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How to Lead M&A with Strategic Growth in Mind · Views from 6,230

• 0:01
  Welcome to the Adjusted for Risk podcast.
• 0:04
  Join myself, Brian Naumann, as I talk markets, investments, economics, and life as I help prepare you for the upcoming week in markets.
• 0:15
  I work for Zephyr, and all opinions expressed by myself and my podcast guests are solely of their own opinions and do not reflect the opinion of Zephyr or Informa, its parent company.
• 0:28
  This podcast is for information purposes only and should not be relied on for investment decisions Hello, everyone, and welcome to Zephyr's Adjusted for Risk podcast.
• 0:41
  We are recording on location at the Steward Symposium, which is going to be a great few days of fun conversations, great content, and great insights.
• 0:52
  You know, growth within the wealth management space has been a mixed bag, with organic growth becoming more difficult for RIAs, and which has forced some RIAs to focus more on M&A to achieve that growth.
• 1:08
  Well, I have on two industry experts who are going to share some insights into Steward Partners growth team.
• 1:16
  But first, today's episode is sponsored by the award-winning Zephyr, which helps investment professionals make more informed investment decisions on behalf of their clients.
• 1:26
  All right, enough from me.
• 1:28
  Let's go ahead and bring on the stars of the show.
• 1:30
  I'd like to give a very warm welcome to Scott Danner and Valerie Rivera.
• 1:36
  Scott is the chief growth officer, and Valerie is the chief operating officer at Steward Partners.
• 1:43
  Scott, this is your second go-around.
• 1:46
  I'm so glad you, uh, I didn't scare you away after the first one, so that's fantastic.
• 1:51
  And Val, thank you so much for coming on.
• 1:53
  It's an honor to have you on.
• 1:54
  scott, can you start by telling me a little bit more about yourself?
• 1:58
  Yeah.
• 1:59
  First of all, thank you so much for having us on the show.
• 2:02
  Um, it's also extremely fun and delightful to do it with, uh, my partner in so many things in, in, uh, in business, Val Rivera.
• 2:11
  Um, but we're, we're, we're here and honored to be talking about M&A, growth, and all the fun stuff.
• 2:18
  The quick background is, um, you know, I've, I've kind of been on all parts of the financial wealth management journey.
• 2:26
  I, I built the business from the ground up, knocking on doors and cold calling in the old Edward Jones days.
• 2:32
  Um, I then built an enterprise called Freedom Street Partners, and in seven years, we built that to $3.5 billion and $25 million in revenue.
• 2:40
  Um, and then in 2023, we came over to Steward Partners, merged our company in a full acquisition, and then Val and I led the beginning parts of M&A at Steward.
• 2:52
  We joined Steward, we were at $30 billion.
• 2:55
  Today, we sit above $50 billion in assets, and that growth trajectory is largely in part, a majority of it has been M&A.
• 3:03
  And so coming in fresh and being able to continue our model and understanding practice management, understanding the advisor, understanding the, the, uh, the process of what we all go through has been a, a delight.
• 3:17
  And, um, and having Val alongside as the COO of strategic growth with us to build this, it's been a, a great honor.
• 3:23
  So I'll let Val give her background as well, right?
• 3:26
  Thanks, Scott, and, and thanks for having us on today.
• 3:29
  Um, I started in the industry 24 years ago, uh, started at American Funds, and then actually moved over to Edward Jones as well as a financial advisor.
• 3:39
  Uh, and then, uh, when Scott started Freedom Street Partners, we knew that, uh, not only were we good friends, but we also wanted to continue to work together.
• 3:47
  And so moved over to Freedom Street Partners, helped manage, uh, our, uh, market, going to market for Freedom Street, and then now we are helping other advisors in the industry navigate their, uh, next steps and next chapter.
• 4:01
  Mm-hmm.
• 4:02
  I love it that you guys have worked previously, had your firm at Freedom Street.
• 4:07
  Both of you came over and now running the growth team here.
• 4:10
  So that's probably rewarding that you guys have done it together, and also makes it that cohe- you know, a cohesive group that you know each other.
• 4:19
  It's not like you're starting over or building something from new.
• 4:22
  So, uh, that's fantastic.
• 4:24
  So Scott, you know, most firms, um, have an M&A or recruiting department.
• 4:33
  Steward has a growth team.
