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Building A Multigenerational Firm To Reach The Next-Gen Client
26 Plays5 months ago
Millennials and Gen Z are poised to inherit an unprecedented amount from their elders. The approaching Great Wealth Transfer offers RIAs a rare opportunity to engage with the next generation of investors.1
Yet, many advisors still feel like connecting with this age group remains a mystery.
Brady Franklin, Managing Director at Endeavor Private Wealth, says building those relationships is “tough,” but far from impossible. On Synergize, he shares how a multi-generational focus and a personable, hands-on advisory style have become a winning strategy for his firm.
*The information provided herein is for general informational purposes only and may not address every detail of the program. In the event of any inconsistency or conflict between statements made or information provided herein and the Asset Match Program ("Match") Terms and Conditions, the Terms and Conditions shall govern. All eligible deposits must be made during on or after October 1, 2025 and on or before March 31, 2026 to qualify. Not all accounts, transfers, or deposits will qualify. TradePMR reserves the right to determine eligibility under the Match in its sole and absolute discretion. Please review the full Terms and Conditions for the complete rules, requirements, and obligations that apply to participation in the program.
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 nonaffiliated 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. 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.
Trade-PMR, Inc. is a subsidiary of Robinhood Markets, Inc.
1The Americas Asset and Wealth Management Edition, The Cerulli Edge, June 2025 Issue
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Transcript
Introduction to AI-Driven Financial Advisory
00:00:02
Speaker
Welcome to Synergize, unscripted conversations where we explore the evolving role of the financial advisor in an emerging AI-driven world. Join us as we bring together thought leaders across a range of disciplines and industry experts, sharing insights designed to help RIAs thrive in the industry of tomorrow.
Host and Guest Introduction
00:00:24
Speaker
And welcome back to the Synergize podcast. I'm your host, Ryan Neal, editorial manager at Trade PMR. Just me today, we're missing ah Bill Capel, who is traveling for business out there, meeting some of our advisors in person. He'll be back soon, but it's just me today. But I'm not all by myself. I've got a great guest. We have a financial advisor, someone who works with Trade PMR, Brady Franklin. He is managing director and a financial advisor with Endeavor Private Wealth.
00:00:52
Speaker
So Brady, welcome to the Synergize podcast today. Thank you. how's it How's it going? it's ah It's a Monday. We're getting the week started. How are you feeling? How was the weekend? It was a great weekend, although very sad that the Chiefs lost to my dad and brother's favorite team, the Broncos, but life will go on. Yeah, i was well I'm a 49ers guy personally, but I was watching that game with a Colorado friend of mine. He was very excited for the yeah the walk-off field goal.
00:01:20
Speaker
But yep, that's how it goes. Well, Brady, I'm excited to have you today. I thought maybe we could start telling listeners a little bit about you and your firm.
Building Multi-Generational Client Relationships
00:01:29
Speaker
We've chatted before, and I think what were what we're excited about is that you guys are a firm that is working a lot with next generation clients. um And that's something, you know, obviously, Trey Pimar, being a part of Robin Hood family, something we think a lot a lot about here and something we talk a lot about on the podcast. so do you want to maybe just kick it off, sharing with people who you are and a little bit about your firm?
00:01:51
Speaker
Yeah, so I'm Brady Franklin with Endeavor Private Wealth, and we went independent a little over four years ago. um And our firm has an incredible legacy of working not just with a single individual niche of clients. We don't just work with engineers, for instance.
00:02:09
Speaker
um but we actually have more of a multi-generational focus um last week checked the stats uh two generations represent over 56 of our assets um and three generations and up over a quarter of our assets i'm not 45 years old yet but we have some of our client relationships going back over 45 years and so i i've very privileged to be able to hitch my wagon to a firm that has an incredible legacy, clients that have stuck around, their kids, grandkids, and then some instances, great grandkids are working with us. So my partner, Chris McGee's in Topeka, Kansas. I'm in Overland Park and in Topeka as well. And then we recently added an office in Boulder, Colorado as well. So we have we have great people that we get to serve and work with. And it's ah it's a great reason to show up every day to work.
00:03:00
Speaker
Yeah, so that's fascinating because you know I'm ah a former industry reporter. I wrote about the wealth management space for about a decade. And you know that's been a topic ah for as long as you know I've been following the industry is that next generation, how do how do you bridge to the errors, right? You have your client relationships bringing the kids in. And it's almost seemed a bit of like a mystery, a puzzle that a lot of people are trying to solve, but maybe trying it in different ways, but hasn't always been successful. I think a lot of advisors out there ah still kind of struggle with it. So it's interesting to hear that that you guys have found success and in working with clients and then bringing in that next generation into the fold and and working with them. So can you talk a little bit about that? How have you found success in that? What what strategies have worked?
