COVER STORY
Chrissy Lee
Chief Operating Officer Merit Financial Advisors Atlanta , Georgia
Be A Sponge
If Chrissy Lee could give young advisors entering the profession one piece of advice , she ’ d tell them to “ be a sponge .” Lee herself went to college wanting to be a journalist . She soon found another profession with better prospects , but she never lost her curiosity .
Upon entering the financial services business in an entry-level position at Farmers Insurance in 2006 , she started connecting with people on the securities side of the company . Within a year , she switched jobs and joined a wealth management firm in an operations position , a role in which her problem-solving and organizational skills were quickly recognized , enabling her to advance quickly .
Her boss was the chief operating officer , and she realized early on she “ wanted that job .” In 2019 , she was named president of the wealth management firm .
Operational skills are in short supply in the fast-growing advisory business , and Lee was frequently recruited . In early 2022 , she was approached by the leaders of Merit Financial Advisors — CEO Rick Kent and President Kay Lynn Mayhue — and she found a rapport when talking with them about the business .
Kent ’ s concept of “ servant leadership ” immediately resonated with Lee . “ It blew me away ,” she recalls . “ That was what I always told my staff we should [ strive to ] do .”
In 2022 , Merit was engaged in serious growth mode — it acquired 15 firms that year . The previous year , the firm had received an equity investment from HGGC , a private equity firm whose co-founder is former San Francisco 49ers quarterback Steve Young . Both Kent and Mayhue were heavily involved in negotiating acquisitions , while Lee devoted much of her time to onboarding the new Merit firms .
Over her 19 years in the advisory business , Lee has been constantly surprised at how many firms of varying sizes have a shortage of processes . “ When you are growing very fast , the only way to scale is to develop repeatable processes ,” she says . “ If you have that , you can grow much faster .”
Since 2006 , technology has radically changed financial services , allowing firms to scale their businesses if they apply it wisely . That ’ s particularly true for young people entering the business today . “ AI and technology have made things much easier ,” she says . Aggregating assets for individual clients with multiple accounts through a single portal is no longer a heavy lift .
It ’ s important because the business has moved far beyond just investments . Tax preparation and planning are more serious issues , as is cybersecurity , she says .
Her advice to young people in the business is to “ excel in the job you were hired to do . Then talk to senior people and offer to help with projects , even if it ’ s not your wheelhouse .”
Finally , she says , “ Don ’ t complain . If there ’ s a problem , come up with a solution .”
— Evan Simonoff
Christine Byrne MBA , CRPS Founder , Partner and Wealth Advisor Back Cove Financial Falmouth , Maine
Leading With Empathy
In the world of wealth management , Christine Byrne is not just a top advisor ; she ’ s a trailblazer . The firm she founded , Back Cove Financial , oversees a robust $ 677 million in assets , reflecting 20 % growth in the last year alone . Besides being the founder , Byrne is partner and wealth advisor at the firm .
Byrne , a 33-year veteran in the industry , has crafted a business built on inclusivity , generational wealth management and a deep sense of empathy . For her , it ’ s never been just about the numbers — it ’ s about fostering meaningful relationships and helping clients navigate the complexities of their financial futures .
She ’ s now armed with an MBA from Boston College , but Byrne didn ’ t come from a family of financial experts . ( In fact , she was her family ’ s first college graduate .) However , she was determined to help people make informed , practical decisions with their money , and that led her to her first job , working the back office of Commonwealth Financial Network , where she learned the ins and outs of wealth management .
Fast-forward to today and Byrne ’ s experience has made her the driving force behind Back Cove Financial ’ s growth . One of Byrne ’ s core beliefs is that financial success is not just about accumulating wealth — it ’ s about helping people achieve peace of mind .
Her partner is Sarah Halpin and the firm has three other wealth advisors and nine staff members . ( They recently opened a second location .) The multi-generational team ranges in ages from 26 to 60 . “ We hire slowly and with purpose , ensuring that our team is built for the long haul ,” Byrne says .
The firm ’ s recent hires are two client relationship managers , including one who is 26 years old . Halpin ’ s daughter , Sophie Halpin , is also a wealth advisor at the firm . “ We ’ ve intentionally built a team to handle the generational wealth transfer that is happening right now . My clients said this gives them peace of mind ,” Byrne explains .
Her approach to business is simple yet powerful : “ Do right by your clients , and the dollars will follow ,” she says , quoting her husband , Chris , who worked in Commonwealth ’ s back office with her early on .
As the incoming chair of the Financial Services Institute for 2026 ( she is currently vice chair ) Byrne is committed to shaping the future of the industry and advocacy . She will represent FSI ’ s 80 independent financial services firms and their more than 130,000 affiliated advisors before lawmakers and regulators — while remaining focused on the core mission of serving Main Street investors .
With the team ’ s growing expertise , including their new office in Brunswick , Maine , Byrne says she is excited to help develop the firm ’ s bench strength and depth of knowledge , while preserving its empathy and culture .
“ It ’ s about creating a place where both clients and advisors come , stay and feel supported ,” she says .
— Tracey Longo
MARCH 2025 | FINANCIAL ADVISOR MAGAZINE | 35