FA Magazine March 2025 | Page 35

COVER STORY

Cheryl Holland CFP , CFBA Founder Abacus Planning Group Columbia , South Carolina

Take A Risk

She attended a conference held by the International Association of Financial Planners ( one of the forerunners to the Financial Planning Association ) in 1983 and met someone who told her the future of the industry is to “ become fee-only and you ’ ll charge for your advice , just like a lawyer and a doctor charged for their advice ,” she says .

“ And the light bulb just went on in my head . I ’ m like , ‘ Oh my gosh , that ’ s what I want to do ,’” Holland says .

She quit her job and started studying for the CFP exam . Moreover , she began doing hourly advice , charging $ 25 an hour . “ And I wasn ’ t even worth that ,” she says with a laugh . “ But I didn ’ t know what I was doing , and nobody else did either at that point .”

In 1990 , she joined a firm in Columbia , S . C ., and eight years later she launched her practice , Abacus Planning Group , which today has 35 employees and manages $ 1.9 billion in assets .

She notes some clients prefer to work with a female advisor , but for some reason the industry is not attracting women . “ It ’ s an amazing profession for women to which we ’ re so beautifully suited . It has so much flexibility you can take depending on the path you want .”

Nearly two-thirds of Abacus ’ s employees are women CFPs and registered paraplanners , and three , including Holland , are among the company ’ s six shareholders .

Holland says she is proudest of “ maintaining a healthy culture and the tremendous orientation to developing people .” She explains that unlike most major cities , Columbia does not have a huge talent pool . “ Early on we realized , well , we ’ re going to have to pick people who might have a few rougher edges but are diamonds in a coal mine ,” she says .

Among the biggest changes she has seen in the industry is the proliferation of products and platforms and the desire for a trusted advisor . Holland also notes that everybody calls themselves a fiduciary , but she does not believe the public fully understands what a true fiduciary is “ because there ’ s muddying of the waters there .”

Besides embracing the fiduciary concept early , Abacus also was an early adopter of technology , allowing it to create systems that provided tailored and quality advice , and break people into teams based on their skill set . The firm embraced virtual employees early on .

She says she ’ s improved as a manager with the help of coaches . Young advisors should think of themselves as an investment , not an expense , she says . “ Buy clothes and dress at work for the job you want , not the one you have ; hire someone to clean your house so that you can spend an extra hour at work or an extra hour to exercise to move yourself forward .” And most of all , she advises them to “ take a risk .” “ What can go wrong ?”

— Jacqueline Sergeant

Shannon Eusey

Founder and CEO Beacon Pointe Newport Beach , California

Big Big , But Be Great First

f you want to build something big , focus on creating something great first ,”

For some , that might be easier said than done , but not for Eusey — she had the best possible training for a lifetime of success . “ When you have five siblings , you ’ re always fighting to get what you want , but you have to get smart together if you ’ re going to achieve something as a family ,” she says , remarking on her earliest lessons in grit , resilience and teamwork .

In school , Eusey hit the sports fields and often found she was the only girl on otherwise all-boys teams . The unrelenting competition , she says , fed her drive and honed her work ethic .

“ It ’ s always been my philosophy that I may not be the brightest in the room , but I know I can outwork anybody in the room ,” she says . And that ’ s how Eusey ended up in 2002 taking a leap of faith — she would leave her well-paying job as a managing director at Roxbury Capital Management to start a new advisory with her father and a sister ( two other siblings are also in financial services ).

The vision for Beacon Pointe was that it would be focused on high-networth individuals who would benefit from access to institutional products and a higher level of service than the average advisor could deliver .

If the only thing standing between Eusey and success was hard work , then success was a sure thing . For the first 10 years , the firm grew organically at a strong pace , but beginning in 2012 Eusey started leading the firm through growth by acquisition , targeting smaller firms that needed a bigger partner to grow and access to a succession plan .

“ When we started Beacon Pointe , the goal wasn ’ t to become the largest . It was to build the best ,” she says . “ And the decision to expand nationally wasn ’ t about size ; it was about impact .”

In 2015 , the firm had seven offices and $ 3 billion in individual client assets . By mid-2019 , it had 12 offices and $ 9 billion in assets under management . A year later , Beacon Pointe had grown to 16 offices and $ 11.5 billion in AUM .

Then in 2021 the firm saw two $ 1 billion-plus AUM deals and it caught the attention of KKR ’ s private equity team , which made an investment of undisclosed size so that Eusey could turbo-charge that growth . Four years later , Beacon Point now has more than 60 offices and $ 38 billion in assets .

Eusey says she sees a direct line from her success on the field and her family dynamic to her success in the advisory industry . “ When you ’ re part of a team , you have to understand your role to make sure you ’ re doing your part and doing it really well ,” she says . “ I think that goes to any sort of career , but in particular I think it ’ s really important in our business .”

— Jennifer Lea Reed

MARCH 2025 | FINANCIAL ADVISOR MAGAZINE | 33