The Diamond Podcast for Financial Advisors

A conversation with Tom Lewis, Certified Civil Trial Attorney at Stevens & Lee There’s no doubt that changing firms or models is a complex process. And even the thought of doing so often brings advisors to their knees with concerns over everything from portability to Protocol—and all that lies in between. Yet it’s the contractual obligations advisors may have to their firms that drive the most anxiety—and rightfully so.­ Attorneys tell us they’re getting an “avalanche” of outreach from advisors wanting to make sure that their employment agreements don’t bind them further to their firm. It’s an issue we’re seeing more and more of in recent years, as the wirehouses work harder to retain their top talent. Take, for example, retire-in-place programs—also known as “succession” or “sunset” plans. Almost every major firm has its own version, which allows senior advisors to retire, transfer their business to the next gen and monetize in place. These programs – such as Merrill’s CTP, UBS ALFA and Morgan Stanley’s FFAP – can be compelling for senior advisors who have every intention of retiring from their firm and being rewarded for their life’s work. Yet many advisors are finding that there are clauses and restrictions that further tie them and their next gen to the firm—limiting any optionality for now and in the future. Add to that an increasingly hyper-vigilant compliance environment, where advisors are feeling increasingly vulnerable and worried about possible termination. The reality is that whether you’re considering changing firms or not, there are plenty of potential landmines that all advisors need to be aware of. To shed some light on the key areas that advisors should be most concerned about, Tom Lewis, a Board-Certified Civil Trial Attorney at Stevens & Lee based in Princeton NJ, joins the show. Tom specializes in employment litigation and advisor transitions—and has firsthand knowledge of the ins and outs of advisor transitions, retire-in-place programs, and termination—all hot topics in today’s evolved wealth management landscape. In this episode, he and Mindy discuss: What’s behind the uptick in advisor movement—and the impact of the pandemic coupled with the growing restrictive nature of firms is causing many top advisors to consider their options. How Protocol and non-Protocol transitions differ—and while non-Protocol might take a bit more time and effort, moves have been successful, nonetheless. What he sees as the real benefits of retire-in-place programs—and what both senior and next gen advisors need to be aware of before signing these restrictive and binding agreements. What’s driving the recent wave of terminations for “internal acts”—and what advisors need to be aware of to make themselves less vulnerable. As Tom shares, “advisors should always operate with their eyes wide open.” That will help keep problems at bay, and also enable you to be available to opportunities as they present themselves. It’s an episode filled with priceless information for every advisor—whether you’re considering a move or not. Download a transcript of this episode…   Related Resources Stuck in Place: How Merrill’s CTP Has Senior Advisors Right Where the Firm Wants Them Advisors who accepted Merrill’s ironclad succession agreement are now realizing how stuck they really are—serving as a cautionary tale for those who have yet to sign on. Read-> Merrill’s Enhanced CTP: What it Means for Advisors, Their Next Gen and Clients [Video] Mindy Diamond sits down with breakaway Merrill Lynch executive Vince Fertitta to get his perspective on what an enhanced CTP program could look like. Watch-> 7 Things Advisors Need to Know About Succession Planning Actionable advice for all advisors – no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner – with Louis Diamond. Listen-> Avoiding Termination: How to Protect Yourself in a Compliance-Driven Brokerage World Advisors at big firms find themselves in a zero-tolerance environment where infractions that once garnered a slap on the wrist now may be considered grounds for termination. Read->   Tom Lewis: Tom Lewis, of Stevens & Lee, concentrates his practice in employment advisory and trial litigation, arbitration, mediation and employment counseling. He is a Board-certified Civil Trial Attorney by the New Jersey Supreme Court Board on Attorney Certification. Tom represents financial services and other companies and their executives in employment disputes and litigation, including restrictive covenant issues, non-compete agreements, claims of harassment, workplace discrimination, wrongful discharge, raiding and recruiting issues, employment agreements and severance agreements. He has litigated and arbitrated cases in numerous states and jurisdictions, and regularly appears in state and federal courts and before FINRA, the EEOC and various state civil rights agencies. He also litigates restrict

A conversation with Scott Gorham, Vice President of Competitive Intelligence at Fidelity Institutional, and Louis Diamond The conversation around “increased advisor movement” might seem anecdotal and obtuse at times, yet it’s anything but. The proof of such commentary comes from many of the industry’s leading reports—one most commonly referenced is the Fidelity Advisor Movement Study. Conducted by Fidelity regularly since 2014, it’s a cross-industry survey exploring advisor movement within and across industry channels, with a focus on what advisors perceive as the benefits and barriers to making a move. As a result of the pandemic, the 2020 Advisor Movement Study was conducted in two phases—allowing the intelligence team to isolate how the crisis impacted actual movement and whether it played into their mindset and consideration of changing firms or models. To get greater detail on the numbers – and how they impact individual advisors and the industry as a whole – Louis Diamond sat down with Scott Gorham, Vice President of Competitive Intelligence at Fidelity Institutional. In this episode, they break down the data most relevant to advisors and share key insights, including: Why 2020 was such a strong year for advisor movement—and which channels were the biggest winners of top talent. How the pandemic impacted the recruitment journey—and why the imposed work-from-home environment actually served as motivation for many advisors. What the most common concerns are for advisors who are considering change—and if those concerns were alleviated post-transition. What the advisor movement journey looks like—and how that’s changed over the years. As Louis and Scott discuss, even with the world turned upside down in 2020, advisor movement was incredibly strong. Yet it’s statistics like 90% asset portability and 30% growth for RIAs that are most compelling. Listen in to learn the trends that are anticipated to drive change into the coming year and beyond. Download a transcript of this episode… Mentioned in the episode: Five Stages of the Advisor Movement Journey Infographic Five Stages of the Advisor Movement Journey Report Related Resources How “The Year Unlike Any Other” Will Reshape Wealth Management in 2021 No one could have predicted what 2020 had in store for us, yet through it all, many advisors are finding themselves better off because of it. How is that possible? Read-> How Are So Many Advisors Moving During the Covid-Crisis? With travel restrictions and advisors working from home, how can advisors conduct due diligence and change firms? Ultimately, it comes down to 2 key elements that haven’t changed: commitment and trust. Read-> Working from Home: For Some Advisors, It’s a Test Drive of Independence The pandemic may be the “shock to the system” that further accelerates the already robust movement towards the independent space. Read->   Scott Gorham: Scott Gorham is Vice President of Competitive Intelligence for Fidelity Institutional. In this role, Scott and his team are responsible for providing actionable insights enabling the business to compete against most effectively both industry stalwarts and startups. A twenty-three-year Fidelity veteran, Scott joined Fidelity in 1998 as a financial analyst. He began his competitive intelligence work in 2004 within the Finance organization where he spent his first 10 years at Fidelity. His previous competitive intelligence roles were in support of Fidelity Personal and Workplace Investing and the former Fidelity Brokerage Company. Prior to that, he worked in Fidelity Personal Investing Finance supporting the Product Groups of Mutual Fund Distribution, Brokerage, FundsNetwork, Portfolio Advisory Services and Private Wealth Management. Scott holds a Master of Science in Finance from Suffolk University, an MBA from Quinnipiac University, and a Bachelor of Science degree in Criminal Justice from Northeastern University. He passed the Chartered Financial Analyst Level I exam and completed the Securities Industry Institute® program, sponsored by SIFMA, at the Wharton School of the University of Pennsylvania. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with John Peluso, President, First Clearing Multi-channel models have become one of the hottest options for advisors considering change in recent years—fueling growth in the channel with some of the biggest names in the business jumping on board. This “choose your path” concept has been around for a while, designed largely to accommodate a firm’s existing advisor force, offering a path to those interested in independence while retaining these advisors as part of their firm’s ecosystem. And it’s an appealing concept for sure. It offers both traditional W-2 employee and independent platforms under one roof—essentially designed to support an advisor for the lifetime of his career, even as his interest in different models may change over time. One such example, and a pioneer of the multi-channel model, is offered by Wells Fargo Advisors and its affiliated clearing and custody service provider First Clearing. John Peluso – wealth management industry veteran and President of First Clearing, joins the show to talk about the multi-channel model, including: How advisor mindset is driving change within the landscape—and how optionality and flexibility are the basis for these new models. How the appeal of the multi-channel model is attracting advisors to Wells Fargo—and what John sees as the impact of the model to the wealth management space as a whole. How Wells Fargo and First Clearing differentiate amongst the competition—and what they’re doing to remain relevant within a continually growing landscape. What he views as some of the greatest challenges for wirehouses—and how firms like Wells Fargo are evolving as a result. What he sees as the major trends in wealth management—and how independence will continue to be one of the driving forces of change in the industry. In a landscape that seems to evolve daily, firms are constantly challenged to up their game in terms of features and benefits that appeal to their advisor constituents. And just as John notes that the most successful advisors demonstrate their value by their actions, the same holds true for the most successful firms. So listen in to learn more about this popular model and how a firm like Wells Fargo’s First Clearing is creating value and optionality in the expanding landscape. Download a transcript of this episode… Related Resources 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-> The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. 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-> 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-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read->     John Peluso: John Peluso is a Senior Managing Director at Wells Fargo Advisors and the head of First Clearing. He is responsible for the strategic direction and management of First Clearing, including building key relationships with current and prospective broker dealer and RIA principals. John has worked in the financial services industry for over 30 years. Previously, he was President of Wells Fargo Advisors Financial Network and was responsible for setting the strategic direction for the management, satisfaction, retention and organic growth of the firm’s independent representative channel. John also served as a Managing Director in the Wells Fargo Advisors Private Client Group where he led the business development efforts for retail brokerage recruiting and was the National Director of profit formula. Prior to that, he held various positions within Wheat First Securities, a legacy firm to Wells Fargo Advisors. John earned his bachelor’s degree in economics from the College of William & Mary and his MBA from Virginia Commonwealth University. He completed the Wachovia Executive Leadership Program at the Keenan-Flagler Business School of the University of North Carolina–Chapel Hill and is a graduate of the SIFMA Securities Industry Institute at The Wharton School of the University of Pennsylvania. He holds FINRA Series 7, 9/10, 24 and 65 registrations. He served as past chair of the SIFMA Independent Firms Committee, a former board member of the Wealth Advisory Institute and a former executive member of the Athletic Educational Foundation of the Col

A conversation with Louis Diamond Advisors who are considering a change of firms or models often have a lot of questions—and they should. Because the reality is no decision this big should be made without digging deep and looking closely at how one’s goals align with that of either their current firm or another firm or model they might be thinking about. This episode tackles the 10 questions we get most frequently from advisors—and dispels some of the myths and misperceptions that often stop them from realizing their true potential. Listen in as Mindy and Louis share perspectives from both sides of the table on: How to determine if a move is warranted. What to consider if there’s still time left on a note or if a move will mean leaving behind substantial unvested deferred comp. What typical post-transition portability looks like. How senior advisors should weigh a retire-in-place program vs other options. What next gen advisors need to consider when senior partners are considering their firm’s retire-in-place program. What the top destinations are for advisors who’ve moved recently. How a Protocol move differs from a non-Protocol move. How clients are responding to moves away from firms with “big brand cachet.” Why advisors move from their current firms when they’re in growth mode. How to decide if it’s better to partner with another team or go solo. The truth of the matter is that there are often as many questions to ask as there are advisors who ask them. Yet the answers provided in this episode are likely ones that most advisors – even those for whom change may be well down the road – will find helpful and thought-provoking. Related Resources Stuck in Place: How Merrill’s CTP Has Senior Advisors Right Where the Firm Wants Them Advisors who accepted Merrill’s ironclad succession agreement are now realizing how stuck they really are—serving as a cautionary tale for those who have yet to sign on. Read-> Next Gen Advisors Are Questioning Whether “Inheriting a Book” is Really Worth it Rather than just signing on the dotted line of their firm’s retire-in-place plan, next gen inheritors (and their senior partners) are hitting the pause button and striving to be more educated consumers. Read-> A Wake-Up Call for Wirehouse Advisors: Why Many are Re-Assessing the Status Quo Firms make it easy to stay put for the entirety of an advisor’s career, yet many are feeling “uncomfortable” with that notion—worrying that what got them “here” may not get them “there.” Read-> Resurgence in Wirehouse Recruiting: Are the Tides Shifting? After a hiatus, wirehouses seem to be back in the game—and some in a really big way. Read-> If you’re interested in receiving a copy of the self-assessment mentioned in this episode, click here to email Mindy. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Jeff Thomas, Founder/CEO of Archetype Wealth Partners While the ultimate decision to make the leap to independence varies from advisor to advisor, one deciding factor they often share is the desire to “do better” for their clients. As Morgan Stanley breakaway Jeff Thomas put it, he did not want to have his epitaph read, “Here lies Jeff. He made rich people richer.” And no doubt, Jeff knows how to make people richer. He built a business from scratch to over a million dollars in just five years, and it kept growing from there—on up to a billion dollars in assets under management while at Morgan Stanley. But as his business grew, even though he was happy in his personal life, he felt he lacked purpose. Jeff realized that it was time to go deeper in the planning process with clients and create a closer connection between their values and the resources available to them. After 25 years of working for the biggest names on Wall Street, Jeff and his team concluded that they could only pursue that vision by starting their own independent firm. So, in April of 2017, they left three-quarters of their billion-dollar business at Morgan and launched a completely fee-based firm called Archetype Wealth Partners in Houston, Texas. Their goal: To provide a next-generation, conflict-free platform where advisors and clients could flourish. And some 3 years later they more than doubled their assets to over $500 million as of this recording. Jeff is a stand-up guy, with accolades that include being named to Morgan Stanley’s Chairman’s Club, plus recognitions from Barron’s and Financial Times. He’s also an author, capturing the story of his journey in Trading Up: Moving From Success to Significance on Wall Street. In this episode, Jeff shares how independence has changed his perspective on the wealth management industry, including: The defining moments that led him and his team to consider independence—and why they chose to build their own firm from scratch. Their decision to go “fee-only” right out of the gate—and how they reconciled leaving the bulk of their assets behind. How they were able to double their asset base so quickly as an independent firm—and whether they could have achieved similar growth at Morgan. What he’s gained in the independent space both as an advisor and a business owner—and how that compares to what was available to him in the brokerage world. The benefits of having a niche business—and how that impacts Archetype’s bottom line. For Jeff, independence was the only path he could see that would provide him and his team the ability to move from “success to significance” as he puts it—and serve their clients as true fiduciaries. And one might say, they’re succeeding in that mission and then some. It’s a great story of how an advisor, driven by purpose, can build the business of his dreams—with valuable lessons for employee advisors and business owners alike. Related Resources Why Billion-Dollar Teams Move: 7 Drivers That Impact Financial Advisors At All Levels When mega-teams move, the entire wealth management industry takes notice—and for smart financial advisors who are paying attention, there’s much to be learned. Read-> What’s Changing at the Wirehouses—and Why You Need to Pay Attention As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. 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-> 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-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read->     Jeff Thomas: Jeff was named to Morgan Stanley’s Chairman’s Club (top 2% of advisors) in 2008. From 2009 to 2013, Barron’s magazine recognized him as “One of Texas’ Top Financial Advisors”. After 25 years of working at some of the biggest names on Wall Street, Jeff founded Archetype Wealth Partners, LLC., a pure fiduciary platform designed to help clients thrive across generations by connecting their money with their purpose. From advisors who are wired for more to high-capacity business owners, he is passionate about fueling leaders for greater impact. Jeff is the author of Trading Up: Moving from Success to Significance on Wall Street. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Lisa Salvi, Vice President, Business Consulting & Education, Schwab Advisor Services In an industry driven by numbers, there’s an unquenchable interest in data and key performance indicators (KPIs). While the data gathered has greater significance to the industry as a whole, for an advisor or firm owner, studies that analyze peer performance provide benchmarks to help guide their strategic paths as well as their position relative to others in their space. While several studies are frequently referenced in the industry, one of the most well-respected is the Schwab RIA Benchmarking Study. The 2020 study represented 1,010 advisory firms that custody with Schwab – some $1.1 trillion in AUM – representing nearly a quarter of the assets in the RIA space, which is reportedly at $4.8 trillion according to Cerulli data. The results are intended to help advisors align with their business plans, track progress against their strategic goals, and identify opportunities for improvement—yet its value goes well beyond. As Lisa Salvi shares, the RIA Benchmarking Study serves as a guide to the overall health of the independent space with both a broader view and keen insight into growth and trends. And then it digs deeper into the behaviors of firms that are the “outperformers” – those highest ranking in assets and revenue – such as key drivers of assets, priority focus areas, organic growth, M&A, technology, marketing, compensation and talent. As the Vice President of Business Consulting and Education at Schwab Advisor Services, Lisa leads the team that conducts the annual RIA Benchmarking Study and the Compensation Study, plus programs that support the development of advisor talent through executive education and student initiatives. In this episode, Lisa takes a deep dive into the data and findings from the recently released 2020 Schwab RIA Benchmarking Study. It’s an exclusive level of information and access for our listeners—a degree of which is typically shared only in part or amongst Schwab advisors. In addition to discussing the overall state of the industry in 2020, the conversation focuses around key factors that contribute to the success of the “outperformers,” including: The real impact strategic planning has on success—and the most critical initiatives top RIA firms focus on. The key drivers of assets—and the relationship to “laser-focused” marketing and optimized client experiences. The real value in a firm’s value proposition—and how being authentic is rooted in both research and strategy. The role of client profiling—and how that can translate into a strong organic growth tool. Adapting to a virtual world—and how the most successful firms found an advantage in optimizing the client experience, plus attracting new clients and top talent. The best independent firms in the industry don’t get that way by accident. As Lisa described and the Schwab study reveals, it’s all about strategic planning, laser focus, and building a firm with the end in mind. It’s an episode filled with actionable advice for advisors and firm owners alike, that will help each continue to grow and thrive well into the future. Related Resources Gaining Scale: Why it Matters to Your Advisory Practice Scale seems to be the buzzword du jour, but what does it really mean for your practice? Read-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> Exploring M&A: Finding the perfect match between buyers and sellers Acquirers typically fit into one of 4 profiles: Here’s how to identify which types of sellers will align best with each. Read-> Strategically Exploring M&A in the Independent Landscape Which of the 4 types of acquirers would be a good fit for your business? Read-> 2020 Schwab RIA Benchmarking Survey Insights Findings from the 2020 RIA Benchmarking Study from Charles Schwab reaffirm essential pathways to success. Discover some of the key insights… Read->     Lisa Salvi: Lisa Salvi is a member of the Advisor Services leadership team and is responsible for Schwab’s Business Consulting and Education offer. Her team develops and manages programs and one-on-one consulting engagements designed to help independent advisors make lasting and significant improvements within their firms by focusing on key business, technology, and cybersecurity issues. Salvi’s team leads the annual RIA Benchmarking Study, the Compensation Study, and programs that support the development of advisor talent through executive education and student initiatives. They also provide insights and tools that help the Advisor Services sales and support teams deliver outstanding client service to independent advisors. Salvi has worked with fee-based advisors since 2003. Since joining Schwab in 2007, she has held several positions, including Chief of Staff to Bernie Clark, head of Advisor Services. Salvi holds a bachelor’s degree from the University of California, Los Angeles, and the

