A New Chapter: Running a High Growth Practice in a Virtual World
by Private Advisor Group
Background
Operating a high-growth virtual business presents unique opportunities, especially for those aiming to scale rapidly, while managing evolving technology and regulatory demands. For financial advisors looking to scale and grow their practice, Private Advisor Group provides indispensable support. Read the story of how the founder of Poterack Capital Advisory, an investment advisory firm with over $120 million in assets under management, made the bold decision to sell his ownership in a previous RIA, in order to affiliate the firm with Private Advisor Group, a larger RIA.
This move, which can be referred to as a “tuck-in,” created scale, lifted compliance burdens, and freed up capacity to lean into team expansion and the evolution of their high-growth virtual model.
Poterack Capital Advisory has embraced a company culture that focuses on accomplishments and outcomes rather than hours spent in front of a computer. This culture is essential for their high-performing virtual team, where transparency, communication, and self-awareness are key.
Discover how the visionary leadership of Poterack Capital Advisory’s founder, alongside his talented team, navigated the complexities of this transformation. Gain insights into the key factors and strategic decisions that drove the firm’s evolution, and draw inspiration from their innovative approach and determination. This story offers valuable insights for financial advisors aspiring to build and scale their own high-growth practice.
Introducing Poterack Capital Advisory & Leaders Featured
Meet Ryan Poterack, the dynamic founder and CEO of Poterack Capital Advisory, a trailblazing all-remote team within the Private Advisor Group community. Mr. Poterack knows that the secret to growth and success lies in a strong team dynamic and a passion for continuous learning. Known for his love of mentorship and coaching, he is dedicated to team-centric leadership with a high degree of empowerment.
Entrepreneurs often struggle to balance work and life, but he empowers his team to embrace his philosophy of enjoying life outside of work. Beyond the office, his zest for life is evident. He’s an outdoor enthusiast, a connoisseur of fine dining, and a skilled billiards player. His multifaceted interests reflect his belief that life is meant to be lived fully—a philosophy he shares in his book, “Making It Count: Life Isn’t Lived On A Spreadsheet,” published in 2017, and through his ongoing podcast of the same name.
Mr. Poterack founded Poterack Capital Advisory in 2001 with a mission to care for the families they serve through a personalized discovery process. By November 2023, when his firm joined Private Advisor Group, he had grown it into a $120+ million financial advisory practice. His approach centers on offering a full-service wealth management experience tailored to his clients’ distinctive values, experiences, and lifestyles.
Meet Anna Hopkins, Client Relationship Manager of Poterack Capital Advisory. Her business mind, relationship-focus, creativity, and top-notch communication skills make up a truly admirable partnership. While many remote workers were a product of the COVID-19 pandemic, Ms. Hopkins has been working remotely for the firm for almost two decades. She is a proud wife and mom who values family as well as time spent on the water, weightlifting, traveling, gardening, and with her pets.
The two naturally lean into one another’s strengths, elevate the team, and have a true partnership in key practice decisions. At present, another advisor rounds out their high-performing team. The entire team strives to continually provide quality financial advice and excellent customer experience to their investor clients.
You’ll also hear from Private Advisor Group’s Verne Marble, Director of Business Development. Achieving record recruitment numbers during his tenure at Private Advisor Group, he’s been focused on advisor growth and business development in various capacities for over 25 years. Mr. Marble is a proud husband, father, and United States Navy veteran serving as a Surface Warfare Officer (SWO) aboard USS Niagara Falls (AFS-3) and as the Staff Readiness Officer for the Commander, Naval Surfaces Forces, Pacific Fleet. Outside of work, he enjoys spending time with his family, working out, honing his culinary skills on his Big Green Egg outdoor cooker, and cheering on his local Kansas City sports teams.
Time for a New Chapter
When the firm set out on their journey to affiliate with a new RIA, the partners conducted a great amount of due diligence where culture, growth, succession, equity opportunities, multi-custodian freedom for client investments, support, and more were carefully evaluated. Additionally, knowing that the demographics of the financial profession skew heavily male, careful attention was paid to the firms’ recruiting style. Mr. Poterack was and remains highly protective that his and Ms. Hopkin’s ideals and values are measured equally, and a recruiting experience reflective of that was essential.
When he began considering the next chapter for his $120+ million RIA in early 2023, they spent seven months doing due diligence to ensure that he found the right fit for his business, not just for today but also for the future.
“As I age, my primary motivation has been the desire to find a partner firm to stand by me as I prepare to ride off into the sunset. I dedicated considerable time and effort to carefully evaluating my options and searching for someone who could seamlessly integrate into my already accomplished team.”
The Road to Private Advisor Group
Given the current landscape of the RIA market, Mr. Poterack knew that there were a plethora of options to consider when it came to the next chapter of Poterack Capital Advisory. With a vision for the future, he began his conversations.
