The Diamond Podcast for Financial Advisors

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

A conversation with Katherine Forrester Schneewind, Founder and CEO, High Note Wealth Overview Katherine Forrester Schneewind left a country music career behind to follow her dream of becoming a financial planner so she could help others take control of their financial destinies. In 2019, after building the practice to $500mm in AUM, she and brother Michael Forrester left Northwestern Mutual to launch RIA High Note Wealth. Listen in… > Download a transcript of this episode… About this episode… Picture this: A 23-year-old with a college degree in music, which was earned while singing with the Cash Family, decides to leave Nashville and the country music scene behind to follow her life’s dream. That is, to be a financial planner. Sure, you might think the story should be told the other way around. But for Katherine Forrester Schneewind, her life’s calling wasn’t about becoming the next country music star. Instead, she was driven by a strong desire to help others become stars in their own lives – their financial lives – by empowering them with knowledge and advice so they could take control of their destiny. So in 1996 she joined Northwestern Mutual, and learned the ropes in “defensive planning” as she describes it, estate planning and insurance as well as investments. It was a recipe for success that resulted in building the business to $500mm in assets under management in a little over two decades, making Katherine one of Northwestern Mutual’s top advisors. But, as is common with many self-motivated entrepreneurial types, she started to feel restricted by the firm’s “red tape” in serving clients and growing the business. After conducting due diligence, Katherine and brother/partner Michael Forrester decided that a move to another firm felt too lateral. So in 2019, they launched independent firm High Note Wealth in partnership with Dynasty Financial Partners and Schwab Advisor Services. In this episode, Katherine shares her story with Louis Diamond, including: Her journey from Nashville to the world of financial planning—and how Northwestern Mutualprovided the perfect foundation for her break into the investment world. The changes Katherine saw at the firm—and how a strong “sales” culture can be both a positive and a negative. The choice to go independent—and why taking a recruiting deal from a big firm didn’t feel like the right path for their business. The one thing she misses the most in independence—and what she’s doing to recreate it at High Note Wealth. The economic benefits she’s seeing as an RIA—and how the business is now realizing a 5x increase in valuation. It’s striking how many top advisors we speak with discuss seminal moments in their lives that color their fate—sending them in a new direction with a level of drive and motivation that seems unstoppable. For Katherine, making the leap ultimately came down to the sense of empowerment—that is, having “earned the right to be independent” and own her clients. It’s likely to rank as one of our most interesting conversations to date, so be sure to listen in. Related Resources From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story: A conversation with Andy Schwartz, CFP®, Principal, Bleakley Financial Group Andy Schwartz went from selling insurance at Northwestern Mutual to managing $3.5B in assets and leading one of the firm’s largest groups. In 2014 they left to go independent as Bleakley Financial Group, now managing $8B in assets as a hybrid RIA. Listen-> A Northwestern Mutual Advisor’s “Jerry Maguire-Style” Breakaway Story As a Managing Director at Northwestern Mutual, Brett Gilliland had a unique perspective of the limitations at the firm. So after 13 years and with $300mm in AUM, he left to build Visionary Wealth Advisors, today a $1.8B firm. Listen-> The Top 5 Reasons Why Northwestern Mutual Advisors Are Changing Firms A growing trend of departures from Northwestern Mutual has left many of the firm’s advisors wondering what’s driving the momentum—and what their colleagues are finding on the other side. Read-> One Advisor, One Great Business, Three Possible Paths By embarking on due diligence with clarity on the “end game,” advisors can better align the pros and cons of each option and their impact on long-term goals. Read-> Katherine Forrester Schneewind Founder and CEO Katherine is the Founder and CEO of High Note Wealth and she personally brings over 25 years of wealth management expertise to the business. She founded the firm with her brother Michael Forrester on the belief that all clients should be treated like family. Always active in the community, Katherine is a current board member of The Berg Group and the Schneewind Family Foundation and a former board member of the Ridgeview Medical Center Foundation and Northwestern Mutual’s FRA Board. She continues to give back to others through her work with her family foundation, Women’s Violence, The Animal Humane Society, and the University of Mi

A conversation with Brock Moseley, Founder and Managing Partner, Miracle Mile Advisors Overview For Brock Moseley, the choice to leave Morgan Stanley for a second time in 2007 to launch RIA Miracle Mile Advisors was about living true to his ethos. He built the independent firm from the ground up based on everything he couldn’t find anywhere else for his ultra-high net worth clients, at a time when independence was still a nascent concept. Listen in… > Download a transcript of this episode… About this episode… Even today, at a time when independence has become mainstream, it’s daunting for most advisors to consider leaving a big firm like Morgan Stanley to make the entrepreneurial leap. But consider what it was like at the beginning of the 21st century: The tech bubble had just burst, leaving advisors and clients in a tailspin. And independence was known only by a few courageous and uber-entrepreneurial types. At that time, the guest on this episode, Brock Moseley, was just out of the training program at Morgan—one of few newly-minted advisors who remained after the ground dropped out. It’s what Brock describes as a really difficult time at the firm where mentorship had diminished, and advisors were hanging on just trying to protect their books. It was then that Brock was presented with a new opportunity outside of the wirehouse—recruited as the next gen for the billion-dollar independent firm Bel Air Investment Advisors in Los Angeles. Brock credits Bel Air with giving him the opportunity to learn more about the business. Yet as time went on, he felt a misalignment between where he wanted to go and where the firm was headed. So, in 2004 when Morgan Stanley was looking to recruit him back, Brock re-upped. But, ultimately, for this former schoolteacher, the ability to continually learn, grow and pass on knowledge was in-grained in his nature. To him, to be exposed to opportunity is the only way to find one’s real passion. And through it all, he knew that he could only live true to that ethos if he built his own business from the ground up. One that was based on everything he couldn’t find anywhere else. So in 2007, he launched Miracle Mile Advisors. Today the firm manages over $3B in assets and has become a prolific acquirer. In this episode, Brock shares his journey with Louis Diamond, including: The early days at Morgan and Bel Air—and how each helped him clarify his vision for Miracle Mile. The process of building an independent firm in 2007—and how that differed from what is available for breakaways today. The decision to sell a piece of his business to Merchant Investment Management —and how he anticipates that will impact the firm going forward. The role of mentorship—and how it influences both his personal and professional life. Miracle Mile’s unique value proposition—and how the firm stands apart from other ultra-HNW-focused firms and the major wirehouses. As Brock shares, there comes a point when, “If you can’t find what you want where you are, you need to go create it yourself.” Listen in to how he came to that conclusion and ultimately did build an extraordinary $3B+ firm based on his values and vision. 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-> 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-> 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-> Brock Moseley Founder and Managing Partner Brock is the Founder and Managing Partner of Miracle Mile Advisors. Over the last 14 years, he has served in a number of capacities within the organization. Most notably as the Head of the Firm’s Investment Committee and Risk Management Committee. His life passion is working with entrepreneurs and high net-worth families to develop customized life plans that incorporate wealth management as well as tax and estate considerations. Prior to founding Miracle Mile, he spent nine years developing strategic investment solutions for high-net-worth families and foundations at Morgan Stanley & Co. and Bel Air Investment Advisors. His primary responsibilities included portfolio construction, evaluation, and management. Before entering the investment advisory business, Brock was a Vice President in the Energy/Technology Group with the Los Angeles-based boutique investment banking firm, Br

A conversation with Louis Diamond Overview 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 in… > Download a transcript of this episode… About this episode… Like a sports team, it’s not enough to have the strongest, most talented, and dedicated players on the field. The best teams have effective leaders at the helm of cohesive groups with complementary talents that move together towards a common goal: To win. But there are plenty of steps required to get – and stay – at the top of your game. And from what we’ve observed in guiding many of the industry’s elite teams through their successful transitions, much of the same holds true. That is, there are common behaviors shared amongst top performing advisory teams that make them stand apart from others in the field. And these are behaviors that any team at any level can adopt—whether they work as employees at a big brokerage firm or are independent business owners, sole practitioners or part of an ensemble group. In this episode, Mindy Diamond and Louis Diamond explore 10 of the most common practices of top teams, including: The real value of strategic plans. Managing non-core functions. Investing time to work “on” the business. Instilling a “growth mindset” amongst the team. Critical thinking around the status quo. The role of client advocacy. And more. No doubt one of the hottest topics on this show centers around growth and success—and this episode follows suit by sharing real-world observations and actionable advice regardless of where you practice. Plus, be sure to download the PDF presentation mentioned in the episode. 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 -> 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 -> Better Together or Apart: A Breakaway Advisor Shares Why He and His Team Chose Separate Paths For Dan Johnson and his multi-generational team at Merrill it became apparent they each had different goals and timelines. He discusses why they chose different paths, opting for independence over a recruitment deal or inheriting a book and more. Listen -> Betting on the Long-Term: Former Merrill Resident Director Shares Why Her $1B Team Broke Away Former Merrill Lynch Resident Director Melissa Bouchillon shares what it takes for an RD to consider independence, Merrill’s push to sell bank products, how they compensated a partner who signed onto CTP, why they chose Focus Financial and more. Listen -> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Vincent Finney, Managing Director – Investments and Joseph P. Panfil, Managing Director – Investments, Bibler, Finney, Panfil Private Wealth Management Group of Wells Fargo Advisors Overview Vince Finney and Joe Panfil of Bibler, Finney, Panfil Private Wealth Management Group left UBS for Wells Fargo Advisors with partner Ryan Bibler in 2018. In a departure for our show which typically focuses on independence, it’s a candid conversation with a young team who didn’t break away, but instead transitioned within the traditional space. Listen in… > Download a transcript of this episode… About this episode… This is yet another milestone for our podcast series—one that illustrates how much the landscape is truly evolving. Because the original intent of the show was to focus on the independent space, highlighting the different ways that prospective breakaway advisors could satisfy their entrepreneurial spirit. And then we realized something: Achieving greater freedom and control isn’t limited to independent models. Not everyone wants to be a business owner. It’s more about the ability for advisors to find greater freedom in serving their customers and growing their businesses—regardless of the model they choose. There are plenty of advisors for whom big firms offer exactly what they are looking for—the scaffolding and turnkey access to serve their clients and grow their businesses. For example, partners Ryan Bibler, Vince Finney and Joe Panfil of Bibler, Finney, Panfil Private Wealth Management Group in Westerville, Ohio left UBS in 2018 for Wells Fargo Advisors. Aside from the fact that they are a stellar team of young advisors who built a strong practice with some $800mm in assets under management, there is something that is truly noteworthy about this episode: They are not breakaways who left to launch their own independent entity. It’s instead a candid conversation with a team who are now employees of Wells Fargo Advisors. So, the sheer fact that Wells has allowed them to participate speaks volumes about how the world has changed. But, more importantly, it demonstrates how Wells is working to differentiate themselves—looking beyond the bureaucracy that often limits big firms from sharing incredible success stories like this. In this episode, two of the team’s managing partners, Vince Finney and Joe Panfil, join Mindy Diamond to share their story, including: The choice not to go independent—and why instead they opted to leave UBS for another wirehouse. UBS pulling out of the Broker Protocol—and how that impactedtheir decision and transition process. Building a strong practice at a young age—and why that was an important factor in where they ultimately landed. The options they looked at in due diligence—and what made WellsFargo Advisors the standout amongst others. Plus, advice for other advisors who are considering change—and much more. In a world where choice reigns, advisors can find their version of utopia—whether within the big brokerage firms, regionals, boutiques or by building their own independent firm. But if you’ve been waiting for an episode of our series that discusses a move from one wirehouse to another, this is the one to listen to. Related Resources 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 -> If Not Another Wirehouse, Then What? Advisors considering change want something more than what they have at their current firm. The good news is that there’s plenty to choose from. But that’s the bad news, too. Read -> The Wealth Management Landscape At A Glance: What Financial Advisors Need to Know 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 -> Vincent W. Finney Managing Director – Investments Senior PIM Portfolio Manager At a very young age, Vince knew that he wanted to become a Financial Advisor and guide families through what can be a challenging arena. Now with nearly 20 years of experience in the industry, Vince is passionate about truly making a difference in the financial lives of his clients. He understands that they often rely on him for their complex financial needs, and he works tirelessly to deliver solutions – a work ethic learned from his father, a hardworking owner and operator of a Marathon service station. Vince focuses on implementing investment strategies for clients, and he has a deep commitment to helping clients identify and work toward their goals. Vince earned his Bachelor of Arts in Business Administration from the University of Mount Union. He holds the FINRA Series 7, 31, and 66 securities registrations as

A conversation with Jerry Lombard, President, Private Client Group, Janney Montgomery Scott Overview Jerry Lombard, President of Janney’s Private Client Group talks about the regional firm’s exponential growth over recent years, how their unique balance of freedom and flexibility makes the employee model an attractive alternative for advisors looking beyond the wirehouses but see independence as a bridge too far and much more. Listen in… > Download a transcript of this episode… About this episode… The notion of independence means different things to different advisors. For some, it’s about building their own RIA firm brick-by-brick, while others look to create their own independent business with turnkey support from a broker dealer. But independence is not just a destination for “breakaways.” Independence has come to represent a mindset – the desire for greater freedom and flexibility – “acting” like a business owner without actually taking on the task of being one. And it’s that very desire that even some of the industry’s oldest firms are looking to fulfill. For example, Janney Montgomery Scott has roots dating back to 1832. The firm even once held the second-oldest seat on the New York Stock Exchange. Yet it’s their Private Client Group that’s making waves in the wealth management industry. The Janney as we know it today is a privately-held firm – an independent subsidiary of Penn Mutual Life Insurance – that’s become an attractive landing spot for top advisors who are looking for a more flexible approach to serving clients. So much so that, as of this recording, the firm has amassed $135B in assets under advisement and has a footprint across 21 states served by over 850 advisors. It’s a business that has grown exponentially over nearly two decades, sparked by the leadership of the Private Client Group President Jerry Lombard—the guest on this episode. Jerry joined the firm in 1983 as a Financial Advisor trainee at its Philadelphia headquarters branch. This top-producing advisor worked his way up the corporate ladder to become the President of the Private Client Group, working to grow the firm’s fee-based business. In this episode, Jerry shares the Janney story and unique value proposition with Mindy Diamond, including: The firm’s ability to remain relevant in a landscape replete with options—and how their roots dating back to 1832 help to define Janney’s culture. Their recent recruiting tear—and what it is about Janney that advisors find so attractive. The role of Penn Mutual—and what benefits they bring to the table. The firm’s competition, including other regional and boutique firms—and why advisors might choose Janney over independence. Plus, Jerry offers specific examples of top teams who recently joined the firm and the success they’re seeing—and much more. Firms like Janney have been the recipient of so much great talent because they are answering a common call from advisors. That is, “Just give us the tools and control we need to serve our clients free of conflict and without being tied to a big firm agenda.” And based on the firm’s growth, Janney is hearing the call loud and clear. It’s an episode that provides an insider’s perspective of another viable option in a growing landscape. Related Resources 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 -> If Not Another Wirehouse, Then What? Advisors considering change want something more than what they have at their current firm. The good news is that there’s plenty to choose from. But that’s the bad news, too. Read -> 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 -> Jerome F. Lombard, Jr Executive Vice President, President, Private Client Group Jerome (Jerry) Lombard is President of the Private Client Group at Janney and is a member of the firm’s Executive Committee. As President of the Private Client Group, Jerry is responsible for all functions of Janney’s branch offices, Financial Advisors, Branch Managers, and their support teams. He is a board member of Janney Capital Management and Janney Trust Company. Jerry has nearly 40 years of experience at Janney, having joined the firm in 1983 as a Financial Advisor trainee in its Philadelphia headquarters branch. In 1986, he was named Vice President of Investments—one of the firm’s youngest advisors to achieve that title. He continued to build his practice, becoming one of the firm’s top producers. In 1992, Jerry was given responsibility for the firm’s Money Management Services unit and was named First Vice President. As he built Janney’s advisory services platform over the next decade, it achieved the fastest growth of any of Jann