00:03:44
Speaker
Yeah, I mean, I don't know that it's so much a mystery. I think it's just tough, right? Especially the big wire houses, we were all penalized for household count, right? And so when we're in this model of, oh, you need to have so many accounts over $250,000, it was definitely a something that we all were very delicate in how we approached. um But to me, it's like, you can't wait for the client to pass away to engage with the next generation. There's staggering statistics and you might know the stats out there. I think it's less than 30% of assets stick around from one generation to the next just because the advisor not engaged with the next generation.
00:04:24
Speaker
And so i to us, it's some of them we're formally working with and we we will work with them even when it maybe it isn't the best business decision. in the short term, some of them we work with informally. We'll offer to sit down with them, help them with their first job, their 401k selection.
00:04:41
Speaker
Maybe they just need to get pointed in the right direction, savings targets. But one of the things that we've seen, and especially in in some of the generational wealth that was accumulated over time, it's like,
00:04:55
Speaker
when when they have the right values and habits that they've practiced, um it has incredible results. And us being able to offer advice and come alongside them and nudge them to save a little bit more and and stay on track, it it really compounds over time. And those values and habits being able to pass on to the next generation, sometimes it happens naturally with families, sometimes it doesn't. um But it's to me, it's A, I enjoy it, being able to be there with those families. um But B, I do think it is good for business. So we we all get to have have that journey together, i think is what it comes down to.
00:05:34
Speaker
Yeah, I mean, it honestly helps you guys even, it sounds like you make it like an intentional decision, an intentional business practice to reach out to those folks. I think, you know just my own personal experience, I think a lot of advisors just don't even do that, right? I don't think they're even having the conversations or, hey, can we meet with your your ah your kids? I mean, I know. In my own personal experience, my mom works with a financial advisor. And we've had some you know discussions as a family and she's like, oh, well, I'll have them reach out to you. And and i and they haven't. And I find it you know kind of interesting that
00:06:05
Speaker
you know, why not make that bridge? We're kind of offering it to them and they still don't cross it. So it probably helps you you guys are making it a business practice. But I think one thing that you guys do intentionally is around that 401k strategy, right? Multi-generational relationships around the retirement plan. Can you talk a little bit about what it is that you guys do
Comprehensive Wealth and Retirement Planning
00:06:24
Speaker
there?
00:06:24
Speaker
Absolutely. So many of our clients are business owners, not always, but many of them are. And so we we always like to look at where can we add value to a client's picture? and in In our world, a lot of things are just table stakes today, right? Comprehensive financial planning. You hear that left and right. tax loss harvesting, a lot of that can be automated today. So what what can we do to continue to add value? And so to me in the group retirement plan space, whether it's 401ks or 403bs with nonprofits, um we're able to continue to add more value to the business owner's life and specifically to their bottom line, to their tax
00:07:03
Speaker
situation, oftentimes their family works with them. That can be a solution for, well, they have five staff. How do we offer small, you know, manage those smaller relationships? But if if we're managing it through a group plan, oftentimes we can bring high value service, great education to a group of people.
00:07:24
Speaker
and And, you know, we we can scale that a little bit for those business owners. um And then even just from any business owner coming out of the pandemic, if you heard any feedback from them,
00:07:38
Speaker
Number one, we all kept hearing in time and time again, labor is a challenge. How do I get the right labor? Well, if we're able to come alongside them, help them offer a better benefits package, um specifically in that retirement plan space, helps them recruit, retain the right talent, reward that talent. So that's that's been an area that again, we're adding value. And it's it's sometimes it's not in in a dollars and cents place, but it's being able to keep good people around.
00:08:05
Speaker
The second area I'd mention is just on tax credits. So if you're not familiar Secure 2.0 legislation that was passed a few years ago, there's a lot of tax credits for startup plans. And so a lot of advisors formerly were not willing to work with startup 401k plans because it it takes a while to build momentum, um not just in assets, but just in the plan knowledge and how to administer it.
00:08:29
Speaker
But with a lot of the startup tax credits, business owners are more incentivized, but they can get up to 5,000 offset startup costs. They can get up to $1,000 on the match they do per employee. So you know playing off with 20 employees could easily easily get 25,000 in tax credits. So there's just a lot of opportunities out there to to add value for business owners and everybody hates taxes. So if if we can if we can help them ease that burden, then then that goes a long ways in addition to just their own deferrals and profit sharing that they can do.
