How a young, new HighTower recruit built his business to $1 billion in assets with just 30 clients

Hmmm, $1 billion in assets? Is this Asset Under Management or is this just one company stock parked in an account at UBS now with Tower that really doesn’t generate much revenue? I wish you would report a more standard definition of what assets are. Why not use the RIA definition of AUM so there is an apples to apples comparison. Seems odd he handles $10 million accounts to $billion accounts when the services for those segments are totally different.

I wish there was more about HOW these accounts were acquired. What was the pitch that brought in these thirty HNW clients, how did he entice them to come over. There could have been more meat to this piece than merely fluffing Dillig’s ego by a writer who comes across as overly sycophantic.

Eric and Jon,

These are both tough but fair comments. There are reasons we could explain over a beer for the issues identified but in the meantime we’re actually working to get a little more information into the article that will fill a gap or two.

many thanks,

Brooke

P.S. Lisa and I both got a good laugh out of the word 'sycophant.’ We try not to be sycophants! But we think the word should be used more often. The world is awash in them.

Hey Eric and Jon, those were some good points. I spent a lot of time quizzing Matt about the very-same topics. One thing that he really did to grow his business was he targeted the largest clients and agreed to take on just a tiny portion of their assets. But as he proved he value to them, then he convinced them to hand over more assets over time – ultimately growing his book. The trap that he was able to escape was that he’s managed to prove his value to the client so that they continued to increase their assets. We hear all of the time about advisors who take on a small portion of a clients’ assets but can never get more than that. Here, he was successful in constantly bringing over more assets.