• 4:34
  What's the difference between, you know, what you guys are doing as a growth team at Steward and other firms, how they might have a M&A team or just a, you know, a separate team?
• 4:46
  Can you, uh, talk about what's the difference and, and why does it matter?
• 4:50
  Yeah, I love that question because, um, I think details matter, especially when it comes to relationships and words.
• 4:57
  So, um, I chose strategic growth as the organizing set of words for our Uh, group of, of growth-oriented individuals here at Stewart because I didn't wanna be a recruiter.
• 5:12
  I don't believe in telling you and selling you on why something is great.
• 5:16
  I believe in attracting the right people to the right model.
• 5:19
  Building a model that attracts people is completely different than telling everyone why something is wonderful.
• 5:26
  And so for me, strategic growth meant we were building something bigger than, than where you are at today.
• 5:33
  People need to be going towards something, not leaving or running from something.
• 5:37
  And so, uh, we have presidents of strategic growth.
• 5:40
  I have three across the country that Val and I have on our team, and, uh, everybody is very diligent about that word in growth, because growth, if you're not growing, you're dying.
• 5:50
  Yeah.
• 5:50
  Every company needs a growth and business development.
• 5:53
  So I think that we're so intricate in the growth story that it's really important that we help shape the fabric of the company and we want that to be a bigger word, and growth is just the, the biggest
• 6:06
  word we can get to.
• 6:07
  Yeah, exactly.
• 6:08
  And y- I love the, "If you're not growing, you're dying," and it's so true.
• 6:13
  And, you know, if there's something going on, it's s- it's growth, right?
• 6:18
  I've had numerous conversations over the past two days, and the growth that you guys have experienced in nine years, but even more recently, is, uh, phenomenal.
• 6:29
  So Scott, let's stay with you again here real quick.
• 6:32
  You know, you've been a driving force behind Stewart's expansion, that growth.
• 6:36
  What's your North Star, uh, when evaluating whether a partnership or acquisition is, is truly right and the right fit?
• 6:44
  Because I know one thing- A lot of things I don't know, Scott and Val, but one thing I do know is at Steward, culture is very important.
• 6:53
  Fit is very important.
• 6:55
  So how do you, when you're going through and, you know, looking for strategic partners, um, what is that one thing you're looking for to make sure that fit is right?
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  So the first thing I'm looking for is relationship over transaction.
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  So any time you look at it as a transaction, you're looking for a deal.
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  That means somebody's looking to take something from another person.
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  That is not what we're looking for.
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  We're looking for a partner.
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  So you said the word strategic partnership.
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  Those words go together.
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  Again, the power of those words, looking for strategic partners to then make up the equity component of Steward Partners is extremely important and dynamic.
• 7:35
  So we were just, uh, talking in our board meeting about the benefits of not adding one advisor from one place, but adding the advisor from one place, the 10X person, the one that's gonna expand the scope, that's gonna
• 7:52
  bring everybody they know with them, and that's because they're dynamic, they're energetic, they're the right human, and they have a personal story, not just a professional story.
• 8:01
  Nothing drives me crazier than someone whose identity is only their profession.
• 8:06
  That is not enough, and that's not something that I wanna get into.
• 8:09
  I wanna actually build a relationship and develop it on a much greater scale.
• 8:14
  Yeah, that's so spot on.
• 8:15
  Everyone I feel everyone's got a story, you know, and I love the unique stories.
• 8:20
  Everyone has their own unique story.
• 8:22
  Tell it, you know?
• 8:23
  And, and kind of be proud of it, um, because, uh, Scott, to be honest with you, some of the, some of the, all the professional stories are kind of boring.
• 8:31
  They get boring.
• 8:32
  Yeah, exactly.
• 8:34
  Val, you bring a unique lens to this role as a woman leading operations on the growth side of a wealth management firm, an area that historically is very male-dominated.
• 8:47
  How has your perspective shaped how a Steward approaches growth differently, especially, like you said, in a very male-dominated, uh, industry?
• 8:58
  Sure, and I think Scott, what Scott mentioned earlier is, is key.
• 9:02
  We really look at this as a relationship and a long-term relationship, so coming at it from that perspective and really listening to what the concerns are for advisors, um, what I find it mostly, it's not financial at all.