A conversation with Jim DeCota, President & Principal, Enso Wealth Management Overview Jim DeCota started his career in wealth management in the financial advisor training program at Edward Jones back in 2003, building his business to $85mm in AUM in just over a decade. But much like many independent-minded advisors, he felt like he had outgrown the model and wanted more autonomy. So he left Ed Jones to launch what would later become Enso Wealth Management, a firm that today manages some $2B in assets. He shares his story and unique business model. Listen in… > Download a transcript of this episode… About this episode… There’s much to be said for a strong culture. It typically serves as the main distinction between firms and, for many advisors, is credited with fostering growth through an ethos and community that they feel well-aligned with. Take Jim DeCota, for example. His journey in wealth management started after opting out of a career in accounting and joining the financial advisor training program at Edward Jones. It was 2003, and he could have easily chosen one of the big wirehouse training programs, but he felt Ed Jones was a better match for his entrepreneurial nature. Jim built his business by knocking on doors – literally – cold-calling and networking within his community. And he was growing, ultimately to $85mm in assets under management at the firm. But much like many independent-minded advisors we speak with, he felt like he was outgrowing the model and wanted more autonomy. So in 2014, he left Jones to launch RIA DeCota Wealth Management, which would become Enso Wealth Management in 2016—a firm that today manages some $2B in assets. In this episode, Jim shares his story with Louis Diamond, including: The strong culture Jim experienced in his early days at Ed Jones—and how it became less fraternal and more competitive over time. Building a nascent practice at the firm—and why Jim chose to break away after 11 years. The concerns over legal repercussions after his departure from Ed Jones—and how that impacted his transition process. The choice to build an RIA firm from scratch—and why he felt that path was the right one vs. joining another firm. The unique recruiting model he built at Enso—and how it differs from other platforms. Plus, Jim discusses what he describes as “Independence 3.0”—and how he sees that as driving competition in the independent space. As Jim shared, he really wanted to be a “business owner” and stand shoulder-to-shoulder with the business owner clients he was working with and the prospects he was speaking to—a vision he could only realize outside the confines of Ed Jones. It’s a story for any advisor who may be feeling that they’ve “outgrown” their current firm with practical takeaways on how best to resolve those feelings. And even more so, a deft narrative around achieving extraordinary growth. Related Resources How to Uncover a Firm’s Culture in a Time of Virtual Due Diligence—and Beyond 11 questions advisors can ask to unlock what is often an intangible yet important aspect of an advisor’s assessment of a firm. Read -> What’s changed at Edward 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 -> What’s Driving All the Movement Away From Ed Jones? Historically, advisors at Edward Jones rarely changed jerseys. They were loyal, felt independent enough, liked the culture and enjoyed the strong brand recognition. But, today, we are seeing more and more Jones’ advisors leaving—and here’s why. Read -> Jim DeCota President And Principal Jim DeCota, founder of Enso Wealth Management, brings over fifteen years of experience to the firm. He serves a select group of successful business owners, individuals and families. He approaches full-service financial planning with long-term goals in mind, while recognizing the importance of enjoying a fulfilling life along the way. Jim diligently tracks industry trends and data to provide the best possible advice to his clients. In 2014, he founded a Registered Investment Advisor firm. This approach is a simple and transparent business model. When you succeed, he succeeds. As a former accountant, Jim has a technical understanding of finance. He incorporates his expertise into a holistic wealth management process. Jim creatively combines a wide range of available products with evidence-based investments to develop an individualized plan for each of his clients. In his free time, Jim enjoys golfing, dirt bike riding, cycling and spending time with his lovely wife and 3 daughters. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Louis Diamond Overview 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 in… > Download a transcript of this episode… About this episode… Many advisors are coming off their best years ever, driven by increased client demands and a run-up in the financial markets. So it seems odd that there has been a streak of record movement over the last few years. No doubt, any move is disruptive, a ton of work, carries plenty of risk, and is not for the faint of heart. But for those who are in the steep part of their growth curve, the calculated decision to take a step back and reassess is that much harder. Why would anyone disrupt momentum and take on the risk and hassle of a move, opting to change jerseys or break for independence when things are good? When might it “make sense” for a rapidly growing advisor to even give a second thought to conducting due diligence or transitioning to another firm or model? In this episode, Mindy Diamond and Louis Diamond look at the phenomenon, including: Whether an advisor or team is successful because of their firm or despite it. Whether they and their clients are best served in the current environment. How overall “happiness” and satisfaction play in the decision. Whether their vision for growth – both organic and inorganic – can be realized at their current firm. If succession plans or the prospect of inheriting a book can benefit the business. And more. The reality is that changing firms – when done for the right reasons – has the potential of creating greater opportunity for growth and to serve clients. If you’re at all wondering whether “now” is the time to consider change – particularly if business if good – this is the episode to listen to. Related Resources 5 Reasons Why You Should Mess with Success Amid a banner year, it may feel counterintuitive to even think about disrupting momentum—but it may be wise to do just that. Read -> 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 -> The Limitations of Building a Billion-Dollar “Boutique Firm” within a Wirehouse: A UBS Breakaway Story–A conversation with Terry Cook, Managing Partner of Parcion Private Wealth As a wirehouse advisor, Terry Cook found it became too difficult at UBS to meet the increasing demands of his high net worth clients. The only way to act as a true fiduciary meant “taking the ankle weights off” by making the leap to independence. 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 Gerry Goldberg, of GYL Financial Synergies, joins the show to share why he felt Wells Fargo FiNet wasn’t independent enough and how, as an RIA, his team tripled their assets and revenue, in partnership with Focus Financial Partners. Listen -> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A Conversation with Matt Liebman, Founding Partner and Chief Executive Officer, Amplius Wealth Advisors Overview 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 in… > Download a transcript of this episode… About this episode… There’s one thing that just about every breakaway advisor we’ve spoken with says about leaving the wirehouses: It’s difficult to rationalize walking away from a well-established, respected and recognized brand name. Because for some, the name was one of the key features that attracted them to the firm in the first place. Take Matt Liebman, for example. When he joined Merrill in 2008, one of the draws for him was the brand recognition. As he shares in this episode, “If someone asked where you worked, all you needed to say was ‘Merrill Lynch’ and they automatically knew what you did for a living.” Matt is quick to note that the reputation of the firm was well-earned through a strong training program and an entrepreneurial environment where clients felt well-served and advisors could build strong businesses. And build a strong business he did—to some $1.2B in assets under management. He was part of a powerhouse multi-generational team comprised of individuals in their 20s on through to their 90s! It was an intentional coming together of forces—with Matt joining his dad Sam Liebman and his team after they moved to Merrill from UBS, and Forbes “Top Next-Gen Advisor” Aaron Marks rounding out the ranks to form the Liebman Marks Group. Yet in March of 2021, they opted to leave Merrill and build their own RIA firm, Amplius Wealth Advisors, with Dynasty Financial Partners. With a team as successful as this, one might wonder, “Why would they rock the boat?” In this episode, Matt candidly answers that question and discusses his journey with Mindy Diamond, including: The complexity of their multi-generational team—and what they needed to consider in the due diligence process, including Merrill’s retire-in-place program. The concept of the clients being their real “boss”—and why that was not an ethos they could live up to at Merrill. The pull towards achieving greater autonomy and control—and why that was more powerful than some of the “pushes” that frustrated Matt and his team. The choice to build their own firm—and why that path won out over other options they explored. As an employee of a large firm, many advisors come to a point where they need to decide where their loyalties lie. For Matt, it was clear to him: The clients were his boss. And as such, he and his team were responsible to answering their needs first and foremost—a direction he felt they could only take in independence. Matt’s story has much to offer for those who are senior advisors as well as the next gen and everyone in between—so be sure to listen in. Related Resources For High-Net-Worth Clients, It’s Not About the Brand Name, It’s About the Experience There was a time not so long ago when top advisors who served the ultra-wealthy would never have considered leaving behind the big brand names upon which they built their businesses to strike out on their own. It was a common belief that no other firms but the big brokerages could support the unique needs of their high-net-worth clients. Read –> 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 –> Growing Up with Merrill Lynch: A Next-Gen Breakaway Story A conversation with ex-Merrill advisor Elizabeth “Lizzie” Evans, Managing Partner of Evans May Wealth, and Guest Host Louis Diamond. Listen –> MATTHEW D. LIEBMAN, CFA®, CRPC®, CAIA® Founding Partner & Chief Executive Officer, Wealth Advisor As Founding Partner and CEO, Matt drives the principal mission and core promise of Amplius Wealth Advisors: to put clients at the center of everything Amplius Wealth Advisors does. Prior to founding Amplius Wealth Advisors, Matt returned home to the Philadelphia area in 2008, where he co-led The Liebman Marks Group at Merrill Lynch for 13 years, consistently receiving firm recognition as a top advisor. Before Merrill Lynch, Matt worked in the investment management industry in New York City in a variety of roles – as a research analyst, portfolio manager, and hedge fund manager. Combined with his education and background in asset allocation theory and behavioral finance, Matt has considerable experience with high-net-worth families and provides a unique approach to guiding clients towards their financial goals. Matt is a CFA® Charterholder, Ch

A conversation with Kimberly Sanders – SVP Advisor Solutions, LPL Strategic Wealth Services Overview Kimberly Sanders, Senior Vice President of Advisor Solutions for LPL Strategic Wealth Services discusses the evolution of the supported independence space and dives into how models like LPL’s address the changing needs of advisors and their clients. Kimberly also helps to answer the question: What drives an advisor’s decision of one model vs. another in an industry landscape replete with just about every option under the sun? Listen in… > Download a transcript of this episode… About this episode… In our last episode, Josh Brown of NorthEnd Private Wealth shared his extraordinary journey—a decision in April of 2021 to leave Merrill and build an independent business with a new entry in the supported independence space: LPL Strategic Wealth Services. Josh’s decision begs the question: What drives an advisor’s decision of one model vs. another in an industry landscape replete with just about every option under the sun? To help answer that question and others, Louis Diamond welcomes Kimberly Sanders, the Senior Vice President of Advisor Solutions for LPL Strategic Wealth Services. Kimberly shares an insider’s perspective on the evolution of the supported independence space – not only from her role at LPL but also the knowledge and experience she brings from her previous work with Schwab Advisor Services – and dives into how models like LPL address the needs of advisors, including: The drivers behind the growth of independence—and how supported models have answered the callof a changing advisor mindset. The value advisors see in supported independence—and why it often wins over building a standalone RIA from scratch. The recent expansion of independent models—and how LPL’s solution compares to others in the space. The types of advisors attracted to supported independence—and how wirehouse teams are responding to this new entry. The roadmap for growth of the model—and what Kimberly foresees as the real opportunity that advisors have in the changing environment. The world of options available to advisors seems to be growing almost daily. As Kimberly describes it, the independent space has taken another evolutionary leap and is now in the “third wave”—providing options for entrepreneurial advisors who have the desire for greater freedom and flexibility but also want maximum efficiency. And models like LPL Strategic Wealth Services are answering that call and then some. Listen in to learn how. Related Resources Merrill Lifer on Breaking New Ground: The Leap to Independence with LPL Strategic Wealth Services-A conversation with Josh Brown, CPFA, CFP® – NorthEnd Private Wealth Josh Brown transitioned from mechanical engineer to the Merrill Lynch training program, building a business from zero to $650mm over nearly 2 decades. Firm changes prompted him and his team to consider their options, launching NorthEnd Private Wealth on LPL Strategic Wealth Services channel. Listen-> Wealth Management 2.0: Landscape at a Glance on Independence In a greatly evolved industry landscape, the independent space has expanded to offer a variety of models with varying levels of freedom and flexibility. Download-> 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-> 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-> Kimberly Sanders Senior Vice President Advisor Solutions, Strategic Wealth Services Kimberly Sanders, Senior Vice President, Advisor Solutions at LPL Financial, leads LPL Strategic Wealth Services, a modern supported independence solution that enables advisors and business owners to build and grow their firms according to their vision. In this role, Kimberly oversees a seasoned management team that enables advisors to optimize on LPL’s relationships, resources, and services to build equity in their brand and business so advisors can continue to thrive. Prior to LPL, Kimberly served RIA clients and prospects at Schwab Advisor Services, providing business consulting to support the custodian’s existing and potential clients. She spearheaded Schwab’s entree into consulting to the startup market, collaborating with C-suite clients to guide the development of profitability programs, strategies, and succession plans. Kimberly holds a Master of Business Administration in Finance from the W.P. Carey School of Business at Arizona State University and a Bachelor of Sc

