The Diamond Podcast for Financial Advisors

With Ed Friedman, Director of Business Development and Growth at Summit Financial Overview The Director of Business Development and Growth, Ed Friedman, shares the secret sauce driving Summit’s growth surge. It’s a perspective on the evolved independent space, with actionable advice on culture, outsourcing, the value of minority investors, and other essential insights for advisors and business owners. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Many advisors still consider independence to be a “new” model, yet they’re decades off the mark. Independence has gained incredible steam recently, catalyzed by a continually growing ecosystem born to support breakaway advisors, making the leap much less difficult and far more attractive. While we often share the narratives of the advisors who made the leap to independence, many of their stories offer a perspective on a business less than a decade old. But this story is different because Summit Financial is an independent firm that launched in 1982. With decades under its belt, the firm has demonstrated that independence is the real deal, with the staying power to thrive in an industry that notoriously lacks stability and continuity. And what’s of greater significance is the fact that they’ve continued to innovate and grow—proven by the firm’s 3X rise to $10B in assets in the last 4 years. So, what’s behind this tremendous growth? And what does the future hold for Summit Financial? Ed Friedman, the Director of Business Development and Growth at Summit, joins the episode to answer that and more. Ed is best positioned to offer a glimpse into the firm’s secret sauce to success. He’s charged with winning over advisors who have their sights set on greater freedom and flexibility, but aren’t interested in building their own independent firm. In the episode with Louis Diamond, Ed offers a unique point of view on the industry and his own journey, as well as: His decades of experience with some of the biggest names in the business: Morgan Stanley, Hightower Advisors, and Dynasty Financial Partners—and how that influences his work with Summit today. The evolution of independent models—and how Summit’s trajectory has changed over the years. The value of a culture driven by advisors—and how that creates a differentiator between Summit and other supported independence models. The keys to Summit’s extraordinary growth—and what made the last few years some of the most successful in the firm’s history. Plus, Ed shares actionable advice on growth, outsourcing, the value of minority investors, and more—with essential insights for advisors and business owners alike. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources What Advisors Should Focus on to Maximize the Value of Their Practice: An Investment Banker’s Guidance Dan Seivert of ECHELON Partners offers perspective to help advisors better understand their business’s value drivers and how to maximize each, even if you aren’t interested in going independent or selling your business. Assessing the Gap Between Where You Are and Where You Want to Be A four-step process for financial advisors who are feeling the “pain of incongruence.” Diamond Consultants 2023 Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry. Ed Friedman Director of Growth and Business Development Ed Friedman is the Director of Business Development and Growth at Summit Financial LLC. Ed is a financial services industry veteran with decades of experience in advancing advisor’s practices and supporting their growth. Prior to Summit, Ed Friedman ran his own consulting business, providing consulting services including operational, business, growth and technology strategies to Independent Wealth Management firms and the strategic vendors that support them. At Dynasty Financial Partners, Ed was the National Director of Practice Management and former Director of the Enterprise Group with a focus on wealth management firms in excess of $1 Billion in assets. Ed was also part of the founding management team at HighTower Advisors heading up business development and advisor development. Before the launch of HighTower, Ed had a 22-year career at Morgan Stanley and its predecessor firm with roles as a financial Advisor, branch manager and senior executive management. Ed is a graduate of Rutgers University with a BA in Business and Finance. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

With Matt Baum, Partner, Fox Rothschild Overview Attorney Matt Baum breaks down the facts on the latest FTC Noncompete Rule, the potential impact on an advisor’s business, current agreements, the ability to transition, and more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… On April 23, 2024, the Federal Trade Commission announced a comprehensive “Noncompete Rule,” banning non-competes for “all workers, even senior executives,” as stated on their website. It’s a hot topic amongst advisors, who are curious about how this ruling might impact their businesses, current agreements, and, ultimately, their ability to transition. As advisor advocates, Diamond Consultants applauds any action that enables advisors to choose the best firm for their clients and business—without limitation or threat of litigation. However, as it stands now, we aren’t convinced this new rule will significantly impact an advisor’s business life. And, as with any new ruling, it begs more examination, particularly as it relates to those in the wealth management industry. So, we asked attorney Matt Baum to join Louis Diamond on this special episode. Matt is a partner at the law firm Fox Rothschild and specializes in the financial services industry. In this episode, Matt breaks down the facts around the current FTC ruling and offers his thoughts on the most common concerns we’re hearing from advisors, including: When this rule will go into effect and the impact on existing agreements. Whether certain elements of an advisor’s current employment agreement may ultimately be non-enforceable. How this might impact non-solicit agreements. What this might mean for garden leave provisions. The impact on business owners. And, most importantly, what advisors need to do to protect their business and livelihood. As firms continue to find new ways to stave off attrition, topics like this are critical to the employee advisors who are most impacted by regulatory changes. Likewise, business owners need to understand their responsibilities when it comes to provisions that may affect their practices. While not intended to replace the advice of counsel, this episode seeks to break down the facts and provide general guidance on an evolving topic. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources The 7 Unintended Consequences of Staying the Course While it may seem “safer” to stay put, there are risks in doing so that many advisors are unaware of. Retire-in-Place Programs: Are They All They’re Cracked Up to Be? 5 reasons why advisors are forgoing what was designed to be a no-brainer deal. Diamond Consultants 2023 Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry. Matthew B. Baum Partner Matt represents financial industry participants, including broker-dealers, financial advisers and RIA firms as well as businesses and individuals in litigation and arbitrations. Matt has represented multiple Fortune 500 financial institutions, in addition to many small and middle market firms. He has also served as counsel to more than 150 financial advisers throughout his career. Matt appears on behalf of clients in arbitrations (including FINRA and AAA) and in state and federal courts. Among other things, Matt has represented clients in 100+ FINRA arbitrations, including both industry and customer disputes. He also frequently advises broker-dealers, RIA firms and financial advisers in connection with transitions and recruiting matters. Matt serves as a go-to resource for multiple broker-dealers for transition and recruiting-related matters. He also is consulted as an outside general counsel for multiple RIA firms. Prior to joining Fox Rothschild, Matt was a partner of a Manhattan based mid-sized law firm. Before that, he practiced at a securities law boutique located on Wall Street. Matt was a John Harlan Marshall Scholar at New York Law School. There, he also served as Coordinating Notes Editor of the New York Law School Law Review. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

With Angie Ostendarp & Jordan Raniszeski, Senior Managing Partners, Carnegie Private Wealth Overview In building a $1B business at Wells, Angie Ostendarp and Jordan Raniszeski realized they had outgrown the model, which limited their ability to serve their clients and continue their growth trajectory. They share why supported independence was the right fit and how it’s changed their path toward the future. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Why do advisors pursue change? It often comes down to this statement: “We weren’t able to ‘blank’.” And for many, that blank is filled in with statements like: Serve clients without limitation. Build a brand, or market freely to clients and prospects. Access a stronger platform or better tech. Own the equity and build enterprise value. And for some advisors, it may be several of the above—and then some. For example, Angie Ostendarp and Jordan Raniszeski joined forces at Wells Fargo in 2008 and, along with Mary Ware, built a strong practice managing over $1B. But things were changing at the firm, and the limitations multiplied. Over time, it became more difficult to do what was most important to them: That is, to serve their clients. Ultimately, in March of 2023, Angie and Jordan’s due diligence journey landed them at LPL’s Strategic Wealth Services, along with Mary and two other Wells Fargo advisors, Mitch Mayfield and Jeff Vandiver with a total of $1.45B under management. Carnegie Private Wealth would become the largest team to join the once nascent LPL model. On the supported independence platform, the team was able to create a firm that would answer all their clients’ needs without the heavy lift of building it from scratch. Angie and Jordan join Louis Diamond to share their journey from Wells to independence, including: Building an incredible business at Wells—and how they did so despite limitations they later experienced. Their motivations around change—and how they were running from the model and not the firm. The feeling of having “outgrown the channel”—and why they felt like they were “no longer in the right place.” Their perspective on business ownership—and how that’s impacted their lives. The value of education—and how a deep understanding of their options made the decision process less complex. This episode demonstrates how advisors can reach a point where a firm’s business model may no longer align with the goals and values of a growing practice—and that’s where the value of education comes in. Listen in to learn from this successful team’s experience and point of view. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Listen: Advisor Success Formula: Closing the Gap Between HNW Client Expectations and Advisor Services In a more competitive and commoditized world, it’s critical to leverage any advantage available to be more intentional and thoughtful in managing and growing your business. This episode takes a deep dive into John Bowen’s latest report to identify action items that can help advisors get started on a new path to thinking about delivering exactly what clients want. Read: The Inverse Grid: Is Your Firm Providing Enough Value? When considering the products and services a firm provides in exchange for the revenue they keep, is it really a good value? Download: The Employee Advisor’s “Gut Check” Have you had that “feeling in your gut” that says, “I’m not sure that where I am is allowing me to serve my clients best?” Many advisors get stuck at this point, uncertain of how to qualify whether the feeling has any basis in reality. We’ve created the “Employee Advisor’s Gut Check” tool. With it, you’ll be armed with the right criteria by which to evaluate your current firm, as well as any others you may be considering. Angela Ostendarp, CFP® Sr. Managing Partner | Sr. Wealth Advisor Angie loves serving clients and helping them create a plan to pursue their goals. This is what led her to become an advisor and has kept her in the industry for nearly 30 years. Angie received her bachelor’s in Business Administration with a concentration in Finance from UNC Chapel Hill. Her licenses and designations include Series 7, 63, 31 and 9/10 through LPL Financial, along with Certified Financial Planner. Angie’s go-to financial advice is not to wing it, but rather have a plan in place. Away from the office, Angie enjoys golfing and cheering on sports teams in the Charlotte area with her husband, Jay. Together, they have three children and one Australian shepherd. She likes to volunteer at Habitat for Humanity and Junior Achievement and has fond memories of c

With Mindy Diamond & Louis Diamond Overview In looking for “better ways” to foster growth and solve for other long-term goals, advisors need to weigh the value of pain vs. gain when it comes to a transition. In this special episode, Mindy and Louis Diamond share a process for answering the seminal question: Is change really worth it? Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Almost every advisor gets to a point where they wonder how they can make their business life better. And it’s likely something you may be thinking about as well. For instance, you may be wondering how to grow faster. Or looking for ways to hire and develop next gen talent or build a team. Or get access to better technology. Or you may also be looking at the bigger picture for ways to gain more control and boost your business’s value. And it all begs these two important questions: How badly do you want it? How much do you really need it? This is where the saying “no pain, no gain” typically applies—because it’s not as much about whether you want or need it, but what you are willing to do or give up to get it. No doubt, we all want perfection or at least for things to be the very best they can be. But, messing with the status quo by transitioning can disrupt momentum and even impact client relationships. And the reality is there are no guarantees that the changes you make will be worth the hassle you may go through. And that’s the very reason so many advisors get stuck by inertia, living with a status quo that may not serve them best. In this special episode, Mindy and Louis Diamond share a process for assessing the potential value of change. They share the important questions you need to ask yourself, like: How do you know when it’s worth it to make a change? How do you decide if what you’re going after will yield positive results in the end? What things might you need to sacrifice to get what you really want? Plus, they share real-world examples of the thought process other advisors have gone through in their own journeys. It’s an important conversation, designed to get you thinking not just about your goals and what you’re looking to achieve but also what it might take to do so. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources The 7 Unintended Consequences of Staying the Course While it may seem “safer” to stay put, there are risks that many advisors are unaware of. Private Bankers Find Greater Independence: Former $2B J.P. Morgan Team on Their New Chapter with Cresset Kevin McGuire and Sarah Burney former J.P. Morgan Private Bankers discuss moving their $2B HNW-focused business to Cresset, plus garden leave, portability, referrals, and more. The Strategic Due Diligence Roadmap Visual guide to help financial advisors embark upon an efficient process—one that is more likely to result in discovering Your Best Business Life™. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

With Brent Chappell & Brad Chappell Managing Partners & Founders, Chappell Wealth Management Overview Brent and Brad Chappell share unique perspectives as next gens of a business conceived by their father decades ago at Merrill. They offer insightful thoughts about family dynamics and succession, the value of mentors and education, what it takes to build a $1B wealth management business, and more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Many successful people attribute their achievements to having a great mentor. For Brent and Brad Chappell, their father was a “childhood hero who became their business mentor.” Robert Chappell founded his wealth management practice at Merrill in 1984, when being part of the “Thundering Herd” was like being part of a much larger family. The brothers proudly reminisce about the influence Robert and his work at Merrill had on them, so it was no surprise when Brent and Brad joined the firm in 2002 and 2006, respectively. The Chappells’ early experience at Merrill was one of two families blended together. Yet that kinship diminished after the firm’s sale to Bank of America, and the team’s ability to serve clients and conduct daily business became challenged. Like many successful wirehouse teams, the Chappells credit the firm for being the foundation of their family business. But they saw the handwriting on the wall, and it said that they owed it to themselves and their clients to explore their options. In February 2023, Brent, Brad, and their team left the firm their father retired from and launched Chappell Wealth Management as one of the largest teams on the Sanctuary Wealth supported independence platform. In this episode with Louis Diamond, Brent and Brad talk about their journey and motivations, including: Growing up with Merrill—and what changes they witnessed over the years. Their unique perspective as next gens in a family business—and when it became clear that “what got them here wouldn’t get them there.” The economics of a move to independence—and how they reconciled the fact that they would owe money back on their father’s CTP agreement. Their exploration and transition process—and why “education” was one of the most valuable facets. Plus, what it really takes to build a $1B+ business. Listen in as they candidly share a unique narrative about a changing wirehouse world, family dynamics, succession, and building a strong business designed to achieve long-term enterprise value. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources The Next Gen Dilemma: 5 Unique Realities Faced by Successors The path for next gen advisors can be wrought with some pitfalls, yet when walked with confidence and flexibility, it can be immensely rewarding. Transition Announcement: $1.5B Legacy Merrill Team Opts for Supported Independence With Merrill roots dating back to the 1980s, brothers Brent and Brad Chappell decided that independence with Sanctuary Wealth provided a better path for the future of Chappell Wealth Management. What We Can Learn When Top Advisors Leave Their Firms If changing firms made sense to these $1B+ financial advisors, what lessons can be learned by those who manage less but aspire for more? Merrill Advisors Ask… Answers to the most frequently asked questions when considering a transition from Merrill Lynch. Brent R. Chappell, CFP®, CIMA® Managing Partner & Founder Brent Chappell is a Managing Partner and Founder of Chappell Wealth Management. Brent helps clients through a collaborative approach designed to simplify the complexities of their financial lives. With more than two decades of experience, his goal is to give clients the peace of mind that comes from knowing that they have engaged with a seasoned and highly distinguished team of professionals that are willing to spend the time to fully understand the dynamics of their goals and to solve for the specifics. Brent was an honors student at the University of Texas at Austin and graduated in 2001 with dual degrees in Finance and Spanish. He joined Merrill Lynch Wealth Management in 2003 and departed as a Managing Director in 2023 to found Chappell Wealth Management. Brent was accepted into MENSA in 2006 and received his CIMA® designation from the Investments & Wealth Institute™ (The Institute) after completing executive education in investment management from the Wharton Business School. He is also a CERTIFIED FINANCIAL PLANNER™, CFP® certificant, awarded by the Certified Financial Planner Board of Standards, Inc. He holds a Series 7, Series 66 and Series 31 FINRA registrations. Brent and his w

With Michael Kitces, Industry Thought Leader and Chief Financial Planning Nerd Overview Listen in for an insightful and revealing look into advisors’ minds and what really makes them happy, based on data from the latest Kitces survey. Learn the motivations and drivers that lead not only to success but to a better quality of life. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… So what is it that REALLY makes advisors happy? A recent survey by industry legend and thought leader Michael Kitces and his team set out to find the answer. And what they found is quite revealing: It turns out that income and happiness are not equal. That is, greater compensation doesn’t necessarily make an advisor happier. So, what makes an advisor happier? Mindy Diamond and Michael dive into the data to answer that question and others, including: What do advisors actually value most? What are the most important factors that influence how advisors feel about their firm and the work that they do? What ultimately motivates an advisor to consider change? Why do so many unhappy advisors allow inertia to guide them when they could be seeking something better for themselves and their clients? And how can advisors use this data and the insights provided to improve their wellbeing and potential for success? Listen in for an insightful and revealing look into the minds of advisors, and the motivations and drivers that lead them not only to success but to a better quality of life. That is, their best business life. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Diamond Consultants 2023 Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry. Kitces Report: What Actually Contributes To Advisor Wellbeing Download a complimentary copy of The Kitces Report (Vol. 2, 2023), “What Actually Contributes To Advisor Wellbeing”. ‘Mostly Happy’ is a Sentiment Many Advisors Share, but is it Enough? How unhappy should an advisor be to consider change? Nine questions to gauge whether it’s time to start exploring options. What Really Makes Financial Advisors Happy? In a world driven by the bottom line, the root of contentment often lies behind less “easily measured” criteria. Michael E. Kitces MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Head of Planning Strategy at Buckingham Wealth Partners, an independent RIA with more than $50 billion of assets under management, that provides private wealth management to consumers and turnkey asset management platform services to advisors. In addition, he is a co-founder of the XY Planning Network, AdvicePay, New Planner Recruiting, fpPathfinder, and FA BeanCounters, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning continuing education blog Nerd’s Eye View through his website www.Kitces.com, all dedicated to advancing knowledge in financial planning. Beyond his website, Michael is an active writer and editor across the industry and has been featured in publications including Financial Planning, the Journal of Financial Planning, Journal of Retirement Planning, Practical Tax Strategies, and Leimberg Information Services, as well as The Wall Street Journal, BusinessWeek, CNBC PowerLunch, NBC Nightly News, and more. In addition, Michael has co-authored numerous books, including “The Annuity Advisor” with John Olsen (now in 5th edition), the first balanced and objective book on annuities written for attorneys, accountants, and financial planners, and “Tools & Techniques of Retirement Income Planning” with Steve Leimberg and others. Michael is one of the 2010 recipients of the Financial Planning Association’s “Heart of Financial Planning” awards for his dedication to advancing the financial planning profession. In addition, he has variously been recognized as financial planning’s “Deep Thinker,” a “Legacy Builder,” an “Influencer,” a “Mover & Shaker,” part of the “Power 20,” and a “Rising Star in Wealth Management” by industry publications. These awards were presented to honor Michael’s active work in the financial planning community, including numerous other boards and committees for the Financial Planning Association, the Investments and Wealth Institute, and the Society of Financial Services Professionals, at both the local and National levels. Michael is also a co-founder of NexGen, a community of the next generation of f

With John Bowen, CEO and Founder, CEG Worldwide, LLC Overview In a more competitive and commoditized world, it’s critical to leverage any advantage available to be more intentional and thoughtful in managing and growing your business. This episode takes a deep dive into John Bowen’s latest report to identify action items that can help advisors get started on a new path to thinking about delivering exactly what clients want. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… In the wealth management industry, we often talk about the incongruence between an advisor’s expectations and those of their firm. But what about the clients? Are their expectations well-aligned with the advisor’s ability to serve them? What if you had an inside look at exactly what products and services your clients wanted most? Consider how immensely powerful having access to this information could be: You can custom-curate your value proposition, offerings, and service delivery to meet your clients’ specific needs. You can better differentiate your business from others in the field, addressing needs that might otherwise be overlooked by your competitors. Plus, the ability to better serve your clients will foster enduring relationships, more referrals, and sustainable growth. With all that in mind, John Bowen and his team at CEG Worldwide embarked on a data-driven exercise to determine what high net worth clients want most from their advisors. Ultimately, they found a significant gap between clients’ expectations and the services that advisors delivered. In this episode, Louis Diamond and John dive deep into the survey data and come up with valuable insights for all advisors – whether you’re at a wirehouse, regional, boutique, or independent firm – including: What high net worth clients really want from their advisors. How to optimize your service delivery by filling gaps perceived by clients. Whether your firm is helping or hindering your ability to serve clients. How to identify new and unique differentiators for your business based on your clients’ needs. In a more competitive and commoditized world, it’s critical to leverage any advantage available to be more intentional and thoughtful in how you manage and grow your business. This episode provides action items to help you get started on a new path to thinking about delivering exactly what clients want.   Mentioned in this episode: “Wealth Management Gap Play to Win” report Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Coach to the Advisor Elite: CEG’s John Bowen on What it Really Takes to Build a Blockbuster Business What’s the secret to the success of top financial advisors? John Bowen of CEG Worldwide, coach to elite financial advisors, shares the “real gamechangers” that help them break through to the next level and accelerate growth—and more. What’s the ‘Real’ Value of a Financial Advisor’s Business? A still red-hot RIA M&A market has many employee advisors pondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Download the Diamond Consultants 2023 Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry John Bowen Founder and CEO John Bowen is the founder and CEO of CEG Worldwide, the world’s leading coaching firm for financial advisors. Since 2000, Bowen and his team have had the privilege of coaching elite financial advisors to build simple, elegant wealth management businesses that serve their affluent clients extremely well while building lives of significance for themselves, their teams and their loved ones. Before founding CEG Worldwide, Bowen worked directly with affluent clients as a financial advisor for 26 years, managing up to $2 billion in assets before selling his firm. Following the sale of his firm, he became CEO of Assante Capital Management. Under his leadership, Assante more than tripled assets under management to more than $25 billion. Bowen is widely recognized as a leader in the financial services industry. Over three decades, he has delivered hundreds of keynote presentations and workshops to thousands of top advisors around the world. For more than 20 years, he wrote a highly acclaimed monthly column for the leading U.S. financial services trade journal, Financial Planning. And he is the author or co-author of more than a dozen books, including Elite Wealth Planning: Lessons from the Super Rich, The Wealthy Client Pipeline: Leveraging Thought Leadership to Build Profitable Partnerships with Attorneys and Accountants and Breaking Through: Building a World-

