PFI Advisors Launches “COO Resource” To Help RIAs Achieve Increased Profitability

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Consulting service designed to turbo-charge RIA growth by helping RIAs onboard and provide ongoing support for professional operations management

PFI Advisors (“Pure Financial Independence”) announced today the launch of a new consulting offering, COO Resource for RIAs in growth mode.

This consulting service is designed to help RIAs identify and hire a Chief Operating Officer (COO) as well as onboard and assist that professional in his/her day-to-day management of the firm. Additional components of the offering include ongoing support via weekly calls and meetings with PFI Advisors to counsel on the specific nuances of the firm’s service model, compliance, HR, technology infrastructure, vendor evaluation and management, and more.

“In our consulting work with larger RIAs, the number one request we have received over the past two years has been to help them with the many issues that are typically managed by a Chief Operating Officer,” said Matt Sonnen, CEO of PFI Advisors. “They often look to outsource that function; however, it is our strong belief that a COO needs to be an integrated part of the management team and these responsibilities cannot be managed from afar.”

“A successful COO needs to master a varied set of responsibilities, ranging from technical knowledge to strategic thinking to employee management. This unique combination of experience and knowledge is not always available in one professional, so as a result we have created COO Resource to help bridge the gap between all of these skills,” continued Sonnen.

Industry studies point to the benefits that come from bringing in professional operational management to unburden principals and advisors from the day-to-day activities that take up their time and prevent them from focusing on client relationships and new business development.

In their latest research, Cerulli Associates suggests that, “Billion-dollar RIAs need to seriously consider creating professional management roles,” in order to capitalize on their growth opportunities. ("U.S. RIA Marketplace 2017: Growth at the Top” by Cerulli Associates, October 2017 Report)

Because the independent RIA business model is very specific and unique in the financial services industry, there is a growing need for firms to be able to find and train on the nuances of running an RIA firm. PFI Advisors’ COO Resource is particularly beneficial for firms that are:

1)    Newly launched, such as breakaway advisors who are inexperienced with managing their own business;
2)    Rapidly growing and are looking at bringing in operational talent for the first time;
3)    Looking to promote from within, but the internal candidate lacks managerial experience; or
4)    Hiring an experienced COO from outside the financial services sector who lacks industry-specific knowledge.

PFI Advisors’ COO Resource provides deep industry insight and counseling to support COO’s with the alignment of resources to maximize firm profitability and scale.

“As the industry becomes more complex and competitive, the need for skilled, experienced and strong operational support and resources has never been more important,” Sonnen said. “This new offering has been designed specifically based on the feedback we have received from working with the industry’s leading RIA firms, and we are excited to be able to continue our mission of turning advisory practices into successful and sustainable businesses.”

About PFI Advisors

“Pure Financial Independence.”
PFI Advisors (“Pure Financial Independence”) was founded in 2015 and remains focused on their mission: “To further evolve the RIA industry from a collection of practices to businesses, and to be a continued voice in validating the industry as a legitimate landing spot for billion-dollar teams and their clients.” PFI Advisors is pioneering an operational consulting service that supports the unique back office, technology and operational needs of RIAs in growth mode. The firm conducts Technology Assessments, manages Technology Conversions and provides M&A Preparation and Integration Services. For breakaway advisors, PFI Advisors manages full RIA setup and transition to Independence, including office buildout, RIA infrastructure, client transition, and billing services, all for a simple consulting fee. There is no complicated, long-term AUM fee structure or equity stake required to build the firm’s future and provide advisors Pure Financial Independence.

About Matt Sonnen
Matt Sonnen successfully launched Luminous Capital in 2008 with his former business partners from Merrill Lynch, and held the Chief Operating Officer and Chief Compliance Officer role for 4 ½ years before they sold the firm to First Republic Bank for more than $100 million in late 2012. He then went to Focus Financial Partners where he helped some of the country’s largest RIAs incorporate professional management into their businesses as they all strived for 20%+ annual growth. Matt and his team at PFI Advisors have set up billion-dollar RIAs from scratch, and have consulted RIAs of all sizes on operations and technology initiatives, as well as M&A integration projects.

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Tim Welsh