A conversation with Josh Brown, CPFA, CFP® – Private Wealth Advisor, Managing Partner, NorthEnd Private Wealth Overview Josh Brown transitioned from mechanical engineer to the Merrill Lynch training program, building a business from zero to $650mm over nearly 2 decades. Firm changes prompted him and his team to consider their options, launching NorthEnd Private Wealth on LPL Strategic Wealth Services channel. Listen in… > Download a transcript of this episode… About this episode… Just over two decades ago, Josh Brown had transitioned from working as a mechanical engineer at a textile mill to the Merrill Lynch training program. It was a bit of a leap, but one that paid off—ultimately building a business from zero to $650mm at the firm. Yet it was Merrill’s entrepreneurial spirit, “the thundering herd mentality,” that Josh felt drove him and his friend and partner Scott Thompson’s success. That is until Bank of America came along and, over time, things changed. So much so that a team member with nearly 4 decades at the firm came to Josh and said, “You’ve got to get us out of here.” Their due diligence led them to consider independence, but the idea of extra scaffolding and support was also very appealing. And in a landscape that provides more optionality than ever before, LPL’s Strategic Wealth Services became the standout. So, in April of 2021, Josh and his team left Merrill to launch NorthEnd Private Wealth on LPL’s nascent independent channel. In part 1 of a 2-part series hosted by Louis Diamond that dives into supported independence and specifically LPL Strategic Wealth Services, Josh talks about his journey, including: The real motivations behind their move from Merrill—and how LPL Strategic Wealth Services wonout over other models and options. The value they found in the supported independence model—and how LPL helps Josh and his partners be better business owners. The transition process—and what advice he gleaned from the process that can help other advisors who are preparing for a move. For Josh, the goal was to ultimately control their own destiny by “focusing on the day-to-day of financial planning, while stripping out the noise that was coming from the bank.” And their choice to build Northend Private Wealth allowed them to accomplish that and more. In our next episode, Kimberly Sanders, SVP of Advisor Solutions at LPL Strategic Wealth Services, joins the show to dig into what makes their new model unique in the growing supported independence space and talks about changes in the industry landscape overall. So be sure to listen in. Related Resources Independence Enhanced How to find support, resources and community in the independent space. Read-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read-> Financial Advisors: 10 Reasons Why Independence May Not Be Right For You While many advisors are drawn to the freedom and control that independence offers, there are those for whom it may not be the “right” path. Read-> LPL Reinvented: Going Beyond the Traditional Broker Dealer Model A conversation with LPL Financial’s Managing Director and Divisional President of Business Development Rich Steinmeier, and Senior Vice President of Strategic Business Development Marc Cohen. Listen-> Josh Brown, CPFA, CFP® Private Wealth Advisor Managing Partner Josh Brown, Managing Partner, NorthEnd Private Wealth, chose a career in Wealth Management to be a voice of reason by encouraging others to plan for their future, not only increasing their profits but protecting their gains. In early 2000, as the dot-com bubble was building, Josh was working as an engineer and noticed there was a constant dialogue about market uncertainty. There was no one with sound reasoning and logic at his place of work to turn to, so he became that person for his co-workers. It was during that time that he decided to change careers and enter the financial services industry. As a former engineer, Josh brings with him a unique perspective. His experience and innate abilities let him excel at finding patterns, analyzing extensive amounts of data, and turn it into a plan that’s simple to understand, yet layered with complex solutions and strategies. It’s no surprise that he is the recipient of multiple awards. Josh has routinely been a recipient of the Forbes Best in State Award2 and has appeared on Barron’s Top Advisor List1. Josh genuinely cares about the success of the families he works with and cherishes the friendships he has cultivated over the past twenty years. Josh is a natural communicator and builds authentic and instant rapport with his clients and their families. Josh and his wife, Alexis, have three children: Mason, Hudson and Sophie. Josh believes it’s important to be involved in his Greenville, SC community. He loves to spend his spare time mentoring local youth and coaching middle school and high school basketball. Also available on your favorite podca

A conversation with Michael Outlaw, National Field Director of Rockefeller Global Family Office Overview Rockefeller Capital Management has become one of the most sought-after options for advisors looking to deliver concierge-level service to ultra- and high net worth clients. National Field Director Michael Outlaw shares an insider’s perspective. Listen in… > Download a transcript of this episode… About this episode… Few names in the financial world have greater recognition than Rockefeller. A Family Office legacy dating back to the 1800s was given a new life under the helm of former Merrill and Morgan Stanley leader Greg Fleming. In 2018, Rockefeller Capital Management was officially launched to serve the “legacies of some of the world’s most successful entrepreneurs, innovators, visionaries, and their families.” Rockefeller quickly became one of the most sought-after options for advisors looking for an opportunity to provide concierge-level service to their ultra- and high net worth clients. And in addition to a brand name synonymous with the world’s elite, the firm’s leadership ranks were stacked with some of the industry’s top players—including Fleming’s Morgan Stanley colleague Michael Outlaw, the guest on this episode. Michael joined the firm in 2018, serving as the Divisional Director of Private Wealth Management through 2021. At that time, he became the National Field Director of the Rockefeller Global Family Office, overseeing the growth and service offerings for their clients and advisors. He is also a member of the firm’s Management Committee. In this episode with Mindy Diamond, Michael talks about where Rockefeller is today, including: Their extraordinary recruiting momentum—and why top advisors are flocking to this 3-year-old firm. The rebirth of the boutique model—and how the firm compares to others in the space. Their “Modern Multi-Family Office” concept—and how that is resonating with advisors and clients alike. The goals and visions of the firm—and what growth opportunities exist for advisors who join them. And much more. As Michael shares, “Clients are seeking more than what the big brokerages are delivering.” And ultimately, so are advisors. It’s that notion that serves as the key ingredient of Rockefeller’s Modern Multi-Family Office model—a recipe that seems to be working exceptionally well for the firm and all of its stakeholders. This is a show that many advisors have asked us for and we’re happy to deliver—a rare insider’s point of view of a wealth management success story unlike any other. Related Resources The Rockefeller Effect: Why the Multi-Family Office Model Has Become the Talk of the Industry What is it about Rockefeller Capital Management – and other firms like it – that’s driving such a high level of interest amongst the industry’s elite? Read-> Rockefeller Capital Management Demystified: A Conversation with Chris Dupuy, Managing Director and Chief Operating Officer. Rockefeller Capital Management has become one of the hottest brands to hit the Street in decades—THE story amongst advisors serving a high net worth and ultra-high net worth client base. Listen-> First Republic Private Wealth Management And Rockefeller Capital Management: What Makes Them So Appealing To Top Financial Advisors? A peek behind the curtains of these two firms demonstrates how the right combination of features has created a best-of-both-worlds model that stands out amongst the competition. Read-> 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. Read-> Michael Outlaw National Field Director, Rockefeller Global Family Office Michael Outlaw is the National Field Director of the Rockefeller Global Family Office. In this role, Michael oversees the growth and service offerings for Rockefeller clients and advisors. Michael served as Divisional Director of Private Wealth Management for Rockefeller Capital Management from 2018 through 2021. He is also a member of the firm’s Management Committee. Prior to joining Rockefeller, Mr. Outlaw joined from Morgan Stanley. Michael’s career at Morgan Stanley started in 1996 as a Private Wealth Advisor, as well as, a variety of other senior roles at the firm. Mr. Outlaw was promoted to Southeastern Head of Private Wealth Management in Atlanta, GA from 2011-2018. Michael earned his MBA from the University of South Carolina. He is married to Laura Outlaw and has two sons, George and Parker. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with the Founder and CEO of Carson Group Overview 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 in… > Download a transcript of this episode… About this episode… It’s hard to believe that the founder and CEO of a nearly $20B enterprise got his start in life as the son of hard-working farmers in Nebraska who had trouble making ends meet. So much so, they eventually lost the family’s livelihood. Yet it was an experience that informs Ron Carson to this day—a story of caution and perseverance. Because instead of being a victim of circumstance, Ron pressed forward, with the intent of finding a job that had the greatest potential. And the rest would be an amazing story that Ron shares with Mindy Diamond in this episode, including: His start in the wealth management world—and how an idea that he cultivated in his dorm room in the 80s served as the foundation for his later success. Ron’s early experience with Private Ledger, the predecessor to LPL—and how that became what the Carson Group is today. The composition of the Carson Group—and what unique value each business line offers to advisors and their clients. The most impactful actions he took along the way to go from zero to nearly $20B—and what advisors can do to fortify their own growth and success. The service model he envisions will drive the future of financial advice—and what key players outside of the wealth management space advisors should be watching closely. Plus, Ron shares the habits he feels are crucial to his own success—and much more. Ron is a best-selling author, a go-to for the industry media, and a true legend in the wealth management world. But most importantly, he has valuable, actionable lessons to share—making this episode one that all advisors and business owners can learn from. Related Resources A Look Back at 2021: 7 Trends That Indicate it’s a Seller’s Market for Advisors and Independent Business Owners A year of extraordinary success has put advisors and independent business owners right where they want to be. Read-> Looking Forward to 2022: 8 Emerging Trends That Have the Power to Transform Wealth Management—Again The constant push towards something “better” is driving change and paving the way for the fastest evolution the wealth management industry has ever seen. 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-> 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-> Ron Carson Founder and CEO Ron Carson is Founder and CEO of Carson Group, which serves financial advisors and investors through its businesses including Carson Wealth, Carson Coaching, and Carson Partners. Founded in 1983, Carson Wealth has grown to become one of the largest wealth management firms in the country offering portfolio management and wealth planning services to high net-worth clients. Established in 1993, Carson Coaching has grown to become one of the leading advisor coaching programs in the country empowering advisors to overcome key business challenges through personalized coaching, proven strategies, marketing services, and a passionate community of thousands of advisors. Carson Partners empowers advisors to improve client service, efficiently run their practice, grow their business, and build a legacy through a turnkey integrated partnership. All three organizations are headquartered in Omaha, Nebraska but serve a broad base of advisors and investors across the U.S. and Canada. Ron first began honing his core principles while working from his dorm room at the University of Nebraska in 1983: a tenacious focus on serving clients’ best interests; a relentless pursuit of excellence across every activity; and a burning desire to learn, grow intellectually, and innovate. These driving principles enabled Carson Group to grow to over $18 billion in AUM and have led Ron to receive many accolades. He is continually ranked among the top advisors in multiple publications, most recently to Investopedia’s Top 100 Financial Advisors (#4). He was one of only two independent advisors inducted into Barron’s inaugural Hall of Fame, was recognized as an InvestmentNews Innovator, and acknowledged as an Inc. 5000 CEO, marking Carson Group as a four-time participant in Inc.’s annual list of America’s Fastest Growing Private Companies, as well as one of the top in the Midwest. He also appears regularly on broadcast media for Fox Busi

Key insights shared by some of the top independent advisor interviews curated from the last 12-months of the series. Overview 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 in… > Download a transcript of this episode… About this episode… For many advisors and business owners, 2021 was a year to remember. Despite a pandemic that refused to morph into a memory, record breaking revenues in the wealth management industry prompted a positive outlook amongst many—and served as proof that with creativity, initiative and determination you can move forward. In the 46 episodes that we launched in 2021, all those exceptional qualities and many others were demonstrated by our guests, the breakaway advisors in particular. In each of their individual conversations, a common thread weaved a story line throughout: That is, the desire to serve clients to the very best of their abilities—and the “pull” or strong attraction towards something better. Most expressed the need for greater control and to remove any possible limitations and conflicts—and to give them unrestrained ability to do more for clients. And several of our guests even left the big firms they built their businesses in amidst a global health crisis to achieve their goals. In this annual digest of some of our best interviews of the year, we take a step back to glean the key lessons candidly shared by advisors who demonstrated unstoppable determination and whose stories contained valuable and relatable lessons for all, including: What motivated them to consider – and ultimately – make a change. Why they chose independence—and the model or options that aligned best with their goals. Whether they are able to achieve all they set out to—that is, to serve their clients and grow their businesses without limitation. What ultra- and high net worth clients really want from their advisors—and what can they do differently for clients in independence. And much more… The 2021 Most Valuable Lessons come from a distinguished roster of recent breakaways and seasoned business owners: Rob Sechan, Managing Partner and Co-Founder, NewEdge Wealth Gerry Goldberg, CEO and co-Founder, GYL Financial Synergies Andy Schwartz, CFP®, Principal, Bleakley Financial Group Brett Gilliland, Founder and Chief Executive Officer, Visionary Wealth Advisors Matt Kilgroe, President/CEO, Cyndeo Wealth Partners Dan Johnson, President & CEO, Birchcreek Wealth Management Bryan Garris, Managing Partner, TriaGen Wealth Management Ahmie Baum, Founder and CEO, Interchange Capital Partners It’s a “best of the best” show—a single episode that offers key insights from the 2021 season of one of the top podcasts for financial advisors. 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 can advisors expect as they head into 2022? In this episode, we explore 11 key areas – including deals, advisor movement, evolving models, and more – and the impact each might have on advisors and the wealth management industry at large. Listen in… > Download a transcript of this episode… About this episode… 2021 was an extraordinary year for the wealth management industry. Despite the waning shadow of the pandemic, advisors set new trajectories on the revenue side, while creatively serving clients and managing their business lives. Yet this success was set amidst a confluence of events that positioned advisors securely in the driver’s seat this year. On the one hand, brokerage firms have been slow to acknowledge just how frustrated many of their advisors are with the status quo. While on the other, leaders outside of this world continued to pay close attention to what advisors value most – freedom, flexibility and control – and responded by creating exciting new firms and models that match advisors’ needs. The result was increased competition for top advisor talent that fueled a true “seller’s market” in 2021. In an annual article for WealthManagement, we explored the 7 trends of 2021 and their impact on the industry at large—as well as the foundation laid for the coming year. So how do we expect this “seller’s market” to color the new year? There are 11 potential areas that are already showing strong signs for 2022. In this episode we look at: The impact of the pandemic: Will it last? Advisor movement: Will the record levels continue? Retention deals: How will they influence those who stay and those who move on? Record revenues: Will they drive up deals? The Protocol: Will Merrill pull out? The new disruptors: How will they drive change? Goldman’s custody play: Will it be the game-changer advisors have been waiting for? The traditional broker dealer space: How will their evolution change the landscape? More IPOs: Who might be next and why? The expanding role of crypto: What models will be affected most? Giving up some ownership: Will advisors be more willing to do so? Plus, what we anticipate will be the driving theme of 2022. Listen in for a glimpse on the future—and thoughts on how you can prepare for what lies ahead. Related Resources 5 Reasons Why You Should Mess with Success Amid a banner year, it may feel counterintuitive to even think about disrupting momentum—but it may be wise to do just that. Read-> Merrill’s Project Thunder: Do the Rumblings from Advisors Indicate an Approaching Storm? In late August of this year, Merrill Lynch rolled out “Project Thunder,” a two-month campaign that appeared to be aimed at staving off increasing advisor attrition and addressing the frustrations of those still at the firm. 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.” Business is booming, and life is good. Certainly, much may have changed at your firm in the last year or so—some of which may even be for the better. Read-> An Update on Wirehouse Recruiting Why Recent Activity May Signify Changes at the Firms. 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-> Mega-Moves What’s Driving the Movement of Advisors and Teams Managing a Billion or More? Read-> A Goldman Sachs Play in the Custody Game What Could This Mean for Advisors and the Industry At-Large? Read-> A Look Back at 2021 7 Trends That Indicate it’s a Seller’s Market for Advisors and Independent Business Owners. Read-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Richard Saperstein, Managing Director/Principal/Chief Investment Officer, Treasury Partners Overview Richard Saperstein rose out of the financial crisis of ’08 to build the now $20B+ Treasury Partners. Richard reminisces about that journey, discusses his decision to affiliate with a then nascent Hightower Advisors, and shares more about Treasury Partners’ unique business model, the secret to the firm’s success and much more. Listen in… > Download a transcript of this episode… About this episode… Picture this: It’s 2008, Bear Sterns collapses, and decades of your life’s work implodes right before your eyes—along with any stock-based compensation. It was a time when it was difficult to find any positive news about the financial services industry and even more difficult was managing client expectations and dwindling confidence amid high-profile scandals. And although Richard Saperstein lost a small fortune and several clients throughout the chaos, he put on his pants and went back to work for J.P. Morgan who was there to rescue the firm. Yet, shortly after the takeover, Richard saw what he described as a “parachute” that emerged out of the crisis. That parachute was Hightower Advisors. So in May of 2009, Richard and his team left JP Morgan to affiliate with Hightower and launch Treasury Partners. They were only the ninth team to join the nascent firm, taking a leap of faith during a time when faith was certainly in short supply. And it was a leap that not only benefited Treasury Partners, but also catapulted Hightower to the forefront of the independent space. Richard has since ranked on the Barron’s Top 100 Financial Advisors list for 18 consecutive years, landing at #7 nationally and #2 in New York State for 2021. In this episode, Richard reminisces with Louis Diamond, from growing up in wealth management in the 80s, living through the 2008 financial crisis and on to the present day, including: His decision to join Hightower—and how that leap of faith has translated into an independent firm managing over $20B today. Life in the early years of Hightower—and how becoming one of their pioneer firms helped to influence Hightower’s growth and future. The firm’s unique business model: part private client and part corporate cash management—and how it differs from others we’ve featured on this show. The secret to Treasury Partners’ success—and how client satisfaction and team building has played a significant role in their continual growth. Richard’s story is an incredible one of perseverance and sound decision-making. It’s rare access to the candid backstory of one of the wealth management industry’s rock stars. Related Resources The Real Story Behind HighTower’s Reinvention with Bob Oros A conversation with the industry veteran and CEO of HighTower Advisors. Listen-> The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. Read-> How to Add Value at a Time When it’s Needed Most A conversation with speaker and co-author of The Go-Giver series, Bob Burg. Listen-> Richard Saperstein Managing Director/Principal/Chief Investment Officer Richard Saperstein heads a team of 27 professionals who deliver a broad array of cash and wealth management services to corporate and private clients. Mr. Saperstein has been on Wall Street for nearly forty years, and is widely acknowledged for his investment acumen. He began his career in 1982 and joined Oppenheimer & Co. in 1987. In 2003, he and his team moved to Bear Stearns where they established and ran the Corporate Cash Management Group. After J. P. Morgan acquired Bear Stearns in 2009, Mr. Saperstein and his team became affiliated with HighTower Advisors and launched Treasury Partners. Mr. Saperstein has ranked in the highest tier on Barron’s annual survey of America’s “Top 100 Financial Advisors” every year since the survey was introduced in 2004. In addition to ranking 7th on that survey in 2021, Barron’s ranked him 4th among the country’s “Top 100 Independent Wealth Advisors,” and 2nd in New York State on its survey of the country’s “Top 1200 Financial Advisors.” He is a member of Barron’s “Advisors Hall of Fame,” and is also a top-ranked Forbes and Financial Times advisor. Mr. Saperstein frequently shares his perspectives on the financial markets in such media as The Economist, The Wall Street Journal, Barron’s, Forbes, Smart Money, Financial Week, TheStreet.com, CNBC, Bloomberg, Fox Business News, and The New York Times. He has been invited to speak at conferences sponsored by various industry groups, including the Association for Financial Professionals, Tiburon Strategic Advisors, the Investment Management Network, and Index Universe. Mr. Saperstein earned his MBA at New York University’s Stern School of Business, where he currently advises the Michael Price Student Investment Fund. He is a member of the National Federation of Municipal Analysts, and of the Fundacao Dom Cabral International Advis