• 9:17
  Um, most of the concerns for advisors in their next chapter is, you know, what is it gonna mean to the employees that work for them, the clients that they serve?
• 9:26
  Um- Leaving a legacy for their family or transitioning wealth to their family is some of the most important things.
• 9:33
  So working with them directly to build that strategy, um, walk them through the process, understanding, and ultimately, that's what is gonna drive a better outcome.
• 9:43
  Mm-hmm.
• 9:44
  That's fantastic.
• 9:44
  So do you think people don't, or like an advisor who's thinking about moving their book over to Stewart, they don't focus on the relationships enough?
• 9:57
  Or not even coming to Stewart, just in the industry, they focus too much on dollar signs, getting a payout, and do you think that's one of the biggest mistakes they make?
• 10:07
  I think, and a lot of our competitors will look, like Scott said, will look at the transaction slowly- Mm and try and close a deal, and that's not what an advisor's really looking for.
• 10:17
  The hardest part for them is navigating change- Mm and having, knowing that there's somebody to help walk them through that.
• 10:22
  So as a female in the industry, I feel like that's where I bring, um, you know, have a, a little bit of advantage.
• 10:28
  Maybe women are, are better listeners sometimes- especially where- Yes, they are.
• 10:31
  it's male-dominated, so you have a lot of older gentlemen that are looking to make this transition, and then someone that's helping them walk through that process.
• 10:39
  You have more of a care factor?
• 10:41
  Sure.
• 10:42
  Is that...
• 10:43
  I mean.
• 10:44
  I just want to jump in.
• 10:45
  I think it's, it's really interesting because maybe it doesn't get noticed enough, but the nurturing benefit of, of Val's demeanor and her ability to be patient in the process is something that's extremely valuable.
• 11:01
  So I think this is something that, you know, I could tell you right now, I have a lot less patience for the crazy and the one-offs and the...
• 11:09
  There's been moments where I'm like, "Hey, Val, you take it over.
• 11:11
  I'm done."
• 11:13
  "This, this is, uh, getting frustrating."
• 11:15
  And so, yes, I think to that extent it's very valuable in that, um, we definitely can bring two different sets of eyes to the way that we, um, we work together, and sometimes it has nothing to do with
• 11:28
  being a man and a woman.
• 11:29
  Sometimes it has everything to do with that.
• 11:31
  It depends on the human that we're sitting across from, and, and what we find is we can usually connect with the person sitting across, whether it's her or myself.
• 11:40
  We have a, a tendency to find that, that common ground.
• 11:43
  You, and you're exactly right, Scott.
• 11:45
  At the end of the day, it ju- that teamwork between the two of you works really well.
• 11:50
  You know what you're good at, Val, you know the strengths that you bring to the table, and how to make it all work, and because I'm sure that transition, that process for a financial advisor and their clients and
• 12:03
  their team can be very stressful, and it's the biggest decision that they're gonna make in their career.
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  So having, you know, a team that shows compassion in a relationship is probably very important.
• 12:18
  So Scott, the, y- when an advisor and their team is considering joining Steward, what's the moment in the conversation where you, you can tell, you know what?
• 12:30
  They get it.
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  You know, that is different from any other team.
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  They get it.
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  They understand the value that Steward can bring.
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  They understand the culture.
• 12:39
  Is there a point where it's like, all right, you're, you're a good fit?
• 12:43
  Well, I think, I think the point starts out in an intro conversation when they're, when, when we ask them a, a question about their lives, and if they go right into only the business, I know right out of
• 12:55
  the gate this is gonna be a transaction.
• 12:58
  If they have the ability to open up and tell me a little bit about themselves, give me a little insight into who they are and what they stand for, why are they doing this?
• 13:05
  How can we help them accomplish what their goals are?
• 13:09
  So many times, they're, they're, they're chasing the dollar, and then the dollar's empty, and then they don't understand what they did wrong, but chasing the dollar will never, ever give them what they want.
• 13:19
  Mm-hmm.
• 13:19
  So if we help them achieve a greater good, and we work at s- at something that's a little bit, uh, deeper, we know that in that, that part of the conversation, we kind of know that, that this relationship
• 13:31
  is pretty good.
• 13:31
  We got, we got a, a email the other day from large team we had met with, and, and the lead partner sent us a message that just said, "You know, we've, we've done 15 to 20 of these, uh,
• 13:42
  interviews, and that was the first one where we felt connected to anybody.
