The Diamond Podcast for Financial Advisors

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…

A conversation with Jodi Perry, President of Raymond James Financial Services Independent Contractor Division Regional firms have been on a hiring tear in recent years, and no surprise: The model provides independent-minded advisors an opportunity to realize their entrepreneurial dreams, but with the scaffolding and support they’ve become accustomed to. It’s a formula that is well-aligned with a changing advisor mindset, positioning these firms for even higher levels of growth in the coming years. One such firm, Raymond James, has been at the top of their game in recent years, with a multi-channel association that’s resonating with advisors. In this episode, we take a closer look at their Independent Contractor Division, which accounts for nearly 60% of the firm’s advisory force—some 4,700 advisors as of this recording. Jodi Perry, the President of Raymond James Financial Services (RJFS) Independent Contractor Division, joins the show to share insights on what’s behind the firm’s success, including: How the RJFS model fits in the Raymond James ecosystem—and how their multi-channel association is a platform for their “advisor as client” culture. Why the RJFS model resonates so well with advisors—and the types of advisors who are the “right fit” for the firm. How the firm is differentiated from other similar models in the space—and how the firm’s focus on technology serves to enhance their success. How their model compares to independent broker dealer and RIA options—and the benefits that “supported independence” offers. How brand and reputation play into an advisor’s decision-making process—and how support and culture are often stronger drivers. How the firm is responding to changing advisor mindset—and what she anticipates will be the driving forces over the coming years. Jodi also shares some case studies on wirehouse advisors who recently joined the firm, their motivations and how their business has changed since. Raymond James has always defined itself by its culture and client-first ethos, and what makes the firm unique, as Jodi put it, “is that advisors themselves are viewed as clients of the firm.” It’s an interesting story about how RayJay has achieved tremendous success in a crowded and competitive landscape—particularly appealing to advisors who are looking for a model that offers the best of support, culture and independence. Related Resources 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-> When it Comes to Attracting and Retaining Advisors, Culture Really is King How these 5 key characteristics set the stage for a more positive and productive environment for financial advisors. Read-> 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->   About Jodi Perry: Jodi Perry started her career with Raymond James 26 years ago in an entry-level position within customer operations. She moved throughout the firm, always reaching towards leadership positions. From her supervisory role in client operations, Jodi moved to the internal sales team of our asset management division, directly managing a seven-person team, while simultaneously serving on a two-person regional team responsible for $60 million in sales per month. After six years, she then moved to our independent advisor channel to recruit new financial advisors to Raymond James Financial Services, where over the past 15 plus years Jodi moved from vice president of business development to regional director to senior vice president of regional management and most recently to the president of the independent contractor division. Jodi is a registered corporate coach, who sits on the firm’s executive committee, sits on the board of the Florida Securities Dealer’s Association and also sits on the board of the St. Petersburg Free Clinic (not for profit) and will start on the board of FSI in 2020. Jodi holds her series 7, 63, 65 and 24.       This podcast is also available on…   Browse other episodes in this podcast series…

A 10-minute download of 3 key things happening now in the wealth management industry. It’s impossible to talk about independence without addressing the industry at large. Because the independent space itself was born as a result of changes within the landscape—an ongoing evolution cultivated by shifting advisor sentiment and client expectations. So to address listener requests for a broader look at what’s going on in the wealth management world and how that impacts an advisor’s ability to serve their clients and grow their businesses, we’ll be sharing bi-weekly updates as a part of this podcast series. In this episode, Mindy explores the following: Clashes between next gen inheritors and the senior advisors for whom they work—The unexpected net effect of retire-in-place programs have left next gen inheritors wondering if their senior advisor’s book is really worth it. The awakening of “sleeping giants”—After a lull in wirehouse recruiting activity, even the most competitive deals from the biggest brokerage firms may not provide what’s needed to compete with the likes of First Republic and Rockefeller. The handwriting on the wall—Discerning a firm’s intent by way of the “messages” they’re sending can make a big difference in an advisor’s future. 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 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-> Looking at Sunset from 2 Sides: A Senior Advisor’s Perspective The decision of signing on to your firm’s sunset program often comes down to weighing these 2 key factors. 