Last week, I made the public announcement that I’ll be seeking a replacement for myself as co-CEO of Allworth, the firm Pat McClain and I founded 30 years ago.
To be clear, while I may be stepping aside, I am certainly not stepping out.
When the news broke, I received hundreds of texts, emails and phone calls that ranged from, “Congratulations on your retirement” to “Why are you leaving when things are going so well?”
The fact is, I am not retiring nor am I leaving. Rather, I am doing what many other advisory firm principals have been doing the past several years: Moving into a position that more closely aligns with my skill sets and passions.
We’ve all read about the number of mergers and acquisitions that have taken place within the wealth management industry this past decade. The fact is, we are one of the acquirers, having completed 29 of these partnerships in the last six years.
Most of the principals of these firms began their career with a large national firm, branched off and became independent, and then later joined us to relinquish their management responsibilities for the benefit of their quality of life and to better service their clients.
In just those last six years, our business has grown from 60 associates to more than 400. Along with that, my daily responsibilities have evolved. Rather than having time to devote to clients, and to our advisers who serve our clients, much of my time is spent in leadership meetings covering topics ranging from cybersecurity to evaluating tech platforms and staffing.
As I looked toward the future, I began to consider some things: First, what skills and passions are necessary to lead a fast-growing organization as it evolves from a few hundred associates to a few thousand? Second, what role can I play to ensure that our clients continue to receive the best available care and support? And third, what motivates me and gives me energy?
I care deeply about the company I co-founded. And the more I began to seriously consider the above questions, the more I came to realize that it was time to step aside to allow someone else to lead Allworth’s day-to-day operations. With the right person at the helm, I could spend more time on those areas I am passionate about — advocating for our clients and advisers — and less time on areas where I’m neither trained nor highly skilled.
I will continue in my role until we find the absolute best candidate to lead us to the next level. And once that is achieved, I will transition to vice chair of the organization, ensuring that we never deviate from our fiduciary values and convictions.
While my decision to change roles was certainly difficult, I am proud that I have the requisite self-awareness to do what is best for the future of the firm, for the people that I love and respect, and for myself.
Scott Hanson is co-founder of Allworth Financial, formerly Hanson McClain Advisors, a fee-based RIA with approximately $16 billion in AUM.
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