• 13:47
  Your questions went deeper than just our, our, our day job.
• 13:51
  It allowed me to open up about my kids, about our life, about what we're trying to actually accomplish, and I just wanted to thank you for making this process feel different than everybody else."
• 14:01
  Mm-hmm.
• 14:01
  I think that is a complete testament to what we do that's a little bit unique, and I'm, I'm very proud of, of how our team does that.
• 14:10
  Yeah.
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  That's fantastic.
• 14:12
  And Val, you said it earlier too that most financial advisors They want the relationship.
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  Do you think it's a misconception?
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  Because a lot of people think, "Oh, financial advisors are just looking, oh, for money.
• 14:25
  They're just want power and money."
• 14:27
  And do you think that's a misconception?
• 14:29
  There's a lot of financial advisors out there that actually want more than that, want the relationship, they want with the firm that they're moving to.
• 14:38
  Yeah, 100%.
• 14:39
  I, I mean, most of these, you know, most of the clients that you serve over decades become not only just your clients, but you've built, you know, advisors have built really strong relationships, and they really care about who
• 14:52
  they're handing that off to.
• 14:53
  And so I feel like as advisors go through, um, a transition, they're most concerned about not themselves or the monetary aspect of the deal, but they're really concerned about making sure they're making the right decision for not only
• 15:06
  their clients, but also their team and people that have worked with them.
• 15:09
  So they carry that burden on their shoulders- Mm-hmm that they're making the right decision for all these other people.
• 15:15
  Yeah, that's fantastic.
• 15:16
  And I, I, it's spot on because especially now with, you know, so many advisors getting older, they've got to look at succession planning.
• 15:26
  A lot of times that might be with their family, maybe their kids, daughters, sons.
• 15:30
  So they gotta look at it beyond themselves, um, in that move.
• 15:35
  So Val, the due diligence process for M&A and recruiting is very competitive, very intense.
• 15:42
  You guys know it better than anyone.
• 15:45
  Walk us through what Stewart looks for beyond the numbers.
• 15:49
  Scott, you kind of mentioned it before, there's more than just recurring revenue, you know, what's in the book of business.
• 15:56
  What are the intangibles that make or break a deal?
• 16:00
  So yeah, we're gonna look at how the business is run.
• 16:03
  Um, we wanna understand how the practice operates, so when we're integrating the practice, that we can make it as smooth as possible.
• 16:12
  So that might come down to certain technologies that are very important in the bus- to run and operate the business on a daily basis, certain team members, how do they fit into the new, uh, infrastructure that they're coming
• 16:23
  into.
• 16:24
  And then we have a great team that surrounds us.
• 16:26
  So Scott and I don't do it ourselves.
• 16:27
  We have great department heads.
• 16:29
  We all work together.
• 16:30
  I mean, I think the key in due diligence and integration is communication amongst all of us at Stewart Partners to really deeply understand how that practice is functioning, and that when they come over, that they can continue to
• 16:43
  run their business the way they operate and run the business today.
• 16:46
  Val, you brought up operations.
• 16:48
  Obviously, you're the chief operating officer, so you're very good at operations.
• 16:54
  What You know, growth at this pace, like we've talked about, uh, Stewart is experiencing huge growth.
• 17:02
  F- um, the pace of growth is very fast and steep.
• 17:06
  How do you make sure that that infrastructure within the operations and the processes can keep up with the pace of growth?
• 17:14
  So we've certainly adapted some technology, right, and tools to make sure that communication is flowing.
• 17:20
  That's, I would say, the most key point of an integration and due diligence process, is making sure that, um, everybody on the team understands this team coming in, and that we know that, uh, we are set up and
• 17:36
  ready to bring them on board.
• 17:37
  So having the right people in place, having the systems and processes, checklists, there's lots of checklists and tests that we go through, um, and everybody has that r- that role in the process.
• 17:48
  And then it's more of a rinse and repeat.
• 17:50
  Okay.
• 17:50
  Now, transitions are always different, right?
• 17:52
  There's always gonna be something.
• 17:54
  Um, I tell advisors this all the time when they onboard.
• 17:57
  You know, everybody says, "Okay, we want you to have a smooth transition."
• 18:00
  Is there gonna be things that come up unexpected?
• 18:02
  Sure.