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-> This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with the Founder and CEO of United Capital, a Goldman Sachs Company While the momentum towards the independent space has been fueled mainly by advisors searching for a better way to serve their clients and grow their businesses with flexibility and control, there’s little doubt that entrepreneurial spirit and determination play a role as well. And the guest on this episode epitomizes that spirit—demonstrating a level of drive that many can only imagine. Joe Duran, the founder and CEO of the firm formerly known as United Capital, now a Goldman Sachs company, started his journey from inauspicious beginnings in Zimbabwe, leaving home at 18 to travel the world. He landed in America, went to college, married and started his financial career as an intern for a very small investment firm. By his late 20s, Joe became President of that firm – Centurion Capital – which he later sold to General Electric. An American dream realized, for sure! But it didn’t stop there. Although he became President of GE Private Asset Management, his entrepreneurial side wanted much more. So, he left that role, went back to school, and received not one but two MBAs. Yet these were all experiences that were leading up to his ultimate goal: To build a financial advisory firm that differed from others. That is, one in which advisors are focused on their clients’ lives and what they wanted to accomplish, rather than their money and investing it. In 2005, United Capital was born and since its inception, the firm grew to a reported $26B in assets. Then last year, the firm was acquired by industry behemoth Goldman Sachs. It’s an incredible success story—one that’s getting even more interesting as this new chapter unfolds in a world that’s very different than the one in which United Capital was founded. Listen in to learn as Joe shares: How the independent space has changed since the founding of United Capital—and what he would have done differently if building the firm today. What the impetus was behind the sale to Goldman Sachs—and the impact of this acquisition on the firm going forward. What’s really behind the proliferation of M&A in the space—and how this will reshape the industry at large. What he sees as the “logical evolution” for advisors and their businesses—and how this practice is not broadly applied in the wealth management industry. Why delivering services in a repeatable and scalable way is an imperative—and how that affects a firm’s ongoing growth potential. What he sees as the role of technology—and the two things that it impacts the most in an advisor’s practice. Plus, Joe shares the “one simple rule” on maximizing value—advice that is beneficial for any advisor, whether seated at a brokerage firm or building an independent practice. It’s a perspective on the industry that is straight out of the mind of a tried and true entrepreneur—a roadmap to success that any advisor can learn from. Related Resources 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-> How to Maximize Growth When Adding One Client at a Time No Longer Seems Like Enough Advisors with their sights set beyond what organic growth delivers find greater opportunity in the independent space. 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->     About Joe Duran: Joe Duran is Chief Executive Officer and Founding Partner of United Capital, the nation’s first and largest Financial Life Management company, and now a Goldman Sachs company. A proven entrepreneur, investor, best-selling author, and sought-after industry speaker, Joe previously built Centurion Capital as President of the company, which he sold to General Electric Financial (GE) in 2001. He is a renowned industry visionary with featured columns in both InvestmentNews and Time Magazine’s Money.com. Joe is a frequent contributor to CNBC, Fox Business, Bloomberg and PBS and appears regularly in both traditional and online media, and was a recipient of a prestigious Ernst & Young Entrepreneur of the Year award in 2015 and the Schwab Pacesetter Impact Award. His most recent book, “The Money Code: Improve Your Entire Financial Life Right Now,” achieved best-seller status on both The New York Times and USA Today lists. Joe has an undergraduate degree from Saint Louis University and MBA degrees from University of California, Berkeley and Columbia University. He earned his Chartered Financial Analyst designation in 1997. Most importantly, Joe is lucky to have a wonderful family who inspires him every day. Joe, his wife, Jen, and their daughters, Charlotte, Juliette and Samantha, live in Newport Coast, CA.       This podcast is also availabl

A collection of the top words of wisdom from those who shared their journeys to independence during year 2 of this podcast series As we kickoff the new season of this series – with over 2 years and 55 episodes in the bank – we recognize that the extraordinary wisdom shared by our guests in the last year alone warranted some additional exposure. Plus, most any advisor considering a move to independence is hungry to hear firsthand the experiences of those who went before them. It’s these insights that reflect what we’re seeing in the industry at large. That is, the impact of the convergence of 3 distinct phenomena in the industry: changing advisor sentiment, the reshaping of client expectations, and powerful retention efforts at brokerages to further tie advisors to their firms. It’s a “perfect storm” of sorts that’s driving change throughout the industry and influencing movement at levels we’ve not seen in over a decade. So we curated conversations from nearly 20 hours of interviews to deliver the top 10 – a special all-in-one-place, “best of the breakaways” episode – featuring the most compelling and candid discussions with those who have made the leap. And given the quality of conversations we’ve had with our many guests over the year, culling the information in this episode to just 10 sound bites was no easy task! In each, you will hear the motivations – the pushes and pulls – behind the