The Diamond Podcast for Financial Advisors

A conversation with Jonathan Hirtle, Executive Chairman at Hirtle, Callaghan & Co. Overview The industry legend shares a glimpse of life back-in-the-day at Goldman Sachs, his early leap to independence, plus his prescription for the incredible organic growth at Hirtle, Callahan & Co., the impact of the OCIO model, 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 innovations that fundamentally altered the wealth management world, many pundits will cite the OCIO or Outsourced Chief Investment Officer model. The concept of outsourcing investment management changed the way that investment decisions were made and implemented for institutional investors and high-net-worth families—moving the decisions from product-driven sales folks to a fiduciary-minded comprehensive investment office. It was a game-changer for the industry, creating a more streamlined and cohesive approach for clients while driving growth for firms that adopted this methodology. Yet the OCIO model’s impact was most transformative to the firm co-founded by a pioneer of the model, Jonathan Hirtle. This former Marine started in the wealth management industry in the trainee program at Goldman Sachs in the early 80s. Through that experience, he was immersed in a culture unlike any other—yet he ultimately felt “philosophically cornered” in a transactional-based role at the firm. That is, Jon was conflicted: He saw an opportunity to serve clients’ investment needs in a more comprehensive manner—in a way that he could not at Goldman. So in 1988, Jon co-founded RIA Hirtle, Callaghan & Co. with Donald Callaghan, another Goldman Sachs vice president, to serve solely as an outsourced Chief Investment Officer and investment department to family groups and institutions that chose not to develop and pay for a full-staffed internal investment department. And they made the leap to independence at a time when few would consider it—and when the resources to do so didn’t exist. That is, they did it from the ground up, without a blueprint or the support that is available to present-day prospective independent business owners. Today, Hirtle Callaghan is a $20B RIA—growth solely driven by organic means and without the aid of outside capital. In this interview with Louis Diamond, Jon talks about his journey and path to growth, including: Life as an advisor at Goldman in the 80s—and what motivated him to consider leaving the firm. The choice to launch an RIA at a time when few made the leap—and what it was like without the support and resources that breakaways have access to today. The now popular Outsourced Chief Investment Officer (OCIO) model—and how it changed the way institutions and large families handled their investments before its inception. The OCIO model today—and how it evolved over time. Hirtle Callaghan’s growth over the years—and how their focus on organic growth fostered such incredible success. The jump from $1B in AUM to $5B and now over $20B—and what challenges they encountered at each breakpoint. Remaining 100% independent—and why they have chosen not to take on any outside capital. Jon paints an amazing picture of how innovation drove change not just for Hirtle Callaghan’s clients but for the wealth management industry at large. From recognizing the limitations in the brokerage environment, to making an early leap to independence, and on to the value of delivering a comprehensive investment model, Jon paved a new path that now serves as the backbone of the institutional consulting space as it stands today while sparking a flow of independent firms as a result. Jon is a true legend with extensive experience that he explains in practical terms—making this a “can’t miss” episode for employee advisors and business owners alike. 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. 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-> Jon Hirtle Executive Chairman Jon Hirtle has been an active investor for over 40 years. Starting his career at Goldman Sachs as a young idealist fresh out of the Marine Corps, he has successfully invested five separate decades. The 1982 bull market and the 1987 crash The 1990s run-up and bursting of the dot-com bubble 9/11, the buildup and bursting of the mortgage market, and the Great Financial Crisis Quantitative Easing throughout the

A conversation with Louis Diamond Overview 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 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… For all that’s happened in the world over the last several years, there have been few events since the financial crisis of 2008 that rocked the financial services world in ways that we have experienced over the last several weeks. No doubt, the fall of Silicon Valley Bank and those banks that tumbled after, sent shock waves through the system, reverberating down to wealth management firms of all sizes, their advisors, and the clients they serve. In this episode, Mindy Diamond and Louis Diamond share perspectives from their unique vantage point, answering the questions on the minds of many advisors, including: Will recent news slow advisor movement? Do we anticipate any change in recruiting deals? Will this event shift the pendulum of movement further from independence and regional firms? Will wirehouses see this as an opportunity to work on wrest away more control from the advisors? How will advisors think about custody of assets going forward? And, ultimately, how will this event impact advisors, their clients, and the wealth management industry at large? Listen in to this special Industry Update to get the answers to these questions and more. Related Resources 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-> Industry Update: Should You Consider a Move When Markets are Turbulent? It’s common for financial advisors to share that they are “uncomfortable” thinking about a move when the markets are unsettled. But how does an advisor know if now is the right time to consider change? That answer, and more, is explored in this episode. Listen-> Your Guide to the Wealth Management Landscape: An At-A-Glance Map for Financial Advisors UPDATED FOR 2023- The wealth management landscape offers more optionality than ever before, making it difficult to discern, let alone compare and contrast, models. So we’ve created this “at-a-glance” continuum infographic to serve as your guide to the different models and their relative features. Download-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with David Pulcini, Managing Partner, SixPoint Financial Partners Overview David Pulcini of SixPoint Financial Partners discusses the value of being a student of the industry and how that helped him to pave a new path from insurance broker dealer to independent broker dealer, and ultimately on to hybrid RIA, RFG Advisory. 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… They say that knowledge is limited by perspective. Put another way, you can absorb only what you are exposed to. So if you work for a firm, your view of what you can do to serve clients and grow your business is constrained by what your firm makes available. Then one day, you start hearing about colleagues at other firms or models who share their experiences with technology or marketing. Or, in doing some cursory due diligence, you learn you can greatly expand the services you offer your clients. And that’s when the proverbial light bulb goes off. The guest on this episode, Dave Pulcini, started as a trainee at AXA Equitable, working hard for nearly 15 years but never really able to move his practice to the next level. Then he became a student of the industry, listening to podcasts from Michael Kitces and Mathew Jarvis, as well as this one, and realized that he was working in a bubble. That is, there was so much he didn’t know about the real potential to build his business outside the insurance broker dealer model. But it would take stepping outside of his comfort zone, digging deep to identify his goals and clarify his vision—and ultimately set his sights higher. And that he did. In 2018 he left AXA for boutique independent broker dealer American Portfolios. And earlier this year, Dave and his team decamped for RFG Advisory, a hybrid RIA. In this episode, Dave shares those light bulb moments with Louis Diamond, including: The key differences between the insurance broker dealer, the independent broker dealer, and the RIA spaces—and how he exponentially grew his business with each leap. Steps to consider when your broker dealer is sold—and how that led him and his team to RFG Advisory. Forgoing the upfront check in a transition—and what he felt most strongly about in making that decision. The value of thinking long-term—and how stepping out of his comfort zone and challenging his thoughts changed his business. And, ultimately, how each decision Dave and his team made along the way served to evolve his independent practice, SixPoint Financial Partners. Dave offers sound advice for any advisor who hasn’t taken the time to pop their head out and learn about an expanding industry landscape. Because as Dave found out, he didn’t know what he didn’t know—and that knowledge changed his business life in ways he never considered. It’s a great story highlighting an advisory business breaking beyond the $150mm AUM range with real, actionable advice. Related Resources Emerging Enterprises: Independent Paths for Advisors Managing $100mm or Less In a world that seems to focus on billion-dollar firms making the leap to independence, advisors at a lower asset threshold are wondering how they too can gain greater freedom and control. Here are 4 solid options. Read-> Going Independent with an RIA vs. IBD: A Comparison Fact Sheet When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Download-> My IBD was just sold. Now what? Advisor Group’s acquisition of American Portfolios Financial Services reminds independent reps whose broker dealer recently sold that whether content or not with your firm, the news is unsettling. So what does an IBD advisor do next? Here are 4 things that can help you to regain control of your business life. Read-> Dear Rochester, Retire Well Podcast from SixPoint Financial Partners. Listen-> David Pulcini Managing Partner I enjoy meeting new people wherever they are on their financial journey to guide them toward making positive financial decisions. I use my experience in investment management, tax planning, and insurance to help clients protect what they have and grow what they need. I have developed our proprietary “Think About It” process that we take our prospective clients through, I am a co-chair of our internal investment committee, and most of all, I love working with the clients that I have. I take my role as an advisor very seriously, but I really want to enjoy the process as much as possible. Education In 2012, I completed the advanced learning curriculum on Asset Allocation and Wealth Management Strategies hosted by the Wharton School of I am a 2003 gradu

A conversation with Ray Sclafani, CEO and Founder, ClientWise Overview Ray Sclafani of ClientWise discusses the key areas that employee advisors and independent business owners can impact to influence sustainable growth, enhance client relationships, and ultimately build “exit” value. 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 one topic that’s top-of-mind for most every advisor—regardless of where or how they practice. Yet growth for growth’s sake isn’t a sound strategy, particularly when looking at the long-term. The real focus should be upon building an enduring business designed for maximum enterprise value—or “exit value” as Ray Sclafani calls it. And as the CEO and founder of ClientWise, Ray built a business around helping advisors do just that. It’s a unique vantage point that Ray first developed in his 20-year tenure at AllianceBernstein. As one of the company’s top sales professionals and executive leaders, his knowledge of how to create and execute on highly successful sales plans and build long-lasting client connections was later utilized as the Founder and Managing Director of the Advisor Institute at AllianceBernstein. In that role, Ray developed and directed an extensive series of programs that proved invaluable to advisors in creating improved and sustainable motivation, sales, and client relationships. It was in 2006 that Ray left AllianceBernstein to launch ClientWise to take that experience and help financial advisors and their teams drive sustainable, intentional growth; maximize the value of their enterprises; enhance team performance; and develop next gen advisors to lead the firm into the future. It’s a roster of services that’s catapulted ClientWise to become one of the top coaching firms to financial advisors in the industry. Ray joins Mindy Diamond on this episode to share some of his best advice on growth, maximizing value, team building, succession and much more, with advice for independent and employee advisors alike, including: The differences between independent and employee advisors—and why Ray considers the latter “intrapreneurs.” The real value of building an enterprise—and what he refers to as “exit value.” The secret to successful teams—and how to build real “interdependency.” The reality about productivity—and what obstacles he feels should be removed at the wirehouses. The key focus areas of the best teams—and what they are doing differently than their less successful peers. Best practices for developing next gens—and why they’re not going to replicate the approach of the generation before them. Asking for referrals vs building client advocates—and which approach works best. And much more. It’s an episode with tangible information and actionable advice for employee advisors and independent business owners alike from one of the most sought-after coaches in the industry. Related Resources 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: 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-> 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-> Ray Sclafani Founder & CEO After 20 years at AllianceBernstein, Ray Sclafani founded and heads ClientWise, the premier coaching and training company exclusively serving the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise and its unique coaching programs and team of credentialed coaches that help advisors and companies find the next level of professional excellence and financial success with greater focus and ease. Ray’s experience as a seasoned specialist in coaching and training in the financial sector mirrors his long and profitable history in the industry. In his 20 years at AllianceBernstein, Ray was one of the company’s top sales professionals and executive leaders. His knowledge of how to create and execute on highly successful sales plans and build long-lasting client connections was later utilized

A conversation with Rory O’Hara, Founder and Senior Managing Partner Ausperity Private Wealth Overview Rory O’Hara, founder of Ausperity Private Wealth, discusses his journey from cold-calling trainee at Merrill, to building a business managing $500mm in client assets, to making the leap to independence as a young team. 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 wealth management business was very different in 2007—particularly for newly-minted advisor trainees. As former Merrill advisors Rory O’Hara shares, cold calling was their primary vehicle to reach new clients. And that he did—to the tune of 200 to 300 calls a day! Yet he was young and determined with a strong entrepreneurial side, which led him to consider ways to “scale” the business over time. That is, building a team that can reach more customers than what was possible with one person smiling and dialing. Rory and his team grew the business to some $500mm in assets under management—garnering many industry accolades, including Forbes America’s Top Next Gen Advisors and Forbes Best-in-State Wealth Advisors. Rory credits his growth and knowledge gained to his time at Merrill—an experience he calls “phenomenal.” But through due diligence, he was surprised to discover that as an employee of the wirehouse, he and his team were limited in what they could do for their clients and to grow their business. That is, they “didn’t know what they didn’t know” until they stuck their heads out to explore. So in August of 2021, Rory and his team launched Ausperity Private Wealth on Sanctuary Wealth’s supported independence platform. What propelled them to start due diligence and make the leap to independence? Rory shares those answers and more with Louis Diamond, including: The pushes and pulls that inspired them to consider change—and how exploration helped to open their eyes to what they were lacking at the wirehouse. Making the leap to independence as a young team—and how their long runway gives them more time to build their firm and add to their growth. The choice to build their independent firm with Sanctuary—and why they didn’t opt to build their firm from scratch. The transition from advisor to business owner—and the valuable lessons he’s learned in the process. The ability to freely market their business as independents—and how that’s impacted their growth. The value of having a mentor—and how that helped to shape his business mindset and model. And much more. It’s a “must listen” episode that candidly explores a former wirehouse advisor’s journey full-circle: From cold-calling trainee to building a solid practice at the wirehouse, to an eye-opening due diligence process and exploration of models and options, to the transition process and new business ownership. 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-> Conducting a Strategic Due Diligence Process: 10 Practical Tips for Financial Advisors The worksheet discussed in this podcast episode, is designed to serve as a checklist for anyone preparing to embark on an exploration process. Download-> 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-> Robert (Rory) J. O’Hara III, CFP®, CRPC® Founder & Senior Managing Partner Rory founded Ausperity Private Wealth in 2021 as an independent wealth management firm, driven by his desire to help people better manage their finances through careful planning so they can enjoy the full potential of their wealth. With more than fifteen years of experience as a wealth advisor, Rory focuses on helping Baby Boomers make the most of the next phase of their life, and High-Income Millennials who have decades of financial goals ahead of them. Previously Rory led his own team, The O’Hara Group, at Merrill Lynch Wealth Management. As a member of the select Merrill Lynch Advisor Growth Network, he taught advanced financial planning concepts and strategies to other Merrill Lynch Financial Advisors. Rory has been recognized by Forbes, appearing as a Best in State Wealth Advisor in 2021 and has ranked on the Forbe

A conversation with James Hughes Head of Investment Advisory Lending Live Oak Bank Overview James Hughes of Live Oak Bank discusses debt financing for prospective breakaway advisors looking to de-risk a leap to independence or payoff a note balance, or business owners seeking funds for acquisitions or succession planning. 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… Whether you’re a prospective breakaway advisor looking for liquidity to de-risk a leap to independence or payoff a note balance, or a business owner seeking funds for acquisitions or succession planning, you have an important decision to make around accessing capital. Because as the wealth management industry landscape evolved, advisors became the beneficiaries of several paths to consider. Over the course of this series, we discussed “selling” a portion of the business (that is, equity) to any one of the many minority investors or private equity firms in the space, as well as independent broker dealers and supported versions of independence that offer forgivable loans to help fund a transition. But what about direct financing options? James Hughes, the SVP and Head of Investment Advisory Lending at Live Oak Bank, joins the show to discuss taking on debt to fund your business’s next phase of success. As the #1 SBA (Small Business Association) lender in the country, the bank started lending to advisory practices back when James joined in 2013—at a time when there were few other options available in the space. In this episode, James speaks with Louis Diamond about the many reasons advisors opt to work with a bank, including: Taking on debt vs. selling equity—and what factors a current or prospective business needs to consider when selecting their financing path. The unique position that Live Oak holds in the industry—and why large institutions and local banks are less inclined to finance an independent wealth management practice. Understanding the differences between different use cases—and what you need to know about accessing capital for succession, acquisition, growth, or financing a leap to independence. Succession planning—and how Live Oak offers an alternative to business owners and next gens alike. Access to capital for breakaways—and how an advisor might benefit by funding a transition with debt vs. equity. And much more. Taking on debt vs. selling equity is a business decision not to be taken lightly, making this episode an important one for both prospective and current business owners alike. 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? Read-> Investing in Independence: How Investors in Wealth Management Firms are Helping Wirehouse Advisors Make the Leap There was once a time when investors were only interested in those already independent. But wirehouse advisors are finding these same capital sources may have an interest in funding their move. Read-> Industry Update on M&A: Meet the Investors—Why It’s Important for All Advisors to Know Who They Are Whether you’re a wirehouse advisor or already independent, the inevitable challenges you will face at some point in your career are the same: Accelerating growth, creating scale and monetizing your life’s work. Listen-> James Hughes Head of Investment Advisory Lending James Hughes serves as the Head of Investment Advisory Lending at Live Oak Bank. In his role, James leads the sales team and oversees the lending process from the initial call to servicing of the loan. Since joining Live Oak Bank in 2013, he has helped hundreds of businesses achieve their goals through financing. James has served in several roles at Live Oak, including as a Sales Trader, Relationship Manager, Underwriter and Loan Officer. Prior to joining the bank, James worked at one of the leading investment banks in the world. There he managed a group of derivative trading assistants and several client service teams. Through this unique experience James has gained an understanding of the challenges that business owners face. James is dedicated to assisting small business owners in the Investment Advisory industry attain success and continue to thrive with Live Oak Bank’s products and services. James has a Bachelor of Arts in Economics from Bucknell University. 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 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 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 two consecutive weeks of February this year, Diamond Consultants facilitated the moves of two extraordinary Merrill teams—superstars producing over $10mm each. Why is this so relevant that we opted to discuss it on the podcast? Because it’s rare for any team at that production level to make a move—let alone from the same firm AND within a week of each other. As we’ve shared many times, and illustrated most recently in our Transition Report, advisor movement has changed over recent years—with plenty of factors driving that movement. But there are significant and often unique motivations that drive an individual advisor or team to consider change. Having served as guides through the due diligence and transition process for these teams, Mindy Diamond and Louis Diamond share a unique assessment of each of these moves, including: The main drivers for the moves—pulls vs pushes. Where they moved to—and why. Virtually all of the partners on both teams were lifers with Merrill—why this is significant. Both teams were in major growth mode—why they would disrupt momentum. Their due diligence processes—the extent in time and detail. And more. It’s an episode that presents two unique case studies, with points of view on big team movement from two people who are uniquely positioned to provide a behind-the-scenes perspective. Related Resources 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. Learn more… Diamond Consultants Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry: 2022. Download-> 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-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Louis Diamond and Jason Diamond Overview Additional commentary from Louis Diamond and Jason Diamond on the 2022 Advisor Transition Report, featuring the latest full year data on financial advisor movement, transition deals, and transition case studies. 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 Q3 of 2022, we embarked upon an informational journey to explore trends in advisor movement over the first half of the year. Our goal: To answer the questions we regularly hear from our advisor-clients. So here we are again, 8 months later, and that goal is a loftier one: With our sights set on analyzing the entire year of 2022. While accurate advisor movement data is notoriously difficult to obtain, by design, this report serves as a framework for advisors who are curious about a changing wealth management industry landscape and the impact of those changes on their businesses. Louis Diamond and Jason Diamond take the mic to discuss the findings of the latest report and to share answers to key questions, including: Which firms are having the most and least success recruiting and retaining advisor talent? Which business models are advisors finding most attractive? Why are advisors at big brokerages and independent firms alike changing jerseys? What are the most influential and largest transitions made during the year? Why are advisors changing jerseys with such frequency? How are some firms able to recruit consistently and successfully while others struggle to do so? Where are advisors moving to and from? What are advisors being paid to make such moves? Plus, they share good news: Even with massive headwinds, 2022 was an active one for advisor movement. Listen in for the details and be sure to download the latest report at the link below. Download the Transition Report hbspt.forms.create({ portalId: "46578459", formId: "b003eb92-833e-4530-9342-0e5f7f8ba7ca" }); Related Resources Diamond Consultants Advisor Transition Report 2022 Data, Perspectives, and Analysis on Advisor Movement Encompassing the Entire Year of 2022. Download-> Diamond Consultants Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry: H1 2022. Download -> An Update on Advisor Movement in the Wealth Management Industry: H1 2022 A special episode introducing the Diamond Consultants Transition Report, the first of a semi-annual review of advisor movement in the wealth management industry. Learn 10 key trends from the comprehensive, data-driven report of financial advisor movement over the first 6 months of 2022. Listen-> Financial Advisor Transitions: 8 Observations from Movement Trends in the First Half of 2022 Ultimately, the first half of 2022 has proven that advisors are the real winners as firms have stepped up their games to become attractive landing spots with strong recruitment deals to match. 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-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Michael Nathanson, CEO and Chair, The Colony Group Overview Michael Nathanson of The Colony Group discusses how “interdependence” helped to foster the growth of the RIA; the real value of equity partner Focus Financial; and their unique culture, curated services, and acquisition strategy, 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… “Interdependence” is an interesting word—particularly when used in the context of the independent space. Because for many, the thought of starting an independent practice conjures visuals of being more solitary and self-dependent. Yet for Michael Nathanson, the notion of interdependence is one that fostered the growth of RIA The Colony Group. It’s a philosophy that revolves around embracing partnerships and the merging of ideas, experiences, and expertise. And it extends to providing anything and everything their clients need in a multi-family office construct. And it’s that very philosophy that fueled the firm’s growth from $1.2B to some $20B in assets under management in just over a decade. In his previous life, Michael was a Senior Partner at the international law firm of Wilmer Cutler Pickering Hale and Dorr LLP when he was first introduced to The Colony Group. In 2004, he resigned his role at the law firm to “take a chance to do something different,” as he put it, opting to become The Colony Group’s CFO and General Counsel. Michael quickly advanced to President and CEO of the firm, and now serves as Chair and CEO. So how does a former attorney become such a driving force behind the culture and vision of an independent wealth management firm? In this episode, Michael shares his journey with Mindy Diamond, including: The Colony Group’s extraordinary growth—and how the concept of “interdependence” turns their mission into a reality. The real value of equity partners—and why they chose Focus Financial over others. Key aspects of the firm’s acquisition strategy—and how their unique culture and family office services are attractive selling points. The “curated” services they offer high net worth clients—and how “democratizing” access to services once available to only ultra-high net worth clients is a cornerstone of their success. Michael offers a unique perspective on a changing landscape and why “focusing on what made our industry great in the first place, which is independence and being fiduciaries in putting our clients first,” is the key to success. There’s a lot to learn in this episode, for employee advisors and business owners alike. Related Resources MaxCeV™: How to Maximize Your Career Enterprise Value How can financial advisors who are NOT independent business owners maximize that value regardless of industry channel affiliation? 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. 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-> What’s the ‘Real’ Value of a Financial Advisor’s Business? Headline-making M&A deals in the independent space have many employee advisors wondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Read-> One-on-One with Rudy Adolf: How Focus Financial Partners Revolutionized RIA M&A—and Went Public in the Process – A conversation with the firm’s Founder, CEO and Chairman Industry legend Rudy Adolf describes how the idea of Focus Financial Partners came to be, filling a gap in how independent financial advisors accessed capital, resources and monetized their life’s work, plus the firm’s journey as a public company, their growth, how they are further evolving and more. Listen-> Michael Nathanson Chair & CEO Michael Nathanson is the Chair and Chief Executive Officer of The Colony Group, a solutions-oriented, full-service financial advisory company with a team of experienced professionals, including financial planners, investment analysts, portfolio managers, business managers, accountants, and attorneys, who are equipped to address our clients’ financial needs, from asset allocation and investment management to tax, estate, and retirement planning, business management, charitable giving, risk management, and more. Michael is actively engaged in thought leadership for the financial advisory industry as well as co-author and frequently interviewed

