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In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect's Wealth Management Group, talks to Jon Foster, p.resident and CEO of Angeles Wealth, a firm that caters to individuals with investable assets ranging from $10 million to $100 million, bridging the gap between boutique advisory services and full-scale family offices.

Foster shares his approach to this class of clients, prioritizing an “open architecture” service model, structuring unique private markets investment opportunities that put the advisor on the same page as the client and their concerns about trends in the broader market VNR around short-term equity financing and market fluctuations. And if you're applying for a job with Angeles Wealth Management, the one question you don't want to ask.

Specifically, David and Jon discuss:

• How Angeles Wealth's managed a 40% growth rate over the past few years without touching the M&A market.
• Why his first filter for hiring employees is to look for people who are natural “storytellers,” really enjoy meeting people, and can showcase the firm's capabilities and client results.
• Why the firm prioritizes organic growth over mergers and acquisitions, recruiting advisors with knowledge of estate planning, philanthropy and intergenerational family dynamics.
• Using family discussions about philanthropy to unlock the dynamics and spot potential red flags in multigenerational wealth.
• Si Angeles brings alternative investments to clients with a fund of funds or as a co-investor and explains how he arrived at the unique decision not to charge management fees for the client's assets included in the strategy, in favor of a performance fee after the period of fund raising.
• The benefits of maintaining an “open architecture” when it comes to sourcing outside service providers — as opposed to bringing many of those services in-house — and why he never asks for or expects a referral from an outside estate attorney or service provider.
• How culture is key to recruiting talent and the one question job candidates ask ensures they don't get hired.

Sources:

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About our guest:

Jonathan is responsible for the executive leadership of Angeles Wealth Management. Jonathan has over 30 years of wealth management experience as a client advisor and in senior management positions.

Prior to co-founding Angeles Wealth, Jonathan was President of two related companies, Carson Wealth Management Group, one of the nation's leading full-service wealth management firms, and Peak Advisor Alliance, the largest independent coaching and counseling focused on financial advisors. Jonathan is also the former Head of Wealth Management for E*Trade Financial, and CEO of Howard Capital Management.

Jonathan received an MBA in Finance from Northeastern University and is a member of Beta Gamma Sigma International Honor Society. He received his BA in Political Science from the University of Pennsylvania, where he was captain of the varsity squash team and an All-American.