A conversation with Tom Sagissor, President, RBC Wealth Management–U.S. Overview So how did a bank out of Canada rise to the ranks in the US wealth management space? In this episode, we explore regional firm RBC Wealth Management–U.S. with President Tom Sagissor. Tom shares an insider’s perspective plus why their “Wall Street meets Main Street” culture is attracting some of the industry’s top advisor talent, and much more. Listen in… > Download a transcript of this episode… About this episode… As regional firms keep knocking it out of the park in the race for top talent, we continue our series highlighting the leaders who are at the helm, driving incredible growth and interest amongst advisors. In this episode, we explore regional firm RBC Wealth Management–U.S. with President Tom Sagissor. So how did a bank out of Canada rise to the ranks in the US wealth management space? It all started in 2001 when the Royal Bank of Canada acquired Dain Rauscher, a US firm with a century-old history built through several acquisitions of regional firms across the nation. In 2008, it was rebranded as RBC Wealth Management with headquarters in Minneapolis. For Tom, his journey with RBC came after a career as a pro hockey player, joining the advisor training program at Dain Bosworth (one of Dain Rasucher’s predecessor firms) in 1994. In the midst of RBC’s acquisition, Tom built a strong advisory practice, winning the firm’s prestigious President’s Council award several times. Then Tom rose up the ranks to assistant branch director in Minneapolis and complex director for Milwaukee. Yet it was in 2016 when Mike Armstrong joined as CEO of RBC Wealth Management US, bringing with him experience from Jeffries and Morgan Stanley, that kicked the firm into high gear—with Tom elevated to the position of President. It’s a combination that’s been working for RBC, along with a culture that Tom describes as “Wall Street meets Main Street”—derived from the “quilt” of different firms that were acquired over the years, giving RBC a unique “regional feel” that spreads across the country. Today, RBC’s US wealth management business has surpassed $500B in assets with 200 offices across the country. In this episode, Tom takes us through the growth and success the firm has experienced, including: The real value of culture—and why RBC’s is resonating so well with advisors leaving the wirehouses. The firm’s unique infrastructure comprised of 3 key businesses—and how RBC Wealth Management–U.S., their capital markets business, and the Beverly Hills elite private bank City National each benefit advisors and their clients. The advantage of greater freedom and flexibility—and how the firm compares to other regional and boutique firms, as well as the wirehouses and independence. Ultimately, regional firms like RBC have recognized that advisors want to have greater control over how they grow their businesses and serve their clients. Listen in to learn how this mindset is fueling an evolution in the wealth management industry—and driving growth outside of the wirehouse world. Related Resources The New Regional Firms The Key Advantages That are Getting the Attention of Top Advisors. Read-> A Culture of Choice Why Raymond James Rocks the Regional Space and Advisor Recruiting. Listen-> Regional Culture, Global Capabilities Stifel’s $400B Success Story. Listen-> Tom Sagissor President RBC Wealth Management – U.S. As president of RBC Wealth Management-U.S., Tom Sagissor plays a critical role in preserving the firm’s strong culture and accelerating its growth as a leading provider of banking and wealth management services to entrepreneurs, professionals and families throughout the United States. He leads the day-to-day operations of the firm’s private client group, which is comprised of approximately 1,800 advisors operating in 40 states. Following a career in professional hockey, Tom was trained to become an FA for RBC Wealth Management in 1994. As an advisor, he built a successful practice, earning the firm’s prestigious President’s Council status multiple times. He has also served as assistant branch director in Minneapolis and complex director for Milwaukee. Tom was named Complex Director of the Year in 2006. He serves on the board of directors for the Ronald McDonald House Charities of the Twin Cities, The Herb Brooks Foundation and the Bob Suter Memorial Fund, “It’s All About the Kids.” Tom graduated with a Bachelor of Arts degree from the University of Wisconsin – Madison and was a member of the 1990 national championship hockey team. He holds the Accredited Investor Fiduciary (AIF) designation as well as the Series 7, 9, 10, 63 and 66 licenses from FINRA. Tom resides in Stillwater, MN with his wife Tricia and their four boys. He is very active in the Stillwater community and is a strong supporter and active volunteer with the high school sports programs. Also available on your favorite podcast app and other media sites  

A conversation with Richard Mullen, Founding Partner, CEO, Pallas Capital Advisors Some of the best stories we share on this show are from advisors who essentially grew up in the business. Those who started out in the brokerage firm training programs, taking advantage of all that the firm offered and making the most of it—and then some. Take, for example, our guest on this episode, Richard Mullen. Rich started out cold calling at Lehman Brothers and then moved onto a training program at Prudential Securities. It was the early 90s and a very different world than now: That is, devoid of the technology we’ve come to rely upon today and more “holistic” as he describes it. He grew his business in the ultra-high net worth segment at Morgan Stanley Private Wealth Management and later moved to UBS. It was at UBS that he created what he refers to as a “Virtual Multi-Family Office.” It’s a concept that he says was “born out of necessity” and allowed him to pull together key team members and resources who were not a part of the UBS ecosystem. But eventually, like many entrepreneurial-minded advisors, Rich started running into situations where he and his team were still limited in what they could really do for their clients, which led him to explore his options. Today, the independent firm he launched, Pallas Capital Advisors, is a $1.75B RIA platform. In this interview with Louis Diamond, Rich discusses: The choice to explore options outside of UBS—and what triggered that decision. His first leap to join an RIA for additional scaffolding and support—and why he later decided to launch his own firm. The “Virtual Multi-Family Office” concept—and how it enabled him to offer a menu of services and create a level of continuity he could not otherwise achieve at UBS. The importance of inorganic growth via recruiting—and how he defined a strategy that helped drive success for Pallas Capital. Rich’s mantra of “doing what’s right for the clients” has motivated him to continually push towards new and creative ways to serve his ultra-high net worth clients with a level of continuity that he could not otherwise achieve on his own or as an employee. It’s a conversation that explores the potential derived through ingenuity and creativity—whether you are an employee or an independent business owner. Listen in… > Download a transcript of this episode… Related Resources Why Billion-Dollar Teams Move 7 Drivers That Impact Financial Advisors At All Levels. Read-> Interim Moves: A Growing Trend Among Advisors Advisors who feel the status quo no longer serves them – but ultimately desire independence – are opting to make an interim move rather than wait. Read-> Investing in Independence How Investors in Wealth Management Firms are Helping Wirehouse Advisors Make the Leap. Read-> Aligning Your Inward and Outward Pointing Compass A Process for Advisors Considering Change. Read-> Richard Mullen Founding Partner Chief Executive Officer Rich co-founded Pallas Capital Advisors with decades of experience managing all aspects of wealth for high net worth individuals. He is responsible for advising high net worth families, corporate executives, and business owners on the complexities of their financial health and legacies. Additionally, he oversees the investment management team, helping to construct portfolios and drive the firms’ investment philosophy. For more than 25 years, Rich has advised high net worth individuals and families in the areas of financial planning, estate and tax planning, investment management, and portfolio construction. Before Rich opened Pallas Capital, he was with UBS Financial Services for over eight years, where he co-founded Minot Light Advisors and was responsible for all corporate financial planning engagements and worked directly alongside the portfolio management team. Prior to UBS, Rich was a Senior Vice President and Senior Portfolio Manager at Morgan Stanley. He was one of only 168 U.S.-based Investment Representatives with Morgan Stanley Private Wealth Management (PWM), the exclusive ultra-high net worth division, providing highly customized investment counsel to CEOs, entrepreneurs, executives, family offices, stewards of families, and endowments. Prior to Morgan Stanley, Rich was a Vice President of Investments at Prudential Securities. Prior to entering the financial services industry, Rich worked in the US House as a Legislative Aid to U.S. Representative Morris K. Udall and as an assistant to U.S. Presidential Candidate Bruce Babbitt. In his free time, Rich enjoys playing golf, offshore fishing, and traveling. He is active in several local and national charities and serves on the board of a non-profit organization. He lives in Scituate, MA with his wife and three children. Rich received his Bachelor’s Degree from the University of Arizona and his ICP from the University of Pennsylvania – the Wharton School. Also available on your favorite podcast app and other media sites   Bro

A Conversation with Tash Elwyn, President and CEO of Raymond James and Associates Advisors’ ever-increasing desire for greater agency in how they serve clients and grow their businesses has driven the growth of models and firms outside of the traditional wirehouse space—and spawned the popularity of regional firms like Raymond James. Because there was a time in years past when an advisor might otherwise have eschewed the thought of leaving one of the wirehouses – the biggest and best names in the business – for a smaller and relatively unknown regional firm. But times have changed. According to the Advisor Moves scorecard on InvestmentNews.com, Raymond James Financial Services and Raymond James & Associates both placed on the top 10 list of transitions to the firm—with a gain of 425 advisors year-to-date as of this recording. So what’s the attraction? As President and CEO of Raymond James & Associates Tash Elwyn puts it, “it really is about the culture.” It’s about an environment dedicated to treating advisors like clients. Where their voice is heard, and they have the ability to choose just how much autonomy they want by opting for any of the firm’s multi-channel affiliations. It’s an ethos that comes from the top—and in this case, started at the bottom. Tash joined the firm as an advisor trainee in 1993 and worked his way from financial advisor to assistant manager, brand manager, head of the Private Client group, and on to the president and CEO role he currently holds. And, in fact, as he shares, he still has some clients he manages money for, so his perspective of being an advisor is fresh and real. In this episode, Tash talks about “growing up” with Raymond James and what’s driving the firm’s success, including: The notion that wirehouse advisors were indoctrinated in the belief that bigger is better—and how advisors and their clients are now thinking differently and that is spurring change throughout the industry. The attraction to firms with less bureaucracy and greater freedom to serve their clients—and how a regional firm like Raymond James offers a culture that advisors are nostalgic for. The battle over client ownership—and how for advisors at Raymond James & Associates, it’s actually written into the contracts that the advisor owns their clients. The difference between each of the four core businesses that comprise Raymond James Financial—and how providing choice via their multi-channel association model is an attractive value proposition for advisors and their clients. And, ultimately, how the term “regional” has come to describe firms with a more flexible, community-oriented culture with a national presence. In a world that seems to be evolving at a pace that few can keep up with, firms like Raymond James have found their way to get right to the heart of what’s changing most: Advisor mindset. And they’ve proven that a firm focused on providing greater latitude and choice in how an advisor conducts business can be successful for all. This is one more episode in our ongoing series exploring the regional space—worth the time to listen to and gain an understanding of how the model is changing within an evolving landscape. Listen in… > Download a transcript of this episode… Related Resources The New Regional Firms The Key Advantages That are Getting the Attention of Top Advisors. Read-> Redefining Regional Firms It’s More About Culture Than Geography. Read-> Advisor as Client: The Raymond James Model of Supported Independence With Jodi Perry, President of RJFS Independent Contractor Division. Listen-> Controlling My Destiny: Insights from a $300M UBS Breakaway With Lori Siegel, Founding Partner of Centrix Wealth Partners. Listen-> Tash Elwyn President and Chief Executive Officer, Raymond James & Associates As president and CEO of Raymond James & Associates (RJA), Tash Elwyn supports the financial advisors in our employee Private Client Group (PCG). Named president & CEO of RJA in 2018 and serving as RJA PCG president since 2012, Elwyn also was divisional director, senior vice president of the Atlantic Division of RJA for five years. Elwyn began his career at Raymond James in 1993 as a financial advisor trainee out of college. After building a successful practice, he became an assistant branch manager in Atlanta and subsequently a branch manager in Chattanooga. He serves on the Raymond James Executive Committee, Board of Raymond James Ltd., Board of Raymond James Investment Services Private Client Group, Board of Raymond James & Associates and as the executive sponsor of the Raymond James Diversity and Inclusion Advisory Council. A graduate of Emory University, Elwyn has continued to be active with the school throughout his career. He serves on the Emory College of Arts & Science Dean’s Advisory Council, and has served on the Emory Board of Governors, the Emory College Alumni Board and the Alumni Admissions Network, and as a mentor in the Emo

