56. Mastering the Art of Succession and Stewardship while Fine-Tuning a Family Business with Lee DeLorenzo, CFP®, CPWA®, AIF®, Co-Founder of United Asset Strategies

In the Suite

In today's episode of In the Suite, we are thrilled, excited, and honored to welcome Lee DeLorenzo, CFP®, CPWA®, AIF®, the co-founder of United Asset Strategies, a prestigious broker-dealer.

The name Lee DeLorenzo,CFP®, CPWA®, AIF® is synonymous with top female advisors in the wealth management industry. She's been ranked and included annually as one of America's Top 100 Women Financial Advisors by Barron's for ten consecutive years! In addition to being inducted into Barron's Advisor Hall of Fame, she's also been a Top 50 Advisor on Forbes Best-In-State Wealth Advisors in New York and named Forbes' Top Women Wealth Advisors 2021.

This episode kicks off with Lee making a massive and exciting announcement. She talks about why and how she sold 80% of her family-run company to 2 employee-partners, one of them being her nephew, Matthew DeLorenzo, who'll bring in unique abilities to drive business value over the long term. Fine-tuning the family business for the new generation and succession strategy is one of the key themes of today's episode.

In this episode, Lee explains her exciting and unique origin story. Lee started her career as an assistant at her father's insurance and investment planning business at the young age of 19. Working with her father, who is now retired, Lee helped expand the firm's purview from insurance sales to stock brokerage to financial advisory and investment management. And in 1992, with her dad being semi-retired, they founded United Asset.

It's truly impressive how the company has managed to keep the same team glued for many years. Lee proudly confesses that she loves and deeply cares for her close-knit team. Additionally, she mentioned how over the years, she's dropped her ego to develop her delegation skills and leadership style to give her team the freedom to be accountable for their work. She goes in depth on how the company has addressed quarterly and annual reviews, which has helped them immensely in retention.

Lee emphasizes the importance of being a lifelong learner and that actions as leaders are vital. Highly motivated to fill the market's gap and meet the company's roadmap needs, Lee has independently taken various courses. She is a certified Financial Planner, a Certified Private Wealth Advisor, an Accredited Investment Fiduciary, and she has obtained a license for life and health insurance. It’s just amazing.

Lee is a modest, courageous, and vocal entrepreneur. In addition to the details of the above, our listeners will get inspired by Lee's take on the work culture of stewardship, receive industry advice and get an insight into her vision for the next five years.

Find our conversation with Lee below:

• Lee's big news! (04:40)
• Succession Strategy (05:00)
• The ability to walk down the alter (09:45)
• Lee's Origin Story (13:00)
• The Third Generation of DeLorenzo’s (15:00)
• Lee's tight-knit team (18:45)
• Manifesting lifelong learning at United Asset Strategies (20:00)
• Lee's incredible designations (23:30)
• Lee's take on work culture (33:15)
• Advice for anyone new in the industry (38:10)
• The next five years (43:05)
• How to get in touch with Lee (46:40)
• Lee's book recommendation (54:50)

Resources:

• Lee DeLorenzo, CFP®, CPWA®, AIF® - LinkedIn
• Lee DeL

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