--- title: "Succession Planning and Growth Strategies with Thomas Carroll" description: "Succession planning and growth strategies are critical considerations for RIAs seeking long-term sustainability." url: https://www.milemarker.co/podcast/succession-planning-and-growth-strategies-with-thomas-carroll updated: 2024-12-03 --- [Now playing](https://www.milemarker.co/podcast) [Podcast**Next Mile**](https://www.milemarker.co/podcast) [Episodes](https://www.milemarker.co/podcast)[Guests](https://www.milemarker.co/podcast/guests) [YouTube](https://www.youtube.com/@milemarkerinc) [Apple](https://podcasts.apple.com/us/podcast/the-connected-advisor/id1691759257) [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) Episode 70 · Dec 3, 2024 · 40 min # Succession Planning and Growth Strategies with Thomas Carroll [**Thomas Carroll***CEO & President, Homrich Berg*](https://www.milemarker.co/podcast/guests/thomas-carroll) [Apple Podcasts ↗](https://podcasts.apple.com/us/podcast/the-connected-advisor/id1691759257) [Spotify ↗](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) ## About this episode Succession planning and growth strategies are critical considerations for RIAs seeking long-term sustainability. As firms evolve and leadership transitions occur, a well-defined succession plan ensures smooth handover and business continuity. Succession plans, coupled with strategic growth initiatives and investing in the right technology, allow RIAs to deliver better client service, attract top talent and potential leaders, and provide more sophisticated services. In this episode, Kyle Van Pelt talks with Thomas Carroll, CEO & President of Homrich Berg. Thomas has an extensive background in wealth management, both as an advisor to clients and as a leader of client service organizations. Kyle and Thomas discuss the importance of a well-defined succession plan and growth strategies, how RIAs can effectively plan succession, and how investing in technology improves client and advisor experiences. Thomas also talks about the trend of advisors and clients migrating to RIAs and the value of maintaining a culture and service model while scaling. In this episode: - \[02:05\] - Thomas' money moment - \[07:05\] - Homrich Berg's 12-year succession plan - \[10:07\] - How RIAs plan for succession - \[13:39\] - The emotional aspects of leadership transition - \[16:03\] - Why advisors and clients migrate to RIAs - \[19:38\] - The "Goldilocks" size for RIAs - \[21:59\] - Maintaining the "Goldilocks" phase while scaling - \[25:10\] - Technology investments at Homrich Berg - \[28:35\] - Homrich Berg's philosophy for growth - \[30:20\] - Trends in wealth management - \[34:05\] - Thomas' Milemarker Minute **Key Takeaways** - A well-defined succession plan is important for a smooth leadership and equity transition in RIAs. - Clients are becoming more sophisticated and seeking fee-only advisors who prioritize their best interests—a trend that’s driving growth for independent RIAs. - The "Goldilocks" size for RIAs balances scale and client service. It is big enough to offer scale, resources, and technology investments, yet nimble and client-centric. - Strategic growth can enhance client experience when combined with technology investments. - Optimizing core technology systems is more effective than acquiring multiple-point solutions. **Quotes** \[17:08\] - "The only revenue we make as a firm is providing advice to our clients. They're paying us for advice. And you're going to see more and more clients gravitate to that business model because it's inherently unconflicted. We do whatever is in the client's best interest." ~ [Thomas Carroll](https://www.linkedin.com/in/thomas-carroll-cfp%C2%AE-a694654/) \[22:50\] - "We're here to provide a comprehensive fiduciary wealth management experience in a fee-only way on a chassis of service, not a chassis of sales." ~ [Thomas Carroll](https://www.linkedin.com/in/thomas-carroll-cfp%C2%AE-a694654/) \[28:35\] - "Our goal was not to get bigger for bigger's sake. Our goal was to continue to deliver the client experience that we are committed to delivering in a fee-only construct with a service-oriented approach." ~ [Thomas Carroll](https://www.linkedin.com/in/thomas-carroll-cfp%C2%AE-a694654/) **Links** - [Thomas Carroll on LinkedIn](https://www.linkedin.com/in/thomas-carroll-cfp%C2%AE-a694654/) - [Homrich Berg](https://homrichberg.com/) - [Truist Bank](https://www.truist.com/) - [Andy Berg](https://www.linkedin.com/in/andy-berg-1a222427/) - [TPG Capital](https://www.tpg.com/) **Connect with our hosts** - [Milemarker.co](https://www.milemarker.co/) - [Kyle on LinkedIn](https://www.linkedin.com/in/kylevanpelt/) - [Jud on LinkedIn](https://www.linkedin.com/in/judmackrill/) **Subscribe and stay in touch** - [Apple Podcasts](https://podcasts.apple.com/us/podcast/connected/id1691759257) - [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) - [YouTube](https://www.youtube.com/@milemarkerinc) ## **Produce game-changing content with