In this episode of The Trusted Adviser, Rob Pyne sits down with Michael Goodman, founder of Wealthstream Advisors and now President of Greenspring Advisors, for an honest and thoughtful conversation about what it really takes to build an advice firm that outlives its founders.

At a time when private equity is reshaping the advice profession, Michael chose a very different path. In 2025, he led Wealthstream into a merger with Greenspring Advisors — not for liquidity, not for scale at any cost, but to strengthen multi-generational employee ownership and build a governance structure designed for the future.

In this candid discussion, Michael shares:

• Why remaining independent required broadening the shareholder base

• The personal realisations that shaped his decision to avoid outside capital

• How his role has evolved from founder to “bench coach” and strategic partner

• What it feels like to step into formal governance after years of leading a smaller firm

• How two culturally aligned firms blended processes, values, and people

• Why the next generation — not external investors — should own the decision-making power

• The early surprises, wins, and cultural moments that affirmed the merger

• His hopes for the firm he will ultimately hand over, not sell off

This episode offers rare insight into succession planning, governance evolution, and leadership transition from someone who has lived through the complexity — and made deliberate, values-based decisions at every step.

Whether you’re a founder thinking about succession, an adviser stepping into leadership, or simply curious about what the future of independent advice can look like, Michael’s story offers clarity, conviction, and inspiration.

This special reflection episode isn’t part of our numbered series. While Rob attends the FAAA Congress in Perth along with over a thousand advisers from across Australia, we’re taking a moment to look back.

Rob narrates a guided recap of the first 30 conversations from The Trusted Adviser — highlighting the ideas, strategies, and insights that have shaped the profession, and this podcast.

Whether you’re new to the series or revisiting a favourite conversation, this retrospective will help you navigate the episodes that matter most to you.

A curated guide. A moment to reflect. A look back at the leaders shaping advice today.

Former AZ NGA CFO Dan Heckendorf, now founder of Astilla, joins Rob Pyne to discuss what it really takes to scale a professional services firm with strong financial discipline and intent. Dan shares lessons from overseeing 30+ advisory firms during a period of rapid growth and reveals the one mistake business owners make that can cost hundreds of thousands to fix later.