• 18:02
  Mm-hmm.
• 18:02
  Every single time.
• 18:04
  But it's really managing the expectations of the advisors as they come over, and then knowing that we're gonna solve for it as a team.
• 18:10
  I think that's fantastic, and it's so important to whether a financial advisor has their client talking about investments is manage expectations.
• 18:19
  And if you don't set those expectations at the beginning, it probably causes issues down the road, or it could cause issues down the road.
• 18:28
  Scott, there's a lot of noise in the M&A space right now, private equity, private equity, whether we're investing, wanna get it in portfolios, or private equity is investing in, um, getting a piece of the M&A pie, consolidators, aggregators,
• 18:48
  all competing for the same talent.
• 18:50
  How does Stewart cut through that noise and kinda separate yourself from all these other folks out there?
• 18:59
  Listen, I think it's, it's like anything else.
• 19:01
  I don't believe anything is competition.
• 19:03
  I believe the only competition we have is within ourselves.
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  So at the end of the day, knowing who we are, how we put ourselves out there in the open market, what we stand for, what we don't stand for, and standing by it, is what differentiates us.
• 19:17
  I don't need to be like anybody else.
• 19:19
  I don't want to be like anybody else.
• 19:21
  Steward is unique.
• 19:22
  Steward is growing at a unique pace, and we stand out because we are different.
• 19:28
  And so I don't...
• 19:29
  Uh, I think just knowing that is a, is a major benefit to this process.
• 19:36
  I love that.
• 19:37
  If...
• 19:37
  When you're confident in what you do, it's like, who cares what's going on in the outside world, right?
• 19:43
  Like, this is what we do, and you know who you are.
• 19:46
  Um, you might know what maybe you're not good at, what you can't do, but you know what you can do.
• 19:52
  And you know what?
• 19:53
  If you like it, jump on board.
• 19:55
  If not, then you know what?
• 19:57
  We'd find somewhere else.
• 19:58
  Yeah.
• 19:59
  I, I celebrate, um, the wins of our, of our, of our counterparts, the people that I know in the industry, when they're- when they take on a team, maybe we both talk to that team.
• 20:09
  I celebrate it for them because if it's the right fit for that human and it's the right relationship for them, then I'm rooting for them to win.
• 20:17
  If the industry's winning, we're all winning.
• 20:19
  Another thing that's really important, you know?
• 20:21
  That's, that's a, that's a very, um, important part.
• 20:25
  I'm not rooting against anybody.
• 20:27
  I'm rooting for the industry- Mm-hmm rooting for wealth management, and rooting for the individual that's looking for the right fit in their lives.
• 20:35
  Yeah.
• 20:35
  No, that's a very good point.
• 20:36
  What's the saying?
• 20:38
  A rising sea lifts all boats, right?
• 20:41
  100%.
• 20:41
  So if the industry is rising, everyone should hopefully benefit, right?
• 20:46
  And like you said, it makes for a better industry and better everyone involved.
• 20:51
  Every- hopefully even a podcaster.
• 20:56
  Um- 100%.
• 20:56
  What's, uh, stay with you, Scott, what's the biggest misconception advisors have when they first engage with Steward about a transition or a partnership, and how do you address it?
• 21:09
  It's a great question.
• 21:10
  The, the biggest misconception I think is, excuse me, maybe they, maybe they struggle with understanding the value of the entire team and the entire process.
• 21:24
  So I think, I think sometimes there's a lot of education that goes with this process.
• 21:29
  They're not often, uh, maybe as prepared going to market, and so we spend a lot of time helping and coaching them in the process, f- whether it's from, uh, understanding the economics to understanding team dynamics.
• 21:48
  Um, one of the other things we talk a lot about is the value of the team and making sure the entire team is winning in an, in an, in a, uh, a transaction of any kind.
• 21:58
  So if we're gonna be building a relationship and it's gonna be about the future, we have to make sure that every single human as a part of this is gonna be winning in some capacity.
• 22:06
  And so I think those are often little surprises that pop up.
• 22:09
  I don't think there's, there's as big a surprise as today as maybe several years ago, but today I think that's, that's a big one.
• 22:16
  The, the last point I'll say, and, and you asked Val a question a, a few minutes ago, um, about what are we looking for and what are the things that really stand out, I think I always say I
• 22:27
  want the individual to not be the god of their practice.
