Next Mile 
The Rising Tide 
The Future of RIAs: Organic Growth, AI, and Advisor Culture
Listen to this week’s episode.
Episode 108: On this week’s episode of Next Mile, I speak with Michael Batnick, Managing Partner at Ritholtz Wealth Management, where he helps shape one of the most influential RIAs in the country while also co-hosting popular podcasts like Animal Spirits.
In our conversation, Michael shares his winding path into finance—from drifting through college and struggling in sales to finding purpose in markets and mentorship. He reflects on the lessons of curiosity, humility, and hiring the right people, while unpacking the challenges of building a sustainable RIA. The discussion spans advisor recruitment, the pull of private equity, operational hurdles, tech frustrations, and AI’s coming role in reshaping client service.
Key Takeaways
Hire for personality, not just the resume. Skills can be taught, but finding someone you actually want to work with every day is irreplaceable.
Don’t underestimate the power of a strong brand and organic growth. Organic reach and sustainable growth allow firms to hire advisors who are philosophically aligned with their values, rather than those who are simply motivated by an upfront payout.
The best advisors are the best listeners. Over-talking is a rookie mistake. Clients value being heard more than being dazzled with facts.
AI will make advisors better listeners. Real-time feedback and conversation analysis will help advisors catch missed cues and improve client relationships.
Quotes
“Things change a lot, they change always, and they change often. And I didn’t want to be an expert on an earlier version of the world. The world is a dynamic place, and you need to stay involved in what’s going on.” ~ Michael Batnick
“The job of an advisor is very difficult. It is to be a listener first.” ~ Michael Batnick
“Younger advisors tend to oversell and overcommunicate. It’s not about you convincing the prospect that you are smarter than they are. The best advisors are the best listeners.” ~ Michael Batnick
“It’s relatively easy to convince clients to give you money. But what’s hard is actually executing and implementing and doing the things that you said that you were going to do.” ~ Michael Batnick
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Kyle Van Pelt