The Next Generation of Wealth Management with Paul Litchfield

February 27, 2024


In this episode, we sit down with Paul Litchfield, a top next-generation wealth advisor. We explore the challenges and opportunities in the wealth management industry today, including the aging workforce and the importance of succession planning for financial advisors. We also discuss the shift towards the registered independent advisory (RIA) model, and why it's winning vs. larger incumbents. Finally, we look at the need for comprehensive services, including financial planning and tax strategies, and talk about the increasing interest in alternative investments. Tune in for practical insights into the evolving landscape of wealth management.


00:00 Introduction and Next-Gen Advisors

01:07 Aging Workforce in the Industry

02:31 Succession Planning for Advisors

03:11 M&A Transactions in the Industry

04:18 Shift Away from Family Succession Plans

06:35 Challenges in M&A Transactions

07:06 The Rise of Registered Independent Advisory Model

08:15 Advantages of the RIA Model

09:28 Expanded Services Offered by RIAs

10:44 Different Approaches for Younger and Older Clients

12:00 The Shift in Client Expectations

13:14 The Role of Advisors for Millennials and Gen Z

14:26 Building Long-Lasting Relationships

16:23 Differentiation and Unique Services Offered

18:19 Alternative Investments and Access for Clients

19:09 Contact Information and Conclusion

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