We felt very supported, respected, valued, and at ease. Everyone at Private Advisor Group is genuine, and the culture that we were able to experience over the two days we spent with them at their annual event was unbelievable, and right then and there we knew it was the perfect fit for us.
“We talked to about eight different firms, and narrowed it down to two, with Private Advisor Group being one of them. I met Private Advisor Group at the Orion conference in Orlando in February 2023, and from there, they were kind enough to invite my associate Anna and me to attend their Annual Conference in Charlotte in April.”
Through this face time at the conferences, and through continued conversations, Mr. Poterack and his team learned more about and began the process of joining the Private Advisor Group community.
Deciding Factors of the Move
Mr. Marble shared, “Ryan’s decision to move was driven by a desire to preserve the legacy he had built, making Private Advisor Group a perfect fit for achieving that goal. Although there were alternative pathways to sustaining Poterack’s trajectory, such as private equity, a strategic partner like a bank, or an independent broker-dealer, Private Advisor Group was able to provide the ability to tuck into another RIA that offered the scale, consultative approach, culture and resources that matched his goals.”
Finding the Right Fit for My Team: Cultural Alignment
Since its inception, Mr. Poterack has run his firm like a well-oiled machine, managing a staff and serving clients spread across multiple regions. This speaks volumes about his leadership. Throughout the business’s expansion, the team has cultivated a vibrant, communicative culture that is evident in their internal interactions and client service.
Cultural alignment was – and is for many advisors looking to make a move – a huge component of the decision-making process. At Private Advisor Group, Mr. Poterack found a match.
“Private Advisor Group is all about their community, and there is a real human nature standpoint to how they collaborate. We were amazed at the fact that everyone at Private Advisor Group, including those in senior leadership and across various departments, set aside time to speak to us at the conference. We felt very supported, respected, valued, and at ease. Everyone at Private Advisor Group is genuine, and the culture that we were able to experience over the two days we spent with them at their annual event was unbelievable, and right then and there, we knew it was the perfect fit for us,” said Mr. Poterack.
You may have many goals in life, but having a lot of money is not one of them. Does that surprise you? It may, but it’s true.
Rather, your goal is to be able to do what you would do if you had a lot of money.
You’ve been taught that money is great in and of itself. But money is just a means to an end. It’s just ink on paper.
Excerpt from his book “Making It Count: Life Isn’t Lived on a Spreadsheet”
Multiple Custodian Relationships
Another key factor in the decision to move was that Private Advisor Group offers access to multiple custodian relationships. This serves as a competitive advantage by providing greater flexibility and choice for clients, allowing them to select the best-fit custodian based on their unique needs, preferences, and guidance from the Poterack team. This approach enhances service offerings, improves operational efficiencies through diversified resources, and reduces dependency on a single provider.
Financing a Legacy: Alignment & Equity Program
In Mr. Poterack’s search for the right partner for his firm, he learned about Private Advisor Group’s Alignment and Equity program, a jointly owned Growth Partnership entity that provides an exclusive opportunity for Private Advisor Group advisors to invest in their collective success.
“I’ve seen nothing like Private Advisor Group’s Alignment and Equity program. While other firms I spoke with had enticing initiatives, this unique opportunity really stood out to me,” he shared.
“Private Advisor Group understands the importance of planning for a liquidity event in the future, which aligned with my firm’s need for a succession plan. Entrepreneurs like us, who are sole practitioners, are used to controlling and making decisions. But it’s a cool dynamic that you can have the support and still be independent.”
Mr. Poterack has become involved in the Alignment and Equity Program shareholder meetings and has already deployed capital from the program to fund growth initiatives for Poterack Capital Advisory.
Building a Team for the Future: Succession Planning
“The most important thing for this transition was finding a firm that incorporates succession planning with a solid culture. We pride ourselves on providing excellent value to the families that we serve, and we felt Private Advisor Group shared the same sentiment with us,” Mr. Poterack added.
Private Advisor Group understood Mr. Poterack’s need for a cultural fit to grow his team as part of a succession plan and referred next-generation advisor Alec Quaid as the candidate for the job. Thanks to this thoughtful introduction, Alec Quaid has been with Poterack Capital Advisory prior to the transition and has been a committed member of the team ever since. Mr. Quaid’s presence on the team is in direct support for the continuation of the firm’s expansion and offers a formal solution to succession planning.
“The rationale made sense for my team. I was able to receive the support that I wanted, but also align my firm to ensure that I was taking care of my team, and the families that we serve. We hired Alec as a successor advisor, so I am excited to be mentoring him throughout this process as I get a lot out of helping others through coaching,” he said.
This key hire has also presented opportunity to aid in future hiring. Attracting new talent will remain a priority, whether it’s focused on advisors, staff, or even practice acquisitions. Private Advisor Group is well-positioned to help navigate and offer support in that growth.