A conversation with Shane Morrow, Managing Partner & CEO, IronBridge Wealth Counsel Overview Shane Morrow discusses leaving insurance-based independent broker dealer, Lincoln Financial, with a team of experienced partners and how their new firm IronBridge Wealth Counsel has thrived with SagePoint Financial, an IBD under the Advisor Group umbrella of 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… Mindset can be a powerful driver. For Shane Morrow, it served as a motivational force behind building a billion-dollar business. Having come from the institutional world, Shane started out in the financial planning business at Lincoln Financial with zero—no clients, no assets under management. That was in 2016. Today Shane’s the CEO and managing partner of billion-dollar independent firm IronBridge Wealth Counsel. It’s extraordinary growth that Shane credits to having an optimistic attitude and a growth mindset with an eye on the long-term—as well as teaming up with the right group of experienced partners. An ensemble practice with offices across the country, the core team started working together in 2004, motivated by filling gaps that they saw in the financial services industry. With that in mind, their vision was to serve as advocates for their clients—what they call “champions of their financial well-being.” Yet it was a vision they were unable to fully realize while at the insurance-based independent broker dealer, Lincoln Financial, that propelled them into exploration. That process resulted in the team, which was managing some $800 million at the time, moving their independent firm IronBridge Wealth Counsel to SagePoint Financial, an IBD under the Advisor Group umbrella of firms. That was in June of 2022. And IronBridge kicked off 2023 with over $1B in assets under management. Sure, you’re likely saying that mindset alone can’t power that kind of growth. And no doubt you’re right. But it does power the vision and execution path that one takes to achieve their goals. And that’s what Shane talks about in this conversation with Louis Diamond. They discuss: Entering the world of financial advice without a book of business—and what Shane feels were the critical steps that led to his growth. The choice to leave Lincoln Financial as one of the most significant groups within the firm—and what prompted them to explore their options. The due diligence process—and why they opted to stay in the independent broker dealer model with SagePoint. The value of building an ensemble practice—and how they plan to create a place where other advisors can grow and thrive. It’s a powerful episode that reminds advisors and business owners alike that being honest with yourself about your “why” and ensuring you’re running “to something” and not “from something” is essential to success. Listen in for actionable advice on growth and how to ensure your mindset matches your ultimate mission. Related Resources How CPA Referrals Drove a Former Lincoln Financial Independent Group to $12B in Just 5 Years A conversation with Paul Saganey, Founder and President of Integrated Partners. 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-> 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-> Shane Morrow, CFP®, CIMA®, CAIA® Managing Partner Mr. Morrow is co-founder and Managing Partner of IronBridge Wealth Counsel, a national ensemble financial advisory firm. He is responsible for the firm’s strategic direction and leading its investment management division. Additionally, he currently serves as an independent consultant to First Ascent Asset Management, an investment management firm based in Denver, Colorado. Prior to founding IronBridge, Mr. Morrow served as Vice President-Consultant Relations at Sage Advisory Services, Corporate Vice President-Wealth Management at New York Life Insurance Company, and Director of Investment Consulting at Independent Portfolio Consultants. Mr. Morrow received his BA in Economics from Amherst College. He has earned the Certified Financial Planner™ certification, the Certified Investment Management Analyst® designation, and the Chartered Alternative Investment Analyst® designation. He is currently a Level II Chartered Financial Analyst candidate. He has also

A conversation with Leo Kelly, Founder and CEO, Verdence Capital Advisors Overview Leo Kelly, the founder and CEO of Verdence Capital Advisors, discusses life after Merrill and the choice to “breakaway” twice: first by joining Hightower and 5 years later by launching an RIA. He shares how a hyper-focus on culture drives success, their strategic minority investment from Emigrant Partners, and more about their extraordinary 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… “Happy, but not satisfied.” It’s a common refrain we hear from top advisors and their teams who are ultimately driven to change not because they are unhappy with the status quo. But, instead, because they feel a pull toward something better. Such was the case of Leo Kelly and his team at Merrill, The Kelly Group. Having built the business to some $600mm in assets under management, the pull of entrepreneurialism and being a true fiduciary to their clients was too strong to ignore. So in 2012, they made the leap to Hightower Advisors and in 5 years doubled their business. But by 2017, Leo felt Hightower was going in a different direction than they were. That motivated them to make yet another leap, this time to full-on independence, launching Verdence Capital Advisors. 5 years later, the firm is now managing $3B in client assets—more than doubling the business once again. So what’s driving all of this incredible success? Leo shares that and more with Mindy Diamond, including: The initial pull toward independence—and why they opted to make the leap from Merrill with Hightower instead of launching their own RIA. The choice to leave Hightower 5 years later—and what they are able to do differently as Verdence Capital Advisors. The firm’s hyper-focus on culture—and why descriptors like “collaborative” and “family” are not just terms in a value proposition but a way of life. The value of designing the firm “as if the client is the architect”—and how that has translated to enhanced growth. Their platform-based business—and how providing access to client resources helps the advisors who join them deepen connections with clients, create new relationships, and grow their businesses. Plus, Leo talks about the strategic minority investment from prominent capital backer, Emigrant Partners—and the value of taking on the right partner at the right time, and much more. Related Resources Looking at M&A from the Acquirer’s Side of the Table Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners. Listen-> Beyond Private Equity: RIAs Have More Options Than Ever to Access Capital There are now multiple ways independent advisors looking to buy, grow, or transition their practice can unlock some liquidity. Read-> Financial Advisors: Is Now the ‘Right Time’ to Start Exploring Your Options? The truth is that taking the time to get educated about the opportunities available is a smart business decision—regardless of whether you want or are ready to make a move. Read-> 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. Read-> Leo J. Kelly III CEO and Partner Leo serves as CEO of Verdence Capital Advisors, an independent RIA headquartered near Baltimore, Maryland. His approach to business and leadership transcends personal interests and achievements, and instead focuses on the team around him. The firm’s success is based on a client-first business model, driven by two building principles: to create a wealth management firm that clients would design if they were the architect, and one that the industry’s best advisors would construct if given the opportunity. He recognizes the importance of innovative technology and supports advisors with the resources needed to maximize their potential and service each unique client. Leo takes enormous pride in the Verdence team and believes strongly that positive company culture leads to excellent client experiences. He appears regularly as both an industry and thought leader on financial media like CNBC, Fox Business, and Bloomberg. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with David Canter, President, Bluespring Wealth Partners Overview The president of Kestra Holding’s Bluespring Wealth Partners discusses the firm’s mission of acquiring independent wealth management practices, and shares his unique perspective and advice on M&A, independence, business ownership, 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… You might say that David Canter’s role as President of Bluespring Wealth Partners clearly demonstrates a continually evolving industry. The subsidiary of Kestra Holdings launched in 2019 with a mission focused on acquiring independent wealth management practices that have their sights set on growth, succession, and continuity. And it was a mission that proved to be a powerful draw for the nearly 13-year veteran of Fidelity Clearing & Custody Solutions—and a perfect match for his experience and knowledge around M&A and the RIA space. David was first a guest on this series in September of 2018 when he was the Executive Vice President and Head of the RIA segment for Fidelity, responsible for driving the execution and results of more than 2,800 RIA firms across eight territories throughout the U.S. In that episode, he shared an extensive view of independence and the custody industry (with commentary that is still relevant today, so be sure to listen in). No doubt, independent business owners have a growing field of options when considering selling all or a piece of their business. And in what continues to be an active M&A market, Bluespring has been attracting its fair share of headlines. For instance, they closed out 2022 with 9 acquisitions—more than $3B in AUM. Yet one of the biggest announcements last year could be that of David taking on the leadership role of the firm. Because there are few people in this industry who have David’s unique combination of experience and knowledge—nor is there anyone as generous in sharing all that he knows. In this episode with Louis Diamond, David talks about an evolving industry, including: Life in the independent world “before it was cool”—and how it’s changed today. His view of the custody world—and why he sees it as a utility business and not a commodity. The options advisors have when considering a capital partner or exit strategy—and how Bluespring fits into this ecosystem. Bluespring’s unique value proposition—and why he sees the firm as a “force multiplier.” The talent shortage—and why he’s optimistic about well-trained next gens rising up. The bull market for advisors and advice—and the 4 key things continuing to drive movement and M&A activity. Plus, David talks in-depth about finding your “unfair advantage”—and why it’s one of the most important aspects of any successful business. And much more! It’s an episode that covers a lot of ground—an in-depth knowledge base for employee advisors and independent business owners alike. Related Resources Mindset, Motivation and Momentum: What’s really driving all the movement to independence – With David Canter, Head of Fidelity’s RIA Segment An inside perspective on why independence continues to be the hottest ticket in town, and what we can expect for the space going forward. Listen-> Beyond Private Equity: RIAs Have More Options Than Ever to Access Capital There are now multiple ways independent advisors looking to buy, grow, or transition their practice can unlock some liquidity. 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-> David Canter President David Canter is widely known across the RIA industry. As President of Bluespring Wealth Partners, David is focused on positioning our organization as one of the premier acquirers in the industry. This includes overseeing the day-to-day operations and identifying new areas of opportunity and growth for Bluespring Wealth Partners. In his previous role as Executive Vice President and Head of the RIA segment for Fidelity Clearing & Custody Solutions, he led a team that provided a comprehensive custody platform, brokerage services, trading capabilities, and practice management and consulting services to registered investment advisors. David was responsible for driving the execution and results of sales and relationship management of more than 2,800 RIA firms across eight territories throughout the U.S. During his career, David has held numerous positions at several well-respected financial institutions gaining experience in multiple facets of the industry. From Head Legal Cou

A conversation with Jason Diamond Overview 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 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. Guests appearing on this podcast are NOT compensated in any way for their appearances. About this episode… The notion of independence has driven more intrigue and movement in the wealth management world than any other concept or model. Because, as you’ve heard us say many times before, the desire for greater freedom and control amongst advisors continues to grow. And, as such, so have the options to satisfy their quest. But while independence has become a more mainstream path for advisors considering change, we find that many advisors are still not completely aware of the options available in a continually evolving landscape. And even more so, many top advisors wonder if they can equally or better serve their clients without the support of a large firm and a big brand name behind them. Yet, in conducting due diligence, these same folks often find out that there’s a wide array of options available for those who have a desire to become business owners. Jason Diamond joins this episode to help get everyone up-to-speed on the independent space and to answer the many questions that many of our advisor-clients ask us during their exploration process, including: What are the different “types” of independence? How does the amount of support vary from model to model? What are the benefits of independence to clients? What are the pros and cons of each model—IBD vs. RIA vs. supported independence? How do the economics of independence compare to a recruiting deal? How does the type of independent model impact a potential sale down the road? Who are the potential buyers for an independent business? And why are advisors eschewing the short-term windfall of a recruiting deal and instead opting to bet it on themselves? It’s a quick yet thorough education on the space that’s rocking the landscape—with value for those exploring independence and independent business owners alike. Related Resources Steward Partners Revisited: Jim Gold Offers an Insider’s Perspective on Why Supported Independence is Thriving Steward Partners CEO and founding partner Jim Gold revisits the series to provide an update on the firm. He discusses their evolution and growth, plus being the first to sign-on to the Goldman Sachs custodial platform, and more. Listen-> 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. Read-> Going Independent with an RIA vs. IBD: A Comparison Fact Sheet When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Download-> 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-> 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-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Andy Sieg, President, Merrill Lynch Wealth Management Overview The leader of one of the top brokerage firms in the wealth management world, Andy Sieg, President of Merrill Lynch Wealth Management, joins the show for a candid one-on-one interview with Mindy Diamond. 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’ve come a long way. That is, a show that just 5 years ago propagated from roots in educating advisors on the independent landscape, to today, a truly seminal moment. Because in this episode, we’re taking a big leap outside of our initial directive to share the mic with the leader of one of the most recognized brokerage firms in the wealth management world. That is, Andy Sieg, President of Merrill Lynch Wealth Management. Not an independent firm, but instead one of the top wirehouses that the industry was founded upon. It’s a history that dates back to 1914 when Charles E. Merrill, a bond dealer, founded a small investment-banking firm and later took on a partner, Edmund C. Lynch. The resulting collaboration, Merrill, Lynch & Company, prospered by specializing in underwriting the securities of chain stores. Over the course of decades, and a number of mergers and acquisitions, the firm grew to become of the leading financial institutions in the world. Yet, suffering billions in losses in the 2008 financial crisis, Bank of America acquired Merrill Lynch in a transaction that rocked the financial services world. Today, Merrill Lynch Wealth Management reportedly manages nearly $3 trillion in client assets with some 20,000 advisors including trainees and private bankers (formerly known as US Trust advisors). But for all that, many Merrill advisors feel that the Bank of America takeover changed the culture of the firm. And despite record growth, a not insignificant number of top advisors have opted for other firms or models. So what’s really going on at Merrill? Andy shares his perspective on what’s top-of-mind for Merrill advisors, including: The influence of Bank of America on Merrill’s culture, solutions, and platform—and how that impacts the advisors and their clients. The notion of “Mother Merrill”—and how that has changed over recent years. The firm’s emphasis on growth—and how it correlates with advisor mindset. Merrill’s view on teaming—and what they see as the benefits to clients and advisors. The rationale behind the growth grid—and Andy’s view of its success and progress. The firm’s attrition—and how he perceives movement from the firm. The role of competitive recruiting—and what his thinking is around transition deals. The growth of independent models—and how that compares to the value of a fully-integrated firm, as well as whether they plan to introduce an independent channel. Plus, Andy shares his vision for the future growth and strategy of the firm. As the “standard bearer of culture,” it’s leaders like Andy Sieg who are responsible for setting the goals and direction for their firms. And in a world where the mindsets of advisors and their clients have changed dramatically, the burden of managing change rests solely on the leadership. It’s one of our most anticipated episodes—one in which listeners get to peek behind the curtain and hear from the leader of the thundering herd. Related Resources Merrill Information Hub A curated list of top-of-mind content for Merrill Advisors. Read-> FAQs – Merrill Advisors Ask Answers to the most frequently asked questions when considering a transition from Merrill Lynch. More Info-> The Annual Report for Advisors: The Contradictions of 2022 and Emerging Trends for 2023 A look back – and forward – on the forces behind an evolving wealth management industry. Read-> 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-> Industry Update: 10 Reasons Why Some Financial Advisors Shouldn’t Go Independent There are plenty of reasons why independence isn’t for everyone. Listen in as Mindy and Louis break down the 10 most common reasons for financial advisors to “not make the leap.” Listen-> Andy Sieg President Andy Sieg is president of Merrill Wealth Management and a member of Bank of America Corporation’s executive management team. In this role, he oversees more than 25,000 employees who provide investment and wealth management strategies to individuals and businesses across the U.S. Sieg also oversees Bank of America’s Investment Solutions Group, which includes the Chief Investment Office and a wide range of thought leadership, product

