Many multi-generational wealth management businesses evolve from one generation to the next, with each generation making its mark and helping to drive the firm to the next higher level.
In this case, Bernie Drucker started in the life insurance world in 1959, building a practice helping families find financial independence. Bernie’s son, Lance, joined him in 1985, integrating investment management into their services. The third generation of Druckers, Gideon, came on board in 2016 after serving as a paratrooper in the Israeli military.
Gideon learned the insurance and wealth management business from the ground up, working alongside his father and extending the legacy born two generations earlier.
Drucker Wealth thrived for over 38 years with independent broker/dealer Hornor, Townsend & Kent (also known as HTK), where they were the largest advisory team for 18 straight years, managing over $700mm in assets for their clients.
But just as Lance had helped take the business to the next level when he joined his father, Gideon set his sights on creating what he calls “Drucker Wealth 3.0”.
it was with that goal in mind that the team left the IBD world to become a stand-alone independent RIA firm.
Gideon now serves as the President and CEO of Drucker Wealth Management and talks with Mindy Diamond about the firm’s evolution, as well as his own, including:
The growth from one generation to the next—and how that motivated them through change.
Signs they were outgrowing the broker/dealer model—and what inspired them to explore their options.
Their transition from HTK and the broker/dealer world—and what advantages they gained as an RIA firm.
Growing up in the business—and how his story can offer learnings for senior advisors and next gen alike.
The transition from next gen to leader—and how Gideon needed to adapt and grow.
Plus, Gideon offers a candid insider’s perspective just one year in—and describes what he sees as the next phase of evolution for the business.
It’s an episode that offers value to those considering how to create continuity and a legacy, as well as serves as a growth blueprint for any next gen or senior advisor.