Unlocking a Niche: 30-Year Wirehouse Veteran on Building a $1B Independent Business

The Diamond Podcast for Financial Advisors

With Gerry Spitzer — Founding Partner, Questar Capital Partners

Overview

Gerry Spitzer of Questar Capital Partners discusses leaving the wirehouse world after 30 years to launch an independent firm, sharing a perspective of building a business at Merrill and, more recently, UBS, and why focused, niche businesses may be better served in the independent space.

Listen in…

> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

About this episode…

Many of the most successful financial advisors agree that having a clear and succinct value proposition is critical. Equally important is the ability to deliver on it. For many advisors, the latter can be difficult—particularly those in large wirehouses, who are often limited in the services they can provide to their clients.

And it’s that very reason that many leave the big brokerage firms and start their own independent businesses.

Gerry Spitzer built an extraordinary business in the wirehouse world. After starting with the Merrill training program, he met his partner, Richard Reyle. Together, they invested 20 years at the firm, building a practice focused on exit planning and ESOP strategies to help business owners monetize their lives’ work.

Yet, like many of their peers, they felt things changed at Merrill once Bank of America took over. After careful due diligence, independence seemed like a bridge too far at the time, while UBS offered the support and strategic alignment they desired, along with the ability to serve their unique client niche.

A decade later, after building the business to some $850mm in assets under management, they decided it was time to consider their own succession plan and path to monetization—and they didn’t see UBS as the right partner for this part of their journey.

The independent space had matured quite a bit since they last looked around, so in 2022, Gerry and Richard left UBS to launch Questar Capital Partners with support from Sanctuary Wealth.

Today, they are managing $1B in client assets and see this as only the beginning of their new chapter…a chance to unlock a world of opportunity.

In this episode, Gerry shares his story with Louis Diamond, including:

• The changes in the wirehouses that motivated them to explore—and why they ultimately chose independence in their second transition.
• Their exponential growth at Questar—and what is fueling their current momentum.
• Serving a niche client base—and how they can better do so in the independent space.
• The value of partnerships—and how the dynamics between Gerry and Richard is a key factor in their success.
• The counsel they provide to their clients around retirement and exit planning—and how those conversations impacted their own decision-making process.

It’s a digest of advice for all employee advisors who are considering how best to serve their clients, especially those with a niche practice. Plus, Gerry offers advice on the due diligence process, which we are happy to have guided them through—so be sure to listen in.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

Related Resources

Diamond Consultants Advisor Transition Report 2024: Focus on Merrill
This “firm-focused report” looks under the hood at movement to and from Merrill from January to June of 2024.

Merrill Information Hub
A curated list of top-of-mind content for Merrill Advisors

Gerry Spitzer, CEPA, CPA, CPWA
Co-founder

Gerry Spitzer co-founded Questar Capital Partners in 2022 with his business partner Richard Reyle following a career that spanned more than 30 years in Wealth Management. Gerry founded his own independent firm with a team of experienced, likeminded advisors who share a deep understanding of the financial industry and a passion for helping individuals and businesses achieve their goals.

At Questar, Gerry focuses on all aspects of private wealth management, including investment management, financial planning, multi-generational estate planning, tax planning and minimization, insurance and charitable giving.

Gerry spent his career at both Merrill Lynch and UBS before going independent. During the years at Merrill, he worked with publicly held companies managing their equity compensation plans and deferred compensation plans. At UBS and beyond, the focus has been working with privately held businesses on exit transactions, primarily ESOPs.

Gerry is a Certified Exit Planning Advisor (CEPA) as well as the President of the New Jersey Chapter of the Exit Planning Institute (EPI). Gerry works closely with privately held business owners, advising them on exit and succession planning, liquidity needs and Employee Stock Ownership Plans (ESOPs). As New Jersey Chapter EPI President, he creates a forum where the local community of professional advisors can collaborate. The New Jersey chapter also develops educational programs for business owners and professional advisors to build awareness and better prepare business owners for the successful exit of their business.

In addition to being a CPA and CEPA, Gerry is on the Rutgers Center for Employee Ownership Advisory Board, a member of the Forbes Finance Council, on the Board of the National Alliance on Mental Illness of New York and involved with financial literacy topics. Gerry and his wife Jeanne have three daughters and live in Scotch Plains, NJ. He is an avid golfer, traveler, and Jets and Syracuse University sports fan. Gerry earned a BS in Accounting from Binghamton University’s School of Management.

Also available on your favorite podcast app and other media sites

Browse other episodes in this podcast series…