His nontraditional career path included experience in consulting, private equity and technology giving him a unique perspective on the financial services business. He explains the process the firm uses to identify, fund and negotiate acquisitions: part of the answer is focusing on succession planning for small firm owners. He notes that deal structures have evolved due to plentiful private equity capital in an era of very low rates. Private investors in RIAs get a steady cash flow, effectively creating a high yielding investment.
We discuss his joining Schwab in 1997, instead of Amazon (!). He did not believe that the Seattle start up represented the best path for him, and he has never looked back at that decision. We also discuss the lack of diversity in the financial services industry, which Welling describes as “Male, Pale & Stale.” He explains Mercer Advisor women’s initiative called InvestHERs — designed to promote diversity in the advisor industry.
Credit: The Big Picture