WSR Names Kris Chester, Patrick Farrell, Dan Tobin, Tarah Williams And Michael Zebrowski To 2024 Group Of Outstanding Operations Executives
By Chris Latham
December 10, 2024
https://wealthsolutionsreport.com/2024/12/10/wsr-honors-the-coo-5-top-wealth-management-coos-of-2024/
Serving as a successful chief operating officer in the wealth management industry requires thorough immersion in the day-to-day activities of the company for nearly every type of role it supports, from client-facing to back-office team members and from the most senior executive to entry-level recruits. That attention to detail enables COOs to maintain the firm’s stability while executing on its strategic initiatives. COOs must be cognizant of productivity and innovation, revenue and profitability, brand awareness and market share, compliance and legal matters, and much more. It is such a crucial role that COOs have been known to also serve as the president of their firm.
This year’s honorees of the invitation-only COO 5: Top Wealth Management COOs of 2024 represent a diverse spectrum of professional backgrounds. They have held senior positions at wirehouses, independent broker-dealers, national RIAs, clearing and custody firms as well as wealthtech providers.
The honorees’ names are set out alphabetically below. Please join us in congratulating them.
Kris Chester, EVP And COO, Kestra Financial
As Executive Vice President and Chief Operating Officer of Kestra Financial, Kris Chester is responsible for ensuring that the firm offers financial professionals a high-quality service and support experience while overseeing the simplification and streamlining of business processing. She leads Operations, Client Service, Compensation, Advisor Onboarding and Sales Supervision. Chester has extensive experience in merger integration, business transformation, product development and client delivery.
Under her leadership, Kestra Financial’s Client Service team won two bronze Stevie Awards in the Customer Service Department of the Year and Customer Service Team of the Year categories in 2023, and its Onboarding Reimagined initiative won a WealthManagement.com 2023 Industry Award in the Transition Support subcategory in the “Broker-Dealers – 1,000 Advisors or More” category. Onboarding Reimagined reduced the onboarding time for financial professionals, their staff and clients by 75%.
Before joining Kestra Financial in January 2018, Chester worked for Wells Fargo for 28 years. This includes serving as Executive Vice President and Head of Treasury Management Implementation & Delivery, when she led a team of more than 750 people.
When asked how the role differs between wirehouses and independent firms, Chester said, “Operations leadership at wirehouses focuses on large-scale, centralized processes designed for efficiency and scale across a large corporation. In contrast, operations leaders at independent firms are able to offer flexibility and customization to meet the unique needs of the entrepreneurial firms they serve and offer a more personalized relationship-centered model that serves as an extension of the advisors’ back-office.”
Patrick Farrell, President And COO, Sound Income Group
As President and Chief Operating Officer of Sound Income Group, Patrick Farrell oversees day-to-day operations for Sound Income Academy, the firm’s consulting, coaching and marketing division; Sound Income Strategies, an RIA with more than $3 billion in assets under management; and The Retirement Income Source, a network of advisors focused on delivering income-generating investment strategies. Sound Income Group was founded by CEO David Scranton.
Farrell is a 35-year veteran of the financial services industry. He has served in his current position for three years. Before that, he served for 13 years as the CEO of Investacorp, a national broker-dealer and RIA based in Miami that Osaic’s predecessor firm, Advisor Group, acquired in 2020. Early in his financial services career, Farrell was a Senior Accountant for Arthur Andersen.
He has led organizations with diverse ownership structures, including family owned businesses, publicly traded companies and firms under private equity control. Farrell is a Certified Public Accountant (CPA) and Personal Financial Specialist (PFS).
In response to WSR’s question on how clearly articulating a firm’s “why” impacts operations leadership, Farrell said, “A clear, simple mission that is understood by all is imperative to growth. You want a team that is aligned so you can develop and implement efficient business strategies that support the firm. Simply put, you can get to your destination faster if everyone is rowing in the same direction.”
Dan Tobin, COO, Carson Group
As Chief Operating Officer of Carson Group, Dan Tobin brings over 24 years of experience in financial services primarily in operations, compliance, service and supervision roles. He works with leaders and teams in Compliance, Client Service, Brokerage Solutions, Financial Planning, Advanced Solutions, Operations, Transitions, Investments and Trading.
