Don’t Do That: Don’t Go At It Alone with David Wood, Gateway Financial Partners (Ep.15)
Summary:
Are you trying to build your advisory business without the right support systems?
In this episode of Don’t Do That, David Wood, Chief Visionary Officer at Gateway Financial, joins Kelly Waltrich to discuss why advisors shouldn’t go it alone in today’s changing financial services landscape, particularly as scale becomes increasingly important for success.
During the episode, David highlights the impact of implementing the Entrepreneurial Operating System (EOS) at his firm, shares his perspective on firm culture amid industry consolidation, and explains why advisors need partners to thrive in a rapidly evolving environment with unprecedented opportunity.
Kelly and David cover:
00:23 David’s role as Chief Visionary Officer and implementing EOS at Gateway
01:13 The rising popularity of EOS in financial services firms
03:25 The impact of culture on Gateway’s success and approach to M&A
05:04 The intentionality behind Gateway’s office space and work environment
07:34 Why cultural alignment is critical during acquisitions
11:33 The changing landscape of broker-dealers and financial advisors
13:41 What makes an advisor a good fit for Gateway Financial
15:44 The supportive nature of the financial services community
16:57 David’s “Don’t Do That” – don’t go at it alone in today’s environment
19:09 The evolving definition of independence for financial advisors
23:38 David’s predictions for continued consolidation and the future landscape
25:38 How AI will impact advisory practices without replacing advisors
27:24 The four key areas where advisors need the most support: marketing, operations, technology, and leadership
31:57 Why there’s more opportunity than ever despite industry changes
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Connect with David Wood
About Our Guest:
David Wood, a pioneer in the financial services industry, established Gateway Financial Partners in 1994, which he continues to steer as the Chief Visionary Officer. Wood’s experience spans across several decades, marking him as a leader, an accomplished entrepreneur, and an influential figure in the financial landscape. He possesses an innate ability to identify growth opportunities and is committed to delivering innovative strategies that elevate the success of independent practices.
David is passionate about community engagement; he is renowned for his dedication to supporting not only local initiatives but nationwide initiatives. David is a signee of The Fearless Pledge, serves on the board of Females & Finance, is a frequent national speaker and has presented at many industry conferences, including the Investment News RIA Summit, The TPN Conference, and Nitrogen’s Riskalyze Fearless Investing Summit. David is frequently quoted in WealthManagement.com, Investment News, and Yahoo Finance.