Tim Smith began his career in financial services as a registered representative in the 1980s. He has since founded multiple firms, including Aurora Private Wealth, Inc., where he currently serves as the CEO. With four decades of experience and several successful ventures, Tim is today one of the giants of the independent financial services industry. His innovative ideas have empowered his clients to achieve and maintain financial peace of mind. He has achieved spectacular success by remaining true to the values of integrity and trust. Success, for Tim, continues to mean creating profitable businesses that can grow quickly and providing a great platform and great service to financial advisors.
The Professional Journey
In 1985, Tim began his financial services career with an independent financial planning firm as a registered representative. He first took the plunge into entrepreneurship in 1995, when he founded an RIA firm. And, in 1997, he started a firm as a broker-dealer, which is now called APW Capital, Inc., to service the transaction needs of his colleagues. Tim also founded Comprehensive Capital Management, Inc., an SEC-registered investment advisor, in 2002, as a compliment to the broker-dealer.
In 2015, Tim established Aurora Private Wealth to combat the notion that all financial services firms are created equal and offer an identical approach to wealth management. “I felt there was a need for a more high-tech, modern version of the aggregator RIA than what I saw in our space up to that time,” Tim says.
Additionally, Tim has served on FINRA District Committee for three years, including two as Chairman of his region and the final year as Chairman of the National Advisory Council, representing the industry’s interests in the regulatory policy and rulemaking process before FINRA and the SEC in Washington, DC. He has also served as a panelist for the TD Ameritrade Advisory Panel.
About Aurora Private Wealth
Aurora Private Wealth is an investment advisory firm. Its approach to wealth management centers on “objective and pertinent advice, driven by intelligent and trusted relationships.” The company’s financial planning services include investment management, cash flow analysis, retirement income planning, tax planning, education funding, estate planning, insurance analysis, business succession planning, strategic goal planning, and more areas of wealth management. These broad capabilities allow Aurora to take an integrated approach and address both fundamental and complex financial situations with clarity and efficiency.
Under Tim’s leadership, Aurora has achieved significant milestones. He has created an environment where everyone contributes to the success and growth of the company. According to him, he encourages freedom of ideas, without judgment. “As soon as people are worried that they may suffer consequences and/or embarrassment from a crazy idea, they will keep it to themselves,” Tim says. “I try to encourage this open atmosphere for creativity, as some of the best ideas surface in this way.”
A Distinct Path in a Saturated Investment Landscape
Tim has carved out a unique space in the competitive world of investing. While many advisors try to appeal to broad audiences, he focuses on a specific group of clients who value security over speculation.
Early in his career, Tim learned the power of guerrilla marketing. Competing against larger firms, he understood that the key to success was targeting a narrow niche. Back then, it was television executives, particularly at CBS. Today, he works with conservative investors holding $10 million to $50 million—those who want market-like returns but without the sharp ups and downs.
Tim uses financial tools such as puts, calls, zero coupon bonds, and structured notes to build portfolios that aim for growth while protecting principal. He isn’t looking to scale quickly. His goal is to work with just 20 to 25 clients over the next few years.
What makes Tim stand out is his combination of 40 years of experience, a successful entrepreneurial background, and a fully customized approach. He doesn’t use models. Each portfolio is tailored to the individual, making clients feel seen, heard, and secure.
Significant Initiatives and Achievements
Tim has implemented several initiatives that have contributed to the success of Aurora. For example, the re-branding of his companies under Aurora, as well as the creation of the Aurora RIA itself. Tim points out that these initiatives re-set and reinvigorated the organization. He also felt personally re-inspired by these two initiatives.
Another initiative that Tim is proud of is positioning Aurora as a platform with responsive compliance and marketing — well ahead of the curve. He also takes pride in supporting advisors who have their own registered investment advisors (RIAs) but still want to maintain a broker-dealer connection.