An annual digest of the year’s most ground-breaking commentary: 2022 Edition Overview An annual digest of the 2022 season’s most ground-breaking commentary for financial advisors and business owners on topics including achieving autonomy, considering change, serving clients’ needs, succession, next gens, 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. Guests appearing on this podcast are NOT compensated in any way for their appearances. About this episode… When this podcast first aired in November of 2017, our goal was to create a series designed to educate advisors on the independent landscape. We truly had no expectations that 5 years later we’d still be here, let alone that the show would grow to include such an amazing roster of guests—from breakaways to members from the c-suite to industry thought leaders. Plus, we’re grateful for our growing cadre of faithful listeners from throughout the wealth management community who call it their “go-to” for learning about the opportunities within a changing industry landscape. In keeping up with an evolving advisor mindset, we expanded the content from exploring independence as a model to the overall concept of freedom and flexibility. That is, the autonomy that advisors have become increasingly drawn to and which is achievable in ways like never before. So in what’s become one of our most popular episodes each year, we take a step back to relive some of the highlights of the 2022 season that reflect the notion of independence and share some of the most valuable advice from those who are experiencing their version of freedom, flexibility and autonomy first-hand, including (in order of appearance): Ron Carson, Founder and CEO of Carson Group Matt Liebman, Founding Partner and Chief Executive Officer, Amplius Wealth Advisors (former Merrill advisor) John Klaas, Jr., CEO & Founder, Puzzle Wealth Solutions (former UBS advisor) Jim DeCota, President & Principal, Choreo, formerly Enso Wealth Management (former Ed Jones advisor) Jerry Davidse CEO, Presilium Private Wealth (former Merrill advisor) Larry Boggs, the Founder and President of Boggs & Company Wealth Management (former Wells Fargo advisor) Sarah Burney, Managing Directors and Wealth Advisors at Cresset (former J.P. Morgan private banker) Katherine Forrester Schneewind, Founder and CEO, High Note Wealth (former Northwestern Mutual advisor) Jacob Schlicht, Co-Founder, Kickstand Wealth Advisors (former Merrill advisor) Vincent Finney, Managing Director – Investments, Bibler, Finney, Panfil Private Wealth Management Group of Wells Fargo Advisors (former UBS advisor) Kimberly Sanders – SVP Advisor Solutions, LPL Strategic Wealth Services Jim Dickson, Founder and Chief Executive Officer, Sanctuary Wealth Jim Gold, CEO and Founding Partner of Steward Partners Michael Outlaw, National Field Director of Rockefeller Global Family Office Dan Katz, Managing Partner, Revolve Wealth Partners (former Oppenheimer advisor) Mike Durso, Founding Partner and CEO of Shorehaven Wealth Partners (former Morgan Stanley advisor) Kevin Myeroff, Principal and Senior Strategic Advisor at Sequoia Financial Group (formerly NCA Financial Planners) Matthew Jarvis, co-owner of The Perfect RIA Kelly Milligan – Managing Partner, Quorum Private Wealth (former Merrill advisor and ACTM Chair) These stellar guests share their thoughts on a changing wealth management industry: The concept of “more” and its impact on clients, advisors, and firms. The evolution of advisor mindset. The notion of serving clients’ needs first. The ways that advisors can improve client service. The limitations experienced by employee advisors. The different ways advisors achieve greater autonomy and agency over their business lives. The thought process behind foregoing a lucrative recruiting deal for independence. The choice to stay in an employee model. The evolution of the supported independence model. The senior and next gen perspective of the succession planning process. The choice of independence over big firm retire-in-place programs. The transition of leadership to next gens. And what you should be thinking about when considering change. Plus, much more. It’s the one show that provides an actionable digest of advice from a full year of candid conversations—designed for employee advisors and independent business owners alike. We’re grateful to each of the guests featured, as well as the many more we were unable to include due to time limitations—so be sure to visit the podcast page to listen to the full season of episodes. Related Resources Industry Update on 2023: 10 Emerging Trends to Put on Your Radar In an annual review for financial advisors, Mindy Diamond and Louis Diamond go out on a limb to share predictions for 2023, gleaned from their unique per

A conversation with Louis Diamond Overview In an annual review for financial advisors, Mindy Diamond and Louis Diamond go out on a limb to share predictions for 2023, gleaned from their unique perspective on all the things most important to advisors, including recruiting, deals, M&A, and much more. Listen in… > Download a transcript of this episode… About this episode… In an annual review for advisors, Mindy Diamond and Louis Diamond look at the past year and how activity and trends are already coloring what we expect to see as the driving forces of change for 2023. They dive into details on recruiting, where advisors went, the state of deals and M&A, and much more in their recap of 2022—then explore their predictions and expectations for 2023, including: Where recruiting deals are headed—and how changing competition will further impact offers. The shifting recruiting pendulum—and where more advisors will move to in the coming year and why. The rise of competitive deals from high-end RIA firms—and how they will rock the market amongst those serving high net worth and ultra-high net worth clients. Retire-in-place incentives—and why big firms are expected to push advisors to sign now more than ever. Increased compliance scrutiny—and how it will drive vulnerability and movement. The new hot commodity in the advisor talent pool—and why more activity is expected amongst this group. An acceleration of breakaways from RIAs—and why these independent advisors are the next “wave” of movement in the space. The popularity of multiple affiliation models—and why this is expected to be one of the hottest growth areas in the market. The expanded role of independent broker dealers and independent platform firms—and how this expansion will attract more advisors to the independent space. A shake-up in the custodial space—and how names like Goldman and others will provide the cachet many elite advisors have been looking for. The changing appeal of banks—and how that will further shift movement. And much more for advisors and business owners alike. We expect that 2023 will be the year that advisors take a step back and conceptualize not just how to maximize the value of their business and annual compensation, but how that translates into achieving their best business lives. That is, every advisor will have the opportunity to maximize their career enterprise value. Listen in and learn how. Related Resources The Annual Report for Advisors: The Contradictions of 2022 and Emerging Trends for 2023 A look back – and forward – on the forces behind an evolving wealth management industry. Read-> Diamond Consultants Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry: H1 2022. Download-> 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. Download-> Investing in Growth: Exploring KKR’s Attraction to $25B+ RIA Beacon Pointe A conversation with Matt Cooper, President of Beacon Pointe and Sasank Chary, Managing Director of KKR. Listen-> Transition Announcement: $1B Merrill Breakaways Opt for New Goldman Sachs Custody Platform The First Significant Breakaway Team to Choose Goldman Sachs Custody Platform for Their Newly-Launched RIA Firm. Learn more-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Erin Botsford, Author, Founder & CEO of The Advisor Authority Overview The author, founder, and CEO of The Advisor Authority offers success secrets for financial advisors and business owners on how to build and grow a self-sustaining business, designed for scale, succession, and to be attractive to acquirers. Listen in… > Download a transcript of this episode… About this episode… Ask any advisor what their “why” is, and you’ll often hear about a uniquely personal experience that propelled a mission of helping others manage their financial lives. For Erin Botsford, that mission was initially driven by misfortune and tragedy, leading her to realize that money gave people choices. Erin started at zero, with hard work and perseverance driving her seven days a week. Yet even after working with various coaches and mentors, Erin saw that others were growing their wealth management practices faster and with greater ease. But it was a chance meeting with a successful advisor named Paul that she credits for changing everything. Through careful observation, Erin learned how to grow her business and turn it into a completely self-sustaining one—allowing her to step away from daily activities with confidence. In 2018, Erin’s LPL-affiliated firm, Botsford Financial Group, became the first major M&A transaction by now serial acquirer Merit Financial Group, a hybrid RIA in Atlanta, Ga. That paved the way for this recipient of numerous industry accolades, including multiple Barron’s Top 100 honors, to start on her second act. That is, as the founder and CEO of The Advisor Authority, and sharing her formula for success with other advisors through the Elite Advisor Success System. Erin’s also an accomplished author and frequent speaker at many of the industry’s leading events for wealth management. In this episode, Erin shares her incredible backstory with Louis Diamond, plus: Realizing she hit a wall in her growth—and what steps she took to turn her business around. The real value of building a scalable business—and how the right people make all the difference. The realization that business owners shouldn’t work 24/7—and how to “shift seats” with key team members and clients. The importance of succession planning—and what other advisors need to know when preparing for their next chapter. Erin shares her secrets for success and actionable advice for advisors and business owners on building a thriving business that will persist even in your absence and poised to become attractive to clients and buyers alike. Learn more about Erin and The Elite Advisor Success System. Related Resources 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-> The Billion-Dollar Mindset: What Drives Top Advisors? Adopting these 12 characteristics can change your growth trajectory. Read-> Your Best Business Life: A 10-Point Exercise for Advisors An exercise that guides you through looking at the thought process behind a move from a different vantage point. Listen-> Erin Botsford, CFP™ Advisor, Author and Trainer, known as The Advisor Authority™ Erin Botsford, CFP™ is a 30-year veteran of the profession. She was a Barron’s Top 100 advisor in all categories – Advisor, Independent and Women. Erin successfully sold her practice in 2017 and now provides advisors the ability to model her success through her Elite Advisor Success System™ training program. She donates half of the profits from her training company to support orphans helped by the Ebenezer Foundation, an orphanage in Livingstone, Zambia. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Larry Boggs, the Founder and President of Boggs & Company Wealth Management Overview After 45 years at Wells Fargo and their predecessors, Larry Boggs left the wirehouse to build independent firm Boggs & Company with a team that includes 3 of his daughters. Larry discusses the value of family, legacy, business ownership, autonomy, and more. Listen in… > Download a transcript of this episode… About this episode… This is one of those great family business stories. Over 45 years at Wells Fargo and their predecessors, Larry Boggs built an extraordinary business managing $1.3B in assets. Yet in 2021, Larry made the decision to leave Wells and launch independent firm Boggs & Company Wealth Management. But why after more than four decades with the wirehouse? Because, as Larry shares, he decided it was time to run the business on his own terms and serve clients as he and his team saw fit—that is, “like family.” And family is one thing Larry knows a lot about: His 12-member team includes three of his daughters. Plus, Larry saw the handwriting on the wall. That is, that the industry was evolving, and it became obvious they needed to update their approach to the business. And like many others who opt for independence, Larry was craving greater control and flexibility for now and in the future. So what does that future look like for Larry Boggs and his team? In this episode, Louis Diamond asks Larry that question and many more, including: The motivation to make the leap after 45 years—and how his next gen influenced the decision-making process. Changes Larry observed over the years at Wells—and how that influenced the choice to go independent over other options. His extensive due diligence process (15+ firms!)—and why they ultimately chose to launch Boggs & Company with supported independence platform LPL Strategic Wealth Services. Their expanded ability to support clients in independence—and how removing the constraints of a larger firm agenda is impacting service. The things that intrigued him about becoming a business owner—and why legacy proved to be one of the most important factors. Considerations around succession and retirement—and how they are able to plan for that in independence. Larry’s perspective is an important one for advisors who are reflecting on their abilities to serve clients—not only now but well into the future. 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. 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-> 7 Things Advisors Need to Know About Succession Planning Actionable advice for all advisors – no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner – with Louis Diamond. Listen-> Larry Boggs Founder & President With over 45 years of financial services experience, Larry is the Founder and President of Boggs & Company Wealth Management. Prior to becoming independent in 2021, he was consistently recognized as a top advisor having received several internal accolades through Wells Fargo’s formally Wachovia’s internal advisor award recognition programs. Most notably, this includes receiving Wachovia’s lifetime achievement award, the “Wachovia Way Award” in 2006. In addition to internal recognition, Larry has been honored by some of the most respectable financial reporting institutions in the country. Barron’s recognized Larry with “Best-in-State Advisor”, from 2007 – 2021 and “Top 100 Financial Advisors” from 2005-2006. Forbes recognized Larry as a “Best-in-State Wealth Advisor” from 2018-2021 and The Financial Times named Larry in their “Top 400 Financial Advisors” in 2016 and 2017. Away from the office, Larry is the Chairman of the Investment Committee for the Endowment Fund and the operating fund for the University System of Maryland Foundation Board, a member of the Western Maryland Health Systems Foundation Board, and the Treasurer of The League supporting special needs children. Larry was named Frostburg State University’s Alumnus of the Year and was recognized with their “Service to Alma Mater” award in 2019. He was the recipient of the “Allegany County of Chambers Community Service Award” in 2018, and most recently was inducted into his high school’s hall of fame. On a more personal note, Larry and his wife Debbie have been married for over 45 years. They have three daughters, Mirjhana, Dagenais, and Koosie, and they are fortunate to have all of them as part of the Boggs & Co. team. They also have three wonderful grandsons that keep them busy with baseball

A conversation with Jerry Davidse CEO, Presilium Private Wealth Overview 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 in… > Download a transcript of this episode… About this episode… Many employee advisors often feel limited in what they can do for clients—particularly when it comes to having the freedom to market and share their unique voice. Or even to communicate without ensuring the message was approved by a higher authority. Take Jerry Davidse, for example. He started in wealth management at Morgan Stanley, leaving shortly after the Smith Barney merger to join Merrill in 2011. Over the years at Merrill, Jerry met his business partner Brook Hart, and together they built the business from $70mm under management to over $300mm with a client base composed primarily of executives and founders of biotech and pharma companies. As a young team, they were starting to feel like they had outgrown Merrill—and were limited in providing what they felt could be an “exceptional experience” for their clients. Plus, the firm placed restrictions on how they communicated with clients, requiring that all content be reviewed by compliance—a process that took time, making the messages obsolete or watered down and ineffective. In conducting due diligence, Jerry and Brook realized that they could remove the limitations and offer their clients the best of everything – including timely and creative communications – by building their own independent firm. So in April of 2022, they launched Presilium Private Wealth with support from Dynasty Financial Partners and Fidelity Investments as their custodian. In this episode, Jerry shares his journey with Louis Diamond, discussing: The things they liked most about Merrill—and why they felt they were “outgrowing” the firm. The choice to go independent—and why they chose Dynasty and Fidelity over other models and options. Their incredible portability ratio—and how they had 90% of their client assets committed in the first six weeks and 100% as of this recording. The influx of referrals they received since their transition—and how the feeling of truly building something “for the clients” trickled down in a positive way. Plus, Jerry offers advice about conducting due diligence—and how his “optimistic” mindset contributed to a successful transition. Jerry and Brook’s desire for “creativity, autonomy, and vision” demonstrates how transitioning from a world based on limitations to one of abundance can be a real game-changer. Yet it’s Jerry’s advice on building a business for the clients that’s the real takeaway from this episode. 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-> Beyond Private Equity: RIAs Have More Options Than Ever to Access Capital There are now multiple ways independent advisors looking to buy, grow, or transition their practice can unlock some liquidity. Read-> Demystifying Compliance for RIAs: What You Need to Know A conversation with Christopher Winn, CEO and Lead Consultant, AdvisorAssist. Listen-> IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Read-> Jerry Davidse, CFP® CEO Jerry Davidse, CFP® has worked closely with leading families across the U.S. as a wealth manager since 2001, advising them on wealth planning, custom investment portfolios and risk management strategies. He believes in clear communication with clients and provides simple recommendations for complex financial decisions. Jerry earned two degrees from the business school at Villanova University in 2001. Jerry was awarded the CERTIFIED FINANCIAL PLANNER™ certification in 2005 by the Certified Financial Planner Board of Standards, Inc. He was previously a Vice President at Morgan Stanley and Senior Vice President at Merrill Lynch before founding Presilium Private Wealth in 2022. He was recognized by Forbes in 2021 and 2022 as one of the top wealth advisors in Pennsylvania. Jerry enjoys traveling, golf, coaching youth sports and has run four marathons. He and his wife live in Radnor, Pennsylvania, with their son, Jake, and daughter, Emma. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Jim Gold, CEO and Founding Partner of Steward Partners Overview Steward Partners CEO and founding partner Jim Gold revisits the series to provide an update on the firm. He discusses their evolution and growth, plus being the first to sign-on to the Goldman Sachs custodial platform, and more. Listen in… > Download a transcript of this episode… About this episode… Jim Gold first visited our show back in March 2019. At the time, Steward Partners was just over five years old and already considered a success with 104 advisors in 17 offices and $10.9B under management while still operating under the Raymond James Independent Contractor Platform. Today, just three-and-a-half years later and with less than a decade under its belt, Steward is managing some $27B in assets with 350 partners, 200 of which are financial advisors, in 30 locations throughout the United States. Plus, Steward has expanded their custodial options – making headlines as one of the first to sign on to the Goldman Sachs custodial platform – and the firm now offers a 1099 option as well as its original W-2 path. In this episode, Jim discusses the evolution of Steward Partners with Louis Diamond, including: The gap in the landscape that Steward first sought to fill—and how the firm’s goals and value proposition have grown over time. The choice to move off the Raymond James Independent Contractor Platform—and how that impacted their ability to expand options for advisors. Breaking new grounds with the Goldman Sachs custody platform—and how Steward’s custody options have made the firm more attractive to a broader swath of advisors. The factors around the firm’s extraordinary growth—and how the firm gained incredible traction over recent years. The value of equity vs. cash—and what advisors considering Steward need to know about the economics. Plus, Jim shares his thoughts on a very evolved independent space—and what advisors associated with Steward can do that they could not under a wirehouse umbrella. Just as the wealth management landscape has evolved, so have relatively young firms like Steward Partners. Less than a decade ago, they created a firm that took a “common sense” approach, as Jim put it, to offer advisors a blend of what worked in the large firms and those things advisors lacked, adding in greater freedom and control. And Steward’s growth over the years is a testament to the formula’s success. It’s an episode that demonstrates the evolution of the independent space—offering an insider’s perspective on change in the landscape at large. Related Resources The 10 Most Valuable Insights from Breakaway Advisors A collection of the top words of wisdom from those who shared their journeys to independence during year 2 of this podcast series. Listen-> The Wealth Management Landscape At A Glance: What Financial Advisors Need to Know The ever-expanding wealth management industry landscape represents a waterfall of possibilities for every advisor and their clients. And having a clear understanding of the environment you’re building your business in is critical—regardless of whether you have a desire to move or not. Read-> A Special 5th Anniversary Episode: 5 Themes Driving Change in the Wealth Management Industry While the podcast started out 5 years ago exploring the independent space, it evolved to sharing a wide range of topics and welcomed guests from throughout the wealth management industry. In this special episode, Mindy Diamond and Louis Diamond explore the most popular themes for financial advisors and independent business owners. Listen-> A Best-of-All-Worlds Model: Full-Service Independence with Equity Upside: A Conversation with Jim Gold, CEO and Founding Partner of Steward Partners Jim Gold discusses breaking away from the senior leadership ranks at Morgan Stanley to build Steward Partners, a full-service employee-owned quasi-independent model, for advisors who are not interested in building something from scratch. He also shares some exciting news about the growth of the firm. Listen-> Jim Gold CEO Jim Gold serves as CEO, is a Founding Partner, a Board Member, and a member of the Executive leadership team at Steward Partners Global Advisory. He has extensive experience in the financial services industry, having held several senior-level roles. Mr. Gold spent 18 years with Smith Barney, and successor firms, beginning in 1995 as a Financial Advisor. He went on to hold numerous management positions at the firm, including National Training Officer, Assistant Branch Manager, Branch Manager, and Complex Manager. Mr. Gold received numerous accolades from the firm during his tenure. Mr. Gold supports numerous charitable organizations including: The American Heart Association, St. Jude’s Children’s Hospital, The Pan Mass Challenge, The Wounded Warrior Project, Wreaths Across America, The ASPCA, and The World Wildlife Fund. Mr. Gold attended Stonehill College. He currently lives in Northport,

