Originally posted on ^exponent
Bo began his career at Ernst & Young, where he spent six years in financial services before becoming a manager and CPA. He then moved to Lockton as a controller overseeing their broker-dealers, and later joined Creative Planning following an acquisition. Now as CFO of Concurrent Investment Advisors, a private equity-backed firm that manages $11 billion in assets, Concurrent has developed a unique business model that allows advisors to maintain their independence while benefiting from the firm’s scale. Bo’s approach combines strategic vision with practical execution, bringing valuable experience from both large established companies and the startup environment to his leadership role.
Walk us through your career path. How did you go from EY to becoming a CFO?
Out of college, I joined Ernst & Young in their financial services division, specifically in capital markets. I spent about six years there focusing on RIAs and broker-dealers, becoming a CPA and a manager. After EY, I moved to Lockton, to serve as the controller over their retirement division and oversaw two different broker-dealers and acted as the FINOP, financial and operational principal. I worked there for a couple years until Creative Planning acquired Lockton’s retirement division in late 2021. At Creative Planning, I helped set up their large institutional business and worked with their CFO to learn about M&A activities. Creative Planning is one of the largest RIAs in the nation, so it was a great opportunity to learn about due diligence, multiples, valuations, and what makes companies a good fit. A few years later, I interviewed with Concurrent Investment Advisors in Tampa. I connected with their CEO Nate Lenz, loved the company’s values and growth trajectory, and made the move to become their CFO at the beginning of 2024. **What’s the biggest culture shock going from a corporate giant to a startup?**Coming from large companies like EY, Lockton, and Creative—all best in class in their industries—you have a strong foundation to work from. These companies have been in business for decades with established infrastructures. Day-to-day, you know what to expect. What you do next month will mirror what you did the previous month, with minimal volatility or business disruptions. A startup is the complete opposite—volatile with many unknowns. You’re building the foundation blocks of the business and creating the most efficient and scalable processes from scratch. As the company grows, you need to be agile and resilient to changes, because what comes up in a couple months could completely change your focus. It’s going from having a detailed checklist of everything you need to do, to creating that checklist. You’re constantly fine-tuning, changing, keeping what works, discarding what doesn’t, and moving forward. At a startup, whatever worked last year may not work today.
How frequently do you have to throw your carefully made plans out the window?
It happens quite often. Every year our executive team sets one-year, three-year, and five-year goals, and each quarter we evaluate our progress. During these reviews, priorities shift—maybe we decide to put more resources into our institutional business, or we move something down in priority because a new opportunity arose. We always have our key objectives, but we know something could change that requires us to pivot. Having regular touchpoints as an executive team with the entire firm creates visibility so everyone stays aligned on expectations and deliverables. That constant state of flux is actually why I came to Concurrent—the unknown keeps you on your toes. You can take what you learned from established firms and fine-tune it. In a smaller startup, you can create processes that actually work for your specific situation. It’s a fun environment—demanding, but you really see the dividends of your efforts pay off.
Your firm is backed by private equity. Isn’t that just adding pressure to an already high-stress environment?
We’re backed by Merchant, which isn’t your typical private equity fund with a “shot clock” on deploying capital. They’re truly partners—here for the long term with no exit date. They’ve been instrumental in shaping our business model. Most RIAs operate on a “roll-up” model where they purchase firms outright and those advisors become W2 employees, losing their autonomy and entrepreneurial spirit. At Concurrent, we value being collaborative and independent. We’ve created a “common currency” methodology where we buy minority equity stakes in RIAs or advisors. In exchange, they get cash and equity in our business. The advisor maintains their independence while using our scale and resources. They can expand into different revenue streams, whether that’s institutional retirement, investment opportunities, or planning capabilities. What makes this powerful is the multiple expansion these firms can receive via a tag-along right. A firm with a few hundred million in assets might get 6-8 times EBITDA on their own. As part of our ecosystem that tag-along right allows them, in a future monetization event, to sell more of their business. Alongside of us—an $11 billion RIA with diverse revenue streams—they can, potentially, see 15-20 times multiples. This lets advisors “punch above their weight” in future monetization events. Unlike a traditional rollup, the vast majority of that multiple expansion goes back to the advisors, who drive the business forward, versus back to that traditional roll-up. This is a unique distinction in our business that really creates that alignment. As they grow, we grow.
How else is your acquisition model different from typical roll-ups?
We believe in the power of partnership for independent financial advisors. We’re intentional about the firms we pursue—it’s not just about AUM or revenue, but their entrepreneurial mindset and growth desires. In financial services, there’s no single correct approach. We get creative with deal structures based on what the advisor wants. Are they cashing out? Looking for growth facilitation? Wanting to offload back-office work? Seeking higher multiples through a larger ecosystem? There are two risks in M&A: sellers fear losing control and autonomy, and buyers risk acquiring firms that won’t align with their direction. When both sides are compatible, you create value for everyone. The proof is in the results—all our advisors have grown faster since joining us than when they were independent. We help expand their revenue streams, drive growth, bring in clients, and assist with marketing. When everyone’s aligned, that’s what drives long-term value. **Everyone wants the CFO title, but what does your actual day look like? Do the expectations match reality?**A lot of meetings! Being a CFO at a startup is different than at an established company. I’m much more in the weeds. My first six to nine months were spent reviewing all our financial processes, revitalizing procedures, and coaching our team on the changes. Now that those processes are streamlined, I’m involved with each department’s goals and strategies. I talk with department heads about hiring, technology, and anything financially related. This gives me a unique perspective because while most people only know their own area, the CEO and I see everything happening across the company. It’s compartmentalized—I could be on a billing call one minute, in a compliance meeting the next, then discussing trades, and then explaining our model to a prospect. Every day and every meeting is different. You have to roll with the punches and know your stuff. It’s more hands-on than at a larger company, which is why I enjoy it.