With Jason Barber, CEO and Founder, and Taylor Pankratz, President and Founder —Holistic Planning Overview What motivated the founders of Holistic Planning to leave Edward Jones, a firm their family built a business at over more than four decades? They discuss their thought process, the transition, and the growth opportunities they are now experiencing. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… The stakes are high with every transition. But for some, they’re even higher. And this breakaway story is about as high stakes as it gets: A family business that started at Edward Jones in 1981, putting over 40 years of growth and three generations on the line. Jason Barber was the third generation to join the practice his grandfather Paul and father Steve built at the firm. Then, nearly a decade later, Jason’s cousin, Taylor Pankratz, left Raymond James to become a part of their team. Yet the pivotal moment came in 2023, when Jason, Steve, and Taylor made the tough decision to leave the firm where their family business was born and thrived, growing to over $500mm in assets under management. So why would a team with this much history with Jones and whose business was literally built over generations and decades with the same firm, decide it was time to explore their options? Jason and Taylor’s response is a common one that we hear from growth-minded advisors: “We outgrew the firm.” So many advisors find themselves at a point where their desire to grow and the ability to achieve their goals are limited by the firm they work for—whether that be at Edward Jones or any other employee-model firm. For Jason and Taylor, the only way to achieve what they set out for was to launch their own RIA, and in 2023, Holistic Planning was born. In this episode with Jason Diamond, Jason and Taylor share the story, including: The culture change at Edward Jones—and how that motivated them to consider their options. The limitations they were feeling at the firm—and how removing the “governor on their growth” is allowing them to now build and grow as they desire. Their due diligence process—and why they ultimately chose to build their own independent firm. The family’s response to the news of change—and why their grandfather said, “What took you so long?” The specific things they were trying to implement at Jones—and what they can do at their own firm that’s been a real game-changer. The launch of their companion firm, Uptick Partners—and how they envision it will allow other breakaways to leverage the platform they built. It’s an episode with a bit of something for every growth-minded advisor with helpful guidance on the process of considering change. Plus, it offers a firsthand perspective for senior and next gen advisors thinking through the next phase of their business. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Post-Transition Survey: Checking in on Former Edward Jones Advisors Who Recently Moved Unfiltered, fresh, candid, and honest feedback straight from your Edward Jones peers who transitioned to another firm or model within the past 18 months. Assessing the Gap Between Where You Are and Where You Want to Be A four-step process for financial advisors who are feeling the “pain of incongruence.” Edward Jones Information Hub A curated list of top-of-mind content for Edward Jones Advisors. Behind the Breakaway: Uptick Partners Podcast Learn more about our breakaway experience and the movement to RIA independence.   Jason Barber CEO & Founder Jason is a founder of Holistic Planning. He serves as the firm’s CEO and sets the firm’s overall vision and strategy. The creation of Holistic Planning, a fee-only independent Registered Investment Advisor (RIA), is the direct result of Jason’s desire to provide clients the most value and service while reducing conflict of interest to a minimum. Prior to founding Holistic Planning, Jason was with Edward Jones for 12 years and served in numerous leadership roles. Jason is a proud graduate of Texas A&M University. He holds the CERTIFIED FINANCIAL PLANNER certification awarded by the Certified Financial Planner Board of Standards, Inc. and the Accredited Asset Management Specialist designation awarded by the College for Financial Planning. He considers himself to be a lifelong learner and a servant leader. Jason and his wife Rachel were married on August 6, 2016, in Hot Springs, Arkansas. They share their wedding anniversary with Rachel’s parents and her grandparents. They have three handsome sons named Luke, Samuel, and Jack. They are also proud parents of their daughter in heaven, Joa

With Dan Seivert, CEO & Managing Partner at ECHELON Partners Overview Dan Seivert of ECHELON Partners offers perspective to help advisors better understand their business’s value drivers and how to maximize each, even if you aren’t interested in going independent or selling your business. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… As more advisors shift toward thinking of their business as “a business,” the priority has become the long term—with an emphasis on maximizing the value of what they’ve built. Yet maximizing value isn’t solely to affect a sale or transition: It’s about identifying the best partners, practices, and procedures to help build a stronger and more sustainable business that will serve clients and foster growth well into the future. So, what is it that drives business valuations? Dan Seivert, one of the wealth management industry’s leading experts on the topic, joins the show to share key factors that impact the value of an advisor’s business. As the founder and CEO of ECHELON Partners – a boutique investment bank focused on M&A and succession planning for the wealth and investment management industries – Dan’s firm also provides sell-side, buy-side, and merger advisory services to wealth and investment managers seeking strategic growth, partnership, and succession solutions. ECHELON’S M&A Deal Reports are an industry standard, providing data and perspective on activity on a quarterly and annual basis. Plus, the Deals & Dealmakers Summits and Webcasts feature some of the industry’s most influential voices on M&A, strategy, leadership, and solutions for deal-making. In this episode, Dan sits on the other side of the table with Louis Diamond to discuss essential information on the heels of ECHELON’S 2023 Deal Report. They discuss: Driving enterprise value at all levels—regardless of where advisors build their businesses. Where business valuations stand today—and where they might be headed. The latest M&A trends—and what advisors should be aware of. The rise of private equity—and how this impacts advisors at wirehouses. And the key factors that set the best business apart from all others. Dan has a unique perspective on what makes an advisor’s business attractive to a potential seller, and he provides actionable advice on what advisors can do now to prepare for the future. It’s a unique interview with an industry thought leader that will help advisors better understand their business’s value drivers, how to maximize each, and what’s important to know about valuations going forward—even if you aren’t interested in going independent. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Diamond Consultants 2023 Advisor Transition Report JUST RELEASED February 2024: The latest “State of the Union” on the wealth management industry for financial advisors. The Next Big Thing: Private Equity Disrupting the Landscape for the Best Teams Private equity firms are showing an enhanced interest in wirehouse breakaways, investing directly in these teams on day one. Learn what’s driving this new trend, which teams are most appealing, how it will impact movement, and more. Are You Selling Yourself Short by Selling Equity? So you’re considering independence and the potential of taking on a capital partner. Is that the right move—or is there a better way to financially de-risk the leap? Here are 5 things to consider. Daniel B. Seivert CEO and Managing Partner ECHELON’s RIA M&A Deal Report Dan Seivert is the CEO and founder of ECHELON Partners – one of the leading investment banks and consulting firms to the wealth and investment management industries. Before starting ECHELON, Mr. Seivert was one of the initial principals of Lovell Minnick Partners, where he helped invest over $100MM in venture capital across 15 companies. Before his involvement in private equity, Mr. Seivert was a buy-side analyst at The Capital Group (American Funds) where he valued firms in the asset management and securities brokerage industries. Mr. Seivert’s initial job at Capital was in strategic planning and marketing research, where he worked directly for several chairmen of the company and the fund boards. Mr. Seivert began his career in the M&A department of Skadden, Arps, Slate, Meagher & Flom. Over the past 30 years, Mr. Seivert has worked with over 500 executive teams and boards to help them envision, initiate, and execute a diversity of complex business strategies and transactions. As their trusted advisor, Mr. Seivert has helped these clients make the tough decisions concerning acquisitions, sale

With Louis Diamond and Jason Diamond Overview In the Advisor Transition Report’s companion podcast episode, Louis and Jason Diamond explore the key takeaways and their anticipated influence on activity during 2024 and beyond. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… There’s no doubt that knowledge is power. This notion has driven the popularity of our annual Advisor Transition Report, an in-depth analysis of advisor movement, transition deals, and significant trends in the wealth management space. The report captures the year in wealth management over 2023 and is designed to be a resource for advisors who are curious about the seismic changes we are seeing play out in real-time in the industry—information relevant to advisors whether considering change or not. In this special Industry Update podcast episode, Louis Diamond and Jason Diamond take a deeper dive into the key takeaways and the anticipated influence of each on activity through 2024 and beyond. They offer valuable insight into: What firms were the winners – and losers – in the recruiting game. Which models saw the greatest amount of activity—and how this compares to previous years. How the shift toward a focus on the long-term is driving movement—particularly amongst the mega-teams. What impact retention efforts – like retire-in-place programs – had on advisor movement. Where recruiting deals are at—and where they are headed. Why there’s a shortfall of next gen talent—and how that’s impacting succession plans for aging advisors. Why private equity is the next “big thing”—and how it will disrupt the industry landscape. Why the advisor was ultimately the real winner of 2023—and is expected to be the winner again in 2024. And much more! It’s the perfect companion to the Advisor Transition Report, so be sure to download it and listen in to this special episode. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Diamond Consultants 2023 Advisor Transition Report JUST RELEASED February 2024: The latest “State of the Union” on the wealth management industry for financial advisors. Bourbon, Real Estate, and Golf Courses: How Innovations in Investments, Training, and Client Service Built a $9.4B Business What does it take to thrive in the ultra-competitive wealth management world? Gary Furukawa and Erik Morgan of Freestone Capital share how their success is driven by creating unique solutions around serving clients, training their team, building the business, and managing investments. The Next Chapter: Former First Republic Head Launches RIA with Backing from PE Firm Summit Partners There was a time when First Republic Private Wealth Management was a top landing spot for corner office wirehouse teams. Then, the bottom fell out with the regional banking crisis. The former unit president, Bob Thornton, joins the show to discuss the fallout and his new chapter building an RIA backed by private equity firm Summit Partners. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

With Brett Bernstein, CEO and Co-Founder of XML Financial Group Overview Brett Bernstein realized that he could not achieve his vision and goals within the wirehouse world. So he set out to build his own practice. When he outgrew that, he built a firm. Now, he’s building an enterprise. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Growth is not something that happens by chance. It is the result of just the right combination of vision, strategic planning, determination, and the ability to act upon each. Brett Bernstein is one such advisor who, just a couple of years after becoming a licensed broker at Merrill, recognized he wanted more latitude in how he could build and grow his business. That is, it seemed more difficult to achieve his goals as one of thousands in a large firm that has no choice but to manage to the lowest common denominator. No doubt, the wirehouses provide the support, platforms, and tech stacks that serve most advisors and their clients well, but they’re not for everyone. As one of the latter group, Brett and his team moved on to LPL Financial in 2004 – a firm that looked very different than it does today – where they grew the business to some $550mm in assets. But, as Brett put it, they outgrew the broker dealer model they were in. In 2016, Brett and his team took the next big leap to independence, partnering with Focus Financial. For Brett, the steps represented what he describes as moving from building a practice, then a firm, and now an enterprise. Each with a goal of putting the right pieces in place to impact growth. And when it comes to growth, it’s pretty clear Brett and his team know what they’re doing: Today, XML Financial Group (a name that’s derived from “ex-Merrill Lynch”) has client assets in the range of $4B. In this episode, Mindy and Brett have a candid conversation about what it really takes to grow, including: The limitations he felt that kept him from thriving—and how he resolved them through the transitions. The decision to forgo a recruiting deal from another big firm—and whether that decision had an impact on his bottom line. The value that Focus Financial brings to the table—and why he refers to them as their horsepower to help turbocharge growth. The story behind the firm’s name—and how it plays into their culture and value proposition. And much more! It’s a real-world narrative around what it takes to really grow and thrive in the wealth management industry with plenty of actionable advice from an industry peer. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Celebrating Independence: Different Perspectives on How to Achieve Greater Freedom and Control Independence in the wealth management industry is much like your local ice cream shop: There are many different flavors to choose from. The Independent Alpha: Making the Breakaway Math Add Up Advisors breaking away for independence know what they are giving up, so how can they justify making this leap? The answer starts and ends with growth. Financial Advisor Economics: From Transition and Beyond In an active recruiting environment, advisors are eager to understand where deals are at and where they’re headed. Beyond a transition deal, how can advisors monetize their business over time – thinking about the short-, mid- and long-term – whether they are in an employee or independent model? BRETT BERNSTEIN, CFP® CEO & Co-founder Brett Bernstein is the CEO and Co-founder of XML Financial Group. He manages the operations of the firm, including the firm’s M&A strategy. Brett is an active financial advisor assisting clients with his holistic approach to goal-setting and problem-solving. Prior to co-founding XML in 2004, he was a Vice President and Senior Financial Advisor at Merrill Lynch, where he was a designated Producing Sales Manager for a multi-billion-dollar complex. Brett is a serial entrepreneur actively investing in many start-up companies and has led his firm in three acquisitions. He earned his Certified Financial Planner® professional designation in 2003. He is a sought-after speaker and industry commentator having numerous contributions in the Wall Street Journal, Financial Advisor Magazine, Investment News, and Forbes. Brett received a Bachelor of Science in finance from the University of Maryland’s Robert H. Smith School of Business and continued his education at Georgetown University and Harvard Business School’s Executive Leadership Program. Brett has served on various non-profit organization boards in numerous leadership positions but over the past 12 years has served as the Board Chair of So What Else

With Mindy Diamond and Louis Diamond Overview A breakdown of the steps advisors can take to prepare for change and enhance business processes, equally effective for those at the curiosity stage or even deep into due diligence, and whether you ultimately make a move or not. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Contrary to what many advisors believe, transitioning from one firm or model to another does not happen overnight. Ensuring a transition is accomplished with the least amount of disruption, the highest level of portability, and the greatest success takes a good amount of planning—for advisors and teams at all levels. Of course, there are several steps we walk our advisor-clients through when they are considering change: educating them on the latest trends, helping to evaluate economic models and understand their enterprise value, guiding them through the thought process around their goals and vision, conducting a strategic due diligence process, and the act of comparing and contrasting their current firm to the options on the table. But this is different. There are actions that you can take now to prepare your business for a potential move—whether you’re just at the curiosity stage or even deep into due diligence. They are actions that are so important that our download on the topic, Top Tips for Setting Your Business Up for Success Years Before a Move, has become one of the most popular tools in our arsenal of advisor resources. In this episode, which serves as a “deep dive” companion to the tool, Mindy and Louis break down each tactic, offering additional advice gleaned from over two decades of experience helping our advisor-clients through successful transitions, including: How to improve book portability. Why you should set up a secure document repository. What you should be looking at when it comes to your staff and their roles. How to handle legacy broker dealer business. Why you might consider shifting away from proprietary solutions. And much more! It’s the guidance you need to prepare you, your team, and your business for change and enhance your business processes—whether you ultimately make a move or not, you’ll be ready to pivot in whatever direction you need to. So listen in to learn what you can get started on today. ►► Download: Top Tips for Setting Your Business Up for Success Years Before a Move Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources How to Deliver Massive Value: Turning the Tables on The Perfect RIA’s Matthew Jarvis Matthew Jarvis rose from near bankruptcy to running a profitable independent financial advisory practice. He shares his story plus key teachings on extreme accountability, delivering massive value to clients, and more. Considering a Move? Here’s What You Need to Know: A Special Industry Update What does an advisor need to know when embarking upon due diligence? In the second of this 2-part series, Mindy Diamond and Jason Diamond provide the key steps to a strategic process with focused outcomes. Follow Me: 5 Steps to Retaining Your Clients During a Move How should someone in exploration mode assess the wisdom of changing jerseys? Consider these 5 steps. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

With Summit Partners’ Bob Thornton, Executive in Residence, and Melanie Whelan, Managing Director Overview There was a time when First Republic Private Wealth Management was a top landing spot for corner office wirehouse teams. Then, the bottom fell out with the regional banking crisis. The former unit president, Bob Thornton, joins the show to discuss the fallout and his new chapter building an RIA backed by private equity firm Summit Partners. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Until 2010, First Republic was considered just another sleepy bank brokerage option. It was then that Bob Thornton, the President of the wealth management unit, was tasked with shaking things up and transforming First Republic into a major player. And that he did. The momentum started with two mega acquisitions that put First Republic on the map – $6B Luminous Capital and $6.1B Constellation Wealth Advisors. Those deals led to many big recruiting wins over the years, with the unit eclipsing $270B in assets, according to their 2022 filings. The wealth management unit that Bob helped build had the ingredients of success: a boutique culture, a strong referral mechanism, and the perfect blend of freedom and infrastructure. However, it could not withstand the regional banking crisis of 2023: First Republic Bank’s bottom fell out along with the foundation it provided for the wealth unit, leaving behind stress and uncertainty for the unit’s elite advisors. Today, Bob is taking all that he learned and starting a new chapter in the RIA world—and the story unfolds with backing from one of the industry’s premier private equity firms, Summit Partners. In this episode, Bob and special guest Melanie Whelan, Managing Director at Summit Partners, speak candidly with Mindy Diamond. They discuss: The reality of what happened to the wealth management unit at First Republic—and what Bob learned from that experience. Bob’s vision for the new firm—and why he feels top advisors will be attracted to it. The value that Summit Partners sees in this venture—and how Bob’s expertise in creating the “secret sauce” that attracted top advisors to First Republic was an attractive proposition to the PE firm. The role that Summit Partners will play in this partnership—and the growing trend of private equity in the RIA space. Plus, Melanie talks about how her experience as both COO and CEO roles at SoulCycle is shaping the process of building and growing the new wealth management business from the ground up. It’s rare, behind-the-scenes access to the creation of a new firm—that, as of this recording, the name of which has yet to be revealed. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources In The News: Summit Partners Backs Ex-First Republic Wealth Chief’s RIA Venture Mindy Diamond Cited by Mason Braswell, AdvisorHub – Boston-based private equity firm Summit Partners is backing former First Republic Private Wealth Management head Bob Thornton’s wealth management venture, according to an announcement on Thursday. Private Equity and the RIA: Two Perspectives on the Value of Growth Mark Copeland, Founder of $19B Signature Estate & Investment Advisors (SEIA) and Ben Prigal, Vice President of Reverence Capital Partners, discuss the value of partnership between private equity and RIAs, practice valuation, PE’s attraction to the wealth management space, and more. Financial Advisor Economics: From Transition and Beyond In an active recruiting environment, advisors are eager to understand where deals are at and where they’re headed. Beyond a transition deal, how can advisors monetize their business over time – thinking about the short-, mid- and long-term – whether they are in an employee or independent model? How to Navigate the Emotional Rollercoaster Ride of a Transition: A Special Industry Update Mindy Diamond and Louis Diamond share ideas from 25 years of experience to help advisors navigate the daunting process of transition and advice on how to better cope with what can feel like a tumultuous ride. Bob Thornton Executive in Residence Bob Thornton joined Summit Partners as an Executive in Residence in late 2023. Prior to joining Summit, Bob served as President of the Private Wealth Management business of First Republic Bank, where he led the growth of that business from under $10 billion in assets to more than $250 billion. In his role with First Republic, Bob placed a premium on supporting the investment advisor as “Wealth Manager” to meet clients’ full wealth management needs. Along with his team, Bob developed a series of growth programs including integr

