Few people have seen the financial advice industry evolve from as many vantage points as Andy Kalbaugh. Before becoming President of The Wealth Consulting Group, Andy spent over 25 years in the C-suite, including leading American General Securities and Mutual Service Corporation, and serving as Managing Director and Divisional President at LPL Financial—helping steer it to become the largest independent broker-dealer in the U.S.

In this episode, Andy joins Jimmy Lee to discuss the future of advice, what drives firm enterprise value, and how advisors can build businesses that last beyond them. From the role of technology and AI to the human side of client relationships, Andy shares hard-won insights on leadership, capital, and succession planning from decades at the top.

What you’ll learn:
  •  How technology is reshaping, not replacing, financial advice
  •  The four pillars of enterprise value every advisor should track
  •  Why building a repeatable business is key to freedom and valuation
  •  Lessons from leadership at AIG and LPL that apply to any firm owner
  •  The growing role of private equity and capital solutions in advisor succession
  •  Why the human connection will remain at the center of wealth management

Chapters:
04:04 – The advisor landscape: how tech and human advice will coexist
07:32 – The rise of $100B+ firms and the next wave of consolidation
10:36 – Enterprise value: recurring revenue, organic growth, M&A, and talent
15:30 – Building a business that runs without you: systems, process, brand
19:14 – Working on the business vs. in the business
24:26 – Attracting affluent clients through expertise and brand focus
30:04 – Lessons from legends: Hank Greenberg, Mark Casady, and Dan Arnold
34:42 – Industry risks, AI disruption, and why empathy still wins
44:03 – Succession planning and the rise of private equity capital

Guest:
Andy Kalbaugh, President, The Wealth Consulting Group

Host: Jimmy Lee, CEO, The Wealth Consulting Group

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