Beginning his career with a national broker-dealer, Byron Ellis grew his financial advisory practice through targeted marketing efforts and advisor acquisitions, Byron started to feel uneasy about the value proposition he was offering his clients.
It wasn't until I calculated my clients' costs that I realized they were paying more than people who owned the same investments elsewhere. Long story short, I couldn't let that happen.
After raising his concerns to upper management, Byron determined that he wouldn't be able to change the cost structure at his current firm. Never afraid of a challenge, he began to explore other options.
An entrepreneur at his core, Byron initially focused on taking his practice independent when United Capital’s website caught his attention. He recalls being impressed by the financial advisory tools and technology United Capital provided their partners and the way they described the client experience. "After a couple meetings, I realized these people are really doing it right. They are more than ten years ahead of me. And rather than trying to recreate the same thing, I decided we'd both be better off merging together." Byron moved his practice to United Capital in 2014.
United Capital's technology platform, competitive investments pricing, and operational infrastructure now allow Byron to focus on managing the business and doing right by his clients—and the results have been measurable. Since joining United Capital, assets under management have grown to $492 million. More impressive is the rise in revenue and EBITDA Byron and his team saw in the first three years. Since the end of 2014, annualized revenue has grown 48%, while EBITDA has grown by an astounding 55%.*
For Byron, the ability to continue running his practice independently has been most important. Nevertheless, he contends that United Capital's investment in resources and support have been instrumental in getting him where he is today. "Sometimes one and one can equal three or four, and that's what's happened in this instance."
Register for one of our upcoming demos to see how FinLife CX can help you charge for your value as the indispensable human advisor.
*Data as of year end 2017. Results not guaranteed and may vary.
**Data as of Q2 2019