A $6.5 billion Northeastern community bank approached KaneCarlton to assist in streamlining disparate business units and reducing discord among the division’s executive leadership team.

The Bank owned an RIA, an introducing Broker-Dealer, a trust and investment management operation and worked with two Third Party Marketers (TPMs).  Much of the organizational complexity emerged from acquisitions initiated both from the Bank and directly by Wealth Management.

The objectives were to create efficiency, consolidate units, reduce regulatory scrutiny and curb risks while also developing an integrated, consistent client and advisor experience. We were to accomplish this simultaneously with ramping up growth and improving margins.  Additionally, senior executives of the Bank were concerned with their limited knowledge of the combined enterprise as well as the relative inexperience and workload of the current wealth management head.

KaneCarlton worked collaboratively with bank executives, the board and wealth management leadership to achieve those results.

The introducing broker-dealer and RIA were both closed and one TPM relationship terminated.  The Bank engaged a new custodian-agnostic technology system (a TAMP) providing consistency across the remaining business units, including greatly enhanced tools for advisor, operations and clients.

KaneCarlton worked diligently with the executives to create a mutual understanding of each other’s businesses and the subtle but important nuances associated with each.  The outcome was a more cohesive and collaborative leadership team guiding wealth management versus solely invested in their insular discipline or line of business.

Our work resulted in a 50 percent increase in operating margins, a substantial transition subsidy, a greatly modernized delivery system obtained at no cost to the institution, and a streamlined organizational, operational and regulatory structure.

Moreover, KaneCarlton provided hands-on guidance through the shuttering of the broker-dealer and RIA, which require intense regulatory cooperation and deep compliance knowhow.   

We provided counsel as to marketing and promoting the newly integrated units.  

We actively negotiated multiple contracts and remained engaged to ensure the account conversion process went smoothly.

Most importantly, we provided insight into the importance of creating a consistent, positive client experience to create competitive distinction.  This was accomplished through developing a series of processes addressing every key client touch-point.

Additionally, the Bank asked KaneCarlton to identify and vet candidates to lead the newly restructured organization, ultimately leading to the hire of a new head of wealth management.

For a $27 billion southwestern bank, among many other services, KaneCarlton identified, vetted and negotiated with a field of service providers transcending multiple disciplines within wealth management.  These included TAMPs, TPMs, master general insurance agencies, outsourced investment management firms and trust accounting system providers.

After understanding the Bank and its objectives, Tom and his team of five subject matter experts drafted comprehensive RFPs for each discipline, identified best in class vendors, evaluated and scored RFP responses and conducted in-depth financial analysis.  From there, they made specific recommendations, documented those suggestions, and worked with the Bank to gain approval with multiple internal committees and constituencies including the board.  

KaneCarlton was instrumental in evaluating and revising contracts, working with the Bank’s, and the vendors legal teams and negotiating very attractive terms.  The outcome of those negotiations paid for professional fees for the consulting services many times over and continue to this day to pay dividends on the Bank’s investment in KaneCarlton.  Additionally, KaneCarlton assisted the Bank with outsourcing trust operations and a host of other key business decisions and organizational solutions.

For scores of financial institutions and advisory practices throughout the country, KaneCarlton conducted organization and capability assessments.  This proprietary, comprehensive process consists of an objective and deep evaluation of the organization from strategic plans at the board level all the way down to operational workflows and procedures.  It includes areas such as compensation, organizational structure, staffing, vendor assessment, compliance,  performance benchmarking, technology, workflow, marketing, financial results, the competitive landscape, industry trends and a host of those critical business nuances when combined comprise your wealth management enterprise.  These assessments often transcend various business lines including trust services, investment management, brokerage services, digital platforms, and RIA enterprises.  

The ultimate aim is to identify opportunities to increase profits, reduce costs and gain competitive advantage.  This is achieved through internal and external research, analysis, best practices, competitive intelligence and creative thinking in close collaboration with the wealth management team.  The deliverables include a roadmap for transformation consisting of specific, prioritized, actionable steps for reimagining the future state of the enterprise.

Tom Kane is a great resource for those needing advice and guidance on the success of wealth management organizations at financial services firms. His hands-on experience in working in several wealth management groups in senior positions give Tom unique insights into the important factors for success of those groups, including compensation, investment products and programs, technology, and integration with other bank products and services.

– John Shields,

Independent Director of EverQuote, Vestmark & Vestmark

“Tom was instrumental in building the recruiting function at LPL. He developed an entire process for adding Financial Consultants that is used throughout the organization. He has an almost sixth sense for getting into a candidate’s head and determining if he or she will be a good long-term fit for the organization. His help with developing transitional compensation plans and his guidance in actually hiring the most desirable candidates have been invaluable. We found that by using Tom’s process, the candidates we selected produced three-times more revenues than before. I highly recommend making use of Tom’s know-how when it comes to recruiting.”

—Dee Flesch

Talent Acquisition Manager, Edward Jones ( Former Recruiting Manager, LPL Financial Institution Services)