A conversation with Matt Kilgroe, President/CEO, Cyndeo Wealth Partners
Most independent advisors start out by building strong practices in traditional firms. While plenty of them continue to build mega-businesses as employees, for some, there comes a point when the desire to do more for their clients is hindered by the limitations of their firms.
It’s this combined force of pushes and pulls that often motivates an advisor to explore the potential that independence offers.
And one of the primary motivations behind Matt Kilgroe’s move.
Because after building a $1.2B business at UBS, Matt found he was hitting a wall in what he could do for his clients.
And the more he learned about the independent space, the more he was drawn to being a business owner—and removing the constraints that were limiting him and his team from greater control over their business.
So in June of 2020, amidst the pandemic shutdowns, Matt and his team launched Cyndeo Wealth Partners in St. Petersburg, FL.
And they didn’t miss a beat—transitioning 98% of their clients in the process.
In this episode, Matt discusses his journey with Louis Diamond, including:
- The key motivations that inspired building an independent firm—and why he chose not to do so when he first explored the idea nearly a decade ago.
- The heightened sense of advisor vulnerability at the wirehouses—and how a few key incidents with other top producers were “eye-openers” for Matt and his team.
- The choice to go independent vs taking a recruiting deal—and what Matt feels he ultimately gained in choosing independence.
- The significant impact of a “lack of control” at UBS—and how they have since expanded services to their high net worth clients.
- The choice to work with Dynasty Financial Partners—and what other options they considered.
- The conflict of all products being under one roof—and why it’s “better” to be able to “Shop the Street.”
As Matt shares, by going independent, they are now able to serve their clients as “true fiduciaries,” with the ability to look at the “whole picture” and provide any and all services their clients need. For some advisors, that ability alone is enough to consider the leap, but for Matt and his team it was a “pull amongst pushes.”
It’s a straightforward and articulate account of how having greater control over how an advisor serves a client’s needs can foster both goodwill and growth
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Download a transcript of this episode…
An Update on Wirehouse Recruiting: Why Recent Activity May Signify Changes at the Firms
What do the ever-evolving recruiting practices telegraph to advisors about the ideal candidates and overall hiring strategy of the firms—today and in the future? Read->
Why Settle for “Good Enough” When Great is Possible?
In a vastly expanded industry landscape with more high-quality options than ever before, some advisors settle for “good enough” when the potential for “great” is often within reach. What’s holding them back? Read->
Financial Advisors: 10 Reasons Why Independence May Not Be Right For You
While many advisors are drawn to the freedom and control that independence offers, there are those for whom it may not be the “right” path. Read->
What’s Driving the Momentum Towards Independence and Will it Continue?
With Shirl Penney, Dynasty Financial Partners. Listen->
Matt Kilgroe, President/CEO, Cyndeo Wealth Partners
Prior to launching Cyndeo Wealth Partners in 2020, Matt ran advisory teams at Merrill Lynch and UBS Financial for 29 years. Providing guidance, counsel, and strategy for families the firm serves is Matt’s passion. In addition to his role as an advisor, Matt works in a leadership capacity for Cyndeo while also helping with business development.
Matt has been recognized by Barron’s as a Top 1000 or Top 1200 Advisor consistently since 2009. In 2020 Forbes named him to their “Best-In-State Wealth Advisor” list. A graduate of Eckerd College, Matt has served on the Board of Trustees at his alma mater since 2012. His three children are his pride and joy. Daughter Carrington owns Sunstate Yoga studio in St. Petersburg, son Kent is a recent graduate of Randolph Macon College, and daughter Jillian is a sophomore at Florida State University. An athlete in college, Matt continues to enjoy staying in shape, playing basketball, and bike riding.
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