By Steve Garmhausen

When Dana and Jack Larsen were kids, their father, John Larsen, was their tennis coach. Today he's their senior colleague in the family's $900 million-asset practice at RBC Wealth Management. "He's the most fun boss I've ever had," says Dana, who along with her brother will one day take over leadership of The Larsen Group, currently a four-person operation in Mequon, Wis. "As long as you get your work done, you're in good shape, but it's kind of this work-hard, play-hard mentality."

Speaking with Barron's Advisor, Dana and Jack explain why they knew from early on that they would join their father's business. They reveal the special contributions they have made to the practice as 30-something members of the team. And they weigh in on what makes next-gen clients different from their parents.

Why did each of you decide to join your father's team?

Dana: I think I was destined to join the team. It's been a passion of mine going back to childhood. I vividly remember my dad driving me and Jack to tennis practice, and he'd always be telling us what was going on in the market and how he was able to help his clients. I witnessed his passion for the business firsthand. I also remember him coming to my elementary school for career day. He was the only parent who, when he talked about his work, excited the kids about it. I've been investing since I was a child, and I majored in personal finance in college. Those classes solidified my interest in the field. And I've always been close to my dad and my brother, so I couldn't think of anything better than working with them daily.

Jack: My experience is similar to Dana's. When you'd listen to our dad talk about what the market was doing, what the economy was doing, and how he was helping his clients, you could hear the passion in his voice. I saw the hard work he put in and the fulfillment he got out of it. And that really drove me from a young age to think about getting into this industry.

Dana: I'll add that I noticed the flexibility of our dad's job. He was able to attend all of our tennis matches, all of our soccer games. He never missed a parent-teacher meeting.

What do you call your dad when you're at work together?

Dana: It's tailored depending on who we're talking to. With 90% of clients, we refer to him as John. With the 10% of clients who we have a close family relationship to, we call him Dad.

Talk about your respective roles in the business.

Dana: Our dad used to be the lead on all client relationships, and we've gradually moved into filling that role. He's still in on a majority of those meetings, but Jack meets with about 40% of our clients, and I meet with 40%. I also focus on a lot of our marketing and do a lot of the customer service as well. I help with the financial planning, although Jack does most of that. Jack also does the majority of the trading for our team.

What was your professional experience before joining your dad?: I had a couple of internships at RBC prior to my graduation. I interned for The Larsen Group in this office in Mequon and at RBC headquarters in Minneapolis. I got a job at Dell right after college and then rejoined RBC after one year. I then worked at RBC headquarters for five years prior to joining the Larsen team. I think that's been hugely beneficial to us because I learned the inner workings of RBC. I was exposed to all the different departments: marketing, estate planning, retirement planning, fixed income, equity. I gained this holistic view of the company.

Did you delay joining your dad by design?

Dana: Yes. I knew I always wanted to join the team, but I wanted prior experience, and a different path into it.

Jack: It was very similar for me. I also had the opportunity to intern at the Mequon office of the Larsen Group and the Madison office at RBC. On top of that, I worked for two years in Chicago, doing financial software sales. I knew that I wanted to rejoin the team at some point, but getting a different experience was beneficial because it helped me bring a different mentality to the team.

What kind of boss is your dad?

Dana: He's the most fun boss I've ever had. As long as you get your work done, you're in good shape, but it's kind of this work-hard, play-hard mentality.

Do the two of you plan to take over the business when your father retires?

Dana: Yes, we do. The planning is still in the works, but there have been discussions on what that's going to look like.

Can you talk about how you're preparing to take over?

Dana: RBC has done a fantastic job of helping Jack and I with the succession planning process. We've already had several meetings and calls, and next year we will start RBC's Associate Financial Advisor program, which teaches you the ins and outs of being a financial advisor.

How did clients react when the two of you joined the business?

Dana: Most of our clients have a relationship with our family, either they know us or are good friends. So I'd say having us join the team has been well received. I think it gives clients peace of mind knowing that with Jack and me, they'll have an advisor for the rest of their lives.

What do you feel you contribute to the business as members of the next generation?

Dana: We've been able to implement a lot more technology, which creates efficiencies within our practice. For example, our dad used to present financial plans on paper. Jack and I have adapted to make it really interactive. We go online with clients, have a conversation with them, make adjustments right on the spot, and give them their financial plan at the end of the presentation -- instead of writing down any changes and incorporating them after the meeting.

Jack, do you think you and your sister can relate more easily to next-gen clients?

Jack: Absolutely. We've been working over the past couple of years on establishing those relationships. Dana especially has done an excellent job reaching out to our clients' kids and grandkids and just making sure that there's a connection. There is a really big transition of wealth coming up here, so we've been making sure they know they always have someone here to talk about anything they need. I think we've made some really good connections to continue to build these relationships for years to come.

In what ways do you find next-gen clients to be different from their parents?

Dana: Because of modern technology, they expect faster response times. I think they want more holistic service than just investment advice, whether it's estate planning or incorporating taxes into their planning by working with their accountants.

Jack: I think they also want to be more socially conscious about their finances. Some of our clients have said they'd like more ESG or socially responsible investing.

How do the two of you recharge outside of work?

Jack: Our family loves playing pickleball, so that's one thing we do together. We also love to golf.

Who's the best pickleball player in the family?

Jack: If you ask that question, you'll get three different answers.

For a family that spends so much time together, you seem to get along well. What's your secret?

Dana: We're a very close-knit family. Going back to our childhood, our dad was our tennis coach, so we've always had that relationship. And both our parents instilled in Jack and me the need to always get along and respect one another.

Thanks, Dana and Jack.

Write to advisor.editors@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

January 21, 2025 12:37 ET (17:37 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.