When do you actually get work done with all those meetings? Are 40-hour workweeks a myth in your world?
It’s probably 50-55 hours weekly. Coming from public accounting, I’ve never worked just 40 hours—I’m a bit of a workaholic. But burnout is real, so I’ve created boundaries. At 5:00 or 5:30, I disconnect and focus on my family. I’m a night owl, so I often work after hours when there are no distractions. It’s about using your time efficiently and finding your release valve. For me, that’s golf. My wife knows I need to get out on the course once or twice a month—no phone, no distractions. That completely revitalizes me. Finding the right work-life balance is personal. I couldn’t do a strict nine-to-five.
What’s the one quality you absolutely need to see in a potential hire?
Resilience is key—people who aren’t complacent and understand that today’s work might be completely different tomorrow. Being able to transition, take feedback, and roll with the punches is essential. You can teach technical skills if someone wants to learn. I can explain debits and credits or billing processes. But work ethic—you can’t teach that. They either have it or they don’t. If they’re not willing to put in the effort or see the end goal, then regardless of how smart they are, they’re not a good fit.
What career move kept you up at night with second thoughts?
Changing jobs. When you work somewhere for years, you know what to expect and how to succeed. Making a move is always a risk. I think careers have become too transactional today. The average tenure is now 18-24 months compared to 7-10+ years decades ago. People hop for 10-15% raises repeatedly, never building rapport or putting down roots. I’m strategic about career moves. Coming out of college, I mapped my entire path—public accounting in financial services, become a manager, move to industry as a controller, then advance to CFO. I literally wrote this down. You don’t need your whole path figured out immediately. That’s where relationships help guide you. But when considering a move, look beyond just the money. Look at the values, integrity, sustainability, and growth potential of the firms you are looking at. Ask yourself: Will this move help me five years from now? When I considered Concurrent, those were the questions I asked myself. All those boxes were checked which made it an easier decision. I even talked it through with a previous boss with whom I have great rapport to get his feedback on the move. **What career advice do you wish someone had given you when you were starting out?**The importance of relationships—both where you’re working and with mentors outside your firm. This has paid dividends throughout my career. Many people work somewhere for a few years, move on, and burn bridges. Your last month before transitioning should be your busiest—ensuring you’re leaving with everything properly handed off. You never know where your peers or boss might end up and where you might cross paths again. Network outside your firm, too. The more insights you get from different perspectives, the better. I’ve been lucky to have managers who cared about my growth – as I mentioned earlier. With that rapport, they’re more willing to help you achieve your goals. It’s not about saying “I want more money.” It’s asking “What can I do to reach these goals? What experiences do I need?” At Creative Planning, I asked the CFO if I could help with M&A work because I was interested in it. Taking that data entry work off the CFO’s plate freed him up more, but also let me learn their thought process, organically. This became an imperative skill that helped in my current role as CFO. Cultivating relationships across your career is incredibly impactful.
What’s your personal mantra when things get tough?
“A kick in the ass is a step forward.” My high school football coach had this on his office window. It’s about mindset—when something doesn’t go your way or you fail, it’s not about giving up. It’s acknowledging the mistake, understanding why it happened, fixing it, and preventing recurrence. I’ve seen people shut down after tough feedback, ignoring the constructive elements. But the people who say, “I understand. How can I improve? Can we check in next month on my progress?”—those are the people I want to work with. I regularly ask my boss what I can do better. You’re never going to be perfect, but you should strive for it. Whether it’s learning how AI can automate processes or teaching myself macros to improve efficiency, it’s about continuous improvement. A kick in the ass is indeed a step forward.
What person most positively impacted your career?
My mom and various mentors throughout my career. My mom was the chief marketing officer for a hospital in Kansas City and knew the qualitative and people side of business. Although she may not understand all of what I do in my roles in finance (she jokes she doesn’t know where I got the “numbers thing” from), she guided me on soft skills; approaching situations with bosses and employees; and taught me the value of hard work and dedication to whatever I did. She’s been supportive throughout my career journey and has achievements of her own, including winning Emmys for producing “Inside Pediatrics” for Children’s Mercy Hospital. My managers at Ernst & Young and Creative Planning were also influential. They helped me through transitions, improved my weaker skills, and provided opportunities I wouldn’t have had otherwise. I’ve maintained contact with mentors outside my industry who provide different perspectives and help me level set. Blending these various viewpoints has been tremendously impactful throughout my career.
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