A conversation with Louis Diamond on next gens, the art of “co-leadership” and future-proofing your firm. The concept of “succession planning” is one that many view only as a means to an end—designed to fill a gap for an outgoing leader to ensure continuity. While that is one outcome of such a plan, there’s much more to it. The real intent of succession planning is to “future-proof” the business—by developing a strategic guide that builds upon the leader’s vision with a focus on sustainable scale and continual growth for the future of the firm. In this episode, Mindy and Louis Diamond share their succession planning journey—which recently culminated with the announcement that Louis will assume the role and responsibility of President of Diamond Consultants, while Mindy retains the title of Chief Executive Officer. They share key lessons learned in the process, including: The value of “co-leadership”—and how that translates to an opportunity to “divide and conquer” to increase capabilities. Finding the right fit in a next gen—and how differences in style, experience and knowledge often add up to a better match. Empowering through trial runs—and how this technique yields results that enable leaders to gauge readiness. The essentials of planning—and identifying the proper timing and messaging for the transition. Defining roles and boundaries—and how both are critical to adhere to, particularly when there are personal connections and bonds which can easily interfere. The value of open-mindedness—and why it’s vital that everyone remain receptive to new ideas, processes and even advice. It’s a conversation that takes a positive and fresh look at succession planning and what it can mean for the lifeblood of a business with helpful advice for employee advisors and business owners alike.   Related Resources Recruiter Diamond Consultants Names New President From ThinkAdvisor: Diamond Consultants has named Louis Diamond as its new president. Louis, previously executive vice president, takes the baton from Mindy Diamond, who remains CEO of the advisor recruiting and search firm she founded in 1998. Read-> 5 Lessons Learned in Our Own Succession Planning Process The real intent of succession planning is to “future-proof” the business—by developing a strategic guide that builds upon the leader’s vision with a focus on sustainable scale and continual growth for the future of the firm. Here’s how we did it…Read-> Succession Planning: A Cautionary Story for Independent Advisors Avoiding these 6 most common mistakes will help protect an advisor’s business, clients and legacy. Read-> Rethinking Succession The Steps You Need to Take to Get Ready for the Future. Read-> Multi-Generational Teams at a Crossroads Wirehouse Sunset Program or Independence? Read-> Merrill Advisors Ask… Answers to the most frequently asked questions when considering a transition from Merrill Lynch. Download-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Adam Birenbaum, CEO of Buckingham Wealth Partners, and Louis Diamond It may come as a surprise that not every leader in the wealth management industry starts off with a background in the financial space. That said, the role does require a level of innate creativity, along with strategic and critical thinking skills—and it certainly doesn’t hurt to be mentored and nurtured by those who paved a “multi-billion dollar pathway” towards success. For example, Adam Birenbaum, CEO of Buckingham Wealth Partners, graduated college and jumped into the energy industry. Yet he felt it wasn’t the right path: What he really wanted to be was the next “Jerry Maguire”—a master dealmaker for sports icons. So he went to law school and worked at Buckingham as an unpaid summer intern. It was a role Adam returned to each year until becoming a full-time employee upon graduation in 2005. Rising through the ranks at the RIA firm – from compliance manager to chief compliance officer and then on to general counsel – enabled him to witness the planning and decision-making processes that propelled the firm’s initial growth. Just pushing past the height of the financial crisis in 2010, Buckingham announced the succession plans for the $12B firm—and Adam was designated to lead them into their next chapter. While Adam may not have started out as the most likely candidate for the role of CEO, it was indeed a role he earned as he learned, it was indeed a role he earned as he learned—and demonstrated by leading the firm’s decade of meteoric growth through smart business decisions and a strategic inorganic growth path. During Adam’s tenure with the firm, they’ve closed over 40 M&A deals, bringing their total in assets to over $50B—extraordinary results, particularly from a leader who considers himself an “accidental entrepreneur.” Today, Buckingham is a destination for top advisors and teams, and one of the stars of Focus Financial’s network—something Adam credits to their “obsession with helping independent advisors design, build, and protect financial lives.” In this episode, Adam shares the Buckingham story with Louis Diamond, including: The impact of taking on investment partner Focus Financial Partners in 2007—and how it’s not limited to capital, but also provides expertise in due diligence and deal structure. The $235mm deal with turnkey asset management platform Loring Ward—and how the TAMP offers more than an increase to their bottom line. Advice for prospective breakaways and independent advisors who have a goal of acquiring firms—and red flags to watch out for in the deal-making process. Plus, the headline-making additions of industry powerhouse Michael Kitces of Pinnacle Advisory Group and long-time contributor to Kitces.com Jeffrey Levine of BluePrint Wealth Alliance—and why two such high-profile leaders would close their RIA firms to join Buckingham. There’s a lot to learn from this conversation with Adam. He shares how his unique combination of drive and passion for the business is only compounded by his vision for growth—and how having the right team can make all the difference in the success of a firm. 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. 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-> 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-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read->     Adam Birenbaum: As Chairman and Chief Executive Officer of Buckingham Wealth Partners, which is comprised of Buckingham Strategic Wealth and Buckingham Strategic Partners, Adam Birenbaum provides the dedicated, strategic leadership critical to advancing the organization’s position as one of the leading financial firms in the United States. Equally important to implementing his progressive vision for the future is his commitment to the organization’s enduring legacy and his role of being the standard bearer of the history, values and culture established by the firm’s founders. Adam has successfully carried the torch from one generation to the next, maintaining the dynamic enthusiasm and client-first approach that has allowed our business to thrive. Early on in his professional life, Adam followed his interest in finance to a job focused on valuation, transactions and restructurings. W

A conversation with Terry Cook, CFP®, CIMA, Managing Partner of Parcion Private Wealth We often talk about how advisors’ mindsets have changed, having evolved to wanting more from their firms. And likewise, clients, too, are looking for more from their advisors. And as such, many advisors – particularly those managing high net worth clients – are coming to realize that the wirehouses cannot answer these changing demands. That is, managing to the lowest common denominator imposes limitations on advisors when it comes to customizing client service. For example, just over a year ago, Terry Cook was managing $1.3B in assets at UBS—a business he built over nearly 3 decades in the wirehouse world: 17 years at UBS and 9 years prior at Merrill. As Terry tells it, their 13-member team operated much like a boutique multi-family office within the wirehouse, serving a small number of clients; primarily affluent, multi-generational business owners. But as time went on, he found their clients wanted more from them beyond investment management—from booking travel to advising on health care choices. All things, as he puts it, “that would give any wirehouse heartburn” should you even consider it. In fact, when Terry submitted a presentation for a group of high net worth prospects, it was returned red-lined—with many items that the wirehouse deemed “not the advisor’s role.” As a self-proclaimed planner and problem solver, Terry realized that firms like UBS simply cannot support a business like his. Ultimately, to meet the additional lifestyle management demands of his clients, be more nimble and offer a broader suite of services, he’d need to make a change. So in October of 2019, Terry, partner Kyle Caouette and their team left UBS and launched independent RIA firm Parcion Private Wealth in Bellevue, Washington. In this episode, Terry talks candidly about the journey – both as a wirehouse advisor and now as a business owner – including: What he and his team needed to consider in the decision to make the leap—and why independence proved to be the better option over another wirehouse. What he found to be limitations in how he served his clients—and what specific “additional resources” and services fell well outside the margins of what was allowable at UBS. How the notion of the “commoditization” of investment management impacted their decision to build an independent firm—and how being “untethered” allows them to better meet their clients’ needs. How compensation is different as an independent firm—and how the ability to equitize his staff improves everyone’s opportunity to succeed. For Terry, making the leap was “like taking the ankle weights off” in terms of how he can serve his clients and grow his business. Now, untethered, he and the team at Parcion could specifically meet their clients’ demands and help them in the areas that they needed the most—which fulfills the responsibility of being a true fiduciary. It’s a great conversation that explores the true potential of an independent firm when it comes to servicing clients—a candid eye-opener for captive and independent advisors alike. Related Resources 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-> 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-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read-> UBS Advisors Ask… Answers to the most frequently asked questions when considering a transition from UBS. Download->   Terry Cook: Terry Cook is the managing partner of Parcion Private Wealth; an independent multifamily office that partners with business owners, entrepreneurs, and their families to optimize wealth events and beyond through smart planning, strong advocacy and prudent investment management. With more than 26 years of experience, Terry has designed Parcion Private Wealth as the next step in helping his clients preserve the legacy they’ve built to support their families and communities. Prior to founding Parcion, Terry was a managing director and founder of the Cascade Group of UBS Private Wealth Management. Throughout his career, Terry has focused on providing advanced planning around cash flow modeling, wealth transfer goals, customized investment policies and guiding through major liquidity events. As a leader in the community, Terry serves on the national board for the Institute for Function

A culmination of the most relevant commentary on independence—from a year unlike any other. In the wealth management world, there was plenty of good news to come out of 2020. For instance, many advisors have reported that it was one of their best years ever in terms of growth. And from the perspective of recruiting, advisor movement was the strongest ever. Ultimately, advisors forged ahead with the intent of serving their clients and growing their businesses with the best of their abilities. And those who were motivated to find better ways to do so, chose to transition to options that offered them greater freedom, flexibility and control. Because, despite the pandemic, as David Bahnsen of The Bahnsen Group shared, this period of time was when the most successful advisors were “living out their philosophy”—and exercising the freedom and control that being independent offers them. Or as David put it, “to be able to do everything exponentially,” with enhanced ability to market and brand themselves, create original content, and demonstrate competence and thought-leadership. And it’s commentary like this that David shared on our show that we celebrate – advice from the top 10 independent business owners featured in the past year – in a special episode representing the 100th in our podcast series. It’s a distillation of our conversations, demonstrating common threads weaved throughout—related themes and nuggets of wisdom that answer the threshold question: Why independence? This hand-picked curation of top advice includes: The real benefits of independence when it comes to communication, marketing, customization, technology and client service—and ultimately the ability to offer conflict-free advice. Thoughts on wirehouse retire-in-place programs—and how these advisors found better solutions by going independent. The psychology behind “shrinking to grow”—and shifting from an “employee-advisor mindset” to a “fiduciary-entrepreneur mindset.” What the real value of independence is for clients—and why so many are actually “happy” to part with a big brand. Why an advisor would choose to turn down the big recruiting deal—and instead opt to play the long game. What it takes to compete against the big banks—and how the ability to “shop the Street” translates to better service for clients. The growth of supported independence models—and how these solve for an advisor’s desire for greater freedom and control when independence feels like “a bridge too far.” What it takes to build a business with the end in mind—and how to determine when or if it’s time to sell or bring on an investment partner. And, ultimately, how to shift your focus from “getting” to “giving”—a concept that helps deliver immense value. The “Best of 2020” roster features: David Bahnsen, Chief Investment Officer, Managing Partner at The Bahnsen Group Melissa Bouchillon, Managing Partner at Sound View Wealth Advisors Jeff Concepcion, Founder and CEO of Stratos Wealth Partners Joseph Eschleman, President of Towerpoint Wealth, LLC Elizabeth “Lizzie” Evans, Managing Partner at Evans May Wealth Jason Fertitta, President/Partner at Americana Partners Justin Berman, Principal and CEO at Berman Capital Advisors, LLC Jon Kuttin, CEO of Kuttin Wealth Management Lori Siegel, Founding Partner, Centrix Wealth Partners Lee Korn, Financial Advisor, Principal at Opal Wealth Advisors Plus, a special “bonus” message from Bob Burg, co-author of the bestseller Go-Giver series. It’s a digestible download of independence from those who know it best—that is, those who are building successful independent businesses designed for the long-term. Whether you’re an employee advisor or independent, it’s an episode that offers valuable takeaways and actionable advice. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

With the end of 2020 in sight, Mindy Diamond takes her annual look back—at the year no one could have ever predicted. In this episode, Mindy shares that despite the pandemic and the disruption to everyone’s lives, there was plenty of good news for the wealth management industry, most notably: Many advisors report having the best years of their careers. Advisor movement has been incredibly robust, with year-end projections estimating 9% of all advisors will change firms or models in 2020—the highest in the past decade. What contributed to this extraordinary growth and movement? Mindy explores the key factors, including: How the wirehouses aggressively got back in the recruiting game—and are working hard to make up for market share lost in the past 5 years. The “work from home” mandate—and how it gave advisors time for self-reflection and the privacy to evaluate other options without interruption. The new lens through which advisors viewed their business lives—and how it opened their eyes to the fact that they desire freedom of choice more than anything. What’s changed for senior advisors—and how the next gen is stepping up in ways like never before. How advisors have come to view their businesses as businesses—and are looking to build robust enterprises that have real value at the end of the day. How the landscape has further evolved—revealing more turnkey models and capital options for those looking to monetize and de-risk a move. Mindy digs deep into 2020 to reveal 10 trends that have already emerged and are destined to reshape 2021 in ways like never before—with a new generation of “change-makers” leading the charge. It’s an episode for all advisors and independent business owners—one that will help define practices and alter the industry as we know it.   Related Resources 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-> Your Guide to the Wealth Management Landscape An At-A-Glance Map for Financial Advisors. Download-> How Are So Many Advisors Moving During the Covid-Crisis? With travel restrictions and advisors working from home, how can advisors conduct due diligence and change firms? Ultimately, it comes down to 2 key elements that haven’t changed: commitment and trust. Read-> Working from Home: For Some Advisors, It’s a Test Drive of Independence The pandemic may be the “shock to the system” that further accelerates the already robust movement towards the independent space. Read-> One Outcome Of The Pandemic? For Financial Advisors, It’s New Opportunities At Home—And Beyond Financial advisors are using this “work from home” environment as an opportunity to evaluate their firms as well as their own business lives. Read-> The Momentum of Movement: Where Advisors Are Going…And Why Originally broadcast at the AdvisorHub Virtual Summit 2020. Watch-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Jon Kuttin, CEO of Kuttin Wealth Management, and Louis Diamond Building a successful business is no easy feat—especially if you are the one leading the charge, as well as working on the day-to-day tasks to move the ball forward. The guest on this episode was once in that same position. Jon Kuttin, CEO of Kuttin Wealth Management, was a junior at SUNY when he entered the financial services industry as an intern with IDS—the precursor to Ameriprise Financial. And by the time he graduated, he had two licenses completed. His early success – which he credits to two advisors who served as his mentors and a lot of hard work – led him to get involved in mentoring others at Ameriprise. 26 years later, Jon’s 60-person independent Ameriprise firm manages $2.4B in assets, derived primarily by organic means through an alliance with a CPA—which developed into a game-changing referral engine. So it comes as no surprise that Jon has many industry accolades under his belt, including Barron’s Top 100 Advisors List, Barron’s Hall of Fame Advisor and Forbes Best in State, as well as being named the top Producing Advisor on the Ameriprise platform. Yet accolades aside, Jon realized that if he wanted to build a business designed for growth, he needed to change his focus from “working in the business” to “working on it.” So, he transitioned his role from client-facing advisor to CEO—a change that he felt was imperative to take the business to the next level. You might say that Jon “cracked the code on growth,” developing processes designed to continuously create scale. And now he has his sights set on strategic recruiting and acquisition practices to drive the firm forward and ultimately build a lasting legacy. As Jon puts it, the firm is now “fishing with a net instead of a pole”—using focused growth strategies that he also shares with other advisors through his consulting practice. In this episode, he and Louis Diamond get under the hood on these topics and more, including: What it took to build out a $2.4B firm on the Ameriprise Financial platform—and how that process or potential might compare to another firm or model. What it takes to build a successful referral engine—and how to evolve it over time to drive even greater levels of organic growth. How he came to the realization that he needed to become a full-time CEO for the firm—and the steps he took to transition from the advisor role. How he’d counsel a younger advisor with aspirations to grow a $1B+ practice—and the threshold questions advisors should ask themselves when planning for growth. Plus, Jon shares an inside perspective on independence, the evolution of Ameriprise over the years, and much more. It’s an in-depth conversation with plenty of actionable information—relevant to any advisor whether you’re working at a wirehouse or are an independent business owner. Related Resources 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-> The Billion-Dollar Mindset: What Drives Top Advisors? Adopting these 12 characteristics can change your growth trajectory. Read-> The Most Misunderstood Broker Dealer in the Independent Space A conversation with Bill Williams, Executive Vice President, Ameriprise Franchise Group. Listen->   Jon Kuttin: Jon Kuttin is a Barron’s Hall of Fame Advisor with 25+ years of experience leading and growing a financial advisory practice. As the CEO of Kuttin Wealth Management, a private wealth advisory practice of Ameriprise Financial Services, LLC, Jon helps guide the strategic vision of the practice as they seek to become known industry wide as a leadership development factory. Driven by a mission to build leaders and give back to the financial services industry, Jon regularly speaks and contributes articles on CPA alliances, leadership, acquisitions, recruiting, and other topics for numerous publications including Financial Advisor Magazine and Barron’s. His practice is headquartered in Hauppauge, NY and has offices across the country. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Melissa Bouchillon, CFP®, Managing Partner, Sound View Wealth Advisors There’s no doubt that the wirehouses provide a solid foundation for building a wealth management business. In fact, a recent Fidelity study shows that these massive firms employ some of the industry’s most productive advisors. Yet, for all that the big brokerages offer, advisors are still feeling limited in their ability to serve their clients and grow their businesses as they see fit. And regardless of the ties that bind them, movement out of the space continues to rise. For example, the guest on this episode was a producing manager at Merrill Lynch, running their office in Savannah, Georgia. As Resident Director and Market Leader, one of Melissa Bouchillon’s roles was to “encourage advisors” to sell bank products to their clients. Yet over time, her marching orders from the bank started to feel manipulative—the weight of which she could no longer take. In a conversation with her husband Kelly, who was part of the team, they came to the following conclusion: “If we’re going to do this for the next 20 years, it can’t be here at Merrill.” So, in March of 2018, they made the leap to independence, launching Sound View Wealth Advisors in Savannah. But it wasn’t all that simple: They had one member of their team in Merrill’s retire-in-place program CTP and would need cash upfront to repay the firm—as well as leave some assets behind. In this episode, Melissa discusses that decision in-depth, plus: What changed at Merrill—and how those pushes led them to acknowledge the pulls towards independence. How they were able to compensate a member of their team who recently signed on to CTP—and how “honoring their commitments” to this advisor drove their decision-making process. Why they chose to partner with Focus Financial—and the benefits of supported independence for those considering the leap. How a producing manager or Resident Director can remain loyal to the firm—and still embark upon exploration of other options. And ultimately, they made a conscious decision to leave $150mm of their $1B in assets behind—essentially shrinking with the intent to grow. And grow they did, projecting to be at $950mm by the end of 2020. Melissa shared so many words of wisdom, but most compelling was her thoughts about the psychological shift required to be a successful independent business owner: It’s about going from the mindset of an advisor who is focused on asset growth to the mindset of a fiduciary—which is all about how to serve clients best. Related Resources 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-> An Update on Merrill’s Enhanced CTP: What it Means for Advisors, Their Next Gen and Clients A special episode with guest Vince Fertitta, Merrill breakaway executive, now President of Sanctuary Wealth. Listen-> 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 Louis Diamond. Listen-> A Diehard Merrill Advisor’s Journey to Independence With Michael Henley of Brandywine Oak Private Wealth and Louis Diamond. Listen-> How a Legacy Merrill Team Experienced 600% Growth in 10 Years With Bill Loftus of Coastal Bridge Advisors and Mark Dupont of Focus Financial Partners. Listen->   Melissa Bouchillon: Melissa co-founded Sound View Wealth Advisors to create an independent, boutique, client-focused firm. She truly cares about her clients and creating a positive impact on their financial lives. Melissa spends a lot of time getting to know her clients’ goals in order to create detailed, customized financial plans that incorporate all aspects, including cash flow management, gifting strategies and estate planning techniques aimed at providing intergenerational help to families to secure their financial futures. This plan then serves as a roadmap to build out customized investment strategies that help protect and preserve her clients’ wealth. Before Sound View Wealth Advisors, Ms. Bouchillon joined Merrill Lynch in 2004. During her time at Merrill Lynch, she served as a First Vice President-Wealth Management with the Bouchillon, Ham & Dekle Group and Senior Resident Director managing the Skidaway Island Office. She is a Certified Financial Planner™ , a designation awarded by the Certified Financial Planner Board of Standards, Inc. In addition to her passion for helping her clients, Melissa is on the board of organizations near and dear to her heart, including the Landings Military Relief Fund, Marshes of Skidaway Island and the Savannah Music Festival. She is a wife and mother, an active runner and an avid volunteer. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series&#823

