The Hidden Economics Behind High-Growth Advisory Firms with Patrick Kelly

The Hidden Economics Behind High-Growth Advisory Firms with Patrick Kelly

Episode 147: This week, Kyle Van Pelt talks with Patrick Kelly, Co-Founder and CEO of Signal Advisors. Patrick started his career as a financial advisor at Northwestern Mutual before becoming an independent advisor. Before Signal, Patrick founded RepPro, the first electronic application platform for fixed and fixed index annuities in the IMO business. Patrick talks with Kyle about the hidden economics behind high-growth advisory firms. He discusses why some of the fastest-growing advisors integrate insurance, annuities, and investment management into a cohesive strategy, and how pairing this with recurring revenue can unlock both growth and enterprise value. Patrick also explores how technology simplifies operations, improves visibility into marketing performance, and ultimately helps advisors make better business decisions and enhance client experiences. In this episode: * (00:00) - Intro * (02:02) - Patrick's money moment * (05:06) - Where Signal Advisors fits in the modern advisor ecosystem  * (07:11) - Why insurance technology still lags behind wealthtech * (10:52) - The hidden limitations of basic data feeds  * (15:12) - Rethinking the commission vs. fee-based debate  * (17:10) - The evolution of fee-based annuities and advisor adoption  * (19:47) - The real engine behind advisor growth and enterprise value * (21:07) - How Signal Advisors survived its early cash flow challenges  * (28:25) - Building a tech stack around advisor economics and visibility * (34:01) - Why advisors work with so many carriers * (36:14) - Patrick’s vision for the future of Signal Advisors * (40:35) - Why AI should improve experience before efficiency  * (43:37) - Patrick's Milemarker Minute Key Takeaways * Great advisors solve for human outcomes, not just portfolio performance. Clients are often seeking confidence, stability, income, or peace of mind—not simply maximum returns. The firms growing fastest understand how to align financial solutions with real human concerns. * The divide between insurance and investments is disappearing. High-growth advisory firms increasingly integrate annuities, insurance, and investment management into a single client strategy instead of treating them as competing business lines. * Enterprise value comes from scalable growth, not just recurring revenue. Predictable revenue matters, but the firms commanding premium valuations are the ones pairing recurring income with strong acquisition systems, marketing visibility, and operational leverage * AI’s biggest opportunity is improving the client experience. Efficiency matters, but the real long-term advantage comes from creating smoother, faster, and more personalized experiences for both advisors and clients. Efficiency is simply the downstream effect. Quotes "In a world where you don't differentiate on products, where you really differentiate is on your financial planning prowess and how you actually help individuals solve problems in their lives." ~ Patrick Kelly "If you're taking commissions, you're reducing the enterprise value of your business because people who buy businesses want recurring revenue." ~ Patrick Kelly "You shouldn't use AI to create efficiency. You should use AI to create a better user experience. Efficiency is a second-order effect of AI." ~ Patrick Kelly Links  * Patrick Kelly on LinkedIn [https://www.linkedin.com/in/patrickrkelly/] * Signal Advisors [https://www.signaladvisors.com/] * Northwestern Mutual [https://www.northwesternmutual.com/] * American Equity [https://www.american-equity.com/] * DTCC [https://www.dtcc.com/] * Michael Kitces [https://www.linkedin.com/in/michaelkitces/] * Empire of the Summer Moon [https://www.amazon.com/Empire-Summer-Moon-Comanches-Powerful/dp/1416591060] Connect with our hosts * Milemarker.co [https://milemarker.co/] * Kyle on LinkedIn [https://www.linkedin.com/in/kylevanpelt/] * Jud on LinkedIn [https://www.linkedin.com/in/judmackrill/] Subscribe and stay in touch * Apple Podcasts [https://podcasts.apple.com/us/podcast/connected/id1691759257] * Spotify [https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S] * YouTube [https://www.youtube.com/@milemarkerinc] Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com [https://www.turncast.com/].

