• Home: Leading Financial Advisor Recruiting Firm
  • About Us
    • Meet the Team
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
  • FAQs
  • Articles
  • Podcast
    • Industry Update
    • Independence 101 Series
  • In the News
  • Tools & Resources
    • FAQs for Merrill Advisors
    • FAQs for UBS Advisors
  • Contact Us
  • Subscribe for Updates

Questions? Call us: 908-879-1002

Contact us...
Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
  • Home
  • About
    • Meet the Team
      • Mindy Diamond
      • Louis Diamond
      • Howard Diamond
      • Jason Diamond
      • Barbara Herman
      • Deborah Aronson
      • Wendy Leung
      • Cathy Nichols
      • Debbie Wallen
      • Allison Brunwasser
      • Joshua Tomolak
      • Shelley Muzio
      • Caryl Felicetta
      • Donna Riopel
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
      • Sell-Side M&A Advisory
      • Consulting
  • FAQs
  • Articles
    • Subscribe for Updates
  • Podcast
    • Industry Update
    • Independence 101 Series
    • Subscribe for Updates
  • In the News
    • Moves in the News
  • Tools & Resources
    • FAQs for UBS Advisors
    • FAQs for Merrill Advisors
    • Other Tools For Advisors
    • Subscribe to e-Newsletter

Home: Leading Financial Advisor Recruiting Firm

Re-imagine your future. The landscape has changed—dramatically. It may be time to get familiar with the new terrain. Learn more... Challenge your assumptions. You may be wondering if there's a better way to serve your clients and your future. And there very well could be. Learn more... Energize your growth. Sometimes it takes a different approach to get different results. The good news is you can move beyond the status quo. Learn more...

Sometimes you need to stop and take an objective view of your business life. Can you enhance the client experience? Gain greater control? Maximize the value of your businesses and optimize growth?

As one of the nation’s top recruiters for financial advisors, we’re known for helping advisors like you dig deep and find the answers to those questions and more.

If you’re ready to make a change, or simply curious, allow us to provide you with unparalleled access to the universe of opportunities and customize a solution to your individual needs. Our guidance is confidential, and without obligation or cost.

Objective guidance and expertise that’s unmatched in the wealth management space

For Financial Advisors

For Independent Business Owners

Knowledgebase for Advisors

Recent news, updates and advice from our blog for financial advisors and business owners.