A conversation with Rush Benton, Senior Director, Strategic Growth of CAPTRUST and Louis Diamond The ability to serve clients without conflict and with complete objectivity is typically the reason many advisors choose to build their own independent firms. Because as an RIA, advisors can design and grow their practices as they see fit—liberated from the corporate agenda that is part of the fabric of brokerage firms. And it is through this “liberation” that we’ve seen the growth of several massive RIA firms making headlines through smart acquisition practices alongside solid organic growth. One such firm, CAPTRUST, launched back in 1997 when Fielding Miller and David Perkins broke away from the regional brokerage firm Interstate/Johnson Lane to pursue an “innovative fee-based advisory approach” and fulfill their commitment to ensuring complete objectivity in all client interactions. It was a journey they started with just $2.5mm in revenue and client assets under advisement of $400mm. 2 years later, assets grew to $1B. And now, 2 decades later, the firm reports over $400B in assets under advisement. It’s a success story that revolves around a firm’s determination to build upon the commitment and vision of its founders, as Rush Benton, CAPTRUST’s Senior Director of Strategic Growth, describes it. He joined the firm back in 2013 after serving as co-founder and CEO of WealthTrust, one of the first consolidators of RIAs. Today, Rush leads the company’s wealth management acquisition efforts, in search of what he describes as “durable firms” looking to be acquired. So when it comes to growth through acquisition, Rush knows his stuff. In this episode, he and Louis Diamond have a spirited conversation, including: The backstory to the firm’s success—and how the founder’s vision guided their growth from $400mm in AUA to $400B in just two decades. What CAPTRUST does to foster growth, garnering a $1.25B valuation—and even more specifically, how the firm manages this growth through what Rush calls “sustainable scale.” Their methodology of pursuing scale in two distinct yet interconnected market segments—and how this impacts their growth trajectory, as well as that of advisors under their umbrella. The challenges, headwinds and opportunities facing financial advisors—and specific issues facing the 401k consulting market that is leading to M&A activity. The decision to take on a minority investor—and how a cash inflow from GTCR will influence their M&A strategy. Fielding and David started their journey with the goal of “sitting on the same side of the table as the client and acting as a real fiduciary.” And the result of building upon this vision has led to the creation of one of the industry’s largest independent firms. It’s firms like CAPTRUST that have demonstrated the true potential of the independent space—and provide many learning experiences for both independent firm owners looking to gain scale and prospective breakaways who have their sights set on building an enterprise. 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-> Gaining Scale: Why it Matters to Your Advisory Practice Scale seems to be the buzzword du jour, but what does it really mean for your practice? Read-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> The Bigger Picture for Independent Advisors: How to Monetize Your Life’s Work in the Long-Term While the freedom and flexibility of the independent space is attractive to many, it’s the long-term economic potential that’s the real draw for entrepreneurial-minded advisors. Read->     Rush Benton: As senior director for strategic growth, Rush leads the company’s wealth management acquisition efforts by sourcing durable firms looking to be acquired and cultivating collaborative negotiations between CAPTRUST and those prospective wealth acquisitions. Since joining the firm in 2013, Rush has been a critical piece of growing the CAPTRUST’s private wealth assets through the acquisition of independent, fee-based registered investment advisors (RIAs). Prior to joining the firm, Rush served as co-founder and CEO of WealthTrust, one of the first consolidators of RIAs. Rush earned a Bachelor of Arts degree in economics from Vanderbilt University and holds the Chartered Financial Analyst (CFA®) designation. He has been in the industry since 1984. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Mark Sear and David Hou, Managing Partners of Evoke Advisors In our last episode, Mark Sear and David Hou shared the early chapters of their incredible journey—breaking away from Merrill Lynch in 2008 to form their own RIA firm Luminous Capital, and in 2012 selling that firm to First Republic Bank for a whopping $125mm. In this episode, Mark and David pick up where that story left off: That is, with their 2019 announcement that they would be leaving First Republic to form a new RIA firm, Evoke Advisors. It’s a rare glimpse into the mindset and motivation of two top advisors who were breakaways not once, but twice—and their quest to remove limitations that were impeding their efforts to build a “new paradigm for wealthy families.” This in-depth conversation digs into… Their thoughts on running a wealth management practice as an employee versus an independent business owner—and how each affects an advisor’s ability to grow his business. How building an RIA in 2019 is very different than it was in 2008—and what Mark and David learned the first time around that informed their decisions for Evoke Advisors. The role inorganic growth plays in their new firm—and what it’s like to be on the other side of the M&A table. Their view of retire-in-place programs—and the potential impact on client services. Mark and David share many lessons for advisors in these two episodes but there’s one in particular that stands above all others: Always do what’s best for the clients. If you haven’t listened to part one of this series, you can listen to it here.   Related Resources Why Billion-Dollar Teams Move: 7 Drivers That Impact Financial Advisors At All Levels When mega-teams move, the entire wealth management industry takes notice—and for smart financial advisors who are paying attention, there’s much to be learned. Read-> Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. Read-> Multi-Billion Dollar Teams Ask: “Have we priced ourselves out of the market?” Even the most elite advisors get “stuck” by “unchallenged beliefs”—but the good news is, there’s a way to break free. Read-> Industry Update: Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors The 3rd of a 3-part series on the landscape of the wealth management industry explores today’s boutique firms – a quasi-independent model – focusing on the top 2 firms in particular: Rockefeller Capital Management and First Republic Wealth Management. Listen-> What It Really Takes to Build an RIA Firm—with Matt Sonnen, PFI Advisors It’s no small task to build an RIA firm. There are some breakaway advisors willing to do the heavy lifting on their own, others do not have the capacity, time nor desire. In this podcast episode, Matt Sonnen of PFI Advisors gives a realistic view of resources and requirements, plus compares and contrasts the different paths you can take. Listen-> An Investment Banker’s Perspective on Building a Firm for Maximum Value—with Liz Nesvold of Silver Lane Advisors In this podcast episode, Liz Nesvold, founder and managing partner of Silver Lane Advisors, joins Mindy to explore what it means to build your business with the end in mind, and why it’s one of the most critical directives an RIA firm owner should follow. Listen->   Mark Sear: Mark is a Managing Partner at Evoke-ARIS. Mark has served as a financial advisor to wealthy families and institutional investors since 1993. He began his career at Goldman, Sachs & Co. and five years later joined Merrill Lynch to help build the Private Banking and Investment Group. In 2008, Mark and his partners founded Luminous Capital, which First Republic Bank acquired in 2012. While at First Republic, Mark served as a Senior Managing Director. Barron’s and Forbes have ranked Mark perennially as one of Top 100 Wealth Advisors in the country. Mark received his BS in business from the University of the Pacific (UOP) and an MBA from the Leavy School of Business at Santa Clara University. He was an NCAA collegiate golfer at UOP, and is an active supporter of SCS Noonan Scholars, a foundation providing funding and support for intercity college-bound youth. Mark lives in Manhattan Beach with his wife and has two adult children. David Hou: David is a Managing Partner of Evoke-ARIS. He has served as a financial adviser to wealthy families and institutional clients since 1992. David began his career in the Goldman, Sachs & Co. Private Client Services Group and six years later joined Merrill Lynch to help build the Private Banking and Investment Group. In 2008, David and his partners founded Luminous Capital, which First Republic Bank acquired in 2012. While at First Republic, David served as a Senior Managing Director and was a member

A conversation with Mark Sear and David Hou, Managing Partners of Evoke Advisors In May of 2008 – just 4 months before Bank of America would acquire Merrill Lynch – one of the biggest breakaway stories in the history of the space hit the Street. Mark Sear and David Hou, managing more than $5B in assets, would leave Merrill—becoming part of an exclusive group of pioneers of the independent movement that would forever change the face of wealth management. The team started their journey at Goldman Sachs, leaving in 1997 to join Merrill with a reported $1.6B in assets and a good deal of knowledge in working with ultra-high net worth clients. After their departure from Merrill in 2008, they formed RIA Luminous Capital and grew it to $5.5B in assets—before making history again in 2012. That’s when they sold the firm to First Republic Bank – itself a Merrill breakaway, of sorts – for a headline-making deal of $125mm—which even Liz Nesvold, who represented First Republic in the acquisition, called a “marquee deal.” But this incredible story doesn’t end there—because in 2019 Sear and Hou decided to leave First Republic and the rest of the Luminous team to form a new RIA, Evoke Advisors. Their story is nothing short of amazing on so many levels. First off, to make the break back in 2008 – at a time when independence was in its infancy – meant taking the biggest leap of faith ever. The cottage industry designed to support breakaways was non-existent at the time—it was a “build your own” world. Yet, even with all of the support now available, to split the team up and make the leap again—well, takes some extraordinary mettle. No doubt, it’s trailblazers like Mark and David who set in motion a movement that has incredible momentum—with more and more advisors opting for the freedom and flexibility of independence every day. In part 1 of this 2-part episode, the team talks about the first few chapters of their incredible journey, including: What drove them to leave Merrill in 2008—and make the leap to independence at a time when it wasn’t in vogue to do so. What it was like to build an RIA with limited external support—and what they learned from the process. Why they chose to sell Luminous to First Republic—and what factors drove their decision. What life was like at First Republic—and how that compared to their experience as employees at Merrill and as an independent firm. Why they chose to leave First Republic—and how they explained the move and formation of the new firm, Evoke Advisors, to their clients. It’s rare access to hear firsthand what it’s like to make the leap to independence not once but twice, plus the overarching motivation in their decision-making process. That is, to create a sophisticated Multi-Family Office focused on serving the best interests of their clients—the latter which is the imperative that drives them. Part 2 of this episode is now available. Click here to listen in…   Related Resources Why Billion-Dollar Teams Move: 7 Drivers That Impact Financial Advisors At All Levels When mega-teams move, the entire wealth management industry takes notice—and for smart financial advisors who are paying attention, there’s much to be learned. Read-> Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. Read-> Multi-Billion Dollar Teams Ask: “Have we priced ourselves out of the market?” Even the most elite advisors get “stuck” by “unchallenged beliefs”—but the good news is, there’s a way to break free. Read-> Industry Update: Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors The 3rd of a 3-part series on the landscape of the wealth management industry explores today’s boutique firms – a quasi-independent model – focusing on the top 2 firms in particular: Rockefeller Capital Management and First Republic Wealth Management. Listen-> What It Really Takes to Build an RIA Firm—with Matt Sonnen, PFI Advisors It’s no small task to build an RIA firm. There are some breakaway advisors willing to do the heavy lifting on their own, others do not have the capacity, time nor desire. In this podcast episode, Matt Sonnen of PFI Advisors gives a realistic view of resources and requirements, plus compares and contrasts the different paths you can take. Listen-> An Investment Banker’s Perspective on Building a Firm for Maximum Value—with Liz Nesvold of Silver Lane Advisors In this podcast episode, Liz Nesvold, founder and managing partner of Silver Lane Advisors, joins Mindy to explore what it means to build your business with the end in mind, and why it’s one of the most critical directives an RIA firm owner should follow. Listen->   Mark Sear: Mark is a Managing Partner at Evoke-ARIS. Mark has served as a financial advisor to wealthy families and