A conversation with Chad Goodchild and Jacob Schlicht, Kickstand Wealth Advisors Overview Self-described “homegrown Merrill” advisors Chad Goodchild and Jacob Schlicht share the drivers behind their choice to leave Merrill to launch independent firm Kickstand Wealth Advisors with support from TruClarity—and how they regained their “happiness” as a result. Listen in… > Download a transcript of this episode… About this episode… Building an independent firm from scratch isn’t an easy task. It requires massive time and effort coupled with vision and the resources to identify and assemble all the moving parts—not to mention the ongoing operational and back-office management that follows. So while advisors may crave the freedom and control that comes with being independent business owners, many have no desire to get mired in the details. The good news is that the expanded industry landscape offers a new world of options for folks like these. That is, the support to handle the heavy lift of setting up an independent firm while still reaping the rewards of freedom and control. For the guests on this episode, self-described “homegrown Merrill” advisors Chad Goodchild and Jacob Schlicht, there were plenty of things they liked about the firm. First off, both started at Merrill as interns, learning the business from the ground up. Then Chad got to a point where he needed to add an advisor to his team and Jake answered the call. Together, this young team, Chad with 20 years at the firm and Jake with 16, built a business managing over $440mm in assets. Yet over time, while they appreciated so much about the firm – especially the support and all-under-one-roof access – they really wanted to be business owners with more freedom to choose how they served clients. And they wanted to restore the “happiness” they once felt in their roles as financial advisors. So they started to explore independent options, with a focus on supported independence. In July 2021, they launched Kickstand Wealth Advisors, based in upstate NY, with support from TruClarity Wealth Advisors RIA platform and Schwab as their custodian. In this episode, Chad and Jake candidly share their due diligence journey with Mindy Diamond, including: Their time at Merrill—and why they started to explore their options. The things they liked most about Merrill—and what changed their point of view. The choice to forego a transition bonus—and why independence was the better option for them, their clients, and their business. The choice to build their firm with support from TruClarity—and how that impacted their transition process. What they can do differently in independence—and what they describe as “the glaring differences.” Their role as business owners one year later—and how their lives have changed as a result. It’s an interesting story about regaining the “happiness” of your business life—a happiness that the advisor not only enjoys, but clients are also the beneficiaries of. Related Resources Creating a Destination for Other Advisors: How a $600mm Breakaway Team Transformed into a $2.8B Business Todd Resnick and his colleagues were attracted to the idea of building a “destination” for other advisors. He discusses their journey leveraging M&A, capital partners and support services to bring their shared goals to life–demonstrating how vision can drive growth and success. Listen-> 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-> Liberated: Why a 25-Year Merrill Vet Managing $450mm Opted to Break Away and Build His Own Firm On his 25th anniversary with Merrill, Craig Robson resigned to launch RIA Regent Peak Wealth in Atlanta, GA. It was a bold move designed to “liberate and empower” him and his team to serve their clients completely and with objectivity. Craig shares the drivers that led to his decision to leave Merrill and launch an independent firm, instead of opting for a transition from another firm. 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-> Chad Goodchild Chad’s interest in investing began in high school at the age of 17. Clearing the dinner table one evening, he grabbed a discarded pamphlet from the trash titled “How to Make Millions Trading Commodities.” After parting with $300 for the mail order class and studying for several months, he doubled his money on the first transaction. It was an “Aha” moment—the idea that instead of working for money, your money could work for you. Chad went on to graduate Summa Cum Laude from Saginaw Valley State University with a B.S. de

A conversation with Louis Diamond Overview While the podcast started out 5 years ago exploring the independent space, it evolved to sharing a wide range of topics and welcomed guests from throughout the wealth management industry. In this special episode, Mindy Diamond and Louis Diamond explore the most popular themes for financial advisors and independent business owners. Listen in… > Download a transcript of this episode… About this episode… It’s hard to believe that five years have passed since launching the first episode of this show. As many long-time listeners may already know, it’s a journey that started with creating a handful of episodes exploring the independent space. Then we realized that we were on to something. Word spread. The number of downloads increased, as did the number of devoted listeners. And while the theme of independence served as the launch pad for this series, the content came to represent far more. We welcomed many extraordinary guests – from breakaways who candidly shared the stories of their journeys, on to leaders from the c-suites of top firms, and industry thought leaders who graciously offered their wisdom and experience. And here we are today, the result of an industry that has evolved to become one of abundance and not scarcity. That is, advisors have a wealth of options available to them—more than ever before. Yet as new options seem to enter the space daily come both opportunities and challenges. One of the most significant challenges is staying informed on what’s happening in the wealth management landscape—and how this constant evolution impacts your business life. In this episode, we explore the five themes that resonated most over the last five years and the impact on how advisors grow their practices and serve their clients. It’s a conversation relevant to both employee advisors and independent business owners alike. Related Resources A Multi-Generational Indy Breakaway Story—with Jason Cort, Quadrant Private Wealth What’s driving the momentum towards independence – and will it continue?—with Shirl Penney, Dynasty Financial Partners How a Legacy Merrill Team Experienced 600% Growth in 10 Years—with Special Guests Bill Loftus of Coastal Bridge Advisors and Mark DuPont of Focus Financial Partners Mindset, Motivation and Momentum: What’s really driving all the movement—with David Canter, Head of Fidelity’s RIA Segment How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox—with Jim Dickson, Founder and President of Sanctuary Wealth Partners An Investment Banker’s Perspective on Building a Firm for Maximum Value—with Liz Nesvold of Silver Lane Advisors A Best-of-All-Worlds Model: Full-Service Independence with Equity Upside—with Jim Gold, CEO and Founding Partner of Steward Partners Rockefeller Capital Management Demystified—with Chris Dupuy, Managing Director and Chief Operating Officer A Model of Supported Independence That Fills the “Fear Gap”— with Rob Bartenstein, CEO of Kestra Private Wealth Services Michael Kitces on How to Differentiate and Grow in a Competitive Environment 5 Things Josh Brown’s Firm Does Differently—And How it Resulted in Over 100X Growth in 6 Years What are Top Advisors Doing Differently—with Matt Oechsli of the Oechsli Institute How These 3 Firms Carved a New Path and are Changing the Wealth Management World At Large—with Shirl Penney of Dynasty Financial Partners, Jim Dickson of Sanctuary Wealth and Rich Steinmeier of LPL Financial Growing Up with Merrill Lynch: A Next-Gen Breakaway Story—with Elizabeth “Lizzie” Evans of Evans May Wealth and host Louis Diamond Industry Update: Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors 5 Tips for Financial Advisors on How to Get From $500mm to $5B—with Steve Sanduski Learning from the Leaders: Bob Mulholland on Roadblocks, Change and the Wave Towards Independence Advisor-Turned-CEO: How a $2.4B Ameriprise Firm Cracked the Growth Code—with Jon Kuttin of Kuttin Wealth Management, and Louis Diamond The Limitations of Building a Billion-Dollar “Boutique Firm” within a Wirehouse: A UBS Breakaway Story—with Terry Cook of Parcion Private Wealth From Intern to CEO: How an Accidental Entrepreneur Built a $50B+ RIA Empire—with Adam Birenbaum of Buckingham Wealth Partners, and Louis Diamond Transitions, Retire-in-Place Programs and Termination: A Top Attorney’s Perspective—with Tom Lewis, Certified Civil Trial Attorney at Stevens & Lee A Rare Glimpse into the Culture, Cachet and Success of First Republic—with Robert Thornton, Executive Vice President & President of Private Wealth Management 6 Months Later: Why a Former UBS Lifer Considers Independence His “Do Over”—with Ahmie Baum, Founder and CEO, Interchange Capital Partners Michael Kitces on Everything Financial Advisors Need to Know About Growth From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story—with A

A conversation with Mike Durso, Founding Partner and CEO of Shorehaven Wealth Partners Overview Mike Durso, CEO of Shorehaven Wealth Partners discusses his leap from employee to breakaway to leader. He shares how bringing his diverse experience and institutional knowledge to the family business informed their decision to go independent and their vision to build a legacy, and more. Listen in… > Download a transcript of this episode… About this episode… Success is often rooted in having strong beliefs. That is, a belief in a mission or vision. Or even the team that’s driving the ball forward. For Mike Durso, it was a belief in the business that his father Larry started back in 1978. Mike joined his father’s team at Morgan Stanley in 2016 coming from a background in asset management with the likes of AllianceBernstein and later BlackRock. His goal was to bring that diverse experience to the family business and leverage his institutional knowledge within wealth management. Yet it was also Mike’s ability to see things from a perspective that was unlike his dad’s. While he shared Larry’s strong belief in doing everything they could for the clients – people Larry treated like family – Mike also felt that there could be a better way to serve them while creating a lasting legacy. It was through due diligence that Mike realized they were “captive” in the employee model at Morgan, and to truly do their best for their clients and build for the long-term would mean launching their own independent firm. And that they did. In 2020, Larry, Mike and their team left Morgan Stanley with some $400mm in managed assets to launch Shorehaven Wealth Partners in Red Bank, NJ with support from Dynasty Financial Partners and Fidelity as custodian. Just two years later, Larry stepped into the Chairman role, and handed over the reins to Mike naming him CEO of Shorehaven. In this episode, Mike discusses his journey with Louis Diamond, including: The limitations Mike saw in the business at Morgan Stanley—and how he sought to resolve them in independence. The expanded capabilities they’re realizing in independence—and how they are now better able to achieve their goals. The choice to build their independent firm with Dynasty—and what other options they considered. The role of succession planning—and what Larry regarded as some of the most important aspects of Mike’s responsibility as CEO. Mike’s leap from employee to breakaway to leader—and how these transitions impacted business and family life. Mike offers some really solid advice for those considering the leap to independence, but his message is really resounding for senior advisors and next gens. Because, as he shares, while there’s a certain level of excitement around taking those next steps – and ultimately creating a legacy designed to live on for generations – there are some key considerations for each stakeholder, making this a “must listen” episode. 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. Read-> Next Gen Advisors Are Questioning Whether “Inheriting a Book” is Really Worth it Rather than just signing on the dotted line of their firm’s retire-in-place plan, next gen inheritors (and their senior partners) are hitting the pause button and striving to be more educated consumers. Read-> Next Steps For The Next Gen Advisor 5 “Future” Considerations for the 30-Something Advisor. Read-> Michael Durso, CFA® Michael is a co-founder, CEO, and Chief Investment Officer (CIO) of ShoreHaven Wealth Partners. As CIO, he oversees ShoreHaven’s asset allocation, manager selection, and investment strategy. Michael has worked with clientele from pensions, foundations, endowments, home offices, and financial advisors to successful professionals and families. He began his career at AllianceBernstein in 2006, working with financial advisors as a Senior Regional Consultant. In 2009, he joined BlackRock within the iShares ETF business. In 2016, Michael left the asset management business to join the Durso Wealth Management Group at Morgan Stanley. Michael sought to bring his diverse background in asset management to the family business and leverage his institutional experience within wealth management. He earned his BBA degree in Finance with a minor in Marketing from James Madison University. While at JMU, he was a varsity member of the Track and Cross-Country program and the 2003 IC4A Men’s Cross Country Championship team. Michael is a CFA® Charter Holder and a frequent contributor to the Wall Street Journal, Bloomberg, Forbes, Financial Advisor IQ, and Yahoo Finance Tv. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Jeff Boudjouk, Managing Partner and Wealth Advisor, Northeast Investment Group Overview The heightened sense of vulnerability in the big firms became a reality for Jeff Boudjouk who was terminated from UBS—a charge which has since been expunged. Jeff shares the harrowing journey, how he and his partner Anthony Landi found a new home in independence with Kestra Private Wealth Services as Northeast Investment Group. Listen in… > Download a transcript of this episode… About this episode… Over recent years, the heightened sense of vulnerability has been a continually growing concern for advisors at the big firms. While the rules haven’t changed, the response by firms has. And in a big way. Hyper-vigilant compliance departments have been issuing pink slips to advisors at all levels – often without warning – for minor “non-sales or non-client-related” practice violations. And that’s the scenario that the guest on this show ran into. Jeff Boudjouk started his career in the financial services industry in 1997 with Morgan Stanley. A decade later, he transitioned to UBS, where he and partner Anthony Landi built a solid business generating $2.4mm on $350mm in assets. Then in December 2017, his world turned upside down. Jeff was called into a meeting in the conference room with his manager and regional director. There Jeff was told he was being terminated. No warning. No red flags. While there is an incredible back story to share, the good news is that there is a happy ending. In 2018, Jeff and his partner Anthony found a new home in independence with Kestra Private Wealth Services as Northeast Investment Group, moved over more than 85% of their assets, and are currently managing over $400mm. In this episode, Jeff shares – with complete candor – the details of this incredible journey with Mindy Diamond, including: An accounting of the day he was terminated—and the first steps he took after leaving the building. The mental preparation for the next phase of his business life—and what he did to keep things moving forward. The arbitration claim he filed—and how, ultimately, he had the charge expunged and was awarded a settlement from UBS. The choice to go independent with Kestra PWS—and how their business differs today from their tenure at UBS. And most importantly, Jeff offers a cautionary story for those who play by the rules but find themselves caught up in a world where compliance is the dominating force—sharing sound advice on protecting yourself and your future. Jeff’s situation is one that can happen to any advisor. That is, everyone is vulnerable, and as he put it, “No one is bulletproof.” It’s an incredibly important story—one that all advisors need to be aware of. Related Resources Surprise: You’ve Been Terminated! The new hyper-compliant world has left many advisors with a pink slip in hand, thinking they have reached the end of their careers. Yet there are steps terminated financial advisors can take to get back in business. Read-> Transitions, Retire-in-Place Programs and Termination: A Top Attorney’s Perspective A conversation with Tom Lewis, Certified Civil Trial Attorney at Stevens & Lee. Listen-> What to do When a Partner or Team Member is Terminated A terminated advisor not only leaves behind his team, but also a wake of disruption and vulnerability. Here are 7 action items to get the business moving in a positive direction. Read-> How Vulnerable Are You? 5 Ways to Avoid Being Terminated in a Hyper-Vigilant Compliance World While the rules may not have changed, it appears the consequences have—and financial advisors are feeling more vulnerable than ever when it comes to termination. Read-> Saving the Terminated Advisor’s Career 7 things every advisor needs to know—regardless of whether you feel secure at your firm or not. Read-> The Final Frontier for Terminated Advisors While homes for terminated advisors have become increasingly scarce, there are still areas of fertile ground to consider in the RIA world. Read-> Jeff Boudjouk Managing Partner and Wealth Advisor Jeff began his career in the financial services industry in 1997 with Morgan Stanley Dean Witter. He later accepted a position with UBS Financial Services in 2007. Jeff is a founding partner of the Northeast Investment Group. Jeff has a B.S. from Bryant University where he majored in finance. Jeff is a member of the Parish Advisory Council of St. Basil’s Church in Lincoln, RI. His hobbies include watching his kids participate in various sporting activities and traveling. Jeff resides in Smithfield, RI with his wife Jessica, daughter Samantha and son Jeffrey. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Kevin Myeroff, Principal and Senior Strategic Advisor at Sequoia Financial Group Overview The idea of planning for succession can be a difficult one, but for Kevin Myeroff, who built NCA Financial Planners to $2B, it was a task that gained greater importance over the last few years. Kevin discusses his thought process around succession, why he ultimately chose to sell his firm to Sequoia Financial, and much more. Listen in… > Download a transcript of this episode… About this episode… The idea of planning for succession is a difficult one—particularly for entrepreneurial types, who fear it defines an endpoint in their career. But the reality is succession and retirement are not one and the same. It’s ultimately about business continuity first and foremost. And for a successful business that you’ve built and nurtured over the years, there’s great value in having a path outlined to ensure an enduring legacy for you, your team, and your clients. For example, Kevin Myeroff started building his financial planning firm in the late 80s with broker dealer Integrated Resources (later becoming Royal Alliance Associates). In working with Royal as NCA Financial Planners in Mayfield Heights, Ohio, Kevin built the firm to some $2B in assets under management with a client base he describes as “the millionaires next door.” Yet as time passed, he realized that he had to start thinking about succession—more so over the last few years. And after exploring his options, what came to the top rose out of a relationship he developed with Tom Haught of Sequoia Financial, located just south in Akron. Sequoia was acquiring firms like NCA and proved to be the right fit for Kevin and the NCA team—so they sealed the deal in November of 2021. In this episode, Kevin discusses his journey with Louis Diamond, sharing what it really takes to build a $2B business and plan for the next stages of one’s career, including: The value of conducting due diligence every 5 or 6 years—and how exploring their options helped to ensure they were on the right path for their business and clients. NCA’s wildly successful internship program—and how it has created long-term team members, many of whom are poised for leadership roles at Sequoia. The thought process of building a succession plan—and what Kevin saw as the most important aspects of the right path. The ultimate choice to sell to Sequoia—and why he didn’t opt for another firm or to sell internally. Plus, Kevin talks about integrating into Sequoia, communicating the change to clients, as well as life after the transition, and much more. It’s a great story for those who are considering how to “think through” and prepare for succession—regardless of whether building a business at an employee model or as an independent business owner. Related Resources 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-> Industry Update: 7 Real-World Lessons We Learned on Succession Planning A conversation with Louis Diamond on next gens, the art of “co-leadership” and future-proofing your firm. Listen-> The Decision Guide: Simplifying the Daunting Process of Due Diligence A step-by-step framework for evaluation of the when, how, and what of strategic due diligence. Read-> Preparing for Exploration: 10 Practical Tips to Conduct a Strategic Due Diligence Process In a wealth management landscape with more options for financial advisors than ever before, the need for a “strategic” due diligence process has become imperative. Mindy Diamond and Louis Diamond present 10 tips to guide the exploration journey. Listen-> Building Your Business Today as if You’re Selling it Tomorrow Why is M&A so important? And how do you best position your firm for M&A success? Listen-> 7 Things Advisors Need to Know About Succession Planning Actionable advice for all advisors – no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner – with Louis Diamond. Listen-> Kevin Myeroff CFP® Principal and Senior Strategic Advisor Kevin Myeroff CFP® is a Principal and Senior Strategic Advisor at Sequoia Financial Group. After serving as the founder and CEO of NCA Financial Advisors for more than 30 years, Kevin brought his colleagues and decades of experience to the Sequoia Financial Group team and now works as a mentor and strategic innovator supporting advisor-client relationships. His years of experience, coupled with his technical knowledge and leadership abilities, contribute to Sequoia Financial Group’s strength and growth in terms of quality counsel, client satisfaction and attainment of clients’ personal financial goals. Throughout his career, Kevin has achieved many notable accomplishments and received accolades from a number of well-kno

