F.L.Putnam’s Tom Manning: Why Giving Advisors an Ownership Stake Has Fueled Growth
By Steve Garmhausen
When F.L.Putnam Investment Management hires an advisor, it doesn’t just offer an opportunity to earn equity in the business; it grants an ownership stake. “If you’re someone we hired to be an advisor, we grant you stock,” says Tom Manning, president and CEO of Barron’s 96th-ranked RIA firm nationally. “We want you to be an owner when you come into the organization.”
Speaking with Barron’s Advisor, Manning, who has led the Wellesley, Mass.-based RIA since 2015, explains how the shared-ownership model has helped the business double assets under management to $4.3 billion in just a few years. He also reveals the main reason growth matters to him—and it isn’t about corporate survival or clout with investment managers. The longtime investments executive also explains how he rebuilt the RIA, which is the last surviving piece of a securities and brokerage company established in 1923, for the modern wealth management era.
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