How Modern RIAs Can Scale Fast with Vib Arya and Sean Meighan

Episode 146: This week, Kyle Van Pelt talks with Vib Arya and Sean Meighan of Envestnet. As Head of Strategic Relationship Management, Vib is a seasoned wealth and investment management leader with more than 25 years of experience driving innovation and efficiency across RIA, institutional, wirehouse, and fintech channels. As Head of RIA Distribution, Sean has spent his career helping advisory firms navigate growth, technology adoption, and operational strategy within the evolving RIA landscape. Vib and Sean talk with Kyle about how modern RIAs can scale fast. They explore how technology has evolved from a support function into a true growth multiplier, powering efficiency, enabling personalization at scale, and helping firms navigate complexity. They also discuss the ongoing battle against tech sprawl and how Unified Managed Accounts (UMAs) act less like a product and more like an automated trading chassis capable of handling everything from high-net-worth personalization to account efficiency.  In this episode: * (00:00) - Intro * (01:11) - How technology fits into the RIA growth equation  * (02:34) - Designing the ideal advisor workflow * (04:00) - What shaped Sean’s and Vib’s technology philosophy * (08:49) - Diagnosing tech stacks and aligning them with firm strategy  * (13:00) - The hidden cost of tech sprawl  * (18:01) - How UMAs are evolving for modern RIAs  * (24:29) - Separating AI hype from practical application in wealth management  * (31:49) - Vib’s and Sean's Milemarker Minute Key Takeaways * The best tech decisions begin with a clear vision of the client and advisor experience. Workflow clarity should dictate your tech stack, not the other way around. * Don't let tech sprawl slow you down. Chasing best-in-class tools can create fragmented systems that are hard to manage. At some point, simplicity and integration become a competitive advantage. * UMAs are evolving into a flexible growth engine. What used to be a high-net-worth solution is now becoming a scalable infrastructure for firms of all sizes, handling everything from simple ETF models to complex multi-manager portfolios.  * Ground AI in workflow and data basics. With AI moving at a rapid pace, firms seeing the most meaningful AI opportunities are the ones that already have clean data, intentional systems, and clearly defined processes. Quotes "RIA growth is going to be driven by scale, consistency, and risk control. But you can't do that without technology." ~ Sean Meighan "The UMA is a tech chassis that can solve a myriad of problems an RIA faces today." ~ Sean Meighan "There's an opportunity for Envestnet to provide RIAs and advisors with as much complexity, personalization, and sophistication as they would like, and as simple a form as possible, with one account having multiple strategies and multiple sleeves." ~ Vib Arya "As client demands become more sophisticated and complex, the UMA is a perfect ecosystem to provide all of that, and we're proud to offer it." ~ Vib Arya Links  * Vibhaw Arya on LinkedIn [https://www.linkedin.com/in/vibhawarya] * Sean Meighan on LinkedIn [https://www.linkedin.com/in/sean-meighan-b3944113/] * Envestnet [https://www.envestnet.com/]  * Shufro Rose [https://www.shufrorose.com/] * Tamarac | Envestnet [https://www.tamaracinc.com/] * Good to Great [https://www.amazon.com/Good-Great-Some-Companies-Others/dp/0066620996] * The Game [https://www.amazon.com/Game-Teresa-Toten/dp/1782118934] Connect with our hosts * Milemarker.co [https://milemarker.co/] * Kyle on LinkedIn [https://www.linkedin.com/in/kylevanpelt/] * Jud on LinkedIn [https://www.linkedin.com/in/judmackrill/] Subscribe and stay in touch * Apple Podcasts [https://podcasts.apple.com/us/podcast/connected/id1691759257] * Spotify [https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S] * YouTube [https://www.youtube.com/@milemarkerinc] The information, analysis and opinions expressed herein are for informational purposes only and do not necessarily reflect the views of Envestnet. These views reflect the judgement of the author as of the date of writing and are subject to change at any time without notice. Nothing contained in this piece is intended to constitute legal, tax, accounting, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. Intended for investment professionals only. Past performance is not indicative of future results.

