24. Coldstream’s Case for Scaling Without Private Equity Artwork

Growth Leaders of Wealth Management

In an industry that's changing faster than ever, expectations for growth, both organic and inorganic, are only getting more intense. With private equity money flooding into the wealth management space, customer experience expectations leveling up, generative AI upending process and a generational wealth transfer that will transform client acquisitions, the journey to growth for all wealth management businesses will require adaptability, resilience and a long-term vision that puts client's needs first.

The Growth Leaders of Wealth Management podcast tells the stories of businesses who are on their growth journey now. We'll learn how they got this far, what the challenges have been, how they've overcome them, what they've learned along the way and what their next big mountain to climb is.

Join our host, Meg Carpenter, as we learn from the stories of some of the industry's best and brightest on the Growth Leaders of Wealth Management podcast.

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Growth Leaders of Wealth Management

24. Coldstream’s Case for Scaling Without Private Equity

May 12, 2026 • Meg Carpenter

0:00 | 1:16:36

Most firms say they care about culture. Coldstream Wealth Management built a system that forces it.

At a time when private equity has become the default path to scale, Coldstream has taken a different route: eight acquisitions in five years, more than tripling assets, and not a single dollar of outside capital. No investment bankers. No fund timelines. No external pressure to close.

So what replaces it?

In this conversation, Meg talks with CEO Kevin Fitzwilson, President of M&A Josh Harris, and Chief Growth Officer David Christian about what it actually takes to build an acquisitive firm without private equity. The intellectual capital required to represent yourself in deals. The long-standing bank relationship that quietly powers their growth. And why they believe direct, unfiltered conversations reveal more about a partner than any data room ever could.

You’ll also hear how Coldstream defines its ideal client at scale across ten teams, why growth is treated as a firm-wide responsibility, and how a shared mission of “enhancing people’s lives” translates into a 10-year vision without letting AUM become the goal.

But the most important idea runs deeper: culture fit isn’t something they evaluate after the fact. It’s something they design for. Through employee ownership, deliberate pacing, and a willingness to walk away, they’ve built a system that attracts a specific kind of founder, and filters out the rest.

This isn’t a story about avoiding private equity. It’s a story about what you have to build instead.

Connect with us:

0:00 The PE Assumption Gets Challenged

5:53 Building Deal Skills Without Sponsors

8:27 Why Coldstream Avoids Bankers

14:07 Ideal Client Work At Scale

20:52 Mission First And A 10-Year Plan

30:48 Integration Lessons And Talent As M&A

36:06 Founders Explain The Leap

42:35 Culture Fit As Structural Design

52:30 Ownership Architecture And Financial Discipline

1:02:30 What Comes Next And Real Threats

1:11:28 Infinite Mindset And Closing Requests

About Ficomm Partners

Ficomm Partners is the embedded growth partner for results-driven RIAs, and wealth management platforms. With a track record of helping over 250 clients achieve their growth goals, Ficomm understands that while industry patterns may repeat, each firm's growth challenges are unique. Ficomm prioritizes strategy and finds the most impactful ways to move you toward your goals. We align all your marketing activities with your business objectives, acting as your dedicated growth partner with our human-first approach, strategy-first methodology, and unrivaled team of industry marketing experts.