FA-IQ reached out to advisors to ask: Has the feverish pace of RIA M&A activity made you consider either acquiring another firm or selling your own?
Phil Fiore, chief executive officer of Procyon Partners. Shelton, Connecticut-based Fiore has been in the industry for 27 years and has $5.5 billion in client assets.
“Since the inception of Procyon Partners, we have been very active in the M&A marketplace. Since launching our firm in 2017, we have successfully transacted on seven deals that are all currently part of the Procyon brand.
Although we are not looking to sell our firm, we are very active in the M&A space. It is our contention that scale truly matters as a firm looks to deliver differentiated services and resources to its clients, and the quickest way to gain that scale is through acquisition or merger.
At the larger firms it may be that these FAs or support team members are being managed to the least common denominator, which doesn’t allow them to truly build a customized service/investment model for their clients. While, on the other hand, those that run their own RIAs are forced to take valuable client-focused time and divert that time to working ‘in’ the business so the lights stay on, so to speak.
It is Procyon’s contention and belief that we can unleash our FAs from those impediments and allow them to truly spread their wings and chase their destiny the way they believe they can and should.
We believe we are uniquely qualified to do this for our FAs as we are a firm ‘built by FAs for FAs.’ We fully understand the issues and stresses that FAs deal with on a day-to-day basis and our job as leaders of Procyon is to allow our FAs to focus on the things that make them truly unique and fulfilled, which in turn results in a more successful Procyon. A win-win for everyone, as it should be.”