A conversation with Louis Diamond Many financial advisors who manage money for ultra-high net worth clients inquire about Goldman Sachs—and whether they are in the game of competitive recruiting. That answer has long been a hard “no.” But there have been reports of some significant changes brewing at the firm—changes that seem to indicate that Goldman is going all-in on the RIA custody business. And that could be a good sign for those looking to leverage a vaunted brand such as Goldman Sachs. While details are still unfolding, Louis Diamond joins the show to weigh in on what this could mean for advisors and the industry at-large, including: Why would Goldman be heading in this direction now? What might the upsides – and downsides – be for advisors considering this model? Would we expect current Goldman Private Wealth Advisors to be able to make the shift? Would a model like this be directed towards advisors serving ultra-affluent clients, or would it be for advisors and clients of all sizes? And is there any indication that firms like Morgan Stanley, UBS and Merrill will follow Goldman’s lead? While there is still information to come and a hard launch yet to be announced, it’s an exciting development poised to rock the landscape—further validating the RIA space and creating competition, which is good for advisors, clients and the industry as a whole. Listen in to learn more about what could be one of the most significant evolutions of the landscape in the coming months.     Related Resources An Open Letter to Goldman Sachs Advisors What’s driving momentum away from the firm? Read-> An Update for Goldman Sachs PWAs What’s behind the recent departures? Read-> Life After Goldman Sachs: A Story of Extraordinary Success A conversation with Justin Berman, Founder and CEO of $3B Berman Capital Advisors. Listen-> Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with the former UBS leader and current member of the Steward Partners Board of Directors He was “in the room where it happened.” With nearly 4 decades in wealth management, you can say that Bob Mulholland not only witnessed a world of change—he participated in it. Because there are few people in this industry that can claim Bob’s experience—which started off at Merrill Lynch, first as an advisor and then as Head of Merrill Lynch’s Client Relationship Group managing over 14,000 advisors in North and South America. After 25 years at Merrill, Bob served as the President of Sound Securities, LLC, an execution-only broker dealer. Yet it was in 2009 that many feel came the most pivotal point in Bob’s career. That’s when his former Merrill colleague and then-UBS Americas CEO Bob McCann tapped Bob to join him on what McCann called his “renewal team” at the struggling UBS wealth management unit. Unfortunately, UBS was in tough shape following the 2008 crisis. Industry media reports that advisor headcount within the wealth management group dropped over the next 3 years from 8,248 to 6,796, and $32 billion in client assets walked out the door. But as many will tell you, Bob played a key role in the turnaround of the firm. As McCann’s second in command as the Head of The Wealth Management Advisor Group, Bob oversaw some 7,000 advisors, plus UBS’s investment products and services platform. He retired from UBS in 2015 and in May of this year was named to the Board of Directors for Steward Partners. Bob joins the show to share his experience and wisdom on a much-evolved industry, including: What life was like at Merrill and UBS during his tenure—and what changes he saw at the firms and the wirehouse space over time. What he sees as the key factors that are driving advisors towards independence—and whether or not the wirehouses are viewing this shift as a threat. What he thinks big firms will do to stem the tides of attrition—and whether they will launch independent channels of their own. How Bob views retire-in-place “sunset programs” like Merrill’s CTP and UBS’s ALFA—and if these programs are good for advisors and their next gen. What he sees as the biggest changes in the industry—and what Bob anticipates for the future. Plus, he offers his advice for up-and-coming advisors and how they should be planning their future in the wealth management world. There are many pearls of wisdom in this episode, but it’s perhaps Bob’s perspective on what wirehouse leaders can do to stave off attrition and create more trust and loyalty amongst the advisor force that was most compelling: That is, to give them hope, respect, more open communication, and a place to come to work that they enjoy. There are few opportunities to get candid access to someone with this level of “insider’s knowledge”—making it an episode worth listening to. Related Resources Choosing the right path to independence: Do you bet it all on yourself or another firm? Weighing the value of what you’re gaining vs. what you’re giving up when deciding between independent models. Read-> 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-> Multi-Generational Teams at a Crossroads: Wirehouse Sunset Program or Independence? An in-depth look at the opportunities and options for retiring advisors and the next gen from an expert on the topic, Justin Weinkle, Director of Strategic Analysis at Dynasty Financial Partners. Read->     Bob Mulholland: Bob Mulholland is a long-time financial veteran with more than thirty-six years of experience in the industry. He spent twenty-five years at Merrill Lynch, starting as an advisor and then eventually becoming Head of Merrill Lynch’s Client Relationship Group, encompassing 14,400 advisors in North and South America. Bob spent five years as President of Sound Securities, LLC, an execution-only broker/dealer. He would go on to transition to UBS in 2009, where he served as Head of The Wealth Management Advisor Group. In that role, he oversaw nearly 7,000 advisors, including UBS’ investment products and services platform, and was instrumental in the revival and turnaround at UBS. He retired from the firm in 2015. Mr. Mulholland is a graduate of Lehigh University and completed the Advanced Management Program at Harvard University. Also available on your favorite podcast app and other media sites   Browse other episodes in this podcast series…

A conversation with Steve Sanduski, podcast host, coach, consultant and founder of Belay Advisor Success means something different to everyone. For some advisors, it’s a lifestyle practice that allows them to make a good living with a client base that’s happy and content. Yet for others, there’s a stronger focus on growth—maximizing business value and building a lasting legacy. In this episode, we take a look at achieving growth, more specifically how to take a giant leap—for example, going from managing assets of $500mm to $5B or more. And such an extraordinary level of growth can only be achieved through a careful combination of mindset and practice. To explore that process, Steve Sanduski CFP® joins the show. Steve is one of those guys top financial advisors turn to when they are trying to identify their secret sauce for success. He built his career on guiding advisors on the subject of growth, including his work with Ron Carson of Carson Wealth Management to launch PEAK Advisor Alliance, a coaching program based on Carson’s success principles. Steve later formed his own advisor coaching firm, Belay Advisor, and then took it one more level as a partner in a firm that offers a suite of digital tools, comprehensive training and marketing support for financial advisors. Plus, he’s a New York Times bestselling author, and the host of several top-rated podcast shows. In this episode, Steve taps into over 3 decades of experience to provide 5 key action items for advisors who are looking to answer the threshold question: “What does it take to get from $500mm to $5B?” Plus, he discusses some of the concerns that advisors share with him – and how to resolve each – including: What the real barriers to success are for many advisors. What some advisors describe as their biggest issues when it comes to growing and managing a business. What firms need to do to prepare for acquisition mode. How the right marketing and messaging help to drive business success. And much more. It’s a conversation on success, growth and mindset that advisors at all levels – no matter where they practice – can learn from. Related Resources What got you here, won’t necessarily get you there (part 1) The 4 drivers that independent firm principals need to focus on to enhance growth, enterprise value and their position in the M&A marketplace. Read-> What got you here, won’t necessarily get you there (part 2) Four key strategic initiatives for independent firm principals to consider when creating a roadmap to enhance enterprise value. Read-> Why do independent advisors grow faster than their wirehouse counterparts? Drilling down to what’s behind the turbo-charged growth in the independent space, and how those same factors help improve client service. Listen->   Steve Sanduski CFP®: Steve is the founder of Belay Advisor. Belay offers coaching and training programs for financial advisors. He’s also the co-founder of ROL Advisor, a company that offers Life-Centered Planning technology and training that helps advisors put their client’s life at the center of the conversation not their money. Previously, Steve was the Managing Partner of Peak Advisor Alliance, a business coaching and training resources company that grew from 0 to 1,000 coaching clients during his 11 years of managing the company. Steve is a New York Times Bestselling author and the co-author of two books: • Tested in the Trenches: A 9-Step Plan for Success as a New-Era Advisor (it has become one of the most sought after practice management books in the industry) • Avalanche: The 9 Principles for Uncovering True Wealth (became a New York Times bestseller and a Wall Street Journal #1 bestseller) Steve is also a frequent contributor to the trade press including Financial Advisor Magazine. He’s the host of Between Now and Success, which is one of the most popular podcasts in the financial industry. On the podcast, Steve interviews top financial industry leaders as well as other accomplished professionals from around the world who have messages that can benefit financial advisors. This podcast is also available on…   Browse other episodes in this podcast series…

It’s hard to comprehend how much has changed since March of 2020. Here we are, some 6 months later and there is still no telling how our world will change permanently into the future. Perhaps the biggest change foisted upon the business of wealth management as of late came with the requirement to work from home. According to a new survey by Broadridge Financial Solutions and as recently reported by On Wall Street, nearly 60% of advisors are still working from home and 27% are either unsure about going back to the office or have no plan to do so in the near term. Yet the reality is that working from home has its pros and cons. This episode delves into: What advisors are doing differently in the WFH environment—and how this is impacting their mindset when it comes to their futures. How firms are dealing with accountability—and how this is affecting the way advisors conduct their businesses and lives. What’s been the single biggest change in client relationships—and how this is causing a shift in motivations for advisors, as well as a drive towards greater movement. What advisors learned about their firms during this time—and what they learned about themselves. It’s a show that discusses how this sea change is driving change in an already evolving landscape—and a topic that impacts each and every advisor—no matter where they practice.     Related Resources Working from Home: For Some Advisors, It’s a Test Drive of Independence The pandemic may be the “shock to the system” that further accelerates the already robust movement towards the independent space. Read-> How Are So Many Advisors Moving During the Covid-Crisis? With travel restrictions and advisors working from home, how can advisors conduct due diligence and change firms? Ultimately, it comes down to 2 key elements that haven’t changed: commitment and trust. Read-> Why 2020 is Still Expected to be a Great Year for Recruiting As the dust is starting to settle from the COVID crisis, 5 key principles have remained intact, leaving behind good news for those considering change. Read-> A Wake-Up Call for Wirehouse Advisors: Why Many are Re-Assessing the Status Quo Firms make it easy to stay put for the entirety of an advisor’s career, yet many are feeling “uncomfortable” with that notion—worrying that what got them “here” may not get them “there.” Read->   This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with Peter Mallouk – President & CEO, Creative Planning, LLC. Many suspected a drawback on the heels of a record-setting year in mergers and acquisitions—particularly in light of the pandemic. Yet, as TD Ameritrade Institutional reported in their 2020 Q1 and Q2 report on M&A activity, the first half of the year was yet another record-breaker with 80 transactions. More than the 75 reported for the same period in 2019. More than any 6-month period looking back over 2 decades. It seems that despite Covid, a roller-coaster market, and changing valuations, buyers still see independent firms as a great investment. Yet it’s the mega-RIA firms that seem to have an incredible appetite in the space as of late. One such firm, Creative Planning, made headlines three times in the span of just a few weeks this summer with acquisition announcements: Two in mid-August totaling $750mm and a $1.7B deal the 1st of September. Peter Mallouk, President & CEO of the $55B Overland Park, Kansas-based RIA firm, seems to be on a tear these days, driving inorganic growth like never before. He joins the show to discuss the firm’s extraordinary growth, including: Why he purchased the nascent RIA firm in 2004—and how he grew Creative Planning from $30mm in assets to $500mm in just 4 years, and then to $11.8B 5 years later. How a firm like Creative Planning differentiates from a crowded and competitive RIA marketplace—and what key value proposition continues to drive their growth. What’s behind the recent shift from organic to inorganic growth—and how that decision plays into the firm’s strategic plan. What value the firm derives from custodial referral programs—and how this relationship has impacted Creative Planning’s overall growth. What makes an attractive acquisition target for the firm—and what’s in it for a seller to be a part of a firm with the size and scale of Creative Planning. Peter shares that he has a goal to grow Creative Planning to $100B—and so far, he’s demonstrated he’s on track. As such, his advice for firms looking to sell should be heeded: With valuations at an all-time high, now is the time. Listen in to learn more about his focused practices for growth—and gain valuable knowledge, regardless of whether you sit on the buyer’s or seller’s side of the table. 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-> Gaining Scale: Why it Matters to Your Advisory Practice Scale seems to be the buzzword du jour, but what does it really mean for your practice? 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->   Peter Mallouk: Peter Mallouk is the President of Creative Planning and affiliated companies. Peter’s companies provide comprehensive wealth management services to its clients, including investment management, financial planning, charitable planning, retirement plan consulting, tax, and estate planning services. Creative Planning provides wealth management services to clients, manages over $50 billion for clients in all 5O states and abroad, is featured as the #1 Independent Wealth Management Firm in America by Barron’s, (2017) and has been featured on CNBC’s only two wealth manager rankings as the ‘#1 Wealth Management Firm in America’ (2014 and 2015). The New York Times, in an article about the firm, said “Creative Planning is at the vanguard of a profound shift in finance.” (2017)Peter has been featured in Barron’s as one of the ‘Top 100 Independent Financial Advisors in America,’ and is the only advisor to have ever been featured at #1 for three consecutive years (2013-2015). Peter is featured on Worth magazine’s ‘Power 100′, featuring the most powerful men and women in global finance (2017). Creative Planning was featured in Forbes in 2016 as the #1 RIA for growth over the last 10 years, and Financial Times’ ‘Top RIA List’ (2014-2018). Creative Planning is also featured in Ingram’s magazines’ issues on ‘Best Places to Work’ and ‘Most Charitable Organizations.’ Peter graduated from the University of Kansas in 1993 with four majors, including degrees in Business Administration and Economics. He went on to earn a law degree and Master of Business Administration in 1996, also at the University of Kansas. Peter has also earned the CERTIFIED FINANCIAL PLANNER™

A conversation with Special Guest Louis Diamond Whether you’re a wirehouse advisor or already independent, the inevitable challenges you will face at some point in your career are the same: Accelerating growth, creating scale and monetizing your life’s work. For advisors who may be thinking about independence, how to access transition capital and de-risk your move may be your primary considerations. And even the most captive of financial advisors recognize that they are building businesses with real enterprise value—and as such, the decision around how and when to monetize is worthy of serious consideration. The good news for advisors looking to monetize is that there’s no shortage of investors. Yet that leaves plenty of questions for those looking to “sell” all or some portion of their business. Louis Diamond joins the show to answer those questions we’re most frequently asked, including: Who are the investors in the space? How are deals structured? Why would an advisor choose to sell all or a minority portion of his business? How much control does an advisor have to give up? What’s the downside of selling to an investor? Why has the minority investor trend accelerated? Why is this subject relevant to an advisor at a traditional brokerage firm? As Peter Mallouk, the president and CEO of the $55B+ firm Creative Planning, shares on an upcoming show, “With valuations at an all-time high, it’s a good time to consider your options.” And now is the time to get educated on a world of choice unlike ever before.     Related Resources Industry Update: Understanding the Real Value of a Financial Advisor’s Business A conversation on valuation with special guest Louis Diamond. Listen-> What’s the ‘Real’ Value of a Financial Advisor’s Business? Headline-making M&A deals in the independent space have many employee advisors wondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Read-> 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->   This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with Jason Fertitta, President / Partner of Americana Partners Many advisors struggle with the idea of independence being a viable option for them—particularly if a portion of their book of business is not portable. Then the decision to stay or go rests on the calculus of whether they’re willing to leave some of their assets behind for the potential of being able to better serve their core customers and grow their businesses with greater freedom and flexibility. Essentially, getting smaller to ultimately get bigger. That’s what Morgan Stanley breakaway Jason Fertitta and his team did in April of 2019: They opted to leave behind two-thirds of their $6B in assets when they left Morgan to build independent firm Americana Partners in Houston, Texas. It was amongst the biggest breakaway stories of the year—and certainly one that demonstrates an extraordinary level of courage and self-belief. Because the leap to independence requires a good deal of fortitude in and of itself—and those who leave chips on the table do so with an exceptional level of confidence in their mission, vision and values. What’s also extraordinary about Jason’s story is that being a wealth management rock star wasn’t on his initial career path. He started out as a print salesman in the financial industry and, as he shares, developed an interest in investing when he came into some money by way of a settlement with a former employer. Jason joined the Lehman Brothers training program back in 2000, and in 2001 won just one of four spots for what they called “non-traditional hires.” Then, with the fall of Lehman in 2008, he moved over to Morgan Stanley. In less than 20 years, Jason went from print sales to Lehman trainee and on to building a $6B business. Jason discusses his journey in this episode, including: The drivers behind Jason and his team’s decision to leave Morgan Stanley while at the top of their game—and how they were able to justify walking away from a good portion of their assets. The limitations of working under the umbrella of a big brokerage firm—and whether their clients balked at the notion of leaving a big brand like Morgan behind. The options they considered in their exploration process—and why independence was the path they chose. And how the weight of asset hurdles is no longer bearing on them, allowing Americana to fully focus on delivering more of what their high net worth clients really want. As Jason put it, “The industry is in the midst of a big sea change.” As such, there are more options than ever before that allow advisors to serve their clients and grow their businesses. For Jason, he says it’s about asking yourself what’s best for your clients. And that answer led him and his team down the path they felt was best for everyone’s future. It’s a powerful and engaging conversation that demonstrates the real potential advisors have to grow the business of their dreams—one not to miss! Related Resources How portable is my business? This 2-part process will help you gain clarity on the depth of your client relationships and the portability of your assets—ultimately helping to ensure any move is a successful one. 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-> A Wake-Up Call for Wirehouse Advisors: Why Many are Re-Assessing the Status Quo Firms make it easy to stay put for the entirety of an advisor’s career, yet many are feeling “uncomfortable” with that notion—worrying that what got them “here” may not get them “there.” Read->   Jason Fertitta: Jason is currently President / Partner of Americana Partners. Jason was a Managing Director in Morgan Stanley’s Private Wealth Division for eleven years. He joined Morgan Stanley in 2008 after six years with Lehman Brothers High Net Worth Division. Prior to joining Lehman Brothers, Jason worked six years for Texas Direct. Jason serves on the Board of The Good Samaritan Foundation and Endowment and the Houston Museum of Natural Science. Jason attended St. Edwards University in Austin.   This podcast is also available on…   Browse other episodes in this podcast series…

