Jack Sharry: Hello everyone, and welcome to this week's edition of WealthTech on Deck.
It seems that nearly every conversation I have with wealth management leaders today centers on some combination of organic growth, scale, technology, integration, M&A done well, and leadership during rapid expansion. Very few firms are navigating all of that simultaneously as intentionally and successfully as our guests today.
I'm pleased to welcome Rick Kent and Kay Lynn Mayhue to the podcast. Rick is Founder and CEO, and Kay Lynn is President of Merit Financial Advisors, a firm that has emerged as one of the fastest-growing RIAs in the country.
Together, Rick and Kay Lynn have built a leadership partnership that is driving both strong organic growth and a highly disciplined M&A strategy.
Rick, Kay Lynn - welcome to WealthTech on Deck. Great to have you both here.
Rick Kent: Nice to be with you today, Jack.
Kay Lynn Mayhue: We are so excited to be here.
Jack Sharry: Rick, as the founder, let's start with you. Merit has grown significantly since you founded the firm. Can you give our listeners a high-level view of the journey - how it started and what it has become today?
Rick Kent: It's been a really fun journey.
I entered the business in 1998 and, early on, identified a niche. Back then, the RIA space was evolving. You had individual advisors, emerging team structures, and early discussions about enterprise value. That idea of building an enterprise really captured my attention.
I didn't fully understand what that meant at the time, but I knew I wanted to build something meaningful that could have a broad impact. So we launched the firm in 2005 and have grown substantially since then.
Today, we're about $30 billion in assets, with around 470 employees, operating across more than 20 states and approximately 70 offices. We're now at a point where we can truly scale because we have the resources to reinvest in the business.
Jack Sharry: That's impressive - congratulations.
Kay Lynn, you play a pivotal role as President, especially given that pace of growth. How do you and Rick divide responsibilities, and how do you stay aligned?
Kay Lynn Mayhue: It's been a great journey.
I joined in 2017 through what we call a partnership - legally an acquisition, but culturally it feels like merging together. Since then, we've completed around 60 of those partnerships.
Rick and I have a very complementary relationship. We share similar values, but we balance each other well. Rick is an eternal optimist - I love that - and I'm constantly scanning for risk or potential issues. That dynamic works really well.
But the biggest factor is our leadership team. What we've built - from $2 billion in 2017 to $30 billion today - could not happen without a phenomenal group of people.
Jack Sharry: Let's talk about the foundation of that success - your core principles. Rick, what started it, and Kay Lynn, what made you buy into it?
Rick Kent: From the beginning, it's been about servant leadership.
We view it as not having direct reports, but direct supports. It's an upside-down organizational structure. Our role is to support the team and help them grow.
Humility has also been critical. I didn't have all the answers starting out. I had a vision, but I knew it would require great people to achieve it.
Doing the right thing, honoring your word, and putting people first - those principles have carried through and shaped our culture.
Kay Lynn Mayhue: And none of that works without the right people.
You can have great values, but if you don't bring in the right individuals, the culture won't hold. For us, it starts and ends with people.
We have a 'no jerks allowed' policy - and we mean it.
We meet hundreds of potential partners, and while we've done around 60 deals, we've said no to many more. If someone doesn't align with how we treat people, we won't move forward.
Our mission is to enrich the lives of those we serve - and that starts internally with our team.
Jack Sharry: That leads directly to culture, especially at your scale. How do you maintain it?
Rick Kent: We get that question a lot.
My perspective is that it comes down to respect and alignment. When people join us, they recognize the intentionality behind what we've built.
If you think about meeting someone highly accomplished, there's a natural respect for what they represent. I think people feel that when they come into Merit, and they align with it.
Kay Lynn Mayhue: I'd sum it up in one word: joy.
When advisors come to Merit, many have been wearing every hat - compliance, operations, investments, marketing. When we relieve that pressure, they rediscover why they got into the business in the first place.
We've had advisors who planned to retire in a few years stay for a decade. When people are happy and supported, the culture perpetuates itself.
Jack Sharry: That's a first - no one has used 'joy' in 250 episodes. I love it.
Let's talk about organic growth. You've clearly prioritized it alongside acquisitions. What does that look like in practice?
Rick Kent: Organic growth is something I've been passionate about from the beginning.
We believe marketing and client acquisition should be an enterprise function - not left entirely to individual advisors.
We've built structured organic growth tracks that generate opportunities centrally and deliver them to advisors so they can focus on what they do best: serving clients.
Kay Lynn Mayhue: I'll add something that might be a little controversial.
For years, advisors were expected to be unicorns - prospect, close, and serve clients all on their own. That's becoming less realistic.
We believe the firm should take responsibility for generating opportunities. That's why we've invested heavily in institutionalizing marketing and business development.
We're literally putting qualified meetings on advisors' calendars.
Jack Sharry: That's a bold - and impressive - approach. Tell me more.
Kay Lynn Mayhue: We have dedicated teams that generate leads, qualify them, and match them to the right advisor.
We use digital marketing, local events, partnerships with banks, retirement plan conversions - about ten different growth tracks.
It's about making it easy for advisors so they can focus on their highest-value work.
Jack Sharry: Looking ahead, what are firms underestimating about the next phase of growth?
Kay Lynn Mayhue: Partnerships.
Not just ownership partners, but technology partners, custodians, and strategic allies. Choosing the right partners - those who are future-focused - is critical.
Rick Kent: I'd add two things.
First, individual advisors need to think beyond themselves - building teams, equity structures, and sustainable businesses.
Second, organic growth is becoming more important than M&A in valuation. Firms that can grow organically will differentiate themselves.
And finally - AI. The pace of change is accelerating, and firms that don't adapt will fall behind.
Jack Sharry: That feels like the perfect place to land.
Let's close with a personal note. What do you enjoy outside of work?
Kay Lynn Mayhue: I have five kids, so most of my time is spent with family. I love what I do, but my focus outside of work is being present at home.
Rick Kent: I'm similar - I love the business. But outside of work, I enjoy skiing, sailing, spending time with friends, and I do appreciate a good glass of wine.
Jack Sharry: That sounds like a great balance.
Rick, Kay Lynn - this has been a fantastic conversation. I really appreciate you sharing your perspective.
And to our audience, thank you for tuning in. If you enjoyed this episode, please rate, review, subscribe, and share. You can find all of our content at wealthtechondeck.com.
Thanks again - this has been a pleasure.
Rick Kent: Thanks, Jack.
Kay Lynn Mayhue: Thank you - we really enjoyed it.
