• 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
    • Moves in the News
  • Tools for Advisors
    • Advisor Transition Report 2022 – NEW!
    • Merrill Information Hub
    • UBS Information Hub
  • 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
      • Kelly Griffiths
    • 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
    • Transition Announcements
  • Tools For Advisors
    • NEW – Diamond Consultants Advisor Transition Report 2022
    • Merrill Information Hub
    • UBS Information Hub
    • Other Tools
    • Subscribe to e-Newsletter

Podcast

Independence for Financial Advisors

$1.2B ex-UBS Advisor on Independence and the Value of “Controlling Your Own Ship”

Posted by Mindy Diamond

A conversation with Matt Kilgroe, President/CEO, Cyndeo Wealth Partners

Most independent advisors start out by building strong practices in traditional firms. While plenty of them continue to build mega-businesses as employees, for some, there comes a point when the desire to do more for their clients is hindered by the limitations of their firms.

It’s this combined force of pushes and pulls that often motivates an advisor to explore the potential that independence offers.

And one of the primary motivations behind Matt Kilgroe’s move.

Because after building a $1.2B business at UBS, Matt found he was hitting a wall in what he could do for his clients.

And the more he learned about the independent space, the more he was drawn to being a business owner—and removing the constraints that were limiting him and his team from greater control over their business.

So in June of 2020, amidst the pandemic shutdowns, Matt and his team launched Cyndeo Wealth Partners in St. Petersburg, FL.

And they didn’t miss a beat—transitioning 98% of their clients in the process.

In this episode, Matt discusses his journey with Louis Diamond, including:

  • Matt KilgroeThe key motivations that inspired building an independent firm—and why he chose not to do so when he first explored the idea nearly a decade ago.
  • The heightened sense of advisor vulnerability at the wirehouses—and how a few key incidents with other top producers were “eye-openers” for Matt and his team.
  • The choice to go independent vs taking a recruiting deal—and what Matt feels he ultimately gained in choosing independence.
  • The significant impact of a “lack of control” at UBS—and how they have since expanded services to their high net worth clients.
  • The choice to work with Dynasty Financial Partners—and what other options they considered.
  • The conflict of all products being under one roof—and why it’s “better” to be able to “Shop the Street.”

As Matt shares, by going independent, they are now able to serve their clients as “true fiduciaries,” with the ability to look at the “whole picture” and provide any and all services their clients need. For some advisors, that ability alone is enough to consider the leap, but for Matt and his team it was a “pull amongst pushes.”

It’s a straightforward and articulate account of how having greater control over how an advisor serves a client’s needs can foster both goodwill and growth

Podcast: Play in new window | Download (Duration: 41:59 — 57.7MB) | Embed

Subscribe: Apple Podcasts | Google Podcasts | Spotify | Amazon Music | Pandora | iHeartRadio | Stitcher | Podchaser | TuneIn | Deezer | Anghami | RSS

Download a transcript of this episode…

Related Resources

An Update on Wirehouse Recruiting: Why Recent Activity May Signify Changes at the Firms
What do the ever-evolving recruiting practices telegraph to advisors about the ideal candidates and overall hiring strategy of the firms—today and in the future? Read->

Why Settle for “Good Enough” When Great is Possible?
In a vastly expanded industry landscape with more high-quality options than ever before, some advisors settle for “good enough” when the potential for “great” is often within reach. What’s holding them back? Read->

Financial Advisors: 10 Reasons Why Independence May Not Be Right For You
While many advisors are drawn to the freedom and control that independence offers, there are those for whom it may not be the “right” path. Read->

What’s Driving the Momentum Towards Independence and Will it Continue?
With Shirl Penney, Dynasty Financial Partners. Listen->

 

Matt Kilgroe, President/CEO, Cyndeo Wealth Partners

Prior to launching Cyndeo Wealth Partners in 2020, Matt ran advisory teams at Merrill Lynch and UBS Financial for 29 years. Providing guidance, counsel, and strategy for families the firm serves is Matt’s passion. In addition to his role as an advisor, Matt works in a leadership capacity for Cyndeo while also helping with business development.

Matt has been recognized by Barron’s as a Top 1000 or Top 1200 Advisor consistently since 2009. In 2020 Forbes named him to their “Best-In-State Wealth Advisor” list. A graduate of Eckerd College, Matt has served on the Board of Trustees at his alma mater since 2012. His three children are his pride and joy. Daughter Carrington owns Sunstate Yoga studio in St. Petersburg, son Kent is a recent graduate of Randolph Macon College, and daughter Jillian is a sophomore at Florida State University. An athlete in college, Matt continues to enjoy staying in shape, playing basketball, and bike riding.

Also available on your favorite podcast app and other media sites

                            

WealthManagement.com            Feedspot Top 35 Podcasts for Financial Advisors

 

Browse other episodes in this podcast series…

You may also be interested in...

Share
0

About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

    Subscribe to the Series

    Get updated by email when a new episode is added.


     

    WHAT OUR LISTENERS ARE SAYING…

    • Your podcast helped me a ton during my due diligence. There is no replacement for hearing from others who were successful leaving the wires. You are doing great things for the industry.

      Rory O’Hara
      Founder, Senior Managing Partner – Ausperity Private Wealth
    • A fantastic bundle of wisdom from one of the very best Curators of all things Wealth Management.

      Jim Dickson
      Founder - Sanctuary Wealth
    • I love the fact that you are talking a diverse group of people in our industry and educating us all. We are all doing our own thing, so it’s helpful listening to other interviews and hearing about different approaches to the business.

      Brock Moseley
      Founder, Miracle Mile Advisors
    • I didn’t realize what I could do until I heard what other advisors were doing. Then week after week, it was like the gaps were filled in. Without it, I wouldn’t have had the confidence to go independent. Even after transitioning, I still can’t wait for Thursday mornings to hear the latest interview.

      Jerry Davidse
      CEO, Presilium Private Wealth
    • Best new resource I have come across in a long while.

      Daniel Gude
      Senior VP at LPL Financial
    • I would say one of the best things I ever did was listen to your podcast. I listened to it a thousand times. There are so many aspects to explore. You’re driving blind until you actually engage a professional.

      Michael Henley
      Founder & CEO, Brandywine Oak Private Wealth
    • Fantastic Podcast and a must-listen for anyone considering Independence!

      Robert Walter
      President, Sanctuary Wealth
    • This is outstanding. Every team considering independence should listen.

      Chris Cooke
      Managing Partner, Cooke Financial Group
    • Every advisor at a brokerage firm should listen to this podcast. I’m convinced that most advisors don’t realize their real value. Do your research. You deserve your true value and going out on your terms. It’s your life’s work. Even if you don’t transition to independence, know your value and options in order to make an educated decision.

      Robert Harris
      Senior Wealth Advisor, Avidian Wealth Solutions

     

    Other Recent Episodes

    • Financing Independence: A Lender’s Perspective on Breakaway Transitions, M&A and Succession
    • Two $10mm Teams Leave the Wirehouse World in One Week: An Industry Update on Advisor Transitions
    • Advisor Transition Report: An Update on Advisor Movement Over the Course of 2022
    Independence 101 The Basics for Advisors
    Feedspot Top 35 Podcasts for Financial Advisors
    We're available to answer your questions. Contact us

    Connect with us

    Search

    © 2023 · 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