What It Takes To Build A Successful Father-Son Financial Advisory Practice

Michael Conway, CEO of Conway Wealth Group, and his son Zachary share how having different generational perspectives has enabled them to improve their business and attract clients from different age groups.


Michael Conway: Well, the trickiest thing is that I’m always right.

Zachary Conway: Really good question.

Michael Conway: No, seriously, it comes to, at some point, I’m gonna have my expectations and he’s gonna have his, and arm-wrestling over them, making sure we get the best outcome for the business.

Zachary Conway: Making sure we keep an open dialogue. I think that’s the most important thing. So we communicate very well together. We always have, in working together, and just in our personal lives.
The average age of advisers is actually 51. A lot of those advisers built great firms over a long period of time, but sort of with an old-school mentality and different planning strategies. So I think millennials sort of have a totally different perspective of what needs to happen in the planning process.

Michael Conway: The other thing that’s pretty cool about working with young advisers, and my son in particular, is they’re looking at it, it’s a long-term perspective, right? They’re looking at it over the next 20, 30, 40 years, and not looking at a short window of what might be a 10 or 15 or a 20-year period.

Zachary Conway: As a millennial, I think, again, it goes back to perspective. I understand, sort of, what my generation is looking for out of an adviser. I really think that’s important going forward, because whether we start to onboard millennials as clients or not, is sort of irrelevant, because I think millennials are gonna define how the planning industry is gonna look in five to 10 years.

Michael Conway: Zach is a very clear thinker. He’s very very helpful to me in helping me take a step back and work on processes in all areas of the practice, down to the new mailing address to portfolio to routine of how we greet the client. But he’s a very good thinker and excellent at helping grow the business with putting these different processes in place for every aspect of what we do.