choice to leave the wirehouse world. And even more importantly, the risks they took and the rewards they found waiting on the other side. Yet what’s most striking is how each describes the impact of this confluence of change. It’s a compilation that offers answers to some of the top questions advisors ask us—and much more… What drove this young top-rated advisor and his team to leave Merrill and how they addressed a succession plan for an advisor nearing retirement—Michael Henley, Founder and CEO, Brandywine Oak Private Wealth How the desire to serve clients with greater freedom, flexibility and control proved to be more important than the deferred compensation they’d leave behind—Margaret Dechant, CEO and Founding Partner, 6 Meridian How a change in culture at Morgan Stanley served as a powerful driver—Steve Schwarzbach, Founder and Managing Partner, Icon Wealth Partners Why serving a niche client base – particularly offshore clients – could be better managed in the independent space—Lisa van Walleghem, CEO and Founder, MAXIMAI Investment Partners How the uncompromising need to do what’s best for clients, build long-term value and satisfy a strong entrepreneurial spirit served as a powerful motivator—Paul Pagnato, CEO Founder, PagnatoKarp How a strong entrepreneurial bent and the belief that there was “a better way” to serve clients drove these two UBS breakaways to build an independent business—Bryn Talkington, Managing Partner, and Doug John, Founder and Managing Partner, Requisite Capital Management How spinning off from a broker dealer offered greater opportunity and translated into 3x growth—Rob Nelson, CEO and Founding Partner, NorthRock Partners We also looked closely at what has become a growing trend of those who broke from the leadership ranks of the brokerage firms—and the motivations that drove their decisions: Chris Dupuy, who, after nearly 3 decades with Merrill Lynch, was one of the first senior leaders to join the independent movement by choice, and now holds a key role with Rockefeller Capital Management. Jim Gold who left his role at Morgan Stanley to create Steward Partners, the quasi-independent model in partnership with Raymond James. And Rob Bartenstein, who left Morgan Stanley to build the independent model Kestra Private Wealth Services. Plus, industry thought leader Josh Brown of Ritholtz Wealth Management shares what every advisor should ask himself before he considers going independent—bonus content from what was the top episode of 2019. These stories are inspirational and chock full of wisdom—painting a picture of a landscape that has been reshaped right before our very eyes. This is one episode you don’t want to miss. Note: It is incorrectly stated in the episode that Rob Bartenstein hailed from UBS when he was actually with Morgan Stanley. Podcast Episodes Mentioned Ep. 33: A Diehard Merrill Advisor’s Journey to Independence—with Michael Henley of Brandywine Oak Private Wealth and Louis Diamond of Diamond Consultants Ep. 42: How this $2.5 Billion Team Saw Past the Handcuffs of Deferred Compensation—with Margaret Dechant, CEO and Founding Partner of 6 Meridian Ep. 43: Freedom from the Big Brand: Unencumbered Growth for an $800mm Team—with Steve Schwarzbach, Founder and Managing Partner of Icon Wealth Partners Ep. 35: Independence for Advisors with an Offshore Client Base—with Merrill Lynch Breakaway Lisa van Walleghem, CEO and Founder of MAXIMAI Investment Partners Ep. 54: How “Transparency” Propelled Growth from $1B to $4B in 8 Years—with Paul Pagnato of PagnatoKarp Ep. 53: How This UBS Brea

A deep dive into the mindset and habits of top advisors with Matt Oechsli of The Oechsli Institute One of the hottest articles on our Perspectives Blog this year was a piece written by Mindy Diamond titled “The Billion Dollar Mindset: What Drives Top Advisors?” The popularity of the topic comes with little surprise as advisors at all levels have a strong desire to understand what propels another towards greater success. To take a deeper dive into the topic, Mindy welcomes Matt Oechsli, founder of the Oechsli Institute, a firm that specializes in coaching and training advisors who are looking to build their wealth management practices to new heights. The Oechsli Institute has conducted years of extensive research on elite advisors, their businesses and relationships with their affluent clients, and they use that data as the foundation for the services they provide to advisors. Matt covers a wide gamut on what the most successful advisors do differently, including: What a “growth mindset” is—and why it’s the most common trait among elite advisors. Why being self-aware is vital—and how to recognize and address any weaknesses is a sign of strength. How self-trust and self-motivation are key traits of top advisors—and why many still suffer from self-doubt. Why putting the client first is one of the most important aspects of success—and how to make it part of a regular business routine. How to develop an emotional connection with a client—and why that’s one of the most critical elements of an advisor’s success. How to properly ask clients for referrals—and why most advisors shy away from the process. Plus, the importance of continuity planning—and what personality type to look for in a next gen advisor. As Matt shared, elite advisors are already outstanding at their craft, but they differentiate themselves by developing a strong emotional connection with their clients and “have mastered the art of selling in a fiduciary world.” It’s an important episode for all advisors, with actionable advice that can be immediately put to use. Related Resources The Billion-Dollar Mindset: What Drives Top Advisors? Adopting these 12 characteristics can change your growth trajectory. 