Build, Grow & Transact: Making the Leap from Northwestern Mutual to a $20B Enterprise
For advisors thinking about firm structure, succession, merging or bringing in outside capital, the episode offers a detailed case study of how one advisory enterprise moved from a collection of practices to a larger firm with equity and external investment. It may be useful for principals weighing control, equity and scale.
Summary
By the private equity & secondaries deskThe episode features Andy Schwartz and Kevin Spahn, two former Northwestern Mutual advisors, discussing how they built and merged advisory businesses into OnePoint BFG Wealth Partners. It covers the shift from 1099 to W-2, bringing in outside capital from Rise Growth Partners while retaining partner control, and Kevin's decision to merge his practice into OnePoint as an equity partner. The conversation also addresses succession and when equity in a larger enterprise may offer greater opportunity than building alone.
- Andy and his partners left Northwestern Mutual in 2015 with approximately $3B in assets and built what became OnePoint BFG Wealth Partners, an $18B+ firm expected to surpass $20B by the end of 2026.
- Andy describes the evolution from a predominantly 1099 structure into a firm where more than 85% of advisors and AUM are now W-2.
- OnePoint brought in minority capital from Joe Duran's Rise Growth Partners and describes itself as “private equity invested,” not “private equity owned,” allowing partners to retain control.
- Kevin built one of Northwestern Mutual’s top practices before deciding to merge his business into OnePoint and become an equity partner.
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