Latest / Carlsbad: People, Purpose and Impact / From Hockey Rinks to Wealth Management: JP Witkop’s Journey to Carlsbad
Transcript
- Host (Bret Schanzenbach): Carlsbad: People, Purpose and Impact—an essential podcast for those who live, work, visit, and play in Carlsbad. Good morning and welcome, everyone. My name is Bret Schanzenbach, President and CEO of the Carlsbad Chamber of Commerce, and I’m your host. I’m very pleased to have with me JP Witkop, Vice President at Raymond James & Associates. Good morning, JP. JP Witkop: Good morning. Thanks for having me. Host: Great to have you here. I always like to start with people’s backstory. It looks like you’re originally from New York. JP: Yes, I was born and raised in Rochester, New York. Most of my family is still there. My wife and I moved to Carlsbad about ten years ago. We originally planned for three years, and now we’re at ten with three kids, all under five. We’ve definitely put down roots—it’s a tough place to leave. Host: We’ll take that as a win for Carlsbad. I also saw you played hockey at a high level. JP: Yeah, I grew up playing hockey, played junior hockey in Canada and the U.S., and then played in college. Interestingly, hockey has carried into my professional career. Early on, I worked at an RIA in Connecticut that specialized in professional athletes. I built relationships with hockey players I knew, and when I moved to Raymond James, that became a foundation of my practice. Host: That’s a great crossover. And we’re coming off a big Olympic moment for U.S. hockey. JP: It was incredible—both the men and women winning gold. Watching those games, especially overtime, is intense. The sudden-death nature, especially three-on-three, makes it so fast and exciting. The emotion when a goal is scored—it’s just unmatched. Host: It really is. Let’s talk about your professional journey. JP: Right out of school, I went into financial services on the research side. I enjoyed the analytical work, but over time I realized I wanted more interaction with people. When I moved to Carlsbad, I briefly worked in corporate finance, but eventually connected with Dave Richman at Raymond James about eight years ago and started building my own practice. Now I have a dual role: I manage my advisory practice and also serve in a management role overseeing the Carlsbad office. That includes supervising advisors and recruiting others to the firm. Host: Let’s talk about Raymond James. There are a lot of financial firms out there—what makes yours different? JP: Our core value proposition is being entrepreneurial and advisor-focused. About two-thirds of our business is wealth management, supporting around 8,000–9,000 advisors nationwide. We view each advisor as a business owner. One key difference is that we offer multiple business models—employee, independent, and hybrid—and give advisors the flexibility to choose what works best for them. Another important distinction is that advisors “own” their book of business, meaning they have more control over their client relationships. We also have a bank, but it exists to support advisors and clients—not the other way around. Host: That flexibility sounds unique. What about your presence here on the West Coast? JP: Raymond James is very well known on the East Coast and in the South, but less so here. That’s changing—we’re investing heavily in growth on the West Coast. We’ve opened the Carlsbad office and are looking at expanding further into areas like La Jolla and downtown San Diego. Host: And you’re also involved in the community. JP: Yes, that’s important to us. We supported the Chamber’s Concerts in the Park, which bring thousands of people together. The firm encourages that kind of local involvement. Host: You mentioned growth areas in your practice as well. JP: Yes, one area we’re focusing on is helping business owners with exit planning. We have a strong middle-market investment bank that works with companies valued between $70 million and $500 million. We help guide them through valuation, sale, and then wealth and estate planning afterward. Host: And you can work with clients anywhere, right? JP: Absolutely. I have clients across the country, including professional athletes. Host: That’s fantastic. JP, thanks so much for being here and sharing your story. JP: Thanks for having me. Host: And thanks to our listeners. If you enjoyed today’s episode, please follow and share. We’ll see you next time on Carlsbad: People, Purpose and Impact.