Turncast** Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at [Turncast.com](https://www.turncast.com/). ## The write-up [Listen to this week’s episode.](https://open.spotify.com/episode/1XI5S1ZMg7a9y6DjwS2tSa?si=d331a430146147e9&utm_source=newsletter.milemarker.co&utm_medium=referral&utm_campaign=a-12-year-succession-plan-designed-to-launch-a-firm-into-the-future&nd=1&dlsi=e2c758f8de4740d2) Episode 070: On this week’s episode of The Connected Advisor, I talk with [Thomas Carroll](https://www.linkedin.com/in/thomas-carroll-cfp%C2%AE-a694654/), CEO & President of [Homrich Berg](https://homrichberg.com/). Succession planning and growth strategies are critical considerations for RIAs seeking long-term sustainability. As firms evolve and leadership transitions occur, a well-defined succession plan ensures smooth handover and business continuity. Succession plans, coupled with strategic growth initiatives and investing in the right technology, allow RIAs to deliver better client service, attract top talent and potential leaders, and provide more sophisticated services. In this episode, we discuss the importance of a well-defined succession plan and growth strategies, how RIAs can effectively plan succession, and how investing in technology improves client and advisor experiences. Thomas also talks about the trend of advisors and clients migrating to RIAs and the value of maintaining a culture and service model while scaling. **Key Takeaways** A well-defined succession plan is important for a smooth leadership and equity transition in RIAs. Clients are becoming more sophisticated and seeking fee-only advisors who prioritize their best interests—a trend that’s driving growth for independent RIAs. The “Goldilocks” size for RIAs balances scale and client service. It is big enough to offer scale, resources, and technology investments, yet nimble and client-centric. Strategic growth can enhance client experience when combined with technology investments. Optimizing core technology systems is more effective than acquiring multiple-point solutions. **Quotes** \[17:08\] - “The only revenue we make as a firm is providing advice to our clients. They’re paying us for advice. And you’re going to see more and more clients gravitate to that business model because it’s inherently unconflicted. We do whatever is in the client’s best interest.” ~ [Thomas Carroll](https://www.linkedin.com/in/thomas-carroll-cfp%C2%AE-a694654/) \[22:50\] - “We’re here to provide a comprehensive fiduciary wealth management experience in a fee-only way on a chassis of service, not a chassis of sales.” ~ [Thomas Carroll](https://www.linkedin.com/in/thomas-carroll-cfp%C2%AE-a694654/) \[28:35\] - “Our goal was not to get bigger for bigger’s sake. Our goal was to continue to deliver the client experience that we are committed to delivering in a fee-only construct with a service-oriented approach.” ~ [Thomas Carroll](https://www.linkedin.com/in/thomas-carroll-cfp%C2%AE-a694654/) **Links** [Thomas Carroll on LinkedIn](https://www.linkedin.com/in/thomas-carroll-cfp%C2%AE-a694654/) [Homrich Berg](https://homrichberg.com/) [Truist Bank](https://www.truist.com/) [Andy Berg](https://www.linkedin.com/in/andy-berg-1a222427/) [TPG Capital](https://www.tpg.com/) **Connect with our hosts** [Milemarker.co](https://www.milemarker.co/) [Kyle on LinkedIn](https://www.linkedin.com/in/kylevanpelt/) [Jud on LinkedIn](https://www.linkedin.com/in/judmackrill/) **Subscribe and stay in touch** [Apple Podcasts](https://podcasts.apple.com/us/podcast/connected/id1691759257) [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) [YouTube](https://youtu.be/cNuFdtD6UIE) **While there, please don’t forget to Download, Like, and Subscribe.** If you’d like to schedule a time to talk with me about anything we cover on our podcast or [Milemarker](https://www.milemarker.co/), [click here for 15 minutes](https://meetings.hubspot.com/kyle-van-pelt). Kyle Van Pelt [**Thomas Carroll***CEO & President, Homrich Berg*](https://www.milemarker.co/podcast/guests/thomas-carroll) Next Mile Conversations with the people building the next era of wealth management, hosted by Kyle Van Pelt. New episodes every Tuesday. [Get the newsletter →](https://www.milemarker.co/resources/newsletter) [Talk to Milemarker →](https://www.milemarker.co/contact) ## Keep listening Ep. 170 · Nov 10, 2026 · 27 min ### [Building a Boutique at Scale with Leah Sciabarrasi](https://www.milemarker.co/podcast/building-a-boutique-at-scale-with-leah-sciabarrasi) Leah Sciabarrasi, Crestwood Advisors Ep. 122 · Dec 10, 2025 · 32 min ### [Beyond Referrals: Transforming Advisor Growth with Eden Ovadia](https://www.milemarker.co/podcast/beyond-referrals-transforming-advisor-growth-with-eden-ovadia) Eden Ovadia, FINNY Ep. 108 · Sep 2, 2025 · 49 min ### [The Future of RIAs: Organic Growth, AI, and Advisor Culture with Michael Batnick](https://www.milemarker.co/podcast/the-future-of-rias-organic-growth-ai-and-advisor-culture-with-michael-batnick) Michael Batnick, Ritholtz Wealth Management