Recorded live at the Schwab Impact Conference in San Francisco, David Armstrong, editorial director in Informa Connect's Wealth Management Group, sits down with Michael Goodman, founder and leader of RIA Wealthstream Advisors, an RIA Edge 100 firm, to explore how he think about sustainable. growth and customer service in wealth management.

They delve into Goodman's philosophy and approach behind managing a successful wealth advisory firm and serving clients with significant wealth and complex financial needs. Goodman emphasizes the importance of tailored support, from fully delegated staff to knowledgeable individuals within financial services.

They discuss:

• That's what Goodman saw missing in his relationships with accounting clients, which prompted him to take the plunge and start his own RIA.
• The process Wealthstream Advisors uses to decide to take on certain clients who may not always meet their minimum AUM requirements.
• A deep understanding of certain corporate compensation plans helps Wealthstream turn executive clients at those companies into fans of the firm, driving their referrals.
• Why Goodman encourages his advisors to ditch the jargon about the sophisticated planning strategies the firm uses and simply ask the client a relevant question.
• How a 100% employee-owned firm approaches M&A
• Why Goodman believes it is important to sacrifice the firm's maximum profitability in order to keep some excess capacity in the organization—to accommodate future growth or to mitigate the inevitable sustained market decline.
• Key KPIs Goodman tracks to help make staffing and resourcing decisions.

Sources:

Connect with David Armstrong:

Connect with Michael Goodman:

About our guest:

Michael Goodman, founder of Wealthstream Advisors, is dedicated to fostering lifelong partnerships and helping clients achieve greater financial clarity and peace of mind. Wealthstream Advisors, an independent boutique wealth management firm in New York City, operates as a registered investment advisory firm, providing objective and personalized financial planning and evidence-based investment management adhering to a standard fiduciary.

Michael emphasizes the importance of tailored financial plans and investment strategies. By partnering with Wealthstream Advisors, clients gain increased financial knowledge and confidence, empowering them to make informed decisions about managing and growing their wealth.