A private wealth advisory practice of Ameriprise Financial Services, LLC
Wealth Partners is a private wealth advisory practice of Ameriprise Financial Services, LLC based out of Omaha, NE. The firm is comprised of 58 independent financial advisors who, along with 43 team members spread across 22 office locations, work with more than 10,000 families in planning their financial futures. These clients have entrusted Wealth Partners in managing over $4.4 billion on their behalf.
Below is an interview with Phil Wood, Private Wealth Advisor and CEO of Wealth Partners
How long have you been in business and what was the owner’s motivation for starting the business?
I entered the financial services industry in 1988 as a financial advisor after studying finance and entrepreneurship in college. A family friend was a “stockbroker” and I saw firsthand how he could work with clients in solving their financial puzzles.
How has the business grown over the years?
What started out as my personal practice of working with clients has grown to one of Ameriprise’s largest franchises in the U.S. Like any industry, financial services has been consolidating over the years and many financial advisors recognized they either needed to get bigger in order to compete or get out. I created a 1099 Affiliate platform whereby advisors could band together to share economies of scale while still running their individual practices as they saw fit under the Wealth Partners brand. We call our affiliation model “On your own but not alone”.
What do you think sets you apart from other businesses in the same industry?
We feel we have two strong competitive advantages; one for advisors and one for clients. For advisors wanting to take their client service model to the next level, our franchise support team is very experienced in integrating new advisor practices into our franchise and giving them the resources to succeed at a higher level than they could on their own. For our clients, we have more team-members and resources than most firms which allows our team-members to specialize. Each client then has the benefit of working with a team vs. just one person. Additionally, we lead with financial planning so we can ensure we understand what is most important for each client as we build a customized experience just for them.
What do you and your team like about living and working in Omaha?
While we do have many other office locations, primarily in the Midwest, Omaha has been a great base of operations for us. With a great family and business climate, the city gives our business the location, talent, and resources we need to continue to grow.
What are your plans for the next five years of your business? 10? 25?
While we will continue to grow by offering other advisors and their clients a firm to call home, one of our focuses is now on generational planning for the firm. Many of our advisors are in the latter part of their careers so we are proactively recruiting and mentoring young talent so Wealth Partners can continue beyond the first generation.
If you could choose one thing you enjoy most about your business, what would it be?
As an advisor, working with clients has been a blessing over the years. Life-long friendships are developed as it’s a very personal relationship. As a business owner, it has become very rewarding to mentor and coach our younger team members, instilling our decades worth of knowledge & experience to help them be the best they can be in the future.
How does your team give back to the community?
In addition to participating in a variety of organizations in each community where we have an office, the firm donates over $10,000/year to various charities as a way of giving back.
Does your business have a mission statement?
Advice to guide you through life’s big moments.
If you could give other business owners a piece of advice, what would it be?
It’s pretty basic: treat others as you’d wish to be treated, tell the truth, and follow through on your commitments.
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Jan. 5th, 2022