Welcome to Wealth Redefined, where we explore strategies, stories, and services that empower you to live a life of significance. This episode is spotlighting a firm that’s redefining wealth management for families and entrepreneurs—Oswego Wealth Management.
David Riback, Managing Partner and one of the key architects behind Oswego Wealth Management’s Virtual Family Office experience. Dave is a trusted Wealth Manager who serves as a Personal CFO to business-owning families across the country. With over three decades of experience, David specializes in coordinating generational wealth strategies that align business succession with personal legacy and family values. His work is grounded in faith, driven by service, and focused on helping families build lives of lasting significance.
David Riback is an active community member with the Lake Oswego Chamber of Commerce, Arts Council and Lake Oswego Rotary. He is joined by Alex Torrescano, client services director.
Email Dave: Dave@oswegowealth.com or call 503-603-0872.
Securities are offered through LPL Financial. Member FINRA/SIPC. Oswego Wealth Management, Inc., a Registered Investment Advisor, offers investment advice. Oswego Wealth Management, Inc. and LPL Financial are separate entities.
LIZ HARTMAN:: [00:00:00] This is Business Lo, a podcast by the Lake Oswego Chamber of Commerce, which connects, educates, advocates, and champions, our business community. We have nearly 500 members from international corporations to home-based businesses, and we serve them all. Each episode of Business LO gives insider information to the local business community and the neighbors who support them.
And now let's talk Business lo.
MICHELLE ODELL:: It's the middle of April, 2025 and we are here with a very special edition of Business Lo. It's a guest branded episode Wealth Redefined, where we'll explore strategies, stories and services that empower you to live a life of significance. I'm your host, Michelle O'Dell, and today we're spotlighting a firm that's redefining wealth management for families and entrepreneurs.
Oswego Wealth Management. Joining me today is Dave Riback, managing partner and one of the key architects [00:01:00] behind Oswego Wealth Management's virtual family office experience. Dave is a trusted wealth manager who serves as a personal CFO to business owning families across the country. With over three decades of experience, Dave specializes in coordinating generational wealth strategies that align business succession with personal legacy and family values.
His work is grounded in faith driven by service, and focused on helping families build lives of lasting significance. Hi Dave. Welcome to the show. Thanks, Michelle.
DAVE RIBACK:: It's great to
MICHELLE ODELL:: be here. So here's the big question. What sets Oswego Wealth Management apart from the other advisory firms? And there's a lot of amount there.
DAVE RIBACK:: Yes, there are. We believe wealth management is not just about money. It's about something bigger than ourselves. It's about purpose. Our mission is to help clients build a life of significance so they can take care of the people they love, the causes they care about, and make a difference in the world. We act, as you mentioned, as a personal CFO for [00:02:00] our clients, coordinating everything from investments and tax strategies to estate planning and investment banking.
Who are the kinds of clients you serve? We specialize in serving two groups, uh, fluent families and entrepreneurs. Many are navigating transitions, starting another business, exiting a business. Succession planning or multi-generational wealth issues. Our clients value, communication, clarity, and control.
They do not want fragmented advice from disconnected professionals. They want a coordinated team that works very well together.
MICHELLE ODELL:: That makes sense. Yeah. That leads perfectly into the virtual family office. Tell us more about that.
DAVE RIBACK:: A virtual family office or VFO brings together a curated team of professionals, estate planning attorneys, CPAs, insurance experts, investment bankers, and wealth managers, all working under a unified strategy.
The client remains at the center. And we act as the hub.
MICHELLE ODELL:: So instead of the client coordinating across multiple silos, you
DAVE RIBACK:: do it right. Exactly. [00:03:00] Most affluent families already have a CPA, an attorney and an insurance agent, but they usually don't talk to each other. That leads to missed opportunities for the client and in efficient plans.
With our VFO, we lead the collaboration. We host team meetings, integrate strategies, and measure progress against goals at regular progress meetings.
MICHELLE ODELL:: Let's get a real world example.
DAVE RIBACK:: We were introduced to a business owner who had already sold his business. The business was suffering, so the buyer of the business brought the seller back in as the president of the company, and they gave him certain milestones to hit, which if he hit those milestones, there was going to be a substantial payout to him.
And there was, I'm not gonna tell you how many zeroes were behind that number, but there were a lot. We developed an advanced coordinated plan to dramatically lower the taxes that he and his wife had to pay. And through the virtual family office, we put together a coordinated plan to where it empowered them to take their [00:04:00] values and pass those on to future generations.
So we aligned their values with this massive wealth that they had created for themselves. That's comprehensive. That's the point. Without a virtual family office. Those opportunities can just fall through the cracks for the clients and we help ensure that they don't. Lemme give you an example. I have a client, I can't mention his name, of course.
Uh, sure. Successfully built a business and I was brought in by the tax advisor who worked for the client, and this client was making millions of dollars a year. Nobody had mentored him when he was younger, right? So those millions that were coming in just went right out. Right. He was having to sell off assets in retirement.
They're in their late seventies now, and it's just a shame to see that. 'cause that never ever should have happened. Right. But he got around the wrong people, got bad advice. We came in, like I said, pretty late in the picture. We were able to salvage some of it. But my point is, is that it's not just about whether they have money to invest, it's about what are their [00:05:00] values, what are their beliefs?
Our clients know we have no hidden agenda. And because we only work with a limited number of families, they get our full attention and a deep level of customization.
MICHELLE ODELL:: So Oswego Wealth Management also emphasizes spiritual alignment in your work. Can you share a little bit about that?