A conversation on valuation with special guest Louis Diamond Advisors who are employees of brokerage firms, particularly the wirehouses, face some tough questions as they think about how they want to retire from the businesses they’ve built. Is their current firm the right place at which to leave their legacy? Is it right for their clients, their team and their next gen inheritors? Is it possible that there’s a better opportunity for all stakeholders? And is making a move relatively late in the game worth the hassle? Diamond Consultants’ resident expert on M&A, Louis Diamond, joins the show to take a deeper dive into a topic that Mindy Diamond covered in a recent article for Forbes, “What’s the Real Value of a Financial Advisor’s Business.” Together they discuss: The value of sunset or retire-in-place programs—and whether it’s the right path for both the senior advisor and his successor. What senior advisors and next gen inheritors need to consider when presented with their firm’s retirement package—and how successors will be agreeing to “buy” a business they may never own. Whether an advisor’s business value can be maximized under a brokerage umbrella—and what 2 key factors they need to consider. And, ultimately, why so many wirehouse advisors choose to go independent—especially when they are on the back 9 of their careers. Louis shares 3 valuation scenarios that serve as the basis for these questions that advisors are asking: How can it make sense to go independent where there’s no upfront money, when I can get a 300%+ deal from another major firm or opt-in to my firm’s retiring advisor program? How do I rationalize giving up the bird-in-the-hand – that is, a retire-in-place program – with a preset multiple and without the hassles of going through a transition? How do I build a business for maximum enterprise value? How do you arrive at the valuation of an independent firm? It’s a fact-filled episode which shares actionable data and advice for those at traditional brokerage firms—whether they are seasoned advisors considering their next chapter, or the next gen who is exploring how to build a business poised for maximum value.   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-> Multi-Generational Teams at a Crossroads: Wirehouse Sunset Program or Independence? An in-depth look at the opportunities and options for retiring advisors and the next gen from an expert on the topic, Justin Weinkle, Director of Strategic Analysis at Dynasty Financial Partners. Read-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> The Math Behind the Move to Independence Why so many advisors are going indy, even with stiff competition from hefty brokerage firm transition deals. Read-> This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with Lawrence Calcano, Chairman and CEO of iCapital Network There was a time not long ago when advisors at the big brokerages had the “edge” over independent firms when it came to accessing the most robust inventory of alternative investments – such as private equity and hedge fund options – for their wealthiest clients. “Alts” as they’ve come to be known were once largely out of reach for those in the independent space—primarily because the strategy, negotiations, tax reporting and ensuing paperwork were far too complicated and best left to those at the big banks. But gaps in service offerings like these are opportunities for smart firms—and a growing part of the industry where new platforms emerge regularly to fill holes as they appear. And that’s exactly what the guest on this episode did. In 2013, Lawrence Calcano helped to launch iCapital Network, a platform designed to close the gap for advisors who previously could not go independent without losing some, if not all, of their private fund access. When it comes to alternative investments, RIAs no longer need to be at a big bank or have deep pockets to manage research, buying and advisory services, as iCapital’s platform allows them to do so through cutting edge technology—opening up greater potential to serve more clients better. It’s firms like iCapital that are leveling the playing field between brokerage firms and independence—representative of true open architecture and giving independent advisors the ability to “shop the Street” for best-in-class offerings for their clients. And platforms like iCapital address one of the most frequently raised concerns from advisors: “My clients are all ultra-high net worth. My fear is that by going independent, I would lose access to best-in-class solutions and opportunities.” In this episode, Lawrence discusses the evolution of the alts space and the role iCapital plays in the momentum of change, including: How their platform is democratizing access to alts—and how iCapital has impacted advisors’ abilities to serve their clients regardless of whether they are independent or affiliated with a brokerage firm. What’s behind iCapital’s amazing growth from $8B in client assets to a reported $55B in just the past year—and how recent funding from some of the biggest names in the business and partnerships play into their future. How firms like iCapital are building new pathways towards independence—and what this means for advisors who are thinking about making the leap. Lawrence makes it clear just how much the ecosystem that supports breakaways has expanded, and that both access and ease of use have been democratized. And this expansion is good for the industry—clients and advisors alike. Related Resources A Wake-Up Call for Wirehouse Advisors: Why Many are Re-Assessing the Status Quo Firms make it easy to stay put for the entirety of an advisor’s career, yet many are feeling “uncomfortable” with that notion—worrying that what got them “here” may not get them “there.” 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-> Working from Home: For Some Advisors, It’s a Test Drive of Independence The pandemic may be the “shock to the system” that further accelerates the already robust movement towards the independent space. Read->   Lawrence Calcano: Lawrence is Chairman and Chief Executive Officer of iCapital Network. He began advising and working with iCapital shortly after its 2013 founding to lead key strategic and business development initiatives. Lawrence was a partner at Goldman, Sachs & Co., where he spent 17 years, most recently serving as the co-head of the Global Technology Banking Group of the Investment Banking Division. He serves on the Boards of the Mental Health Association of New York City and Capitol Acquisition V, a Special Purpose Acquisition Company. Lawrence was named to the Forbes Midas List of the most influential people in venture capital in 2001, 2002, 2004, 2005 and 2006. Lawrence received a BA from the College of the Holy Cross and graduated from the Amos Tuck School of Business at Dartmouth College as a Tuck Scholar. This podcast is also available on…   Browse other episodes in this podcast series…

In the third episode of our 3-part series on the landscape of the wealth management industry, we explore boutique firms—a version of independence that has become very popular, especially amongst top-of-the-food chain advisors. No doubt, the term “boutique firms” may conjure thoughts of the past legends—that is, Lehman Brothers, Credit Suisse, Deutsche Bank and Bear Stearns. However, today’s boutique firms are a “new and improved” version—an independent-like model where advisors have the control and freedom that come with independence but work under a W-2 construct. And while on the surface, for many it’s a model that sounds attractive—yet it’s what’s under the hood at that is most attractive to top teams. In this episode, Mindy explores the boutique model, focusing on the top 2 firms in particular – Rockefeller Capital Management and First Republic Wealth Management – to identify: Why these firms are so attractive to cream-of-the-crop advisors and teams. What deals look like at these firms. What qualifications these firms look for in an advisor. How the leadership at these firms has evolved the model and is driving greater interest from advisors. How technology, platform and support compare to other models. What other unique features each firm offers. So listen in to learn about a model that will continue to be a popular destination for advisors—because it checks off all of the boxes of what many of these folks are looking for. Ultimately, it’s an exciting time to be an advisor—with more options, and a greater likelihood that most any advisor at any level can find their own version of utopia.     Related Resources Quasi-Independence: The Super-Sophisticated Boutique Model Taking the Industry by Storm It’s safe, flexible and worthy of your consideration—even though some of the names may not be all that familiar just yet. Read-> How First Republic Private Wealth, an under-the-radar wealth management firm, became the hottest ticket in the space—and why it matters 6 key points that are attracting some of the biggest and best advisors to this bank-owned corporate RIA. Read-> 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. Listen-> At a Glance: The 2020 Landscape of the Wealth Management Industry The infographic that outlines the landscape continuum. Download-> This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with ex-Merrill advisor Elizabeth “Lizzie” Evans, Managing Partner of Evans May Wealth, and Guest Host Louis Diamond Retire-in-place programs at the big brokerage firms were designed to create both an opportunity for a senior advisor to monetize his life’s work, while offering the inheritor a chance to “buy” his book—a quick path to building the next gen’s business. But, as this once next gen inheritor shares, it may not be the best path. Elizabeth “Lizzie” Evans’ father was a 45-year veteran at Merrill Lynch—and built a practice that was literally a big part of Lizzie’s childhood. She and her family attended Merrill events and went on company trips; she even recalls a photo of her as a baby wearing an outfit with the Merrill bull logo on it. Essentially, Lizzie grew up with the firm. She later joined the “family business,” working at Merrill for 7-1/2 years with her father and now partner, Brooke May. And she’s the first to say that Merrill did an excellent job of creating a culture of excellence and a client-first mentality, with the best and the brightest advisor talent spawned from a wonderful training program. Then the “family feeling” at the firm started to disappear. The team was also becoming increasingly limited on what they could do to serve their clients and grow their business. And with her father having signed on to Merrill’s Client Transition Program (CTP), the firm’s retire-in-place agreement, she found herself at a crossroads: Stay with Merrill, consider a transition deal from another brokerage firm or make the leap to independence. So, along with Brooke, Lizzie’s husband Ian Flanagan and team members from Merrill, they formed independent firm Evans May Wealth in partnership with Sanctuary Wealth Partners, just over one year ago. In this episode, Lizzie shares her journey with guest host Louis Diamond and together they discuss: What senior advisors and next gen inheritors need to ask themselves when confronted with a sunset package—and how, as Lizzie shares, next gen advisors need to realize they are agreeing to “buy something they will ultimately not own.” What her father, a 45-year veteran of Merrill, thought about her decision to leave the firm—and how concerns over transitioning right on the heels of the CTP agreement influenced their thought process. What the real drivers were behind their decision to leave Merrill—and why they opted for independence instead of a recruiting deal at another firm, particularly at such a young age. What drew them to Sanctuary’s supported independence model—and why Lizzie and her partners felt that a fully independent model would dilute their client experience and investment discipline. What Evans May Wealth can do now that they could not do as employees of Merrill—and how that’s been a real gamechanger for their business. And ultimately, Lizzie paints a clear picture for senior advisors considering their firms’ sunset programs, as well as shares firsthand advice for next gen inheritors who are thinking about their own futures—a candid conversation that both populations can relate to. Related Resources Multi-Generational Teams at a Crossroads: Wirehouse Sunset Program or Independence? An in-depth look at the opportunities and options for retiring advisors and the next gen from an expert on the topic, Justin Weinkle, Director of Strategic Analysis at Dynasty Financial Partners. Read-> Merrill’s Enhanced CTP: What it Means for Advisors, Their Next Gen and Clients [Video] Mindy Diamond sits down with breakaway Merrill Lynch executive Vince Fertitta to get his perspective on what an enhanced CTP program could look like. Watch-> A Wake-Up Call for Wirehouse Advisors: Why Many are Re-Assessing the Status Quo Firms make it easy to stay put for the entirety of an advisor’s career, yet many are feeling “uncomfortable” with that notion—worrying that what got them “here” may not get them “there.” 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-> Merrill Advisors Ask… Answers to the most frequently asked questions when considering a transition from Merrill Lynch. Download->   Elizabeth “Lizzie” Evans: Elizabeth (Lizzie) Evans, CFP®, is the founding and managing partner of Evans May Wealth. She was featured in Forbes Magazine’s Best-In-State Wealth Advisors in 2019, Forbes America’s Top Women Wealth Advisors in 2019, and Forbes Top Next-Generation Wealth Advisors in 2019, 2018, and 2017. Lizzie holds the CERTIFIED FINANCIAL PLANNER certification, which is awarded by the Certified Financial Planner Board of Standards, Inc., and enables her to take a planning-oriented approach to wealth management. Prior to transitioning Evans May Wealth to an independent firm, Lizzie was a Senior Vice President at Merrill Lynch. She serves

Our last Industry Update focused on the landscape of the wealth management industry as a whole—and the vast array of options and opportunities for advisors of all shapes and sizes. In this episode, we start our deep dive into the individual models—beginning with the wirehouses and regional firms. You’ll learn the answers to some of the top questions we hear from advisors, including: What are the wirehouses and regional firms doing in terms of recruiting? What kind of transition packages are they offering? How actively are they recruiting? What are the primary differences between the firms? How likely are these firms to offer an independent option? Plus, get some inside baseball on each of the big brokerage firms—what’s changed and what we can expect going forward. It’s an episode that every advisor – regardless of where they practice – will learn from.   As an added bonus for listeners, we’ve developed an infographic – The Industry Landscape At-a-Glance – that outlines the continuum described in this episode. You can download it here. Did you miss the previous Industry Update, What the Wealth Management Landscape Looks Like Today? Listen in… Related Resources At a Glance: The 2020 Landscape of the Wealth Management Industry The infographic that outlines the landscape continuum. Download-> 10 Predictions for Financial Advisors in the Post-Crisis World In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. Read-> What’s Changing at the Wirehouses—and Why You Need to Pay Attention As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. Read-> Redefining Regional Firms: It’s More About Culture Than Geography Regionals have emerged as the new hot spot for advisors looking for flexibility within the security of an employee-based model. Read->   This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with Marty Bicknell – CEO and President, Mariner Wealth Advisors The RIA space has grown in massive proportions over the last several years, with a number of mega-firms setting the pace through ambitious acquiring practices and smart recruiting of top talent. Yet it’s those firms that are continually looking for new ways to serve their clients and grow their businesses which are making the most waves. They’re building partnerships and investing in platforms to offer advisors under their umbrella the ability to do more with greater freedom and flexibility—that is, provide an attractive alternative to staying within the brokerage world or starting their own firm. And the guest on this episode seems to be going after all of the above in a big way. Marty Bicknell is CEO and president of Mariner Wealth Advisors, the $26B Overland Park, Kansas-based RIA firm that seems to be on a roll lately. For example, from January of 2019 through March of 2020, they closed 11 acquisition deals. And in April of this year, Mariner announced a partnership with Dynasty Financial Partners to create Mariner Platform Solutions, supported by back- and middle-office resources from Dynasty. Nationally ranked by Barron’s as one of the top 4 RIA firms for the last 4 years, Marty says he’s driven by a “client-first” mantra, guiding him to continue to look for new and better ways to serve clients and grow the business. And it all began in 2006 with just $300mm in assets. In this episode, Marty discusses… What started him on this journey of incredible growth—and what he is ultimately looking to achieve for Mariner. How Mariner differentiates itself in a crowded and competitive marketplace—and how separating business development from advice serves the firm’s value proposition. What key measures the firm took to impact growth—and how their acquisition process differs from that of their competitors. What Mariner looks for in a prospective seller—and what’s in it for sellers to join a firm with the size and scale of Mariner. Marty also shares advice for nascent firm owners and prospective breakaway advisors on how to build a firm designed for growth—and to become an appealing buyer or seller in the future. It’s a great opportunity to get in on a candid conversation with the driving force behind one of the industry’s leading RIA firms. Related Resources Exploring M&A: Finding the perfect match between buyers and sellers Acquirers typically fit into one of 4 profiles: Here’s how to identify which types of sellers will align best with each. Read-> Strategically Exploring M&A in the Independent Landscape Which of the 4 types of acquirers would be a good fit for your business? Read-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> Gaining Scale: Why it Matters to Your Advisory Practice Scale seems to be the buzzword du jour, but what does it really mean for your practice? Read->     Marty Bicknell: As the CEO and president of Mariner Wealth Advisors, Marty drives the strategic direction and growth strategies, analyzing and anticipating market trends and future opportunities for the firm. As a recognized leader in wealth management, he devises innovative solutions to meet the needs of our clients. He has extensive personal and professional experience with closely held family businesses and their unique complexities. He often mentors other successful entrepreneurs. Marty, along with seven others, founded Mariner Wealth Advisors in 2006 with a goal of keeping the client at the center of all we do. He wanted to build a firm that could simplify our clients’ lives by having all the resources they need under one roof. The day the doors opened, Marty made the promise to put the clients’ interests before anything else…a promise he still holds dear to this day. Marty has a bachelor’s degree from Pittsburg State University in Pittsburg, Kan. He serves on the board of directors for the KU Advancement Board for the University of Kansas Medical Center, Snappy Kracken and on the MRIGlobal Board of Trustees. He is a member of the Young Presidents Organization (YPO) and is a board member for the Civic Council of Greater Kansas City. He is also involved in supporting several organizations through his sponsorship and committee participation, including the Juvenile Diabetes Research Foundation (JDRF), The University of Kansas Cancer Center and Marillac campus, Youth Entrepreneurs, Global Orphan, Big Brothers Big Sisters of Kansas City, and the Nelson-Atkins Museum of Art. Marty was named in Investment Advisor’s 2016 Top 25 Influential People in the investment/financial industry, the Kansas City Business Journal’s 2019, 2018, 2017, 2016, 2015 and 2014 Power 100 List and, under Marty’s leadership, Mariner Wealth Advisors has had the privilege of being ranked in the top four Independent Advisory Firms by Barron’s the last four years. This podcast is also available on…   Browse other epi

A conversation with Shirl Penney of Dynasty Financial Partners, Jim Dickson of Sanctuary Wealth and Rich Steinmeier of LPL Financial In November of 2017, this show was launched with the intention of doing a handful of episodes to answer the most frequently asked questions about independence. Less than 3 years and 80 episodes later, we’ve surpassed 100,000 downloads—a milestone that a true testament to the ever-growing interest in the independent space and the evolution of the wealth management world at large. To mark this milestone, three “ex-wirehouse-turned-independent-industry-leaders” pay a second visit for a very special panel-style episode, delivered in both audio and video format. Shirl Penney, President and CEO of Dynasty Financial Partners, Jim Dickson, CEO and Founder of Sanctuary Wealth, and Rich Steinmeier, Managing Director and Divisional President of LPL Financial, join Mindy to share their individual perspectives on a landscape that seems to be evolving at an even faster pace in recent years. That comes as no surprise because, as these guests share, the interest in models that provide greater freedom and flexibility has never been greater. As such, firms like Dynasty, Sanctuary and LPL are constantly in the labs, identifying gaps and creating options to answer this call. And their models of supported independence are thriving as a result, becoming popular down-the-middle destinations for top advisors. In this episode, each shares their perspectives on the evolving landscape, including: What’s driving the growth of independence—and how changes at the wirehouses have served as powerful motivators. Why the supported independence model is such a popular option amongst breakaways—and how the notion of being “independent but not alone” has driven each firm’s growth. The similarities and differences between the Dynasty, Sanctuary and LPL models—and how each solve for things like access to capital, platform, compliance and technology. How the volatility of 2020 has impacted their firms and advisors—and why they see an even greater interest in independence amongst advisors as a result. What each of these leaders sees as “the next big thing”—and how their unique visions are driving change at their firms. The notion of being “independent but not alone” has served as a powerful force behind the growth of the supported independence model. Freedom and flexibility combined with community and turnkey infrastructures have created an easier path from “there to here”—a way for advisors to achieve their entrepreneurial dreams without having to deal with the heavy-lift and unknowns associated with migrating from the employee role to independent business ownership. It’s a unique opportunity to hear from each of these three extraordinary leaders in a single forum—candid accounts from those blazing new trails of opportunity for advisors at all levels. [video_embed embed_style=”default” url=”https://youtu.be/nZm8qDkOkQ4″ border=”0″ width=”100%” animation=”left-to-right” animation_delay=”2″ class=””]   Podcast version Related Articles How Are So Many Advisors Moving During the Covid-Crisis? With travel restrictions and advisors working from home, how can advisors conduct due diligence and change firms? Ultimately, it comes down to 2 key elements that haven’t changed: commitment and trust. Read-> Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. 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-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read-> Related Episodes What’s driving the momentum towards independence – and will it continue? with Shirl Penney, Dynasty Financial Partners How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox with Jim Dickson, Founder and President of Sanctuary Wealth Partners LPL Reinvented: Going Beyond the Traditional Broker Dealer Model with Rich Steinmeier and Marc Cohen of LPL Financial   About Shirl Penney: Shirl Penney is the founder of Dynasty Financial Partners. He currently serves as president and CEO of Dynasty and is a member of the Board of Directors. Dynasty is a leading integrated platform services company for independent wealth management advisory firms. Dynasty has received many industry awards and recognition for its impact on the wealth management industry since its launch in 2010. Shirl is a frequent speaker at industry events, often quoted in various financial publications, and was named to Investment News’ 2015 l

