Welcome back to the 286th episode of the Financial Advisor Success Podcast!
My guest on today’s podcast is Matt Cosgriff. Matt is the Director of Wealth Management for BerganKDV, an independent RIA that operates as a division of a regional accounting firm based in Bloomington, Minnesota, and oversees more than $2 billion in assets for 1,000 client households.
What’s unique about Matt, though, was his path to launch and build a specialized division within the firm as an “intrapreneurship” opportunity to serve next-generation clients, and then how he leveraged that to create a career path for himself toward leadership of the entire $2B RIA.
In this episode, we talk in-depth about how, despite his young age and lack of CFP marks at the time, Matt was able to get the opportunity to operate not as an entrepreneur starting his own firm but as an intrapreneur inside of BerganKDV to develop and operate a separate brand that catered to next-generation clients, how even though Matt was given some autonomy to launch his division, he struggled with having to ‘side hustle’ within the firm by also supporting a new retirement plan practice and working with traditional smaller wealth management and retirement clients to justify his intrapreneur salary, and how Matt ultimately shifted his career focus toward a leadership path after he realized he enjoyed working more on developing and growing and scaling the business itself than his client-facing responsibilities.
We also talk about how Matt leveraged his intrapreneurship experience and his ‘side hustle’ of working with internal clients to become the Director of Wealth Management for his firm at just 29 years old, how, during his first year as a director, Matt dealt with a lack of trust and confidence from some staff and clients due to his young age while he was trying to create change (which did eventually lead to a few of their departures), and how going through the Schwab Executive Leadership program helped Matt refocus and create space to be more strategic and drive growth for the firm.
And be certain to listen to the end, where Matt shares how he learned in hindsight the importance of being clear about what is realistic and managing expectations upfront to give room to celebrate wins later, why Matt believes that connecting with other professionals in the financial industry, being persistent, and staying curious are the keys to creating a path to a great career, and how Matt has managed to avoid getting stuck on the ups and downs along the way and keep his focus on enjoying his journey.
So whether you’re interested in learning about how Matt’s initial experience as a founder taught him to start small, build interest, then scale, how he uses Entrepreneurial Operating Systems (EOS) to break beyond the day-to-day grind and keep everyone focused on long-term growth, or why persistence is key in building connections (and finding prospects!), then we hope you enjoy this episode of the Financial Advisor Success podcast, with Matt Cosgriff.