A conversation with Louis Diamond. While this topic is specific to Merrill, it’s certainly not meant to be an indictment against the firm. It’s an example of the growing pains experienced at any of the larger bank-owned firms as they struggle to balance growth and revenue—while managing thousands of advisors and creating layers of guidance designed to serve many. For example, in an attempt to stave off increasing advisor attrition by addressing some of the frustrations expressed by their advisors, Merrill Lynch rolled out a campaign called Project Thunder. Since its launch over the summer, there remains some unanswered questions: Does the campaign resolve what’s really bugging advisors most? Will these measures work to halt the tide of attrition? Or to put it another way, is it too little too late? This episode explores the answers to those questions and more, plus delves into what we’re hearing from advisors: Many want to take a “wait and see” approach. Is there any risk to staying put? Advisors are growing at record rates—especially this year. Why mess with success? Is Project Thunder the beginning of greater acknowledgement by Bank of America that there are changes that need to be made to stave off further attrition? And, ultimately, what can advisors expect in the coming months? To be sure, Merrill is a world-class firm with a strong platform, technology stack and brand respected more than most in the industry. And it wouldn’t take much to get advisors to stay put. And this is true of any large firm: Advisors don’t need all of their needs to be addressed. What advisors do want is to feel connected. They want to feel as though they are being heard. And they want to retain some agency over their business lives. Listen to learn more about how these changes impact employee advisors at all ranks at Merrill and other large firms. Listen in… > Download a transcript of this episode… Related Resources Merrill’s Project Thunder Do the Rumblings from Advisors Indicate an Approaching Storm? Read-> Merrill Advisors Ask… Answers to the most frequently asked questions when considering a transition from Merrill Lynch. Download-> Why Are So Many Merrill Advisors Moving Bracing for the Next Chapter. Read-> Merrill and the Protocol How Long Will the Marriage Last? Read-> When Faced with a “Retention Deal,” Merrill Advisors Will Have 3 Options The conversation around a highly anticipated “retention deal” from Merrill Lynch has advisors wondering, “If I get the offer, what should I do?” Read-> Will the rumored Merrill retention package materialize And will it be the “free lunch” advisors are hoping for? Read-> An Update on Merrill’s Enhanced CTP What it Means for Advisors, Their Next Gen and Clients. 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. Listen-> Betting on the Long-Term Former Merrill Resident Director Shares Why Her $1B Team Broke Away. Listen-> A Diehard Merrill Advisor’s Journey to Independence With Michael Henley of Brandywine Oak Private Wealth. Listen-> How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox A Conversation with Jim Dickson, Founder and President of Sanctuary Wealth Partners. Listen-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Ron Kruszewski, Chairman and CEO, Stifel Financial Corp. When we started this series some 4 years ago, we expected to share a handful of episodes that explored the independent space—hence the name Mindy Diamond on Independence. But we came to a realization: There was a far bigger story to tell. That is, one that was not focused solely on a model but instead on a mindset. An evolved state-of-mind amongst advisors who were eschewing the bureaucracy of the brokerage world they grew up in for models that offered greater freedom and control. Because the reality is that not all advisors are looking to cast aside their W-2s and become business owners. Instead, they are looking for more control over how they manage clients; more creativity in how they market their services; and ultimately, freedom from the bureaucracy that is preventing them from living their best business lives. Take, for example, regional firms. A moniker that once represented smaller firms with a limited geographic footprint has since taken on a completely different meaning in the evolved wealth management landscape. The new regionals are by no means small—and have come to represent a cultural appeal unlike their wirehouse counterparts. And those geographic limitations are also a thing of the past. In this episode, Ron Kruszewski, Chairman and CEO of Stifel Financial Corp., shares how the firm serves as an example of what the term “regional firm” represents today. That is, one with nearly 2,300 advisors managing some $400B in assets and $4.6B in projected revenue. And that’s a far cry from where the firm was back in 1997 when Ron became CEO: At that time, the firm’s revenue was at $100mm with assets under management at $8B. Stifel stakes the claim of being the only investment bank and financial services firm with 25 years of record revenue—even throughout the financial crisis in 2008. Today, Stifel is the nation’s 7th largest full-service wealth management and investment banking firm in terms of number of advisors. Ron talks about Stifel’s success, including: Their extraordinary growth—and how several strategic acquisitions made over the last 2 decades contributed to the firm’s accretion. The broad capabilities of Stifel’s global bank—and how that adds to the value advisors can offer their clients. The real difference between Stifel and other firms and models—and how the lack of bureaucracy is one of the most attractive qualities of the firm. Their independent channel—and how it competes with launching or joining an RIA. The firm’s entrepreneurial culture—and how that culture allows the advisors to act in their clients’ best interests. While culture is one of the most over-used terms in the industry, the fact is that it is often the main reason an advisor changes firms or models. As Ron shares, Stifel places a high value on an environment built around advisors and their ability to have agency over how they do business, with the bonus of support and community. And for many advisors, that’s the perfect mix. Listen in to learn more about Stifel and how it fits into the ever-expanding industry landscape. Listen in… > Download a transcript of this episode… Related Resources Redefining Regional Firms It’s More About Culture Than Geography. Read-> Optionality Under One Roof For Advisors Who Aren’t Quite Ready for Independence. Read> The New Regional Firms The Key Advantages That are Getting the Attention of Top Advisors. Read-> Industry Update A Deep Dive into the Wirehouses and Regional Firms. Read-> Ronald J. Kruszewski Chairman of the Board and Chief Executive Officer, Stifel Financial Corp. Ronald J. Kruszewski is Chairman of the Board and Chief Executive Officer of Stifel Financial Corp. and its principal subsidiary, Stifel, Nicolaus & Company, Incorporated. He joined the firm as Chief Executive Officer in 1997 and was named Chairman in 2001. Mr. Kruszewski is the current Chairman of the American Securities Association (ASA) and serves on the Board of Directors of the Securities Industry and Financial Markets Association (SIFMA). From 2014 through 2019, he served on the Federal Advisory Council of the St. Louis Federal Reserve Board of Directors. Additionally, he serves on the Board of Trustees for Saint Louis University and the U.S. Ski and Snowboard Team Foundation. Active in community affairs, Mr. Kruszewski serves as a member of the Chair’s Council for Greater St. Louis Inc. He is also past Chairman of the Board of Directors of Downtown STL, Inc. and past non‐executive Chairman of the Board of Directors of Angelica Corporation. In addition, he is a member of the St. Louis Chapter of the World Presidents’ Organization. In 2019, Mr. Kruszewski won the Horatio Alger Award and was selected for membership in the Horatio Alger Association of Distinguished Americans, which honors individuals who have overcome adversity to achieve success and who have demonstrated commitment to higher education and cha

A conversation with Monish Verma, Managing Partner, Vardhan Wealth Management There are so many great things about this breakaway story that we had a difficult time trying to pinpoint that “one thing” that was unique and buzzworthy. But the reality is that Monish Verma’s break from UBS to independence doesn’t have one special thing that we can share with you. It has dozens. Monish describes what is an incredibly instructive journey, starting with the thought process when considering change, on through to due diligence and decision-making, and ultimately how his choice to go independent is resonating today. A wealth management career that started in 1995 with Dean Witter and later Morgan Stanley, Monish moved to UBS in 2009 with $60mm in assets. As a sole practitioner, he set his sights on a path to grow the business and later added a sales associate. And it was that focus and a concerted effort to drive referrals that accelerated the growth of assets under management to over $350mm. Monish is clear to share his gratitude for all that he was able to achieve at UBS but one thing was lacking: Autonomy. He wanted greater agency in how he served clients, grew the business and hired team members—but he was limited by what UBS allowed. So he explored options in the landscape, coming close to choosing a transition deal with an outsized check—yet it was the strings attached that made him think twice. Instead, Monish was attracted a supported independence option from Summit Financial and in May of 2021, he launched Vardhan Wealth Management. And in the process, sold a portion of the business to gain equity in Summit—a move that he describes as a “partnership.” In this episode, Monish shares his journey with Louis Diamond, including: The choice to go independent vs taking a wirehouse transition deal—and how he reconciled foregoing an outsized recruitment check. Opting not to launch his own RIA firm—and the value he sees in launching his business with Summit Financial instead of going it alone. The decision to sell equity right out of the gate—and how doing so served to solidify his partnership with Summit. Making a non-Protocol move from UBS—and how that impacted his transition. A thorough due diligence process—and how exploring options “not on his radar” helped to inform his ultimate decision. Monish shares a journey that offers valuable lessons on how clarity of goals and vision can help lead you toward the right destination. And even when presented with what was an outstanding deal in the short-term, he saw greater value and opportunity in the long-term. Listen in… > Download a transcript of this episode… Related Resources Are You Selling Yourself Short by Selling Equity? Here are 5 things to consider. Read-> What you need to know about UBS leaving the Protocol What to be aware of before allowing your emotions get the best of you. Read-> Due Diligence: A Path to Self-Discovery, Not a Destination Seeing yourself through the lens of opportunity can inspire a new way of thinking about your business and allow you to reassess priorities and goals more freely. Read-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read-> Monish Verma, CRPS® Managing Partner Monish Verma is Managing Partner at Vardhan Wealth Management. He is a Chartered Retirement Plans Specialist℠ with more than 25 years in the wealth management business. Prior to founding Vardhan Wealth Management, Monish was a Senior Vice President and Senior Portfolio Manager at UBS Financial Services Inc. – running the Verma Wealth Management Group. Monish previously worked at Smith Barney and Morgan Stanley. He graduated Michigan State University with a Bachelor of Science in Communication Pre-Law and a minor in Business. Away from the office, Monish is active in the local community. He is past president and current member of the INDO American Chamber of Commerce and charter member of the Indus Entrepreneurs, Michigan Chapter. He is an avid tennis player. Monish and his wife, Roshnee, reside in Novi, Michigan and are the proud parents of three wonderful boys. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Greg Franks, Managing Partner, President and COO of Snowden Lane Partners 10 years ago, the thought of going independent was anathema to most advisors—and almost completely unheard of for a senior leader of a firm like Merrill Lynch. But to Greg Franks, the “bankifying” of Merrill – the firm that he served at for nearly 3 decades – was nothing short of “tragic.” In this episode, Greg talks about how initial optimism around the positives that Bank of America brought to the firm quickly turned to a battle that management fought in the background. Yet he speaks highly of his tenure there, serving in senior leadership positions in the US, Europe, and the Middle East where he also served as the Western Division Director, Mid-Atlantic Division Director and Regional Managing Director. And as a Managing Director with Merrill Lynch Wealth Management, he was responsible for over 5000 advisors, $450B in client assets and $4B in annual revenue. But it was a cultural shift that was being imposed by the bank – such as increasing minimum account sizes, cross-selling products and diminishing control that advisors had – that he and other fellow Merrill leaders, including Lyle LaMothe, who ran all of Merrill Lynch Wealth Management, could no longer stand behind. Today, Greg shares the story of his own leap to independence in 2011 from a ranking position at Merrill to the role of Managing Partner, President and COO of Snowden Lane Partners, including: What was going on at Merrill that motivated him to leave—and how those changes continue to impact the firm and influences the genesis of new models in the industry landscape. Leaving the wirehouse and vetting other opportunities from top firms—and why he felt they were all very much the same. The importance of starting out in the business as an advisor—and how that experience helped him develop a great deal of empathy and deep understanding of the role. His investment in the firm started by the former Business Risk Officer for Merrill, Rob Mooney—and how the experience he and his partners had at Merrill defines Snowden’s culture and value proposition today. What he sees as the real value of independence to a financial advisor—and how the freedoms associated with business ownership can be “intoxicating.” What makes the firm stand apart from others in the boutique space—and how a model like Snowden’s differs from what he left behind in the wirehouse world. While we often hear the advisor’s perspective of changes within the brokerage world, it’s even more powerful to gain the point of view from management and to understand what led up to those changes—that is, the behind-the-scenes fight to retain the freedoms that advisors once had. But as Greg shared, “It was a losing battle.” It’s an episode that gives an exclusive look behind the curtain – a first-hand perspective of a changing wealth management industry – with valuable insights for anyone who works in it. Listen in… > Download a transcript of this episode… Related Resources Why are so Many Merrill Advisors Moving: Bracing for the Next Chapter Whether inclined to stay or to go, advisors owe it to their clients – and themselves – to pay attention to what’s changing at the firm. Read-> Merrill and the Protocol: How Long Will the Marriage Last? 3 years after Morgan Stanley and UBS left the Protocol for Broker Recruiting, advisors are wondering if – and when – Merrill will follow suit. Read-> 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-> How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox A Conversation with Jim Dickson, Founder and President of Sanctuary Wealth Partners. Listen-> Greg Franks Managing Partner, President, COO Greg Franks is Managing Partner, President and COO of Snowden Lane. Previously, Greg was a Managing Director with Merrill Lynch Wealth Management, where he was responsible for over 5000 financial advisors, $450 billion dollars in client assets and $4 billion in annual revenue. Additionally, Greg was Maryland State President for Bank of America where he was responsible for integrating the various lines of businesses into a cohesive platform to better serve the clients of both the consumer and commercial bank and the wealth management business. In his 28 years with Merrill Lynch, Greg held various positions including Western Division Director, Mid-Atlantic Division Director and Regional Managing Director. Greg held positions in London, England where he was Executive Director of the wealth management office and in Dubai, U.A.E., where he was Regional Director of the Middle East. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Tom Stadum, Managing Partner of Fjell Capital In spring of 2020, most advisors were in over their heads trying to figure out how they were going to guide clients in a world locked down by the pandemic. Tom Stadum was managing $150mm in assets at UBS at the time. And while he was juggling the same upheaval that others were, it was also a big wake-up call to him: The wealth management world was going through an evolution like no other—and the thoughts he had already been entertaining about how his business needed to change grew stronger. At not even 30-years old at the time, Tom realized that he had a really long runway to take advantage of the greater opportunities that existed beyond the walls of his brokerage firm. So he dove head-first into due diligence – at a time when everything was virtual – and by August, Tom and his team launched Fjell Capital in Fargo, ND, with platform provider Sanctuary Wealth. Tom is a third-generation financial advisor: His grandfather started the practice some 60 years earlier at what was then Piper Jaffray. In 1992, Roger Stadum, Tom’s father, joined the family business and later became the successor. And Tom jumped on board right out of college in 2013. Just 2 short years later, Tom’s dad signed on to UBS’s retire-in-place program (the precursor to ALFA), with Tom in line to take over the reins. As someone still fairly new to the business, Tom admits it seemed like the only option at the time and, ultimately, he saw the program as a real opportunity for his dad to monetize his life’s work—as well as the benefit of taking over the book and building the business. But UBS started to change in ways they weren’t happy with. And Tom began to see how the industry landscape was evolving around them—with more exciting options becoming available seemingly every day. In this episode, Tom talks about this journey with Louis, including: The changes Tom and his father saw at UBS—and how they retained their focus on best serving their clients while Roger fulfilled the obligations of the retire-in-place agreement. The next gen perspective of retire-in-place programs—and how Tom handled the transfer of responsibilities from his father as well as communicating the transition to clients. The choice to conduct due diligence and move in the midst of a pandemic—and how “the handwriting on the wall” indicated that waiting would only put his clients and business at a disadvantage. The decision to go independent with platform provider Sanctuary Wealth—and why Sanctuary won over other options he considered. And much more. Tom is energetic and positive and shares wisdom well-beyond his years—with a point of view and relevant real-world lessons that both senior and next gen advisors will learn from. Listen in… > Download a transcript of this episode… Related Resources UBS ALFA Program: Understanding the Real Impact on All Advisors, Their Clients, Their Teams and Their Future Uncovering the potential – and hidden risks – of retire-in-place programs like ALFA often comes down to answering these 8 questions. Read-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read-> One Advisor, One Great Business, Three Possible Paths By embarking on due diligence with clarity on the “end game,” advisors can better align the pros and cons of each option and their impact on long-term goals. Read-> How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox A Conversation with Jim Dickson, Founder and President of Sanctuary Wealth Partners. Listen->. Tom Stadum Founder, Wealth Advisor As a third-generation financial advisor, Tom Stadum carries on the tradition of his grandfather and father by delivering comprehensive financial plans, prudent investment strategies, and timely service. Prior to founding Fjell Capital, Tom worked as a wealth advisor at UBS for more than seven years. He holds the Certified Private Wealth Advisor designation, Certified Exit Planning Advisor designation, Chartered Retirement Planning Counselor designation, and FINRA Series 7 and Series 66 licenses. Tom graduated from North Dakota State University College of Business with a degree in Finance. Outside of work, he enjoys golfing, racing sailboats, traveling, and spending time with his wife, Camila, and daughter, Lucy. Tom is active in the community and serves on several non-profit advisory boards. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Louis Diamond It’s a question that advisors often ask themselves when considering a move: “Should I go for the short-term windfall or bet on the long-term potential?” The merit of forgivable loans tied to recruiting is an ongoing debate in the wealth management industry. The decades-long convention for advisors considering change (especially those in the W-2 world) is to monetize the business by negotiating a lucrative transition bonus with competing organizations. Yet those on the independent side often talk about building long-term enterprise value and controlling one’s own destiny instead of focusing on deals. Louis Diamond explored the topic in an article for AdvisorHub, Advisor Recruitment: The Bull and Bear Case for a Forgivable Loan and given its popularity, we decided to take a deeper dive in this podcast episode. Is it wrong for an advisor to seek monetary remuneration for taking the risk and going through the hard work of a transition? Absolutely not! Is it better for advisors to self-finance their move and focus on the longer-term economics of independence? Possibly. Mindy and Louis consider both sides of the argument, including: The current state of deals—and how they differ depending upon firm and channel. The impact of advisor mindset—and how it has influenced change in the industry. The real value of a recruitment deal—and how to reconcile leaving potentially life-changing money on the table when going independent. The short-term windfall vs the long-term potential—and how to think through what’s best for your business life. This episode may not settle the debate over whether you should opt for a forgivable loan or not—but it will give you some food for thought when considering what’s right for you. Download a transcript of this episode… Related Resources The Self-Assessment for Advisors A subset of the more extensive assessment that we provide to our advisor clients is now available for download. Download-> The Juggling Act: Balancing Short-Term Needs and Long-Term Goals A process to help you identify and prioritize your immediate needs vs goals for the future when considering a move. Read-> Looking for the Biggest and Best Deal: Don’t be a Jerk! 5 things you can do to ensure you’re not giving off the wrong vibes and getting an inferior deal because of it. Read-> Show Me the Money How Independent Advisors Monetize in the Short-Term. Listen-> The Bigger Picture for Independent Advisors How to Monetize Your Life’s Work in the Long-Term. Listen-> Beginning with the end in mind How to chart an efficient course to your best business life. Read-> Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series…

