Curating a competitive edge with culture
Michael Goodman, President, Wealthstream Advisors Inc.
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About the podcast
Michael Goodman, President of Wealthstream Advisors Inc.
Matt Heine welcomes Michael Goodman, President of Wealthstream Advisors Inc., for an in-depth conversation on building and scaling a successful advice firm, recognised as a “Best Place to Work.”
Based in Manhattan, Michael reflects on his 29 year journey - from starting the practice solo to managing $1.7 billion in AUM with a 23-person team. He discusses the power of process, workflows and capacity planning, why culture has been his greatest differentiator, and how he has created a widely respected ownership model for staff. They also explore U.S. industry trends including private equity rollups, de-consolidation, and succession challenges, plus how AI and technology are reshaping advice delivery. A must-listen for anyone interested in leadership, growth and the future of financial planning.
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Summary
00:02:38 – Starting Wealthstream Advisors Inc.
Michael Goodman shares how he founded the firm in New York nearly 30 years ago, growing it to 23 staff, 8 advisers, and $1.7 billion AUM.
00:05:00 – Scaling through process and technology
Michael explains how a CPA mindset, early adoption of technology, and robust workflows allowed the firm to scale efficiently while maintaining deep client relationships.
00:08:30 – Culture as a differentiator
He reflects on creating a workplace recognised as a “Best Place to Work” by focusing on respect, training, and giving staff ownership opportunities.
00:15:00 – Recruiting and developing advisers
Michael outlines his rigorous recruitment process, internship programs, and success in developing advisers straight from university into leadership roles.
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In this podcast series Matt Heine, Joint Managing Director of Netwealth, chats to industry professionals and thought leaders on what opportunities and challenges they see for financial advisers and the wealth industry as a whole.
00:16:34 – Financial planning first, investments second
The firm emphasises strategy-led advice while using systematic, evidence-based investment models to support client goals.
00:21:08 – U.S. industry trends
Michael discusses private equity consolidation, aging adviser demographics, and the rise of RIAs as more advisers seek independence.
00:25:00 – Ownership succession
He details his employee-ownership model, selling tranches of equity to staff, and strategies to keep firms independent while still growing.
The Netwealth Portfolio Construction Podcast
In this podcast series, our investment research team pick the brains of key wealth management professionals to uncover unique insights on the investment areas they are most passionate about.
00:30:00 – Growth and M&A strategy
Michael explains his focus on cultural alignment in small acquisitions and explores partnerships to expand shareholder bases and service offerings.
00:35:00 – Branding and technology
He shares how the firm invests in education-driven marketing, explores AI for efficiency, and prioritises strong client and COI (centre of influence) relationships over brand visibility.
00:38:00 – Looking ahead
Michael closes with optimism, highlighting opportunities in AI, succession, and adviser recruitment. He hopes to return to Australia soon.
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