Frank Sloan, Regional Director & Partner, EP Wealth Advisors
Frank Sloan, regional director at EP Wealth Advisors, talked to Invest: about the benefits of his prior firm’s merger with EP, and the multitudinous services it offers to clients. He touched on how the business-friendly environment in North Texas is attracting big names from Wall Street, and the excitement surrounding the rapidly growing finance sector in the region.
How would you summarize EP Wealth’s mission?
We had previously operated as a small, boutique, independent investment advisory firm. We merged with EP Wealth in June 2024. They have many services we did not, and we felt it would benefit us and our clients to have a bigger partner to do more things, such as estate planning, tax planning, investment research, and a continued focus on portfolio management.
How has the transition affected your day-to-day operations, client service approach, and what opportunities does this merger bring?
The wealth management industry is experiencing a consolidation phase, with larger firms acquiring smaller ones. The future looks bright for the industry as a result, especially in Texas and Dallas. Over the next 25 years, $124 trillion will be transferred from one generation to the next, creating significant opportunities. To remain competitive, we felt that partnering with a larger firm like EP Wealth was essential to providing services for our clients to participate in that transition.
What is your overview of the private wealth management industry in Dallas?
Texas is a business-friendly state and it’s booming, especially Dallas. Wall Street firms are taking notice and increasing their presence in Texas. Goldman Sachs has broken ground on a new building and will be moving thousands of employees into Dallas. This will be their second largest office in the U.S., behind their headquarters in New York. We are in the process of establishing our own stock exchange in Dallas, colloquially named “Y’all Street.” The region’s growth and economic opportunities make this an exciting time in the industry.
North Texas seems shielded from economic pressures happening elsewhere. How does it differentiate from other markets?
Investor and consumer confidence is high in North Texas. Many people are moving here from other places that don’t have a government that is business friendly. We have low taxes, and regulations are not as restrictive as in other states. Employees and corporations are seeing opportunities here. We’re witnessing rapid growth and development, particularly in areas like Frisco, which resembles the transformation of Hong Kong 10 years ago with construction everywhere. We’re attracting a lot of talent who are frustrated where they are and seeking a pro-business environment.
How are you continuing to attract, develop, and retain top talent for your firm?
The wealth management industry is competitive, and firms have to prove their value to clients. EP Wealth offers a myriad of services to help clients navigate complex financial challenges, including estate planning, trust services, real estate analysis, retirement income planning, insurance analysis, investment management, charitable giving analysis, business planning, and tax preparation. The merger positions our team within EP Wealth as a more competitive, full-service team.
Big firms come with a lot of technology improvements, with some tools to enhance performance. What are some of these additions to the firm?
EP Wealth has a 68-person financial planning team, including 23 Certified Financial Planners (CFPs), seven attorneys, and 20 tax professionals. We have a 38-person investment team, including 11 Chartered Financial Analysts (CFAs). EP Wealth has invested nearly $10 million in technology over the last three years to enhance services for clients and remain competitive.
Are there any specific legislation or regulations that could impact your operations?
Federal estate and inheritance taxes remain favorable, but we are closely monitoring any potential changes. We are keeping a close eye on tax codes and providing proactive tax planning for our clients in the event of possible regulatory updates. I’ve felt good about things since the election. Texas has been pro-business and low regulation, and now we’re more optimistic about a growing pro-business national environment.
What is your outlook for wealth management services, and what are the priorities for EP Wealth over the near term?
We’re expecting the markets to perform well with reduced regulations on corporations, and the improvement in productivity through AI will help these companies become more profitable. The environment looks exciting in the next two to three years. The market has made a great run, but I don’t expect it to run like this next year, and it wouldn’t hurt to be a little more cautious. This is a global economy, and we’re always looking at geopolitical situations, including trade negotiations and tariffs. I see the changes that are taking place bode well for the next two to three years.
We retain a focus on behavioral finance and managing the emotions of our clients through their financial challenges. People are emotional about their money, and that can be their downfall. Effective communication helps clients adhere to investment plans despite external pressures like inflation and geopolitical instability. We’re preparing for a cautious but optimistic market approach in the next three to six months.