• 22:31
  I want them to be a prophet for their practice, meaning that when they come to us, they have a solid next gen.
• 22:37
  They have systems and processes.
• 22:40
  The practice is bigger than them That adds value.
• 22:44
  Mm-hmm.
• 22:45
  And so educating people on that, not everything running through you.
• 22:49
  If everything runs through you, that's dangerous.
• 22:51
  And, and believe it or not, in those intros, in those very first conversations, we often can tell if they're the god of the practice or if they've built a system and a process around the practice to serve their
• 23:03
  clients.
• 23:04
  You know, that's a really good point.
• 23:06
  I've had a lot of conversations about this, and it's all about th- the value of a practice increases when you have more processes and it's not just, like you said, on one person, that one god.
• 23:20
  If it is spread across multiple people, there's efficiencies, technology, they've got pro- it makes practice more valuable, and probably a lot easier to transition.
• 23:32
  Yeah, integrate.
• 23:32
  Yeah.
• 23:33
  And also, too, do you think...
• 23:35
  You mentioned, Scott, there's less surprises.
• 23:39
  Do you think it's because advisors now are doing a better job planning and just preparing, thinking about, you know, more so than maybe 10 years ago, they're thinking about what are they doing, what do they want, and that
• 23:52
  planning process is more comprehensive?
• 23:55
  I, I don't, I don't know if...
• 23:57
  I, I'll, maybe I'll take it a different direction.
• 23:59
  I don't know if they're doing any more planning.
• 24:01
  I think advisors often plan last for themselves.
• 24:04
  So they, they're great at planning for their clients, and quite frankly, if their clients brought them some of the deals that we've put in front of people, they would tell their clients they're crazy to not take them, right?
• 24:14
  There's, there, there's an...
• 24:15
  It's a, it's a miracle how hard it is for them to make the decision, but for their, for them to tell their clients the same situation, it's like a, a no-brainer.
• 24:24
  I actually just think the topic, conversations like this, podcasts like this, s- uh, stages at, at major conferences, this is the number one most requested topic.
• 24:34
  So I think now, three years, four years later, we're finally seeing people listening- Mm-hmm opening up, communicating, actively talking about what's working and what's not.
• 24:46
  And, and I think that is, is the, uh...
• 24:48
  I'm a big soccer fan, and, you know, growing up and, and playing soccer for 30, 40 years in this, in this country, there's been a progression of soccer.
• 24:57
  And now more people understand it, more people are going to games all over the country.
• 25:01
  I kinda feel like M&A is like that.
• 25:03
  In our industry, people are now starting to talk about something that's always been an option, it's always been cool- Yeah it's always been something that can solve, uh, you know, your, your biggest challenges, and it's fun, and it's
• 25:17
  fun to talk about.
• 25:17
  And the more we talk about it, the more people are educated, and then it becomes better planning.
• 25:22
  No, that's fantastic, because you're right.
• 25:24
  We talk about it a lot.
• 25:26
  You know, wealthmanagement.com, they, their front page is covered with just M&A deals and, and whatever, um, it is.
• 25:33
  So it is a hot topic.
• 25:35
  So Val, the two of you, you and Scott, you guys operate as a team, a very good, a cohesive team.
• 25:42
  I can tell just by this conversation how well you two work together.
• 25:47
  At the top of the growth function, you guys work as a team.
• 25:51
  How do your roles complement each other?
• 25:53
  You kinda s- mentioned it at the beginning how you complement each other, and what does that dynamic produce that maybe a single leader can't, where maybe there's just one growth officer and that's it?
• 26:05
  How, why is it better to have a team?
• 26:07
  Yeah, 'cause we, we're both great at different things, right?
• 26:10
  So Scott is exceptional at seeing what's possible.
• 26:13
  I'm focused on making sure what's possible becomes a reality.
• 26:16
  Um, so Scott's really great at painting a picture, vision planning with advisors, um, focusing on what's most important to them, and then I think about things like strategy, execution, delivering on our commitments to advisors.
• 26:32
  Um, we balance each other really well, and we, we, we've worked together for over 20 years, um, and we just, we've always worked well together because we balance each other in different aspects.
• 26:45
  We're great at different things.
• 26:47
  Mm-hmm.