With Barry Mitchell, Founder & Managing Director, Next Level Private Overview Former UBS advisor Barry Mitchell discusses why he messed with success in the quintessential narrative for financial advisors around how to think about change, due diligence, the transition process, and more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Why do so many top advisors opt to make a change when things seem good enough? This is one of those episodes that answers that question and many more. Barry Mitchell was a UBS advisor who built an extraordinary business at the firm. Yet, as Barry describes it, he felt the pull of entrepreneurialism to a world where he could serve as a true fiduciary to his clients. That is, a world without the conflict of interests inherent in the big brokerage world; where client minimums are the advisor’s choice, not the firm’s; and free of the limitations that barred him from marketing as he wished and building a real community around being a “financial advocate” as opposed to a “financial advisor.” So, in 2021, Barry and his team left UBS to launch Next Level Private, an independent firm that he built from the ground up, with support from a team of experts, as he puts it—including their custodian Pershing and a cast of other partners well-versed in building an RIA firm from transition process onward. (In full disclosure, Diamond Consultants is proud to have served as his guide through the due diligence and transition process.) In this episode, Mindy Diamond asks Barry many of the questions advisors have around considering change, like: Why was he willing to mess with success? Why not opt for an outsized transition deal from another big firm? Why independence? What was it like making a non-Protocol move? What assumptions did he have that were ultimately proven incorrect? How did his clients respond? What about portability? And much more. Plus, Barry shares how this change has impacted his business life—and whether he is achieving all that he sought out to. It’s the one conversation to listen to from an industry peer who once had many of the same questions as you—offering the quintessential narrative around how to think about change, due diligence, and the transition process. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Industry Guru Bob Veres on Achieving Excellence and Building the Advisory Firm of the Future A conversation with one of wealth management’s most influential thought leaders and the editor and publisher of Inside Information. Diamond Consultants Advisor Transition Report 2022 – Focus on UBS This comprehensive, data-driven report provides the answers that UBS advisors care most about – where their peers are moving to, why they are moving, and how they are moving – plus reveals insights specific to the firm and its advisors. The Mysteries of UBS: Deciphering What Drives its Wins and Losses UBS advisors describe a culture defined by wins and losses—and they are asking tough questions about what the future holds. Mitchell Jr., CRPC®, CRPS®, CAP® Founder and Managing Director 2022 #8 Forbes Best-in-State Wealth Advisor New York State 2021 #9 Forbes Best-in-State Wealth Advisor New York State 2020 #14 Forbes Best-in-State Wealth Advisor New York State 2019 #15 Forbes Best-in-State Wealth Advisor New York State 2018 #17 Forbes Best-in-State Wealth Advisor New York State Barry embarked on his journey to change the face of the financial services industry in 1987. During his 35-year career, Barry has proven to be eminently qualified to help clients and their families in his role as their trusted advocate. He has helped them navigate every type of market environment helping them sleep at night since 1987, as they march towards financial independence. He takes great pride in his ability to add value by providing clients with a high standard of support, collaboration and knowledge. Barry founded Next Level Private with his team in 2021 as a registered independent advisor to serve their clients and community in a better way as fiduciaries. It is important to recognize and understand that NXT is not a broker dealer, and because of that Barry, the firm and all of its employees are held to a higher standard of care, known as the fiduciary standard. Barry is a 1983 graduate of Iona Prep and in 1987 graduated from Boston College Carroll School of Management with a B.S. in Finance and Marketing. His belief in continual learning has earned him multiple industry designations including the Chartered Retirement Planning Counselor (CRPC®), the Chartered Retirement Plan Specialist (CRPS®), and the Ch

With Gary Furukawa, Founder, Senior Partner and Erik Morgan, President, Senior Partner at Freestone Capital Overview What does it take to thrive in the ultra-competitive wealth management world? Gary Furukawa and Erik Morgan of Freestone Capital share how their success is driven by creating unique solutions around serving clients, training their team, building the business, and managing investments. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… We often speak about the competitive landscape as a positive providing maximum choice and optionality for advisors. But that also means maximum competition—and a much bigger stable of choice for clients. For those who serve high net worth clients in particular, their success is often driven by innovation: thinking well outside the box to create unique solutions around how they serve clients, train their teams, build their businesses, and even manage investments. Yet, the ability to think – and act ­– with this level of freedom isn’t necessarily possible for those building their businesses in the wirehouses. For Gary Furukawa, the idea that clients could – and should – be first above all else came to him while at Smith Barney, yet it was an ethos not possible to realize within the construct of the brokerage world. So in 1999, Gary launched Freestone Capital, a self-financed firm he built from the ground up (a much more complicated endeavor than he imagined). In 2000, Erik Morgan (from the Private Client Services group at Arthur Anderson) joined as President to lead the firm’s growth initiative. And it proved to be a dynamic combination that propelled Freestone from $250 million in assets under management to over $9 billion today. In this episode with Louis Diamond, you’ll learn: Freestone’s innovative solutions around client service. Why they focused on organic growth first before hiring experienced advisors. Details about their unique, scalable training program for recent college grads. Their novel approach to investing and why they opt to serve as a direct private equity investor. And it’s the latter that you’ll find most interesting, as their roster of investments includes golf courses, real estate, and even barrels of bourbon. But you’ll have to tune in to learn more about that! The most successful advisors and firms recognize that growth and client service go hand-in-hand—so listen to this dynamic episode to learn how this team found innovative ways to marry the two. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources What’s in it for Clients? 7 Ways They Can Benefit from an Advisor’s Transition Many advisors cite “improving client service” as the catalyst for a move—but knowing what the real impact will be is critical. Innovative Ways the Best Independent Firms Fuel Growth: A Special Industry Update Independence allows advisors to create an unlimited menu of innovative value-add services for their clients. And as the industry landscape expands, employee advisors are finding ways to get in on the action. Learn specific examples of the various services offered by some of the industry’s leading independent firms. Assessing the Gap Between Where You Are and Where You Want to Be A four-step process for financial advisors who are feeling the “pain of incongruence.” Gary Furukawa Founder & Senior Partner Gary founded Freestone in 1999 and brings over four decades of investment, financial advice, and planning experience to Freestone. He serves as Chief Investment Officer for Freestone, and serves as a co-portfolio manager of Freestone’s Real Estate funds. He serves on the boards of Freestone Capital Management and Cambio Communities. Prior to founding Freestone, Gary worked for 17 years at EF Hutton and Salomon Smith Barney as a Senior Vice President. Prior to Salomon Smith Barney, Gary worked as a Certified Public Accountant in the Tax Department with Deloitte & Touche in Seattle. Gary is a Phi Beta Kappa and earned a BA magna cum laude in Business Administration from the University of Washington. In his spare time, Gary enjoys cycling, skiing, yoga, pickleball and fly fishing. He also enjoys traveling and reading a good book. Gary is a frequent lecturer at the University of Washington’s Foster School of Business for upper level Finance / Investment courses for both undergraduates and MBA students and received the 2015 Distinguished Leadership Award from the Foster School of Business. In 2018, Gary was the keynote speaker for the UW Foster School of Business graduation ceremony held at Alaska Airlines Arena in Seattle, WA.   Erik Morgan President & Senior Partner

With Onur Erzan – Head of Global Client Group and Head of Private Wealth, AllianceBernstein Overview In a unique “other side of the table” perspective from a top firm leader, Onur Erzan discusses how a growth mindset transcends AllianceBernstein’s culture, from its enhanced value proposition to its blend of proprietary and open architecture solutions, and more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… What do all top advisors have in common? A hyper-focus on client service, of course, but also an obsession with growth—the twin pillars of any successful wealth management business. Yet the “growth mindset,” as it’s often called, isn’t necessarily an innate trait but one that can develop over time and most certainly be learned from others—like this episode’s guest, Onur Erzan. For Onur, it was a mindset that developed in business school and continued through nearly two decades at the powerhouse global consulting firm McKinsey & Company, where his most recent role was senior partner and co-leader of its Wealth & Asset Management practice. Yet a desire to have a more lasting impact on the space led Onur to join AllianceBernstein in 2021. As Head of the Global Client Group and Head of Private Wealth, he oversees the firm’s entire private wealth management business and third-party institutional and retail franchise, and is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. In this episode with Mindy Diamond, Onur discusses how a mindset towards growth is transcending the culture at Bernstein, including: The firm’s value proposition—and what makes it attractive to top advisors. The high net worth and ultra-high net worth focus—and how their approach differs from other firms. Their unique mix of proprietary and open architecture managers—and how choice of managers enhances both advisor and client experience. The specific intentions and actions that impact growth—and how the firm’s culture can influence each. The real value of having a growth mindset—and the key things advisors need to pay attention to. Plus, Onur offers his viewpoints on the future of wealth management, the value of technology, his perspective on AI, and much more. We hear from advisors all the time about the importance of growth, but this is a unique “other side of the table” perspective from a firm leader who has steered some of the most prestigious groups on Wall Street—so be sure to listen in. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources The Billion-Dollar Mindset: What Drives Top Advisors? Adopting these 12 characteristics can change your growth trajectory. What We Can Learn When Top Advisors Leave Their Firms If changing firms made sense to these $1B+ financial advisors, what lessons can be learned by those who manage less but aspire for more? Innovative Ways the Best Independent Firms Fuel Growth: A Special Industry Update Independence allows advisors to create an unlimited menu of innovative value-add services for their clients. And as the industry landscape expands, employee advisors are finding ways to get in on the action. Learn specific examples of the various services offered by some of the industry’s leading independent firms. Onur Erzan Head of Global Client Group & Head of Private Wealth Onur Erzan is Head of Global Client Group and Head of Private Wealth. He oversees AB‘s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Erzan is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, Erzan co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. He has been active in nonprofit organizations for the last several years and has served on the boards of Graham Windham and Turkish Philanthropy Funds. Erzan holds a BS in business administration from Middle East Technical University, Ankara, Turkey, and an MBA from Columbia Business School. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

With Jack Ginter – CEO and Partner, Callan Family Office Overview Jack Ginter, CEO and Partner of Callan Family Office, discusses how understanding the unique needs of clients and delivering upon those needs are the key to building a world-class advisory business. The 30-year industry veteran shares his journey and offers actionable advice to advisors of all levels. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… What does it really take to build a world-class advisory business? Ultimately, the answer seems quite simple. As Jack Ginter shares, it comes down to the recognition that clients at every level of wealth have different expectations—and to meet those expectations means thinking differently about your service model. It was an answer that developed over the course of Jack’s three-decade career serving ultra-high net worth clients. This discerning group expected much more than what was available in the “packaged” solution environment of the big brokerage firms. It’s advice that’s relevant to advisors serving all client segments – from the mass affluent on up – as competition from all corners of the industry drives the need to offer more than core planning and investment services. In Jack’s case, he left his role as president of Abbott Downing, Wells Fargo’s ultra-high net worth business unit in 2021, and in 2022 launched Callan Family Office. This uniquely self-financed independent firm partnered with Callan LLC., one of the largest independently-owned investment consulting firms in the US, and was designed from the ground up with specific intentions around serving the unique needs of their ultra-high net worth client base. In this episode with Louis Diamond, Jack talks candidly about: His blockbuster break from Abbott Downing—and what led him to launch an independent firm. The choice to launch the now $5B Callan Family Office—and why he did so without taking on debt or selling equity. The relationship with Callan LLC—and what value the firm brings to the table. The specific client needs he sought to address—and how that has become the competitive advantage he sees in independence. The importance of customization—and how it helps deliver what it really takes to go head-to-head with the biggest names in the business for the wealthiest clients. And, ultimately, advice for advisors of all levels on what you need to pay attention to when taking your business upmarket. It’s the one episode that reveals why advisors – regardless of where they practice – need to ask themselves this critical question: How can we best serve our clients? Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources What’s in it for Clients? 7 Ways They Can Benefit from an Advisor’s Transition Many advisors cite “improving client service” as the catalyst for a move—but knowing what the real impact will be is critical. The Inverse Grid: Is Your Firm Providing Enough Value? When considering the products and services a firm provides in exchange for the revenue they keep, is it really a good value? Innovative Ways the Best Independent Firms Fuel Growth: A Special Industry Update Independence allows advisors to create an unlimited menu of innovative value-add services for their clients. And as the industry landscape expands, employee advisors are finding ways to get in on the action. Learn specific examples of the various services offered by some of the industry’s leading independent firms. Jack Ginter Chief Executive Officer Partner Having extensive experience that extends across ultra-high-net-worth wealth management and corporate banking, Jack Ginter is responsible for the firm’s overall growth and management, with a focus on optimizing the client experience and delivering exceptional client service. He takes a leading role in fostering strategic relationships, business development, and team building. At Callan Family Office, Jack builds on his three-decade career of creating and building complex businesses. Prior to Callan Family Office, Jack served as president at Abbot Downing, Wells Fargo’s ultra-high-net-worth business, where he oversaw the merger of legacy family office businesses, which ultimately accounted for more than $50 billion in assets under management. He also served as interim head of The Private Bank at Wells Fargo in 2021. In 2008, Jack joined Calibre, Wachovia’s ultra-high-net-worth management business and a predecessor bank of Wells Fargo, where he served as the regional managing director in Philadelphia. Earlier in his career, he worked as the city executive for U.S. Trust in Philadelphia. Jack graduated from Saint Joseph’s Universit

An annual digest for financial advisors with hosts Louis Diamond and Jason Diamond Overview A compendium of the best advice from top advisors on eliminating limitations and bureaucracy, fostering growth, maximizing business value, and ensuring your firm is the right place for your clients and business for the long term. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Even after 6 years of producing this series, we’re still in awe of the extraordinary wisdom shared by the advisors, firm leaders, and industry thought leaders who join us on the show. But it’s the advisor interviews that listeners often find most captivating and instructive. It’s these advisors’ candid perspectives on their personal journeys that listeners find compelling: From their experience on liberating their businesses from limitations to finding more freedom; to their secret sauce around growth and maximizing value; and on to building businesses the right way—providing a succession path and ultimately, a legacy. 2023 proved to be the year that advisors took a hard look at their businesses and their firms with a long-term point of view. And they asked themselves the tough questions, like: What steps should I be taking to maximize the value of my business? Where can I find the freedom to run my business the way I want to? Are the firm’s management and policies negatively impacting my clients and my earning potential? Why are respected colleagues leaving the firm? And, ultimately, is this firm the right place for my clients and business for the long term? So, we took on the annual task of combing through each of a year’s worth of episodes to find the best advice from your peers. Our goal: To share a digest of relatable lessons and actionable anecdotes from those who’ve walked the walk—18 guests who were kind enough to lend their time and experience. Yet there are many more amazing guests, incredible topics, and relatable soundbites that we could not include in this digest. So be sure to catch up with the entire series on our website, Apple Podcasts, or any major podcast platform. Please note: This episode represents the first episode in which we use our new call name. It’s a change that reflects our commitment to providing the industry’s most respected and objective content on transitions, advisor growth and, of course, independence. As Featured on this Episode: Scott Bills, Chief Executive Officer, Partner, Nilsine Partners Matt Blocki, Founder and CEO, Equilibrium Wealth Advisors Matt Celenza, Founder and Managing Partner at Boulevard Family Wealth Chris Cooke, Cooke Financial Group Andy Ferguson, founder and CEO of Proquility Private Wealth Partners Ghislain Gouraige, Partner, NewEdge Wealth Jonathan Hirtle, Executive Chairman at Hirtle, Callaghan & Co. Marc Horner, Wealth Advisor and Founder of Fairhaven Wealth Management Leo Kelly, Founder and CEO, Verdence Capital Advisors Evan Mayer, Founder and CEO of Fortuna Wealth Shane Morrow, Managing Partner & CEO, IronBridge Wealth Counsel Matthew Murphy, CEO & Partner, Marble Wealth Michael Nathanson, CEO and Chair, The Colony Group Rory O’Hara, Founder and Senior Managing Partner Ausperity Private Wealth Jack Petersen, Managing Partner and Advisor at Summit Trail Advisors Craig Savage, Partner, Wealth Advisor, William Blair Ray Sclafani, CEO and Founder, ClientWise Alan Zafran, Co-Chief Executive Officer and Co-Founding Partner of IEQ Capital Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources An Advisor’s Guide to 2024: The Impact of 2023 on the Coming Year A review of the most influential trends that impacted advisors in 2023, plus predictions and actionable guidance for 2024 to help advisors think more strategically and set longer-term goals to grow, protect, and future-proof their businesses. Of Myths and Moving 2023 Setting the record straight on the most common misconceptions that can block financial advisors from achieving their best business lives. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A Special Industry Update with Mindy Diamond and Louis Diamond Overview A review of the most influential trends that impacted advisors in 2023, plus predictions and actionable guidance for 2024 to help advisors think more strategically and set longer-term goals to grow, protect, and future-proof their businesses. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… What were some of the most impactful trends of 2023? How did these trends influence the decisions advisors made around change? And what can be expected from 2024 when it comes to recruiting, deals, movement, and growth? It’s the annual episode in which we step back to review all that was learned from the year passed with actionable guidance for the coming year so advisors can think and act with a longer-term perspective. With an entire year serving as our guide, we’ll answer some of the top questions advisors have, including: What can be learned from the fact that there’s been an uptick in the number of billion-dollar teams who transitioned to other firms and models? What are the trends in transition deals and the winners and losers in the battle for top talent? How have changes in the industry landscape impacted advisor movement? And we dive into the trends we anticipate will have the greatest influence on the coming year, such as: Private equity’s path for wirehouse teams with their sights set on building independent enterprises. The influencers on multi-generational teams and their role in driving movement. Changes in compensation and sunset programs. And much more. We’re grateful for the opportunity to have shared an extraordinary year of education, knowledge, and perspectives with you. 2024 is destined to be an exciting year—and we’re looking forward to providing more impactful topics and insights along with candid conversations around transitions, growth, and an ever-changing industry landscape with some of the industry’s brightest movers and shakers. With that in mind, we’re excited to announce that we’re changing the name of this show to better reflect the wider range of content you’ve become accustomed to as the series evolved over time. So, starting in 2024, you’ll find us by our new calling card: The Diamond Podcast for Financial Advisors: Insights on Transitions, Advisor Growth, and Independence. Until then, listen in to what is traditionally one of our most downloaded episodes of the year! Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Of Myths and Moving 2023 Setting the record straight on the most common misconceptions that can block financial advisors from achieving their best business lives. The Next Big Thing: Private Equity Disrupting the Landscape for the Best Teams Private equity firms are showing an enhanced interest in wirehouse breakaways, investing directly in these teams on day one. Learn what’s driving this new trend, which teams are most appealing, how it will impact movement, and more. MaxCeV™: How to Maximize Your Career Enterprise Value This formula seeks to provide a process by which an advisor can “calculate” the sum total of 4 key factors—to conceptualize what their career enterprise value really is and how to achieve it. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

With Steve Lockshin – Entrepreneur and Founder of Vanilla and AdvicePeriod Overview Steve Lockshin, founder of AdvicePeriod, Vanilla, and others, offers a unique perspective on how an advisor’s entrepreneurial DNA can drive their ability to serve clients and grow untethered, particularly in the independent space. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Many advisors often face an unfortunate truth: The decision-makers at a firm often know very little about being an actual financial advisor. Steve Lockshin has sat on both sides of the proverbial table, and he shares two unique vantage points: The perspective of an advisor who recognizes the limitations at his current firm and the entrepreneur and problem solver who fills those gaps with new solutions. Steve first realized his love for the wealth management industry as an unpaid college intern at Legg Mason, later shifting his skills to broker and then on to financial advisor. Yet he gained more recognition as he flexed his entrepreneurial muscles, launching some of the industry’s largest independent wealth management and fintech firms, including: Convergent Wealth Advisors, a company he founded in 1994 and later sold to City National Bank; the consolidated performance reporting platform Fortigent, which sold to LPL; and more recently, wealth management firm AdvicePeriod, which merged with Marty Bicknell’s Mariner Wealth in the summer of 2021 in a blockbuster transaction. Featured several times in Barron’s Top Advisors and even landing the number one spot in the country, Steve’s accolades demonstrate his stature in the advisory space. Yet it’s Steve’s prescience that’s the real story here: He seems to have the natural ability to see – and create – the next big thing in wealth management. It’s the notion of working outside the lines to create unique solutions that drive business growth and enterprise value. In this episode, Steve discusses his extraordinary journey and shares advice with Louis Diamond, including: The difference between traditional and independent firms—and how independence offers the ability to better fulfill clients’ unique needs. Being in charge of one’s destiny—and how the inspiration he derives from working with others drives him. Updates on his latest endeavor, Vanilla—and what motivated him to build a fintech platform that simplifies and standardizes the estate planning process. The reality of AI—and what role he sees it will have in wealth management. Plus, Steve shares what it’s like to be Michael Jordan’s financial advisor—and much more. It’s an episode with extraordinary value for advisors, business owners, and everyone in between—because even if you’re building your business in a wirehouse, there’s plenty to learn from an industry powerhouse who has found pathways to channel his entrepreneurial spirit toward success. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey With so many options to choose from, how does an advisor decide which path to independence to take? Everything You Need to Know About Independence: An Industry Update Jason Diamond joins the show for a quick yet thorough education on the continually evolving independent space answering the questions that many of our advisor-clients ask us during due diligence. How to Maximize Your Career Enterprise Value This formula seeks to provide a process by which an advisor can “calculate” the sum total of 4 key factors—to conceptualize what their career enterprise value really is and how to achieve it. It’s one of the central tenets of Diamond Consultants’ process in guiding advisors through due diligence. Steve Lockshin Founder and Principal Steve Lockshin is a Founder and Principal of AdvicePeriod and former Chairman of Convergent Wealth Advisors, a company he founded in 1994. Steve helped pioneer the independent advisory industry, building one of the largest independent RIAs in the nation. Lydian Wealth Management was acquired by City National Bank (NYSE:RY) in 2007. He is also the founder and visionary of Vanilla, a tech-enabled platform to automate estate planning for advisors and lawyers. Steve is widely known for his contemporary approach to wealth advisory and estate-planning knowledge and is a frequent speaker on both topics. He memorialized his concerns about conflicts of interest in the industry in his guide for consumers, Get Wise to Your Advisor (John Wiley & Sons: 2013). Steve has received many industry accolades, including being ranked #1 by Barron’s in both their state (CA) and #1 in

