Nate Lenz: Key Wealth Management Trends | Next Gen

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Welcome to Barron's Advisor: The Way Forward Next Generation, a special series spotlighting the emerging leaders shaping the future of financial advice. Twice a month, we'll be digging into the strategies, insights, and game-changing moves that will help you take your practice to the next level. I'm your host, Allison Tucci, and today with me is Nate Lenz. Nate is co-founder and CEO of Concurrent Advisors, a $32 billion AUA firm. And today we're going to be talking about going from finance practitioner to CEO and all the bumps and bruises in between. Nate, welcome to the podcast.

It's great to be here, Alison.

I would love to just dive directly into the personal.

Sounds great.

You're a co-founder, CEO. How old are you?

I'm 36.

You're 36 years old. Okay. How did you get there?

I wish it was like this linear trajectory, right? And this was always the plan, but it really wasn't. So Started in the business on the capital markets side, ended up having an opportunity actually to go home. So I'm born and raised in Tampa, Florida. So I had an opportunity to work at Raymond James in the home office, went through a rotational development program there and, you know, spent 2 of the 3 rotations over the course of that year in capital markets areas, equity research, taxable fixed income trading, definitely my comfort zone. And I had a third rotation and, you know, going into it, you always think, all right, well, you can't get all great rotations. So this one I'll suffer through it and I'll get to the other side.

There'll be one bad one.

There'll be one bad one. I'll suffer through it. I'll get to the other side. Turns out that was in PCG regional management.

Okay.

And at the time, and it was specifically with the independent broker-dealer side of that business, at that time they recognized that, look, most advisors that are sitting on that platform didn't grow up there, right? They were at a wirehouse for 20, 25 years. They went independent. And so when you start to think about the demographics of a business like that, they skew older.

Yeah.

And succession was an issue. And so they were looking to build out a succession and acquisitions group. So at the ripe age, I think at the time of 23, you know, I had the audacity to apply for that role. Went all the way through the interview process, got to the end, was meeting with the national sales director. And at the end of it, he said, Nate, look, we love you. You're not qualified for this job. But we will—

Honesty. Exactly.

Which is what I needed at that time. I had this great, like, three-legged stool, you know, of how I was going to change and create this department from zero. And I was naive. And so— but they did create a job for me on that team. And I had the opportunity to learn from a great mentor that, you know, spent 15 years in Big Four accounting at Grant Thornton. And so learned a ton about business valuation. I think I still have my hard copy of Mark Tabershin's book, How to Buy and Sell an Advisory Practice.

Oh, I love that.

So that was really what laid the foundation. You know, I got to start really early on in a very niche area of independent wealth management M&A, right? Where every deal was, you know, 2 times recurring, 1 times non-recurring with broker-dealer financing and an earnout, you know? And so it's amazing to see how the space has evolved, but grew up grew up on the practice management, business consulting, M&A side of the space. From there, actually left Ray J in 2016 to start my own consulting— consultancy, focusing on those areas. And really, that's what evolved to what would later become Concurrent. We ended up merging a couple of our clients together back in early 2017, built it as an OSJ to begin with, and then eventually launched the RIA in 2022.

Okay, so how large is Concurrent today?

Yes, we just, I just found out this morning we crossed $14 billion in AUM. Congratulations.

Thank you.

Thank you. That's on the retail side of our business. We also have a strong corporate retirement plan business where we've got about $18 billion in assets under advisement on that side. And so very well balanced. And we operate as a platform for independent wealth managers.

Okay.

So we talk a lot about this idea of not just independence in business model, but objectivity of advice. We believe in advisor centricity, right? So if you look at our website, it looks a little bit like a NASCAR jacket. You know, there's like 50 different brands going on. Yeah. But that's intentional, right? Because we think our best opportunity to grow is to accentuate what makes our advisors great. And a lot of our marketing resources are pointed there. So really operating as a platform, providing the back and middle office. We know our role. We stay in our lane. And we view a big part of that role is to also facilitate community and collaboration amongst the firms in our world because they want to be, you know, independent, but they don't want to be on an island.

Okay, let's dive into what that platform is.