DAVE RIBACK:: Out of our love for our Lord, we serve clients to help them fulfill their God-given purpose.
Many of our clients want to align their wealth with their values, whether that's giving generously supporting missions or just stewarding the money wisely, that's core to who we are.
MICHELLE ODELL:: In this crowded financial industry, and we were talking about that earlier. What really makes you the go-to for this kind of work?
And I'll say, when we were planning this episode, Dave, you said you were a little behind on coming up with questions and that sort of thing because with the stock market doing back flips last week, you were spending a lot of time on the phone with. Many different clients that, you know, it was almost like, uh, you're a, not even a [00:06:00] financial advisor, but more of like a therapist, which really stood out to me and I loved that.
So what really makes you the go-to
DAVE RIBACK:: for this kind of work? You know, we've been accused of being therapists in the past. Our clients have walked out of one of our meetings and just said, I feel like I've been through therapy. And I guess in a way it is somewhat financial therapy. But to answer your question, the reason is trust.
Coordination and execution. We are independent fiduciaries. We are not pushing any products. We are solving problems for clients. I'm part of a global mastermind group of elite wealth managers who help each other, uh, refine their skills in terms of. Filling in the gaps. In fact, it's kind of funny 'cause one of the things that we do is what's called a gap analysis for existing clients, where we will meet with our virtual family office on a quarterly basis.
We obviously remove the client's names and we put all the information up on one of those giant sticky pad stick on the wall, and we look for gaps in their [00:07:00] wealth strategies. Now keep in mind this virtual family office is filled with, we have a business attorney, two accountants, we have an investment banker and myself.
And discuss the specifics of that case. Mm-hmm. And then look for gaps. And then what I'll do is I'll go back to the client. I'll say, you know, the attorney at our Strategic Alliance quarterly meeting, notice that you have these 10 properties, but they're all in your name. I. He's suggesting that those be an individual LLCs to limit your liability.
Do you have an attorney you're working with? And if they say yes, I say, great. Take that to your attorney. If they say no, I'll say, would you like me to introduce you to the attorney? If they say yes, and I make the introduction, I step out of it. And so we're bringing incredible value to. Clients with this virtual family office approach, and as I mentioned before, having access to topnotch professionals in each discipline outside of my discipline provides a wealth of knowledge and power to the client to make informed, [00:08:00] smart, strong decisions about their future.
MICHELLE ODELL:: Like you said, you've been in this for over 30 years now. Mm-hmm. Of course, you're a big part of the community, part of the chamber. People get to know you. They realize, yeah, you're just like this. You're very approachable. You're very warm, and I think that's a big part of your success as well, and I just love that.
Well, thank you. Um, you still have a mentor. You still have people that you rely on to help you with some of the, you know. Things that you're not an expert on that makes you really stand out.
DAVE RIBACK:: Well, thank you. I also have mentors in my life on a personal level as well, the people that mentor me, and there are people that I mentor to where none of us have all the answers, right, Michelle?
Right. None of us have all the answers, and so I. The more we can see ourselves and others through a different lens, then the more we're able to help them and we're able to improve ourselves and become better communicators and better facilitators again, of helping and serving people. Alright,
MICHELLE ODELL:: so I wanna know a little bit more about you, but first let's have a quick rapid fire q and a.
All [00:09:00] right. Are you ready? I'm ready. Best advice you give every client.
DAVE RIBACK:: Build your plan around your purpose, not around your portfolio. Okay, so what's the most common mistake wealthy families make? Probably that their advisors work independently of each other. There's no comprehensive plan. The advisors are not talking to each other, which is the exact opposite approach that we take with the virtual family office.
And then what's your favorite part of the job? That's easy. I get asked that a lot actually. I'm sure. It's really just to help my clients lead amazing lives of significance so they can take care of the people they love. The causes they care about and really make a difference in the world. And that's what excites me about what I do every day of the week.
Tell us a little bit about yourself. So to give people a better feel about me and, uh, what drives me. I'm all about enjoying life. I'm all about doing what brings you value, what brings you a sense of, of growth, a sense of serving. There are nine high net worth personality profiles. The one that I work with the best is what's called the family [00:10:00] steward because.
I'm a family steward and family stewards are all about serving. It's about the greater good. It's about taking care of the people we love and knowing that there aren't any strangers out there, they're just future friends that we haven't met. I wanna have fun with what I'm doing. I want my clients to have fun.
I want the people around me to have fun. And when I'm not at work in the summertime, you'll see me on the road on my bike cycling all around the area. In the wintertime, I'm up skiing up at Mount Hood. So for me, it's all about filling your days with. Things that are positive, having fun and giving back to the community.
MICHELLE ODELL:: Well, this has been extremely insightful, Dave. Where can listeners learn more or connect with you?
DAVE RIBACK:: Oh, sure. They can visit us at the website, which is oswego wealth.com. Just O-S-W-E-G-O. WT h.com. They can schedule a call directly from the site, explore our process, and see how the virtual family office could work for their family.
MICHELLE ODELL:: Thank you so much for joining us again, and our listeners need to remember one thing, wealth is a tool. Use it to [00:11:00] live your purpose.
DAVE RIBACK:: Thank you so much for having me, Michelle. It's been fun being here with you and I appreciate this opportunity to have this conversation.
MICHELLE ODELL:: Securities are offered through LPL Financial Member F-I-N-R-A-S-I-P-C, Oswego Wealth Management Incorporated.
A registered investment advisor offers investment advice. Oswego Wealth Management Incorporated and LPL Financial are separate entities.
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