A conversation with Rob Sechan, Managing Partner and Co-Founder, NewEdge Wealth Everything starts with a vision. In the early stages, it might be an idea that forms as a result of an experience, and over time it becomes more tangible. An image that is molded, nurtured and translated until it becomes something real. It’s how many of the greatest business ideas have come to fruition. And very much how it came to pass for Rob Sechan and his partner Jeff Kobernick. Because while at UBS, Rob and Jeff built an amazing business with nearly $5B in assets under advisement. And one would think that a team that size certainly has an “all-access pass” to anything UBS might have available for them to serve their ultra-high net worth clients. But as Rob shares, client service became increasingly difficult as UBS transitioned from what he describes as “an enabler to risk mitigator.” When it no longer felt like they could offer unlimited and unconflicted advice to their clients, it was time to explore ways in which they could. Yet in their exploration, they couldn’t find an option that aligned with their vision of a better way to serve their clients. That is, a firm designed for ultra-high net worth clients—a conflict free environment where advisors can become a customer of the Street with access the whole of market and all possible investment solutions. Plus, they expected the highest level of safety and stability, and the very best of technology, along with a community of like-minded individuals who have a shared desire to build something bigger than themselves. So they built what they felt would bridge the gap in offerings and in December of 2020, RIA firm NewEdge Wealth was launched. In this episode, Rob shares the journey that he and Jeff took, along with fellow UBS veterans Walter Granruth and John Strauss, Jr. The conversation delves into: The mega-business that he and Jeff built at UBS—and how changes at the firm over time impacted their ability to serve clients. The options they considered through due diligence—and why they felt there wasn’t one specific model or firm that aligned with their goals. The stellar team they assembled at NewEdge—and how partner EdgeCo Holdings adds value, stability, technology and talent to round out the vision. The specific gaps that NewEdge fills—and why he sees this as the “boutique firm of the future.” Yet it’s the advice that Rob shares that will continue to ring true whether you’re considering a move or not: “Exploration is mandatory if you want to remain competitive.” It’s an interview that explores how a vision turns into a reality—and ultimately results in the birth of a unique model in an evolving sea of options. Listen in… Download a transcript of this episode… Related Resources The Path to Independence in Two Steps or One – With Alex Goss of NewEdge Advisors (formerly Goss Advisors) Alex Goss of Goss Advisors (now NewEdge Advisors) speaks with Louis Diamond about his path to independence, starting in the wirehouse world, then on to the independent broker dealer (IBD) space before launching his own firm, now a leading platform for prospective advisors. Listen -> Why Billion-Dollar Teams Move 7 Drivers That Impact Financial Advisors At All Levels. Read-> The Limitations of Building a Billion-Dollar “Boutique Firm” within a Wirehouse: A UBS Breakaway Story A conversation with Terry Cook, CFP®, CIMA, Managing Partner of Parcion Private Wealth. Listen-> Investing in Independence How Investors in Wealth Management Firms are Helping Wirehouse Advisors Make the Leap. Read->   Rob Sechan Managing Partner & Co-Founder NewEdge Wealth Rob is the Managing Partner and Co-Founder of NewEdge Wealth. He also sits on the Executive Committee of NewEdge Capital Group where he helps run the day to day operations of the business. Rob specializes in advising clients on asset allocation, portfolio construction and opportunistic investing. Prior to co-founding NewEdge Wealth, Rob was a Managing Director at UBS where he served on the UBS Financial Advisor Advisory Council as Head of the Intellectual Capital Subcommittee which helped guide the firm’s tactical investment process. He has worked in financial services for over 25 years holding prior positions as a Managing Director at Lehman Brothers and Executive Director at Morgan Stanley. Rob is a regular on CNBC and has appeared on Fox Business. He has been recognized by both Barron’s and Forbes as a Top 100 Financial Advisor. Rob graduated from The Tepper School of Business at Carnegie Mellon University with a B.S. in industrial management and economics and an M.B.A. in finance and economics. He lives in New Canaan, CT. Rob enjoys time with his family, playing basketball, skiing and collectible automobiles. His philanthropic interests include Portfolios with Purpose and Filling in the Blanks. Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series…

A conversation with one of wealth management’s most influential thought leaders and the editor and publisher of Inside Information There are few in the financial services media that have the name recognition and clout of Bob Veres. And even less who are as smart—or as outspoken. Because for over four decades, Bob has been at the helm of journalism in the wealth management industry, having served as the editor of Financial Planning magazine; as a contributing editor to the Journal of Financial Planning; as a columnist and editor-at-large of Investment Advisor magazine; and as editor of Morningstar’s advisor web site. Today, Bob’s newsletter Inside Information and his annual Insider’s Forum conference serve as part guide, part master study group, and part networking community for advisors looking for the essentials on running and growing prosperous businesses and better serving clients. Bob has a unique perspective honed from a vast depth of experience and knowledge, filling a critical gap for our listeners, particularly prospective breakaways—because he comes at this not representing a firm or model, but instead, fully objective. In this episode, Bob shares his thoughts on the wealth management world—as it stands now and where it’s heading, including: The “rapid evolutionary shifts” that the financial services profession is adjusting to—and how the role of the advisor has changed as a result. A changing client mindset—and what advisors need to do to meet their clients’ dynamic needs. The shifting demographic towards younger clients—and how advisors and firms will need to adapt culture and processes to this new stakeholder. The “firm of the future”—and the changes advisors can start making now when it comes to advice, service and marketing. Plus, Bob’s keen sense of technology and its role in achieving excellence when serving clients and building a wealth management business is critical advice for those considering independence as well as current business owners. It’s one show to tune in to—if for nothing more than Bob’s unscripted and uncensored commentary. Download a transcript of this episode… Related Resources 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-> The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. Read-> An “Industry Outsider” Shows What’s Possible When Building a Financial Planning Firm from the Ground Up A conversation with Anders Jones, CEO and Co-Founder, Facet Wealth. Listen->   Bob Veres Owner/Commentator, Inside Information Bob Veres is editor and publisher of the Inside Information guide to trends and innovations in the profession, author of The New Profession, and for 20 years was a contributing editor and columnist for Financial Planning magazine. As a journalist, he has won several national awards, including the Jesse H. Neal Award from the American Business Media group, considered the most prestigious editorial honor in the field of specialized journalism, and the Azbee Award of Excellence from the American Society of Business Press Editors. Over his 40-year career in the financial services world, Mr. Veres has worked as editor of Financial Planning magazine; as a contributing editor to the Journal of Financial Planning; as a columnist and editor-at-large of Investment Advisor magazine; and as editor of Morningstar’s advisor web site: MorningstarAdvisor.com. He is a sought-after speaker for many of the planning world’s most important professional conferences. In addition, Mr. Veres co-produces the Insider’s Forum conference for independent financial advisory firms. Mr. Veres has been named one of the most influential people in the financial planning profession by Investment Advisor magazine and Financial Planning magazine, was granted the Special Achievement Award for service to the profession by the National Association of Personal Financial Advisors, and the Heart of Financial Planning Distinguished Service Award from the Denver-based Financial Planning Association. In addition to his professional activities, Mr. Veres has authored five novels: Song of the Universe, The Root of All Evil, Conversations With My Daughter, South of Maya and The Galactic Taxi Service. Email Bob to receive a sample of his newsletter. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Terry Cook of Parcion Private Wealth, Lori Siegel of Centrix Wealth Partners and Michael Henley of Brandywine Oak Private Wealth [video_embed embed_style=”default” url=”https://youtu.be/vtxVi5LPtUE” border=”0″ width=”100%” animation=”left-to-right” animation_delay=”2″ class=””] Podcast link available below… After more than 130 episodes of the show, one of the most common responses we’ve received from listeners is that they want to learn more—particularly when it comes to interviews with breakaways. That is, more about specific aspects of the advisor’s journey, as well as what they gained or lost on the independent side. So we saved some of the questions that listeners have asked over the past year, then sent out a survey via social media and email to find out what others might want to learn. After reviewing the submissions, we got our team together, looked at some of our most popular breakaway episodes and narrowed it down to three individuals who represented unique stories, client types and paths to independence. The result is this special episode – delivered in both audio only and video format – featuring a panel of three brilliant advisors who graciously took the time to dig into the details of their journeys: Merrill breakaway Michael Henley, founder and CEO of Brandywine Oak Private Wealth; UBS breakaway Terry Cook, CEO of Parcion Private Wealth; and UBS breakaway Lori Siegel, founding partner of Centrix Wealth Partners. Each opted for different paths to independence—Lori joining the independent arm of Raymond James, Michael launching his own RIA with the assistance of Dynasty Financial Partners and Terry choosing also to launch his own RIA but taking more of a “do-it-yourself” route. Each started their journeys at different asset levels—Lori at $300mm, Michael at $900mm and Terry at $1.3B—and have experienced extraordinary growth since their leaps. Each have different client niches—Lori working with high net worth clients, Michael primarily corporate clients and Terry with business owners and entrepreneurs. Each had different motivations behind their leap—yet shared similar goals. And while each have different views of some of the nuances of business ownership, one thing they all agree upon: Independence was the absolute right path for them. They answer all your questions and more (and since we promised complete anonymity, you won’t hear your name announced but you may recognize your question). So listen in – or watch – this exclusive episode. Download a transcript of this episode… Related Resources The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. Read-> Optionality Under One Roof For Advisors Who Aren’t Quite Ready for Independence. Read-> The Limitations of Building a Billion-Dollar “Boutique Firm” within a Wirehouse A conversation with Terry Cook, CFP®, CIMA, Managing Partner of Parcion Private Wealth. Listen-> Controlling My Destiny: Insights from a $300M UBS Breakaway A conversation with Lori Siegel, Founding Partner of Centrix Wealth Partners. Listen-> A Diehard Merrill Advisor’s Journey to Independence With Michael Henley of Brandywine Oak Private Wealth and Louis Diamond of Diamond Consultants. Listen-> Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series…

