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Building a Firm That Lasts: Trust, Culture, and Communication with Richard Alt

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Episode 107: Richard Alt is the CEO of Carnegie Investment Council, where he has led the firm through significant growth, including major acquisitions like Eagle Ridge. With more than two decades of experience, Richard is committed to true fiduciary principles—putting clients’ interests first, eliminating conflicts of interest, and helping investors navigate risk with clarity and trust.

This week, Kyle talks with Richard about his unconventional path into wealth management, inspired by his grandmother’s financial struggles, and why fiduciary duty drives his work. He unpacks the six key risks investors must navigate, discusses Carnegie’s recent Eagle Ridge acquisition, and highlights how communication and culture underpin successful firm transitions. Richard also shares his perspective on technology, the limits of AI in advising, and why trust and human relationships remain central to helping clients answer the ultimate question: “Am I going to be okay?”.

In this episode:

(00:00) – Intro

(01:34) – Richard’s money moment

(06:26) – How to identify a trustworthy financial advisor

(08:56) – Celebrating Carnegie’s 50th anniversary and lessons from decades of experience

(10:44) – The six types of financial risks and how to manage them

(15:02) – Inside Carnegie’s recent partnership with Eagle Ridge

(18:12) – Why clear communication is the key to successful firm transitions 

(22:47) – The surprising origin story behind Carnegie Investment Counsel’s name

(25:12) – How Carnegie leverages technology—and why AI won’t replace advisors

(30:24) – The biggest challenges facing financial advisors today

(33:25) – Richard’s Milemarker Minute

Key Takeaways

Choose fiduciaries, not salespeople. A license doesn’t equal expertise—ask whether your advisor is a fiduciary 100% of the time and committed to putting your interests ahead of their own.

Understand the six types of risk. Inflation, market volatility, individual security exposure, government actions, international factors, and regulatory surprises all threaten wealth. Managing these risks requires diversification, discipline, and perspective.

Culture and communication drive successful transitions. Whether it’s mergers, acquisitions, or client relationships, clarity of expectations, open communication, and valuing people are what ensure long-term success.

Technology is powerful, but trust is irreplaceable. Tools like AI and portfolio software can enhance efficiency, but they cannot replace the human guidance, empathy, and wisdom clients need to confidently answer life’s big financial questions.

Quotes

“Being in the business for a long time gives us the ability to make good, long-term decisions and avoid the other trap of our industry, which is making emotional decisions that undermine any long-term plan.” ~ Richard Alt

“Our job is not just picking stocks and putting them in their portfolio. It’s managing risk and handholding clients.” ~ Richard Alt

“Technology has the ability to really improve data, communications, and portfolio design. But it will never be able to take away that human element of looking across the table at somebody and saying, Am I going to be okay?” ~ Richard Alt

Links 

Richard Alt on LinkedIn

Carnegie Investment Counsel

Gary Wagner

Berkshire Global Advisors

Charles Schwab

Fidelity Investments

Vanguard

Good to Great

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Kyle on LinkedIn

Jud on LinkedIn

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Rethinking AUM: A Better Way for RIAs to Measure Success with Lacey Shrum

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Episode 106:  Lacey Shrum, Founder of Smart Kx, is an accomplished professional with a diverse background in law, compliance, and entrepreneurship. At Smart Kx, Lacey applies her extensive experience to drive strategic initiatives and deliver innovative solutions within the legal and technology sectors.

This week, Kyle and Lacey do a deep dive into the metric that truly matters for advisory firms—revenue. Lacey shares why AUM can be a vanity metric, how to calculate and use blended rates, and ways to streamline billing for greater efficiency and profitability. They discuss common challenges during firm growth and acquisitions, how average daily balance reconciliation can smooth out revenue volatility, and why automation reduces friction in advisor operations.

In this episode:

(00:00) – Intro

(04:32) – Why protecting revenue matters more than chasing AUM

(08:26) – How Smart Kx gathers the data to power its calculations

(09:55) – The risks of relying on spreadsheets for billing 

(14:17) – Why due diligence on revenue metrics is critical in acquisitions

(17:22) – Using Average Daily Balance (ADB) reconciliation for fairer, more transparent billing

(22:13) – Lacey’s take on the fee structure debate

(23:39) – What’s holding RIAs back from adopting automation

(27:46) – The key revenue metrics every advisor should track

(32:59) – How Smart Kx is leveraging technology and AI

(36:07) – Lacey’s predictions for the future of the industry

(40:07) – Lacey’s Milemarker Minute

Key Takeaways

Build a true revenue system—not just billing. Go beyond sending invoices. Create a complete revenue framework that combines accurate AUM fee calculations, airtight documentation of every client agreement, and detailed revenue analysis. This holistic view will give you clarity and control over your firm’s financial health.