The Hidden Infrastructure Powering Modern Advisory Firms with Aaron Wormus

Episode 145: This week, Kyle Van Pelt talks with Aaron Wormus, Chief Technology Officer at SMArtX Advisory Solutions. Aaron has spent years building technology infrastructure for the financial services industry, from hedge fund platforms to enterprise-grade advisory systems. At SMArtX, he focuses on solving the operational and data challenges that prevent advisory firms from scaling efficiently while helping advisors access institutional-quality tools once reserved for large enterprises. Kyle and Aaron explore the growing shift from fragmented advisory technology toward unified enterprise infrastructure. Aaron breaks down how UMA architecture changes the advisor experience, why portfolio accounting engines power real-time innovation, and how firms can build modern “advisor-built enterprise platforms” using best-of-breed technology. They also discuss AI, data orchestration, operational toil, and why the firms most open to technology and experimentation will have a major advantage in the years ahead. In this episode: * (00:00) - Intro * (01:13) - Aaron’s money moment and the early days of SMArtX * (03:15) - Is SMArtX a TAMP, a fintech platform, or something else entirely? * (04:37) - What actually makes technology “enterprise-grade” * (06:24) - Why UMA architecture changes everything * (09:26) - The hidden infrastructure powering modern advisory platforms * (12:20) - The rise of the advisor-built enterprise platform * (15:15) - Why portfolio accounting engines matter so much * (19:05) - How SMArtX and Milemarker fit together * (21:00) - Why the entire industry is moving toward unified infrastructure * (22:24) - AI, orchestration layers, and the future of connected systems * (25:51) - Turning hand-drawn ideas into live AI-powered workflows * (27:31) - AI guardrails, security, and enterprise data protection * (28:34) - Aaron’s predictions for the next three years of wealth tech * (30:27) - Eliminating “toil” inside advisory firms * (32:13) - Aaron’s Milemarker Minute Key Takeaways * The next generation of advisory firms will behave more like technology companies. Advisors increasingly want flexible infrastructure that lets them combine best-of-breed tools into a unified client experience instead of operating inside rigid “walled garden” ecosystems. * Real-time experiences depend on invisible infrastructure. Portfolio accounting, reconciliation, trading order sequencing, and data normalization may not sound exciting, but they are the foundational systems that make modern advisory experiences possible. * AI’s biggest impact may be removing operational friction rather than replacing advisors. Aaron repeatedly returns to the idea of eliminating “toil”—the repetitive operational work that slows firms down and distracts advisors from relationships and growth. * Clean, secure, accessible data is becoming the real competitive advantage. AI tools are only as useful as the infrastructure and guardrails surrounding them. Firms with reconciled data and strong architecture will be positioned to move significantly faster than firms still trapped in disconnected systems. Quotes "We're in a new space where the people who are open to technology, open to building, really are the ones who win." ~ Aaron Wormus "Most advisors want to become advisors so they can help people. They want to go out and solve problems. They don't want to spend all their time rebalancing stuff or using spreadsheets." ~ Aaron Wormus "Being able to have that reconciled data, being able to know that the data is good, being able to provide that data into different systems, that's really where that key component is." ~ Aaron Wormus Links  * Aaron Wormus on LinkedIn [http://linkedin.com/in/aaron] * SMArtX Advisory Solutions [https://www.smartxadvisory.com/] * Fidelity Investments [http://www.fidelity.com/]  * Charles Schwab [http://www.schwab.com/]  * Goldman Sachs [https://www.goldmansachs.com/]  * Claude [https://claude.ai/] * Red Notice [https://www.amazon.com/Red-Notice-Finance-Murder-Justice/dp/1476755744] Connect with our hosts * Milemarker.co [https://milemarker.co/] * Kyle on LinkedIn [https://www.linkedin.com/in/kylevanpelt/] * Jud on LinkedIn [https://www.linkedin.com/in/judmackrill/] Subscribe and stay in touch * Apple Podcasts [https://podcasts.apple.com/us/podcast/connected/id1691759257] * Spotify [https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S] * YouTube [https://www.youtube.com/@milemarkerinc] Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com [https://www.turncast.com/].

The Difference Between Growing Fast and Growing Well with Tim Gavin

Episode 144: This week, Kyle Van Pelt talks with Tim Gavin, Chief Strategy Officer & Chief Compliance Officer at MCF. Tim helps lead the firm’s long-term strategic direction across operations, compliance, advisor support, technology, and growth initiatives. Kyle and Tim discuss what sustainable growth actually looks like inside a modern advisory firm. Tim explains why organic growth creates stronger long-term enterprise value, how firms should think about operational capacity before scaling, and why successful change management starts with team buy-in—not software purchases. They also explore AI adoption, technology fatigue, client experience design, and the growing divide between firms that strategically invest in technology and firms that fall behind. In this episode: * (00:00) - Intro * (01:26) - Tim’s money moment * (02:51) - Why compliance can become a strategic advantage * (03:56) - MCF’s acquisition of Wealth Planning Corporation * (05:37) - Defining intentional growth * (07:31) - Measuring operational efficiency and capacity * (09:53) - Organic growth vs. inorganic growth * (12:41) - The hidden operational risks of scaling too quickly * (14:41) - Why change management is harder than buying technology * (17:30) - Building a tech stack that actually supports growth * (21:38) - AI adoption, due diligence, and compliance concerns * (23:33) - Responsible AI use and protecting client trust * (26:34) - Tim’s outlook on the future of financial services * (28:31) - Why client experience is the real product * (29:42) - Tim’s Milemarker Minute Key Takeaways * Organic growth compounds differently than acquisition growth. Firms that build referral systems, operational consistency, and advisor enablement create more durable enterprise value over time. * Scaling exposes operational weaknesses. Growth only works when firms proactively manage advisor capacity, workflows, onboarding systems, and internal communication. * Technology should reinforce strategy—not dictate it. Tim emphasizes evaluating tools through the lens of client impact, operational fit, and long-term scalability rather than reacting to hype cycles. * Great client experience extends beyond meetings. The real question is how clients feel between interactions—whether they trust the plan, understand what’s happening, and feel connected to the firm even when they’re not actively engaging. Quotes "We don't want to grow just to grow. It's about how many clients we can impact and provide real value to them." ~ Tim Gavin "Everybody wants to talk about acquiring a firm. But at the end of the day, to really say you have scale, it means having systems in place that can generate organic growth." ~ Tim Gavin "You have to revisit your processes very frequently because technology changes constantly." ~ Tim Gavin Links  * Tim Gavin on LinkedIn [https://www.linkedin.com/in/timgavin/] * MCF Advisors [https://mcfadvisors.com/] * Salesforce [https://www.salesforce.com/ap/]  * Power BI [https://app.powerbi.com/] * Think and Grow Rich [https://www.amazon.com/Think-Grow-Rich-Landmark-Bestseller/dp/1585424331] Connect with our hosts * Milemarker.co [https://milemarker.co/] * Kyle on LinkedIn [https://www.linkedin.com/in/kylevanpelt/] * Jud on LinkedIn [https://www.linkedin.com/in/judmackrill/] Subscribe and stay in touch * Apple Podcasts [https://podcasts.apple.com/us/podcast/connected/id1691759257] * Spotify [https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S] * YouTube [https://www.youtube.com/@milemarkerinc] Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com [https://www.turncast.com/].