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->   Mentioned in this episode: How “Transparency” Propelled Growth from $1 to $4 Billion in 8 Years—with Paul Pagnato of PagnatoKarp How this $2.5 Billion Team Saw Past the Handcuffs of Deferred Compensation—with Margaret Dechant, founding partner of Kansas-based 6 Meridian How a Legacy Merrill Team Experienced 600% Growth in 10 Years—with Bill Loftus, Coastal Bridge Advisors     About Matt Oechsli: Matt Oechsli is a leading authority on attracting, servicing, and developing loyal affluent clients. He is CEO of the Oechsli Institute, a research and coaching firm founded in 1978, which has now grown to over 20 veteran coaches. Matt has authored 14 books, many industry best sellers, with his most recent The Art of Selling to the Affluent – 2nd Edition was translated into Mandarin. He is in high demand as a keynote speaker, delivering presentations from Singapore to Sydney to Wall Street. Matt has a tremendous media presence (longest tenured columnist with Wealth Management.com at 30+ years) as he is consistently quoted in the New York Times, Wall Street Journal, and other prominent media outlets. With an MBA in marketing from Anna Maria College in Paxton, MA, a BS from the University of Arizona, certification in clinical hypnotherapy, and worked as a counselor of emotionally disturbed youth in New York City – Matt’s background is unique, to say the least.       This podcast is also available on…   Browse other episodes in this podcast series…

A conversation with Forbes Top Advisor Paul Pagnato, CEO Founder of PagnatoKarp Throughout this series we’ve shared the unique stories of quality advisors who have taken extraordinary steps through their careers to find the best way to serve clients and grow their businesses. And the guest in this episode is certainly an example of “extraordinary” on all counts. Paul Pagnato, CEO and Founder of PagnatoKarp, is a four-time ranked Forbes Top Wealth Advisor with an interesting story to share: Before starting his career as a financial advisor with Merrill Lynch, he was a microbiologist with NASA and McDonnell Douglas. Yet after building a successful wealth management business at Merrill, Paul and partner David Karp left in 2011 to become one of the first teams to join HighTower Advisors—a firm which they would leave in 2016 to form their own fee-only RIA based on what they call True Fiduciary® Transparency Standards. Paul shares his fascinating breakaway story, including: Why they left Merrill for HighTower—and why they ultimately chose to leave HighTower for full-on independence. How their clients responded to two moves in a relatively short time-frame—and what the most important thing was that Paul and his partner said to convince them to follow. How adopting a strong value proposition based on transparency has impacted PagnatoKarp’s growth—and why he feels they needed to move to the independent space to deliver on this value proposition. Why he feels the ability to act as a “true fiduciary” in serving clients’ interests is not possible in the bank and broker dealer world—and what his firm can do now to best serve their clients that they could not do before forming their own RIA. A unique journey from NASA scientist to wealth advisor to entrepreneur-led Paul down an exceptional path of evolution and growth. It’s a story driven by an intense level of passion to serve clients free of conflict and with complete transparency—one that all advisors can learn from.   Related Resources Considering a move? Here’s what advisors can – and can’t – say to clients. The desire to share the news can completely derail a transition to another firm. Here’s what top attorneys recommend when it comes to communicating with clients before, during and after a move. Read-> 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-> 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-> 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->       About Paul Pagnato: Paul A. Pagnato is CEO Founder at PagnatoKarp, an independent multi-family office and wealth management firm based in Reston, Virginia, with over $4.5 billion assets under advisement¹. Paul is ranked #2 in Virginia on Barron’s Top 1,200 Financial Advisors and #1 in Virginia on Forbes Top Wealth Advisors² lists. Paul is also founder of the TrueFiduciary® Institute, a non-profit with a Massive Transformational Purpose of positively impacting one million lives through digital education and True Fiduciary® standards of exponential transparency, targeting the well-being of students, individuals and advisors. PagnatoKarp’s Intelligent Wealth Management™ Experience helps streamline lives through high-touch sophistication, expert advice and transparency. Family Office Fusion combines portfolio, planning, tax, legal, private banking, family governance, and lifestyle services for the ultra-high-net-worth. With True Fiduciary® standards, advice is transparent, objective and puts the best interests of clients first. Paul has been advising clients for more than 25 years, including founders, CEOs, business owners and families. Paul previously worked through HighTower Advisors and spent 19 years with Merrill Lynch, where he founded the Washington, D.C. Private Banking & Investment office. Before entering the financial services industry, he was a scientist for McDonnell Douglas. In the community, PagnatoKarp is proud to be partnered with Barron’s, sponsoring top universities through the Barron’s In Education program to help strengthen financial literacy and foster tomorrow’s leaders. Sponsorships include University of Virginia, Virginia Tech, Penn State, William & Mary, George Mason, University of Georgia, University of Texas and Florida Atlantic University. Paul serves on the Singularity University Leadership Team and the Board of Directors for Envel, The Institute for the Fiduciary Standard, FAU Foundation, INOVA Health Care System, the True Fiduciary®