Greg Franks, Managing Partner, President & Chief Operating Officer of Snowden Lane, and John Ward, Managing Director at BNY Pershing, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss RIA growth strategies and expansion plans.
Snowden Lane, which has been owned by private equity, has recently shifted to partner with the private credit market instead. Despite private equity’s success as a partner, the firm found that the debt structure in many offers was unsustainable. By turning to the private credit market, they were able to reduce debt and offer a better deal to their advisors, cashing out a portion of their equity at a favorable valuation. This move has allowed the firm to strengthen its ownership structure, giving partners more control.
Ward said that this is a trend for advisors and firms seeking greater ownership stakes. He noted that capital is being attracted to the wealth management industry due to its growth potential. With an emphasis on aligning business models, cultures, and risk appetites, BNY Pershing works closely with firms like Snowden Lane and others to support their expansion into new markets.
Looking ahead, Snowden Lane is focused on expanding into the Pacific Northwest and Southeast, targeting cities like Charlotte and Atlanta. BNY Pershing is actively supporting this growth, helping firms onboard and integrate new advisors effectively by working closely with each firm’s leadership team and advisors to ensure alignment.