  • The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey
    Read More
    The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey
  • Why You Should – or Shouldn’t – Consider Changing Firms in a Down Market
    Read More
    Why You Should – or Shouldn’t – Consider Changing Firms in a Down Market
  • Celebrating Independence: Different Perspectives on How to Achieve Greater Freedom and Control Independence in the wealth management industry is much like your local ice cream shop: There are many different flavors to choose from. By Jason Diamond and Mindy Diamond Each year around July 4th, we pause to reflect on the tremendous progress that our industry has made in transitioning, supporting, and fostering independent advisors. But independence in the wealth management industry is a lot like your local ice cream shop: There are many different flavors to choose from. The central tenets are the same regardless of the path you take, such as ownership over equity and data, the freedom and control to grow and serve clients without limitation, autonomy over the day-to-day running of the business, etc. But going from A to B (that is, from a captive employee model to independence) takes on many different shapes and sizes. And that’s what is so exciting (and perhaps daunting) about the current landscape. Every advisor, regardless of firm or model, wants more freedom and control—but there is no “one size fits all” solution to satisfy this desire. In other words, independence means different things to each advisor. Illustrating those differences requires looking only as far as the many advisors we have interviewed on our podcast over the years. A proverbial front-row seat to the first-hand stories of some of the best advisors in our industry: No two are the same, each extraordinary in their own right. And we’ve called upon the wise words of our founding fathers to help introduce each: Group 1: “Give me liberty or give me death!” – Patrick Henry These are the purists: Those who believe that true independence means having your own RIA and working directly with a third-party asset custodian to set it up. These advisors might outsource some compliance or back-office functions, but for the most part, they handle everything in-house—from the tech stack to marketing to investments. Dan Katz, Managing Partner of Revolve Wealth Partners, and Terry Cook, Managing Partner of Parcion Private Wealth, explain why they opted to forgo a support platform or service partner in favor of the “DIY” model. Said Dan, “We felt that we were business-oriented enough that we would be remiss if we didn’t get so far into the details to really understand what was under the hood… We felt that if we didn’t, we would’ve looked back and wished we had tried to do it on our own….So it felt very natural for us to take on the heavy-lift, uncover every stone, really do the diligence.” Added Terry, “At the end of the day, we really wanted to do it on our own. That’s not for everybody.” Terry is spot on. The advisors in this bucket typically know early on that they possess an entrepreneurial spirit and are undaunted by owning and operating a business. Group 2: “Tell me and I forget. Teach me and I remember. Involve me and I learn.” – Ben Franklin These are the advisors who enjoy many of the elements of owning and running a business but feel true DIY independence is a bridge too far. They have no interest in managing compliance, middle- and back-office functions, or putting toner in the copy machine. They want to focus exclusively on client service, prospecting, and growth. And what is perhaps most exciting about the modern landscape is the proliferation of service providers and platforms that were born to support the breakaway advisor. Firms like Sanctuary Wealth Partners, LPL Strategic Wealth Services, and Dynasty Financial Partners are examples of these. They provide varying degrees of transition and ongoing support in exchange for a fee or revenue override. However, at the end of the day, the advisor still owns their equity and data and operates their own independent business. One such advisor is Josh Brown, Managing Partner of NorthEnd Private Wealth. Josh and his team opted to break away from Merrill with the support of LPL Strategic Wealth Services. Said Josh, “[What really resonated is the idea] that we build it and they run it… The thing that stuck with us the most was the support that they could provide on that platform. In return for [the fee we pay to LPL], we get, in my opinion, a lot of stuff… We have a virtual admin, a CMO, a CTO, CFO, Compliance Officer, Operations manager.” Lizzie Evans, Managing Partner of Evans May Wealth, is another who chose the supported independence route. She and her team launched their independent business with the support of Sanctuary Wealth Partners. Lizzie describes her decision: “Ultimately, Sanctuary was undeniably the right fit for us. I think from our standpoint, going fully independent would have been a huge lift. I think you don’t know what you don’t know. And while our size would lend itself to being our own RIA, we really believed a fully independent model would dilute our client experience and investment discipline, and that was something we weren’t willing to sacrifice.” Group 3: “Liberty cannot be preserved without general knowledge among the people” – John Adams These are the advisors for whom the RIA world is too great a leap. For them, the world of the independent broker dealer is a much better fit. They value the community, scaffolding, and support that comes with having everything under one roof. One such advisor is John Kuttin, CEO of Kuttin Wealth Management (one of the largest independent businesses on the Ameriprise Financial platform). John explains why he opted to stay with Ameriprise rather than establish his own RIA, stating, “There is absolutely everything on the shelves and in the ecosystem to do an unbelievably good job for your clients. [And] Most importantly, to me, the culture is amazing.” Chip Munn, Managing Partner at Signature Wealth Strategies, is another excellent example of the independent broker deal advisor. Chip and his team went independent with Raymond James Financial Services in 2016. Said Chip, “Things like the ability to market, the ability to have inorganic growth, a solid technology platform, and one that we felt like there was a commitment to investing in that would allow for continuing improvement.” To be sure, these advisors still have the independent spirit and desire to run their own business. Still, they recognize the benefits of the added scaffolding and support that a broker dealer provides. Of course, there are countless other flavors of independence; the above case studies are illustrative examples of just some of the exciting possibilities out there. If greater independence is your goal, there is likely a path to achieve it that will feel soulful, authentic, and most suitable for you and your pursuit of life, liberty, and happiness.
    Read More
    Celebrating Independence: Different Perspectives on How to Achieve Greater Freedom and Control
  • Read More
    My IBD was just sold. Now what?

The latest from our podcast series for financial advisors

Industry Update: Should You Consider a Move When Markets are Turbulent?