00:09:02
Speaker
Yeah, it's really interesting because it it feels like there used to be a very um um sort of strict lines between like financial advising on on your your investment accounts, right? And then your your your retirement accounts are are over here and the advisor may have insight to it, but it's kind of this other thing with another firm. And it sort of seems like a natural evolution of, as I the buzzword we hear all the time, comprehensive wealth planning is is bringing those together, right? And giving advisors the tools to to offer the plans and manage the plans themselves. I think it it makes a a ton of sense.
00:09:32
Speaker
Absolutely. do you want another advisor that's you know working alongside your your business owner client and their 401k? And yeah, that that makes it tough if yeah if you're not engaged on all those levels. And the reality too is they're working closely with their CPA with a lot of their tax activities. So if you're able to engage on that level, um it's To me, that that deeper collaboration with the CPA can go a long way so that we're all going in the right direction with with the overall tax strategy that's there.
00:10:03
Speaker
um you know And just even the cash flow of the business. right A lot of business owners are very open about that, but you get to see a little bit more clearly when when you're involved on the 401k side of things. so And to even on down to the employee level, you can see who are who are the rising stars there, right? Who not not just who's paid well, who might buy the business? Is it the kids? Is it you know, do they have a team of people that might take over one day. So as you think of the whole life cycle of the business,
00:10:33
Speaker
um being able to engage not just at the end when there's a liquidity event, but each step of the way, whether it's you know early in the business or as they become a little more mature, there's just a lot of opportunities along the way. We don't have to only engage when there is a liquidity event. Well, I'd love to get back to our our conversation about, um you know, that multi-generational approach. Can you share anything, maybe just some, some strategies or or things that you guys have So, you know, as we said earlier, just having that conversation, reaching out, I think it's a huge part of the battle, but then, you know, there is, there's differences and it's, it's, it can be tough to then engage with those, with that next generation. What have you guys found works? Is there anything that, that other advisors out there could learn from, from Endeavor and your approach? Yeah, the the tough thing is not everything can be scalable. But when there are those opportunities, I think that makes sense, right? So for clients that are a little bit farther along in years, it's you you should be doing the ah the basic estate planning checklist, right? Do they have power versus attorney set up? Do they have the will? Do they have the trust?
00:11:34
Speaker
I love having family meetings and we might be a decade away from you know their kids needing to take over, but establishing that relationship early goes a long ways. And then oftentimes those family meetings turn into opportunities to have that discussion with them because yeah, like you said earlier, I can give them my business card and say, hey, have your son or daughter give me a buzz anytime they need.
00:11:57
Speaker
But being in the same office with them or being at their house, being ah you know across them in the at the dining room table just makes it so much easier for them to start opening up about, well, yeah, I don't know what to do with this old 401k and just be able to have ah those conversations there.
00:12:14
Speaker
But on the complete opposite end of the spectrum for people with younger kids, um they don't have to even have their first 401k to have that conversation. Just ah about a week ago, as at a family's house, I brought Chick-fil-A in with a couple other kids that were looking to stash their, their allowance savings that they were trying to do something with beyond just have it in physical piggy banks. And so, you know, just across some, some chicken nuggets and yeah and chip like we they're asking all sorts of questions. I wish I was asking it 11 years old. Right. yeah um And so I think just having that presence is kind of of family advisor. And it's not just the parents or grandparents advisor. At each life stage, we have that that opportunity to engage.
Engaging Clients with Unique Financial Strategies
00:12:59
Speaker
Great. That makes a lot of sense. and And I'm going to segue this into you know something that we have started at TradePMR that we're really excited about to sort of initiate these conversations. It's really one of the driving forces behind what we call the asset match program that's going on until March of next year. Advisors that bring over eligible assets to a TradePMR account, we're offering a 50 basis points match on those. And a big part of the the reasoning was helping advisors have those conversations, whether it's with prospects or or current clients that may have money sitting on the sidelines. But also I think maybe for that multi multi-generational thing, if you, if you know your clients, their kids are out there and they're not working with you, this could be possibly a way to bring them in. And one of the reasons you and I first started talking was you, you've been looking at our asset match program and, and I think we're, we're excited about it, but I'd love to hear your thoughts. um Have you been using it to have new conversations with clients or what have you guys been thinking about it?
