Ex-Schwab pro launches M&A, succession advice business

The former managing director of strategic business development at Schwab Advisor Services, has launched his own consulting practice.

David DeVoe, the former managing director of strategic business development at Schwab Advisor Services, has launched his own consulting practice, DeVoe & Co. LLC.
Based in San Francisco, Mr. DeVoe will consult with advisory firms on mergers, acquisitions and succession-planning strategies.
Nick Georgis, vice president of advisor services at Schwab, will for the time being take on Mr. DeVoe’s duties, said Schwab spokeswoman Susan Forman.
Mr. DeVoe had been part of Mr. Georgis’ unit.
Like other custodial firms, Schwab does not get “intimately getting involved in these types of transactions — the investment banking or doing true valuations,” said Mr. DeVoe, who has led the strategic business development unit for eight years.
Going out on his own “allows me the opportunity to engage deeply” with registered investment advisers in offering more services, he said.
Mr. DeVoe, who has been Schwab’s public face in tracking and analyzing mergers and acquisitions among RIA firms, said he expects to see more industry consolidation.
As a result, demand for M&A counsel will increase, he said.
“There’s no doubt there will be more of a need for succession plans as advisers get older,” agreed Charles Goldman, the former head of Schwab Advisor Services, who has worked with Mr. DeVoe.
Advisers will need to bring in younger partners or sell out to other firms, said Mr. Goldman, now a senior adviser to Bain & Company.
“Advisers will need help to figure that out,” he said.