Company Details
SteelPeak Wealth ("SteelPeak"), a firm that has been in existence for 12 years, aims to grow by bringing like minded advisors into their culture. Initially comprised of only three individuals, it has now grown to over 50 employees. Over time, SteelPeak has undergone departmentalization and institutionalization, establishing a structured framework. Unlike being an aggregator, SteelPeak emphasizes teamwork and encourages every team member to actively contribute to the firm's culture, fostering a sense of belonging and a familial atmosphere.
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Acquisition Model
Max Cash: 100%
Max Equity: 10%
SteelPeak's standard retention terms are 50% paid at closing and 50% held back in retention for 12 months.
Mandatory Points of Alignment
SteelPeak Wealth seeks to centralize back-office functions, including accounting, payroll, HR, and billing. By streamlining these operational processes, the firm aims to free advisors from administrative burdens, allowing them to focus on client-facing activities and providing personalized wealth management services.
Partners will have total autonomy over their calendars.
The P&L will be centralized in an effort to offload financial decisions for partners.
SteelPeak has a well-established client experience that they ask all advisors to incorporate. This experience is a 6-step disciplined process that has been refined for over 20 years.
While SteelPeak Wealth offers assistance to partners seeking support in defining roles and responsibilities at the local office and implementing best practices, the firm values and encourages maximum autonomy and flexibility at the local level. Each partner can shape their own practice management processes and procedures while benefiting from the firm's guidance based on successful models from offices across the country.
SteelPeak's only requirement is to centralize trading, giving advisors the flexibility to manage their investment approaches and tailor them to their clients' needs.
Advisor Value Proposition
SteelPeak is dedicated to fostering and empowering young talent, providing them with opportunities to thrive and grow. One notable avenue for their development is through the Schwab Advisor Network, which helps young advisers build their book of business.
SteelPeak has investment associates & CSA’s to perform tasks on behalf of the advisors.
SteelPeak supports the onboarding process for new advisors by providing access to a comprehensive tech stack and a range of support services. This includes assistance from client service associates, investment associates, and administrative staff, as well as resources for portfolio management, marketing, advisor development, and business development.
In addition to financial planning and portfolio management, SteelPeak has several CPAs on staff to help with tax planning and tax preparation. They have a full time attorney on staff to assist with trust and wills. Lastly, an in-house insurance agency to handle life, health, and disability.
SteelPeak is active in 60+ branches of the Schwab Advisor Network and has a full-time team member to help cultivate the relationships at the SAN branches. Leads are distributed based on advisor close rates. For advisors with low close rates, the leadership team will provide coaching to help train the advisor and further their career path. SteelPeak is committed to helping advisors grow. They have enlisted the support of Tony Walsh, the Director of Operations, and Tyler Resh, Chief Growth Officer, to accomplish this. They help advisors understand their marketing strengths and discover ways to share best practices across the firm. This sharing fosters an environment of continuous improvement.
To support partners and advisors, SteelPeak has established The Corporate Development Committee. This committee focuses on the firm’s M&A activity and the onboarding of the advisors, teams, and firms to support the transition. The committee focuses on the success of all operational, administrative, and business development/sales tools. This team also helps with employee reviews and performance management. Additionally, the company helps partners identify and implement strategic growth initiatives and define and manage their local offices toward specific KPIs. These efforts are aimed at providing support and guidance to partners and advisors to help them achieve goals and grow their businesses.
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