• 26:48
  Yeah, that's fanta- and like I said, I could tell just during this 30-minute conversation, you guys work well together.
• 26:53
  Lastly, Val, we'll just start with you, then go over to Scott.
• 26:57
  Where is Steward's growth story headed?
• 27:00
  Where are we going from here maybe three, four, five years from now?
• 27:04
  Let's get our crystal, crystal balls out here.
• 27:07
  What does success look like for your team, you know, into the future?
• 27:13
  I think we're just starting.
• 27:14
  I mean, Scott and I started this M&A division here at Steward two and a half years ago.
• 27:18
  We've seen huge momentum since then, and it's just rapidly continuing to grow.
• 27:24
  Um, I'll let Scott s- Scott answer, uh, pick up from where Steward's future is, but it's bright, and, uh, we're just enjoying the ride as, as we work each day.
• 27:36
  Yeah, I, I...
• 27:37
  Listen, I think the, um, we've, we've seen 30 billion to 50 billion in AUM, ninth on Barron's list, growth of our, of our teams, all of our back office integration is, is becoming more and more, um, just connected
• 27:55
  and cohesive.
• 27:56
  Mm-hmm.
• 27:56
  All those things are great, and that just means the foundation is strong.
• 28:00
  I see us, you know, at $100 billion firm.
• 28:02
  I see us growing to a place where, um, you know, we continue to attract the next level talent and yesterday's talent.
• 28:13
  If you are the best at your firm, this is the place you wanna work.
• 28:17
  This is the place you wanna actually retire.
• 28:19
  This is the place that you don't have to sell out- Mm-hmm but you can sell and be a part of something bigger than yourself.
• 28:26
  Very few places are like that.
• 28:28
  And so I think, I think it's really exciting.
• 28:31
  Um, you know, and it's exciting to do it with, with the right team.
• 28:34
  So for us, watching, uh, Jim and High have found this company and build it, but be open enough to take it in different directions, that's also, that also shows you a lot about this board, a lot about our
• 28:47
  leadership, and about what we've been able to do within a system.
• 28:51
  So this system and this infrastructure was existent before we joined.
• 28:55
  We are very grateful to be building upon it, but now we're building something that is rapidly growing, and if someone's listening out there and they're, they're not attracted to this, I think they're missing where the industry's heading.
• 29:07
  Yeah.
• 29:08
  That's fantastic.
• 29:09
  Scott I think that's a great way of wrapping it up.
• 29:12
  It's like you have your own podcast the way you wrapped it all up.
• 29:16
  Yeah.
• 29:16
  Real quick, where can our audience get more information about your podcast?
• 29:20
  So, uh, my podcast is The High Performance Life.
• 29:23
  Um, and, uh, it's Scott Danner is the name.
• 29:25
  And so if you just, if you just put in Scott Danner on, on Apple Podcasts, Spotify, YouTube, anywhere.
• 29:31
  Um, believe it or not, we don't talk about the industry.
• 29:34
  We talk about life, love- Mm-hmm impact, faith and energy, and the four parts and components that I believe make up an imbalanced life.
• 29:42
  We're all imbalanced.
• 29:43
  And so, you know, I just had one of the top Alzheimer's doctors on my show the other day who had just done a presentation of 5,000, uh, doctors and neuroscientists in the space, but how valuable that can be
• 29:55
  to adding value to our clients or our relationships or our business partners.
• 29:59
  And so that's the part that I really love.
• 30:01
  It's all unified.
• 30:02
  It's all part of it, and, uh, we, we appreciate any listeners.
• 30:05
  I love it.
• 30:06
  Fantastic.
• 30:07
  Awesome.
• 30:08
  Thank you so much, Val.
• 30:09
  Thank you, Scott.
• 30:10
  Really fun conversation.
• 30:12
  I love to just listening to you guys chat back and forth.
• 30:16
  Um, very insightful, fun conversation.
• 30:19
  Thank you for coming on.
• 30:20
  It was an honor.
• 30:22
  Thank you everyone for listening to this episode of Zephyr's Adjusted for Risk podcast.
• 30:26
  You can watch all of our other episodes on the Zephyr YouTube channel, Spotify, and wherever else you get your podcasts.
• 30:34
  And please be sure to like, subscribe and give us a follow on LinkedIn.
• 30:37
  Thank you very much, and have a great rest of your week.
• 30:45
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