I would say that our core business, the advisors are typically affiliating with Concurrent as IARs. So they're sitting on our ADV. And with that comes the compliance and supervisory responsibility. We also handle all of their operations. So they face off with our team versus the custodian. We have 4 custodians on deck. And so, you know, we act as that concierge to be able to support them on any operational issues, right? Whether it's in client onboarding, escalated issues, money movements, whatever it might be. In addition to that, we handle all the core finance and billing functions. And then lastly, we are handling all of the technology and cybersecurity. So we're not all things to everyone on that side of our business. And so we've been deliberate in choosing our tech stack and deciding kind of what's on the menu there because we wanted to make sure that it was fully integrated, right? We didn't want to be in a situation where we had all of these disparate parts, kind of the shiny object syndrome. And so we were really deliberate in what we chose to provide from a technology standpoint. Because we want to be able to supplement that with training and practice management support, right? And making sure that they get the most out of those tools and resources. So I would say that really serves as kind of the base of the pyramid. And those, those are the required elements.

What are some of those common, I would say, either pitfalls or things that you have to help those advisors through that they normally wouldn't probably see when they once were, you know, at that wirehouse?

Yeah, I would say it's that transition from advisor to CEO. And a lot of these practices that are ready to make that leap and are ready to go independent are at a certain scale where, you know, now they've got multiple advisors. They're thinking about their next gen. They're thinking about, all right, how do I use every arrow in the quiver in terms of economic incentives, right? Because we're going out of an environment where it's grid only and you have splits of different payout structures to, okay, well, now we can have base compensation, incentive comp. We could have equity or incentive, synthetic equity available to these firms.

Phantom equity even.

Exactly. So I think there's a lot of— there's now all of a sudden all these options. And so helping them navigate that, I think, is a hallmark of what we do. So being able to really go belly to belly with them, get on a whiteboard, help them design their partnership structure between the core partners, thinking about then compensation planning for their team, specialization of roles, right? Because they're really evolving their practice into an enterprise. And I think that's where we can add a lot of value.

So that's really interesting. It sounds like you're not requiring then these folks to have— it's option A, B, and C when it comes to compensation. You're really sort of whiteboarding it and blank slating with them.

Yeah. So think of it in operating as a platform, right? Those advisors are independent contractors of us, so they're getting a payout from us. We have a refreshingly simple model in terms of how firms affiliate with us. But really from there, they're in full control of their P&L. And so we view it as a part of our job is to help them manage that P&L accordingly. And if there's ways that they can benefit from our pricing power and service power in different areas, great. But also, you know, what we find is that, that, that human element, right, being able to hire, retain, incentivize talent becomes, you know, what makes or breaks them in achieving their goals and objectives. Right. Because it's easy to go from, you know, $100 million to $200 million or to grow at 20% a year when you're a $100 million firm. When you're a billion-dollar office, right, all of a sudden growing at 10% per year is adding $100 million and growing. So it's— you start to hit both capacity walls and then size walls as you kind of go through the, you know, the curve, the growth curve of the business. And being able to help them navigate that, I think, is an important piece.

So walk me through that process.

Yeah. So I think it starts with where are you getting opportunities, right? And So one of the things that we've been very intentional about is building relationships with both our custodial partners, third-party recruiters. We've got, you know, the best referrals come from our existing advisors in the field.

I was about to say, the existing advisors is the way you get those personal relationships.

Exactly. Exactly.

First shot on goal.

Well, and if they're, you know, they're there giving the affirmative nod, right, that just streamlines that process in a meaningful way. From there, I think it's being able to really demonstrate to the prospective advisor that you're looking to onboard that you understand the seat that they're sitting in. It's an educational process, right? The progression that they have to go through is, one, there has to be enough pain in their current situation to warrant them making a change, right? From there, once they've landed at that point, then two is understanding kind of where on the spectrum of affiliation options they want to land, because there's a lot of options out there.

There's some folks that I think have made that jump to independent, but for the ones that are looking at it right now from the outside, it can be very, very overwhelming. And there's a lot of affiliation options. So let's walk through them really quickly on what you think is out there.

