PFI Advisors Releases Industry Report: “Exploring the Benefits of Professional Management for RIAs – A Deeper Look into Chief Operating Officers”

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Latest report details the importance of Chief Operating Officers to the success of RIAs’ growth initiatives. Profiles 5 successful COOs of billion-dollar RIAs including Avalon Advisors; Coastal Bridge Advisors; LourdMurray; Sand Hill Global Advisors; and Sequoia Financial Advisors.

PFI Advisors (“Pure Financial Independence”) announced today the release of a new industry report (the sixth in its continuing educational series) on an often overlooked topic facing independent RIAs: how to leverage professional management – namely, a Chief Operating Officer – to manage the day-to-day business responsibilities.

Widely viewed as a cost center rather than a revenue generator, PFI Advisors’ research highlights the growth opportunities COOs unlock for RIAs once the owners of the firm can focus their time and energy back on business development and client service, rather than the day-to-day running of the firm.

The report, “Exploring the Benefits of Professional Management for RIAs – A Deeper Look into Chief Operating Officers,” highlights the evolution of advisory practices morphing into real businesses with enterprise value through professional management. The report profiles five successful billion-dollar RIA COOs: Gary T. Bonner of Avalon Advisors; Jeff Fuhrman of Coastal Bridge Advisors; Michael Lee of LourdMurray; Anthony Craun of Sand Hill Global Advisors; and Trevor Chuna of Sequoia Financial Advisors.

These featured COOs provide real life examples that have allowed their respective RIAs to evolve and remain competitive. Fast-growing RIAs that add professional management tend to alleviate the advisors to focus on new business opportunities while the chief operatives can execute the firm’s business plan. The research concludes that RIAs cannot pursue successful organic or inorganic growth strategies without a competent COO in place.

“As RIAs grow, they continue to struggle with the optimization of their back office operations to achieve increased profitability as they gain clients and additional AUM,” said Matt Sonnen, Founder & CEO of PFI Advisors. “It’s no secret that there are inefficiencies that creep into RIAs’ processes over time, and it is our experience that at some point in the evolution of the firm, professional management will need to be hired to take the firm to the next level.”

According to the report, the right COO should be in complete alignment with the RIA’s mission and vision, as PFI Advisors has identified three areas of functional expertise needed:

1.    Day-to-day administration of the firm
2.    Driving workflow improvements
3.    Managing human resources

“We are extremely appreciative to the Chief Operating Officers who supported this research and are excited to offer the industry the opportunity to benefit from their experience and wisdom,” Sonnen said. “We’ve predicted 2019 to be ‘the year of the COO.’ We anticipate RIAs realizing the dire need for a qualified COO, and plan to be an available resource to the RIA community.”

About PFI Advisors

PFI Advisors (“Pure Financial Independence”) was founded in 2015 with the following mission in mind:

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 an operational consulting firm that supports the unique back office, technology, and operational needs of RIAs in growth mode. PFI Advisors conducts Technology Assessments, manages Technology Conversions, and provides M&A Preparation and Integration Services to RIAs seeking growth support. The firm announced the launch of COO Resource in January 2018, an ongoing retainer-based service in which RIAs and their Chief Operating Officers can leverage the knowledge and expertise of PFI.

For breakaway advisors, PFI Advisors manages full RIA set up and transition to Independence, including office buildout, RIA infrastructure development, 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.

Media Contact:

Anna Maria Garcia
(424) 336-9753

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Anna Maria Garcia
PFI Advisors
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since: 09/2015
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