The ever-expanding landscape represents a waterfall of possibilities for every advisor—learn the differences between each model. The wealth management industry has been on an evolutionary streak, where new models seem to be born almost daily. In fact, the top questions we are asked by advisors are all about the landscape—what it looks like, what’s changed and how each of the models compare. Up until 2 years ago, we put together an annual whitepaper called “The Landscape of the Industry.” It represented an enormous effort on our part, increasing in size and depth year after year. And yet things changed so fast that within a day of publishing, it was already considered outdated. Taking lessons learned in building the whitepaper, we found that the best way to describe it is as a “continuum of options” with categories of firms and models where a financial advisor could choose to practice. So in this episode, we’ve decided to take a different approach to exploring this continuum, comparing and contrasting each model in terms of these key characteristics: Freedom and Flexibility Restrictions Net-Payout As an added bonus for listeners, we’ve developed an infographic – The Industry Landscape At-a-Glance – that outlines the continuum described in this episode. You can download it here. The ever-expanding landscape represents a waterfall of possibilities for every advisor. 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. So listen in to broaden the knowledge that drives your decision-making process.   Parts 2 and 3 Are Now Live A Deep Dive into the Wirehouses and Regional Firms Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors Related Resources At a Glance: The 2020 Landscape of the Wealth Management Industry The infographic described in this episode that outlines the landscape continuum. Download-> 10 Predictions for Financial Advisors in the Post-Crisis World In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. Read-> Why Billion-Dollar Teams Move: 7 Drivers That Impact Financial Advisors At All Levels When mega-teams move, the entire wealth management industry takes notice—and for smart financial advisors who are paying attention, there’s much to be learned. Read-> What’s Changing at the Wirehouses—and Why You Need to Pay Attention As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. Read->   This podcast is also available on…   Browse other episodes in this podcast series…

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 The evolution of the wealth management industry has spawned changes throughout the entire landscape, creating new pathways for growth for advisors and business owners alike. And even in the M&A market we’re seeing a shift, as younger firm owners are looking beyond the monetization event a sale offers, and instead seeking an “advisory partner” that will play a greater role in the growth lifecycle of the firm. Our guest in part one of this series, Karl Heckenberg of Emigrant Partners, talked about this phenomenon from the acquirer’s side of the table. That is, the “new wave” of attraction between acquirers and firms with a proven growth trajectory and strong value proposition—and illustrated by Emigrant’s recent investments in firms like Stratos Wealth Partners. For Jeff Concepcion, the founder and CEO of Stratos, it was this concept of a “partnership” with Emigrant that was the real draw for his firm—so much so that on April 1st, even in the midst an extremely volatile market and worldwide pandemic, Emigrant and Stratos forged their union. And as Jeff shares in this episode, Stratos checks off all the boxes that this new breed of investors is looking for—particularly in the area of growth. Because just 12 years ago the independent firm was started from scratch – literally with zero assets under management – and is now managing over $14B. How did they do it? Jeff discusses that and much more, including: How they developed Stratos’ unique blend of organic and inorganic growth—and what core values serve as their guide. How Stratos became the #1 recruiting firm under the LPL umbrella in 9 of the last 10 years—and what they do differently that’s attracted some of the top advisors and teams in the industry. What the motivation was for taking on a capital partner at this stage—and how they worked through changes in valuation as a result of the COVID crisis. What the process of preparing for an acquisition entails—and what independent firm owners and employee advisors alike should be aware of when considering this path. Plus, Jeff answers the $14B question: How do you grow a firm from zero to $14B in just over a decade? It’s a candid conversation that digs into the details of how to build an enterprise brick-by-brick—and defines why “hard work alone” is often not enough to get you to the next level. Related Resources Looking at M&A from the Acquirer’s Side of the Table Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners. Listen-> Gaining Scale: Why it Matters to Your Advisory Practice Scale seems to be the buzzword du jour, but what does it really mean for your practice? Read-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> Exploring M&A: Finding the perfect match between buyers and sellers Acquirers typically fit into one of 4 profiles: Here’s how to identify which types of sellers will align best with each. Read->     Jeff Concepcion: Jeffrey Concepcion is the Founder and CEO of Stratos Wealth Partners and host of The Evolving Advisor podcast. Jeff started Stratos in October of 2008 with the intention of creating an organization to fulfill a need for sophisticated advisors and their clients. He constructed a firm with the infrastructure, resources and support necessary to allow advisors to focus on their core competency, advising their clients. Today, Stratos specializes in the practice and performance of financial planning and implementation services. The firm has a national network of distinguished, experienced financial planning practitioners spread throughout the country. Jeff is responsible for the acquisition, development and coaching of the firm’s expanding number of affiliated advisors from across the nation. His entire professional career has been spent in the financial services industry. Prior to starting Stratos Wealth Partners, Jeff spent 22 years in senior management positions with Lincoln Financial Network, including being the Executive Director for the Eastern Region. He was responsible for fully one-third of the United States. He was then appointed Senior Vice President of Market Access and a member of the Executive Committee; where he was on one of only a handful of executives responsible for Lincoln’s entire retail financial services business. Jeff believes in the community where he lives and works. He has shared his time and expertise by sitting on a number of charitable boards throughout the Cleveland area over the years. Jeff served on the Board of Trustees at the May Dugan Center, Julie Billiart School, City Year, Dress for Success, E CITY, Leukemia and Lymphoma Society, Junior Achievement and Providence House. He earned his Bachelor of Arts degree with a major in political science from Trinity College. Jeff resid

Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners When New York Private Bank and Trust doubled-down on their control of Fiduciary Network in 2018, the wealth management industry took notice. Certainly, banks had been playing in the M&A field with RIA firms for years, but this was a different game altogether—because Fiduciary Network was actually an aggregator of RIA firms, not an RIA itself. In fact, Fiduciary Network was a pioneer in the industry, alongside Focus Financial Partners, providing a pathway for founders of independent firms to take some chips off the table, recycle equity to the next generation, solve for succession and develop strategic partnerships for M&A. To be sure, there were some naysayers on whether a bank such as New York Private Bank and Trust could successfully compete amongst other acquirers. But Howard Milstein, the chairman and chief officer, bet the bank on Karl Heckenberg. And a smart bet it’s proving to be because Karl, president and CEO of now Emigrant Partners, has taken the role seriously. He put the Fiduciary Network name aside and is building out a value proposition that’s rooted in providing growth capital and serving as an advice partner to independent firm owners. This value proposition, along with the well-established clout of the Milstein family, has carved a niche for Emigrant that few others can claim—and has earned the firm industry distinction as being representative of a “new breed of acquirers” in the RIA space. While the M&A market has enjoyed years of record-breaking deals, the impact of the COVID crisis has put some uncertainty into valuations and appetite. But as Karl shares, it’s not all bad news. Even in the midst of the pandemic, Emigrant completed 2 acquisitions: $14B Stratos Wealth Partners based in Ohio on April 1, and $3B RIA Parallel Advisors out of San Francisco on May 4th. In part 1 of this 2-part series on M&A, Karl shares the point of view from the acquirer’s side of the table, including: What’s behind Emigrant’s growing success—and how the Milstein family plays into the firm’s value proposition. What types of independent businesses are good investments for Emigrant—and how recent deals are representative of what the firm looks for. How M&A is evolving along with the RIA space—and what he sees as the “next big things” acquirers and sellers should be watching for. How he expects the COVID crisis will impact valuations going forward—and what changes he anticipates in deals and appetite as a result. What key steps business owners should be taking to make their firms attractive to buyers—and how these same principles apply to prospective breakaways who are considering the leap to independence. Plus, Karl shares how the role of acquirers is changing: Firms like Emigrant are not solely about monetization—they are fast becoming advisory partners to young RIAs who are positioning their firms for growth. Stay tuned for the follow-up to this episode, in which the founder and CEO of Stratos Wealth Partners, Jeff Concepcion, will share the seller’s point of view, as well as inside baseball on his firm’s deal with Emigrant. So listen in and be sure to subscribe to be notified when new episodes are released. Related Resources 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-> Exploring M&A: Finding the perfect match between buyers and sellers Acquirers typically fit into one of 4 profiles: Here’s how to identify which types of sellers will align best with each. Read-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> Gaining Scale: Why it Matters to Your Advisory Practice Scale seems to be the buzzword du jour, but what does it really mean for your practice? Read-> 3X Growth: How a Pivot from IBD to RIA Turned into a Nearly $4 Billion Slam-Dunk Rob Nelson, CEO and founding partner of NorthRock Partners, discusses the value of taking on a capital partner like Emigrant Partners. Listen->   Karl Heckenberg: Karl is the President and CEO of Emigrant Partners and its affiliated company Fiduciary Network. In addition, he sits on the Board of Managers of the aforementioned companies. Karl has worked in financial services throughout his entire career and has previously worked for Merrill Lynch, A.G. Edwards & Sons, Wells Fargo and Charles Schwab. He also serves on the boards of Sarasota Private Trust Company, New York Private Trust Company and Cleveland Private Trust Company, and is Senior Executive Vice President of Emigrant Bank. Karl was raised in the Washington, D.C. area and graduated from Saint Joseph’s University in Philadelphia.   This podcast is also available on…   Browse other episodes in this podcast series…

Your 10-minute download on advisor movement—and what’s driving the uptick in activity. As the world goes through reopening, talk around advisor movement is amping up. And there’s good reason for this uptick: There’s been a considerable rise in recruiting activity. In this episode, Mindy answers the questions we’re hearing most often from advisors: Why have there been so many moves recently? What’s driving the movement and momentum? Where are they going? And, how are these moves being facilitated at a time when most employees are still working from home? Mindy also shares her advice on considering change—and the threshold question you should ask yourself before making the leap. It’s a quick listen that will fill-in the gaps and dispel the rumors on the current state of recruiting.   Related Resources Perhaps it’s time to shift back to “big picture-thinking” As the mayhem of March is replaced by a resignation that this is “just-how-it-is-for-now,” advisors tell us they’re ready to step out of crisis mode-thinking to focus more on the big picture. Read-> 10 Predictions for Financial Advisors in the Post-Crisis World In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. Read-> Crisis Underscores the Value of Freedom, Flexibility and Fiduciary Responsibility for this $1B+ Independent Firm An interview with Doug John of Requisite Capital Management. Read->   This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with Lori Siegel, Founding Partner of Centrix Wealth Partners Certified Financial Planner Lori Siegel and her partner Robert Russo left UBS to form Centrix Wealth Partners in February of 2019. Despite things seeming “good enough” at UBS for a long time, Lori admitted that she didn’t know what she didn’t know and had a sense that the grass could be greener in a world where they could have more freedom and control. And after 6 months of due diligence, Lori and Robert chose to go independent with Raymond James Financial Services (RJFS). One year later, even with the COVID-19 crisis turning the world upside down, Lori says, “We’ve never looked back.” Because through it all, the ability to be in control of their destiny – and most importantly, how they take care of their clients – has allowed them to move through the crisis in a way that they and their clients are most comfortable with. So Lori joins the show to talk about life as a relatively new business owner, including: The drivers behind the decision to leave UBS after 10 years—and how changes within the industry, and at UBS in particular, served as the “last straw.” What she and her partner are able to do as independent business owners that they could not as employees of a wirehouse—and how the ability to market freely was an important factor. The attraction of the RJFS independent broker dealer model—and what made it stand apart from other options they considered. The power of independence when it comes to navigating a crisis—and how RJFS has supported them and their business. Lori’s perspective is an interesting one, as she candidly shares her experiences on the process of considering change and the value of business ownership—a story that many advisors can relate to. Related Resources Crisis Underscores the Value of Freedom, Flexibility and Fiduciary Responsibility for this $1B+ Independent Firm An Interview with Douglas John of Requisite Capital Management. Read-> UBS Advisors Ask Answers to the top questions UBS advisors have when considering change. Download-> 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-> What’s Changing at the Wirehouses—and Why You Need to Pay Attention As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. Read->   Lori Siegel: For more than 22 years, Lori has specialized in developing comprehensive wealth management plans for successful families, executives, business owners and widows. In addition to being a Certified Financial Planner™ professional and a Chartered Retirement Planning CounselorSM, she is a Certified Exit Planning Advisor who helps business owners prepare for the sale or transition of their companies. Lori speaks frequently on a variety of topics for organizations, associations and corporations. Lori was recognized as a 2017 and 2018 Forbes Top Women Advisor and as a Forbes Best-In-State Wealth Advisor for Texas in 2018 and 2019. Prior to joining Raymond James in 2019, Lori held positions at UBS Financial Services and Smith Barney. In support of her community, Lori is actively involved in the United Way Women’s Initiative and serves on the board of Girls Inc. in Houston. When she isn’t working and volunteering, Lori enjoys hanging out with her two Maltese dogs, Emmy and Oscar, as well as traveling and scuba diving with her husband, Jon. Many of their trips are to Los Angeles to visit their 25-year-old daughter, Alexis. Lori is also an avid fan of the Houston Astros specifically and college football generally. This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with Justin Berman, Founder and CEO of $3B Berman Capital Advisors Any advisor who chooses to leave the comfort, familiarity and support of a major firm for independence is nothing less than courageous. But it is especially brave when a Goldman Sachs advisor does so. Because Goldman advisors face the most onerous of post-employment restrictions: Garden Leave. And spending 60 to 90 days on the beach is a significant risk that many advisors are reluctant to take. That is, unless they had complete confidence in their client relationships and their own ability to thrive as an independent business owner. Even today it’s big news when a $1B+ team breaks away, but it’s even bigger news when they’re leaving the prestigious imprimatur of Goldman Sachs to do so. Yet advisors tell us that things are changing at the firm. So much so that in the last 3 years, we’ve seen more Private Wealth Advisor teams – 14 actually – managing a billion dollars or more change jerseys than in the previous 2 decades combined. So imagine a Goldman advisor making the leap 10 years ago—that is, to leave the firm and opt for independence at a time when the model wasn’t nearly as mainstream as it is today. Case in point, a decade ago Justin Berman was running a successful private wealth practice at Goldman Sachs, managing over a billion dollars in assets. But he felt things were changing, limiting his ability to serve his high net worth clients’ needs and continue to grow his business. So after almost 7 years with the firm, Justin opted to make the biggest leap of all and go independent, forming Atlanta-based Berman Capital Advisors. Now, with a decade of business ownership under his belt, Justin joins the show to share the pushes and pulls that drove his decision to make such a significant leap. He offers sage advice for any advisor considering a move whether to independence or otherwise, including: Why he chose to build his own firm—and what motivated him to forego an outsized recruiting bonus. How he managed through Garden Leave—and why, despite sitting out 60 days, 90% of his clients still followed. How an advisor can compete against Goldman or any big bank—and how access to a wider range of talent, investments and technology unavailable on bank platforms is a genuine advantage. What he learned was the most important message to communicate to clients about leaving Goldman—and how separation of assets and custody played a key role in that conversation. As Justin candidly shares, it was the threshold question from his largest client that was most persuasive in his decision to leave Goldman, “Are we getting the very best advice? Are you really able to put your best foot forward to help our family achieve our financial goals without limitation?” And answering those questions is what he feels the decision to leave is really all about. Related Resources An Update for Goldman Sachs Private Wealth Advisors (PWAs) What’s behind the recent departures? Read… An Open Letter to Goldman Sachs Advisors What’s driving the momentum? Read… The Times They Are a Changin’—And So Are the Advisors What can be learned from the growing trend of advisors leaving Goldman Sachs, regardless of the once seemingly impassable garden leave. Read…     Justin Berman: Justin Berman founded Berman Capital Advisors in 2010 as part of his commitment to provide truly objective family office services, wealth management, and investment consulting services to a select group of high-net-worth families. Prior to launching BCA, Justin was a Vice-President in the Private Wealth Management division of Goldman Sachs & Co., where he was a member of the firm’s Leadership Council. He has also served in the Investment Advisory Group at myCFO, Inc. and in the Private Client Group at Arthur Andersen & Co. Justin is a Summa Cum Laude graduate of Georgetown University where he served as Varsity Tennis Captain and was a Rhodes Scholar Finalist. He also holds an MBA from The Wharton School, University of Pennsylvania where he was named a Palmer Scholar. Justin is active in community affairs and serves as Chairman of the Board of My Journey Matters and is on the board of trustees of The McDonough School of Business at Georgetown University, Leadership Atlanta, Grady Health Foundation, and the Jewish Federation of Greater Atlanta. Justin is also involved in the Young Presidents’ Organization. He and his wife, Mara, reside in Atlanta and have three children This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with Tim Bello, Managing Partner, Merchant Investment Management One of the key factors in the growth of the independent space is the burgeoning ecosystem that’s available to support those who make the leap—a virtual cottage industry that fills service and support gaps, and creates new pathways for those who have a desire to grow their own enterprises. Merchant Investment Management is one such firm within the space that was built to provide an end-to-end continuum for both breakaways and established independent business owners—and serves as a testament to how much the ecosystem has truly grown. Tim Bello, Managing Partner of Merchant, joins the show to talk about the role his firm plays in the independent landscape—a role that he started to envision while he was an early-stage partner at Dynasty Financial Partners, and during a time in which the RIA space was much less mature than it is today. In this episode, Tim shares his point of view on independent business ownership, including: The gaps a firm like Merchant fills within the landscape—and how he sees their services as “opportunities” for both prospective breakaways and independent firm owners. The advantages of taking on an equity partner—and how identifying the right partner is “more art than science.” The real value of time—and why he sees it as one of the biggest things firms need to think about when considering growth. Identifying the ways to achieve “responsible growth”—and how that impacts a firm’s ability to be “event ready.” Plus, Tim discusses, in depth, how to determine if your firm should become a buyer or a seller—and what threshold questions you need to answer in that decision-making process. It’s a conversation that shares a truly unique and informed perspective on the RIA space – the evolution of which Tim helped to architect early on – with keen insights on the future. Related Resources Twelve Positive Ways the Coronavirus Crisis Will Impact RIAs With so much uncertainty and negativity pervading our lives, it’s helpful to imagine a future where we witness positive effects of the crisis on the RIA industry. Read-> 10 Predictions for Financial Advisors in the Post-Crisis World In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. 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->   Tim Bello: At Merchant, Tim is engaged across all aspects of the Firm, with a day to day focus on driving the company’s key growth initiatives and directing the overall corporate strategy. Prior to Merchant, Tim was an early stage Partner at Dynasty Financial Partners, where he was in charge of strategic implementation and advisor identification firm-wide for the Dynasty Network. Prior to Dynasty, Tim was Head of Global Platforms for New York-based alternative asset manager, SkyBridge Capital, where he was in charge of building and managing the Firm’s global platform sales activities. Previous to SkyBridge, he was an original member of the Permal Group’s Hedge Fund of Fund US Private Client Platform Distribution Team, where he launched and developed the firm’s US distribution arm and brand. Earlier, he worked on Permal’s Institutional Sales team which involved interfacing with pensions, endowments, foundations and institutional consultants across the Permal product suite. Tim currently serves as Special Advisor to the Board for the Family Office Association in Greenwich, CT and is on the Membership Committee of the Core Club in New York. He is a graduate of St. Lawrence University. This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with Ben Harrison, Managing Director for Advisor Solutions, BNY Mellon | Pershing Over the last few episodes, independent advisors have shared the challenges of managing both their businesses and client expectations. And while they’re are on the frontlines, it’s the custodians that are working in the background to provide the support these business owners need to build and grow successfully—regardless of the economic climate. So we turned to Ben Harrison, the Managing Director for Advisor Solutions at BNY Mellon’s Pershing, to get his take on the role a custodian plays in the lifecycle of an independent business. Having been with Pershing since 2006, Ben had a bird’s eye view of life during the financial crisis in 2008 and brings a unique point of view on what we’re experiencing now. Plus, he’s on deck to replace retiring industry icon Mark Tibergien as the head of Pershing’s RIA custody unit—a topic that he discusses at length. In this episode, Ben offers his perspective on independent business ownership, plus: What a custodian like Pershing does to support its RIA clients—and the real value of that role to business owners in the current environment. What he considers the most impactful lessons are from this crisis—and how he anticipates it will affect the space going forward. What he learned from Mark Tibergien over the years—and how he expects those lessons will help him evolve the custody unit going forward. What key principles every business owner should practice—and how these core fundamentals help to create an “enduring business.” What he sees as the pros and cons of debt and equity financing—and the new in-flows of capital coming into the space that principals should be aware of. Why wirehouse advisors should be thinking more about their long-term enterprise value—and how this thought-process leads to solving for business continuity and succession. Ben is stepping in at a truly unique time: Aside from being in the midst of an unprecedented global crisis, the “Race to Zero” amongst custodians and the Schwab/TD Ameritrade merger are still brewing in the background—each of which he shares more about. It’s an exciting conversation that addresses an industry that’s going through dramatic change—a true insider’s look at the business of financial advice from one of the leaders of wealth management’s top firms. Related Resources Twelve Positive Ways the Coronavirus Crisis Will Impact RIAs With so much uncertainty and negativity pervading our lives, it’s helpful to imagine a future where we witness positive effects of the crisis on the RIA industry. Read-> 10 Predictions for Financial Advisors in the Post-Crisis World In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. Read-> How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> The Rewards and Risks of Independence—with Mark Tibergien, CEO of BNY Mellon’s Pershing Advisor Solutions Mark Tibergien, the CEO of BNY Mellon Pershing Advisor Solutions, shares his thoughts on the momentum towards independence, the evolving advisor mindset, what it takes to run a successful practice and much more. Listen->   Ben Harrison: Ben Harrison is a Managing Director for Advisor Solutions at BNY Mellon | Pershing. Ben is head of Business Development and Relationship Management, as well as a member of the Executive Committee for Advisor Solutions. Previously, he led business development for advisory marketplace solutions on the West Coast. Prior to joining Advisor Solutions in 2006, Ben served as vice president of regional sales for TD Ameritrade Institutional. He started his career with TD Waterhouse Institutional and has spent the last 20 years serving registered investment advisors. Ben was a 2010 Chairman’s Circle Honoree recognizing outstanding performance within BNY Mellon. He currently serves as a Trustee for the Foundation for Financial Planning and is also a current Board member for The Woodstock Academy Foundation. Ben earned a Bachelor of Arts degree in Economics Management from Ohio Wesleyan University. He has also completed the Securities Industry Institute® program, sponsored by the Securities Industry and Financial Markets Association (SIFMA), at the Wharton School of the University of Pennsylvania. This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with Bill Williams, Executive Vice President, Ameriprise Franchise Group Independent broker dealers are often a go-to landing spot for advisors who desire greater control and freedom in how they serve their clients and grow their businesses, yet welcome the addition of community, support and service. And it’s often these latter 3 components which serve as key differentiators—and have proven to be critical benefits as advisors navigate their clients and businesses through the COVID-19 crisis. Yet in a landscape that offers over 100 different independent broker dealers (IBDs) to choose from, few have a history that can match that of Ameriprise. In over a century since its founding, the firm went through several acquisitions, multiple name changes and a variety of value propositions. But in the last decade, the firm made some dramatic shifts in recruiting practices, including significantly increasing transition packages which, along with improvements in infrastructure, support, technology and marketing, have resulted in great success. Today, Ameriprise has re-emerged and is stronger than ever, with a brand and business model that’s really resonating—evidenced by more than 10,000 financial advisors under its umbrella and annual revenue of more than $4.8 billion. And over the last several years it has consistently ranked as one of the top IBDs in the space. Bill Williams, the executive vice president of the Ameriprise Franchise Group, joins the show to share some background on what’s changed at the firm and what’s coming down the pike, including: The upswing in recruiting over the past several years—and what he sees as the key factors that are contributing to the firm’s success. The ability to join as an employee in their wirehouse-style model or as an independent contractor—and how the value propositions differ for each division. The advantages of their unique two-division system—and how their model compares to other IBDs, hybrid RIAs and supported independence. The changing profile of advisors who choose Ameriprise—and how they are now attracting advisors with much larger books than in past years. The impact on enterprise value for businesses under a broker dealer umbrella—and how their process, driven by “transparency, transferability and liquidity,” has translated into sales at “3-to-5X gross revenue.” No doubt, it’s difficult to change perception, especially in an industry where the landscape has expanded so vastly in the last number of years. But Bill makes a great case for how Ameriprise has taken its brand and service offering upstream—and that move has paid off with an enormous surge in recruiting success. Related Resources Twelve Positive Ways the Coronavirus Crisis Will Impact RIAs With so much uncertainty and negativity pervading our lives, it’s helpful to imagine a future where we witness positive effects of the crisis on the RIA industry. Read-> 10 Predictions for Financial Advisors in the Post-Crisis World In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. Read-> How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> Focusing on what’s most important right now A special message from Diamond Consultants. Read->       Bill Williams: Bill Williams is Executive Vice President of the Ameriprise Franchise Group (AFG). AFG represents over 7,800 independent advisors and generates over $4 billion in annual revenue. He is responsible for leading all aspects of the operation including sales, recruiting, compensation, compliance, practice management, leadership and in-field training. Ultimately Bill is accountable for growing advisor productivity and increasing overall headcount. Bill is a frequent speaker and contributor at media, consumer and industry events sharing insights on consumer and industry topics related to financial planning matters as well as business topics such as leadership and strategic planning. Bill joined Ameriprise in 1989 as an advisor in the Boston area and was named to the President’s Advisory Council (PAC) comprised on the top 1% of all advisors at the firm (over 6000) in his first year at the firm. He built a successful team based independent practice while simultaneously moving into a formal management role. Bill went on to hold a number of field leadership positions with increasing responsibility including District Manager, Field Vice President, Group Vice President, Senior Vice President before assuming his current position in 2009. Bill grew up in New England and graduated from Bentley University with a BA in Finance. He currently lives in Edina, Minnesota with his wife and family. Currently Bill holds industry licenses 7, 63, 24 and MN Life and Health. This podcast is also available on…   Browse other episodes in th