Virtual Opportunities – The Technology & Habits
As a pioneer in the virtual office model, Mr. Poterack successfully runs a fully remote firm. He has fostered a tight-knit community within the team despite the physical distance, as evidenced by the tenure of his colleague, Ms. Hopkins, who has served the team for over 17 years from states away. Both new and other tenured colleagues also work remotely.
Ms. Hopkins shared, “Early on, we observed one of the biggest challenges we faced in a virtual environment was the lack of candid, proactive communication. We overcame this by ensuring team members clearly understood their tasks and maintained regular updates, preventing wasted efforts on unnecessary projects.”
Mr. Poterack believes that the support staff of his team has been instrumental in the firm’s success and candidly shared that he doesn’t understand how other firms can thrive without a strong team. Some tips he shared to fuel a dynamic team culture, especially with support staff, is to understand and never underestimate the value of the work provided, set clear expectations, and give good, consistent feedback to help them grow in the role.
The team also embraces technology to operate efficiently and serve clients in a consistent capacity. The tools they leverage, such as Global Relay for compliant client messaging and OnceHub for scheduling reviews and meetings, also support the staff’s remote work model.
Since the team primarily custodies assets with Schwab and Fidelity and has been on a steady growth path since affiliation, Orion Advisor Solutions has become a key technology. It’s especially helpful for firms servicing clients through multiple custodians, as it serves as a tech-enabled fiduciary platform.
Ms. Hopkins shared, “Working from home with the right tech support has allowed our entire staff to better integrate their work and personal lives, providing the flexibility to enjoy time with family and friends, while maintaining productivity outside of normal business hours.”
Remote work at the firm got a major boost with a smart tactic: daily updates. It’s a simple yet effective habit. Each team member sends a quick email at the end of the day. This email includes a bulleted list of what they accomplished, the current status of projects, and any outstanding questions or roadblocks encountered. This practice provides incredible transparency into work progress. Everyone is on the same page, ensuring time is used efficiently and priorities are aligned. It’s a small change with a big impact, transforming how they collaborate and succeed in a remote setting.
Ryan Poterack founded Poterack Capital Advisory with a mission to care for the families they serve through a personalized discovery process.
With firm growth exceeding $120 million AUM, due diligence begins for next chapter with a focus on continued growth and cultural fit.
With firm growth exceeding $120 million AUM, due diligence begins for next chapter with a focus on continued growth and cultural fit.
Poterack Capital Advisory officially join Private Advisor Group.
Poterack Capital Advisory has continued to show growth, reaching $175 million AUM.
What’s Ahead
Not just a leader and mentor to his staff, Mr. Poterack is also committed to mentoring other advisors as an industry thought leader. Over the years, he has led multiple two-day boot camps to share his knowledge with other advisors. Relentless in his pursuit to support those who come to him, he also attends mentoring workshops to continuously hone his skills.
In addition to his work as an industry thought leader, Mr. Poterack also is committed to the edification of his clients and ensuring they feel heard. A large part of that process, and what clients often feel is missing, he says, is communication.
“We have established multiple touch points to make it easy for clients to get in contact outside of our formal meetings if they have something on their mind or questions to discuss,” said Mr. Poterack. “We create and curate original content for our blog, podcast, and a monthly newsletter, and have started doing virtual events in addition to our live events.”
The purely educational events and content materials focus on topics such as the market outlook, tax planning and mitigation, and estate planning. Leveraging industry connections and partnerships, Mr. Poterack will also bring in external guests to help speak to clients and share their unique insights.
“Communication, in one way or another, has been so critical to our success,” Mr. Poterack added.
The firm is also not shy about making bold moves. The road to growth is a marathon, not a sprint and the firm is continuing to pilot growth initiatives, outsource wisely, invest in talent and continue to embrace technology to remain on its high growth trajectory path.
Conclusion
Poterack Capital Advisory’s success in joining Private Advisor Group underscores the critical role of talent and succession planning. Their focus on fostering a strong virtual team culture, coupled with the strategic recruitment of Alec Quaid, ensured a smooth transition and positioned the firm for continued growth. By prioritizing both cultural alignment and future leadership, Poterack Capital Advisory secured not only a strong partner in Private Advisor Group, but also a path to long-term success for their clients and staff. In the year since joining, Poterack Capital Advisory has continued to show growth, reaching $175 million AUM. Their story serves as a valuable blueprint for financial advisors contemplating similar transitions, highlighting the importance of integrating talent management, creative equity opportunities, and succession planning into their overall growth strategies.
Find the Right Cultural Fit
Establish a Legacy
Build a Future Through Succession Planning
About Private Advisor Group
Founded in 1997 in Morristown, NJ, Private Advisor Group is one of the nation’s leading financial services firms, with over $31.5 billion in assets under management as of December 31, 2023. The firm leverages its resources to deliver strategies positioned to improve financial outcomes for individual investors and to inspire growth, fiduciary adherence, succession, and a client-centric approach for independent financial advisors’ practices.