703.504.9600 info@monumentwm.com

In this On Wall Street article by Katie Kuehner-Hebert, our President and Co-Founder, Dean J. Catino, CFP, CPWA, explains why Monument doesn’t always “bite” when approached to buy another practice…

In her article, Kuehner-Hebert writes:

“Monument Wealth Management in Alexandria, Virginia, has been approached several times during the past nine years about buying another practice.

But it hasn’t bitten because the firm’s model is to grow organically and ‘keep our culture strong,’ says Dean Catino, a CFP and the firm’s co-founder and president.

However, the firm does consider acquiring teams of successful advisers, provided they fit in with the existing business model and culture, he says.

‘This type of business growth strategy does have a place, but the current team and management must be prepared for the integration,’ Catino says.

In the advisory business, stealing away a team means that the acquiring firm is also able to potentially steal away clients from competitors who are within the advisers’ books of business, he says.

‘Depending on the size and scope of the business being acquired, my firm has ample personnel and capacity to absorb the client service and relationship responsibilities,’ Catino says.

‘I would be interested in a transition agreement with the selling firm to shepherd the client relationship. This is where the time and effort will be for six to 12 months,’ Catino says.”

Read the full On Wall Street article about advisors expanding their businesses here>