A Major Challenge: Staring at a Potential Bankruptcy
One of the major challenges Tim faced was the threat of potential bankruptcy at the company going back to 2012. He shares that they were on the verge of bankruptcy because an advisor on their platform stole millions of dollars from clients. It took him three years to retool and upgrade their surveillance and compliance. “We’ve had no similar problems since,” Tim says. “And I know everyone feels the difference in anxiety over such risks going forward.”
The Vision for the Future
Tim intends to continue upgrading their technology and platform. Going forward, they plan to specialize more in higher end financial advisors. “We want to ensure that we are providing white-glove service to them,” Tim informs.
He expects them to grow with fewer new advisors – but of a higher quality. “In doing so,” he says, “we will become one of the elite firms in our field.”
Key Traits of an Inspirational Leader
Some leaders inspire their teams to achieve goals and succeed, while others just focus on their tasks. Tim is an inspirational leader through and through. According to him, some of the traits that inspirational leaders possess include a clear and concise vision of their marketplace. Like him, they also understand the need for convergence of technological, social, regulatory, and professional change moving forward.
Confident and charismatic, Tim is known for his impeccable communication skills. He points out that inspirational leaders can explain their vision as well as motivate others to share their vision and instill in them the confidence to work towards it. Another key quality of theirs is the ability to manage and coordinate disparate operations of a company so that there is harmony and enjoyment in working cooperatively towards the common vision and goals, according to Tim.
Values and Priority
Tim is successful not only because of his leadership traits but also due to his values. For him, money has never been a priority. “I value relationships before money,” he says. He also values integrity and trust very highly. According to him, he only works with clients, employees, and vendors who share those values.
One value that Tim stays away from is telling clients what “financial success” should mean to them. He, however, is there to guide them. “Of course, if they express anxiety or discontent over money, I will try to help adjust their mindset by looking at the positive always,” he says.
Tim may be the CEO, but, according to him, his business life is not his top priority. He values his family, personal time, and personal pursuits more than it. For example, he travels with his wife for her work and often goes on vacations. Tim, however, acknowledges that he has the “luxury” to do that at this point in his career.
Additionally, outside of his work, he is involved in financial education/literacy for young people, through The Financial Dad™, a podcast about financial literacy for entrepreneurs and others. Alongside his investment work, Tim also loves to perform on stage, especially singing tenor concert. He shares that he has sung for three Presidents, and in Europe and the U.S.
Impact of AI on Personal Finance and Investing
The advent of artificial intelligence, or AI, is impacting the future of all businesses across all sectors. It is influencing personal finance and investing as well, Tim points out. However, he also highlights that AI does not feature empathy and judgment.
“Like doctors, lawyers, and other professionals, finance professionals may handle information more rapidly through artificial intelligence, but judgment and empathy would be missing,” Tim says. “These qualities are found in high-level professionals, not in computers.”
Tim continues to believe that the emphasis should be on reading one’s clients and understanding their needs in terms of emotional concerns and issues, not just in terms of numbers and finance. A solution should then be crafted based on this understanding. “I don’t see computers doing that anytime soon,” Tim says.
Looking for New Avenues to Grow
Even at his age, Tim believes that it is critical to continue growing as a person, manager, and a professional. He firmly believes that anyone who is no longer growing is going to go backwards. “If you are not growing, you will also lose your spark that tends to attract people to you,” he adds.
So, Tim continues to look for new avenues or ways that will enable him to grow personally. This flows downstream to help the organization as well. “I am also just generally happier as a result,” Tim says.
Advice to Aspiring Business Leaders
Many aspiring business leaders aim to redefine success in their industries, which may inspire others to do the same. Tim encourages such leaders to first have a dream and an idea and then pursue both of them vigorously. He also tells them to do their homework on the market they intend to enter. “You must know your competitors and how you stack up against them,” Tim adds.
“Make sure to differentiate yourself” is his other piece of advice to aspiring business leaders. Tim underscores the importance of having adequate capital as well. “Most businesses fail for lack of capital, so that is the critical element,” he points out.
“And, remember, you are far more likely to be successful if you are following your own passion with all of your energy and abilities,” he adds.