Well, it's interesting because you have kind of far left. You've got, if we're going kind of left to right, you've got, you know, banks, warehouses, right? I would say the employee model businesses where most people grew up. And look, it's a great place to grow up. And frankly, it's a great place if your focus is serving clients, right? That's a phenomenal place to be 'cause really everything else is taken off of your plate. But with that, you're playing in a pretty narrow lane. Then you start to jump over to the independent broker-dealer space. That's where we built our business originally. From 2017 to 2022, we operated on an independent broker-dealer chassis. And that can be a nice stepping stone into full independence because all of a sudden you go from W-2 to 1099, you've got control over your business, you've got an asset right, now that you're building. However, being in the confines of a broker-dealer, it's like having a landlord, right? You've got a little bit of independence, but you still have a landlord. And ultimately, when you look at the amount of capital that's coming into the space, right, it's, it's, you know, hesitant to invest down into the independent broker-dealer channel because of the tail risk that the landlord gets hostile. And so really to maximize value. And when you think about needing to use both sides of your balance sheet in order to execute on an inorganic growth strategy. So let's say you get above that $1.5 to $2 billion level and you're off to the off to the races, right? Because $1.5, $2 billion is not what it used to be. You know, I think in a lot of ways you have to scale to keep pace. Well, now it becomes about capital formation, right? And how are you positioning yourself to be able to continue that growth trajectory? And I think that requires really being fully independent. So if you think about it from that perspective, wirehouse to independent BD to RIA. Now, when you get to the RIA space, and this is going to get really convoluted, there are some models in the RIA space that are more captive than the far left of the, of the spectrum.

I was just about to say, there's a lot of operators who are turning into wirehouses in and of themselves and how they're actually interacting with their employees, how they're interacting with their advisors themselves. You know, what are your thoughts?

I think when you look at, you know, the money that's come in, the multiples that are now being paid, right? If you have individual practices that all of a sudden are being sold for 8 to 12 times EBITDA, right? And we can get into the nuances of You know, some of that's going to be in equity. It's going to be based on the acquiring firm's last recaps. There's a multiple arbitrage component to it in play there, but still extremely high multiples, right, for individual practices. I think it's one that can make a lot of sense for the advisor that needs a succession solution, right, is ready to hand over the keys. That's great. Like, that can be a great solution for them to monetize their business. And in many cases, that can be a nice step up for the clients, right? Because a lot of those roll-ups are building models where they've got tax and estate planning, everything in-house, and so they can provide a really holistic solution. So there's not a knock on what they're building to serve clients. But in my mind, it's an assault on entrepreneurship for the advisors, right? And that's where I think there's a big opportunity. And the way that we've positioned ourselves, you know, our purpose as an organization is we want to empower entrepreneurs. And I think that, you know, there is a large subset of advisors out there that still have gas in the tank, that are still in growth mode, that want to grow and build a business, want to create these different enterprises. And if we can ultimately cater to them and provide them the resources, the pricing power, the service power to allow them to scale faster than they otherwise could, right, with the consulting support and resources to do it, give them access to some of these additional ancillary services for clients, give them access to a broader menu of investment solutions and technology,, but do so in a wrapper that preserves their independence and autonomy. That's the world that we want to live in. So we kind of welcome this shift, even though you're seeing kind of a lot flood into this. The aggregators are now wirehouses mentality. I think we welcome that because it's going to help differentiate us as having a lot of the same tools and resources, but doing so in a way that preserves that independence.

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Welcome back to Barron's Advisor, The Way Forward: Next Generation. Let's get back into the conversation. Getting back to the process that you mentioned before. So you're now talking to folks that are in wirehouses. You're trying to have them come over the independent side. You're walking them through their affiliation of different aspects. What's that next step?

