Corey Kupfer Weighs In on Equity as a Next-Gen Talent Retention Strategy in Citywire

Citywire RIA published a study group piece on June 17, 2026 examining how registered investment advisors are turning to equity ownership programs to attract and retain younger talent. The publication turned to Corey Kupfer, founder and managing partner of RIA-focused law firm Kupfer & Associates, for expert analysis on what he's observing across the industry. Read the full article here.

The Gap Between What Advisors Want and What Firms Offer

The article opens with a striking contrast drawn from RIA M&A advisory firm DeVoe & Company's annual survey. Nearly seven in 10 next-generation advisors identify a well-defined career path as their top priority when choosing where to work. Yet only 38% of firms have such career development tracks in place. DeVoe's data also found that 42% of firms reported experiencing undesired attrition.

Kupfer's work with RIA clients puts him at the intersection of these two findings. He told Citywire that RIAs have begun using equity as a retention lever, with many creating formal partnership tracks that show next-generation advisors how they can earn equity ownership over time.

A Two-Sided Benefit

According to Kupfer, the value of these equity sharing programs works in two directions simultaneously. They both improve a firm's retention rate and strengthen its succession plan.

"We've seen more and more of these programs going into place and it has had some success," Kupfer told Citywire.

The article highlights several firms that have moved in this direction. Ritholtz Wealth Management rolled out a formal succession and ownership expansion plan in January through which chairman and CIO Barry Ritholtz sold off a portion of his stake to employees. Two months later, mega-RIA Edelman Financial Engines granted roughly $175 million worth of equity to 360 of its financial planners. HB Wealth, an Atlanta-based RIA with more than $30 billion in assets under management, also implemented a firmwide equity participation program.

What Happens When Firms Don't Act

Kupfer's perspective extends beyond the recruitment opportunity and into the real risk that firms face when they fail to provide genuine ownership stakes. He told Citywire that advisors and young wealth management professionals are increasingly seeking true equity, not alternatives or approximations of it.

The consequences of inaction are concrete. "We've seen situations where G2 and G3 advisors leave during a sale process because they don't have any ownership," Kupfer said. "In part because they're getting recruited, they become less satisfied with anything except true equity."

He identified a clear pattern among the firms navigating this well. "What the smart firms are doing with people who have business is, if somebody's controlling 20% of the business, you ought to find a way or a path to partnership."

Kupfer foresees firms losing the battle for talent if they do not provide a true path to ownership.

Structures Vary, but the Direction Is Clear

The Citywire piece explores a range of approaches firms are taking. Some have created profit interest unit programs that allow employees to participate in long-term firm growth without creating significant tax liabilities. Others have developed what one founder described as a "path to partnership" program that allows employees to benefit when the advisors they support look to monetize their books. Profit-sharing arrangements and phantom equity have also gained traction as tools that reward employees without making them shareholders of record.

What ties the approaches together, in Kupfer's view, is the underlying shift in what the next generation of advisors expects from the firms they join.

Kupfer's Perspective in Context

Kupfer has spent decades advising RIAs on transactions, succession planning, and the legal structures that support long-term firm health. His observation that more equity sharing programs are being implemented and producing results reflects the broader trend the Citywire piece documents. The DeVoe survey data, the moves by firms like Ritholtz and Edelman, and Kupfer's own client experience all point in the same direction: equity has become a competitive necessity in the war for advisor talent.

For RIA owners assessing their own succession and retention strategies, the full article offers additional examples and context. Read the Citywire piece here.

LEGAL DISCLAIMER: This blog post discusses publicly reported industry developments and expert commentary. It does not constitute legal advice and should not be relied upon for legal decision-making. The content reflects analysis based on publicly available information as reported in the cited Citywire article dated June 17, 2026. Corey Kupfer's commentary represents general industry analysis rather than specific legal guidance on any particular matter.