With Chris Cooke and Brian Cooke – Cooke Financial Group Overview What motivated this $1.6B multi-generational Wells Fargo team to leave the wirehouse world for supported independence with a relatively unknown broker dealer? It’s a candid conversation with Chris and Brian Cooke of Cooke Financial about how their desire for greater freedom and control coupled with support and resources drove their decision and fueled their amazing growth. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Seven years ago, Chris and Brian Cooke made headlines for breaking away from Wells Fargo Advisors to join the “under the radar” Indianapolis broker dealer Noyes & Co. Certainly, it was big news for a $1.6B team to leave the wirehouse world—particularly in 2016. But here’s what makes it even bigger news today—especially if you’re a wirehouse advisor. It demonstrates the “pushes and pulls” that motivated their decision to leave Wells, which we find are common amongst many top advisors like them: The feelings of being limited by their firm. The management changes that gave them pause to consider whether where they were was indeed the best place to serve their clients and grow their business. The need for greater freedom and control. The desire to be entrepreneurs. The ability to be a part of something bigger than themselves, with equity for the long-term. And to create a legacy that they could continue for generations to come. John Cooke started the business in 1969 as part of Prudential Securities, with Chris and Brian joining in 1992. Taking their father’s lead, they maintained the family feel—developing strong relationships with their clients through authenticity and empathy. And in doing so, they grew to over $1.6B in assets under management. Yet things were changing at Prudential. In 2003, the brokerage unit was sold to Wachovia, which later sold to Wells Fargo. So, like many of their peers in the wealth management industry, the Cookes tired of the changing of the corporate guards—and running the business and serving clients the way they wanted to became increasingly difficult. Yet, as a billion-dollar team, they had other big firms knocking on their doors. But Chris and Brian knew they wanted to be entrepreneurs, have greater control, and were interested in equity in something bigger than themselves. So, in 2016, the $1.6B team left Wells for Noyes. And in 2018, with the help of Jim Dickson, Noyes was relaunched as Sanctuary Wealth with the Cooke Financial Group as founding members. Louis Diamond talks with Chris and Brian in one of our final episodes of the 2023 season. They talk about: Their transition to Noyes—and the birth of Sanctuary Wealth. The choice to opt for what would become “supported independence”—and not building an independent firm themselves. Going independent—and why they didn’t consider a transition deal from another firm. The motivations around their decision—and what anticipated changes in wealth management shaped their decision to leave the wirehouse world. The power of a family business now welcoming the 3rd generation of Cookes—and how they developed into the $2.4B enterprise it is today. It’s a very special episode for many reasons—one that represents the evolution of individuals and the businesses they built in a changing wealth management landscape. And even our own business and this series are evolving as a result of these changes—representing the growth of the industry and our steadfast goal to keep listeners informed and empowered. So listen in and stay tuned for some exciting updates along with our new calling card. Want to learn more about where, why, and how advisors like you are moving? Email [email protected] or feel free to give us a call at 908-879-1002. Related Resources The Independent Alpha: Making the Breakaway Math Add Up Advisors breaking away for independence know what they are giving up, so how can they justify making this leap? The answer starts and ends with growth. How to Navigate the Emotional Rollercoaster Ride of a Transition: A Special Industry Update Mindy Diamond and Louis Diamond share ideas from 25 years of experience to help advisors navigate the daunting process of transition and advice on how to better cope with what can feel like a tumultuous ride. Sanctuary Wealth $25B Later: An Inside Look at the Firm’s 4-Year Growth and What Lies Ahead Jim Dickson, founder and CEO of Sanctuary Wealth, revisits the show as the firm celebrates its 4th anniversary, to recap the early days of Sanctuary, discuss where the firm is today and the growth of supported independence, plus share lessons they’ve learned along the way and much more. Chris Cooke Chris C

With Matthew Celenza, Founder and Managing Partner at Boulevard Family Wealth Overview Wirehouse advisors often wonder what they are missing as they watch peers and colleagues break away to the independent space. Matt Celenza was once that guy. He believed he had access to everything his UHNW clients needed—until his move revealed just how much more he could do with true open architecture to improve client service and grow faster. 6 years after his first visit on this series, Matt comes back to share an insider perspective on “what he wishes he knew before breaking away”—the good and the bad. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… It was nearly six years ago when we welcomed our first guest on this series. At that time, Matt Celenza was just a few months into life as an independent business owner, the founder of Boulevard Family Wealth in Beverly Hills. A seasoned industry professional hailing from Morgan Stanley, Smith Barney Citigroup, and later Merrill, Matt made the leap to independence after building an extraordinary $800mm-plus business serving ultra-high net worth clients. Yet he left Merrill to build his own RIA firm. A transition like this begs the questions: Why leave when business is good? What could possibly be missing that would warrant the risk and hassle of a move? And what about upsetting momentum? Matt’s motivations, even back in 2018, mimic many of the advisors we speak with today—most importantly, a focus on the long-term. In this episode, Matt looks back at his transition and shares an insider perspective on “what he wishes he knew before breaking away”: Why he believed he had “open architecture” access to everything he needed to serve his UHNW clients in the wirehouse world. What he can do now for clients and the business that he could not do as an employee of a wirehouse. How, even though it wasn’t a primary driver for his move, he is now able to grow faster AND live a better business life. Today, Matt’s firm has more than doubled in assets under management—and he attributes that to gaining the ability to think and act strategically. Listen in as Matt revisits that breakaway decision with Mindy Diamond: The perspective of hindsight—and what he might have done differently. The journey of building an independent business—and how he achieved such extraordinary growth. Their value proposition—and why it’s evolved over time. The partners they chose—and how they continue to benefit from them today. His long-term focus—and how it is empowering him and his team. Listen in as Matt shares a point of view relevant to any advisor who has taken the time to consider their goals and is striving to live their best business life. Want to learn more about where, why, and how advisors like you are moving? Email [email protected] or feel free to give us a call at 908-879-1002. Related Resources A View from the Top: An Interview with Breakaway Broker Matt Celenza What drives a wirehouse advisor to make the leap to independence? And what happens once they get to the other side? Hear it first hand in this one-on-one interview with breakaway broker Matt Celenza. What We Can Learn When Top Advisors Leave Their Firms If changing firms made sense to these $1B+ financial advisors, what lessons can be learned by those who manage less but aspire for more? The Independent Alpha: Making the Breakaway Math Add Up Advisors breaking away for independence know what they are giving up, so how can they justify making this leap? The answer starts and ends with growth. Matthew Celenza Founder and Managing Partner As Founder and Managing Partner of Boulevard Family Wealth, Matt brings over 20 years of experience servicing the ultra-high net worth marketplace. Matt’s focus is marshaling all of the integral resources and providing the highest level of service needed to properly structure a multi-family office platform. Matt began his career at Morgan Stanley before moving to Smith Barney Citigroup where he was one of the original members of the Citi Family Office. After 12 years there he moved to the Merrill Lynch Private Bank and Investment Group. Matt made the decision to take our business independent in order to truly offer best-in-class opportunities and service to our clients. Matt is very active in the local community, serving as chairman of the board for A Better LA, and working hard with other organizations to bring equality to the inner city of Los Angeles. When out of the office, he enjoys traveling and spending quality time with his wife and their two sons. Matt graduated with honors from Niagara University’s business program. Licenses include: Series 7, 63, 65, Life and Health Als

A conversation with Mark Copeland, Founder, Signature Estate & Investment Advisors (SEIA) & Ben Prigal, Vice President of Reverence Capital Partners Overview Mark Copeland, Founder of Signature Estate & Investment Advisors (SEIA) and Ben Prigal, Vice President of Reverence Capital Partners, discuss the value of partnership between private equity and RIAs. SEIA built a $19B practice organically and got it “right” before considering acquisitions and inorganic growth. Plus, this top private equity executive discusses practice valuation, what sets apart the most valuable firms, and why private equity loves investing in the wealth management space. It’s an episode that demonstrates yet another way that advisors can unlock the value of the businesses they built. Whether you’re currently a wirehouse advisor, an RIA owner, or anything in between, you’ll learn first-hand the value of a strong capital backer and strategic partner. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Why should an advisor who is not actively considering a sale or capital partner care about private equity in the RIA space? Because, like it or not, private equity is here to stay. It’s not merely some trend or fad: it represents a paradigm shift in the industry that will shape the growth (and consolidation) of wealth management firms for years to come. Unsurprisingly, the independent space has become a treasure trove for private equity firms—and for several good reasons. RIAs and private equity firms share a common goal: A focus on growth. RIAs are a great investment: They have high profit margins, consistent cash flow, and low capital needs. And ideally, private equity firms and the RIAs they invest in tend to work in partnership: A real value-add for the RIAs, which can benefit from the expanded business knowledge these firms bring to the table. In the case of Signature Estate & Investment Advisors (or SEIA), the $19B RIA firm headquartered in Los Angeles and with offices across the country, their growth was attributed almost solely to organic means ever since their founding in 1997. Yet their vision was to expand via inorganic growth and attract other like-minded advisors to become a part of their extraordinary firm. That’s where private equity firm Reverence Capital Partners came in. Focused on investing in the financial services space, they see their relationships as strategic partnerships designed to foster growth. While some independent firm owners still bristle at the thought of selling a piece of their business, Mark Copeland, founding partner of SEIA, sees it much differently, as he discusses in this episode. In Reverence Capital, he saw a partner with a shared vision and the capital that would allow them to focus on achieving their vision for SEIA. Likewise, Ben Prigal, Vice President at PE firm Reverence Capital, offers a similar perspective. In SEIA, they saw a partner with an outstanding business, a strong management team, and substantial growth opportunities. Together, they share both sides of the capital partnership story on this special episode with Louis Diamond, including: SEIA’s vision—and they identified Reverence as the right partner to achieve their goals. Growth and succession strategies—and how a private equity firm’s investment can benefit an RIA. Looking beyond capital—and how a private equity firm can provide additional value to the independent firm. Identifying the right partners—and how both an RIA and private equity firm view a good fit. The episode provides two interesting perspectives on achieving growth and offers valuable advice on deciding when or if selling a portion of the business is the right path to take. Want to learn more about where, why, and how advisors like you are moving? Email [email protected] or feel free to give us a call at 908-879-1002. Related Resources The Next Big Thing: Private Equity Disrupting the Landscape for the Best Teams Private equity firms are showing an enhanced interest in wirehouse breakaways, investing directly in these teams on day one. Learn what’s driving this new trend, which teams are most appealing, how it will impact movement, and more. Listen-> Valuation Expert FP Transitions: On M&A, Growth, and Maximizing Enterprise Value CEO Brad Bueermann discusses key aspects of M&A and succession, the most important factors around multiples, valuations, and maximizing enterprise value, the future of M&A, and much more. Listen-> Are You Selling Yourself Short by Selling Equity? So you’re considering independence and the potential of taking on a capital partner. Is that the right move—or is there a better way to financial

A conversation with Ghislain Gouraige, Partner, NewEdge Wealth Overview Ghislain Gouraige, a 15-year UBS veteran and former esteemed leader of the firm’s Private Wealth Advisory Council, kept his head down and built an extraordinary $3B business. Then, he started to see the potential outside of UBS, sharing, “You can’t unsee what you’ve seen.” That turning point led the self-proclaimed “UBS culture carrier” down a new path—one that he says he only wishes he had found earlier. Ghislain explores what he learned along that journey and offers salient tips on building an extraordinary business—both as an employee advisor and an independent. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Why would a 15-year UBS veteran leave after building a $3B practice? Particularly someone who was a self-proclaimed “culture carrier”—an esteemed UBS Private Wealth Advisory Council leader with a line to the top of the house and who viewed the firm as the definitively best place for his business. At that time, Ghislain Gouraige said he was the guy who “just wasn’t listening” beyond the four walls of UBS—and he couldn’t even imagine that there might be something better. (No doubt, in building a $3B business at the firm, there didn’t seem to be much of a reason to do so.) Then, friend and ex-UBS PWM colleague Rob Sechan left to build NewEdge Wealth in 2020, an RIA designed to allow other breakaway advisors serving high net worth and ultra-high net worth clients to join NewEdge’s elite platform. Then Ghislain stopped and listened—and a new world of potential opened up around him. And what once seemed “good enough” somehow didn’t quite feel that way anymore. That is, there might be better ways for him and his team to serve their clients and grow the business by removing limitations on marketing to business owners and expanding the universe of alternative investments (especially with smaller, top-tier, diverse managers). So, in January of 2022, the 11-person Coral Gables, FL team left UBS for NewEdge Wealth. Ghislain’s sentiments mimic that of many other advisors. For many years, he kept his head down and built an extraordinary business. Then, he started to see the potential outside of his firm. And as he shared, “You can’t unsee what you’ve seen.” That turning point led him down a new path—one that he says he only wishes he had found earlier. In this episode, Ghislain speaks candidly with Mindy Diamond, including… His turning point—and how one’s perspective can be restricted until you open yourself up to learning about what’s happening around you. The highlights of his career—and how he built an extraordinary business at UBS. The choice to transition to NewEdge—and why that decision won over building his own RIA or even taking an outsized transition deal from another large firm. His business life nearly two years later— and how the change has impacted his clients, growth, and future. Plus, Ghislain shares actionable advice for those considering their own future and much more. Listen in to learn how to allow education to open your mind, along with salient tips on building an extraordinary business—both as an employee advisor and an independent. Want to learn more about where, why, and how advisors like you are moving? Email [email protected] or feel free to give us a call at 908-879-1002. Related Resources Why a $5B UBS Breakaway Team Set Out to Build the “Boutique Firm of the Future” Ex-UBS $5B advisors, Rob Sechan and Jeff Kobernick found that servicing their UHNW clients became difficult at the wirehouse and wanted more than other firms offered. So they built RIA NewEdge Wealth with EdgeCo Holdings and other UBS veterans. Listen-> The Mysteries of UBS: Deciphering What Drives its Wins and Losses UBS advisors describe a culture defined by wins and losses—and they are asking tough questions about what the future holds. Read-> Everything You Need to Know About Independence: An Industry Update Jason Diamond joins the show for a quick yet thorough education on the continually evolving independent space answering the questions that many of our advisor-clients ask us during due diligence. Listen-> Wealth Management Landscape At A Glance: Focus on Independence In a greatly evolved industry landscape, the independent space has expanded to offer a variety of models with varying levels of freedom and flexibility. Our “Landscape at a Glance” focuses on independence, providing the key features of each model. Download-> Ghislain Gouraige, CEPA® PARTNER Host of NewEdge Wealth’s ONWARD series. For nearly three decades, Ghislain has worked with ultra high net worth families and entrepreneurs to help them

A conversation with Richard Lofgren, Managing Director – Goldman Sachs Advisor Solutions Overview It was big news when Goldman Sachs announced their custody offering, turning the heads of top advisors looking to leverage the Goldman name in their leap to independence. In this episode, Richard Lofgren, the Managing Director of Goldman Sachs Advisor Solutions, provides inside baseball, including how they differentiate from other established custodians, their ideal advisor profile, and much more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… When it comes to competitive recruiting, Goldman Sachs has long stood steadfastly outside of the playing field. Loathe to pay aggressive transition deals, the firm focused instead on recruiting second-career advisor talent who grew into experienced Goldman Private Wealth Advisors. And it’s a formula that worked. Yet speculation circled when the firm acquired Folio Financial, a relatively small custodian with approximately $11B in assets under advisory for about 450 RIAs. Then they hired two superstar recruiters from Schwab and Pershing (Richard Lofgren and Bill Dalton, respectively)—sending a shot across the bow indicating that they were lining up their forces to make their own leap into the independent landscape. That is, to become the custodian of choice for advisors looking to build their own RIA firms—and capitalize on the elite status of the Goldman name, platform, and solutions in the process. And while it took some time to get off the ground, Goldman Sachs Advisor Solutions is demonstrating that advisors are seeking a new option in the custody space that will resonate with their vision. In this episode, we welcome one of the two superstars mentioned earlier, Richard Lofgren, to get the inside baseball from the managing director who’s had his boots on the ground with Goldman since 2020. In a conversation with Louis Diamond, Richard shares: The Goldman Advisor Solutions value proposition—and what differentiates it from established custodians like Schwab, Fidelity, and Pershing. The value to advisors—and how that translates into a strategic win for Goldman. The innovative services and support advisors can expect—and why “growth-focused modern advisors” are the right fit for the platform. Plus, Richard shares some early success stories and Goldman’s goals for the future. This episode exemplifies how even the most prestigious firms on the Street are looking to make the leap to independence—with valuable insight for any advisor looking to better understand how this new option fits into an evolving landscape. Related Resources Goldman Custody Platform Trailblazers: $1B Merrill Breakaway Team One Year Later The founders of Beverly Hills Private Wealth discuss their motivations to leave Merrill after building a billion-dollar business, their transition to independence and experience as one of the first RIAs to choose Goldman Sachs Advisor Solutions as their custodian. Listen-> Industry Update on Goldman Sachs: What could a new RIA custodian mean for advisors and the industry? There have been reports of some significant changes brewing at Goldman Sachs that seem to indicate that the firm is going all-in on the RIA custody business. What does that mean for Goldman Private Wealth Advisors and the industry at large? Listen-> A Goldman Sachs Play in the Custody Game: What Could This Mean for Advisors and the Industry At-Large? Recent moves by the firm indicate that something is brewing—and the stars are pointing in the direction of independence. Read-> Richard Lofgren Global Banking & Markets, Dallas Richard manages business development for Registered Investment Advisor (RIA) Custody in the Central United States. He joined Goldman Sachs in 2020 as a managing director. Prior to joining the firm, Richard worked at Charles Schwab as a managing director in the Advisor Services group, where he was responsible for RIA custody sales for the Eastern Division. Previously, he managed the South and Western Regions within JP Morgan Private Bank’s high net worth division for seven years. Prior to that, Richard managed teams as chief operating officer and chief compliance officer for a regional RIA, Capital Advisors, Inc. from 2001-2010. Upon separation from Active Duty with the US Navy, he began his financial services career at Merrill Lynch. Richard serves as Captain in the United States Navy Reserves and has held command of numerous commissioned units. Richard is also a director for The University of Texas Naval Alumni Foundation in Austin, Texas. Richard earned a BA in History from the University of Texas at Austin in 1993. He is also a 2020 graduate of the US

