Nest Trains NexGen Advisors To Replace Retirees


Finding replacements for retiring financial advisors has become a national problem.

Lisa Katterhenry Howe hopes to solve that problem by helping their senior advisors train their successors and develop a succession plan. She started Nest Capital in Troy, Ohio.

“Older advisors approach us because they don’t know how to recruit and train their replacements. We help make sure there is a smooth transition and in exchange they pay us,” said Katterhenry Howe, 50, a Forbes-SHOOK Best-in-State Wealth Advisor.

Judges at the Forbes-SHOOK Top Advisor Summit selected Katterhenry Howe as a Best Idea Winner for coming up with a way to help sunsetting advisors.

The consulting firm Cerulli Associates reports that more than one-third of the industry plans to retire within 10 years. Many younger professionals do not see wealth management as a viable profession, a fact that has made it more difficult to recruit replacements.

Katterhenry Howe has spent her life in wealth management. After graduating from Miami University in 1996, she cut her teeth as an apprentice working for her dad who was running a Paine Webber office at the time.

In 2001, Katterhenry Howe bought her dad’s ownership share and joined Eric J. Haubert who had been working with Katterhenry Howe’s father. Together, they jointly run and own Katterhenry Investment Group and Nest Capital.

The practice has grown by providing wealth management services and holistic financial planning to high-net worth families. Today, Katterhenry Investment serves 2,100 households spanning five states: Indiana, Ohio, Illinois, South Carolina and Georgia. Assets under management total $1.6 billion.

Nest was a hit with advisors attending the Forbes-SHOOK Top Advisor Summit.

“People came up to me in the hall and they wanted to know how we do this,” Katterhenry Howe said. “They asked: ‘how am I ever going to find anyone who works as hard as I do?’ I told them, well maybe you just need to hire three people. They liked that answer.”

Katterhenry Howe explained that the replacements would probably work fewer hours. Instead, they would split up the work and earn less. A common complaint voiced by younger recruits is the long hours invested by retiring Baby Boomers. “They don’t view work the same way as the advisors now retiring,” she said.

Katterhenry Howe added: “Making this work means developing a climate that respects the differences between generations. Younger people work differently, they use technology differently and they want greater work-life balance.”

To help older advisors sunset, Katterhenry Howe said Nest hired a full-time trainer focused on nurturing talent. “We now have a very detailed system for training people on our team.”

“It is horrible when you don’t have a succession plan in place, and it is bad for the clients, too,” Katterhenry Howe said. “We think the concept of Nest helps solve this problem.”

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