A conversation between Joseph Eschleman, President of Towerpoint Wealth, LLC and Special Guest Host Louis Diamond The freedom to creatively market to clients is one of the primary goals of most breakaway advisors. Because to create a unique brand, messaging and voice just isn’t possible as an employee advisor. In speaking with many independent advisors during this crisis, it is this ability to freely communicate – nimbly and without restrictions – that has proven to be pivotal in strengthening relationships with clients. And the bonus is that many of these advisors are using their voices and messaging to expand their reach to prospects as well. Our guest in this episode is a firm believer in the power of marketing. In fact, while he felt he had been given much of what he needed to grow his business in the brokerage world, a critical aspect that he said was missing was the ability to market and communicate in unique and innovative ways. So in 2017, Joe Eschleman left Wells Fargo with the help of Dynasty Financial Partners and launched Sacramento-based Towerpoint Wealth. And the COVID-19 crisis has since opened his eyes to the real potential that the freedom to communicate allows him. In this episode, Louis Diamond talks with Joe about his breakaway journey and life as an independent business owner, including: The key drivers that inspired him to leave Wells Fargo—and why he felt independence was the right next step. His experience in managing the 2008 financial crisis as an employee—and how that differed from navigating this crisis as an independent firm owner. The value of the “triangulation of advice” for clients—and how that concept made the transition from a big brand a “non-issue” for his clients. The role marketing plays in his firm’s growth—and how it helped Joe and his team maintain a continuity of voice with his clients and also reach prospects. Why he chose to go independent with Dynasty Financial Partners—and how a firm like Dynasty adds value to an RIA like Towerpoint. As Joe so aptly shares, “If your value proposition is based on pie charts and performance, clients will see right through that, especially in times of crisis.” The ability to fully engage with clients and prospects – freely and creatively – is what many advisors find to be one of the most attractive benefits of independence. And in Joe’s case, a true differentiator. Related Resources Twelve Positive Ways the Coronavirus Crisis Will Impact RIAs With so much uncertainty and negativity pervading our lives, it’s helpful to imagine a future where we witness positive effects of the crisis on the RIA industry. Read-> 10 Predictions for Financial Advisors in the Post-Crisis World In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. Read-> How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> Focusing on what’s most important right now A special message from Diamond Consultants. Read->   Joe Eschleman: As Towerpoint Wealth’s founder, Joseph has an impressive career of providing strategic planning and wealth management advice spanning more than 21 years. He possesses extensive training and experience in investment management as well as retirement income and wealth transfer planning for successful individuals who have worked hard to grow their personal net worth, growing businesses and their owners, corporate professionals, and retirees. With special expertise in long-term investment planning, Joseph brings his clients an array of solutions that are both reliable and innovative. Joseph launched the Towerpoint Wealth team following a successful tenure as a Managing Director – Investment Officer, working in Wells Fargo Advisor’s Private Client Group office in Sacramento, California. His career began in 1999, working as a financial advisor with Prudential Securities, and following its acquisition in 2004, Joseph joined the new parent company, Wachovia Securities, as a Senior Vice President, where he continued to fulfill his commitment to strengthening and coordinating the financial lives of his clients. Joseph graduated cum laude from Lehigh University with a Bachelor of Science degree from Lehigh’s College of Business and Economics in 1998. As a long-time member of the Investments and Wealth Institute (formerly IMCA), he officially earned the prestigious CIMA® or Certified Investment Management Analyst designation in 2003. In addition to maintaining his CIMA, Joseph’s professional licenses include Uniform Investment Advisor – Series 65; California Department of Insurance. In his career, Joseph was featured as “Money Man Joe” for eight years as a regular television guest for Sacramento’s primary ABC affiliate, KXTV News10. Addressing various investment planning, financial, and economic issues, Joseph regularly interface

There’s a new wave of evolution coming in the post-crisis world which we expect will impact advisors no matter where they work. The good news is that many of these changes will be for the better. The onslaught of COVID-19 has given advisors a new lens through which to view and evaluate their business lives and the firms they work for—that is, the lens of crisis. In an industry that was already in the midst of great change, there are 10 key areas that are expected to further evolve as the crisis passes. In this special episode, Mindy Diamond shares her expectations for the post-crisis world, including: Which advisors will move, where they will go—and why. What transition deals will look like—and which firms may be offering the best ones. Why advisors may hasten retirement plans—and how that could impact movement. What the impact of the crisis may be on the movement toward independence—and how that will drive further change in the space. How teams may become an even more important facet of the wirehouse world—and how that could affect the individual advisors. How working from home has left an imprint on advisors—and why that will drive changes to expectations from advisors and their clients going forward. Plus, Mindy shares the threshold questions advisors should ask themselves as they look back on this experience—and how the answers will help define their business lives going forward. It’s an episode that gives advisors a glimpse into what the wealth management world will look like going forward—and the good news is, as Mindy shares, many of the changes will be for the better.   Related Resources How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> Focusing on what’s most important right now A special message from Diamond Consultants. Read-> Navigating Uncertainty While there’s much going on that we can’t control, there’s much that we can. Read->     This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with Lee Korn, Principal, Opal Wealth Advisors When Lee Korn and his partners left Morgan Stanley in January of 2019 to launch their independent firm Opal Wealth Advisors, the thought of managing through an unprecedented health and financial crisis wasn’t even on his radar. And that’s a good thing—because as he shares, pulling together all the moving parts that go into building a firm is a task that takes time, energy and a good amount of learning as you go. So with over a year of building a solid infrastructure, Lee and his team can remain focused on what’s most important right now: Communication with their clients. And as independents, they can do so without the constraints they felt as employees—now having the ability to deploy messages quickly and creatively, a benefit they are realizing particularly through this crisis. In this episode, Lee talks about working through the crisis—but it’s his discussion around his recent journey to independence that’s most compelling, including: What key drivers propelled Lee and his partners to build their own firm—and the options they considered before choosing to take the RIA path. The threshold questions they asked themselves when considering their leap—and the one important question they asked of each other afterward. The 2 years of planning they undertook before making the leap—and the team of consultants they pulled together to help them define their strategy. How they decided upon a single custodian vs opting to go multi-custodial—and what he sees as the real value a custodian provides. The importance of “speed to market”—and how that’s something they could not achieve as employees of Morgan Stanley. With just over a year of hindsight, Lee is able to share an honest and concise roadmap for the independent journey. As he shares, “Launching your own business is not for the faint of heart.” Yet it’s apparent from this conversation that Lee and his team embarked on this journey with a great deal of heart—and it’s that which will drive them towards success well into the future. Related Resources 10 Predictions for Financial Advisors in the Post-Crisis World In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. Read-> How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> Focusing on what’s most important right now A special message from Diamond Consultants. Read-> Navigating Uncertainty While there’s much going on that we can’t control, there’s much that we can. Read->   Lee Korn: Lee Korn is committed to seeing clients succeed. He loves to brainstorm ideas to arrive at the best solutions—and he stands side-by-side with clients to help make sure those solutions are effectively implemented. In particular, Lee enjoys assisting business owners in identifying opportunities and strategies to take their companies to the next level. With a forward-thinking outlook, he also helps Opal remain at the forefront of the financial planning industry. Before forming Opal Wealth Advisors with partners Jesse Giordano and Joe Filosa, Lee co-founded the 360 Group at Morgan Stanley where he was a Financial Advisor and Family Wealth Director. In 2009, Barron’s named him as one of the top 1000 U.S. Financial Advisors. Previously, he worked at Edward Jones as a personal wealth manager. He began his career as a commercial banker helping successful business owners raise capital for acquisition and expansion. Lee graduated from Queens College in New York City with a degree in accounting. Active in his community, he has volunteered extensively with special needs organizations. Lee has a strong commitment to helping children develop good values along with leadership and life skills. He is a Cub Scout Cubmaster and an active board member at his temple. This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with David Bahnsen, Founder and Managing Partner of The Bahnsen Group A sudden bull market downturn driven by an insidious virus has left every advisor looking for novel ways to maintain continuity while providing value to clients. In such unprecedented circumstances, the freedom to be creative and follow one’s instincts – without being confined by a larger corporate agenda – has enabled many in the independent space to seize opportunities unavailable to their counterparts in the brokerage world. So what are the things that independent advisors are doing differently? To answer that question and share his own unique breakaway journey, David Bahnsen, Founder and Managing Partner of Newport Beach, CA based The Bahnsen Group, joins the show. David and his firm serve as the quintessential example of how independence has paved the way toward an astounding level of success—and weather this storm in ways he says that he could not have as an employee advisor. In this episode, David talks about the pushes and pulls toward independence, and ultimately why he feels he’s in the best place to grow his business and serve his clients, including: How he and his team are navigating these unprecedented times—and how his experience in the 2008 crisis serves to inform their process today. How clients are reacting to the crisis—and how his firm’s philosophy of reinforcing “evergreen behavioral principles” has helped clients develop a higher level of trust. How the ability to be creative and authentic in marketing and communications is critical—and how that freedom has impacted his growth over the years. What he sees as the pros and cons of being an independent business owner—and what he anticipates the impact of the crisis will be on his business and the space once the dust settles. As David so aptly shares, “A crisis is not supposed to be a time to formulate your philosophy; it’s supposed to be a time to live out your philosophy.” The freedom, flexibility and control that independence has afforded his business have certainly translated into extraordinary success—and provided a template for how best to navigate a crisis and manage a thriving advisory practice, regardless of market conditions. Related Resources How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> Focusing on what’s most important right now A special message from Diamond Consultants. Read-> Navigating Uncertainty While there’s much going on that we can’t control, there’s much that we can. Read->   David Bahnsen: David L. Bahnsen is the founder, Managing Partner, and Chief Investment Officer of The Bahnsen Group, a bi-coastal private wealth management firm with offices in Newport Beach, CA and New York City, managing over $2.1 billion in client assets. David is consistently named as one of the top financial advisors in America by Barron’s, Forbes, and the Financial Times. He brought The Bahnsen Group independent in April 2015 after eight years as a Chairman’s Club Managing Director at Morgan Stanley and seven years as a First Vice President at UBS Financial Services. He is a frequent guest on CNBC, Bloomberg, and Fox Business and is a regular contributor to National Review and Forbes. David serves on the Board of Directors for the National Review Institute and is a founding Trustee for Pacifica Christian High School of Orange County. He is the author several best-selling books including Crisis of Responsibility: Our Cultural Addiction to Blame and How You Can Cure It (2018), The Case for Dividend Growth: Investing in a Post-Crisis World (2019), and his latest, Elizabeth Warren: How Her Presidency Would Destroy the Middle Class and the American Dream (2020). David’s true passions include anything related to USC football, the financial markets, politics, and his house in the desert. His ultimate passions are his wife of 18+ years, Joleen, their children, Mitchell, Sadie, and Graham, and the life they’ve created together on both coasts. This podcast is also available on…   Browse other episodes in this podcast series…