00:13:55
Speaker
Yeah, i'm I'm really excited about it, but I also want to be very level-headed in how we engage our our clients and and prospects. to you We want to be careful and thoughtful in how we embrace them with that. So you've probably heard me say value several times, right? i always like to look to see how how can I add value first? So if it's a new client relationship, um you know I don't know that a half percent match is going to bring in a new client. Right. There's there's other offers out there on self-directed platforms that that offer more significant matches. But it's almost like this. Hey, we just started. And by the way, you're you're able to receive this early on. I think it does differentiate us from other custodians. I don't I don't know of any other major custodians offering that. So to me, that's really exciting that it does you know stand apart from others. um you know i was I'll be honest, I was initially a little bit concerned about just the ability for clients to opt out. I heard you know some maybe different messaging there. And then as I was reading a little bit different, a little bit deeper on there, I heard that there is
00:15:01
Speaker
is maybe more of a reversal of the interest that was posted to the accounts because the reality is some of our clients are real estate investors. They might park $100,000 with us for six months and then need it to you know buy that next rental property.
00:15:16
Speaker
They may not notice it going in, but they might notice all on the back end coming out. So I think that, you know, there's that opportunity to to have that conversation of, Hey, this is coming in. This is what you get on the front end so that there's, you know, we don't want any surprises.
00:15:29
Speaker
Um, we, we just want excitement from clients. Right. Um, so we're, we're trying to be very thoughtful and and track all of that really closely so that there's no, um, just no bad taste anybody's, uh, mouth, um, on the back end. Um,
00:15:45
Speaker
And then, um it sounds like it's almost like, uh, uh, like the sprinkles on top of the, uh, the, uh, the Sunday, right? Yeah. but the we sell cherry on top right yeah cherry on top of you because yeah The reality is like, we're, we're a full service firm, right? So somebody that's not, that's going to come here chasing a half percent match, probably isn't going to get, to be a good fit for us in the long run. But if they're coming here because, Hey, it makes sense for me to work with Brady with Endeavor, there's value there.
00:16:15
Speaker
what What better note to kind of start that relationship on than, hey and by the way, you're also going to get this half percent match. So I think it's it is a stronger branding strategy personally at a firm level, at a trade you know at the trade PMR level that we really get to start things you know in a really good place there.
00:16:33
Speaker
Great. Well, Brady, that's about kind of the all the time I had here. Wrapping things up, um you know, what we like to end our episodes was sort of like a takeaway for our listeners, like an actual piece of advice or maybe not advice for our for our compliance lawyers listening in. You know, this is not financial advice. But ah ah for for advisors looking to grow their business with that next generation, what's something that they can maybe start doing ah to to have those conversations?
00:16:59
Speaker
Yeah, so i whether it's this match or as you go through your book and each each client review, I think there's items like this that can be a tool that you can use as a nudge, right? On the advisor level, if this nudges um each of us to make a few more calls to our clients, to... Maybe say, oh, you know what? I'm checking the the beneficiaries on your accounts. i've I've not met both of your sons before.
00:17:24
Speaker
Do you mind if I reach out to them to see if I can help them at all? Maybe this helps nudge our staff to move efficiently and accurately to open accounts in a timely manner so that we don't you know miss a window. Or maybe we nudge clients appropriately to keep things moving because you know you'd hate for a new client to miss out on opportunity.
00:17:43
Speaker
I think if we're a financial, a true fiduciary for each of our clients, we take that full family picture. We can be the advisor to the family. Again, whether it's the match or something else that we use for a nudge to say, let's let's ask ourselves a question, how do we engage the whole family? um i think we'll get a lot of fulfillment. I think it will be better for the business in the long run. But I think your clients are going to really benefit from that level of engagement.
00:18:10
Speaker
Yeah. Well, and and, you know, i guess if ah my mom's financial advisor happens to be listening, like, you know, come on, in hit me up. Let's do some business. Well, awesome. Well, Brady, thank you so much for joining the podcast. We really appreciate having you.
00:18:24
Speaker
Thank you. Great. And I'd like to thank Brady for being on the podcast and everyone who's listening. Thank you for tuning in. We appreciate it. Wherever you get this podcast, if you could take that minute to like, subscribe, share it with your networks. We appreciate that. It all helps the algorithm. And stay tuned. We'll catch you on the next episode of the Synergize podcast.
Conclusion and Call to Action
00:18:50
Speaker
If you want to join the conversation or connect with us, please visit us at synergizedpodcast.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. 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.
00:19:17
Speaker
This channel is not monitored by Trade PMR. Trade PMR does not provide investment advice, tax advice, or legal advice. Trade PMR is a member of FINRA and SIPC. Trade PMR Inc. is registered with the Securities and Exchange Commission s ec and the Municipal Securities Rulemaking Board. ms rb Trade PMR 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 and Company.
00:19:53
Speaker
Copyright 2025, Trade PMR Inc. For a transcript of this episode with sources, visit synergizedpodcast.com.