THE ENSEMBLE PRACTICE GAINS VALUABLE EXPERTISE WITH ADDITION OF INDUSTRY VETERAN MATT MCGINNESS

Matt McGinness, CFP®, joins The Ensemble Practice as a Senior Business Consultant.

With more than 25 years of experience in leadership and consulting across the financial services industry, Matt has an impressive track record of driving growth and innovation. He has worked with independent broker/dealers, fintech companies, and advisory firms, taking on key roles such as CEO of First Allied Advisory Services and Managing Director of Strategic Consulting for Envestnet.

Throughout his career, Matt has led impactful initiatives, including developing practice management solutions, providing strategic consulting for broker/dealers, and spearheading financial advisor adoption strategies across the U.S. and Canada. His consulting work includes numerous roles at Cerulli Associates, and his expertise spans a variety of areas, from compensation design and financial performance to strategic planning and business turnarounds.

Matt is as interesting as his career, and we are excited to share some more about him in his own words through the below Q&A:

What inspired you to join The Ensemble Practice, and what excites you most about your role?

I believe The Ensemble Practice team has provided the best answer to one of the most challenging questions the wealth management industry faces: How do we develop the next generation of leaders in independent advisory firms to ensure the future of conflict-free advice?

Through a combination of the G2 program and consulting engagements with founding generation partners, The Ensemble Practice is taking head-on the difficult work of helping individuals and teams build a solid foundation for businesses that will last. I am excited to work alongside thought leaders I have known for more than 20 years and to continue to serve this industry.

A wealth management business can transform the lives of its clients and provide a rewarding career for its owners and team members, or it can become a burden to its leaders and detract from what brought them to this business. I’m passionate about helping owners and future owners navigate the decisions that will make the difference in building a business that delivers for both clients and the team.

Can you share a recent moment when an ensemble—either a group or a concept—made a lasting impact on you?
The Oxford dictionary defines ensemble as: 1. a group of musicians, actors, or dancers who perform together. "a Bulgarian folk ensemble" and 2. a group of items viewed as a whole rather than individually. "the buildings in the square present a charming provincial ensemble".

I recently watched the documentary “The Greatest Night in Pop”, which takes the viewer through the process that resulted in the 1985 hit single “We Are the World” and raised more than $80 million for humanitarian aid. It struck me as a story less about the making of a hit, than a story about assembling and leading a high-performing team. We see a gifted leader/line-manager in Lionel Ritchie getting the best out of everyone involved by tapping into their unique abilities and minimizing their limitations. It gives us a talented executive in the form of Quincy Jones, who knows what players should be put on the field, how to build a process that manages the egos of top-performers, and when to intervene or let the team find its own way. It’s a brilliant allegory wrapped up in a story that is familiar (at least to Gen Xers like me.)

What’s a piece of career advice you’ve received that has stuck with you?

When I was an internal wholesaler in my early 20s, I remember a veteran of the industry telling me that it’s better to be in demand than to be demanding. I was so eager to talk about products that I wasn’t getting to know my clients, understand their needs, and develop knowledge and expertise that could make it worth their time to talk with me rather than just read a brochure. That stuck with me and reminded me why it is so important to never stop learning.

What’s a little-known or unexpected skill, hobby, or life experience that makes you uniquely you?

I was on a two-week, back country hiking trip in Wyoming when the 2008 financial crisis hit. After a dozen years in the business, I missed the unfolding of the most dramatic moments it has seen in my career. I felt like Rip Van Winkle when I first got back to a town and a local, on learning I worked in the financial industry, said, “Oh, you better get to a TV or read the paper right away!” without explaining why.

What’s your secret weapon for staying focused or getting things done, especially on your busiest days?

I force myself to focus on one thing at a time and find that I can get into a groove. My wife calls this “Action Matt” mode. I tend to work best in bursts of effort and love a deadline.

What was your first-ever job, AND/ OR What was your dream job as a kid?

My first-ever job was as a young intern in the office of the governor in Massachusetts. I was part of a group that read all the governor’s mail, categorized it, and sent out responses. I’ll never forget some of the “regulars” who wrote in, including one who was under the impression she was the queen of Saudi Arabia and sent all her letters in air mail envelopes. But as a kid I wanted to be an archaeologist – let’s just say Raiders of the Lost Ark made a huge impression on me.