A Conversation with Matt Crow, President of Valuation Firm Mercer Capital M&A activity in the RIA space enjoyed a continual rise over the last several years, fueled largely by sellers looking to solve for scale, succession and monetary goals, and a cadre of well-funded buyers seeking to capitalize on potential opportunities. But, the big question on everyone’s mind – including prospective breakaways as well as independent business owners – is how this crisis will impact valuations and the M&A marketplace overall. Matt Crow, President of Mercer Capital and one of the leading authorities on firm valuations in the wealth management space, joins this episode to share his perspective, including: How he anticipates valuations will change in the near term—and what impact those changes will have on M&A activity. Who the most active buyers and sellers are now—and those he expects will be going forward. What changes he expects in the RIA space as a result of this crisis—and how smaller, stand-alone RIAs might fare after the storm passes. Plus, Matt shares actionable steps that prospective and current business owners can take now to positively impact enterprise value. While the crisis has disrupted the robust momentum of the entire wealth management industry, Matt provides insight into firms that are well-poised for success—and why plenty of buyers will still be eager to pay top dollar for businesses that are “all-weather firms” built by “marketing and not markets.” It’s an optimistic look at the post-crisis world and the industry going forward—a positive viewpoint that we can all learn from. Related Resources Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> Gaining Scale: Why it Matters to Your Advisory Practice Scale seems to be the buzzword du jour, but what does it really mean for your practice? Read-> How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read->   Matt Crow: Matthew R. Crow is the president of Mercer Capital and leads the Investment Management Industry team. The team provides RIAs, independent trust companies, broker-dealers, and investment consulting firms with valuation services related to corporate planning and reorganization, transactions, employee stock ownership plans, and tax issues as well as valuations of intangible assets, options, and assets subject to specific contractual restrictions. Matt and his team also consult with investment management clients in the process of selling or buying. Matt publishes research related to the investment management industry and is a regular contributor to Mercer Capital’s weekly blog, RIA Valuation Insights. He also has broad industry experience in insurance, real estate investment ventures, and technology companies accumulated by working with hundreds of client companies during his tenure at Mercer Capital. This podcast is also available on…   Browse other episodes in this podcast series…

A Conversation with Attorney David Gehn, Chairman of the Litigation Department at New York Law Firm Ellenoff, Grossman & Schole, LLP It’s impossible not to recognize how the business and personal lives of every one of us have changed—making the ability to gain clarity for today as well as prepare for tomorrow an imperative. With that in mind, Mindy invited attorney David Gehn to be a guest on this episode to share actionable advice on how to protect your business now and post-crisis. (David, you might recall, was on the show just over a year ago to share his knowledge on navigating the transition process.) He and his firm are on the frontlines of the crisis, working with advisors on transitions and serving as a lifeline on how to best navigate these uncertain times. In this episode, David shares his experiences, including: Understanding the risks that advisors and firms are currently facing—and how to avoid them. The role of communication—and what’s most important to focus on with clients right now. The impact of this crisis on advisors with promissory notes/employee forgivable loans (EFLs)—and advice on how to renegotiate terms. What advisors need to know if considering a transition—and best practices that are even more important to adopt at this time. How to address the challenges RIAs are currently facing—and what opportunities and relief programs are available. As David so aptly says, now is the time to use this “collective pause” to refocus, regroup and double-down on nurturing relationships. His informed, practical advice and positive outlook are especially helpful right now and will help guide you into the future. Related Resources Managing Your Business Life in Uncertain Times Focusing On What’s Important Right Now Considering a move? Here’s what advisors can – and can’t – say to clients   David Gehn: David A. Gehn, Head of the Litigation Department at Ellenoff Grossman & Schole, LLP, 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 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 over 10 cases against the self-professed Wolf of Wall Street, Jordan Belfort, and Stratton Oakmont, all of which settled for millions of dollars in the aggregate. Mr. Gehn also filed other well-publicized cases in the 1990’s, including a civil action against Marion “Suge” Knight, former owner of Death Row Records, based upon an assault at a Death Row Christmas party. From 1998 to 2000, Mr. Gehn was General Counsel of Bluestone Capital, a broker-dealer, and its online trading division, Trade.com. Prior to joining the Firm, Mr. Gehn was a Member of Gusrae Kaplan Nusbaum, PLLC for over 16 years. While there, he was one of three attorneys who filed a federal class action in the Southern District of New York against, Fairfield Greenwich Limited, et al., the largest Bernard L. Madoff Investment Securities “feeder fund”, which recently settled for an amount in excess of $250 million. From 2014-2016, Gusrae Kaplan was recognized by BTI Consulting Group as an “honor roll” member on its list of the nation’s 50 “most feared” litigation law firms. Overall, Mr. Gehn has over 85 reported FINRA arbitration awards, which include 7 matters in which he has obtained expungement for his clients. He also litigates in federal and state courts, with several matters resulting in published opinions. Additionally, he has represented financial professionals in multiple SEC, FINRA, and CFP investigations and enforcement proceedings. Mr. Gehn also advises financial professionals concerning the transition of their financial practice, FINRA inquiries, non-solicit/non-compete issues, and Protocol compliance. He is familiar with the traditional, independent, RIA, and bank brokerage models. This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with speaker and co-author of The Go-Giver series, Bob Burg In the midst of an unprecedented health and financial crisis, advisors find themselves on the front lines—drinking from a firehose, balancing communication with clients and processing an abundance of information from their firms and the media. Yet now more than ever, communicating with clients and prospects in a way that is meaningful and adds value takes on a new level of importance. But with all that is going on, how is it even possible to do so? To answer that question and share actionable advice, Mindy welcomes one of the leading authorities on the topic, Bob Burg. Bob is the co-author of The Go-Giver book series, which many business leaders and entrepreneurs consider “required reading”—and Mindy credits with influencing her own business practice and philosophy. In this episode, Bob discusses how to incorporate The Go-Giver mindset into your daily routine, including: What real “value” is—and how the 5 “Elements of Value” are most relevant right now. The “5 Laws of Stratospheric Success”—and how advisors can adopt each as part of their day-to-day business practices. Understanding the connection between authenticity, consistency and excellence—and how they directly relate to adding value. How shifting one’s focus from getting to giving can have the greatest impact on relationships and trust—and why this is especially important in times of crisis. As Bob says, “No one will invest with you because you have a quota to meet.” But the principles shared in this episode will help advisors add maximum value and best serve clients—regardless of whether they are employees or independent business owners. And at this chaotic and uncertain time, Bob’s perspective has taken on even greater importance for all.   Related Resources Focusing on what’s most important right now A special message from Diamond Consultants. Read-> Navigating Uncertainty While there’s much going on that we can’t control, there’s much that we can. Read-> About Bob Burg: Bob Burg is a sought-after speaker at company leadership and sales conferences sharing the platform with everyone from today’s business leaders and broadcast personalities to even a former U.S. President. Bob is the author of a number of books on sales, marketing and influence, with total book sales of well over a million copies. His book, The Go-Giver, coauthored with John David Mann, itself has sold over 925,000 copies and it has been translated into 28 languages. His and John’s newest parable in the Go-Giver Series is The Go-Giver Influencer. Bob is an advocate, supporter and defender of the Free Enterprise system, believing that the amount of money one makes is directly proportional to how many people they serve. He is also an unapologetic animal fanatic, and is a past member of the Board of Directors of Furry Friends Adoption, Clinic & Ranch in his town of Jupiter, Florida.     This podcast is also available on…   Browse other episodes in this podcast series…

A few thoughts from Mindy Diamond     Times like these are both unprecedented and challenging, to say the least. What all of us crave more than anything is stability. And a global pandemic, massive disruptions to business and personal lives, and volatile market conditions certainly provide anything but that. I’ve been grappling with one question, in particular, the last few days—and that is, “How can a recruiter for financial advisors add value at a time like this?” I’m neither a politician, nor scientist, nor doctor and so I can’t stabilize the markets nor slow the spread of the Coronavirus. But, what I can do is share information and perspective that might be helpful as our financial advisor listeners weather this storm. The truth is we were ready to launch a new episode of this series today—an interview with Bill Williams, EVP of The Ameriprise Franchise Group. It’s a great conversation that I expect you will find of interest. But, I couldn’t, in good conscience, launch that episode without first acknowledging the crisis that is at the front and center of everyone’s mind. Like everyone else, I’ve been trying to figure out the best way to manage my business through these turbulent times. And, then it hit me. The universe sent me exactly what I needed, the answer to my question: “how can I add value?” Late yesterday, my son and business partner, Louis Diamond, sent to everyone here at Diamond Consultants, a piece written nearly 2 decades ago by Dan Sullivan, Strategic Coach® founder and president. It addressed the uncertainty which followed the horrific events of 9/11. I found it most inspiring and still relevant today and think you might too. It is called the “Scary Times Success Manual” and it gives 10 strategies for how we can focus our energies and attention in order to move forward on a more positive path—even when the world is at its most turbulent. Dan’s 10 suggestions for navigating the days and weeks ahead are as follows: Forget about yourself; focus on others. Forget about your commodity; focus on your relationships. Forget about the sale; focus on creating value. Forget about your losses; focus on your opportunities. Forget about your difficulties; focus on your progress. Forget about the “future”; focus on today. Forget about who you were; focus on who you can be. Forget about events; focus on your responses. Forget about what’s missing; focus on what’s available. Forget about your complaints; focus on your gratitude. Points number 3 and 8 are my favorites. Forgetting about the sale, as he shares, is a tough one for me as a recruiter. While its always been our priority to provide value, at this time, it is even more important. It is my job to talk with people about considering change. But, change is not what people want right now. They want stability. So, how can a recruiter who cold calls for a living add value? I’m figuring that out as I speak, but I do think that sharing information like this can be helpful. At least I hope so. As for number 8, the notion of focusing on my response to challenging events instead of the events themselves seems particularly relevant now. We are in the midst of a crisis. I can either spread panic or I can be a source of calm—to my staff, my family, and my clients. I can help people to remember that we are never really in control of events. What I know, without a doubt, is that while I can’t control the weather or the stock market or the virus, I can work to come up with creative responses to how I deal with it all—even when I am feeling pretty uncomfortable. And, I’d like to think that my ability to calmly and sincerely respond to a crisis can be a teachable moment for my family, friends and others around me. We’ve been challenged many times in the past. And we have persisted and emerged stronger. So while uncertainty is the watchword, for now, one thing does remain certain: We are here to answer any questions you have today, tomorrow and further down the road. Our only goal is to provide value where we can—and make ourselves and the information we share available to you when you come up for air. For now, all of us at Diamond Consultants are taking the time to refocus our energies on what matters most. And we hope that these 10 points are as helpful to you as we found them to be—and if so, we hope you’ll share this episode widely. Now and always, we wish you good health and the calm needed to weather the storm.     This podcast is also available on…   Browse other episodes in this podcast series…

The 10-minute download that takes a broader look at what’s going on in the wealth management world and the impact on an advisor’s business. In this episode, Mindy explores the “resurgence” of wirehouse recruiting and its impact on the industry at-large, including: The important signals firms are sending to advisors—and how recent high-profile hires and Morgan Stanley’s E*Trade acquisition are the strongest signals yet. Why the wirehouses are still the right fit for many advisors and their clients—and how these firms are starting to differentiate from the pack. How advisor sentiment has helped to shift the tides—and why trends in movement may be readying to make a shift. And ultimately, what this all means for employee advisors—regardless of whether you’re considering a move or not. It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.   Related Resources Resurgence in Wirehouse Recruiting: Are the Tides Shifting? After a hiatus, wirehouses seem to be back in the game—and some in a really big way. Read-> What’s Changing at the Wirehouses—and Why You Need to Pay Attention As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. Read-> 9 Trends That Will Put Advisors in the Driver’s Seat for 2020 The new year ushered in a “perfect storm” in which the intersection of 3 forces – changing advisor sentiment, reshaped client expectations and powerful retention efforts by the brokerage firms – has laid the groundwork for a world where advisors have the upper hand. The question is, will they take it? Read->   This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with the Founder and Managing Member of Hamburger Law Firm and Founder and CEO of MarketCounsel Few people in the wealth management space are as well-versed as Brian Hamburger. And no surprise as he wears many hats. He is the Founder and Managing Member of Hamburger Law Firm, a practice focused on the investment and securities industry, as well as the Founder, President and CEO of MarketCounsel, one of the industry’s leading business and regulatory compliance consulting firms. No other industry consultant or attorney has counseled more breakaway brokers than Brian. And that is why he is known as the architect behind many of the best independent firms launched in the past decade. In this episode, Mindy taps into Brian’s unique combination of legal acumen, business knowledge and entrepreneurialism to weigh in on the following: How the “perfect storm” of the 3 colliding forces of advisor sentiment, client expectations and brokerage firm retention efforts are driving movement and change—and how these forces will impact the momentum towards independence. What’s driving the robust M&A market—and how some of the biggest deals over the past year serve as key indicators for much more to come. What an advisor needs to know to prepare for a move—and why these steps should be taken well in advance of a transition. What to be aware of in a post-Protocol world—and his expectations for more departures from the seminal agreement. How technology has been the real game-changer in the wealth management space—and why the leveled playing field it’s created has served as one of the greatest drivers of movement away from the wirehouses. As Brian shares, “Advisors just want to get what’s best. They want access to best of breed technology, investment options and support—and they don’t want to have to go through a firm in order to get it.” And in the new world order, they can have all that and more. Listen in to a fascinating conversation around the possibilities that exist now and the opportunities coming down the pike. Related Resources Exiting the Broker Protocol: What does it mean for advisors? It’s just like the years before the 2004 introduction of the Protocol for Broker Recruiting, only different. Read-> Gaining Scale: Why it Matters to Your Advisory Practice Scale seems to be the buzzword du jour, but what does it really mean for your practice? Read-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> Gaining the Technological Edge in Independence A Conversation with Eric Poirier, the CEO of Addepar. Read->     About Brian Hamburger: Brian Hamburger, JD, CRCP, is the Founder, President and CEO of MarketCounsel, the leading business and regulatory compliance consulting firm to the country’s preeminent entrepreneurial independent investment advisers. He is also the Founder and Managing Member of the Hamburger Law Firm, whose expertise extends to virtually all areas of the investment and securities industry as well as entrepreneurial, firm structure and governance and employment matters. Together, MarketCounsel and Hamburger Law Firm represent an unparalleled combination of exceptionally incisive counsel and uncompromising service. Brian is the architect behind many of the industry’s largest and most successful transitions to independence as well as a staunch and influential advocate for the independent investment adviser community. For the past 19 years, he has served at the helm of both MarketCounsel and the Hamburger Law Firm. Accordingly, Wealth Management magazine has named Brian as one of the top thought leaders in the sector, noting that “Over the past decade, Hamburger has been the architect behind almost all of the highest-profile breakaway deals in the industry, helping advisors navigate the legal thicket of transitioning away from brokerages and into independent business models. As such he’s been a central, but often unheralded, force in the evolution of the RIA industry.” Previously, REP. Magazine featured Brian on its cover as “The Engineer” of the RIA evolution. Brian is regularly called upon to speak at national conferences, not to mention MarketCounsel’s annual Summit, a gathering of the industry’s top advisers and thought leaders. As an advocate for the investment adviser community, he has delivered keynote addresses to the country’s state securities regulators and met with SEC Commissioners and members of Congress to influence proposed regulation and legislation. In addition to being a highly sought after expert speaker for myriad industry events, he has also been a regular contributor to CNBC as well as featured in and quoted by the Wall Street Journal, the New York Times, Bloomberg BusinessWeek, Dow Jones, Reuters and every major wealth management publication.       This podcast is also available on…   Browse other episodes in this podcast series…

The 10-minute download that takes a broader look at what’s going on in the wealth management world and the impact on an advisor’s business. In this episode, Mindy explores the industry landscape as a “continuum,” recent data on advisor movement and its impact on: Where advisors are going—and how movement is fueling the evolution of the landscape. The flow towards regionals and boutiques—and why these firms are winning the race for top talent. The movement of the “advisor elite”—and how that serves as a barometer for the wealth management industry at large. It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.   Related Resources What’s Changing at the Wirehouses—and Why You Need to Pay Attention As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. Read-> What Brand Really Means to an Advisor How significant is a brand name these days to an advisor’s assessment of a firm? The simple truth is, it depends on who you ask. Read-> 9 Trends That Will Put Advisors in the Driver’s Seat for 2020 The new year ushered in a “perfect storm” in which the intersection of 3 forces – changing advisor sentiment, reshaped client expectations and powerful retention efforts by the brokerage firms – has laid the groundwork for a world where advisors have the upper hand. The question is, will they take it? Read->   This podcast is also available on…   Browse other episodes in this podcast series…