WSR’s Top Hispanic Industry Leaders of 2023, the group of Pathfinder Awards that celebrates National Hispanic Heritage Month, honors persons of Hispanic and Latin heritage. This includes communities of Portuguese-based cultural and linguistic heritage, such as the Brazilian community.
This year’s Hispanic CEO of the Year, Mario Ramos, Partner and CEO of Adviser Investments, immigrated to the U.S. from Brazil as a child. Ramos took the reins of Adviser Investments in 2022 after serving as CFO and Chief Risk Officer at Edelman Financial Engines, CFO in multiple firms, Head of Corporate Development and M&A at CVS and over 17 years in investment banking.
Ramos also serves on the Board of Advisors of the U.S. Soccer Federation and as a Board Member of Project GOAL, which inspires academic achievement through soccer.
We asked him about the current position and future vision for Adviser Investments, his experiences, the benefits of diversity and advice to bring about greater diversity in wealth management.
WSR: Tell us about Adviser Investments today – Your mission, value proposition, total assets under management, number of employees in your organization.
Ramos: Adviser Investments is consistently ranked among the nation’s top RIAs. We serve the wealth management needs of trusts institutions, individuals, families and charitable institutions, providing financial, tax and estate planning services as well as investment management in both public and private markets.
We focus on providing the personalized and dynamic guidance needed to support clients throughout their entire financial journey. We’re headquartered in Boston and have $14.6 billion in assets under management and a little under 200 employees – these figures represent an almost two-fold increase over the course of my tenure as CEO, which began in May 2022.
WSR: What is your experience serving in C-suite leadership in wealth management as a Hispanic person?
Ramos: Encountering other Latin CEOs in the wealth management space is a rarity. That being said, I believe being a first-generation American offers me a unique frame of reference that is particularly useful in a relationship-centric industry such as financial services.
I’m an immigrant. I arrived in the United States at age 12 from Brazil and I didn’t speak a word of English. As I assimilated, I found myself cast in the role of translator. I straddled the fence between two cultures and was constantly called upon to decipher one for the benefit of the other.
That was an education in itself. It taught me flexibility and adaptability. It reinforced the importance of communicating in a way where nothing gets lost in translation. Speaking different languages literally and figuratively taught me there are different ways to communicate, to make sure colleagues and clients understand what you are saying. At the end of the day, humans are the same: We want agency. We want to be empowered. We want to understand and be understood.
WSR: What are the practical benefits of embracing greater diversity in the wealth management industry for firms and their financial advisors?
Ramos: Embracing inclusivity and creating an environment of acceptance and belonging for both employees and clients are important to me personally and to our entire leadership team. We take actionable steps every day to ensure this remains top of mind across our company.
Clients expect and deserve a culture of inclusivity. They want to work with firms that accept and embrace different backgrounds and experiences. They want to align themselves with open-minded people who share their values. At Adviser Investments, diversity of thought and perspectives makes us stronger by elevating our problem-solving skills.
Diversity also creates a more vibrant and dynamic workplace. It’s more fun and interesting for everyone. That translates into happier clients (pun intended). Service levels increase when employees are satisfied and invested in their workplace, which generates a consistently better client experience.
American society is more demographically diverse than ever, and the pace of diversification is accelerating. Financial advisors and wealth management firms looking to fully connect with the changing face of the high net worth segment need to ensure their client facing teams reflect a customer base that is increasingly affluent and diverse.
WSR: What advice do you have for the industry as a whole when it comes to creating a more diverse financial advisor community over the long run?
Ramos: Creating diversity begins at the firm level. Start early and be consistent. Don’t be afraid to put programs in place to cultivate people of different backgrounds and level the knowledge field across your organization. Accommodate different backgrounds of all sorts: Look outside the industry and bring in employees with different skill sets and life experiences.
Institute an internship program to introduce the industry to students who might not otherwise consider the sector. Actively pursue qualified candidates with backgrounds that are not well represented in wealth management. Provide financial incentives for employees to earn certifications (e.g., pay for educational courses and the price of the test).
I don’t mean affording preferential treatment to one group or groups. There are proven methods designed to lift all boats. Mentorship programs benefit everyone. They create connections, provide access to leaders and give mentors the opportunity to hone their leadership skills.
Employee engagement groups expose employees to ideas and perspectives that elevate their skills and can energize your workplace. Creating an environment where different perspectives are not just welcome, but encouraged, promotes information sharing, access and opportunities for everyone. Pursuing these avenues offers the firms in our industry an unmatched ROI.
WSR: What are you most excited about with Adviser Investments’ forward strategic growth vision?
Ramos: The wealth management industry is evolving on multiple levels, from within and as a result of outside forces. The great wealth transfer is upon us. Clients are more sophisticated and educated, with higher expectations. The increased regulatory environment serves us well. Investors need to be confident that their financial well-being is in the hands of professionals who are held to very high standards. In this environment, the RIA service model is the most powerful way to serve clients.
On the business front, we are looking to grow, but not merely for the sake of growth. Our financial strength, infrastructure and value proposition position us as a top merger partner for growth-minded RIA firms and other forward-looking independent wealth management businesses seeking to be acquired.
We are well-resourced, with the backing and support of our private equity partners at Summit. They understand our business model and are aligned with us on our growth vision. But a significant amount of our equity is also in the hands of employees, which is a real differentiator. In addition, we’ve got an outstanding leadership team with an exceptional level of experience and industry knowledge. We have a shared passion for client service, and we strive to ensure that every merger and acquisition we undertake involves like-minded partners.
Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at mmadden@wealthsolutionsreport.com.