Yeah, so I would say, you know, wirehouses is where we really cut our teeth. But since we've launched the RIA a few years ago, we've really seen the mix shift. So now it's still probably 30 to 40% wirehouse advisors, but we've also got a good, you know, 30 to 40% segment of independent broker-dealer advisors that want to take that step out into the, you know, multi-custody independent RIA space. And then we're also seeing rising demand from third-party RIAs. So I'd say another 20 to 30% of the teams that we're onboarding are either existing RIAs looking to roll down their registration to leverage our infrastructure and resources. And we've launched a new program this year, which we call our RIA Capital Partners Program, where we're partnering with third-party RIAs that are keeping their ADV, leveraging elements of our value proposition, and also leveraging our capital solution. We ultimately are introduced to a team. We're understanding kind of where— educating them on where they want to fall within the affiliation spectrum. We can accommodate a couple different landing spots there. So whether they want to launch their own office with their own brand, right, and run their own business, we can accommodate it. Or if they want to plug into an existing office, we have a number of firms around the country that are providing the sales support, the office space, the infrastructure to create what we call an all-inclusive or affiliate opportunity. And so we can accommodate that as well, where a team may, you know, look, maybe they like the turnkey nature of the Wirehouse, but they want the economic benefits of independence. We've got great solutions there in a lot of the major markets that we're operating in. So once we've educated them on the landscape and have identified where they want to fall, then it becomes about, all right, well, how do we stack up? If it's truly a fit for our organization, how do we then stack up? And I think that's where, you know, we've taken a very long-term view in the resources that we're building. You know, I think we talked about the foundation of the pyramid, the compliance, ops, finance, tech element of it. But as we continue to move up the pyramid, I think that's where we're bringing more and more value-add resources. Practice management. Practice management, our investment platform. You know, you look at our planning desk, our advanced planning resources, insurance offerings. So again, we want to bring a lot of those holistic elements to the table to support our firms if and where they want them. They're not required to use any of it, right? So that's kind of where the line of demarcation is. They don't have to use any of that, but then we're educating them on those resources. And we've seen a large number of advisors that have have been interested in our model that are saying, hey, look, it's come as a result of an interaction with a client. I was talking to a team yesterday, and they said, look, we have one of our largest clients that's been with us for years. They sold a business, right? They've now got a couple hundred million dollars, and we're not able to provide for them what they need in our current environment. So how can you help us?

We need to expand capabilities to be able to assist them.

Exactly. Exactly. And, you know, and again, we're, you know, we've got a no jerks policy, right? Culture is huge for us. I know everyone probably says that, but I think You know, we're, we're big on getting our advisors together. We do a couple of conferences throughout the year. So being able to get our group together, I think, allows them to really learn from one another. And we view ourselves as a facilitator of that collaboration and that relationship. So that's a part of the process. Typically speaking, we're either bringing them down to Tampa for a home office visit. We've also got home office outposts in Dallas and San Diego. So depending on where they're located in the country, we can facilitate it there. But we love to get them out to one of our conferences or events just to get them around their peers because that's where the magic happens, so to speak.

You mentioned minority investments. Yeah. Can you explain a little bit more of that? Because I think there's some folks that think about, you know, debt financing. Do I just sell? And they just get overwhelmed sometimes. So talk me through your model.

Yeah. So I think, you know, when you think about our model, we've talked a lot about the platform side of it. The way we position ourselves is we're a platform for and strategic investor in independent wealth firms. So again, it's an optional offering where they can tap into us. We'll make minority investments in their business. So we'll get—

So they don't have to get financing from you.

They don't have to. Okay. But if they choose to participate, and there's a wide range of reasons why they might. So whether a firm is looking to just take some chips off the table and de-risk, that's become a common theme, especially because they have an offer every other day in their inbox from a private equity-backed roll-up. Right. And they're looking at, okay, well, these are some big numbers. I'm not quite ready to take that step and put on the fatigues and salute the flag, but I see the benefit of potentially de-risking. So that can be a great use case. Another big one, I think, you know, this assault on entrepreneurship that we've seen is really having a major negative impact on that next generation of advisors. Because think of it this way, if you're paying 8 to 12 times EBITDA, right, the next— that junior advisor that doesn't have their own business to subsidize the cash flow can't afford to pay those multiples for that business.

You see it all the time.

And so, so they end up in a situation like you said, it's great for the founder. All of a sudden they're sitting there with handcuffs on that they didn't choose. Right. And so I do think that's a growth opportunity down the road, but it's a problem. And so when you think about us coming in as a minority investor, the way we position it to those situations is we can help facilitate succession. We can come in, co-invest with the next generation, and from there help subsidize their purchase. Provide debt financing alongside of it for them and create an environment where they're still fully in control. But ultimately the lead advisor has gotten the monetization that they're looking for.

So you're almost subsidizing that next generation's equity in some ways without diluting their interest moving forward.

Exactly. So, so there's a little bit of a— so from a dilution standpoint, right, the same— I like to use like a, like a seesaw analogy, right? In any succession situation, if the seller is looking to maximize value, it's coming, you know, to the detriment of the buyer. Has to.