Advisors have been busy managing client expectations as the market has taken them unwittingly on a wild roller coaster ride. And this uncertainty is an inconvenient truth of the wealth management business. That is, some days it’s up, other days it’s down. But what of those who have been thinking that their firm may no longer be the right partner for their business? How do they know if now is the right time to explore their options? And if not now, when? This episode explores those answers and more. play Listen…

Industry Update: Should You Consider a Move When Markets are Turbulent?
Ex-Merrill ACTM Chair to Independent Business Owner: A Former Insider’s Point of View

Ex-Merrill ACTM Chair to Independent Business Owner: A Former Insider’s Point of View

When advisors are limited by what they can do for their clients, they are confronted with a choice: Live with the status quo or consider a path that would expand their ability to serve clients and grow the business on their own terms. Kelly Milligan and his team were met with the same decision and opted for the latter. In this episode, the former ACTM Chair discusses his role on Merrill’s esteemed advisory group, the change in culture at the firm and how that motivated him and his team to launch independent firm Quorum Private Wealth one year ago, and much more. play Listen…

2021’s 10 Most Valuable Lessons from Advisors and Business Owners

In this annual digest of some of our best interviews of the year, we take a step back to glean the key lessons candidly shared by advisors who demonstrated unstoppable determination and whose stories contained valuable and relatable lessons for all. These recent breakaway advisors and independent business owners share their motivations to consider change; why they chose independence; their ability to serve clients and grow their businesses; and much more. It’s a “best of the best” show—a single episode that offers key insights from the 2021 season of one of the top podcasts for financial advisors. play Listen…

2021’s 10 Most Valuable Lessons from Advisors and Business Owners Key insights shared by some of the top independent advisor interviews curated from the last 12-months of the series
MORE FROM THIS PODCAST SERIES...

In the News

Young UBS Team With $770 Million Goes Indie With Sanctuary

August 12, 2022 By Andrew Welsch Another big wirehouse team has bid adieu and gone independent. An ex- UBS team that managed…

Read More
Transition Announcement: Young $770mm UBS Team Opts for Independence with Sanctuary

After much due diligence, this young UBS team with $770mm AUM found the ideal path for their independent business with…

Read More
Should FAs Be Tested for Cognitive Decline?

August 8, 2022 Louis Diamond Quoted by Sam Del Rowe Financial advisors have several ways of dealing with clients who…

Read More
Transition Announcement: Independent Firms Unite via Sanctuary Wealth’s Partnership Program

Independent Firm Marriott Wealth Advisors Joins mFORCE Capital via Sanctuary Wealth’s Partnership Program Sanctuary Wealth had everything I was looking…

Read More
UBS Comp Changes Make It Harder to Battle Asset Outflows–Analysis

July 29, 2022 Louis Diamond Quoted by Miriam Rozen and Mason Braswell With UBS Wealth Management USA’s reporting this week…

Read More
How Cresset Became a $27 Billion Wealth Manager in Under Five Years by Recruiting Top Private Bankers and Aggressive M&A

July 26, 2022 Louis Diamond Quoted by Hayley Cuccinello In his own words, Avy Stein flunked retirement. In 2010, the…

Read More
Sanctuary Wealth Accelerates M&A Activity with 2 More Deals

July 11, 2022 By Ali Hibbs One acquisition will bolster Sanctuary’s retirement plan offerings, while the other will add $150…

Read More
Edward Jones Opens Multi-FA Office in Seattle

July 22, 2022 Jason Diamond Quoted by Diana Britton Edward Jones announced last month it was expanding its teaming options to allow…

Read More
How Wall Street Keeps Financial Advisors in Golden Handcuffs and Claws Back Recruitment Bonuses from Those Daring to Leave

July 21, 2022 Louis Diamond Quoted by Hayley Cuccinello For top financial advisors, switching firms can lead to a life-changing…

Read More
Ed Jones Advisors on the Move: Two More Leaps to Independence

The ability to “do more” for clients without limitation is a common driver behind two recent moves that Diamond Consultants…

Read More
Sanctuary Wealth Welcomes Mesa Pointe Wealth

July 15, 2022 Sanctuary Wealth Texas-based team with $120 million AUM joins from Edward Jones and chooses partnered independence with Sanctuary INDIANAPOLIS, Ind., July 15,…

Read More
Merrill Veteran Producers Go Indie with LPL and Raymond James Affiliate

July 13, 2022 By Jake Martin A solo producer managing $280 million in Louisiana and a duo managing $300 million…

Read More
We're available to answer your questions. Contact us

Connect with us

Search

© 2022 · Diamond Financial Consultants, LLC t/a Diamond Consultants. All rights reserved.*

  • Leading Financial Advisor Recruiting Firm:
  • About
  • Services
  • FAQs
  • Articles
  • Podcast
  • News/Media
  • Tools/Resources
  • Contact
  • Our Locations
  • Privacy Policy
  • Site Map