A conversation with Louis Diamond Overview 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 in… > Download a transcript of this episode… About this episode… M&A has been one of the hottest topics in the wealth management industry in recent years. And even despite choppy markets and rising interest rates, independent firms are getting high watermark valuations and deals are closing at record levels. So, what’s driving all this activity? Why are independent business owners so eager to sell what they worked long and hard to build and nurture? What’s the attraction for buyers? The reality is that there’s an imbalance in the industry between those who want to sell and those who want to buy. That is, there’s an incredible appetite amongst buyers and not nearly enough sellers to meet the demand. So in this episode we look at the buy-side perspective, answering the above questions and more, including: The attributes needed to become a credible and attractive acquirer amongst hefty competition. The key characteristics of sellers that could be potential targets. And, ultimately, how a nascent firm or wirehouse advisor planning for their next chapter can set themselves up to be a successful acquirer. Plus, Mindy and Louis share examples of ex-wirehouse teams that have become effective acquirers—and how they achieved their success. It’s a well-rounded episode designed to offer useful takeaways for advisors and business owners alike. Related Resources Industry Update: What Financial Advisors Need to Know About Growing Through Recruitment and M&A: A conversation with Louis Diamond One of the major motivations for advisors who choose independence is to build an enterprise via recruitment and M&A. But inorganic growth opportunities are not exclusive to independent firms. Although more limited, wirehouse advisors have options too. Listen-> Transitions, Retire-in-Place Programs and Termination: A Top Attorney’s Perspective—with Attorney Tom Lewis of Stevens & Lee Advice for financial advisors on navigating transition, avoiding termination, Protocol vs non-Protocol moves, and what you need to know before signing a binding retire-in-place agreement with your firm. Listen-> One-on-One with Rudy Adolf: How Focus Financial Partners Revolutionized RIA M&A—and Went Public in the Process—with Rudy Adolf, Focus Financial Partners The industry legend describes how the idea of Focus Financial Partners came to be, filling a gap in how independent financial advisors accessed capital, resources and monetized their life’s work, plus the firm’s journey as a public company, their growth, how they are further evolving and more. Listen-> How an ex-Wells Fargo Team Turned a “Paper Tablecloth” Vision into 3X Revenue and $8.5B in Assets in 5 Years—with Gerry Goldberg, GYL Financial Synergies Gerry discusses how he and his team left Wells Fargo FiNet, with $4B in assets, to build their own firm, GYL Financial Synergies in partnership with Focus Financial Partners. Listen-> Why a $5B UBS Breakaway Team Set Out to Build the “Boutique Firm of the Future”—with Rob Sechan, NewEdge Wealth 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 Edge Co Holdings and other UBS veterans. Listen-> Industry Update on M&A: If You Build It, Will They Buy It? Part 1 of 2. With Louis Diamond The excitement around M&A activity has many financial advisors considering their future. Is independence the right path? And if you build an independent firm, who will buy it? Part 1 of this 2-part episode compares and contrasts options, including recruitment deals and retire-in-place programs, and shares examples of breakaways whose firms were recently acquired and what made them attractive acquisitions. Listen-> Industry Update on M&A: If You Build It, Will They Buy It? Part 2 of a 2. With Louis Diamond 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-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Todd Resnick, Co-Founder and President of One Seven Overview Todd Resnick and his colleagues wanted to serve their clients in new and creative ways but even more so they were attracted to the idea of building what he describes as a “destination” for other advisors. Their journey is a compelling one that started with building their own RIA and leveraging support from consultant and service provider TruClarity. Todd discusses their recent strategic partnership with Merchant Investment Management, the value of community and much more. Listen in on this extraordinary conversation that demonstrates how vision can drive growth and success, with several key learnings for advisors and business owners alike. Listen in… > Download a transcript of this episode… About this episode… Most advisors we speak with who make the leap to independence do so not because they are running away from something. More often, they are running towards something they see as better for the business in the long run. They’re the entrepreneurial types, who have a vision of growing something bigger than themselves—and to remove any constraints that may impede their path. The guest on this episode, Todd Resnick speaks much about that vision and demonstrates clearly how he and his colleagues were able to achieve what they set out to—and then some. In July 2016, Todd and three of his Morgan Stanley colleagues left with some $600mm in assets under management to start RIA firm One Seven, headquartered in Ohio, hiring RIA consultant and service provider, TruClarity to assist them in their launch. Their goal: To serve their clients in new and creative ways but even more so they were attracted to the idea of building what Todd describes as a “destination” for other advisors. And that they have. Today, One Seven is a firm with $2.8B in managed assets. They’ve been prolific acquirers and most recently made news for their merger with MGO Investment Advisors, an RIA that specializes in 401(k) services. Top that off with Merchant Investment Management taking a minority, noncontrolling stake in One Seven to drive additional organic growth. In this episode with Louis Diamond, Todd discusses how his unique point of view came about, plus: The limitations they were feeling from the bank—and how that impacted their business and mission. Their due diligence process—and the ultimate decision to leverage TruClarity for the transition. One Seven’s extraordinary growth over the last 6 years—and how they achieved it. The decision to take on Merchant as a capital partner—and how Todd envisions the relationship benefiting their goals. Plus, the evolution of Todd’s perceptions over time—and how that translated to One Seven’s community and mission…and much more. It’s an extraordinary conversation that demonstrates how vision can drive growth and success, with several key learnings for advisors and business owners alike. Related Resources The Evolution of an RIA from Practice to Enterprise: A conversation with Tim Bello, Managing Partner, Merchant Investment Management Tim Bello of Merchant Investment Management discusses the growth of the independent space and the burgeoning cottage industry that fills capital, service and support gaps, creating new paths for those who have a desire to grow their own enterprises. Listen-> Just how entrepreneurial are you? 6 ways the entrepreneurial mindset differs from the employee mindset — and how it can shape your future. Read-> Independence for the “Not That Entrepreneurial” Advisor Regional firms may be the answer for advisors seeking to minimize bureaucracy and gain greater control over their business. Read-> 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. Read-> Todd Resnick Co-Founder and President Todd is a Co-Founder and President of One Seven. With nearly 15 years’ experience in financial planning, Todd has built a career focused on impacting people’s lives for the better and creating meaningful relationships. He’s passionate about equipping financial planners with the motivation and tools to realize their own definition of personal and professional fulfillment—and in turn, helping their clients to do the same. Todd does so for himself, as well, balancing his professional drive with time spent traveling, volunteering with his wife at their children’s schools, and following all things Cleveland, his hometown—including sports, music, theatre, and the arts. Todd is also the co-author of the book Become a BAD*SS Financial Advisor. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Kevin McGuire and Sarah Burney, Managing Directors and Wealth Advisors at Cresset Overview Private bankers are far less likely to leave the banks they built their businesses at given the challenges they face in a move—most notably portability concerns and garden leave provisions. Yet Kevin McGuire, Sarah Burney and their team started to feel a conflict between what they wanted to do for their clients and what they could do under the auspices of J.P. Morgan Private Bank. So they explored their options, including the thought of launching their own RIA, but instead opted for Cresset. They share their story one year after making the transition. Listen in… > Download a transcript of this episode… About this episode… Historically, it was rare to find private bankers who left not only their banks but the model itself. These folks often find themselves caught between 2 lands: One where their businesses are tied to the bank and the other in which they prize the steady stream of referrals. No doubt, banks are a great way for an advisor to build a business, but should private bankers look to make a change, they are often met with challenges—including asset portability concerns, difficulties with replicating the business, added legal risks, and the most onerous hurdle of all: garden leave provisions. Yet over the past year, we’ve seen many private bankers leave the banks they built their businesses at, with some planting new flags at Merrill, UBS, and Morgan Stanley—firms that recently expressed a new level of interest in welcoming private bankers. In contrast, others have built their own independent businesses. Yet a third group has found homes in the new generation of Multi-Family Offices—opting for an environment that caters to ultra- and high net worth clients with concierge-level services and a more entrepreneurial culture. In this episode, we welcome two private bankers who fit in this latter category. Kevin McGuire and Sarah Burney both hailed from J.P. Morgan Private Bank, having built a strong business overseeing some $2B with ultra- and high net worth individuals and families. With over a dozen years each under their belt, they and their team started to feel a conflict between what they wanted to do for their clients and what they could do under the auspices of J.P. Morgan. And ultimately, they wanted greater control over how they managed client relationships. So they explored all of their options and even the possibility of taking a more entrepreneurial path of starting their own RIA. Ultimately, they landed on Cresset—an employee- and client-owned Multi-Family Office born in 2017 designed to deliver a new paradigm for wealth management with rockstar leadership and advisor talent. Cresset co-founder Avy Stein was a guest on this show in 2021. At that time, Cresset was a $12B firm and has exploded since, more than doubling to $27B in assets under management as of this recording. This extraordinary growth makes it clear why Cresset’s value proposition is resonating with the wealth management world—particularly Sarah, Kevin, and three other members of their team at J.P. Morgan, who joined in September of 2021. In this episode, Mindy Diamond talks with Sarah and Kevin about their journey, including: Life as private bankers—and the limiting nature of the private banker salary-bonus model. Changes they saw at J.P. Morgan—and what motivated them to explore their options. The challenges of transitioning—and how they navigated portability, garden leave provisions, and more. The attraction of the Cresset model—and why it won out over other firms and the option to build their own RIA. The value of referrals—and what they are seeing in terms of the quality and stream of referrals from Cresset. Plus, they discuss life one year later—and how their business lives have changed since their transition. No doubt, Kevin, Sarah and their team built a strong business at J.P. Morgan. But like so many other advisors, there came a point where they wanted to do more for their high net worth clients. For them, Cresset was the answer. But it was their closing advice that is the best message of all: If you have confidence in yourself and your ability to take care of clients, you can find success anywhere. It’s a great perspective on exploring change—regardless of the firm or model you are building your business at. Related Resources Disrupting the Landscape: How a $12B+ Multi-Family Office is Making Waves Amongst Advisors and Their Clients – With Avy Stein, Founder and Co-Chairman of Cresset Avy Stein, Founder and Co-Chairman of Cresset talks about how the firm fills a gap in the landscape for advisors who serve high net worth clients, how Cresset compares to firms like Rockefeller, what’s driving recent growth and much more. 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 banker

A conversation with Louis Diamond and Jason Diamond Overview A special episode introducing the Diamond Consultants Transition Report, the first of a semi-annual review of advisor movement in the wealth management industry. Learn 10 key trends from the comprehensive, data-driven report of financial advisor movement over the first 6 months of 2022. Listen in… > Download a transcript of this episode… About this episode… We’re in the information business. Sure, we’re recruiters, and while the outcome of guiding advisors through due diligence is they decide to make a move (or not), to take on that responsibility of being a “trusted guide” means we need to know our stuff. And we’re happy to share all that we know. Because each and every day advisors are asking us things like: Why are advisors at big brokerage firms changing jerseys so often? Why are independent advisors making moves? Which firms are top in recruiting and which are losing? What are transition deals like and where are they trending? What are some of the key factors driving changes to competitive recruiting? What are some real-world examples of recent moves? So we searched out the answers and realized something: We were sitting on a goldmine of data. Because to our knowledge, there was no singular source of such information. That is, a comprehensive, data-driven exploration of financial advisor movement over a specific timeframe. And as students of an ever-changing industry (like so many advisors we counsel), we are genuinely curious about what this hard-to-obtain data might reveal. So with the episode we launch the first edition of the Diamond Consultants Transition Report. A semi-annual review of Advisor Movement in the Wealth Management Industry. This report serves as a framework for advisors who are curious about movement and deal trends—and the potential impact on their careers and businesses. Louis Diamond and Jason Diamond discuss the process of creating this report, how the data was derived, and how the analysis was created. They share the top 10 key takeaways gleaned from the report and explore two representative deals from the first half of this year. Plus, they offer a glimpse into how the trends of H1 2022 are impacting what we anticipate for the balance of this year and beyond. Listen to learn more and complete the form to get your copy of the report. Download the Transition Report !function(o,t,e,a){o._aoForms=o._aoForms||[],o._aoForms.push(a);var n=function(){var o=t.createElement(e);o.src=("https:"==t.location.protocol?"https://":"http://")+"insights.diamond-consultants.com/acton/content/form_embed.js",o.async=!0;for(var a=t.getElementsByTagName(e)[0],n=a.parentNode,c=document.getElementsByTagName("script"),r=!1,s=0;s 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. Read-> Expert Advice for Non-Protocol Moves: What Advisors at Ed Jones and Other Firms Need to Know While advisors successfully transition out of non-Protocol firms each and every day, doing so comes with added risks. Attorney David Gehn, whose expertise is in representing advisors in transition from Protocol and non-Protocol firms alike, explores the topic and shares advice with Jason Diamond. Listen-> 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-> Multi-Generational Teams at a Crossroads: Wirehouse Sunset Program or Independence? An in-depth look at the opportunities and options for retiring advisors and the next gen from an expert on the topic, Justin Weinkle, Director of Strategic Analysis at Dynasty Financial Partners. Read-> Move Once, Monetize Twice Weighing all of your options may result in doubling the returns; in essence, moving once yet monetizing twice. Read-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with the firm’s Founder, CEO and Chairman Overview Industry legend Rudy Adolf describes how the idea of Focus Financial Partners came to be, filling a gap in how independent financial advisors accessed capital, resources and monetized their life’s work, plus the firm’s journey as a public company, their growth, how they are further evolving and more. Listen in… > Download a transcript of this episode… About this episode… It’s an American success story that started in Innsbruck, Austria, the birthplace of Rudy Adolf. As the son of the owner of a local CPA firm, he learned early on the value of being an entrepreneur. After graduating from the University of Innsbruck, Austria with a Doctor and Magister of Jurisprudence degree, he began his career working in the family business. Then in 1987, he relocated to Munich, Germany to work for the global consulting firm McKinsey & Company. In 1990, he moved to the United States, where he was named Partner at McKinsey—an 11-year tenure that Rudy fondly credits as an incredible learning experience. And it was a journey that evolved further when Rudy joined former McKinsey Partner Harvey Golub at American Express as the Senior Vice President of Strategy and Business Development and later Senior Vice President and General Manager of the American Express Global Brokerage and Banking division. No doubt, it’s a resume that reads like few others. But the real turning point was when he and partners Lenny Chang and Rajini Kodialam, American Express alum as well, launched Focus Financial Partners in 2004. It was a vision that Rudy realized while working for a large organization like AMEX and learning about the shortcomings of how independent financial advisors accessed capital and monetized their life’s work. That is, most RIAs were by comparison small, and to access capital for scale and growth typically meant sacrificing their entrepreneurial spirit and culture. In other words, selling their business and becoming “employees.” By the end of 2006 Focus had six partner firms in five states. Fast forward six years to 2012 and Focus expanded to 22 partner firms in over 30 locations, plus a partner firm in the U.K. Then in July of 2018, Focus became a public company listed on NASDAQ. Today, Focus has grown to over 85 partner firms in more than 35 states, plus Canada, Australia, the U.K. and Switzerland, with over $1.8B in revenue. It’s an incredible journey that literally changed the independent wealth management space, and a story that Rudy shares with Mindy Diamond, including: His background with McKinsey and AMEX—and how that experience shaped his vision for Focus. The choice to take Focus public—and how that has impacted the partner firms and business overall. The Focus value proposition—and why the firm is steadfast in their commitment to “never turn a successful entrepreneur into an employee.” The types of value-add services that Focus offers their partner firms—and how the power of scale, plus practice management support and client solutions benefit RIAs in growth and continuity. Plus, Rudy shares specific examples of their acquisitions and the resulting impact of their partnership with Focus, as well as his thoughts on the future. Rudy earned his stripes by turning his vision into a reality—transforming the independent space. And based on his goals, you might say there’s much more to come. It’s a rare and candid conversation with a true legend of the industry, so be sure to listen in. Related Resources From Intern to CEO: How an Accidental Entrepreneur Built a $50B+ RIA Empire How did Buckingham Wealth Partners become a $50B+ mega-RIA enterprise? CEO Adam Birenbaum shares his M&A strategy, the role of an investment partner, plus advice for prospective breakaways and independent advisors, dealmaking red flags and more in this interview with Louis Diamond. Listen-> How a Legacy Merrill Team Experienced 600% Growth in 10 Years Special Guests Bill Loftus of Coastal Bridge Advisors and Mark Dupont of Focus Financial Partners provide an “outside-in” look at how a capital partner helped this RIA make the leap to independence—and achieve amazing results. Listen-> Industry Update on M&A: If You Build It, Will They Buy It? The excitement around M&A activity has many financial advisors considering their future. Is independence the right path? And if you build an independent firm, who will buy it? Part 1 of this 2-part episode compares and contrasts options, including recruitment deals and retire-in-place programs, and shares examples of breakaways whose firms were recently acquired and what made them attractive acquisitions. 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

A conversation with Louis Diamond Overview “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 in… > Download a transcript of this episode… Download How to Maximize Your Career Enterprise Value: MaxCeV™ hbspt.forms.create({ region: "na1", portalId: "46578459", formId: "6ec6069a-70b8-4889-bec6-f87d8fd73fb6" }); [ultimate_spacer height=”24″] Please note: Your information is shared only with our firm in complete confidence and without obligation. About this episode… “Enterprise value” is often discussed in the context of the total value of a business or the cost to acquire a company. To maximize the value of one’s business is a goal strived for by any business owner, including those in the wealth management industry—particularly those who are independent business owners. But what about advisors who are NOT independent business owners? They are investing their time, energy, and talents in serving clients and fostering growth while employed by a brokerage firm. They are indeed building the enterprise value of their career: How can they maximize that value regardless of industry channel? And is it possible to do so by staying at one firm for their entire career? Louis Diamond developed the concept of maximizing one’s career enterprise value and employs the process with advisors he works with. He views the guidance derived from the exercise as a central tenant of Diamond Consultant’s value to advisors. In this episode with Mindy Diamond, Louis discusses the importance of career enterprise value and what advisors can do to positively impact it, including: Defining maximum career enterprise value—and why it’s important to advisors. The formula around Maximizing Career Enterprise Value (aka “MaxCeV”)—and how an advisor can impact each component. The real impact of changing firms or models—and how, for example, a firm’s retire-in-place program compares to what an advisor might get for their business on the open market. Quality of life—and why that’s one of the most important values in the quotient. There is a “value” to the work that an advisor does—regardless of whether they are and employee or independent. And that value needs to be a part of the conversation when considering one’s future. This model will help advisors conceptualize what that value is and how to achieve it. Related Resources Move Once, Monetize Twice Weighing all of your options may result in doubling the returns; in essence, moving once yet monetizing twice. Read-> Advisor Recruitment: The Bull and Bear Case for a Forgivable Loan An expanded landscape with more options than ever before has advisors wondering: “Should I go for the short-term windfall or bet on the long-term potential?” And there are good cases for both options. Read-> Are You Living Your Best Business Life? In the delta between where you are now and where you want to be lies the nexus of your future. Read-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Matthew Jarvis, co-owner of The Perfect RIA Overview 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. Listen in… > Download a transcript of this episode… About this episode… This is one of those spectacular “rise from the ashes” stories—inspiring and with plenty of actionable lessons. Matthew Jarvis runs the successful independent firm Jarvis Financial; he is an accomplished author, the co-owner of The Perfect RIA and the co-host of the podcast of the same, and the co-owner of Retirement Tax Services. Yet a snapshot of his life a dozen years ago is very different. At that time, as Matthew shares, he was buried in debt with a badly struggling practice and a morning routine of trying to figure out how to quit the industry without looking like a failure. Through several turns of fate (including an opportunity to be coached by one of the industry’s most successful advisors, Tom Gau), Matthew clawed his way from near failure to the top of the industry. Today Matthew is running a profitable business—and teaching other advisors how to duplicate his own success in their practices. That is, a success system based on extreme accountability and delivering massive value to clients. But the real kicker is that Matthew’s success isn’t accomplished by working 24/7 as one might think. Actually, it’s quite the opposite: He is widely known for sharing that he had achieved all this while taking some “250+ free days” —that is, days when he did not work. How is that possible? Matthew reveals that and more with Louis Diamond, including: The turning point in his career—and how he went from near bankruptcy to running an extraordinary business. The key teachings from his book, Delivering Massive Value—and how to build the practice and lifestyle of your dreams. The value of coaching and mastermind groups—and how both can change an advisor’s destiny. Extreme accountability—and how the concept can help transform non-productive habits. Delivering massive value—and what that means for clients and an advisor’s business. Matthew discusses the practices that changed his business life and can change yours—each applicable to both independent and employee advisors. Yet it’s the ongoing dedication to delivering value to his clients which is really key to his success—a message that can be a real game changer as well. Related Resources 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-> 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-> In Pursuit of Autonomy: The 10 Key Areas in Which Advisors Desire More Control Advisors are asking these threshold questions both of themselves and the firms they work for—the answers to which are serving as the blueprint for their business lives. Read-> Matthew Jarvis, CFP®, ChFC In 2020 Matthew’s firm, Jarvis Financial, ended the year with ~$1.5M in revenue on just shy of $200M of AUM and a 50%+ profit margin (EBOC), all while taking some 250+ ‘free days’ (days when he did not work). While this puts him at the pinnacle of ‘lifestyle firms’, it was a long and hard journey. Just 10 years prior, Jarvis was buried in debt, with a badly struggling practice and a morning routine of trying to figure out how to quit the industry without looking like a failure. Through several turns of fate (including an opportunity to be coached by one of the industry’s most successful advisors, Tom Gau), Jarvis clawed his way from near failure to the top of the industry. Today, in addition to running his ‘incredibly profitable and successful’ practice, Jarvis teaches other advisors how to duplicate his own success in their practice. When not running his practice or coaching advisors (i.e. on his 250 free days each year), Jarvis can be found traveling with his family around the world (including a 6-month boat trip), mountain biking, dirt biking, or doing crazy adventures. Matthew’s book, Delivering Massive Value, outlines a system you can actually replicate to increase your business’s efficiency, attract more A-level clients, and build the practice of your dreams. In addition to running Jarvis Financial, Matthew is the co-owner of The Perfect RIA, co-host of The Perfect RIA podcast, and co-owner of Retirement Tax Services. Also mentioned in this episode: Michael Kitces #FASuccess Ep 007: Matthew Jarvis On Building a Highly Profitable

