What makes your RIA unique?

How do you approach recruiting, both advisors and other RIAs?

Differentiating your firm in today's fast-growing RIA space is more important than ever to the future of your business.

Our Dynasty Investment Banking team recently held our inauguration M&A Internship in New York for our network partners. One of the sessions we ran for this one-day workshop focused on building effective playbooks to position your business when speaking to advisors, advisor teams, or other RIAs. It's a surprisingly difficult exercise, but the payoff is the ability to articulate the key points of your business clearly and concisely—and to convey what makes your business unique from other RIAs and wealth management providers .

Pitchbooks are commonly used by investment bankers on the M&A side, but have been used less by RIAs directly when trying to recruit or for M&A. However, this is changing. As our space continues to grow and professionalize, pitch books are becoming more critical tools in our deal-making toolbox. As our industry matures, VNRs are being held to a higher standard and required to deliver more sophisticated and comprehensive wealth management solutions. Increasingly, investors are looking for comprehensive financial advice that goes beyond traditional investment strategies. How your firm goes above and beyond what a plain vanilla RIA can do should be clearly and carefully articulated.

How you define the fundamental aspects of your business sets the tone for your interaction with potential recruits and partners, and contact books are an effective way to create a conversation in person or give a lasting impression as a practical departure.

Key aspects to keep in mind when developing a pitchbook include:

• Pitchbooks are living, breathing documents. Update your presentation book whenever there is a significant change or event in your business, such as AUM, revenue, advisor headcount, ratings/awards, management changes, M&A events, etc.
• Pitchbooks are most effective when tailored to your target audience. Consider the audience and its specific needs and interests. For example, retiring advisors may be more interested in succession planning advice, while younger advisors may prioritize growth opportunities and M&A support.
• Pitchbooks present your firm's value proposition. Use your pitchbook to showcase your firm's competitive edge and market presence.

  • For advisors, articulate your culture and the benefits of joining your firm. What are the opportunities for growth? What kind of support and resources do you offer? How do you structure compensation and incentives?
  • For clients, define your firm's approach and how your services are structured to benefit them.

• Pitchbooks tell the story of your firm. A comprehensive company summary lays the foundation for your pitch book and puts your offer in context. Articulate your firm's core values ​​and long-term goals, include highlights, executive biographies, market share statistics, etc. to provide a clear and attractive presentation for your firm. Describe the main services you provide and highlight the special areas or unique competencies that differentiate your firm in the market.

An engaging, bespoke book illustrates your firm's journey in the most effective way. Your ability to communicate your mission, vision and values ​​builds credibility, trust and, most importantly, an identity in the increasingly crowded RIA space.

Harris Baltch is the Head of Investment Banking Dynasty