Creating a Destination for Other Advisors: How a $600mm Breakaway Team Transformed into a $2.8B Business

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A conversation with Todd Resnick, Co-Founder and President of One Seven

Overview

Todd Resnick and his colleagues wanted to serve their clients in new and creative ways but even more so they were attracted to the idea of building what he describes as a “destination” for other advisors. Their journey is a compelling one that started with building their own RIA and leveraging support from consultant and service provider TruClarity. Todd discusses their recent strategic partnership with Merchant Investment Management, the value of community and much more. Listen in on this extraordinary conversation that demonstrates how vision can drive growth and success, with several key learnings for advisors and business owners alike.

About this episode…

Most advisors we speak with who make the leap to independence do so not because they are running away from something. More often, they are running towards something they see as better for the business in the long run.

They’re the entrepreneurial types, who have a vision of growing something bigger than themselves—and to remove any constraints that may impede their path.

The guest on this episode, Todd Resnick speaks much about that vision and demonstrates clearly how he and his colleagues were able to achieve what they set out to—and then some.

In July 2016, Todd and three of his Morgan Stanley colleagues left with some $600mm in assets under management to start RIA firm One Seven, headquartered in Ohio, hiring RIA consultant and service provider, TruClarity to assist them in their launch.

Their goal: To serve their clients in new and creative ways but even more so they were attracted to the idea of building what Todd describes as a “destination” for other advisors.

And that they have.

Today, One Seven is a firm with $2.8B in managed assets. They’ve been prolific acquirers and most recently made news for their merger with MGO Investment Advisors, an RIA that specializes in 401(k) services.

Top that off with Merchant Investment Management taking a minority, noncontrolling stake in One Seven to drive additional organic growth.

In this episode with Louis Diamond, Todd discusses how his unique point of view came about, plus:

  • The limitations they were feeling from the bank—and how that impacted their business and mission.
  • Their due diligence process—and the ultimate decision to leverage TruClarity for the transition.
  • One Seven’s extraordinary growth over the last 6 years—and how they achieved it.
  • The decision to take on Merchant as a capital partner—and how Todd envisions the relationship benefiting their goals.
  • Plus, the evolution of Todd’s perceptions over time—and how that translated to One Seven’s community and mission…and much more.

It’s an extraordinary conversation that demonstrates how vision can drive growth and success, with several key learnings for advisors and business owners alike.

Related Resources

The Evolution of an RIA from Practice to Enterprise: A conversation with Tim Bello, Managing Partner, Merchant Investment Management
Tim Bello of Merchant Investment Management discusses the growth of the independent space and the burgeoning cottage industry that fills capital, service and support gaps, creating new paths for those who have a desire to grow their own enterprises. Listen->

Just how entrepreneurial are you?
6 ways the entrepreneurial mindset differs from the employee mindset — and how it can shape your future. Read->

Independence for the “Not That Entrepreneurial” Advisor
Regional firms may be the answer for advisors seeking to minimize bureaucracy and gain greater control over their business. Read->

Celebrating Independence: Different Perspectives on How to Achieve Greater Freedom and Control
Independence in the wealth management industry is much like your local ice cream shop: There are many different flavors to choose from. Read->

Todd Resnick
Co-Founder and President

Todd is a Co-Founder and President of One Seven. With nearly 15 years’ experience in financial planning, Todd has built a career focused on impacting people’s lives for the better and creating meaningful relationships. He’s passionate about equipping financial planners with the motivation and tools to realize their own definition of personal and professional fulfillment—and in turn, helping their clients to do the same. Todd does so for himself, as well, balancing his professional drive with time spent traveling, volunteering with his wife at their children’s schools, and following all things Cleveland, his hometown—including sports, music, theatre, and the arts.

Todd is also the co-author of the book Become a BAD*SS Financial Advisor.

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