Regardless. Right.

So in any instance, that's going to be the case. Now, with us coming in as a willing co-investor, in a lot of ways we can, we can raise the seesaw. Yeah. So the, you know, addressable outcomes, right, can be higher because if we're coming in and paying a higher multiple, sure. If they take the higher multiple from us and still request the multiple from that successor, then yeah, it's even better for them than they could have achieved standalone. But it still has that seesaw dynamic. That being said, when they're truly looking out for what's in the best interest of their clients long term, taking care of their team, which is the motivation of the vast majority of advisors that we run into, right, then it creates an attractive outcome where they might not be fully maximizing the potential value of their business, but they're getting above what they could otherwise get and they're putting the buyer in a much better position as well. So if we can create a situation where the seller gets more proceeds,, and the buyer ultimately takes less risk, right, and gets more cash flow after the fact and maintains control. It's a win-win-win. That's the right recipe. Yeah. So we do that quite a bit. And then I think the last use case for our minority investment program is funding future growth, right? So you see those firms that get to that $1.5 to $2 billion of assets and want to continue to grow in a repeatable manner. Well, guess what? They're going to start bumping up against their aggregate debt limits. And, you know, they're going to start to, depending on what they're paying from a multiple standpoint, They might not be able to hit their leverage ratios or debt service coverage ratios with just debt alone. So us being able to come in as an equity partner and supplement those deals allows them to, to continue the growth trajectory that they're on.

What other sort of waves are you seeing coming down the pipe in the next, I would say, year or two that you're looking out and you're saying, okay, we have to build something and react to this? I'm going to call my leadership committee on Monday for that.

So one that we've been talking actively about is, so we recently, I mentioned earlier on, we were going through the numbers that we've got about $18 billion of corporate retirement plan assets on the platform. We recently acquired the largest of those teams.

It was— Congratulations.

Thank you. And they've been with us. It was actually one of the founding partner groups. And at the end of the day, we wanted to invest more heavily in that business. And so the original founder is still with the organization. He's one of the founding partners of Concurrent as well. And so it was a way for him to, to de-risk, right, to diversify into Concurrent Equity beyond that. But for us, it was an area of strategic importance, and that team manages about $10 billion of those assets. So it's a meaningful piece of it. I think the more interesting piece, and we see growth opportunity in the institutional space, we're focused pretty heavily on the small plan market and being able to provide 3:38 solution advisor managed accounts to these small plans. And we're working with some, some referral sources that have allowed us to really come alongside and present growth opportunities, especially with large trade organizations and things like that, where we can create a solution for them that allows them to outsource the fiduciary responsibility, gives them a great low-cost solution for their different members, right, which then serves their underlying participants. Participants. But what's really interesting for me is the participant base. So across those $10 billion in assets, we've got, you know, 150,000 underlying participants. These are individuals, families that need financial planning support. Great lead source. Great lead source. I think more importantly, it's a great source for future talent development. And we recognize, again, taking a long-term perspective, and I'm 36, I'm not going anywhere anytime soon, I need to make sure our business is here 15, 15, 20 years in the future. We need to be developing talent internally to provide succession solutions for our experienced advisors in the field. We think this can be a great place to incubate that talent.

So interesting. You're actually thinking that maybe the future succession for your own is organically driven, even though you built the business really through inorganic means.

