In finance, timing isn’t everything, but it definitely counts for something. Jon Henderson knows this better than most. He started his career at the peak of the dot-com bubble in 2000, weathered the 2008 financial crisis at Merrill Lynch, and then took the biggest leap of his career in February 2020—launching Echo45 Advisors just as COVID rattled the markets.
“We left Merrill on a Friday, opened on Monday, and the market was down 17% in the first week,” Jon recalls. “The first three months were insane. But we got through the transition, and then the markets just went up from there.”
Twenty years in a wirehouse had given Jon a clear perspective: he wanted out. “I didn’t get into this business to sell banking products,” he says. “You’re under so many restraints, you can’t control your own destiny.” As big banks acquired financial firms and shifted focus away from planning, the work felt increasingly disconnected from what he loved—helping clients navigate meaningful financial decisions.
Overcoming Growth Barriers
Despite a strong client base, Jon struggled to push past $150 million in AUM while at Merrill. The wirehouse structure, while providing stability, stifled growth. Starting over as an independent meant taking a step back before moving forward—but it was the best decision he ever made.
“Leaving was terrifying. When you’re at a big firm, you feel captive. And there’s this enormous fear: ‘Will my clients come with me?’” Jon shares. “But once we launched, I realized: nobody ever goes independent and says, ‘I want to go back.’ It’s like sitting at the DMV versus being out in the real world.”
Today, Echo45 Advisors has surpassed $200 million in managed assets and is growing faster than ever. In addition, the firm has expanded its services through an affiliated firm, Echo45 Tax & Estate, offering tax preparation, estate planning, and business owner services, creating a holistic, concierge experience for clients.
Finding the Right Partner in Altruist
Jon first heard about Altruist when the platform was still in its infancy. “I remember having lunch with Blaine Docker from Main Management in San Francisco. You guys were only a year old, and I thought, ‘Man, I can’t launch on a custodian that’s this new.’”
Fast forward to today, and Altruist has become Echo45’s primary custodian for all new business.
“If I were going to start a custodian, it would look like Altruist,” Jon says. “The biggest thing is that you don’t compete with us. At Schwab, it feels like they would prefer to contact our clients directly. Altruist is the opposite. You put us in the driver’s seat.”
Efficiency That Moves the Business Forward
The operational difference has been night and day. “Opening accounts in minutes and funding them in days instead of weeks… it’s just a no-brainer,” Jon explains. “With paper-based custodians, it’s like stepping back in time.”
Altruist’s responsiveness has been a major differentiator. “You actually listen. I’ve given feedback, and it clearly makes its way to the top. That’s unheard of in this industry.”
The Future of Wealth Management
Looking ahead, Jon sees the next decade belonging to firms that embrace a family-office experience. “The firms that win will be the ones who don’t just manage investments but handle taxes, estate planning, and all the complexities of real financial life,” he says.
That’s why he’s investing heavily in expanding Echo45’s services, including potentially acquiring a tax practice. “People don’t want to be sold financial products, but they will hand you their tax documents and say, ‘Can you help me with this?’ That’s where we add value.”
Advice for Breakaway Advisors
For advisors who are unsure about a transition to the RIA model, Jon’s message is simple: the fear is temporary, but the rewards are lasting.
“It’s a big leap, no doubt. But once you make it, you’ll never look back. You get to build your own firm, your own culture, and actually put clients first. And with the right partners, like Altruist, you’re not doing it alone.”
