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How David Hefty Scaled a $3B RIA Through Smart Succession Planning

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May 6, 2025

The RIA industry is booming, with thousands of independent advisors building successful practices. Yet, many firms face a hidden risk: succession. Advisors spend decades growing their book of business but often hit a wall when it comes to planning for the future. Without a clear path for ownership transition, firms risk losing clients, revenue, and long-term value.

David Hefty, CEO of Credent Wealth Management, recognized this problem early on. Instead of viewing succession as a risk, he treated it as one of the greatest strategic opportunities in wealth management. His forward-thinking approach helped him scale Credent Wealth into a $3 billion RIA while creating a new model for advisor succession.

Identifying the Succession Gap in Wealth Management

For decades, the industry followed the same pattern: advisors retired, clients were reassigned, and firms scrambled to fill leadership gaps. This reactive approach left businesses vulnerable and often destroyed enterprise value.

Hefty noticed three major problems:

  • Too many founders lacked structured exit strategies.
  • Too few next-generation leaders were prepared to take over.
  • Too much value disappeared the moment a founder stepped away.

Instead of accepting this cycle, Hefty built a model designed to solve the succession crisis.

Building a Succession-Focused TAMP

The turning point came when Hefty designed a succession-focused Turnkey Asset Management Platform (TAMP). Unlike traditional TAMPs that prioritize investment strategies and operations, Credent’s platform placed succession planning at its core.

This model offered advisors three critical advantages:

  1. A clear retirement pathway – Advisors could exit on their terms without scrambling at the last minute.
  2. Business continuity – Clients remained supported by a structured transition plan.
  3. Sustainable growth – Firms increased in value instead of losing momentum after leadership changes.

By building succession into the DNA of the business, Credent empowered advisors to plan early, collaborate effectively, and protect the enterprise they worked so hard to create.

Scaling Credent Wealth to $3B AUM

With this unique structure in place, Credent Wealth experienced rapid growth. Advisors were drawn to a platform that didn’t just handle investments but also provided peace of mind about the future.

This approach allowed Credent to:

  • Retain top talent who wanted long-term stability.
  • Attract advisors nearing retirement who lacked succession options.
  • Build confidence with clients who valued continuity and trust.

The results speak for themselves: Credent Wealth scaled to over $3 billion in assets under management while establishing itself as a leader in succession planning for RIAs.

Redefining Succession Planning in RIAs

At Credent, succession planning isn’t just about the exit—it’s about building a firm that outlives its founders. Advisors can grow, retire, and transition without losing the value of their life’s work.

David Hefty’s vision shows that smart succession planning can:

  • Protect enterprise value.
  • Strengthen client relationships.
  • Position RIAs for sustainable, multi-generational success.

His approach redefines what’s possible in wealth management, setting a new standard for how advisory firms should prepare for the future.

Conclusion

The story of Credent Wealth and David Hefty proves one thing: succession planning is not a problem to delay—it’s a strategy to embrace. By building a succession-focused TAMP, Hefty created a model that fuels growth, secures advisor legacies, and ensures clients remain supported for generations to come.

As more RIAs face the reality of founder transitions, Hefty’s model offers a blueprint for building resilient, billion-dollar firms that thrive beyond a single generation.

These insights are inspired by the latest episode of Next Mile podcast featuring David Hefty, CEO of Credent Wealth Management. Dive deeper into the growth strategy behind one of the fastest-scaling RIAs in the country. Listen to the full episode here and explore more articles in this series.