A conversation with Louis Diamond Overview Mindy Diamond and Louis Diamond share ideas from 25 years of experience to help advisors navigate the daunting process of transition and advice on how to better cope with what can feel like a tumultuous ride. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… There’s certainly much to celebrate when advisors find their best business lives—yet the ride there can be an emotional roller coaster. There’s the mind-boggling process around due diligence. The excitement for something new. The worry if you’re making the right decision. The anticipation and anxiety that comes with change. And the finish line—where all the emotions settle down, leaving you with that feeling of accomplishment. As consultants to the industry’s top financial advisors from early on in their educational stage, through exploration, and on to transition, we often wear many hats. We have the shared role of part negotiator, part confidant, part business coach, and even part therapist—supporting advisors throughout the decision-making process while hearing their concerns and helping to assuage their anxieties. In short, we’ve seen it all. In this episode, Mindy Diamond and Louis Diamond share some ideas culled from over 25 years of experience to help you navigate what can be a daunting process and better cope with what can feel like a tumultuous ride, including: The key phases of the due diligence process—and how understanding and preparing for each will keep everyone focused. Strategies and best practices to adopt—and how these can help keep your emotions in check. The power of clarity and conviction—and how each drive both a positive process and outcome. Anecdotes from advisor transitions we’ve facilitated—and what takeaways are most resounding. Communicating and setting expectations—and how doing so for all involved, including the team, clients, and even family members will help to alleviate unexpected surprises. Even if you have no intent of making a move, it’s an episode that will help you better understand the due diligence and transition processes—and how to make them more efficient and less stressful. Download The Strategic Due Diligence Roadmap It’s essential to understand the process involved in conducting thoughtful and effective due diligence. And having a solid support system and path is imperative to success. So we created this visual guide to help financial advisors embark upon an efficient process—one that is more likely to result in discovering Your Best Business Life™. Consider this interactive, visual framework as a way to achieve your goals, whatever they may be. hbspt.forms.create({ region: "na1", portalId: "46578459", formId: "a704de13-7834-4faa-ab3c-9642a8fa72cc" }); Related Resources Avoiding the Post-Transition Blues 8 tips to help advisors enjoy a less stressful experience during and after a move. Read-> Outgrowing the Employee Model: How an ex-Merrill Advisor Found Autonomy & Abundance in Independence Jerry Davidse discusses his transition from Merrill to building RIA firm Presilium Private Wealth with partner Brook Hart. He shares how they gained the freedom to communicate and create an exceptional experience for their clients, their outstanding portability ratio, uptick of referrals, and more. Listen-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Matthew Murphy, CEO, Partner and Rebecca Baker, COO, Partner – Marble Wealth Overview Matthew Murphy and Rebecca Baker of Marble Wealth discuss their choice to leave UBS and opt for independence early in their careers, the impact of signing on to the firm’s retire-in-place program ALFA, their age as a competitive advantage, and much more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… People are sometimes surprised when they hear of a young, growing wirehouse team making the leap to independence. Because these teams have the tiger by the tail at their firms—and a long enough runway to take advantage of a massive recruiting deal from another big firm before opting for independence down the line. So why would they instead opt for independence now? Matthew Murphy and Rebecca Baker built a nearly $800mm business in just 15 years working with high net worth and ultra-high net worth clients. However, it became apparent that they were limited in what they could do for their clients within the wirehouse environment—such as offering sophisticated lending solutions that were not accessible at UBS. And to truly serve their clients “in the manner they thought was best” meant not just changing firms but changing models. So, they jumped into due diligence with our firm, heading down a path to explore the idea of launching their own RIA. Ultimately, they decided on launching Marble Wealth with Sanctuary Wealth—a solution that offered them support to get the business up and running more quickly than they might on their own, plus the scaffolding that they hadn’t considered they might need along the way. In this episode, Matthew and Rebecca recount their journey with Louis Diamond. Together they discuss: The changes they saw at UBS—and how that gave them a new perspective on their business. The impact of signing an ALFA agreement with a senior partner—and how that influenced their decision-making process. The decision to go independent—and why they didn’t opt for a transition deal from another large firm. Their ability to serve clients and grow the business—and how it differs from what they were able to do at UBS. Their age as a competitive advantage—and how it otherwise impacted their business and choices. Plus, they offer valuable advice for any advisor considering change—and much more. This candid interview explores the notion of change and optionality—a firsthand perspective of an advisor’s thought process when wrestling with the seminal question: Should I stay or go? Related Resources If Not Another Wirehouse, Then What? Advisors considering change want something more than what they have at their current firm. The good news is that there’s plenty to choose from. But that’s the bad news, too. Read-> The Mysteries of UBS: Deciphering What Drives its Wins and Losses UBS advisors describe a culture defined by wins and losses—and they are asking tough questions about what the future holds. Read-> The Independent Alpha: Making the Breakaway Math Add Up Advisors breaking away for independence know what they are giving up, so how can they justify making this leap? The answer starts and ends with growth. Read-> Matthew B. Murphy, CFP® Chief Executive Officer, Partner Matthew began his career in the wealth management industry in 2008. He focuses on investment research, financial planning and client reviews. Matthew is a CERTIFIED FINANCIAL PLANNER™ professional who has also completed the requirements for the Portfolio Manager and Retirement Plan Consulting Specialist designations. Matthew received his bachelor’s degree from Auburn University. Matthew has also received various recognitions, including: Forbes/SHOOK Best-In-State Next-Generation Wealth Advisors, 2018, 2019 Forbes/SHOOK Best-In-State Wealth Advisors, 2019, 2020, 2021, 2022 Forbes/SHOOK Top 250 Next-Generation Wealth Advisors, 2020, 2021 UBS Rising Advisors; UBS Top 35 Under 35, 2018, 2019 Matthew and his wife, Leigh, live in Auburn, Alabama with their four children.   Rebecca H. Baker, CPA, CFP®, CEPA Chief Operating Officer, Partner Rebecca is a Certified Public Accountant (CPA) and CERTIFIED FINANCIAL PLANNER™ professional. She also holds the Certified Exit Planning Advisor (CEPA) designation. She received her BS in Business Administration (Accounting) from the University of Alabama as well as her Master of Business Administration (Accounting) from Auburn University Montgomery. Prior to her career in the wealth management industry, she worked for 10 years in the tax and audit areas at a CPA firm in Montgomery, Alabama. Rebecca has experience in various areas including corporate audit, corporate and individual taxati

A conversation with Scott Shagrin, Ira Ravitz, and Lisa Westermark, Co-Founders of Beverly Hills Private Wealth Overview The founders of Beverly Hills Private Wealth discuss their motivations to leave Merrill after building a billion-dollar business, their transition to independence and experience as one of the first RIAs to choose Goldman Sachs Advisor Solutions as their custodian. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… In an ever-evolving landscape, there seems to be a constantly growing number of trailblazers we meet along the way. In this episode, those trailblazers are breaking new ground by selecting the nascent Goldman Sachs Advisor Solutions as the custodian for their new RIA firm. This story starts with a team in Beverly Hills that built an incredible business at Merrill, managing a billion dollars in assets. After a decade of staying educated on changes in the industry, they decided that it was time to disrupt momentum and take the biggest leap of all: to launch their own RIA firm. And if making the leap to independence wasn’t big enough, they jumped farther by launching their firm into uncharted waters. That is, as the first of their size to choose the Goldman custody platform. It’s a story that exemplifies the power of vision and the realization that the one-size-fits-all methodology of a big firm like Merrill has its limits—particularly for those who work with high net worth clients. Scott Shagrin, Ira Ravitz, and Lisa Westermark had their sights set on creating a differentiated, high-end client experience. So in the 4th quarter of 2022, the team launched RIA Beverly Hills Private Wealth, and just one year later, Scott, Ira, and Lisa join Mindy Diamond to discuss their journey, including: Their motivations to leave Merrill after building a billion-dollar business there—and why independence won out over the prospect of signing on to Merrill’s retire-in-place program or taking a transition deal from another large firm. Their due diligence process—and what was unique about their experience. Their choice to go with Goldman Sachs Advisor Solutions—and what it was like to be “trailblazers” on the nascent platform. Their attraction to the platform—and why they felt it was the right option for their business and clients vs. other seasoned options. The transition process—and what key lessons they learned. And ultimately, what they can do as independent firm Beverly Hills Private Wealth that they could not as employees at Merrill. The episode shares a complete picture of the thought process a team goes through when considering change—including weighing the options of their firm’s retire-in-place program, a transition deal from another large firm, and independence. Plus, it offers candid perspectives on life before and after the transition. Related Resources Innovative Ways the Best Independent Firms Fuel Growth: A Special Industry Update Independence allows advisors to create an unlimited menu of innovative value-add services for their clients. And as the industry landscape expands, employee advisors are finding ways to get in on the action. Learn specific examples of the various services offered by some of the industry’s leading independent firms. Listen-> Transition Announcement: $1B Merrill Breakaways Opt for New Goldman Sachs Custody The First Significant Breakaway Team to Choose Goldman Sachs Custody Platform for Their Newly Launched RIA Firm. Learn More-> The Independent Alpha: Making the Breakaway Math Add Up Advisors breaking away for independence know what they are giving up, so how can they justify making this leap? The answer starts and ends with growth. Read-> Scott Shagrin, CFP® Managing Director, Co-Founder Scott Shagrin is a Co-Founder and Managing Director of Beverly Hills Private Wealth. A long-time proponent of smart and thoughtful planning, Scott often reminds clients that a “failure to plan is a plan for failure.” For this reason, he spends considerable time discussing a range of scenarios and investment approaches with each client – preparing for a range of circumstances and outcomes. Scott is privileged to work closely with his clients in matters of asset allocation, retirement and estate planning services, existing portfolio evaluation and risk management. He is particularly proud to serve multiple generations of clients – in some cases, three generations. Prior to co-founding Beverly Hills Private Wealth, Scott was a Senior Vice President at Merrill Lynch Wealth Management from 2006-2022, after already spending more than 20 years at Shearson and Smith Barney. Having graduated from the University of Arizona in 1983 with a B.S. Degree in both Finance and R

A conversation with Louis Diamond and Jason Diamond Overview With 2023 mega-advisor moves already outpacing 2022, this episode explores case studies to answer: What was needle-moving enough to leave the firms where they built phenomenal businesses? What can we all learn from this activity? What is the impact on recruiting and the industry at large? And more… Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… It seems like hardly a day goes by when you don’t read of yet another $1B+ team on the move. And these huge transitions are not only being made by advisors. We’ve also seen several large independent broker dealer transactions and the continued frenzy of mega-RIA deals. Yet, while last year was hot, this year is even hotter when it comes to mega-advisor transitions. For example, according to our 2022 Transition Report, 30 teams managing a billion dollars or more either changed jerseys or left to build their own independent firm over the course of last year. And by our count as of this recording at the end of Q3, we’ve already surpassed last year’s cumulative total with more than 30 billion-dollar teams transitioning from their current firms—representing over $50B in assets changing hands. This is vital information because, as a firm representing advisors from their due diligence process through transition, we can tell you that moving a business at any level is not without stress and hassle. And surely, as you’ve heard from countless advisors on this series, while things may go smoother than many expect, just the decision-making process alone is a potent reminder that the transition needs to be impactful enough for you and your clients to be worth the time, energy, and yes, even the risk. But think about it: All that hassle and risk multiplies with the size of the business. That is, the bar is set that much higher, and there’s much more to lose! Yet, as these moves prove out, advisors of this size and caliber are choosing to move because they feel the gains on the other side far outweigh the hassle and risk at the end of the day. So, as we see more and more mega-teams moving, Louis Diamond and Jason Diamond take to the mics to explore real-world case studies to answer some of the questions advisors are asking: What was needle-moving enough for these mega-teams to leave the firms where they built phenomenal businesses? Why are these moves relevant? What can be learned from this activity? What does this movement mean for advisors at any level? What is the impact on recruiting and the industry at large? And much more. In an ever-evolving industry, there is one constant: Change. And change is not a single force but one that multiplies by a variety of inputs, influencing and impacting widespread transformation. As such, the movement of mega-teams sends signals throughout the industry, continually demonstrating to advisors at all levels that the potential to achieve one’s best business life is a reality. Listen in and get a jump on the forces driving change. Related Resources Mega-Moves: What’s Driving the Movement of Advisors and Teams Managing a Billion or More? Change is typically motivated by a combination of pushes and pulls. Yet in the case of financial advisors managing $1B+, those factors are even greater. Read-> Why Billion-Dollar Teams Move: 7 Drivers That Impact Financial Advisors At All Levels When mega-teams move, the entire wealth management industry takes notice—and for smart financial advisors who are paying attention, there’s much to be learned. Read-> Two $10mm Teams Leave the Wirehouse World in One Week: An Industry Update on Advisor Transitions What is the relevance of two $10mm teams leaving Merrill within one week’s time? Mindy Diamond and Louis Diamond answer that question and share case studies on the moves citing the unique drivers, the significance to the industry at large, and more. Listen-> Diamond Consultants Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry: 2022. Download-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with the Industry Visionary from Orion Advisor Solutions Overview The outgoing CEO of the wealthtech powerhouse shares his journey from the founding of Orion, the firm’s growth over the years, and perspectives on the future of wealth management, technology and AI, and much more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Running a wealth management firm in the ‘90s was a very different animal than it is today. And the ingenuity of people who sensed a “better way” served as the driver of an incredible evolution in the industry. For Eric Clarke, finding that “better way” started with the realization that there was a lack of quality portfolio solutions available for RIAs like that of his father, the late Patrick Clarke. So Eric developed reporting software for the firm, CLS Investments—an exercise that would become the basis for the 1999 launch of Orion Advisor Services. It was a seminal moment for the industry, leveling the technology playing field and paving the way for the proliferation of independent firms, which now had access to tools that would allow them to compete with the industry’s behemoths. Today, Orion Advisor Tech is an industry-standard that Eric grew from its role as a portfolio accounting and reporting system to a “wealthtech powerhouse” with a variety of tools, including financial planning, CRM, risk management, compliance, and analytics. Eric has been super busy building out his vision for Orion, overseeing several high-profile acquisitions like planning firm Advizr, risk technology vendor HiddenLevers, and the popular CRM Redtail. It’s all part of what’s become a fully-developed ecosystem, which includes investment firm Brinker Capital, TAMP Orion Portfolio Solutions, plus the CRM, compliance, and risk technology, as well as a behavioral finance solution embedded throughout its offerings. According to their website and as of this recording, Orion currently manages $3.8T in assets on its platform across 2,300 independent firms. Their wealth management firm manages over $67B in assets. The acquisition of Redtail added another 110,000 advisor clients. Yet all that aside, one of the most staggering headlines this year was the announcement that Eric is stepping down from his role as the firm’s CEO. And just after recording this interview, it was announced that Natalie Wolfson, the outgoing CEO of TAMP AssetMark, will be the new leader of Orion starting in mid-October of 2023. With all Eric has going on right now, he was generous to sit down with Louis Diamond and talk about his incredible journey, including: The founding of Orion—and how the firm realized such astonishing growth over the last 24 years. Recent acquisitions—and what each adds to the Orion ecosystem. The decision to sell to private equity—and how such a transaction can help a firm think more strategically. The challenges that advisors face—and how the platform helps solve them. The democratization of technology—and how Orion’s platform leveled the playing field for independent firms. The challenge of integration—and how a firm like Orion is working to improve client experience and create seamless workflows. The future of wealth management—and how AI is reshaping the processes while creating scale and greater opportunity for advisors. Plus, Eric discusses his decision to step down from the firm he gave rise to—and what he foresees as the direction of Orion in the future. Eric epitomizes how innovation drives disruption, which results in an evolution. Firms like Orion and trailblazers like Eric are the founders of a new generation of wealth management firms—one that is created upon the freedom of designing something better. It’s a landmark episode with a leader who helped redefine the wealth management landscape as it is today, with valuable lessons for advisors at all levels. Related Resources How to Optimize Your Business for Growth and Success: 8 Questions Advisors Need to Ask Themselves Rising above the day-to-day tasks of your “job” to invest time in thoughtful strategizing and planning can be the gamechanger you’ve been looking for. Read-> Financial Advisors: What’s The Risk Of Staying Put? Many advisors feel that changing firms or models is just too risky. But what they may not realize is that there’s also a risk to staying put. Read-> Why Settle for “Good Enough” When Great is Possible? In a vastly expanded industry landscape with more high-quality options than ever before, some advisors settle for “good enough” when the potential for “great” is often within reach. What’s holding them back? Read-> Coach to the Advisor Elite: CEG’s John Bowen on What it Really Takes to Build a Block

A conversation with Jack Petersen, Managing Partner and Advisor at Summit Trail Advisors Overview The Barclays breakaway discusses his 2015 landmark leap with 5 partners, 3 offices, and $3B in AUM, plus shares why he feels UHNW clients are best served in independence, what they do to drive extraordinary growth, and much more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… It was one of the most significant and notable leaps to independence in 2015. And even today, advisors still talk about it. Jack Petersen was the head of Barclays Wealth and Investment Management for the Americas, resulting from a quick turnaround move after Lehman’s bankruptcy in 2008. After years in the business, Jack admits feeling burnt out in the management role, so he shifted back to his roots as an advisor, which led him to later consider whether there was a better way to serve his ultra-high net worth clients. That is, he came to the realization that to serve this sophisticated client base properly meant customization and recommendations outside of the Barclays infrastructure—and it was clear that another traditional firm would present them with the same challenges. Pulling together a few like-minded teams that also served the unique needs of this constituency, Jack and five other co-founders launched Summit Trail in July 2015 with support from Dynasty Financial Partners. It was a landmark event in size and scope: $3B in managed assets at three simultaneously launched sites across the country. Headlines announcing the move described Summit Trail as a “National Wealth Management Boutique” launched by “6 Leading Executives,” with offices in New York, Chicago, and San Francisco. Summit Trail immediately became one of the largest independent wealth management firms in the US. Today, the firm manages $16B in client assets, with offices added in Boston, Seattle, Harrisburg, and Washington DC. And while they’ve done some acquisitions, their growth has been driven primarily by organic means. In this episode with Louis Diamond, Jack discusses his journey, including: The wealth management industry as it was before and after the 2008 collapse—and how that event influenced his decision to go independent. The inability to provide customized advice and services to UHNW clients—and how that seemed to be more of a “broader industry problem” and not just a “Barclays problem.” Pulling together six diverse teams across the country—and how Dynasty helped facilitate the process at a time when even just going independent was far less common. Their incredible growth—and how they accomplished it by primarily organic means. Their unique business model—and what key attributes they “cherry-picked” from the broker dealer world. Their client policy—and why they chose to focus solely on the ultra-high net worth segment. The strategic value of private equity—and why they have opted not to take on outside capital at this time. And the notion of how large firms build their infrastructures—and why these “supermarket platforms,” designed to manage tens of thousands of advisors and their clients, make it difficult, if not impossible, to serve the unique needs of sophisticated ultra-high net worth clients. It’s a conversation with a successful advisor and business owner who built an enterprise by “putting clients first”—providing teachable moments for advisors at all levels. Related Resources The Breakaway Process: A Transition Expert Shares Advice on Going Independent Caitlin Douglas, the head of transition services at Dynasty, shares details about transitioning to independence. What advisors need to know about the supported independence model, tips on preparing for a move, key milestones, and much more. Listen-> The Next Big Thing: Private Equity Disrupting the Landscape for the Best Teams Private equity firms are showing an enhanced interest in wirehouse breakaways, investing directly in these teams on day one. Learn what’s driving this new trend, which teams are most appealing, how it will impact movement, and more. Listen-> Jack B. Petersen Co-Founder and Managing Partner With a 30-year career in the wealth management industry, Jack Petersen is a recognized leader and business builder. He started his financial services career in the Morgan Stanley MBA training program as an Advisor to financially successful individuals and families and has enjoyed a variety of leadership positions over his career. This wide ranging experience set has ideally prepared him for his current role. Jack is the Managing Partner of Summit Trail Advisors and one of the firm’s six founding executives. In 2015, this team of six established the firm as an industry-leading weal

