Highly personalized service can drive organic growth for RIAs

With RIAs increasingly dominated by large, scaled-up wealth management firms, Bordeaux Wealth Advisors has carved out a niche by doubling down on personalized, high-touch client service.

Rather than chasing rapid expansion through acquisitions or partnerships, the boutique RIA is content to maintain its focus on serving the complex financial needs of its high-net-worth clientele. After all, Bordeaux’s client-first approach is central to its growth and reputation.

"We're happy serving clients where we're at," says Jon Ekoniak, partner and wealth advisor at the RIA and who joined the firm seven years ago after previously advising RIAs for Schwab. "We want to make sure that [clients] are getting the service that they need."

The client service-centric approach is a key differentiator for Bordeaux, which caters primarily to venture capitalists, private equity leaders, and technology executives, the latter being the biggest and newest chunk of clientele. The firm boasts an unusually low client-to-employee ratio of just eight clients per staff member – a stark contrast to the industry average of 25 clients per employee.

“This means we can spend three times as much time on each client,” Ekoniak explains. “We’re able to dig deep into their unique challenges and come up with creative solutions, which clients really appreciate.”

Bordeaux’s clients are typically successful executives with around $20 million in assets under management. The firm originally began as an outsourced financial service for corporate executives but shifted focus to serving individuals and families over time. Bordeaux’s holistic approach helps clients with a wide range of financial matters, from tax strategy to estate planning.

“Our clients are busy and have worked hard to create wealth and they want to retain it,” says Ekoniak. “They've gotten to where they’re at because they hired good people, and they've trusted them. It's the same sort of thing with us.”

If advisors are just trying to scale the business and get as many clients as possible, “you can't do that," asserts Ekoniak.

"You can give them the kind of standard services, but you really can't personalize it. You can throw a personalized wrapper on it, sure, but you really can't get into the details when things get challenging,” he added.

Those details are where Bordeaux shines as tax strategy is another major differentiator for Bordeaux. Ekoniak asserts that tax considerations are essential to good wealth management, yet many firms overlook this aspect.

“Tax is the biggest source of leakage of wealth,” he explains. “It’s irresponsible to offer financial guidance without taking taxes into consideration.”

To that end, Bordeaux hires CPAs to provide tax strategy and guidance, which is integrated into every client’s financial plan.

This depth of expertise extends to Bordeaux's investment offerings as well. The firm maintains an open architecture platform that allows it to access a wide range of alternative investments, from venture capital and private equity to music royalties and professional sports ownership.

"We don't care who it comes from," says Ekoniak. "We're just looking for the best investments for our clients."

Bordeaux remains steadfast in its focus on serving the unique needs of its high-end clientele. While the firm's leadership acknowledges the potential impact of industry consolidation, they seem content to maintain their differentiated model.

"Clients come first for us, and we want to make sure that they're getting the service that they need," Ekoniak says. "Right now, I think we've we can continue to grow and execute with our existing model.

“We're really trying to go to where the industry is going, but we want to be a step ahead of where most players are at. I think we're probably two steps ahead.”

Bordeaux is a partner firm within Focus Financial Partner's network.

Name: Jon Ekoniak
Position: Partner and wealth advisor
Company: Bordeaux Wealth Advisors
Founded: 1969
AUM: $4.4 billion