Managing Growth in Wealth Management with Cary Street Partners

Rosemont Roundtable: Exploring the Business of Investment Management

In the latest episode of the Rosemont Roundtable: Exploring the Business of Investment Management (formerly known as Global Investment Leaders), Brad Mook sat down with Wes Gallup, managing director and chief operating officer of Cary Street Partners, an independent wealth management firm based in Richmond, Virginia, with more than $8 billion in assets under management.* Their conversation centers around the evolution of Cary Street and offers insights into industry trends, growth strategy and technology's role in modern wealth management firms.

Specifically, Brad and Wes discuss:

• How Cary Street pivoted from a corporate advisory firm to a full-service wealth management firm after an acquisition in 2007.
• The firm's focus on both organic and inorganic growth, including prioritizing acquisitions that enhance capabilities and improve client service over raw scale.
• Managing growth by providing advisor independence while maintaining a cohesive brand.
• The importance of technology adoption for operating efficiencies and staying competitive in the modern wealth management industry.
• The potential for AI and emerging technologies to enhance productivity, even while recognizing the irreplaceable value of human relationships in the advisor-client dynamic.

Overall, the conversation underscores the importance of client-centricity, organic growth and thoughtful implementation of technology to achieve long-term success in the evolving industry landscape.

All episodes of the Rosemont podcast—including Rosemont Roundtable and Global Investment Leaders—are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

*As of March 25, 2024, Cary Street Partners manages approximately $8 billion in assets.