Ditch the spreadsheets for fee management. Spreadsheets are fragile, error-prone, and a single point of failure. Replace them with specialized technology that automates and validates calculations, ensuring accuracy while freeing your team from time-consuming manual work.

Do real revenue due diligence in acquisitions. Don’t stop at surface-level metrics. Examine a target firm’s actual revenue drivers—average client size, blended rate, and revenue per client. This will reveal hidden gaps or “potholes” in their billing process and help you plan a smooth integration.

Automate to eliminate friction. In a slow-to-adopt industry, actively seek tech that reduces clicks and speeds up payment workflows. The less time you spend chasing revenue, the more time you can invest in serving clients and growing your business.

Quotes

“Revenue is so important to anybody’s business. We are trying to make a profit here, provide for ourselves, and build a business.” ~ Lacey Shrum

“If you are responsible for signing that ADV and representing your firm in that contract, you have to have some orderly system, or you’re just kicking the can down the road of a regulatory and probably litigation nightmare.” ~ Lacey Shrum

“Advisors are not in the billing business. They’re in the business of managing money. So, try to get billing down to the least amount of time possible so you can manage money.” ~ Lacey Shrum

Links 

Lacey Shrum on LinkedIn

Smart Kx

NFL

A Tree Grows in Brooklyn

Onboarding New Clients Made Easy with Lacey Shrum

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Milemarker.co

Kyle on LinkedIn

Jud on LinkedIn

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When Hospitality Becomes a Strategy with Phillip Hamman

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Episode 105: This week, Kyle Van Pelt talks with Phillip Hamman, President & CEO at Linscomb Wealth (LW). Phillip leads the team in developing and executing the firm’s visionary strategies. His leadership extends to serving on the LW Board of Directors, chairing the Executive Committee, and contributing as a voting member of the Investment Committee, reflecting his deep proficiencies in investment advisory, client service, and wealth planning.

Kyle and Phillip talk about how hospitality, character, and processes redefine client service. Phillip unpacks the important role that systems and processes play in building a scalable business. He also shares LW’s thoughtful approach to succession planning and how leading firms leverage technology to stay ahead. 

In this episode:

(00:00) – Intro

(02:30) – Phillip’s money moment

(04:53) – How LW guides firms with ambitious plans and goals

(06:52) – How kissing frogs relate to growth

(09:32) – LW’s strategic expansion in the Southeast US

(11:50) – LW’s organic growth strategy

(14:03) – What makes great client service

(18:34) – The importance of systems and processes

(22:58) – LW’s succession planning strategy

(27:12) – The role of technology in highly successful firms 

(29:48) – Phillip’s outlook on the future of the industry

(32:27) – Phillip’s Milemarker Minute

Key Takeaways

Marry vision with agility. While setting ambitious, clear strategic goals is crucial, always build in flexibility and an adaptable mindset. Recognize that the market and external circumstances are largely beyond your control. 

Practice hospitality. Elevate your client service beyond mere satisfaction. This means actively and deeply listening to your client’s unspoken needs and going the extra mile—consistently delivering unexpected ‘wow’ moments that make them feel exceptionally valued and understood.

Character + process = results. When a firm’s character and efficient processes are in sync, they create a one-team approach that consistently drives positive results for both the business and its clients.

Holistic succession planning. Look beyond just identifying future leaders. Develop robust training and development programs for your next generation of advisors and nurture intergenerational understanding within the firm.

Quotes

“Be strategic-minded but definitely adaptable because there’s so much out there you really can’t control.” ~ Phillip Hamman

“Character plus process equals results. We try to embody that, bringing the values of the firm together every day with this one-team approach that we have for going out and achieving results for clients.” ~ Phillip Hamman

“If you’re going to be a holistic, fee-only fiduciary wealth advisor, the human element will continue to remain just so important. Spend the time to figure out who you are and where you really add value for clients.” ~ Phillip Hamman

Links 

Phillip Hamman on LinkedIn

Linscomb Wealth

Ryan Patterson

Unreasonable Hospitality

Connect with our hosts

Milemarker.co

Kyle on LinkedIn

Jud on LinkedIn

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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.

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