A conversation with Anders Jones, CEO and Co-Founder, Facet Wealth If there’s one thing that the pandemic taught us it’s this: Many clients are OK with not having face-to-face interactions with their advisors. In fact, there are a few firms that are providing proof of concept that the remote model works—and does so very well. And it took a 30-something CEO from Silicon Valley to make us pay more attention. Because when the pandemic hit, his firm already had a working model in which clients interacted remotely with their advisors. So in 2020 – while the world was shut down – they experienced 4x growth. The firm is Facet Wealth, founded by Anders Jones, a wealth management industry outsider. Anders recognized an opportunity to serve clients who no longer fit the big firm mold. It was a scenario propelled by the DOL fiduciary rule requirement that financial advisors act in the best interests of their clients—yet in a commission-based structure, that became more difficult to accomplish. So in 2016, Anders took a “ground up” approach and developed a fixed-fee-based independent firm that focused on the untapped market of mass affluent clients, many of whom fell outside of the asset minimum big firms required. Facet purchased those clients who lost their advisor relationships—a concept that provided a foundation for the nascent firm. Yet it was his mother’s vision that Anders credits as a “profound lesson” for him. Her career was devoted to making 401(k) retirement plans more accessible for everyday people—first at Fidelity and later at T. Rowe Price. In her words, “helping millions of Americans save for retirement.” Anders sees Facet as his mission to carry on where is mother left off, by “helping people achieve financial wellness.” To do that, Anders sought out to deliver completely unconflicted advice—free of the ties that bind fees to assets. Instead, Facet charges a flat annual fee reflective of the services provided. But how does a firm with a fixed subscription model make money? That’s where Anders’ fintech background shines. And it seems to be working. Aside from outstanding growth, the firm has raised more than $60mm in venture capital with backing from Warburg Pincus. Educated at Stanford with an MBA from Wharton, Anders takes a unique approach to business—no doubt gleaned from a dozen years as an early-stage investor in emerging tech markets as a founding partner at Argyle Ventures and prior to that with adtech firm LiveRamp. In this episode, Anders shares his story with Louis – providing a unique entrepreneurial perspective that’s both philosophical and analytical – including: The key drivers of Facet’s success—and how this unique model serves as a template for financial planning firms of the future. His background in fintech—and how that enabled him to take a different approach with technology designed not to replace advisors, but to make them more efficient and create scale. The strategy of targeting an “overlooked” population of clients—and how Facet’s subscription model enables their advisors to serve these clients effectively while generating revenue. The impact of the investment from Warburg Pincus—and Anders’ view of taking on a capital partner. The future is wide open for entrepreneurs like Anders: Who think with autonomy, seeing a need and building from the ground up to solve it, rather than trying to rebuild from an existing chassis. It’s an episode that offers a glimpse into the entrepreneurial mindset—and how that mindset is motivating change in the wealth management industry. Download a transcript of this episode… 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-> Investing in Independence How Investors in Wealth Management Firms are Helping Wirehouse Advisors Make the Leap. Read-> When is it too late to go independent? Many advisors wonder if they’ve reached an age where independence is just a bridge too far. Read-> Breakaway Advisor Builds Her Own Firm…And Wealth Follows Before independence was in vogue, this advisor left the comfort and familiarity of a big-name firm – plus significant chips on the table – to build her own RIA. And she did it without leveraging a service provider. Listen->   Anders Jones Founder & CEO Anders Jones is CEO and co-founder of Facet Wealth, a fintech company that is leading the shift to consumer-centric, subscription-based financial planning. In the last five years, Anders led Facet as it has grown to serve thousands of clients with a team of 250+, and raised more than $80M of venture capital backing. Prior to founding Facet in 2016, Anders spent 12 years in Silicon Valley as an early-stage investor as a partner at Argyle Ventures, investing in companies in emerging tech markets. Before joining Argyle,

A conversation with Dan Johnson, President & CEO, Birchcreek Wealth Management There’s real value to building teams in wealth management firms. For clients and the business overall, there’s strength in numbers—where the merging of talent offers the potential of greater operational efficiencies and growth. Plus, teams provide a built-in succession plan—keeping the business in-house should any of the advisors on the team desire to retire. Yet many of these teams were formed not by the intentional “coming together” of like-minded players, but instead more at the encouragement of the firm to join forces. A retention strategy of sorts—because being part of a team makes it more difficult to leave the firm. But it doesn’t always work out that way. While these team members may have developed efficient and amicable practices together, oftentimes the individuals never fully realize the synergies typical of a successful ensemble. That is, as my guest on this episode put it, they operate “more like a bowling team than a basketball team.” Dan Johnson saw real value in being a part of a multi-generational team at Merrill. As the youngest member of the group, he credits each of his partners for the knowledge he gained over his 8-year tenure. And he felt a real camaraderie existed, but there was still something missing. Yet there was one thing they were all aligned on: their frustrations over changes at Merrill. So as a group, they decided to explore their options. And it was through due diligence that it became apparent they each had different visions, goals and timelines, which ultimately led them each to consider different options. That is, while Dan was leaning towards independence, his partners were looking at other employee models. It’s a common story we’re hearing from advisors in recent years. Team members coming to a fork in the road where they need to honestly answer the threshold question: “Are we better together or apart?” And in this case, the team decided to go their separate ways—with Dan choosing independence, three of his partners opting to go to Morgan Stanley and one signing on to Merrill’s sunset program, CTP. So in August of 2019, Dan launched RIA Birchcreek Wealth Management based in Dayton, Ohio. In this episode, Dan speaks candidly about his journey, including: The process of exploration and decision-making amongst team members—and why he ultimately chose independence. The pros and cons of each option he considered—and what it meant to give up the recruitment deal at another firm. The prospects of staying at Merrill with a partner who was signing on to CTP—and why Dan opted not to become the inheritor of his book. The choice to leave some assets behind—and how this strategic intent to “shrink to grow” has impacted his business today. While it meant each member of his team choosing a different path, Dan shared those paths were the right ones for each of them and their clients. Yet it was his realization about independence that really resonates: “The growth potential will eclipse the moment-in-time windfall of taking a recruitment deal.” It’s an episode with insightful takeaways—whether you are part of a team, or an individual considering independence. Download a transcript of this episode…   Download the Partner’s Quiz Even the best relationships can reach a point where partners find themselves on different sides of the fence. As shared in this episode, we’ve outlined 10 questions that can help determine the “health” of the partnership and decide how best to move forward. !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 Teams: The Powerful New Retention Tool for Firms Being a part of a team can be a valuable way to build a business, until the ties that bind become a restriction on your future. Read-> Shrink to Grow: Why Advisors are Making the “Strategic Decision” to Let Go of Assets Wirehouse advisors are recognizing that being a true fiduciary is impossible as an employee—and it’s adding more fuel to the flow of movement to independence. Read-> Breaking Up: A Former $750mm UBS Advisor’s “Split” for Independence A conversation with Robert Harris, Senior Wealth Advisor, Avidian Wealth Solutions 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-> Stuck in Place: How Merrill’s CTP Has Senior Advisors Right Where the Firm Wants Them Advisors who accepted Merrill’s ironclad succession agreement are now realizing how stuck they really are—serving as a cautionary tale for those who have yet to sign on. Read-> &

A conversation with Paul Saganey, Founder and President of Integrated Partners Most of the biggest “breakaway-turned-independent-business-owner” stories shared on this show are about gaining more control—both over the growth of the business and the ability to act as true fiduciaries. It certainly was a motivation behind Paul Saganey’s 2016 decision to leave Lincoln Financial and build a multi-custodial hybrid RIA firm with LPL Financial. At that time, most would say he was already pretty successful as one of Lincoln Financial’s largest independent groups, having grown his business to $3.5B in assets—some of which was a result of a CPA referral network they were building. But with the DOL rule festering in the background, Paul said in an interview with InvestmentNews, “We felt having our own RIA and being able to control our own fee structure was the way to go in the future.” So while the DOL rule never really came to fruition, you might say Paul was prescient in his desire for greater control, as the hybrid RIA he built, Integrated Partners, now manages some $12B in assets. That’s pretty explosive growth in just 5 years’ time—leading Integrated to be recognized as one of the “Fastest Growing Financial Advisory Firms” by SmartAsset. In this episode, Paul shares the incredible story of how making thoughtful decisions with an eye towards the future can pay off in a big way, including: The decision to leave Lincoln Financial to form a hybrid RIA firm with LPL Financial as the broker dealer—and how doing so enabled Integrated to scale its business and better serve clients. The CPA referral network that Integrated developed—and how their unique relationship influences growth for the firm and the CPAs who participate. Their ongoing relationship with Lincoln Financial—and how continuing to offer Lincoln’s products to clients is a win-win. The importance of vision and leadership—and how Paul’s strong focus on “where the puck is heading” serves to drive success. It’s an episode that shares all of the ingredients that have come together to make Integrated a standout success story—and one of the industry’s hottest acquirers. Download a transcript of this episode…   Related Resources IBD vs. RIA: Which way should an advisor go? 5 differences – and potential limitations – every advisor should understand before they decide on which version of independence is right for them. Read-> The 5 Attributes That Make a Financial Advisor a “Real” Fiduciary Wirehouse advisors are recognizing that being a true fiduciary is impossible as an employee—and it’s adding more fuel to the flow of movement to independence. Read-> Independence Isn’t Just for the Most Entrepreneurial Advisors While you don’t need to have Jeff Bezos’ or Mark Zuckerberg’s level of entrepreneurial spirit, there are some key characteristics that most successful independent firm owners possess. Read-> 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->   Paul Saganey, CFP® Founder & President Founded in 1996, Integrated Partners (Integrated) is one of the largest and most successful independent financial services organizations in the country, serving over 20,000 clients nationwide.* As the leader of the firm, Paul** specializes in advisor practice acquisition, transition, coaching and enhancement. He leverages his extensive background to build a dedicated team ready to champion every step of this process – from an advisor’s first inquiries to an advisor’s preparation for major high net worth client meetings. Advisors are genuinely impressed with Integrated’s turn-key resources, systems and programs as well as the level of ongoing collaboration on best practices. Today, over 200 Advisors and Accountants nationwide successfully partner with Integrated. A further testament to our overall support and process for partnering with advisors is our industry-leading 95% advisor retention rate* . Paul collaborates extensively with industry professionals and peers, thereby gaining insights into the economic and regulatory landscape facing the industry. Integrated advisors feel well-positioned to take advantage of today’s opportunities and, in our rapidly changing industry, well-prepared to meet tomorrow’s challenges. Paul has written numerous articles for prestigious local publications such as The Boston Globe, The Boston Herald and the Boston Business Journal. Paul has been interviewed and quoted by InvestmentNews (Crain’s Wealth), The Wall Street Journal, The New York Times, and Financial Advisor-IQ, Financial Planning, Accounting Today, Proactive Advisor and PlanAdviser magazines. *Integrated Partners was ranked as the fastest growing RIA by SmartAsset. Ranking was for organic growth over last 3 years. **Paul was nominated for 2021 CEO of the year by Wealth Management Magazine. The nomination was for

With Gerry Goldberg, CEO and co-Founder, GYL Financial Synergies Some of the most successful businesses are born from concepts designed not in a boardroom or corner office on an expensive whiteboard, but instead in more austere environments. That is, with just a pen and some paper. Because it’s the ideas, goals and the vision to achieve them that matters most—not how or where they are developed. Our guest in this episode, Gerry Goldberg, can attest to that. Because he and partner John Yolles sketched out what their business would look like as an RIA on a paper tablecloth at a casual restaurant. But circling back nearly two decades prior, Gerry’s story starts with his transition from practicing law to wealth management in the 1990s at the predecessors to Wells Fargo Advisors. Gerry became a part of their ProfitFormula program which offered some “independence” within the wirehouse, then later “slid” into their independent arm, FiNet. After growing the business to some $4B in assets under advisement, he and John craved more independence. They wanted to be free of a broker dealer construct and access a true open-architecture opportunity set for their institutional and private clients. As he shares in this episode, their feelings were much less an indictment of Wells Fargo, and much more about wanting to be true fiduciaries to the clients—that is, to gain the ability to do more for them and offer more products and services beyond the standard solutions. So they decided it was time to explore their options and in 2016 launched the RIA firm GYL Financial Synergies, in partnership with Focus Financial Partners. And just five years later, they’ve grown their assets to $8.5B and tripled their revenue. In this episode, Gerry shares his story with Mindy, including: Starting in wealth management with zero in assets—and what it took to build it to $4B under the Wells Fargo Advisor umbrella. The motivation behind the decision to transition to FiNet—and how that move impacted their business. The desire for greater independence while at Wells Fargo—and how the “tension between the goals of a scalable enterprise like Wells and the ability to provide a bespoke experience for clients” became too strong to ignore. The catalysts of growth as an RIA—and how as GYL they were able to triple revenue and double assets in just five years. Gerry’s story is an incredible one—both relevant and relatable to prospective breakaways and independent business owners alike. Yet what resonates most is his closing advice: Don’t let fear preclude you from exploring your options. While it’s easy to allow inertia to guide you, doing so can mean “you’ll miss out on the opportunity of a lifetime.” Download a transcript of this episode…   Related Resources RIA, IBD or somewhere in between Which version of independence is right for you? Read-> IBD vs. RIA: Which way should an advisor go? 5 differences – and potential limitations – every advisor should understand before they decide on which version of independence is right for them. Read-> Optionality Under One Roof For Advisors Who Aren’t Quite Ready for Independence. Read-> Why Settle for “Good Enough” When Great is Possible? In a vastly expanded industry landscape with more high-quality options than ever before, some advisors settle for “good enough” when the potential for “great” is often within reach. What’s holding them back? Read->   Gerald B. Goldberg, JD, CIMA® CEO & Co-Founder As CEO and Co-Founder of GYL Financial Synergies, Gerry provides consulting services to corporations, municipalities, self-insurance funds, non-profit organizations and high-net-worth private clients in areas that include investment policy, asset allocation and investment management selection and oversight. He also advises clients on the structure and development of qualified retirement plans. Gerry lectures and authors articles on various investment-related topics, and has served as an adjunct professor in the MBA Program at the University of Hartford. Before co-founding GYL Financial Synergies in 2016, Gerry worked for Wells Fargo Advisors and its predecessors for 18 years. He was formerly one of 75 members of the Senior Consulting Council, Wells Fargo Advisor’s elite senior consulting group. Prior to Wells Fargo Advisors, Gerry practiced law for six years, most recently with the Boston firm, Bingham, Dana, LLP, and is currently a member of the bar in New York and Connecticut (not currently practicing). From 2010–2016, Gerry was recognized six times by Barron’s as one of “The Top 1,200 Advisors” (formerly “The Top 1,000 Advisors”) in the nation.1 He was also recognized by Financial Times as being among the “Top 400 U.S. Advisors of 2014.”2 Gerry obtained his JD from George Washington University and his BA in Political Science with a concentration in World Political Economics from the State University of New York at Binghamton. He holds the Certified Investment Management Analyst® certificat

