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Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
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Podcast

Independence for Financial Advisors

A Best-of-All-Worlds Model: Full-Service Independence with Equity Upside

Posted by Mindy Diamond

A Conversation with Jim Gold, CEO and Founding Partner of Steward Partners

With over two decades in the wealth management industry, Jim Gold watched “the quality of life erode dramatically” at the wirehouse and felt that the window of opportunity to build something better was open. So in 2013, he left the senior leadership ranks at Morgan Stanley and along with several others built Steward Partners as a “reaction to the cultural shift inside of the traditional firms,” and with a nod to the best of “the old Wall Street model of a partnership.”

A full-service independent employee-owned partnership, Steward is designed for advisors who like what independence stands for yet are not interested in building something from scratch. And this quasi-independent model – with the infrastructure of a wirehouse and the flexibility of independence – is resonating with prospective breakaways all over the country.

The firm has experienced explosive growth and is accelerating its trajectory: Just as this episode launched, Steward announced that it is taking in outside capital for the first time in order to facilitate expansion. Jim shares some inside baseball on that decision, as well as how he sees it impacting the firm’s future.

Jim and Mindy discuss:

Jim Gold, CEO of Steward Partners

  • What really inspired him to make the leap to independence—and why he feels that advisor movement is driven not by changes at a particular brokerage firm but by changes to the brokerage model overall.
  • