Andrew (Andy) Putterman was Mr. Inside in two colossally successful wealth management businesses. He and his longtime partner, Steven Lockshin, a master at building relationships, created a wealth management firm between 1997 and 2007 with $8.5 billion AUM, a firm where the average client’s AUM was a mind-boggling $45 million.
Along the way, Putterman craftily streamlined the way RIAs advise UHWNIs, which gave rise to a new company, a turnkey asset management provider with $70 billion on its platform.
The wealth management business, Lydian Wealth Management, was sold to City National Bank of Los Angeles in 2007 — just before the financial crisis and crash, and the TAMP, Fortigent, LLC, was sold to LPL in 2012.
With his employment at LPL behind him now, Putterman, for the first time in his career, is out of work. Although it’s safe to assume Putterman need not work ever again, not building something is simply not an option.It's just not the way he's built.
So Putterman recently started consulting. He will be Mr. Inside to a group of RIAs. He's talked about it at this A4A webinar, in a session entitled "Ensure Great Execution Through SMART Goals And Key Performance Indicators."
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I have high confidence in Andy Putterman's abilities to manage a wealth management firm for UHNWIs. Since I know his primary motive is to help people, I am happy to help do anything I can to facilitiate Andy Putterman's consulting services improving RIAs operations and profitablility.
Putterman’s wealth management firm became a client of mine in 1998, when it had about $400 AUM, and I watched it over the next decade grow to $8.5 billion. Putterman has always treated me like I was the smart guy, but he has reached business heights I'll probably never know, and he’s still passionate, curious, and trying to help people, which is an irresistible way to achieve success.
Putterman is a humble guy who can help serious, smart advisors who want to grow. While I must emphasize it would require deep engagement, I beleive Putterman will engage and invest as much in you and you do in his ideas. I feel privileged he came to me to tell advisors what he’s doing and how you can partner with him. I trust him.
Before this webinar I guaranteed that if you attended, Andrew Putterman, a brilliant businessman and all-around nice-guy, would speak about how to improve an RIA business and that you would be unable to complain that you got nothing out of it. I predicted that at least 80% of attendees would say that Putterman is brilliant and that they learned from his session. The session was held yesterday and so far, good: Putterman received a 4.6% rating on our five-star system.
However, Putterman's presentation was all muscle and be describes an elaborate organizational system of checks and balances that could be applied by any disciplined manager at an RIA. It requires a commitment to implement it. It's fair to say his consulting services are best suited for RIAs with at least $100 million in AUM but would also be a good investment for RIAs managing billions. So it will take some time to see just how much he helps RIAs who hire him grow their businesses.
I also predicted before the webinar that 1-2% of those attending will hire Putterman and that this group would prosper as a result. It will take a year or two to see if that prediction comes true. If you're an A4A member and want to join a small group of advisors that will be coached by Putterman, please contact Andy Putterman directly at 1812 Park LLC
and let him know I sent you. Let's please track your progress and let me know if I turned out to be right.
Replay this very cool session about how to strategically operate an RIA business.