With Louis Diamond When it comes to building a strong business, there is nothing better than a great partnership. Like a happy marriage, it provides the perfect environment for synergy, with added capacity and expertise, a path for succession and enhances the overall success for the advisors. And clients are the beneficiaries of all of the above. Yet like with any business, the shared mindset the advisors started out with years ago may not be the same today. It’s most often that these differences come to light when partners are considering their future. For example, one advisor may think the status quo is serving them well. While the other is intrigued by another firm or model that may offer them greater freedom and flexibility. It’s a common inflection point that leaves the partners wondering if this relationship is still right for them. So how do you determine if the differences are irreconcilable or if there is a happy medium that will leave you both feeling content and able to continue to grow and serve clients happily ever after? What happens if you no longer share the same vision or cannot come to a consensus? In this episode, Mindy and Louis discuss the genesis of partnerships—and 10 questions you should ask to determine if you’ve just hit a rocky patch or if breaking up may be the best path. Download the Partner’s Quiz Even the best relationships can reach a point where partners find themselves on different sides of the fence. As shared in this episode, we’ve outlined 10 questions that can help determine the “health” of the partnership and decide how best to move forward. !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 Download a transcript of this episode… Related Resources For Better or For Worse Is Building a Team or Partnership Right for You? Read-> Teams: The Powerful New Retention Tool for Firms Being a part of a team can be a valuable way to build a business, until the ties that bind become a restriction on your future. Read-> Partners at an Impasse: 4 Paths to Consider When Advisors Become Divided on their Futures It’s not always easy to get everyone on the same page with regards to a move. Here’s what to do to avoid getting stuck. Read-> Breaking Up: A Former $750mm UBS Advisor’s “Split” for Independence A conversation with Robert Harris, Senior Wealth Advisor, Avidian Wealth Solutions. Listen-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

With Ryan DeVore, Partner, Director and Global Head of Private Wealth Management, William Blair The control and flexibility of independence is certainly an attractive proposition, but for many advisors, the idea of going “independent” can feel like a bridge too far. And ultimately, they prefer to retain the support and scaffolding that a bigger firm can provide. That’s where firms in the boutique space have found their sweet spot—answering the call of these advisors with a best-of-all-worlds model that gives them the support and infrastructure of a big firm combined with a sense of independence and control with many fewer advisors and a great community. And they’re winning it in the race for top talent. Take a firm like William Blair, with a deep history rooted in a diversified business model that includes investment banking, investment management and private wealth management. Yet it wasn’t until Ryan DeVore, Director and Global Head of Private Wealth Management, joined the firm in 2012 that their PWM unit really took off—growing from $8B in assets under management to $57B today. Ryan got his start in wealth management at Morgan Stanley and its predecessor firms, rising up the ranks to executive director and manager of the northern Colorado complex. After 16 years with Morgan Stanley, he joined William Blair, establishing the firm’s wealth management footprint in the Boston market, and later into Atlanta, Baltimore, Los Angeles, New York City and San Francisco. As Ryan points out, William Blair’s success with top advisors is rooted in a model that provides “independence without being independent.” In this episode, Ryan talks about how they achieved such growth in less than a decade, including: The firm’s diversified platform and deep resources—and how that has contributed to the growth of their private wealth unit. The focus on a partnership culture—and how the notion of “collective success” wins over many top advisors. The role of their value proposition—and how it differentiates the firm from others like Rockefeller and First Republic. Their hybrid RIA model with Fidelity as custodian—and what Ryan sees as the advantage of this construct. Top advisors need not only look to big brokerage firms for the best in technology, platform, service and support. A boutique firm like William Blair offers all that and more, plus the added benefit of greater independence—and in this episode, Ryan offers a rare insider’s view and perspective. Download a transcript of this episode…   Related Resources The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. Read-> Independence Enhanced How to find support, resources and community in the independent space. Read-> Financial Advisors: 10 Reasons Why Independence May Not Be Right For You While many advisors are drawn to the freedom and control that independence offers, there are those for whom it may not be the “right” path. Read-> Beyond the Numbers: Key Insights from the Fidelity Advisor Movement Study A conversation with Scott Gorham, Vice President of Competitive Intelligence at Fidelity Institutional, and Louis Diamond. Read->   Ryan DeVore Partner, Director & Global Head of Private Wealth Management Ryan J. DeVore is a member of the firm’s executive committee and the global head of Private Wealth Management, which serves high-net-worth individuals, families, entrepreneurs, business owners, foundations, and endowments by providing thoughtful and sophisticated wealth management solutions. He leads a business of more than 100 wealth advisors and $54.9 billion in assets1. In 2015, he established the firm’s wealth management footprint in the Boston market, and since then has further expanded PWM into Atlanta, Baltimore, Los Angeles, New York City, and San Francisco. Mr. DeVore serves on William Blair’s executive committee, equity underwriting commitment committee, community impact board, and global inclusion council. Mr. DeVore has had extensive experience in financial advisory and business leadership roles. He joined William Blair after spending 16 years with Morgan Stanley Smith Barney and its predecessor firms, where he served as the executive director and manager of the northern Colorado complex. In addition, Mr. DeVore managed branches in Michigan, Colorado, and Illinois during his tenure with Morgan Stanley, and worked to make each market a client experience leader and financial performer. Mr. DeVore has been an entrepreneur and business owner, serving as an executive and owner of two companies. He is a regional trustee of the Naval War College Foundation, chairman of the Merit School of Music, a member of YPO Chicago-Windy City Chapter, a member of St. Francis Xavier Parish in Wilmette, and actively involved with other local charities. Mr. DeVore earned a B.B.A. from Eastern Michigan University and lives in Wilmette with his wife and three young children. Also available on your favorite podcast app and other medi

A conversation with Robert Harris, Senior Wealth Advisor, Avidian Wealth Solutions Many top teams are built on synergistic dynamics—where one advisor’s talents are complemented by another’s. These partnerships can provide the shared expertise that results in better service for clients and greater success for the business overall. But, like any relationship, there often comes a point where partners may find themselves on different pages. And it’s particularly common when considering the future of the business. That is, one may feel that the firm no longer serves them and it’s time to consider other options, while the other is content, with no desire for change. It’s at that point where some reach an impasse that can only be resolved by breaking up the team to go their separate ways. And the very scenario Robert Harris found himself in. Having built a strong business at UBS over more than two decades, Robert started questioning the status quo and decisions that the firm was making—which made him wonder what value they were ultimately receiving. But his partner didn’t share those feelings. After an intensive due diligence process, and a lot of introspection, Robert made the difficult decision to break up the team to pursue what he felt was best for his high net worth clients and the business overall. So in September of 2019, he joined Avidian Wealth Solutions (formerly STA Wealth). Robert candidly shares his story with Louis Diamond, including: The value of a partnership to both the clients and business—and how they are challenged when individuals find themselves with disparate visions and goals. The potential impact of retire-in-place-programs (such as UBS’s ALFA) on team members at different phases of their careers—and what each advisor needs to think about when a partner is considering signing on. The process one goes through when breaking up a team—and how Robert resolved that, both emotionally and financially. The pushes and pulls that led Robert away from UBS—and how, after exploring different options, he was drawn to independence. It’s certainly not easy to break up a partnership—particularly when strong feelings have developed over years of building a successful business together. But when the partners have different visions for the firm, it can be difficult to find a single path that will satisfy both. As Robert candidly shares, it ultimately comes down to being honest with yourself and doing what’s best for the clients overall. It’s an episode that will resonate with anyone who is currently in a partner or team construct—or considering one. Download a transcript of this episode…   Related Resources Partners at an Impasse: 4 Paths to Consider When Advisors Become Divided on their Futures It’s not always easy to get everyone on the same page with regards to a move. Here’s what to do to avoid getting stuck. Read-> Can (should) this partnership be saved? 6 questions you and your partner should consider before you hit the fork in the road. Read-> For Better or For Worse Is Building a Team or Partnership Right for You? Read-> Teams: The Powerful New Retention Tool for Firms|Being a part of a team can be a valuable way to build a business, until the ties that bind become a restriction on your future. Read->   Robert Harris,CFP® Managing Partner Robert brings more than two decades of investment management and financial planning experience in addressing the needs of high-net-worth families, entrepreneurs, and executives. He Joined Avidian Wealth Solutions in 2019. Prior to joining Avidian, Robert was a Senior Vice¬ President of Investments and Senior Portfolio Manager at UBS Financial Services Inc for over 20 years. Robert works with clients to develop personalized financial plans to achieve their goals for retirement, investment, business succession, and wealth-transfer planning. He offers a true family office experience by utilizing Avidian’s in-house team of credentialed financial planners, attorneys, tax professionals, and investment analysts to assist in all aspects of his clients’ financial lives. Robert graduated from Baylor University with a bachelor of business administration degree in Finance and received his CERTIFIED FINANCIAL PLANNER™(CFP®) education from Rice University. As part of his community involvement activities, Robert is involved in coaching youth sports, multiple missions that focus on adoption, church planting, Bible translation, and Angel Flight. He is also active at Christ Community Church in Houston. Robert and his wife, Ronna, have two sons, Luke and Logan. Robert enjoys traveling with his family, spending time at their lake house in Carlton Landing, Oklahoma, and all things aviation. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Bryan Garris, Managing Partner, TriaGen Wealth Management There’s a trend that’s been on the rise and shows no sign of stopping anytime soon: The drive toward independence led by the successors of multi-generational teams. Because as senior partners get closer to making the decision of whether or not to sign onto their firms’ retire-in-place programs, next gen leaders are in the background looking at options that could provide a better future with greater freedom and control over how they serve clients and build their businesses. And that same freedom and control extends to considering how the senior partners want to live the rest of their business lives. The guest on this episode, Bryan Garris, is a next gen who found himself in that very position. Bryan literally grew up in the business. As a child, he played in the Dean Witter office where his grandfather once worked, and his father Nick Garris and partner Orlo Elfes started building their practice. Just out of college, Bryan joined Nick and Orlo at Morgan Stanley and in 2008 the team moved to UBS. A decade or so later, Bryan started listening to this podcast, as well as those of Michael Kitces and others, and began questioning the value they were receiving from UBS—something he characterizes as a “misalignment” of the bank’s priorities with their own. Bryan wanted what he was finding other independent advisors had: The freedom and control to serve clients and not have to worry about selling products or obligations to the bank. He wanted true open architecture and the ability to market and build their brand. Ultimately, Bryan wanted to be a true fiduciary—and he could never see that as a possibility as employees in the brokerage world. But with two partners who had far less of a runway meant getting them on board with the vision he saw for their business as an independent firm. Yet it turned out to be a far easier sell than he expected. In May of 2020, the team, then managing $330mm in assets, left UBS to form TriaGen Wealth Management in Calabasas, CA, with transition support from TruClarity Management Solutions. Bryan talks candidly with Mindy about what motivated him to start “armchair exploration,” including: The drivers that made him investigate options outside of UBS—and why he felt independence was right for them. The conversations he had with his senior partners about their future—and how going independent could impact each member of this multi-generational team. The decision to pass on UBS’s ALFA program—and how they solved for Nick and Orlo’s ability to monetize their life’s work upon retirement. The challenges a next gen advisor faces when trying to establish their role in the business—and what Bryan did to ensure he was “carving his own path.” The “misalignment” with the firm that he and the team felt—and how that impacted their ability to serve clients as fiduciaries. The choice to work with TruClarity—and what Bryan saw as their value in the due diligence and transition processes and beyond. As Bryan learned more about what others like him were able to achieve in independence, he wondered, “Why not us?” It was that threshold moment that gave him the courage to build a clear vision for their future and a path to achieve it as TriaGen Wealth Management. It’s a great story that shares how the next gen is leading change—not only in individual practices, but in the wealth management industry at large. Download a transcript of this episode… Related Resources UBS ALFA Program: Understanding the Real Impact on All Advisors, Their Clients, Their Teams and Their Future Uncovering the potential – and hidden risks – of retire-in-place programs like ALFA often comes down to answering these 8 questions. Read-> Michael Kitces on Everything Financial Advisors Need to Know About Growth A conversation with the industry thought-leader, financial planner and host of the popular blog and podcast series. Listen-> Michael Kitces on How to Differentiate and Grow in a Competitive Environment One of wealth management’s leading voices shares his thoughts on the fundamental shifts in the industry, the leveling of the playing field and what advisors need to do to compete and thrive. Listen-> A Diehard Merrill Advisor’s Journey to Independence With Michael Henley of Brandywine Oak Private Wealth and Louis Diamond of Diamond Consultants. Listen-> Bryan Garris, CFP®, CEPA® Managing Partner Bryan Garris is a third-generation Investment Advisor Representative, a founding partner of TriaGen, and someone who knows that earning and keeping his clients’ trust is the most important part of this business. Raised in the industry, he co-founded TriaGen Wealth Management to carry on the mission of his father and grandfather: helping people create, grow, and protect their wealth for generations to come. Bryan understands that finances are highly-personal and that’s why he’s passionate about taking the necessary time to get to know his clients and u