Growth, Alignment, and the Future of Advisor-Led Wealth Firms with Scott Schwartz

Episode 143: This week, Kyle Van Pelt talks with Scott Schwartz. Scott is one of the Managing Partners and a Wealth Management Advisor at OnePoint BFG Wealth Partners. With more than 40 years of experience in helping clients achieve their financial planning goals, Scott has created tailored financial plans that empower clients to make informed decisions. Scott talks with Kyle about what it takes to build a modern, scalable wealth management firm. He shares how his team thinks about growth, why alignment and shared equity matter more than titles, and what it looks like to create a firm designed for long-term impact rather than short-term recognition. Scott also explores the realities of scaling firms to a national level and the role of technology and AI as powerful force multipliers for efficiency and better client experience, not as replacements for advisors. In this episode: * (00:00) - Intro * (02:21) - Scott's money moment * (07:59) - The history and evolution of the Bleakley Financial Group * (10:40) - Rebranding Bleakley Financial Group to OnePoint BFG Wealth Partners * (13:37) - The turning point at which Scott began building a scalable firm  * (18:19) - Transitioning from a 1099 model to a W-2 firm  * (24:57) - OnePoint's growth goals and expansion strategies * (30:55) - What it takes to become a national firm * (33:42) - The role of technology in OnePoint's growth * (38:25) - Scott's outlook on the future of the financial services industry * (41:39) - Scott's Milemarker Minute Key Takeaways * Never underestimate the power of relationships. At the end of the day, trust and consistency drive long-term success more than any strategy or product ever will.  * Don't just build income, build infrastructure. Scaling a business requires moving beyond individual production. Invest in systems, people, and processes that support growth. * Build with legacy in mind. Short-term wins matter, but the real impact comes from building something sustainable and meaningful over time. * AI is an efficiency engine, not a relationship substitute. It can streamline processes and reduce operational burden, but it can't replace trust, empathy, or meaningful conversations. Quotes "We want to grow your business much faster than you could on your own." ~ Scott Schwartz "My clients work with me because they feel trust and they feel comfort. They know they don't have to follow what's going on every day. They just know that they trust me and they know that we're going to do our level best to make sure they have the outcome they want." ~ Scott Schwartz "We're here to take the anxiety out of money for our clients. Our clients are busy, good people. They don't want to worry about money." ~ Scott Schwartz Links  * Scott Schwartz on LinkedIn [https://www.linkedin.com/in/scott-schwartz-4713a713b/] * OnePoint BFG Wealth Partners [https://www.onepointbfg.com/] * Northwestern Mutual [https://www.northwesternmutual.com/life-insurance/] * Joe Duran [https://www.linkedin.com/in/joe-duran-711167/]  * Rise Growth Partners [https://risegrowth.com/] * Kyle Wesley [https://www.linkedin.com/in/kyle-wesley-6966abaa/] * Practifi [https://www.practifi.com/] * The Psychology of Money [https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681] Connect with our hosts * Milemarker.co [https://milemarker.co/] * Kyle on LinkedIn [https://www.linkedin.com/in/kylevanpelt/] * Jud on LinkedIn [https://www.linkedin.com/in/judmackrill/] Subscribe and stay in touch * Apple Podcasts [https://podcasts.apple.com/us/podcast/connected/id1691759257] * Spotify [https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S] * YouTube [https://www.youtube.com/@milemarkerinc] Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com [https://www.turncast.com/].