A conversation with Louis Diamond… Overview It’s common for financial advisors to share that they are “uncomfortable” thinking about a move when the markets are unsettled. But how does an advisor know if now is the right time to consider change? That answer, and more, is explored in this episode.   Listen in… > Download a transcript of this episode… About this episode… Over the last several months, advisors have been busy managing client expectations as the market has taken them unwittingly on a wild roller coaster ride. But as one advisor said on a previous episode in this series, this is when advisors really show their stripes and earn their pay. As of this recording, the markets have taken a bit of an upswing. Yet tomorrow could be a totally different story. And this uncertainty is an inconvenient truth of the wealth management business. That is, some days it’s up, other days it’s down. Still, it’s common for advisors to share that they are “uncomfortable” about considering a move when the markets are unsettled. But that begs the question: Are you certain that the market is not an excuse for staying at a firm that does not allow you to serve clients best and grow your business? As the saying goes, timing is everything—and that’s even more true in an unsettled market. So how does an advisor know if now is the right time to consider a change? In this special Industry Update, Mindy Diamond and Louis Diamond explore the answer to that question and more, including: A review of current movement and how it compares to other turbulent periods. The types of questions advisors need to ask themselves to assess if now is the “right time” for them. The potential benefits of moving during a choppy market. Why some advisors should NOT consider a move now. And if there is a “best time” to make a move. Of course, serving your clients to the best of your ability in any market environment should always be the primary focus. But there are some compelling reasons why market factors need not necessarily preclude you from at least considering whether or not the ability to support them is best accomplished at your current firm. Listen in to learn more. Related Resources Why You Should – or Shouldn’t – Consider Changing Firms in a Down Market While there is never a “perfect time” to make a move, there are often perfect reasons to do so. Read-> Industry Update: If Business is Good, Should You Still Consider a Move? Many advisors are coming off their best years ever, driven by increased client demands and a run-up in the financial markets. Yet movement is at record-breaking levels. So why are they disrupting momentum and taking-on the risk and hassle of a move, to change jerseys or break for independence when things are good? Listen-> 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-> The Real Cost of “Waiting it Out”—Why Holding Out for the “Ideal Time” to Make a Move May Not be the Best Idea For many advisors, it’s momentum vs what could be “a chance of a lifetime.” Read-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Kelly Milligan – Managing Partner, Quorum Private Wealth Overview Kelly Milligan describes his journey at Merrill from zero to $1.5B in AUM, his role as Chair of the ACTM, the change in culture at the firm and how that motivated him and his team to launch independent firm Quorum Private Wealth. Listen in… > Download a transcript of this episode… About this episode… When you have clients with complex needs, it can be difficult to serve them from within a large firm. Because at the end of the day, the big brokerages have little choice but to set rules to govern thousands of advisors in a way that is profitable and efficient. And making concessions to special requests – while many veteran advisors will share was practiced in the past – is something that rarely, if ever, happens today. It’s a scenario experienced by even top-of-the-food-chain types—such as a former Chair of Merrill’s Advisory Council to Management (also known as the ACTM). And in this instance, we’re talking about the guest on this episode, Kelly Milligan, who was a member of the ACTM from 2015 to 2018, serving as Chair in 2017. The Advisory Council was established as a conduit for advisor feedback to management on issues surrounding the direction of the wealth management business, compensation, and practice management. As a result, members of this illustrious council are privy to “inside baseball” on Merrill’s direction, oftentimes well before their colleagues. But, as Kelly shares, the group acts as “an advisory council, not a decision council,” and therefore while input may be provided by the advisory staff, the actions and policy mandates may ultimately not reflect as such. Regardless, being a part of the ACTM is prestigious, and Chair even more so, and is reflective of Kelly’s extraordinary career over more than two decades with Merrill. He started from ground zero and built the business, along with partner Mike Barry and their team, to over $1.5B in managed assets, before leaving in April of 2021, to launch independent firm Quorum Private Wealth in Walnut Creek, California with the support of Sanctuary Wealth. In this episode Kelly discusses his journey with Louis Diamond, including: Kelly’s role on the advisory council—and how that experience shaped his thinking. The impact of the merger with Bank of America—and how the culture shifted from being one focused on accomplishing things for the clients to eliminating risk to the firm. The limitations they encountered—and how that hindered their ability to serve the specialized needs of their clients. The process of due diligence—and why they opted for independence with Sanctuary Wealth. How their business has changed in the past year—and what they can do differently now as an independent firm. While Kelly credits Merrill for providing the right environment to build and grow their business, the reality was that over time, their ability to serve the specialized needs of their clients was met with many more “no’s” than “yes’s.” But when advisors are limited by what they can do for their clients, they are confronted with a choice: Live with the status quo or consider a path that would expand your ability to serve clients and grow the business on your own terms. Listen in to learn why Kelly and the team chose the latter. Related Resources 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. Listen-> A Losing Battle at Merrill: Why a Former Leader Left the Herd for Independence–the Value of Culture and the “Intoxicating” Effects of Freedom To Greg Franks, the “bankifying” of Merrill, which he served at for nearly 3 decades, was nothing short of “tragic.” The former Merrill leader shares his experience and the story of his own leap to independence to the helm of Snowden Lane Partners. Listen-> In Pursuit of Autonomy: The 10 Key Areas in Which Advisors Desire More Control Advisors are asking these threshold questions both of themselves and the firms they work for—the answers to which are serving as the blueprint for their business lives. Read-> Merrill Advisors Ask… Answers to the most frequently asked questions when considering a transition from Merrill Lynch. Read-> Kelly Milligan Managing Partner Kelly Milligan co-founded Quorum Private Wealth with one goal in mind: to put clients’ interests first. With our fully independent platform, Kelly brings his clients – corporate executives, business owners and professionals – the most competitive financial tools available across the broadest set of solution providers. He uses his 20+ years of financial advisory experience to help clients achieve their financial goals by providi

A conversation with Phil Fiore, Chief Executive Officer, Executive Managing Director, Co-Founder, Procyon Partners, LLC Overview 5 years ago, Phil Fiore and his team realized that working at UBS limited their ability to grow and offer customized services to their largely institutional client base. So they launched Procyon Partners and since have expanded services and are achieving extraordinary M&A success. Listen in… > Download a transcript of this episode… About this episode… Institutional consulting is a specialty within the wealth management industry focused on advising corporate, foundation, endowment, and retirement plan clients. It’s a business area that’s often well-served by large firms such as Morgan Stanley’s Graystone Consulting, Merrill, or UBS—which typically have the advantage of a well-known name and a solid platform. Yet much like private wealth, institutional clients have come to want more from their advisors—services beyond what might be offered by a brokerage firm. Such was the case with Phil Fiore. He started building his practice at Prudential Securities in the 90s, moved to Merrill in 2005, then on to UBS in 2009. He and his team, FDG Institutional Consulting Group, built a strong business with more than $8B in institutional assets and $400mm in private client assets. Yet it was in 2017 when Phil and his partners decided that working for a large firm limited their ability to grow and offer more to their clients. They had a desire to expand their footprint and their services—neither of which they could achieve at UBS. So Phil and his team opted to make the leap to independence, launching Procyon Partners with Dynasty Financial Partners. In this episode with Louis Diamond, Phil looks back over his journey and the first 5 years as an independent business owner, including: The move from Merrill to UBS—and how that compared to their choice to ultimately opt for independence. Transitioning the business—and what differences they realized in converting their institutional clients vs. their private wealth clients. The unique requirements of institutional consulting—and what limitations prevented them from serving their clients optimally from within a wirehouse structure. The breadth of opportunity they realized in independence—and how that fostered growth for their institutional business as well as their private wealth services. Plus, Procyon’s extraordinary success in M&A—and how the firm has found a niche as a landing spot for RIAs looking to shed the day-to-day of running a business. Often advisors, particularly those with primarily institutional clients, feel that they cannot better serve their clients in independence—and often feel stuck. But with an expanded independent ecosystem, advisors are now finding they can not only match the service they can give their clients but often improve upon it while expanding their business, as Phil and his team has. It’s an eye-opening look at the real potential that exists—one with lessons for employee advisors and business owners alike. Related Resources Exploring Options in the Mid-Market Institutional Advisory Space What institutional advisors need to know in order to best serve their clients’ needs and their own business goals. Read-> The Evolution of an RIA from Practice to Enterprise Tim Bello of Merchant Investment Management discusses the growth of the independent space and the burgeoning cottage industry that fills capital, service and support gaps, creating new paths for those who have a desire to grow their own enterprises. Listen-> An At-A-Glance Map for Financial Advisors The wealth management landscape offers more optionality than ever before, making it difficult to discern, let alone compare and contrast, models. So we’ve created this “at-a-glance” continuum infographic to serve as your guide to the different models and their relative features. Download-> Phil Fiore Chief Executive Officer, Executive Managing Director Co-Founder, Procyon Partners, LLC Phil has more than 25 years of experience in providing investment consulting services to both institutions and high net worth families. Prior to Co- Founding Procyon Partners, Phil was a Senior Vice President of Wealth Management at UBS where he was also a member of the Institutional Consulting Group and its Advisory Council, a Senior Institutional Consultant and a Senior Retirement Plan Consultant. He also served as Co-Chair of the UBS Corporate Development Advisory Board and its Retirement Advisory Council. Phil has twice been recognized by 401KWire as one of the Nation’s 300 Most Influential Advisors in the Defined Contribution Arena, by the Financial Times as one of their Top 400 US Advisors (2014), and as one of Barron’s Top 1,200 Financial Advisors (2015). In addition, Phil lead the team (FDG) at UBS that was named by Plan Advisers magazine as one of the Top 100 of the Country’s best retirement plan advisers for over 15 years and receive

A conversation with Louis Diamond… Overview 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 in… > Download a transcript of this episode… About this episode… When an advisor’s move is discussed, the value they derived from the change in firms or models often drives the conversation. That is, what’s “best for the advisor.” While the heavy lift of a transition sits firmly on the advisor’s shoulders, they also reap the rewards at the end of the day. But as we say time and time again, the real impetus behind a move should be to improve client service. Because it’s the clients who drive the business growth and value, so doing right by them is imperative. Yet the truth is that without communicating “what’s in it for them,” your clients may never understand the positive impact and value the change can bring. And ensuring a positive approach to the move will enhance your credibility and relationship. In this episode, Mindy Diamond and Louis Diamond look at how to best identify and communicate the “why” of your move, including: The advisor’s motivations for the move—and how their goals also impact the “why.” The importance of the “why” of a move—and how to identify what’s most critical to include. Communicating the value of a move to clients—and what key indicators are most important to them. The benefits an advisor may realize by going independent—and how those benefits funnel down to the client. Ultimately, while most advisors recognize the value of a move, many get stuck on how to communicate what’s most important to their clients. This episode provides key advice to drive that conversation. 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. Read-> The Real Beneficiaries of Independence: Your Clients While advisors have a real opportunity to build the advisory business of their dreams in the RIA space, it’s the clients who stand to gain the most. Read-> Considering a Move? Here’s What Financial Advisors Can – and Can’t – Say to Clients The desire to share the news can completely derail a transition to another firm. Here’s what top attorneys recommend when it comes to communicating with clients before, during and after a move. Read-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Bill Cates, President, Referral Coach International Overview Bill Cates has helped financial advisors move from incremental growth to exponential growth by communicating more compelling value and multiplying their best clients by accessing the power of referrals. Bill shares his best tips to create your own referral process with Louis Diamond. Listen in… > Download a transcript of this episode… About this episode… You’ve likely purchased a product or used a service based on the opinion of a trusted friend or colleague. And in most cases, individuals who are happy with someone they worked with or something they purchased will share that information—whether in a one-on-one conversation or en masse via social media. And the reality is that such “referrals” work! The data collected in countless surveys reveals that, on average, 90% of individuals feel more confident in working with someone who was recommended. Plus, they are nearly twice as likely to “convert” to clients and have a 30 to 40% higher retention rate than customers gained by other means, such as cold calling or advertising. While the stats tell us that asking trusted clients to refer us is the right thing to do, many feel uncomfortable or simply do not attempt to do so because they really don’t know how. So how do you turn the tables and get clients to refer or make those introductions for you? To answer that question and much more, we invited Bill Cates, the foremost expert in the art and science of acquiring new clients through referrals and personal introductions. As the president of Referral Coach International and the founder of The Cates Academy for Relationship Marketing™, Bill has helped financial advisors move from incremental growth to exponential growth by communicating more compelling value and multiplying their best clients by accessing the power of referrals. In this episode with Louis Diamond, Bill shares his best tips to create your own referral process, including: What it really takes to get referrals—and how to make you and your firm “more referable.” Getting over feeling uncomfortable when asking for referrals—and how to keep the focus on the client. The value of your client-facing “why”—and how that can be the real game-changer in your referral process. Turning a referral into an introduction—and the script that Bill suggests you learn and tailor to your business. Thousands of financial advisors are using Bill’s Relationship Marketing System™ to enhance client engagement, create more effective personal introductions, and communicate more relevant and compelling value. Plus, Bill has not only coached some of the most successful advisors in our industry, he is also a coach to our team at Diamond Consultants. As Bill shares, success comes from adding value. And it’s that value that will help to drive introductions – not just referrals – to potential clients in a way that is both natural and effective. As a side note, we found Bill’s training to be extraordinary and I’m sure you will, too—so be sure to listen in. 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-> How CPA Referrals Drove a Former Lincoln Financial Independent Group to $12B in Just 5 Years Paul Saganey’s 2016 decision to leave Lincoln Financial, build a multi-custodial hybrid RIA with LPL Financial and develop a CPA referral network has propelled the firm from $3.5B to $12B in 5 years. He shares how they achieved such growth and more. Listen-> 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.” Read-> Michael Kitces on Everything Financial Advisors Need to Know About Growth Industry rockstar Michael Kitces shares his thoughts on building a thriving practice, why scale isn’t everything, marketing, organic and inorganic growth strategies and much more. It’s a must-listen for every financial advisor and business owner. Listen-> Bill Cates President, Founder Bill Cates, CSP, CPAE, is the President of Referral Coach International and the author of Get More Referrals Now, Beyond Referrals, and Radical Relevance. He is the founder of The Cates Academy for Relationship Marketing™, as well as the host of the popular podcast www.TopAdvisorPodcast.com. For almost 30 years, Bill has helped financial professionals move from incremental growth to exponential growth by communicating more compelling value and multiplying their best clients. Thousands of financial advisors are using Bill’s Relationship Marketing System™ to enhance client engagement, create more effective personal introductions, and communicate more rel

A conversation with David Gehn, Partner, Ellenoff Grossman & Schole LLP Overview While advisors successfully transition out of non-Protocol firms each and every day, doing so comes with added risks. Attorney David Gehn, whose expertise is in representing advisors in transition from Protocol and non-Protocol firms alike, explores the topic and shares advice with Jason Diamond. Listen in… > Download a transcript of this episode… About this episode… One of the most significant concerns advisors have when making a move – particularly those transitioning without the protection of the Protocol – is the fear of legal retribution from their firm. That is, the dreaded TRO, or temporary restraining order, which can stop their business dead in its tracks. In 2004, Smith Barney, Merrill Lynch, and UBS created the Protocol for Broker Recruiting Protocol to stave off the common and expensive litigation that occurred when a departing advisor left one firm to join a competitor. Essentially, these firms and others who opted in (including Morgan Stanley and Wells Fargo) agreed to a “cease-fire” of sorts, permitting advisors to freely leave with a limited amount of client information and actively solicit these clients. The sense of relief that Protocol bestowed upon transitioning advisors came to a halt in 2017 when Morgan Stanley and UBS opted out. As of this recording, Wells Fargo and Merrill Lynch are still members. Yet many other firms have never been part of the Protocol: For example, Edward Jones, a firm that has seen its fair share of departing advisors over the last year. While advisors successfully transition out of non-Protocol firms each and every day, doing so comes with added risks. In this episode, attorney David Gehn, whose expertise is in representing advisors in transition, speaks with Jason Diamond. They answer all these questions and more: What do advisors from non-Protocol firms such as Ed Jones, Morgan Stanley, and UBS and Protocol firms alike need to consider when making a move? What should advisors be most concerned about? What extra steps do advisors from non-Protocol firms need to take to avoid litigation when making a move? How do advisors from Ed Jones and the like position themselves for a “successful” transition with the highest level of portability and the lowest level of risk? Plus, given David’s expertise with advisors from Ed Jones and other non-Protocol firms, he shares first-hand insight on the factors driving advisor movement. Listen in to glean advice from an attorney experienced in advisor transitions from Protocol and non-Protocol firms alike. Related Resources Expert Advice on Portability: What You Need to Know to Prepare for a Move Grier Rubeling, Advisor Transition Services, joins this special Industry Update episode to share practical portability tips and actionable transition advice for financial advisors considering or preparing to change firms. Listen-> Financial Advisors: Is Now the ‘Right Time’ to Start Exploring Your Options? The truth is that taking the time to get educated about the opportunities available is a smart business decision—regardless of whether you want or are ready to make a move. Read-> Beyond the Risk: What’s Driving Non-Protocol Advisors to Independence? Why are advisors not protected by the Broker Protocol – and sometimes facing significant garden leave – willing to take on the added risks to become independent? Listen-> An Open Letter to Edward Jones Advisors What’s changed at Ed Jones—and what’s driving so many advisors to seek other options? While many brokerage firms have seen noticeable advisor attrition in recent years, the velocity of moves away from Ed Jones, a firm that built its legacy on a strong culture, begs a few important questions. Read-> Edward Jones Breakaway: From Knocking on Doors (Literally) to Building a $2B Independent Enterprise Jim DeCota started his career in wealth management in the financial advisor training program at Edward Jones, building his business to $85mm in AUM in just over a decade, before leaving to build what is today $2B+ Enso Wealth Management. Listen-> David Gehn Partner, Ellenoff Grossman & Schole LLP David A. Gehn, a member of the Firm, is the head of the firm’s Litigation and Regulatory Enforcement group. Mr. Gehn has been representing clients ranging from the largest broker-dealers and registered investment advisors to individuals in large and complex civil, criminal, and regulatory investigations and litigation, as well as in contractual and transitional matters for over the last 25 years. Mr. Gehn also represents professional athletes and was formerly a certified NFL Contract Advisor. Since 1992, Mr. Gehn has concentrated his practice in the financial services industry. Early in his career, among other things, Mr. Gehn filed approximately 20 cases against the self-professed Wolf of Wall Street, Jordan Belfort, and Stratton Oakmont, all of which settled for millions of