A conversation with the Senior Executive Vice President, CEO of Wealth & Investment Management, Wells Fargo & Company Overview Rare access to one of the top-of-the-food-chain leaders who discusses the direction of Wells, how it compares to its peers, the value to HNW and UHNW clients, a perspective on recruiting and the ideal advisor type, the future of the industry, and much more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… This episode exemplifies how the industry and this podcast have evolved. No doubt, as we’ve shared before, this series started with the intention of focusing on the independent space—models that exemplify the ultimate in freedom, control, and entrepreneurship. Yet the guest on this episode comes from one of the top wirehouses in the industry: Barry Sommers, the Senior Executive Vice President and CEO of Wealth & Investment Management at Wells Fargo & Company. It’s noteworthy to mention that independence is not unfamiliar to Wells—and advisor choice is an essential aspect of the Wells’ value proposition to advisors. For example, of the four wirehouses, Wells is the only one to offer an independent channel, Wells Fargo Advisors Financial Network, or FiNet, a popular way for advisors to move to independence without disrupting their client experience. The fact that Wells was open to having Barry on this episode demonstrates that the firm is also following its own evolutionary path—resulting in their rise to become one of the largest wealth managers in the U.S., with $1.9 trillion in client assets as of this recording. Yet Wells suffered from reputational issues over recent years in their consumer division, which created some challenges with the wealth management business—challenges that Barry acknowledges. So Barry’s job is not one for the faint of heart, and he’s on a mission to oversee an evolution of the wealth management division. He shares that and more with Mindy Diamond in this important episode, including: The Wells value proposition—and why this is a differentiator to advisors. Platform, resources, marketing, and culture—and how it compares to other wirehouses. The attraction to $1B advisors—and how marketing and branding differ for those in the private client group (PCG). Providing an independent option for advisors—and how FiNet compares to other independent models. The value of being associated with a bank—and how it benefits both advisors and their clients. Recruiting deals—and how their transition packages serve to attract advisors at all levels. The ideal advisor fit for the firm—and how their multi-channel “advisor choice” model appeals to those seeking greater optionality. Succession planning—and what their retire-in-place program, Summit, offers to Wells advisors looking to monetize their life’s work. It’s rare access to one of the top-of-the-food-chain leaders: An opportunity to hear, candidly, about the direction of the firm, how it compares to its peers, the value to high net worth and ultra-high net worth clients, his perspective on recruiting and the ideal advisor type, the future of the industry, and much more. Please note: Our goal with this series is to provide listeners with a complete view of the industry landscape. As such, this episode is not intended to be a sales pitch for Wells Fargo & Company. And like many other firms featured on the show, Diamond Consultants may present Wells Fargo & Company as an option to advisors considering change when appropriate. Related Resources Finding Independence in a Big Firm: Top UBS Team on Their Shift to Wells Fargo Advisors Vince Finney and Joe Panfil of Bibler, Finney, Panfil Private Wealth Management Group left UBS for Wells Fargo Advisors with partner Ryan Bibler in 2018. In a departure for our show which typically focuses on independence, it’s a candid conversation with a young team who didn’t break away, but instead transitioned within the traditional space. Listen-> The Wirehouse World: Why it’s Still the Right Place for Many Advisors In a landscape with more options than ever before, a move from one big brokerage firm to another is more often the exception than the rule these days. Read-> Satisfying an Advisor’s Quest for Independence as an Employee For many advisors, independence is just a bridge too far—but greater autonomy and control are often closer than they realize. Read-> Barry Sommers CEO of Wealth & Investment Management Barry Sommers is CEO of Wealth & Investment Management at Wells Fargo, where he serves on the company’s Operating Committee. Wealth & Investment Management provides a full range of wealth management and investment products and servi

A Special Industry Update with Louis Diamond and Jason Diamond Overview In an active recruiting environment, advisors are eager to understand where deals are at and where they’re headed. Beyond a transition deal, how can advisors monetize their business over time – thinking about the short-, mid- and long-term – whether they are in an employee or independent model? Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… When discussing advisor movement, there’s one question that’s often top of mind: What kind of deal did the advisor who moved get? Certainly, it’s no secret that in the competitive recruiting world that, advisors often receive a transition deal when joining another firm. It’s most common for traditional W-2 models to offer lucrative and aggressive financial incentives – often north of 300% of trailing 12-month revenue – to switch jerseys. In comparison, independent models offer less, if any, monetary incentive for those moving into the space. But, beyond a transition deal, plenty of advisors wonder how they can monetize their business over time – thinking about the short-, mid- and long-term – whether they are in an employee or independent model. In this episode, Louis and Jason break it all down, including: Where recruiting deals are at—and what the differences are in transition deals at traditional firms vs. independent models. The motivations around a move—and how monetization plays a part in the decision-making process. Long- and short-term goals—and how the value of an upfront deal differs from the long-term potential of business ownership. The economics over the short-, mid-, and long-term—and how each is impacted based on the model an advisor selects. Selling an advisory business—and what advisors need to know to maximize enterprise value. Retire-in-place programs—and how these monetization events compare to opting for a recruiting deal from another firm or going independent. There’s no doubt that advisors have a wide variety of choices when considering the next phase of their careers. Whether they are looking to monetize in the short term or playing the long game, there are plenty of options to consider. It’s an episode for any advisor looking to better understand the economics of the wealth management industry, the impact of a recruiting deal and other monetization events they may encounter throughout their business life. Related Resources MaxCeV™ – How to Maximize Your Career Enterprise Value This formula seeks to provide a process by which an advisor can “calculate” the sum total of 4 key factors—to conceptualize what their career enterprise value really is and how to achieve it. It’s one of the central tenets of Diamond Consultants’ process in guiding advisors through due diligence. Download-> What’s the ‘Real’ Value of a Financial Advisor’s Business? A still red-hot RIA M&A market has many employee advisors pondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Read-> Industry Update: How to Maximize Your Career Enterprise Value “Enterprise value” is often discussed in the context of the total value of a business or the cost to acquire a company. But advisors invest their time, energy, and talents in serving clients and fostering growth—creating career enterprise value. Here’s how to maximize that value. Listen-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Evan Mayer – Founder and CEO of Fortuna Wealth Overview Evan Mayer started in the bank channel and, over time, came to the realization that he could do more to support his clients and grow the business in the independent model. Evan proved that by growing more than 3x in just 4 years. Listen in… Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Every advisor has a turning point in their career. It can be a passive event, such as when they are presented with an option and need to determine which path to take. Or a more proactive one, such as seeing the proverbial handwriting on the wall and realizing it’s a sign that they may need to make a change. For Evan Mayer, there were several such moments. And as he shares, “All things happen for a reason.” He started in the bank channel, intending to transition to a financial advisor role someday. Yet time passed, and he was offered the option of becoming a bank manager for Bank of America. So he had a decision to make: Stay the course or take the path. Yet as fate would have it, an advisor position became available, and he stayed with the bank, BankAtlantic, until the next juncture. That came in 2012 when Evan transitioned to SunTrust, which became Truist after a merger with BB&T in 2019, one of the biggest bank acquisitions of its time. “That was a lightbulb moment,” Evan said. Driven to do more for his clients but limited by the bank model, Evan wanted to be able to share educational information and market to clients and prospects freely. Taking a proactive stance, he explored his options. Evan decided to launch Fortuna Wealth in Boca Raton, FL with Raymond James, and he hasn’t looked back since—perhaps only to recognize he’s grown his business from $180mm in assets under management in 2019 to over $600mm today as an independent firm. Evan shares his incredible journey with Louis, including: The key differences between working in a bank channel and being an independent advisor—and how the different features of each influenced his business. The secrets behind his extraordinary growth—and what he could do in independence that he could not in the bank channel. The process of transitioning from a bank model to an independent practice at Raymond James—and what impact he saw on portability. The ability to market creatively—and how having a popular podcast drives his bottom line. Life as a CEO—and how it differs from being an employee. Many advisors get their start in the bank channel and find a pathway to growth. But for some, the model becomes too limiting. For Evan, it was a realization that changed his business life: He was missing out on the things he could do for his clients and the business. But by making a change, Evan could do everything he wanted and then some. It’s an episode that reminds us to be aware of the messages around us—they often hold the key to finding our best business lives. Related Resources A Culture of Choice: Why Raymond James Rocks the Regional Space and Advisor Recruiting Advisors’ desire for greater agency in serving clients and growing their businesses is driving growth toward regional firms like Raymond James & Associates. Tash Elwyn, President and CEO, discusses how choice is the foundation of the firm’s culture. Listen-> The Banking Crisis: Its Impact on Advisor Movement and the Wealth Management Landscape—A Special Industry Update Mindy Diamond and Louis Diamond share perspectives from their unique vantage point on the impact of the banking crisis on advisor movement, their clients, and the wealth management industry at large. Listen-> Private Bankers Considering Change: What You Need to Know There’s been an interesting shift in movement amongst one sector of wealth management: private bankers. Read-> Mind the Pendulum: What the Bank Crisis is Teaching Us About the Industry Landscape The natural order is being tested in the wealth management industry. And it will be some time before we see who the real winners and losers are. Read-> Bank Advisors: Are you willing to take a step backward to make a big leap forward? While the bank channel offers a great way to start a career, there are some real limitations when it comes to who “owns” the clients. Read-> Evan Mayer CEO As the founder and CEO of Fortuna Wealth and a financial advisor with Raymond James, Evan applies his 20-plus years of industry experience to provide his clients with customized, holistic financial planning geared toward their unique lives and goals. Evan focuses on guiding clients through all of life’s phases, from implementing investment strategies designed to address their long-term goals to their day-to-day needs in retirement or on t

A Special Industry Update with Louis Diamond Overview Private equity firms are showing an enhanced interest in wirehouse breakaways, investing directly in these teams on day one. Learn what’s driving this new trend, which teams are most appealing, how it will impact movement, and more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Our Industry Updates are designed intentionally to keep you informed about the latest evolutions of the landscape. And this is a big one: Especially for top wirehouse teams looking to make the leap to independence. Historically, meaningful upfront capital and independence were an “either-or” scenario—not an “and.” Meaning you had to choose between being independent or opting for transition capital. And we’re following what seems to be the next big thing: A way for wirehouse teams to monetize while entering the RIA space. While private equity has been all over the RIA channel for several years, they’ve missed out on the breakaway movement. That is, until now, as several top private equity firms have actually cracked the code of investing directly in wirehouse teams on day one. These firms provide liquidity and upfront capital to a breakaway team, as well as the scaffolding and support resources needed to launch the independent business. It’s opening a new world of potential for advisors across the wealth management landscape. In this special episode, Mindy Diamond and Louis Diamond explore the topic, answering the top questions advisors have, including: Why are private equity firms interested in wirehouse teams—and what’s driven this recent uptick in attention? Private equity has been investing in the wealth management industry for a long time—what’s changed, and why this recent enhanced interest in wirehouse teams? What’s the appeal for advisors—and who are those most attractive to private equity firms? What are the positives of a private equity firm investing in a breakaway—and what are the negatives? What are the different ways an advisor can partner with a private equity firm—and what are some examples of those who have gone down this path? How are deals structured—and where does the infrastructure come from? It’s an evolution of the industry that we anticipate will open up a new world of opportunity across the landscape. And that’s good news: Because more opportunity creates more competition—and competition is good for everyone. It’s an episode that will enhance your knowledge of a rapidly changing wealth management landscape. Download Landscape at a Glance: Focus on Independence hbspt.forms.create({ region: "na1", portalId: "46578459", formId: "2a608bcc-30a9-472a-bf4f-89d715b530df" }); Related Resources Investing in Growth: Exploring KKR’s Attraction to $25B+ RIA Beacon Point What does it take to garner the attention of one of the leading private equity firms in the world? Beacon Pointe’s President Matt Cooper and Sasank Chary, Managing Director of KKR, discuss the key drivers of their strategic partnership, explore Beacon Pointe’s extraordinary growth, share advice on what it takes to make your firm attractive to an investor, and much more. Listen-> Industry Legend Ron Carson on What it Really Takes to Build a $20B Enterprise Ron Carson joins the show to discuss the key drivers behind the rise of the Carson Group, sharing his journey from a Nebraska farm to his tenure with Private Ledger, and on to how he built a nearly $20B independent wealth management enterprise. Listen-> Independent Again: The Founding Partners of $18B+ IEQ Capital on Growth, Culture, and the Luminous Leap Alan Zafran and Eric Harrison, 2 of the 3 Co-CEOs and Founding Partners of IEQ Capital, discuss making 2 leaps to independence from Merrill to Luminous then First Republic to IEQ and share their journey and formula for growth they mastered along the way. Listen-> Why a $5B UBS Breakaway Team Set Out to Build the “Boutique Firm of the Future” Ex-UBS $5B advisors, Rob Sechan and Jeff Kobernick found that servicing their UHNW clients became difficult at the wirehouse and wanted more than other firms offered. So they built RIA NewEdge Wealth with EdgeCo Holdings and other UBS veterans. Listen-> Betting on the Long-Term: Former Merrill Resident Director Shares Why Her $1B Team Broke Away Former Merrill Lynch Resident Director Melissa Bouchillon shares what it takes for an RD to consider independence, Merrill’s push to sell bank products, how they compensated a partner who signed onto CTP, why they chose Focus Financial and more. Listen-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Marc Horner, Wealth Advisor and Founder of Fairhaven Wealth Management Overview Marc Horner discusses how his leap to independence allowed him to think and act more creatively, connect with clients and prospects on a new level, and ultimately grow his business in ways he could not in the wirehouse world. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… It’s amazing what happens when advisors find the freedom to execute their unique visions of what a perfect wealth management firm might be. They transcend into a space where they can think and act genuinely—and step out of not only the comfort zone established by their firm but their own as well. For Marc Horner, that translated into driving astounding growth, from $80mm in assets under management to one billion. What’s more interesting, as Marc shares, it took him 14 years in the wirehouse world to reach $80mm—and only 7 years in independence to hit a billion. In this episode with Louis Diamond, Marc shares his path from Merrill to UBS and on launching his own RIA firm, Fairhaven Wealth Management, in Wheaton, Illinois, including: Growing to a billion dollars in assets under management—and why he achieved such astounding growth in such a short time vs. what he accomplished in Merrill and UBS. The new opportunities he found in independence—and what, specifically, he can do now that he couldn’t do in the wirehouse. The ability to think and market creatively—and how that transformed his ability to market to clients and prospects. The decision to go independent—and when he decided that was his best next step. Plus, Marc talks about his unique, humorous series of parody videos—and how this strategy not only won critical acclaim but also fostered a new connection with his clients and grew the business in ways he could not have in the brokerage world. Being able to think creatively and with authenticity was life-changing for Marc and his team. He pushed the envelope in ways many other independent advisors wouldn’t consider, and it paid off big for Fairhaven. It’s an episode that serves as a true testament to the power of freedom and control that can be achieved in independence. Mentioned in the Episode Fairhaven Wealth Management’s YouTube Channel Related Resources An Independence Day Manifesto: What Does Independence Really Mean in the Wealth Management Industry? While independence means less bureaucracy and red tape, it comes with additional responsibilities that advisors should be aware of before opting to make the leap. Read-> The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey With so many options to choose from, how does an advisor decide which path to independence to take? Read-> Wealth Management Landscape At A Glance: Focus on Independence In a greatly evolved industry landscape, the independent space has expanded to offer a variety of models with varying levels of freedom and flexibility. Which one might be right for you? Our newly updated “Landscape at a Glance” focuses on independence, providing the key features of each model. Download-> Everything You Need to Know About Independence: An Industry Update Jason Diamond joins the show for a quick yet thorough education on the continually evolving independent space answering the questions that many of our advisor-clients ask us during due diligence. Listen-> Marc Horner Founder & Wealth Advisor Marc founded Fairhaven Wealth Management in 2015. Prior to that, he was a financial advisor with the wealth management divisions of both Merrill Lynch and UBS for a total of 14 years. His education includes economics at North Park University, investment management at the University of Pennsylvania – Wharton School of Business and wealth management at the University of Chicago – Booth School of Business. Marc holds the professional designation of Certified Financial PlannerTM (CFP®). Marc is a trusted media resource for a wide variety of radio and television outlets including his regular appearances on the WBBM Radio’s “Noon Business Hour.” A collegiate All-American in basketball, Marc now enjoys golfing, cooking, and wearing a kilt as a bagpiper with The Shannon Rovers Irish Pipe Band. Marc and his wife, Christine, live in Wheaton, Illinois, with their four children. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Caitlin Douglas, Director, Head of Transition Services – Dynasty Financial Partners Overview Caitlin Douglas, the head of transition services at Dynasty, shares details about transitioning to independence. What advisors need to know about the supported independence model, tips on preparing for a move, key milestones, and much more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Back in 2010, Shirl Penney launched an exciting concept: A firm that sought to help breakaway advisors start their own independent wealth management businesses—but with the support of a team focused on assisting them to drive success, plus a top-notch platform to rival what the advisors left behind in the brokerage world. It was a solution that filled a needed gap in the industry—and a wildly successful one at that. As of the recording of this episode in July 2023, Dynasty Financial Partners boasts some 49 network firms across the country, with 319 advisors and nearly $74B in assets. Dynasty’s success speaks to advisors’ strong desire to gain freedom and control and reap the rewards of becoming an entrepreneur—all while having access to everything they need to start up and run their businesses, plus access to a community focused on continual growth. Because the reality is that making the leap isn’t easy. And advisors on the Dynasty platform and other supported independence platforms like it extols the benefits of having a partner in the transition process to handle the things necessary to start their own firm and ongoing support as needed. But what do advisors really need to know when considering a transition? Caitlin Douglas, the head of transition services at Dynasty, joins the episode to share the details gleaned from her experience at Dynasty and her previous business life at Keeney Financial Group, plus nearly two decades in the financial services world. She and Louis Diamond discuss all things related to making the break, including: Preparing for the transition—and what advisors need to know before considering a leap to independence. The role a supported independence model like Dynasty plays—and how they can streamline an advisor’s transition vs. launching an RIA from scratch. The heavy lift of breaking away from a major firm—and why even the thought of doing so stops so many advisors in their tracks. The major milestones of launching an RIA—and what advisors should prepare for at each juncture. The timeline of a move—and what advisors can expect when setting their sights on a launch date. The characteristics of an efficient move—and how to avoid significant failure points along the way. No doubt, entrepreneurialism has fueled change in the wealth management industry—and those with the desire to gain greater freedom and control are amongst the biggest benefactors when it comes to solutions available to make the leap more efficient. Caitlin shares thoughtful guidance for those considering independence: Actionable advice around the essential details to be aware of and the preparation required to make the transition a smooth one. Related Resources What’s Driving the Momentum Towards Independence and Will it Continue? With Shirl Penney, Dynasty Financial Partners An insider’s guide to what it takes to get from here to there in the independent space. Listen-> Update on Transitions: Communicating the “Why” of a Move to Your Clients A financial advisor’s move should be to improve client service—because it’s the clients who ultimately drive business growth and value. Here’s how to communicate “what’s in it for them” so they fully understand the positive impact the change can bring. Listen-> What Can Go Wrong in a Transition: How to Avoid “Murphy’s Law” 7 ways a financial advisor’s move can take an unexpected wrong turn—and ways to prevent that from happening. Read-> Avoiding the Post-Transition Blues 8 tips to help advisors enjoy a less stressful experience during and after a move. Read-> Diamond Consultants Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry: 2022. Download-> Caitlin Douglas Head of Transitions Ms. Douglas joined Dynasty from Keeney Financial Group where she served as the Director of Client Services for over six years. While there, Caitlin was responsible for managing the firm’s transition from an independent broker–dealer to a Hybrid RIA platform. She has 17 years of experience in the financial services industry, including working directly with clients and overseeing advisors, as well as support staff. Caitlin graduated from Ohio University with a Bachelor of Business Administration degree in Finance where she also played Divis

A conversation with Andy Ferguson, founder and CEO of Proquility Private Wealth Partners Overview As a former Merrill ACTM chairperson, Andy Ferguson had an acute view of the changes taking place at the firm. He shares how that influenced his decision to opt for independence over Merrill’s retire-in-place program CTP and more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Most advisors we speak with think independence is just for those with a long runway ahead of them. Yet that couldn’t be further from the truth. The reality is that many long-tenured advisors in the brokerage world come to a crossroads in their career: Sign on to their firm’s retire-in-place program or consider other options. While taking a recruitment deal from another firm is certainly a path, many recognize that there is a bigger picture to consider: Their firm may not be serving them and their clients best now and is not likely to do so in the future. Their perspective is that independence allows them to build their legacy how they see fit and unencumbered by a big firm agenda. Andy Ferguson is one such advisor who, after nearly four decades at Merrill, decided he didn’t like where the firm was heading. And Andy had a bird’s eye view of the changes that Merrill went through over the years, having served as Chairperson of the Merrill Lynch Advisory Council to Management (ACTM), advising the senior management on issues affecting clients worldwide. So signing on to the firm’s retire-in-place program and locking the business in for the longer term wasn’t how Andy envisioned his legacy. In August 2020, during the pandemic shutdown, Andy and his team launched Proquility Private Wealth Partners in Las Vegas, NV, with support from Dynasty Financial Partners and Fidelity Custody and Clearing as their custodian. In this episode, Andy shares his story with Mindy Diamond, including: The changes he saw at Merrill—and how that motivated him to consider his options. The real value of a retire-in-place program—and why Andy saw greater benefit in going independent. The option to launch an independent firm—and why he feels even tenured advisors can benefit more by breaking away. The realities of the transition process—and what he learned along the way. The opportunity to “shrink to grow”—and why he chose to leave a handful of relationships behind. Andy could have taken the path of least resistance: Sign on to Merrill’s retire-in-place program and monetize his life’s work at the end of the day. But for him, the decision was an easy one. That is, Andy wanted to ensure that when that day came, he answered to just one constituency: His clients. And the only way to do that was by launching his own independent practice. It’s a “reality check” episode for all advisors who are considering their future. Related Resources Stuck in Place: How Merrill’s CTP Has Senior Advisors Right Where the Firm Wants Them Advisors who accepted Merrill’s ironclad succession agreement are now realizing how stuck they really are—serving as a cautionary tale for those who have yet to sign on. Read-> Avoiding the Succession Cliff: Potential Paths for Soon-to-Retire Advisors Tenured advisors have invested a lifetime in building a business with real value, yet many don’t have a succession plan. Why the delay? And what are their options? Read-> 5 Reasons Why You Should Mess with Success Amid a banner year, it may feel counterintuitive to even think about disrupting momentum—but it may be wise to do just that. Read-> Transitions, Retire-in-Place Programs and Termination: A Top Attorney’s Perspective Attorney Tom Lewis of Stevens & Lee shares advice for financial advisors on navigating transition, avoiding termination, retire-in-place agreements, non-Protocol moves, and more. Listen-> Andy Ferguson Founder & CEO Andy Ferguson is the founder and CEO of Proquility Private Wealth Partners, a fully independent Registered Investment Advisor (RIA) based in Las Vegas, Nevada and serving clients throughout the United States. Andy founded Proquility to provide individualized attention and customized planning and investment services for select clients in need of multigenerational financial advice, education, and guidance. The RIA discreetly serves the unique goals of 62 high net worth client families and their philanthropic foundations throughout the United States. With more than 40 years of experience in financial and estate planning at Merrill Lynch, Andy is a Certified Financial Planner (CFP) as well as a Chartered Financial Consultant (ChFC). His Bachelor of Science in Finance is from the University of Arizona, and he received his Certified Investment Management A

