The Diamond Podcast for Financial Advisors

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®