Schwab’s annual IMPACT conference brought thousands in the RIA industry to a three-day invite-only event in Philadelphia to connect and learn. Among this year’s participants was Pat Farrell, President and Chief Operating Officer at Sound Income Group, a financial services firm that includes the RIA Sound Income Strategies.
He was among the group of first-time attendees who joined as part of the TD Ameritrade acquisition. Farrell, who is an industry veteran, wasn’t sure what to expect of Schwab’s flagship event, but he shared his impressions. Here is an edited version of the discussion.
Q: What were your top three key takeaways for the 2023 Impact event hosted by Schwab in Philadelphia?
Reassurance: We were among the Schwab Impact participants who joined the platform through the TD Ameritrade acquisition so we had specific goals for this event, including an understanding that Schwab would continue to be the right custodial partner for our firm, advisors and clients. Sound Income Strategies, a part of Sound Income Group, is an RIA with more than $2 billion in AUM and multiple custodian relationships so this event would help guide the direction we wanted to take. Our concerns were allayed during the event as we heard their commitment to supporting firms like ours.
Strategic ideas: One of the advantages of working in an entrepreneurial RIA organization like Sound Income Group is that the calendar does not determine when to engage in strategic planning. Joining me at Schwab Impact was our Chief Technical Officer Rana Chander, Director of Marketing Erika Wilson and Director of New Business Development Barry Wheeles. Together with 5,000 other participants, home office staff, subject matter experts and technology and product vendors, we were able to gather ideas at various sessions that we could implement at Sound Income Group’s three business units.
Event planning: Like many firms, Sound Income Group organizes events for its advisor community and the wealth management industry. Experiencing the breadth and expanse of Schwab Impact from education, access to executives, product demos, keynote speakers and off-site activities was impressive. While our events are small in scale, they still require tremendous planning to deliver meaningful engagement opportunities. We were able to glean event planning ideas from pacing to session topics to layout.
Investment advisory services offered through Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Sound Income Group LLC, Retirement Income Source LLC, Advisors’ Academy LLC, and Sound Income Strategies LLC are all associated entities.