PMR. Trade PMR does not provide investment advice, tax advice, or legal advice.
00:16:44
Speaker
Trade PMR is a member of FINRA and SIPC. Trade PMR Inc. is registered with the Securities and Exchange Commission, SEC, and the Municipal Securities Rulemaking Board, MSRB, Trade PMR provides brokerage and account services to registered investment advisors. Custodial services provided by First Clearing.
00:17:02
Speaker
First Clearing is a trade name used by Wells Fargo Clearing Services, LLC. Member SIPC, a registered broker dealer and non-bank affiliate of Wells Fargo and Company. Copyright 2025, Trade PMR Inc. For a transcript of this episode with sources, visit synergizedpodcast.com.