A conversation with Matt Cooper, President of Beacon Pointe and Sasank Chary, Managing Director of KKR Overview 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 in… > Download a transcript of this episode… About this episode… Plenty of successful RIAs have become attractive investments for acquirers in the space. But to capture the attention of KKR, one of the leading private equity firms in the world, would take a firm that exemplifies something truly extraordinary. And that “something extraordinary” was revealed November 2021 when it was announced that KKR would invest in Beacon Pointe Advisors, the nation’s largest female-led RIA. For Beacon Pointe, it all started back in 2002. That’s when the founding partners – Matt Cooper (President of Beacon Pointe), Shannon Eusey (the firm’s CEO), and Garth Flint – combined their visions of what an RIA “should be.” And you might say that worked out quite well, evidenced by the firm’s extraordinary growth from zero to $25B in assets under management, continual growth trajectory and numerous industry awards. KKR’s investment says volumes about Beacon Pointe—and is a testament to what’s possible when you build a firm with clarity of goals and vision. So what was it about Beacon Pointe that made them worthy of the vaunted firm’s attention? This episode explores the answer to that question with perspectives from both sides of the table. Louis Diamond speaks with Beacon Pointe’s Matt Cooper and Sasank Chary, Managing Director of KKR, to learn more about the deal, including: The drivers behind Beacon Pointe’s extraordinary growth—and how this new investment will further their M&A ambitions. KKR’s attraction to Beacon Pointe—and why they view the relationship as more than a capital investment. Beacon Pointe’s approach to M&A—and what they see as the real value of equity in deal structure. The complimentary value that both firms derive from a deal like this—and what key advice they have for both prospective sellers and buyers. Plus, we’ll get their take on the strength of the M&A market going forward, what makes an RIA attractive to an investor, and much more. It’s a conversation that offers key takeaways for buyers and sellers alike, but also an eye-opener for advisors outside the independent space who may be curious about the value potential of their business in the future. Related Resources Industry Update on M&A: If You Build It, Will They Buy It? – Part 1 of 2 The excitement around M&A activity has many financial advisors considering their future. Is independence the right path? And if you build an independent firm, who will buy it? This episode compares and contrasts options. Listen-> Industry Update on M&A: If You Build It, Will They Buy It? – Part 2 of 2 Part 2 of 2 on M&A: 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. Listen-> Industry Update: What Financial Advisors Need to Know About Growing Through Recruitment & M&A One of the major motivations for advisors who choose independence is to build an enterprise via recruitment and M&A. But inorganic growth opportunities are not exclusive to independent firms. Although more limited, wirehouse advisors have options too. Listen-> Determining Enterprise Value: 7 Key Qualitative Drivers for Sellers While mergers and acquisitions are typically associated with existing RIAs and independents, the fact of the matter is that anytime an advisor is offered a recruitment package from a brokerage firm, that firm is in essence “buying” a business and conducting its own due diligence process to assess value—so understanding that value is imperative. Read-> Matt Cooper Partner, President Matt is a founding partner of Beacon Pointe Advisors and oversees the firm’s strategic plan focused on mergers and acquisitions, creating synergistic partnerships between Beacon Pointe and other wealth managers across the country. Matt has been featured in Financial Planning Magazine, Barron’s, InvestmentNews, Citywire, Financial Advisor IQ, and Forbes, among other publications. He also regularly speaks on a host of wealth management and industry-related topics across various national conferences. Matt has a passion for continuous lifetime learning with a focus on the wealth management and financial life management industries. At a time when the RIA industry is changing more rapidly than any other point in history, his focus is on building the best possible business to serve clients and to assist other wea

A conversation with John Klaas, Jr., CEO & Founder and David Millington, President & COO, Puzzle Wealth Solutions Overview UBS breakaways John Klaas, Jr. and David Millington share their journey to launching independent firm Puzzle Wealth Solutions with Gladstone Wealth Partners. They discuss their decision-making and transition processes, as well as what led to their extraordinary growth to $2B in assets in year one. Listen in… > Download a transcript of this episode… About this episode… Life is a series of experiences. A continually changing image painted by the people we meet, the places we work, our daily activities—all of the pieces coming together to provide us with a foundation from which we develop and grow. And it’s the same for an advisory business. It’s a concept that’s interesting to explore when you hear the stories of different advisory teams and how they came together—and how their perspectives became complementary forces motivated by similar goals. Take the guests on this episode, for example. John Klaas Jr. was at Morgan Stanley when David Millington was looking for a new job. David’s dad suggested he speak to John – who was his financial advisor – to see if there were opportunities at Morgan. David was hired and became a part of John’s growing team. Fast forward 4 years later to 2007, the team transitioned to a UBS Private Wealth Management office in Chicago. Then over the next 14 years at UBS, they grew the business and expanded their offerings to high net worth and ultra-high net worth clients, adding capabilities like estate planning and alternative investments. But they wanted to evolve further—and had a vision they couldn’t execute at the wirehouse. Including being true fiduciaries to their clients. So they explored their options, decided that they didn’t want to build their own firm, and became intrigued by what Gladstone Wealth Partners offered. With some $1.2B in assets under management, they opted to make the leap and build their independent practice, Puzzle Wealth Solutions, in partnership with Gladstone in June of 2021. As of this recording, just shy of their one-year anniversary, they are managing $2B in assets for their clients—nearly 2x growth! So in the episode, John and David join Mindy Diamond to discuss their journey, including: Their leap from Morgan Stanley to UBS—and what precipitated the decision to leave UBS for independence. The choice to go independent with Gladstone independence—and what other options they considered. Their extraordinary growth—and how they achieved it in such a short period of time. A unique perspective on retire-in-place programs—and why it was not the path John chose for himself or his team. And much more. It’s a story that exemplifies how different experiences came together, much like the pieces of a puzzle, to create a clear image of the teams’ vision for the future—and extraordinary success. 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-> 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-> The Gears of Change: How Evolving Expectations of 3 Key Stakeholders is Driving More Advisor Movement Than Ever Before Financial advisors are seeking greener pastures that offer the ability to achieve something better for themselves and their clients. Read-> John Klaas CEO & Founder John’s career began in 1988 on the anniversary of one of the equity market’s most tumultuous days, and in the years since, he has helped clients manage their wealth through 10 market corrections and three recessions. His dedication to his clients and to always doing the right thing led him to founding Puzzle Wealth and an independent practice. “We never forget who we work for or what is important. People value their family, faith, health and finances. We are in the position where somebody will rely on us with one of these topics.” John believes in delivering holistic wealth management solutions to clients. He enjoys partnering with them on asset allocation and total portfolio management with a focus on charitable giving and estate planning. He believes opportunities to make a major impact in the markets are rare, but is prepared for them every day. Before Puzzle, John was Senior Vice President of The Klaas Group at UBS for 14 years. Prior to that he spent 18 years at Morgan Stanley and a tenure at Burton and Associates. He has distinguished himself by completing the Senior Financial Advisor Program at the Wharton School of the University of Pennsylvania. In addition, he holds his Se

A conversation with Jim Dickson, Founder and Chief Executive Officer, Sanctuary Wealth Overview 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. Listen in… > Download a transcript of this episode… About this episode… It’s something we say often: Independence isn’t for every advisor. But as evidenced by this podcast, the model has become an incredible motivator of change in the industry landscape, driving interest in ways like never before. And smart, entrepreneurial leaders seized an opportunity to fill a gap that serves two key purposes: An independent model that offers a turnkey, supported approach for those who see independence as a bridge too far to go it alone. An evolved advisor mindset; one more focused on achieving greater freedom and flexibility in servicing clients, as well as building a business for the long-term. Enter firms like Sanctuary Wealth. When we first interviewed Jim Dickson, the founder and CEO of Sanctuary, on this podcast 3 years ago, it was evident that he was on to something. Just off the heels of his 20+ year leadership role at Merrill, he too, was a breakaway. Leaving the wirehouse world behind as a shift in culture was beginning to whittle away at the once entrepreneurial spirit that existed, Jim turned down other offers to pursue what he describes as the “best thing he’s ever done.” That is, to launch independent platform provider Sanctuary Wealth. And today, as the firm celebrates its 4th anniversary, they’ve grown to manage some $25B in assets, across 25 states with 75 partner firms. In this episode, Jim outlines his journey with Louis Diamond, recapping the early days of Sanctuary and bringing us up to speed on where the firm is today, including: Sanctuary’s evolution—and what he and his leadership team learned along the way. The growth of supported independence—and why the model has gained such traction over recent years. The firm’s key differentiators—and what their plans are to remain relevant in the long-term. The role of M&A in their plans—and how recent capital infusions play a part in the bigger picture. Plus, Jim shares an “insider’s perspective” of the wirehouse world he came from—and a prevailing sense of imbalance that’s driving the growth of models like Sanctuary’s. It’s an episode that depicts how much the industry has changed in just 3 short years—so be sure to listen in. Related Resources How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox In this podcast episode, Jim Dickson, Founder and President of Sanctuary Wealth Partners, shares the inside track on what it was like to be in a senior role in the wirehouse as bureaucracy was on the rise, and why he left behind his 20-year career to build an independent firm. Listen-> Third Gen UBS Breakaway Finds Sanctuary: $150mm in Assets and a Long Runway to Grow Next gen Tom Stadum realized that he had a long runway and greater opportunity beyond UBS. So once his partner/father fulfilled the obligations of his retirement agreement, Tom left to build independent firm Fjell Capital with Sanctuary Wealth. Listen-> Growing Up with Merrill Lynch: A Next-Gen Breakaway Story Merrill next gen inheritor Elizabeth “Lizzie” Evans discusses her decision to leave the firm on the heels of her father’s CTP agreement and cautions how Merrill’s sunset package means buying something the next gen doesn’t truly own. Listen-> The Wealth Management Landscape At A Glance: What Financial Advisors Need to Know The ever-expanding wealth management industry landscape represents a waterfall of possibilities for every advisor and their clients. And having a clear understanding of the environment you’re building your business in is critical—regardless of whether you have a desire to move or not. Read-> Jim Dickson Founder and Chief Executive Officer Jim is the visionary who led the founding, development and launch of Sanctuary Wealth as an innovative, partnered independence network for elite advisors. Jim spent 20+ years in numerous senior leadership roles at Merrill Lynch. Reporting directly to the CEO, Jim spent the last six years as a divisional executive and member of the firm’s executive committee. In addition to his day-to-day responsibilities, Jim was actively involved in spearheading Bank of America’s leadership development program and helped inspire and train the next generation of the firm’s managers. Having begun his career at Ernst & Young, Jim has gained a distinctive perspective and valuable experience in developing and optimizing organizations of all sizes. Known throughout the financial services industry for his thought leadership, Jim is an active and highly sought-after speaker, recognized

A conversation with Louis Diamond and special guest Grier Rubeling of Advisor Transition Services Overview In a special Industry Update, Grier Rubeling, owner of Advisor Transition Services, shares practical portability tips and actionable transition advice for financial advisors considering or preparing to change firms. In an information-packed episode, she discusses preparing a Protocol checklist, the notion of “shrinking to grow”, the mapability of products, the flow of the transition process, communicating with clients, and much more. Listen in… > Download a transcript of this episode… About this episode… When we talk with advisors considering change, the single-most important topic on their minds is portability. And that makes perfect sense. Because having invested your business life serving clients and growing your assets under management, you certainly want to bring along as much as is possible – and practical – to your new firm. But does that mean every client on your roster? For example, advisors may make a strategic decision to leave behind some clients who are no longer congruent with their business goals. It’s a concept we refer to as “shrink to grow”—one that several breakaway guests on this series have discussed. In other cases, you may have assets that are tied to the firm which will need to remain behind—we see this often in the case of Private Bankers whose clients are often “owned” by the bank and not the advisors. The good news is that in most cases, advisors who have built strong relationships with their clients tend to bring over 85 to 95% of those they want to follow. But prior to any move, advisors need to assess their client relationships and book to determine if any concerns about portability are legitimate. That means conducting a thorough review of any non-portable positions and evaluating the impact that leaving them behind would have on the overall business. Grier Rubeling, owner of Advisor Transition Services and an expert on the topic, joins Mindy Diamond and Louis Diamond for this special Industry Update episode to share practical and actionable tips for advisors either considering or preparing for a transition, including: Preparing a Protocol list—and the key items to have at the ready in a Protocol move. The notion of “shrinking to grow”—and how a move is the perfect time to review your client list and consider paring back those who no longer fit your ideal profile. Restrictive covenants that govern a move—and what you need to know about team agreements, retire-in-place programs, and more. The mapability of products—and how to navigate key aspects of securities-backed loans, SMAs, Alts, proprietary products and more. The flow of the transition process—and how to prepare your team and clients. Communicating with clients—and how and what to share with them about the move. And much more. It’s one of the most information-packed Industry Updates to date! So be sure to listen in and download the companion checklist below. Download the Practical Portability Tips Checklist !function(o,t,e,a){o._aoForms=o._aoForms||[],o._aoForms.push(a);var n=function(){var o=t.createElement(e);o.src=("https:"==t.location.protocol?"https://":"http://")+"insights.diamond-consultants.com/acton/content/form_embed.js",o.async=!0;for(var a=t.getElementsByTagName(e)[0],n=a.parentNode,c=document.getElementsByTagName("script"),r=!1,s=0;s Related Resources Grier Rubeling – Advisor Transition Services Consulting services for financial advisors and existing firms to help navigate and understand the administrative and operational aspects of transitioning a book of business. More-> 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-> Avoiding the Post-Transition Blues 8 tips to help advisors enjoy a less stressful experience during and after a move. 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-> Considering a move? Here’s What Financial Advisors Can – and can’t – Say to Clients The desire to share the news can completely derail a transition to another firm. Here’s what top attorneys recommend when it comes to communicating with clients before, during and after a move. Read-> 8 Steps to Take Before You Actually Make That Move The next chapter in your career can be easily derailed by not having a concise and deliberate plan in place well before your move date. Read -> Making A Move Even When The Obstacles Seem Insurmountable Is it a greater level of pain, desire, reward – or a combination thereof – that drives even the most seemingly unmovable advisors to change? Read-> Grier Ru

A conversation with Gary Hirschberg, CEO & Founding Member, Aaron Wealth Advisors Overview After 12 years at Goldman Sachs and building his business to over $1B in assets under management, Gary Hirschberg began to question whether he was able to act as a true fiduciary to his clients. Plus, he had the nagging desire to build a brand of his own. So in 2018, he left to launch Aaron Wealth Advisors with Dynasty Financial Partners. Listen in… > Download a transcript of this episode… About this episode… Advocating on behalf of his clients is something near and dear to ex-Goldman advisor Gary Hirschberg’s heart. In fact, before landing at Goldman in 2006, Gary was in the world of nonprofits, serving as Director of Development at Vanderbilt University Hillel and Assistant Director of Developmental Activities at Georgetown University. So it’s a bit of a paradox that he would transition from working in fundraising to guiding people to make selfless decisions with their money to ones that he describes as more “selfish”—but in a necessary way. It was a serendipitous meeting with a friend that led him to Goldman Sachs in 2006, where he built a business managing $1.4B in assets for high net worth clients. Yet it was this whole sense of advocacy that made Gary question whether he was being limited at Goldman to really act as a fiduciary to his clients. That is, to truly serve on their behalf, without restrictions on what he could or could not do for them. Plus, Gary had the nagging desire to build a brand of his own—one that would be associated with him and not the firm he worked for. So in 2018, Gary left Goldman to build Aaron Wealth Advisors with Dynasty Financial Partners. In this episode, Gary shares the backstory of his journey to independence with Mindy Diamond (who actually helped facilitate his move), including: His start in institutional development—and how that informed his path in wealth management. The decision to leave Goldman—and what he was trying to solve for in doing so. The choice to go independent—and why autonomy was important in how he served his clients and grew his business. The value of brand—and how his clients reacted to leaving the Goldman imprimatur behind. The option to use a partner like Dynasty to launch Aaron Wealth—and what value they bring to the table. Gary credits his background and the culture he grew up with at Goldman as the basis for his growth—a heritage that serves to frame how he sees Aaron evolving in the years to come. It’s an important lesson shared in this episode: That is, the experiences we have are a powerful reference to help us define our way forward. Related Resources Life After Goldman Sachs: A Story of Extraordinary Success A conversation with Justin Berman, Founder and CEO of $3B Berman Capital Advisors. Listen-> 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-> What’s in a name: Are you defined by a brand or the work you do? There was a time when the prevailing belief amongst advisors was that the corporate name on your business card defined your potential to attract and retain clients via the presumption of irrefutable prestige. Names like Goldman Sachs and JP Morgan created an aura of professionalism and platform superiority that superseded an advisor’s own persona. Read-> In Pursuit of Autonomy: The 10 Key Areas in Which Advisors Desire More Control Advisors are asking these threshold questions both of themselves and the firms they work for—the answers to which are serving as the blueprint for their business lives. Read-> Gary Hirschberg Founder & CEO Gary Hirschberg is the founder of Aaron Wealth Advisors. He currently serves as the CEO of Aaron Wealth and is its lead advisor. Aaron Wealth is a registered independent advisory firm, dedicated to helping sophisticated individuals, multi-generational families, and family offices manage the complex business of their wealth. The firm represents the evolution of a successful practice Gary launched in 2006 within Goldman Sachs that counted among its clients influential and affluent families around the nation. Prior to Aaron Wealth, Gary worked for Goldman Sachs as a Private Wealth Advisor and was a member of the Private Wealth Management Advisor’s Council, an internal group of top leaders within the division. He managed a team overseeing approximately $1.4 billion in assets. Prior to Goldman Sachs, Gary worked in nonprofit development. He was the Director of Development for Vanderbilt University Hillel and Assistant Director of Developmental Activities at Georgetown University. He received his BA with Honors from Georgetown University and his MBA and JD from Vanderbilt University and holds the distinction of being a Certified Trust & Fiduciary Advisor (CTFA). Altho

A conversation with Steve Dimitriou, Managing Partner, Mayflower Advisors Overview Steve Dimitriou started in wealth management selling insurance at New York Life. Intrigued by the investment and planning side of the business, he continued down that path, building his book in firms like MFS, Alex.Brown, AdVest and later FiNet. Over time, he and his team grew the business to $1.3B in AUM. Yet the call for greater independence became the motivation to leave FiNet in 2020 and launch their own RIA firm, Mayflower Advisors, which today manages over $1.7B. Listen in… > Download a transcript of this episode… About this episode… It’s interesting how a tough job market can divert the path one may envision as they graduate college. But as the guest on this episode shares, it can result in an incredibly successful journey. And it reminds us of an important lesson: The only thing that’s constant in life is change. Steve Dimitriou left college with a degree in honors physics and economics. Yet the job market was tight, so he ended up selling insurance at New York Life. While there, the investment management and planning side of the business intrigued him—and it was a path he continued on, building his knowledge and book in firms like MFS, Alex.Brown and later AdVest. Yet it was in 2005 that Steve and his team heeded the call of independence and transitioned to FiNet. It was an extraordinary move that resulted in growing the team from 5 to 30 over the course of 15 years—and assets under management to $1.3B from a client base that was transitioning from mass affluent to high net worth. And the wealth management world had grown dramatically over that time period as well, motivating them to consider an even more independent path than they had at FiNet. One where they had access to the full universe of products and the freedom to build their business without limitation. So in 2020, Steve and his team chose to leave the FiNet umbrella and build their own RIA – from scratch – Mayflower Advisors in Boston, Massachusetts. Today, the firm manages over $1.7B with Steve at the helm as CEO. In this episode, Steve discusses his journey with Louis Diamond, including: The motivations behind his moves over the years—and the valuable business lessons he learned along the way. The desire to be more independent—and how independence with FiNet differed from launching a fully independent RIA. The choice to build an RIA from scratch rather than opt for a platform provider—and what key factors influenced that decision. The impact of his own personal transition from advisor to CEO—and how “staying involved” helps him to be a better leader. Steve’s story is an instructive one that demonstrates how a business – and the individuals who build it – grow and evolve over time motivated by shifting client needs. It also punctuates the positive impact that changing firms and models can have, opening up new doors of opportunities for clients and expanding the ability to grow organically and inorganically. It’s an episode that has valuable lessons for employee advisors and business owners alike. 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-> Aligning Your Inward and Outward Pointing Compass: A Process for Advisors Considering Change Balancing the needs of all stakeholders offers a clearer and more congruent path towards your ultimate destination. Read-> 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-> Finding Independence in a Big Firm: Top UBS Team on Their Shift to Wells Fargo Advisors A conversation with Vincent Finney, Managing Director – Investments and Joseph P. Panfil, Managing Director – Investments, Bibler, Finney, Panfil Private Wealth Management Group of Wells Fargo Advisors. Listen-> Steve Demitriou Managing Partner, Mayflower Advisors Steven Dimitriou is a founder and Managing Partner of Mayflower Advisors with 30 years of retirement plan industry experience. His current designations include the Accredited Investment Fiduciary (AIF), Certified Plan Fiduciary Advisor (CPFA), and Certified 401(k) Professional (C(k)P®) from The Retirement Advisor University® / UCLA Anderson School of Management Executive Education. Steve graduated from Colby College with B.A.s in Honors Physics and Economics. Prior to forming Mayflower Advisors, he was a Managing Director at H. C. Wainwright & Co., Inc. leading the Retail Products division, which included Retirement Plan Services and Mutual Fund Research. He was also a Vice President in Alex Brown’s Retirement Plan Services gro