Yeah. I mean, there's— you think about it, there's not a lot of firms that are out there training advisors. So in order to go recruit advisors, right, you've got some of the custodial call centers, right? You've got firms like Fisher Investments, folks that are developing new advisors. You've got the Edward Joneses of the world, right, which do a decent job at training and developing new advisors because of their culture of mentorship. But at the end of the day, from a volume standpoint, the numbers just aren't there. And there's a— we're seeing a growing appetite from plan sponsors. They want financial wellness, financial planning program. They want one-on-ones for their— both their rank-and-file employees and their executives. So we're seeing a large demand from the plan sponsors for this. And we're really matching that demand with this opportunity to bring in advisors. We have an internship program that we run every year. We had 8 interns in the office all summer. 4 or 5 of them we've extended full-time offers to. We've got some that are part-time throughout the fall as well. And so, you know, we look at that as a feeder for new hire opportunities. And our goal is to continue to hire associates onto this team to where we can develop them. They can cut their teeth working on either the house account solutions on the planning desk or in these corporate programs that we're running. And that's going to give them the much-needed skills that they'll need to be successful as an advisor, right? Because you can learn a lot in a book about planning and about investing and so forth. But until you're face to face with a client, right, you're not getting that apprenticeship-style experience. And I think we can do that at an institutional level. To then be deployed in the practices. And then circle back, 74 of our 76 practices we have minority equity stakes in, as well as these third-party RIAs. They're not immune to the demographic challenges that we see in the industry. So all of a sudden, all right, we've got equity stakes in these businesses. We can't let these ice cubes melt, right? So, and for us, I think what differentiates us from some of the other firms that have built out this type of a model is we would prefer that we develop these advisors and they're deployed into those practices. Cases, because if you look at the underlying deal architecture of our minority investments, typically we're buying, you know, anywhere from 10% to 25% of revenue on the front end. But all of those firms that participate, in addition to that initial cash and equity infusion, also have tag-along rights alongside of concurrent in any recapitalization, monetization, and so forth. And our goal around this is to create opportunities for liquidity regularly in the future, right? To take these advisors who are participating and giving them the opportunity to take their— Completely locked up. Exactly. Which that's been the problem in this business. It's illiquid until it isn't. And that typically involves handing over the keys. Exactly. We think we've got a better mousetrap for that. And I think that's where, you know, when you look at the result of that, if they come to the window, access liquidity over multiple, you know, tranches over time, and at the end of the day, they're ready to retire. Well, having talent that's able to come into those practices to create capacity, to help them get through those capacity walls along that path as well, will ensure that the ice cubes don't melt, so to speak.

And that's— Well, and giving them a sustainable way to grow, too, and you're giving them liquidity options as they're growing, so they're seeing sort of the fruits of their labor, to your point, as opposed to just that cash event that you may or may not receive 15, 20 years from now. Well, it sounds like you're creating your own rotational program. Like what you kind of went through. A little bit.

A little bit.

Yeah.

Hopefully they don't think there's any throwaway rotations in there, right? You know, they're all good rotations.

That's your job to make sure that's not a throwaway rotation. Exactly. Well, I really appreciate you having this conversation.

Anything you'd want to leave listeners with? I would say I think our industry suffers from a colossal lack of patience, right? And I think that when you— and we've talked a lot about next gen and the unaffordability of practices and development tracks and so forth. What a lot of advisors, I think, fail to see is that their successor is not going to look exactly like them. And in many cases, they might need successors by committee. And so by having patience and being able to think about, OK, how can I bring someone in? What utility can they add early on? They need to be focused on retaining that person. That person's not going to pick up the phone book like they did. That's not a viable path to growth anymore. But they can add a lot of value early on. So understanding how they can step in and add value, right? And then from there, having patience around their growth and development, setting appropriate milestones. You know, I'm big on meritocracy, so I'm not saying everyone should get a trophy, right? But I do think that if you're intentional about the process that you're taking them through and you have patience throughout it, that I think you'll see some really great individuals, whether they're coming fresh out of school, if they're second career folks. I think there's a lot of great talent that can come into this space and can be incubated. If given patience, right?

And so I think that's— The opportunity and the openness. And it sounds like what you also said is not just they look maybe not like yourself, but there might be multiple people that have to be the successors of your practice. It can't just be one person and then hands it over.

Exactly. Exactly. Those days are done. Practices are getting bigger. More clients need to be served, right? There's a rising demand for advice. I think all of those things are pointing to we need to be thinking about these things as businesses. Businesses, right? Not just individual books.

Well, Nate, this has been an absolute pleasure. Thank you so much for coming in today.

Thanks for having me. The production team for Barron's Advisor: The Way Forward: Next Generation is Ellie Ismailidou, Rebecca Bisdale, Paul LeBlanc, and Alexis Moore. Jenna Mathis is the director of programming for Barron's Advisor programs. Greg Bertollis is the editor-in-chief of Barron's Wealth and Asset Management Group. Allison Tucci is a freelance host for Barron's Advisor and SVP at AssetMark. We'll see you next time.

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