John Maddison, Head of Wealth Management, Balentine

Invest: spoke with John Maddison, head of wealth management at Balentine, about how high-net-worth entrepreneurs are reshaping adviser expectations, from business strategy to family legacy planning. “Clients may say they want to pass assets down, but most really want to ensure their values pass down. That requires more than legal documents. It takes conversation, clarity, and often experiences that help families understand the story behind the wealth,” Maddison said.

What have been some of the most meaningful developments for the firm and its clients over the past year, and how are those shaping Balentine’s evolution?

Last January, a family office based in Utah called FJ Management acquired a 20% stake in Balentine. What matters most is the structure and mindset: they are what we call a slow-and-steady partner that allows us to remain majority employee-owned and be thoughtful about where growth takes us next.

We’ve promised our clients that we’re going to remain independent and build what we call the forever firm, and that promise shapes how we think about growth and succession. This partnership feels unique in an industry where private equity is often used to fuel expansion or solve succession planning needs. Our priority is protecting the client experience and our culture while still investing in capabilities our clients increasingly need.

What significant trends are emerging in wealth management right now, and how are those shaping client expectations and relationships?

We work almost exclusively with entrepreneurs and business owners. The average client has about $20 million with us and typically has a taxable estate issue, meaning their net worth exceeds the estate tax exemption. These families are asking for far more than traditional investment management.

First, we see rising demand for business advisory services. The business is often the largest asset a client owns, and too often, wealth managers encourage an owner to sell because it creates more liquidity for them to manage. We focus on independent business advisory work, helping clients evaluate whether keeping and building the business might be the better long-term path.

Second, planning is becoming more values-driven. Families are not just looking for complex vehicles like trusts. They want to ensure decisions align with their values and that the beneficiaries are prepared to receive wealth. Too often, children receive a sudden windfall and do not know how to handle it, or they experience guilt and uncertainty. We have invested significantly in family and legacy services, and demand continues to rise.

Third, private markets have moved from a nice-to-do to a must-do for many families. We offer solutions across private equity, private credit, and private real assets, and we also help clients evaluate opportunities they are pitched. With the number of deals we see, we can often spot inconsistencies in fee structures or strategy and help families think through sizing and how an investment fits the overall plan.

How is the role of a wealth adviser evolving as the landscape becomes more complex and client needs become more personalized?

The industry started with building portfolios of liquid assets and then expanded into traditional financial planning. Today, those services are table stakes. The shift now is toward deeper, more integrated support, especially for business owners.

For our client base, it is natural that we have invested in business advisory solutions and broader multi-family office services. A major area of growth is family and legacy planning. Clients may say they want to pass assets down, but most really want to ensure their values are passed down. That requires more than legal documents. It takes conversation, clarity, and often experiences that help families understand the story behind the wealth.

We also see demand for families to learn from peers. Hearing how other families have navigated similar challenges can be powerful. We have created curated events and cohorts that bring together similar families, including rising-generation groups who may not have peers they can talk to openly in their everyday circles.

What role do shared values, trust, and collaboration play in helping clients navigate both personal and financial decisions?

It is foundational. We need to understand why a client wants to do something before we can recommend how to do it. Early on, we use a values exercise, including values cards and a digital version, to identify what truly matters.

Then, when a client comes back later and says they are considering a major decision, we relate it back to those values. If family togetherness is a core value, for example, an expensive family experience may make more sense when framed as an investment in connection rather than a pure financial outlay. That alignment is what builds trust and keeps decisions consistent over time.

How does Raleigh-Durham come into play for your firm and your clients as the region continues to grow? What opportunities does it provide?

Our headquarters is in Atlanta. We opened the Raleigh office in 2011, and around 2015, we doubled down on serving entrepreneurs and business owners. Raleigh-Durham has long been a dynamic environment for business creation, and we have only seen that accelerate post-COVID.

People are moving here from markets like New York, the Bay Area, and Boston, and they are starting or relocating businesses. The region is attractive from both a lifestyle and a business perspective, and that is creating more wealth creation activity, which firms like ours benefit from.

Looking ahead, what are your top priorities for your office over the next three to five years?

Internally, we are focused on talent and ownership. We want to provide employees with clear career maps so they can understand where they might be in three to five years, what milestones they need to meet, and how we can support them. It has to be a mutual conversation about goals and development.

We are also focused on broadening equity ownership at the firm. One benefit of partnering with FJ Management is their willingness to make equity purchases more affordable. Borrowing from a bank to buy equity can be cumbersome, and they have agreed to come in with attractive financing so more employees can participate. That helps succession planning by creating a larger base of equity owners over time.

Externally, we want to keep identifying where our clients need the most help and invest in the expertise to deliver it. For the families we serve, that can include practical family-office capabilities like bill pay and deeper tax coordination. The focus is to expand based on client needs, not growth for its own sake.

What are some of the challenges the industry is currently facing?

A major industry challenge is succession planning. Many founders are ready to retire while valuations are at peak levels, and it can be difficult to transition ownership internally. That is why you see so much M&A activity and why private equity has become a common solution.

In both cases, we often see the employee experience and the client experience suffer. A new owner can change culture, and private equity can push growth and returns on a shorter timeline, which can move focus away from the client.