Tobin assumed the COO position at Carson Group in June 2023. Previously, he was Chief Risk Officer there for three years. Earlier, Tobin was Chief Compliance Officer at Carson Partners and before that Senior Vice President, Risk Management. Prior to Carson, he worked at IFP and QA3 Financial Corp.
Tobin puts significant emphasis on the pursuit of perfection in order to provide the best experience for internal and external stakeholders. He believes in continuous improvement of all aspects of business functions, to make the company successful in both the short-term and long-term. This view spans across process, communication, culture, work-life balance, diversity, a client first attitude, adherence to rules and regulations, risk mitigation, interdepartmental understanding of all aspects of the business, revenue growth and more.
“My expertise in compliance, risk management and other areas has been instrumental in shaping Carson Group’s operational strategy,” Tobin said about how his previous leadership experience works into his current role. “We’ve implemented or developed cutting-edge technology that empowers our advisors so they can focus on client relationships and business growth with even more solutions in the future to help drive that efficiency while keeping compliance, risk and other aspects top of mind.”
Tarah Williams, President And COO, Prospera Financial Services
As President and Chief Operating Officer of Prospera Financial Services, Tarah Williams brings strategy and vision to her role, a view of the big picture, and an eye toward detail as she focuses on providing a gold-standard client experience, shaping and driving the strategic mission of Prospera, while managing day-to-day operations.
Throughout her tenure, she has served on numerous industry conference panels and conducted numerous seminars in her fields of expertise, including recruiting, client experience, risk management and marketing for the broker-dealer marketplace. Williams has also published numerous white papers and articles on industry-specific topics.
This past year, she oversaw the launch and expansion of Prospera Generational Wealth, a multi-layered support team that helps advisors pinpoint opportunities and design complex strategies for ultra-high net worth clients. The firm also launched IgniteProspera, an employee development program designed to cultivate the next generation of well-rounded leaders.
Williams has nearly 30 years of experience in the financial services industry. She joined Prospera in 2007, became COO in 2021 and President in 2022. Earlier, she worked at First Clearing as President, FA Recruiting Services and before that as Chief Administrative Officer, Senior Vice President.
Answering which leadership characteristics one must possess in this industry, Williams said, “For operations leaders in wealth management, building a trusted team is essential for strong collaboration between leaders, team members, and advisors. Back-office roles are vital yet often underappreciated. Balancing recognition and accountability is key. Embracing new technology and innovative solutions can streamline operations, improving efficiency and supporting the overall success of the business.”
Michael Zebrowski, COO, Docupace
As Chief Operating Officer of Docupace, Michael Zebrowski has transformed the firm from a services-model orientation to a product-focused strategic partner. He encouraged a culture of client partnership, innovation, ownership, customized solutions and long-term value creation while cultivating company-wide enthusiasm for engaging in iterative processes.
Under Zebrowski’s leadership, Docupace’s software platform has undergone its biggest transformation in the company’s two-decade history. This includes a redesigned user interface and user experience, a cloud-native environment, a modern continuous integration and continuous delivery pipeline, and an omnichannel customer service platform. These changes resulted in the firm winning gold, silver and bronze recognitions this year at the 18th Annual Stevie Awards for Sales & Customer Service Presentation.
Zebrowski joined Docupace in his current role in January 2023. Previously, he co-founded Advisor Innovation Labs (A.I. Labs), a fintech platform bought by Envestnet, and served as Executive Vice President and Chief Operating Officer of eMoney Advisors from 2006 to 2016. Zebrowski also is an Advisory Board Member of Tolerisk and Realta Wealth. He is a frequent industry speaker on the impact of artificial intelligence and other technological innovations in wealth management.
“Wealthtech operations differ from traditional wealth management through their heavy reliance on automation, API integrations, and real-time data processing,” Zebrowski said when asked what’s unique about his field. “While both focus on managing client assets, wealthtech requires specialized attention to digital security, system uptime, and seamless tech stack integration. Additionally, wealthtech operations must balance automated efficiency with maintaining the high-touch client relationships wealth management demands.”
