“I know I can count on them to dive into the minutia coming out of the SEC and distill it into actionable steps that we need to implement,” he explained, noting that access to that kind of expert analysis is invaluable for firms like his.
Steven Wilkes
CEO and Portfolio Manager, Hutchinson Capital Management
Larkspur, CA
AUM: $825.3 M
When Steven Wilkes joined Hutchinson Capital Management in 2002, the firm was already a member of the Investment Adviser Association (IAA), but it wasn’t until a few years later that Wilkes would attend his first IAA Leadership Conference. That experience introduced him to the depth of knowledge and professionalism within the association, and it sparked a connection that would grow over the next two decades.
As his responsibilities at the firm expanded to include compliance, Wilkes became a more active participant in the IAA’s programs and events.
“First and foremost, I’m an investment adviser and I work directly with clients,” he said, noting that compliance expertise was not his initial forte. “When our compliance officer left, I got to know people at the IAA very closely as I learned to leverage their resources.”
Taking on the varied responsibilities of the compliance role in addition to his regular duties pushed Wilkes, who would eventually be named CEO and Portfolio Manager, to explore the full breadth of what the IAA had to offer.
“I had known about the IAA and gone to some of the events, but I didn’t really tap into the resources until I wore the compliance hat,” he said. “They are really smart people, highly educated, and they absolutely know their stuff.”
That early engagement opened new doors for Wilkes, who was invited to speak on a few panels at IAA events. In 2018, he joined the IAA’s Board of Governors, and today, Wilkes chairs the organization’s Membership Committee.
A Partner for Small Firms
For small, independent RIAs like Hutchinson Capital, the sheer volume of regulatory updates and policy developments coming out of Washington can be difficult to track, let alone act on. Wilkes says the IAA has consistently helped his firm break through the noise.
The resources Hutchinson accesses via membership in the IAA help Wilkes’ team avoid relying on costly external counsel for issues that are already being addressed through the association’s events, webinars, alerts, and legal updates. This is particularly valuable for RIAs that do not maintain large in-house legal or compliance teams. “There is peace of mind knowing that the IAA is not only going to have my back—they’re going to have the backs of all of their member firms.”
A reliable partner who can expertly navigate a complex—and perpetually shifting—regulatory landscape is a resource Wilkes believes you simply cannot put a price tag on, particularly for small RIAs that do not have the luxury of assigning a dozen team members to read hundreds of pages of complex rulemaking.
That value is more important than ever today, Wilkes said, explaining that he has seen the compliance burden grow significantly over the course of his career. What was once manageable with a generalist’s attention, he said, now requires more structured support and specialized knowledge.
“Twenty years ago, the bar was down here,” he said, holding his hand low to demonstrate a minimal regulatory burden. “Now it’s up here, and it just keeps moving, but the IAA has helped us keep pace with all the changes.”
A Voice That Gets Heard
Another reason Wilkes continues to invest his time in the IAA is the association’s reputation among regulators. In particular, the IAA’s consistent, principled approach to advocacy—free from political contributions or PAC influence—has earned meaningful respect in Washington, according to Wilkes.
“The SEC listens to the IAA because of the quality of what they bring to the table,” he said. “That kind of credibility makes a difference. They’re not trying to buy access; they’re bringing substance.”
Over the years, Wilkes has witnessed the impact of that work in the form of improved transparency, better communication from the SEC, and more opportunities for small firms to have their concerns acknowledged.
“When someone from the IAA walks into the room, they get taken seriously,” he said. “That benefits all of us.”
Giving Back to the Profession
While Wilkes sees clear operational value in the IAA’s tools and expertise, he also believes membership is about more than what each individual firm receives in exchange for their dues investment. Supporting the IAA is also a commitment to the profession.
“This is a very rewarding industry and has been a rewarding career, and that’s why I like being part of the IAA,” he said. “I consider it that I’m giving back to the overall industry and to a group that does great work.”
Wilkes views his commitment to the IAA as an extension of his dedication to clients and the values that guide his work.
“I like working with clients where I can focus on helping them realize their hopes, dreams, aspirations, goals, and minimize their fears and anxieties, and bring peace of mind around their financial decisions and open up new possibilities for them,” Wilkes said. “Even if I got paid a fraction of what I am paid, I’d still do this, because I believe in what we do. And because of that, I want to be part of the leading organization that is the voice of our industry.”
It’s that connection to a greater good that drives Wilkes to come back year after year.
“I like to be able to interact with other people that share some of those same values,” he said. “I see so much value in networking with other like-minded organizations.”
A Beacon for RIAs
While Wilkes’ commitment to contributing to the success of the investment adviser industry is admirable, he finds himself disheartened by peers who do not hold the same view. Over the course of his tenure leading the IAA’s membership committee, Wilkes and his team of volunteers have tackled the challenges of recruiting new members head-on.
“People have heard me say this before, and I will continue to say it: the IAA does a tremendous amount of good in terms of advocacy for our entire industry,” he explained. “I’ve equated it to a lighthouse—it’s there for public consumption, but you don’t necessarily have to pay to enjoy the benefits of the lighthouse.”
Wilkes frequently leverages this analogy of membership as a public good when he speaks with other RIAs about the value of investing in the IAA.
“This is the only organization speaking up on behalf of fiduciary advisers like us and that advocacy only continues if we support it, all of us as a collective,” he said. “To me, the IAA is like a lighthouse. It helps everyone along the coast, whether they pay for it or not. But someone has to fund that work, and I believe that we all have a role to play in keeping that light on.”
The association’s advocacy, guidance, and visibility in Washington benefit all investment advisers—even those who are not active members. As Membership Chair, Wilkes frequently speaks with leaders from firms that use the IAA’s resources or follow its updates but haven’t formally joined. He considers that a short-sighted business decision.
“Too many people assume someone else will carry the weight,” he said, adding that the association’s advocacy, guidance, and visibility in Washington benefit all investment advisers—even those who are not active members. “At the end of the day, someone has to fund that work and we all have a role to play in keeping that light on, no matter the size of your firm.”
He calls this a ‘free rider’ problem in the profession and admits that it keeps him awake at night.
“The truth is, if firms like ours stop showing up, the work doesn’t get done,” he said. “It’s that simple.”
A Stronger Firm, A Stronger Profession
For Wilkes, IAA membership has created real advantages for his firm. It has provided timely guidance, peer connection, and a platform for advocacy that extends far beyond what a small team could achieve alone.
He also sees it as an investment in the future of the advisory profession, particularly for smaller firms that value independence, fiduciary standards, and client trust.
“If you’re benefiting from the IAA’s work—and most of us are—you should be supporting it,” he said. “Membership has made us a stronger firm, and it has helped me contribute to something bigger than my day-to-day work.”
At the end of the day, Wilkes sees the IAA as more than a resource. He recognizes that membership is a way to protect what matters.
“This is my 30th year in the industry,” Wilkes said. “I’ve been involved for a long time, and I can tell you without a doubt that the IAA is the premier organization for fiduciary investment advisers. Who wouldn’t want to be a part of that?”