A conversation with Craig Robson Founding Principal & Managing Director Regent Peak Wealth Overview On his 25th anniversary with Merrill, Craig Robson resigned to launch RIA Regent Peak Wealth in Atlanta, GA. It was a bold move designed to “liberate and empower” him and his team to serve their clients completely and with objectivity. Craig shares the drivers that led to his decision to leave Merrill and launch an independent firm, instead of opting for a transition from another firm. Listen in… > Download a transcript of this episode… About this episode… It was May of 1994 when Craig Robson decided engineering wasn’t for him and accepted an offer to join Merrill Lynch to start a career in wealth management. And it proved to be both a bold and smart move, because over two-and-a-half decades, Craig built a business managing $450mm in assets for high net worth clients. It was an experience that Craig credits as framing his business life—one that would set the stage for yet another bold move: Handing in his resignation on his 25th anniversary with Merrill to launch RIA Regent Peak Wealth in Atlanta, Georgia with Dynasty Financial Partners. And just 3 years later, Regent Peak is managing some $570mm assets. So what was it that motivated Craig to leave the firm he grew up with? In this episode, Craig walks Mindy through his journey from Merrill to independence, including: The key moments that motivated him to explore his options—and why he headed for independence when he could have accepted a transition deal from another firm. The real value he is experiencing in independence—and how his growth trajectory has changed since making the leap. The role of objectivity as a financial advisor—and what Craig and his team can do differently in independence that allows them to be true fiduciaries. The ability to creatively market their services—and how the freedom to brand and create personalized messaging and videos was a real gamechanger for him and his team. As Craig put it, breaking away was about “liberating and empowering” him and his team in how they could manage and grow the business, while providing greater optionality and choice when it comes to the products and services they can offer their clients. No doubt that making the leap to independence – like any move – comes with some “professional risk,” as Craig put it, but he sees it as a risk worth taking—and after you hear his story, you’re likely to agree. Download: The Decision-Methodology Infographic–Strategic Exploration and the Road to Taking Control of Your Professional Destiny hbspt.forms.create({ portalId: "46578459", formId: "a704de13-7834-4faa-ab3c-9642a8fa72cc" }); Related Resources 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-> How to Avoid the Risks in Waiting for That Perfect “Go Date” You’ve done your due diligence and made a decision, but you have yet to set a move date. What are you waiting for? Read-> $1B+ Multi-Generational Merrill Breakaway Team Leaves Behind the Big Brand to Gain “More” for Clients Matt Liebman, Founding Partner and CEO of RIA firm Amplius Wealth Advisors discusses the complexity of considering change with a multi-generational team, the difficulty of walking away from a big brand name, the concept of clients being the real “boss” and how that influenced his choice to build an independent firm—and much more. Listen-> Craig Robson Founding Principal And Managing Director Craig is the founder of Regent Peak Wealth Advisors. During his 25 years at Merrill Lynch, Craig became the Founder and Managing Director of Robson & Associates, a high net worth wealth advisory practice within the firm. At Regent Peak, he serves as Managing Director and sets the firm’s overall vision and strategy. The creation of Regent Peak Wealth Advisors, an independent advisory firm, is a direct result of Craig’s desire to provide all relationships with objective advice free from the conflicts of interest that might come from large institutions. Craig earned a bachelor’s degree in industrial engineering from Lehigh University in 1991. For the next 3 years Craig provided consulting services on behalf of Accenture Consulting, primarily within their manufacturing and information technology divisions, to both publicly traded and privately held corporations. An unexpected opportunity to employ his practice management experiences within the financial services industry arose and in 1994 Craig embarked on creating a unique wealth advisory offering within Merrill Lynch. Craig has been recognized for his investment acuity including being named in Barron’s Top 1,200 Financial Advisors in 2014, 2015, 2016, 2017, and most recently 2018. Craig also was recognized by Forbes Best-in-State Wealth Advisors list in 2019. Craig holds the Certified Investment Management Analyst® (CIMA®) and

A conversation with Andy Harris, President and Wealth Manager of Evergreen Wealth Solutions Overview Andy Harris built a business from the ground up at ING, which he later transitioned to Commonwealth Financial Network as an independent broker dealer. Yet the desire for even greater independence led Andy and his team to transition to Commonwealth’s RIA platform in 2019. He shares key learnings for advisors considering both the IBD and RIA models, and the value each provides to the business and clients. Listen in… > Download a transcript of this episode… About this episode… It’s funny how many financial advisors’ journeys start somewhere outside of the wealth management world. For Andy Harris, the field he was headed for was environmental studies. That is, until a temp job with Nationwide turned into a full-time gig, changing his mindset and career path. While he may have gotten his start in the financial world at Nationwide, it was an interview with a friend and independent advisor in 2002 at Locust Street Securities (which would later become ING Financial Partners) that led him to the role of financial advisor. Along the way, Andy learned plenty of the up and down realities of the wealth management world, building a book of business that he would later move to Commonwealth in 2015 as an independent broker dealer. Yet the desire for greater independence led Andy and his team to transition to Commonwealth’s RIA platform in 2019. Andy’s internal transition is representative of the “RIA-ification” of the broker dealer world. That is, firms are working to meet the evolving needs of advisors and their growing practices by offering multiple ways to affiliate and a “glide path” to greater independence without leaving the firm. Today, Andy and his team at Evergreen Wealth Solutions in Williamsport, PA, are consistently ranked as one of the top affiliates of Commonwealth Financial Network. Andy’s story is an interesting one that shares the evolution of one’s business life, building upon the vision and goals along the way. In this episode, he talks about that journey with Louis Diamond, including: The early development of his business—and why Andy selected Commonwealth to launch his independent practice. The choice to launch first as an independent broker dealer—and why he later opted to slide over to Commonwealth’s RIA platform. The thought process behind transitioning from IBD to RIA—and how that benefits clients service and his business overall. The process of transitioning models within the firm—and what advisors need to be aware of based on his experience. Plus, Andy provides key learnings for advisors considering both the IBD and RIA models, along with some sound advice: “When considering change, think about where you want to be not just for today, but for the next 5 to 10 years and beyond.” Download: Going Independent with an RIA vs. IBD: A Comparison Fact Sheet hbspt.forms.create({ portalId: "46578459", formId: "943c9718-f0d9-43c0-b0e0-601ff4a89426" }); Please note: Your information is shared only with our firm in complete confidence and without obligation. Related Resources IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Read-> Exploring the Independent Broker Dealer Space A Conversation with Andrew Daniels, Managing Principal of Business Development of Commonwealth Financial Network. Learn how the firm, 40 years in the making, has evolved, and how their model differs from others in the independent space. Listen-> Optionality Under One Roof: For Advisors Who Aren’t Quite Ready for Independence Forward-thinking firms are tapping into the flourishing interest in independence by offering their employee advisors an independent option under the same roof. While it provides an easier path to greater freedom and business ownership, it may not be “independent enough” for advisors seeking ultimate control. Read-> Andy Harris Founder and President Andy began his career in the financial services industry in the late 1990s with Nationwide Financial Services, working his way through college at Ohio State University, where he graduated with a BS concentrating in finance. Gaining exposure to trading strategies and financial products while working for the trade desk at Nationwide Financial Services, Andy was asked to become the internal contact and liaison for a product designed for active traders. He worked closely with clients, financial advisors, senior management, and mutual fund managers in this role, which laid the groundwork for his decision to become a financial advisor in March 2002. Beginning his practice as part of the Comprehensive Financial Group, Andy’s training and mentors there have helped define his business model today as the agency environment provided the

Part 2 of a 2-Part Series with Louis Diamond Overview 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 in… > Download a transcript of this episode… About this episode… The first part of this 2-part series discussed the continuation of a super-active M&A market and how that’s driving interest amongst advisors at all levels—particularly those who have reached a point where they are considering their future. Whether reviewing your firm’s retire-in-place program, considering another firm’s recruitment deal, or feeling the tug of your entrepreneurial spirit and the desire to be a business owner, the idea of building something bigger than yourself – that can sell on the open market – can be appealing. But simply building an independent firm doesn’t guarantee the high multiples you may be seeing other firms selling for. Nor does it mean you will attract acquirers with deep pockets. So what does a prospective business owner – and even those who currently own their independent practice – need to do to be “attractive” to acquirers and garner the highest valuation? This episode explores that answer, plus: The different paths you can take to build an independent firm—and what to be aware of when it comes to your end game. IBD vs RIA—and how the choice may impact a firm’s valuation. Opting to sell a portion of the business at inception—with examples of business owners who did just that. Will the frothy M&A market continue? No one knows for sure. But real potential exists for those with their sights set on building a business that could be attractive to an acquirer and command a high price tag at the end of the day—listen in and learn how. Download: M&A Readiness Assessment hbspt.forms.create({ portalId: "46578459", formId: "df4d61f4-efb1-4ed6-a0a7-d4b852add879" }); Please note: Your information is shared only with our firm in complete confidence and without obligation. Mentioned in This Episode Motivated by the Long Game: Why a UBS Breakaway Left a Deal Behind for Independence with Summit Financial A conversation with Monish Verma, Managing Partner, Vardhan Wealth Management. Listen-> How an ex-Wells Fargo Team Turned a “Paper Tablecloth” Vision into 3X Revenue and $8.5B in Assets in 5 Years A conversation with Gerry Goldberg, CEO and co-Founder, GYL Financial Synergies. Listen-> Betting on the Long-Term: Former Merrill Resident Director Shares Why Her $1B Team Broke Away A conversation with Melissa Bouchillon, CFP®, Managing Partner, Sound View Wealth Advisors. Listen-> More Related Resources Industry Update on M&A: If You Build It, Will They Buy It? Part 1 of a 2-Part Series with Louis Diamond. The excitement around M&A activity has many financial advisors considering their future. Is independence the right path? And if you build an independent firm, who will buy it? This episode compares and contrasts options. Listen -> From $30mm to $55B: The Strategic Vision Behind Creative Planning’s Extraordinary Growth A conversation with Peter Mallouk – President & CEO, Creative Planning, LLC. Listen -> Industry Update on M&A: Meet the Investors—Why It’s Important for All Advisors to Know Who They Are A conversation with Special Guest Louis Diamond. Listen -> Looking at M&A from the Acquirer’s Side of the Table Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners. Listen-> Looking at M&A from the Seller’s Side of the Table Part 2 of a 2-Part Series on M&A—A conversation with Jeff Concepcion, Founder and CEO of Stratos Wealth Partners, and special guest host Louis Diamond. Listen-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

Part 1 of a 2-Part Series with Louis Diamond Overview The excitement around M&A activity has many financial advisors considering their future. Is independence the right path? And if you build an independent firm, who will buy it? Part 1 of this 2-part episode compares and contrasts options, including recruitment deals and retire-in-place programs, and shares examples of breakaways whose firms were recently acquired and what made them attractive acquisitions. Listen in… > Download a transcript of this episode… About this episode… M&A has been one of the hottest topics in wealth management over the last few years. And that comes as no surprise with both the number and size of deals rising year over year for nearly a decade. For example, the 307 deals in 2021 represented an increase of nearly 50% over the 205 deals in 2020. And 2022 is off to a strong start. The excitement around this activity has many an advisor considering their future—whether they are employees looking at their firms’ retire-in-place programs; a younger advisor with their sights set on building for the long-term; or an independent business owner looking to advance their business to the next level. That is, they all have one thing in common: The desire to create an enterprise that will at some point garner the attention of acquirers with deep pockets. Ultimately, they’re wondering, “If I build an independent firm, who will buy it?” There’s a lot to unpack here, so much so that we’re dividing this into 2 parts. In this episode, we’ll talk about the potential, including: A breakdown on valuations—and how they are derived. Understanding EBITDA (earnings before interest, taxes, depreciation, and amortization) and EBOC (earnings before owner compensation)—and how each impacts valuations. Selling an independent practice vs taking a recruitment deal—and why it might make sense to defer the upfront check. M&A vs a retirement package—and how many advisors are opting to build their own retirement plan as independents. Plus, Mindy and Louis share examples of breakaways whose firms were recently acquired, with some thoughts on what made them attractive acquisitions. Then stay tuned for part 2, where we’ll explore who the potential buyers are, what they are looking for and offer tips on how best to prepare your firm to obtain the highest valuations. And be sure to download the M&A Readiness Assessment mentioned in these episodes. Mentioned in This Episode How this $2.5 Billion Team Saw Past the Handcuffs of Deferred Compensation A conversation With Margaret Dechant, CEO and founding partner of 6 Meridian. Listen-> Life After Goldman Sachs: A Story of Extraordinary Success A conversation with Justin Berman, Founder and CEO of $3B Berman Capital Advisors. Listen-> How “Transparency” Propelled Growth from $1 to $4 Billion in 8 Years A conversation with Forbes Top Advisor Paul Pagnato, CEO Founder of PagnatoKarp. Listen-> A Best-of-All-Worlds Model: Full-Service Independence with Equity Upside A Conversation with Jim Gold, CEO and Founding Partner of Steward Partners. Listen-> Disrupting the Landscape: How a $12B+ Multi-Family Office is Making Waves Amongst Advisors and Their Clients A conversation with Avy Stein, Founder and Co-Chairman of Cresset. Listen-> More Related Resources What’s the ‘Real’ Value of a Financial Advisor’s Business? Headline-making M&A deals in the independent space have many employee advisors wondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Read-> Determining Enterprise Value: 7 Key Qualitative Drivers for Sellers We are in the midst of a “seller’s market,” where announcements of mergers and acquisitions continue to dominate the headlines. Additionally, movement out of the traditional brokerage world has continued to accelerate. Read-> Looking at M&A from the Acquirer’s Side of the Table Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners. Listen-> Looking at M&A from the Seller’s Side of the Table Part 2 of a 2-Part Series on M&A—A conversation with Jeff Concepcion, Founder and CEO of Stratos Wealth Partners, and special guest host Louis Diamond. Listen-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Dan Katz, Managing Partner, Revolve Wealth Partners Overview Dan Katz, managing partner of Revolve Wealth Partners, talks about his role as the next gen of a business started by his father, the thought process around opting to build an RIA firm from scratch, their 2x growth since going independent, and how their past experiences at UBS and Oppenheimer shapes the vision of their firm today. Listen in… > Download a transcript of this episode… About this episode… We’ve spoken to several multi-generational wealth management teams on this series, and while each one has a unique story to share, we see a few common threads. First, there’s the desire to evolve what the prior generation created—to take what exists and make it better and stronger. And second is the notion of looking bigger picture and longer-term. That is, questioning the status quo to determine if it aligns with their vision for the future. For example, Dan Katz was the next gen of a team at UBS that included his father, Kenneth Katz, and friend Michael Israel. In 2009, they decided to transition to Oppenheimer, where they built the business to $300mm in assets under management. Over time, as their business evolved, so did their thinking. In conversations with their brokerage firm peers, they started to recognize an incongruency between how Ken, Dan, and Michael managed their practice vs. the other teams. Essentially, he felt they were “playing a different game.” So they set out on a quest to explore their options. And in 2017, that exploration led them to build RIA Revolve Wealth Partners. Today, the Hackensack, NJ firm manages over $700mm in assets. In this episode, Dan shares his story with Louis Diamond, including: The transitions from UBS to Oppenheimer to independence—and the impetus behind each move. The value of a multi-generational team—and how his father’s experience helped them advance toward the next phase of their business. The idea of building a firm from scratch—and why they chose that path over other independent paths. The difference they’ve realized as independent business owners—and how they can answer their clients’ needs and grow in ways they could not at Oppenheimer. The community of like-minded independent advisors they found—and how it filled the gap of peer collaboration missing from the wirehouse world they left behind. And how, in evolving Ken’s legacy, they were able to double their assets under management since their launch, and much more. It’s an interesting story that’s highly relatable for employee advisors, prospective breakaways, and business owners alike. Related Resources 6 Months Later: Why a Former UBS Lifer Considers Independence His “Do Over” While comfortable at UBS a decade ago, Ahmie Baum started to see things a bit differently when his son Brian joined the business. It was an awakening that made this wirehouse veteran reevaluate everything, and propelled his leap to independence. Listen-> 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. Read-> Solving for Freedom, Control & Succession: How the Next Gen of a $330mm UBS Team Forged a Path to Independence Next gen advisor Bryan Garris wanted what other independent advisors had: The freedom and control to serve clients as true fiduciaries. After careful due diligence and planning, he and his partners left UBS to launch RIA TriaGen Wealth Management. Listen-> Dan Katz CFP® Managing Partner Dan, a graduate of the University of Maryland, maintains a focus on risk management for our team (Revolve Wealth Partners). He concentrates on building portfolios designed to seek value in all types of investment markets with an emphasis on allocating assets to create diversified portfolios. In addition to portfolio construction, Dan seeks to uncover opportunities for qualified investors with privately managed accounts, hedge funds and fund of hedge funds, private equity and real estate investments.   Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with John Bowen, Founder & CEO of CEG Worldwide Overview 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. Watch… [video_embed embed_style=”default” url=”https://youtu.be/tgJPVhjORJQ” border=”0″ width=”100%” animation=”left-to-right” animation_delay=”2″ class=””] Listen in… > Download a transcript of this episode… About this episode… So what does it really take to become a top financial advisor? For many, it seems like an elusive title, limited to a chosen few. But in reality, elite wealth managers aren’t born that way. Sure, they are driven by a determination to succeed with a high level of motivation. But it’s not all nature—much of success comes from “nurture.” That is, learning from the best—like the guest on this episode, John Bowen, founder and CEO of CEG Worldwide. In speaking with other top advisors, many credit John’s teachings as the “real gamechangers” for their businesses. And John speaks from experience: Prior to CEG, he built a wealth management business with some $2B in AUM. John helps advisors who are looking to break through to the next level and accelerate growth—a topic that ranks among the most popular on our show and one he talks about with Mindy Diamond, including: John’s 26-year tenure as a financial advisor—and how that experience informs his coaching style and teachings. The real value of a “great coach” to a financial advisor—and how advisors can get the most out of their experience. The typical issues that advisors are looking to solve for—and how they can get back to the “simplicity” they may have experienced earlier in their careers. The dreaded “good enough” level that advisors get stuck at—and how to break through and build an amazing life of significance. The importance of providing a world class experience for clients—and how that impacts growth. Transitioning from “chasing clients” to “choosing” them—and why that should be a key goal to achieve. As John says, “Every advisor should create value independent of their firm or strategic partner.” That is, focus on doing all that YOU can to serve clients and grow your business. Take an annual look at your practice, your firm and the options available to you. And learn to embrace change—because advisors who are thriving are those who have learned to be a conduit to their clients, connecting them to new and exciting opportunities. Ultimately, it’s a conversation that dives into what “really” helps advisors accelerate growth and live their best business life. Be sure to watch the video version or listen in to the audio only format—and visit this link for the special offer John mentions on the episode. 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. What are some of the common motivations for these advisors to consider change? Read-> 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-> 2021’s 10 Most Valuable Lessons from Advisors and Business Owners Key insights shared by recent breakaway advisors and independent business owners curated from the 2021 season of the podcast series for financial advisors. Topics include why they chose independence, motivations to change, impact to clients and more. Listen-> 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 th