A conversation with the Founder of the Digital Assets Council of Financial Professionals Overview One of the most influential people in the financial planning and investment management profession discusses what fueled his firm’s growth, the importance of financial education, the value of embracing technology, and more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… We often talk about how the wealth management industry landscape has evolved. But the fact is, EVERY industry has been impacted by dramatic change. And each year, the transformations advance more rapidly than the years prior. The guest on this episode rode these waves of change and served as both a leader and navigator. Ric Edelman is one of the most influential people in the financial planning and investment management profession. Ric’s career path started in the 80s when he and his wife Jean founded Edelman Financial Services. After growing the business and a series of mergers and acquisitions, the firm, now known as Edelman Financial Engines, would become the largest RIA in the country with $191B in assets under management. Yet, as Ric shares, providing financial education was the driving force that led to their wide-ranging success. For example, Ric became one of the country’s top 100 radio talk show hosts and produced award-winning specials for PBS. He is also the #1 New York Times bestselling author of 12 books on personal finance, including his newest, The Truth About Crypto, an Amazon bestseller. And he’s the host of the podcast series The Truth About Your Future and the founder of the Digital Assets Council of Financial Professionals. Plus, Ric ranked three times as the #1 Independent Financial Advisor in the nation by Barron’s and received the industry’s Lifetime Achievement Award in 2017. Ric shares his unique lens on the industry with Louis Diamond in this very special episode, including: The secret to how he built a mega RIA—and advice for others with their sights set on growth. The importance of his focus on financial education—and why he describes it as a mission that “propels” him. The choice to step away from the firm he built—and how he and Jean are reinventing this chapter of their lives while teaching others to do so as well. The real value of scale—and why learning to create services that impact 1,000 clients rather than just one is critical for growth. The power of technology—and why it’s important for advisors to embrace the changes impacting wealth management practices and the financial world at large. The role of generative AI tools like ChatGPT—and what advisors need to know to leverage them for client service and brand extension. The realities around crypto—and how blockchain and tokenization will continue to alter their business practices. The truth about the future of financial advice—and how advisors can take advantage of technology to create a better service experience and gain scale. Ric offers an important narrative around the fact that our world is changing rapidly and shares a perspective of more dramatic transformations ahead. It’s an important episode for all advisors as it provides foresight into reimagining our businesses to meet the forthcoming challenges and opportunities. Related Resources Growth Through Media and Innovative Solutions: How Ross Gerber’s $2.2B Firm Found a Resounding Voice in Independence The co-founder of Gerber Kawasaki weighs in on everything from what it takes to build a $2.2B mega-RIA and the power of freedom in the independent space, on to crypto, digitization, and ETFs, plus Elon Musk and Tesla. Listen-> Looking at Your Future With a Beginner’s Mind Taking a step back and answering these 7 questions will leave you with a new sense of clarity. Read-> What’s the ‘Real’ Value of a Financial Advisor’s Business? A still red-hot RIA M&A market has many employee advisors pondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Read-> Ric Edelman Founder, Digital Assets Council of Financial Professionals Ric Edelman is one of the most influential people in the financial planning and investment management profession, according to Investment Advisor, RIABiz, and InvestmentNews. He was ranked three times as the nation’s No. 1 Independent Financial Advisor by Barron’s, is in two industry Halls of Fame and received the IARFC’s Lifetime Achievement Award. He also holds two patents for financial product innovation. Edelman is the industry’s top financial educator. He is a #1 New York Times bestselling author of 12 books on personal finance, including his newest, The Truth About Crypto, an Amazon bestseller. He

A conversation with Louis Diamond Overview Independence allows advisors to create an unlimited menu of innovative value-add services for their clients. And as the industry landscape expands, employee advisors are finding ways to get in on the action. Learn specific examples of the various services offered by some of the industry’s leading independent firms. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Advisors are attracted to the independent channel for many reasons: Business ownership, superior ongoing economics, autonomy and control, and the ability to build a brand and legacy. But one of the more exciting aspects of an independent business is the wide range of additional value-add services that can be offered to clients. Services such as tax preparation, bill pay, and even investing directly in barrels of bourbon and RVs are some of the many ways top independent firms drive their unique value. That is, in continually creating a new and often unique roster of capabilities to serve ever-growing client needs. And the results show in their bottom line. The good news is that in this evolved landscape, you don’t need to start your own independent firm to tap into these additional lines of business. Many multi-family offices, large national RIAs, and boutique firms have the scale to offer an expanded roster of services. And even some supported independent platforms enable advisors to white-label services for use with their clients. In this special Industry Update episode, Mindy Diamond and Louis Diamond break it all down, including: Going beyond financial planning and investment management—and why advisors are getting more innovative when it comes to client service. The imaginative ways the most successful are satisfying their clients’ needs—and how doing so is impacting growth. Access to bespoke services in employee models—and what limitations these advisors might encounter. The benefits of scale—and how some firms are thinking creatively when expanding their roster of capabilities. Understanding the economics—and how to determine if your practice is ready to expand into new areas. The benefits of adding services beyond planning and management—and what some might view as potential risks. Plus, they share specific examples of the various services offered by some of the industry’s leading independent firms. Undoubtedly, it’s critical to focus on getting the basics right first. Still, for those ready for next-level strategies, this is one episode to listen to—whether you’re a business owner or an employee-advisor. Related Resources – Mentioned in This Episode Lizzie Evans – Growing Up with Merrill Lynch: A Next-Gen Breakaway Story. Listen-> Michael Henley – A Diehard Merrill Advisor’s Journey to Independence. Listen-> Kurt Miscinski – From Start-Up to $31B Behemoth RIA: The Catalysts Behind the Growth of Mega-Firm Cerity Partners. Listen-> Captrust – Creating Sustainable Scale: How CAPTRUST’s Unique Model Drives Enormous Growth and a $1B+ Valuation. Listen-> Megan Carpenter – Driving Organic Growth: Practical Marketing Tips for Advisors from FiComm’s Megan Carpenter. Listen-> Ross Gerber – Growth Through Media and Innovative Solutions: How Ross Gerber’s $2.2B Firm Found a Resounding Voice in Independence. Listen-> Marty Bicknell, Mariner Wealth Advisors – Inside Baseball on Building and Growing an Independent Firm. Listen-> Rob Nelson, Northrock – 3X Growth: How a Pivot from IBD to RIA Turned into a Nearly $4 Billion Slam-Dunk. Listen-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with the CEO of FiComm Partners, LLC Overview Growing a sustainable wealth management business relies on attracting new clients while engaging current ones. The leader of the award-winning integrated marketing firm shares advice on what it takes to impact organic growth via marketing. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Legendary business consultant and author Peter Drucker said, “Because it is its purpose to create a customer, any business enterprise has two – and only these two – basic functions: marketing and innovation.” It’s a statement that any successful financial advisor and business owner can relate to. Because a growing and sustainable business thrives on attracting new clients and continually engaging current ones. Yet marketing itself can be a herculean task. It requires strategic planning, creative thinking, and consistent execution of a common purpose and voice. And as even we at Diamond Consultants can attest, it also demands a good dose of patience—because achieving desired results can take time. That said, there’s plenty of valuable advice to learn, particularly from those who play in this sandbox every day. In this episode, Louis Diamond welcomes Megan Carpenter, CEO of FiComm Partners, an award-winning integrated marketing firm focused on the independent wealth management space. They take a deep dive into the world of marketing a wealth management practice, including: The evolution of marketing over recent years—and how these changes have impacted strategy and organic growth. The importance of a clearly defined value proposition and brand—and why even employee advisors need to pay attention to how they are represented. Understanding the term “growth” as it relates to marketing success—and why it’s vital first to identify your specific goals and objectives. Tactics like email, video, and social media—and how the most successful firms use each to maximize reach and efficacy, and ultimately drive organic growth. Successful marketing is driven by true differentiation and demonstrating that authentically with consistency and in concert with client service activities. And as Megan shares, the best endeavors are led by strategy, and, “when done well, there’s tremendous opportunity to impact growth through the lens of marketing.” This is one episode with actionable advice for all advisors and independent business owners who have their sights set on maximizing their organic growth goals. Related Resources Why Advisors in “Growth Mode” Are Sacrificing Momentum to Change Firms or Models It seems to be counter-intuitive for an advisor or team who may be riding the wave of their “best year ever” to change jerseys or break for independence. Yet it’s happening in record numbers. Read-> Industry Update: A Powerful Strategy to Accelerate Growth for Financial Advisors Mindy Diamond discusses how harnessing the power of content marketing has proven to be a powerful growth engine for her firm. She shares tips and advice for employee and independent financial advisors on how to build your own “marketing machine.” Listen-> How to Optimize Your Business for Growth and Success: 8 Questions Advisors Need to Ask Themselves Rising above the day-to-day tasks of your “job” to invest time in thoughtful strategizing and planning can be the gamechanger you’ve been looking for. Read-> Megan Carpenter CEO & Founder Meg Carpenter is CEO and Co-Founder of FiComm Partners, an award-winning integrated marketing firm, focused on the independent wealth management space, working alongside advisors, advisory firms, and wealth management platforms at every stage of growth. FiComm exists to expand the impact of financial advice by leading human-centered business change through New Skool marketing, PR, and advisor marketing coaching. Their agile approach in marketing solutions has earned them a seat in ThinkAdvisors Luminaries Class of 2021 and 2022, back-to-back wins for digital campaign of the year from WealthManagement.com’s Wealthies in 2021 and 2022, recognizing FiComm Partners and InvestmentNews Podcast Awards and the New Skool podcast, and a top-4 Industry Disruptor in 2020 by WealthManagement.com. For more than 10 years, FiComm’s services have transformed wealth management businesses by empowering them to lead with authenticity, target their focus, and drive to commercial success. Included in InvestmentNews 40 Under 40 notable list, Meg’s expertise spans over 20 years of helping RIA firms and advisors connect, communicate, and engage effectively with their target audiences. Her passion to promote the industry is demonstrated through her involvement with the CFP Board Center fo

A conversation with Craig Savage—Partner, Wealth Advisor, William Blair Overview Craig Savage shares his journey from Goldman Sachs to Credit Suisse, why joining William Blair ultimately won out over launching an RIA, how finding the right culture has enhanced his team’s growth, and much more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Searching for the right culture is one of the most common drivers of change among advisors we speak with. And it’s particularly prevalent with those who came from a traditional firm in which that culture once felt more entrepreneurial—with a well-known and respected imprimatur attached to it. For Craig Savage, that firm was Goldman Sachs, where he began his wealth management career over two decades ago. Yet things changed at the firm after the financial crisis. The culture Craig grew up with no longer felt the same: It had become more bureaucratic, and as Craig puts it, “There was an abundance of resources but also a lot of conflicts.” So in 2010, he left for Credit Suisse, another big brokerage firm. While it seemed to provide what he was looking for, over time, it was just more of the same. That is, “the honeymoon feeling wore off,” as Craig shares. Craig and his team started to explore the idea of launching an RIA until a serendipitously timed call came from Ryan Devore, the Global Head of Wealth Management and Partner at William Blair. Ryan introduced him to a concept that fell between the big brokerage firms and independence—and the firm was looking to plant a new flag in Atlanta, Georgia. So Craig and his team joined Blair in January of 2016, and today they are managing $6.8B in assets for approximately 90 clients. In this episode, Craig shares the genesis of his career with Mindy Diamond, including: His early days at Goldman—and what changes he saw at the firm that motivated his decision to leave. Craig’s shift to Credit Suisse—and why that path was not the best solution for his business. The transition to William Blair—and why the firm won out over all others, including launching an RIA. The unique differences in culture amongst firms—and why finding the right culture was so important to Craig and his team. The benefits of a firm like William Blair vs. independence—and why Craig feels Blair fulfilled what he sought in terms of freedom and entrepreneurialism. The importance of knowing your “why”—and how the knowledge of what you are looking to solve for can make a transition far less complicated. Plus, the secrets to his success—and what it really takes to build a $6.8B advisory business. For Craig and his team, the motivation for change was driven by the desire for greater freedom, but likewise, as he shares, it’s also about achieving alignment with your goals and values—and ultimately rooted in your “why.” It’s an episode for anyone looking to get a glimpse into more independent alternatives to business owners looking for ideas around maximizing growth. Related Resources A Growth Story 87 Years in the Making: Why Boutique Firm William Blair is an Attractive Home for Top Advisors With Ryan DeVore, Partner, Director and Global Head of Private Wealth Management, William Blair. Listen-> When it Comes to Attracting and Retaining Advisors, Culture Really is King How these 5 key characteristics set the stage for a more positive and productive environment for financial advisors. Read-> How to Evaluate a Firm Beyond the Obvious: A Framework for Advisors There are many reasons why an advisor might prefer one firm over another. Moving beyond “table stakes” factors, here are 8 critical yet often overlooked considerations for evaluating potential firms—as well as your own. Read-> Craig Savage Partner & Wealth Advisor Craig Savage is a partner of William Blair and wealth advisor with the firm’s Private Wealth Management group. He joined William Blair from the Private Banking North America Business of Credit Suisse Securities. He had recently been appointed head of campus recruitment and development strategy for Credit Suisse Private Banking North America and LatAm US. He had previously worked for 12 years at Goldman Sachs Private Wealth Management. Craig taught calculus at Vanderbilt University and started his own business, Savage Sportswear. Craig earned his M.B.A. from Vanderbilt University’s Owen Graduate School of Management and his undergraduate degree in mathematics from Vanderbilt. He lives in Atlanta with his wife and two children, and enjoys travel, aviation, and skiing. Professional Recognition and Awards Forbes Best-in-State Advisors 2021, 2022, 20231 Barron’s Top State-by-State Advisors in America, 2021, 2022, 20232 Barron’s Top Wealth Adviso

A conversation with Alan Zafran and Eric Harrison, Co-Chief Executive Officers and Founding Partners of IEQ Capital Overview Alan Zafran and Eric Harrison, 2 of the 3 Co-CEOs and Founding Partners of IEQ Capital, discuss making 2 leaps to independence from Merrill to Luminous then First Republic to IEQ and share their journey and formula for growth they mastered along the way. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… It was May of 2008 when one of the biggest breakaway stories to hit the Street emerged: A team of top Merrill advisors with some $2B in assets left the wirehouse to launch RIA Luminous Capital. It was a leap that would galvanize the independent space, attracting the attention of wirehouse advisors throughout the industry, piquing their curiosity, and demonstrating that there was life outside the big brokerage firms. Then history was made again in 2012 when the $5.5B Luminous sold to what was then First Republic Bank for an astounding $125mm. Yet the story didn’t end there. In 2019 there would be another entry in the wealth management industry record books. After growing the business to some $17B, the team would leave the bank, forming two separate independent firms, one of which was IEQ Capital, launched by Robert Skinner and Alan Zafran. Eric Harrison, a former private equity firm leader and First Republic veteran who began working with the Luminous partners in 2013, would join them, and together, the three would serve as founding partners and co-CEOs of IEQ. It’s an astounding growth story for IEQ, which started with some $8B in assets at inception and is managing in the vicinity of $18B as of this recording. In this episode, Louis Diamond welcomes Alan and Eric, two of the three Co-CEOs of IEQ, to share their incredible journey, including: Making the leap to independence in 2008—and what that was like at a time when resources were non-existent, and few would ever consider it. Their unique perspective on the Luminous sale to First Republic—and why they opted to later leave the firm and build their own. Building an independent business right from the start—and how their two-time breakaway experience framed what IEQ is today. IEQ’s three CEO leadership structure—and how that works in practice. Their astounding growth—and what key elements are at the foundation of their success. And much more. It’s stories like this from trailblazers who forged new paths and continue to make their mark on the industry that is most illustrative. But it’s their core concepts around growth, culture, and “building a business for advisors by advisors” that serve as a resounding takeaway—making it an episode to listen to for employee advisors and business owners alike. Related Resources From Blinders to Binoculars: Why the Shift to a Longer-Term “Business Owner” Mentality is Driving Movement There was a time when many advisors would never have considered a move. Why would they? In the short term, there was nothing to solve for. But now they’re thinking differently. Read-> Part 1 of 2: The $5B Breakaway That Led to a $125mm Acquisition Deal A conversation with Mark Sear and David Hou, Managing Partners of Evoke Advisors. Listen-> Coach to the Advisor Elite: CEG’s John Bowen on What it Really Takes to Build a Blockbuster Business What’s the secret to the success of top financial advisors? John Bowen of CEG Worldwide, coach to elite financial advisors, shares the “real gamechangers” that help them break through to the next level and accelerate growth—and more. Listen-> MaxCeV™ – How to Maximize Your Career Enterprise Value This formula seeks to provide a process by which an advisor can “calculate” the sum total of 4 key factors—to conceptualize what their career enterprise value really is and how to achieve it. It’s one of the central tenets of Diamond Consultants’ process in guiding advisors through due diligence. Download-> Alan Zafran Founding Partner and Co-CEO Alan Zafran is a Founding Partner and Co-CEO of IEQ Capital and has served as a financial adviser to wealthy families and institutional investors for nearly three decades. Mr. Zafran also sits on the Investment Committee at IEQ Capital. Mr. Zafran began his career at Goldman Sachs in the Private Client Group. After seven years at Goldman Sachs, Mr. Zafran and his entire team joined Merrill Lynch, where he helped to build the Private Banking and Investment Group. In 2008, Mr. Zafran co-founded Luminous Capital, an independent Registered Investment Advisory firm. At Luminous, he served as a Portfolio Manager and member of the investment committee. Luminous Capital managed $5.5 billion of assets when it was acquired by First Rep

A conversation with R. Scott Bills, Chief Executive Officer, Partner, Nilsine Partners Overview R. Scott Bills considered himself a Merrill Lifer. But as the firm changed and the desire to build a brand and better serve their clients grew stronger, he and his team decided to make the leap to independence, launching Nilsine Partners. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… A lot of advisors we speak with on this series and in the course of our business share how they never thought they’d leave their firm. Then, as is a fact of life, things change. That is, both the firm and the advisor may shift their priorities in ways that are no longer congruent. And for the advisor, the firm that once served as the foundation for growth of the business no longer seems to be the right fit. Such was the case of Scott Bills. He considered himself a Merrill Lifer—someone who thought he and his team would never leave. For Scott, his Merrill story started back in 2005, when he joined the firm. It was a family business that included his father (who retired a decade ago), his brother Brett, and their team. Together they grew an astounding business to nearly $2B in assets under management. But, over time, they recognized things were changing at the firm. And while they craved greater freedom, they were feeling stuck by loyalty to Merrill—that is, until their loyalty to best serving their clients and business won out. In September of 2021, the Colorado-based team made the leap to independence with support from Dynasty Financial Partners and Schwab as their custodian. In this episode, Scott and Mindy Diamond discuss the evolution of the Merrill team and their transition to launching independent firm Nilsine Partners, including: The process of thinking through change—and the realities of making the leap to independence. The pulls that motivated their decision to leave Merrill—and how the desire to build a business and a brand was stronger than their loyalty to the firm. The pushes that led to consider change—and how mounting pressures to push Merrill products and limitations around what they could do for clients played a significant role in their decision. Opting to shrink to grow—and why it made sense, strategically, to leave some clients behind. Doing the math—and why it’s critical to understand the costs associated with being an employee vs. an independent. Plus, Scott shares tangible examples of the differences he and his team found between the wirehouse world and independence—including the ability to be solutions-based and not product-driven. It’s an episode with value for anyone considering change, as well as business owners who are looking to advance their practice to the next level—and beyond. Related Resources Everything You Need to Know About Independence: An Industry Update Jason Diamond joins the show for a quick yet thorough education on the continually evolving independent space answering the questions that many of our advisor-clients ask us during due diligence. Listen-> Stop Feeling Pushed: 6 Steps to Leveraging the Positive Pulls No one likes to feel “pushed” into making a decision. So how do you turn the tables and regain control of your career? Read-> Push vs Pull: When Desire Wins Out Over Frustration The motivation for many advisors who are moving these days has been gravitating from a “push” to more of a “pull”. Read-> The Inverse Grid: Is Your Firm Providing Enough Value? When considering the products and services a firm provides in exchange for the revenue they keep, is it really a good value? Read-> Shrink to Grow: Why Advisors are Making the “Strategic Decision” to Let Go of Assets In a world where bigger is considered better, many of Wall Street’s most talented and productive advisors are opting to go against the grain and leave chips on the table. Read-> Scott Bills,CFP®, CPWA®, CRPC® Chief Executive Officer | Partner Scott is currently Chief Executive Officer | Partner of Nilsine Partners. He was previously a Senior Vice President Wealth Management Advisor at Merrill Lynch Wealth Management from 2005 until founding Nilsine Partners in 2021. Scott has been recognized by Forbes and named to their “Best-in-State Wealth Advisors” list in 2019, 2020 and 2021; as well as their “Best-in-state Next-Generation Wealth Advisors” list in September 2019, “Top 250 Next-Generation Wealth Advisors” list in July 2019 and “America’s Top Next-Generation Wealth Advisors” list July 2018. He received his Bachelor of Science degree in Finance with a minor in Economics from Utah State University. Scott is a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional, designation awarded by the C

A conversation with Ross Gerber, Co-Founder, President and CEO of Gerber Kawasaki Wealth and Investment Management Overview The co-founder of Gerber Kawasaki weighs in on everything from what it takes to build a $2.2B mega-RIA and the power of freedom in the independent space, on to crypto, digitization, and ETFs, plus Elon Musk and Tesla. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… The name Ross Gerber has become a familiar one in the wealth management industry. No doubt, his popularity was fueled by his direct and outspoken nature once he began to publicly challenge the thoughts around everything from crypto to digitization to Elon Musk and Tesla. Yet Ross first established his place in the industry as the co-founder of the $2.2B RIA Gerber Kawasaki—a firm that he and partner Danilo Kawasaki started with $50mm in client assets just over a dozen years ago. Ross got his start in wealth management at Sun America, which was acquired by AIG. Then the 2008 financial crisis hit—and he and Danilo said, “We have to start our own firm.” In a conversation with Mark Casady, the CEO of LPL Financial at the time, they shared their vision of a firm that would leverage marketing, media, and technology in a way that no one else was currently doing. It was 2010, and as Casady saw it, they were the future. They “negotiated their freedom,” as Ross put it, and spun out of AIG (which later became SagePoint) to LPL’s broker dealer model. Things really took off when independence bestowed Ross with the freedom to share his thoughts in the major media, including CNN, CNBC, Fox, Reuters, Bloomberg, and the Wall Street Journal. Yet it’s his deep-rooted investment knowledge and business strategy that helped propel the growth of Gerber Kawasaki—innovative thinking that continues to drive the success of the firm. In this special episode, Ross discusses his extraordinary journey with Louis Diamond, including: Making their way through the 2008 crisis—and how he and Danilo ultimately built a $2.2B mega-firm. The freedom to innovate—and why building their own RIA was the best option to achieve their goals. Thinking differently—and how creating a truly unique value proposition was a game-changer for Gerber Kawasaki. Collaboration and idea creation—and why Ross feels getting people together in the office is critical. Ross’s thoughts on crypto—and why working in “both financial systems” is smart for the firm. Starting an ETF—and what they learned in the process. Building a media presence—and what it really takes to become a public figure. The cost of advertising—and why social media and video proved more effective for their firm. Plus, what drove his public discourse with Elon Musk—and why he recommends buying Tesla stock today. Through independence, Gerber Kawasaki found the freedom to market and innovate their way to better serve their clients and become a $2.2B enterprise. In this episode, Ross outlines their process and offers sound ideas to help advisors re-think their business processes and goals. Related Resources Industry Update: The 10 Characteristics of the Most Successful Teams Mindy Diamond and Louis Diamond explore 10 of the most common behaviors of elite wealth management teams based on their experiences in guiding many of the industry’s top players. These are practices that any team at any level can adopt, whether they work as employees at a big brokerage firm, are independent business owners, sole practitioners, or part of an ensemble group. Listen-> How to Optimize Your Business for Growth and Success: 8 Questions Advisors Need to Ask Themselves Rising above the day-to-day tasks of your “job” to invest time in thoughtful strategizing and planning can be the game-changer you’ve been looking for. Read-> A Powerful Strategy for Financial Advisors Looking to Expand Reach and Accelerate Growth Reaching clients and prospects has become equally challenging and auspicious—but there are efficient and effective ways for advisors to “get through.” Listen-> An Insider’s Perspective of LPL Strategic Wealth Services: A “Modern” Supported Independence Model Kimberly Sanders, Senior Vice President of Advisor Solutions for LPL Strategic Wealth Services discusses the evolution of the supported independence space and dives into how models like LPL’s address the changing needs of advisors and their clients. Kimberly also helps to answer the question: What drives an advisor’s decision of one model vs. another in an industry landscape replete with just about every option under the sun? Listen-> IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider When it comes to freedom and control, there are key diff

A conversation with Jason Diamond Overview What does an advisor need to know when embarking upon due diligence? In the second of this 2-part series, Mindy Diamond and Jason Diamond provide the key steps to a strategic process with focused outcomes. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Part one of this industry update discussed the questions you need to ask yourself before considering a move. That is, to determine the following: Is there enough to gain from going through the hassle of a due diligence process? This episode picks up where we left off for those who answered “Yes” to that question and are motivated to explore options elsewhere. Why does it matter? Because many advisors get stuck at this juncture. They know things aren’t perfect and should look elsewhere. Still, they don’t know where to begin—often trapped by inertia, overwhelm, confusion, lack of clarity, or anxiety about the due diligence process. The goal of this episode is to help make the process more thoughtful and strategic for those who have decided that they are motivated to embark upon due diligence, sharing key areas to pay attention to, including: A review of the actual due diligence process—and what steps are critical to ensuring a thorough and strategic exploration exercise. Curating a list of options—and how to identify what to include or exclude. The questions to ask—and what answers are most important to the decision-making process. Common traps and missteps—and how to avoid them. Plus, an overview of the industry landscape—and why it’s essential to understand the various options before diving in…and much more. No doubt, the process of considering change can be a daunting one. But when approached first from the perspective of “should I consider a move?” and then conducting due diligence with a goal and plan, the path becomes much clearer. It’s an episode that will shed light on this important practice, providing value to those considering change, as well as those who may simply want to understand their options or develop their “Plan B.” Download the Strategic Due Diligence Roadmap hbspt.forms.create({ portalId: "46578459", formId: "a704de13-7834-4faa-ab3c-9642a8fa72cc" }); Related Resources Demystifying Due Diligence: An Insider’s Guide to this Important Process Tips, tricks, and best practices to eliminate the angst experienced by many advisors who embark on the journey of exploration. Read-> Taking Due Diligence Beyond Exploration: 6 Important Considerations When the thought of making a move “gets real,” there’s another level of due diligence that advisors should embark upon. Read-> Questions Every Advisor Should Ask Before Considering a Move: A Special Industry Update What is it that advisors need to be aware of before jumping into due diligence? In the first of a 2-part series, Mindy Diamond and Louis Diamond share advice on the threshold questions to ask yourself before taking meetings or calls. Listen-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Louis Diamond Overview What is it that advisors need to be aware of before jumping into due diligence? In the first of a 2-part series, Mindy Diamond and Louis Diamond share advice on the threshold questions to ask yourself before taking meetings or calls. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… It’s not unusual for advisors to jump into exploration mode without first slowing down and gaining clarity on what they are trying to solve for. Yet the problem is that these advisors often come away more confused than informed. That is, diving into identifying solutions without a clear understanding of the problem sends most off on a less than strategic wild goose chase. So what is it that advisors need to be aware of before taking meetings or calls? What questions do you need to answer on your own? And how can you ultimately be more strategic in the process? The first of a special two-part series on the due diligence process dives into what you need to ask yourself before even considering a move, including: Identifying your why—and what. Knowing what you really love about your current firm—and what limits or frustrates you. Getting partners aligned on what’s best for the business—and how to reconcile any differences. Understanding the real value of a transition deal—and how important it is to you. Establishing whether you want to be an employee or a business owner—and how much freedom is right for you. Acknowledging your concerns about making a move—and if portability might be an issue. It’s about gaining a clear understanding of your goals to help ensure that the due diligence process is meaningful and accretive—while broadening your awareness of an expanding landscape and how the options available can potentially benefit you and your clients. Even if you aren’t considering change, this episode will help to clarify your thoughts about your goals and vision for the future. Download the Strategic Due Diligence Roadmap hbspt.forms.create({ region: "na1", portalId: "46578459", formId: "a704de13-7834-4faa-ab3c-9642a8fa72cc" }); Related Resources Beginning with the end in mind How to chart an efficient course to your best business life. Read-> How Rising Above the Minutiae Can Offer a New View on Opportunities When considering a move, it’s critical to strike the right balance between satisfying specific, objective criteria for immediate needs while taking a wider perspective of longer-term goals and shared values. Read-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Brad Bueermann, CEO, FP Transitions Overview CEO Brad Bueermann discusses key aspects of M&A and succession, the most important factors around multiples, valuations, and maximizing enterprise value, the future of M&A, and much more. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Fidelity’s latest M&A report signaled that despite headwinds of a turbulent market and interest rates, as well as the regional banking crisis, the M&A wave is still flowing strong. The first quarter of 2023 saw 67 acquisitions – 10 more than the previous quarter’s 57 – representing some $83.5B in client assets. No doubt, there’s still a hunger for quality firms with strong P&Ls and growth trajectories. And it’s this very space that firms like FP Transitions play in. The firm was founded in 1999 by industry-legend David Grau, Sr., who literally wrote the book on Buying, Selling and Valuing Financial Practices back in 2016. FP Transitions became one of the standouts in the wealth management world, specializing in the valuation and analysis of the intangibles that make advisory practices unique and valuable. They do this by employing strategies that build upon a lifetime of work and trusted client relationships—and executing a succession plan designed to both realize value for the founder and perpetuate the business for the next generation of advisors. Earlier this year, FP Transitions reached a milestone, performing over 15,000 independent business valuations. The firm’s CEO, Brad Bueermann, joins Louis Diamond to discuss all that and more, including: FP Transitions background—and how they developed their unique methodology. The firm’s own next gen transition from David to Brad—and how the processes they use with wealth management clients played an integral role. Where firm valuations are today—and what he expects for the future. What buyers were most concerned about in the past—and how that differs today. Multiples and enterprise value—and what business owners need to pay attention to maximize both. Identifying the value drivers—and how to develop a plan to increase value over time. Creating a win-win scenario in a transaction—and why FP Transitions sees this as the best possible route for all sides. It’s an episode filled with practical advice and intelligent conversation around the evolution of independent firms with key takeaways on achieving maximum enterprise value. Related Resources MaxCeV™ – How to Maximize Your Career Enterprise Value This formula seeks to provide a process by which an advisor can “calculate” the sum total of 4 key factors—to conceptualize what their career enterprise value really is and how to achieve it. It’s one of the central tenets of Diamond Consultants’ process in guiding advisors through due diligence. Download-> Industry Update on M&A: Why Buy? Tips for Those with Their Sights Set on Becoming an Acquirer When it comes to M&A, there are plenty of independent business owners and wirehouse advisors who have their sights on becoming acquirers, yet it’s an incredibly competitive environment with more buyers than sellers. This episode looks at the buy-side perspective, the attributes needed to become an attractive acquirer, the characteristics of prospective targets, and more. Listen -> Industry Update on M&A: If You Build It, Will They Buy It? For advisors who are reviewing their firm’s retire-in-place program, considering a recruitment deal, or looking to launch an independent firm, understanding the value on the open market is critical. Part 2 of this 2-part series explores what drives value and how to build a business that will be “attractive” to acquirers and garner the highest valuation at the end of the day. Listen-> How to Optimize Your Business for Growth and Success: 8 Questions Advisors Need to Ask Themselves Rising above the day-to-day tasks of your “job” to invest time in thoughtful strategizing and planning can be the gamechanger you’ve been looking for. Read-> Brad Bueermann CEO / Principal Brad has the dubious distinction of having sailed right through the largest hurricane on record, but somehow seems to have enjoyed it. Brad is a nationally recognized speaker and thought leader on matters of business value, equity management, and mergers and acquisitions for independent financial professionals. Brad’s forward thinking and groundbreaking work on building enterprise value and creating sustainable firms has made him an important thought leader in the industry, and a frequent conference speaker. As a long time entrepreneur and strategic consultant, Brad has developed a broad expertise in building sustainable busi

A conversation with Amir Monsefi, Co-Founder and CEO of AIRE Advisors Overview Amir Monsefi describes “conflicts of interest” with the ability to serve clients and grow the business at Merrill. The former RD shares how building their own RIA allowed them the freedom to innovate and remove conflicts. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Many advisors in the brokerage world often come to a point where they start to question their ability to serve clients. Certainly, things may be “good enough” until there’s a desire to offer clients different services or to change the way they are charged. Even a Merrill Resident Director, who serves as a producing manager at the firm and may have a wider perspective of what can and can’t be done as an employee of the wirehouse, can arrive at the same conclusion. That is, there may be a better way to serve clients and grow the business. This episode’s podcast guest, Amir Monsefi, a Merrill Resident Director with nearly three decades in the business, came to that crossroads. He and partner Sharon Nassir started to feel conflicted: They wanted to be able to offer their clients more – from investments to advice to education – but were limited by what the firm allowed. This “conflict of interest,” as Amir describes it, became too much to ignore. So much so that he and Sharon decided to make the leap to independence and do it their way, launching AIRE Advisors in 2020, an RIA they built on their own with Fidelity as their custodian. And that choice led them to achieve all they wanted and then some—plus doubling their assets under management in the process. Amir joins Mindy Diamond to discuss his journey from Merrill to co-founder and CEO of the RIA, including: The point of view as a Merrill Resident Director—and how that perspective motivated them to consider change. The pulls toward independence—and what changes he saw at Merrill that served as pushes. The decision to build their firm on their own—and why they didn’t opt for another wirehouse or supported independence. The choice to self-finance their transition—and what start-up costs really look like. The foundation for their growth as an independent firm—and what they are doing differently in the way of marketing and service. For Amir and his partner Sharon, the freedom to innovate was a powerful motivator—one that ultimately benefited both the clients and the business. Amir shares a thoughtful perspective on considering change—making this a powerful episode for any advisors who find themselves wondering what potential exists beyond their current firm. Related Resources Assessing the Gap Between Where You Are and Where You Want to Be A four-step process for financial advisors who are feeling the “pain of incongruence.” Read-> Building an Independent Firm with the End in Mind Key attributes of an independent business with “real franchise value.” Read-> Everything You Need to Know About Independence: An Industry Update Jason Diamond joins the show for a quick yet thorough education on the continually evolving independent space answering the questions that many of our advisor-clients ask us during due diligence. Listen-> Betting on the Long-Term: Former Merrill Resident Director Shares Why Her $1B Team Broke Away Former Merrill Lynch Resident Director Melissa Bouchillon shares what it takes for an RD to consider independence, how they compensated a partner who signed CTP, why Focus Financial and more. Listen-> AMIR MONSEFI, CEPA, CPFA, AWMA®, CPWA® Co-Founder, CEO As CEO of AIRE Advisors, Amir brings 30 years of industry experience as a financial advisor, including more than 20 years in management, to AIRE, where he is responsible for the day-to-day operations of the firm and growth of the business. He serves as a Wealth Advisor and as Chief Investment Officer, creating and managing investment portfolios. One of his most rewarding roles is developing and coaching financial advisors. Before founding AIRE, Amir was the Senior Resident Director at Merrill Lynch’s prominent Century City, California office, where he oversaw more than 55 financial advisors. During his leadership tenure, Amir worked closely with hundreds of financial advisors and, in the process, gained exposure to the best practices of the best in the business. He has frequently traveled throughout the country and presented to financial advisors on optimizing the client experience. Before Merrill, he was a Sales Manager and a Wealth Advisor with UBS as well as a Regional Sales Manager and a Financial Advisor with TD Ameritrade. A graduate of Brandeis University with a BA in psychology, Amir received his MBA from the Anderson School at U

A conversation with Matt Blocki, Founder and CEO, Equilibrium Wealth Advisors Overview Matt Blocki left the insurance broker dealer world to build independent firm Equilibrium Wealth, allowing him to step away from being “product-driven” and focus instead on being “client-driven.” Hear how he tripled his revenue as a result. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… It’s amazing how many of the industry’s top advisors got their start building a book of business from scratch with one of the major insurance-based brokerages. Similar to wirehouse training programs, there may be no better place to learn the ropes of the profession—including critical sales and technical skills. But in many cases, those who have their sights on the longer term and building a business with a lasting legacy and maximum enterprise value, often find themselves limited in the environment—especially those who morph their business beyond life insurance to a focus on investments and comprehensive wealth management. That was the case for Matt Blocki, who started at Northwestern Mutual more than a dozen years ago and built the practice to $120mm of assets under management. After getting educated on the industry landscape, he realized he could build the business beyond where it was and have greater freedom to market and introduce new services to his clients. That is, to step away from being “product-driven” and focus instead on being “client-driven.” And in Matt’s mind, the only way to do that was to go fully independent—without a service provider, but rather build an RIA firm himself. And so he did—and amid a pandemic to boot. In June of 2020, he launched RIA Equilibrium Wealth with Fidelity as custodian—a move that resulted in tripling his revenue to $3mm and more than doubling his assets under management. In this episode, Matt shares his story with Mindy Diamond, including: Opting to build an RIA from scratch—and why that path was chosen over supported independence and other models. The key things he could do outside of the insurance broker dealer model—and how each helped to foster Equilibrium’s growth. The “head trash” that held Matt back—and how he was able to move beyond it. The “product-driven” environment of the broker dealer—and why he felt it was incongruent with his goal to be client-driven. Listen in as Matt shares a relatable journey for any advisor considering their business life—whether to make the leap to independence or to bolster growth for their business. Related Resources 13 Tips for New Financial Advisors… Did you know that only 3% of advisors who enter the field make it long term? CEO Matt Blocki is among this small percentage of success stories and now he shares his top 13 tips for advisors. Listen, implement and we guarantee you will join him! Listen-> What Really Makes Financial Advisors Happy? In a world driven by the bottom line, the root of contentment often lies behind less “easily measured” criteria. Read-> The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey With so many options to choose from, how does an advisor decide which path to independence to take? Read-> From Blinders to Binoculars: Why the Shift to a Longer-Term “Business Owner” Mentality is Driving Movement There was a time when many advisors would never have considered a move. Why would they? In the short term, there was nothing to solve for. But now they’re thinking differently. Read-> What’s in it for Clients? 7 Ways They Can Benefit from an Advisor’s Transition Many advisors cite “improving client service” as the catalyst for a move—but knowing what the real impact will be is critical. Read-> Wealth Management Landscape At A Glance: Focus on Independence UPDATED FOR 2023 – In a greatly evolved industry landscape, the independent space has expanded to offer a variety of models with varying levels of freedom and flexibility. Which one might be right for you? Our newly updated “Landscape at a Glance” focuses on independence, providing the key features of each model. Download-> Matthew Blocki Founder and CEO Matt Blocki is the founder and CEO of Equilibrium Wealth Advisors, a SEC Registered Investment Advisor. He and his team provide comprehensive financial planning, wealth management, retirement planning, asset protection, and guidance to all complex financial decisions to clients nationwide. EWA’s top priority is helping clients balance competing goals and ensuring their only non-renewable resource is protected: time. In addition to his work at EWA, Matt is a co-founder of Wealth Advisor Training, LLC – a company founded in 2022 dedicated to build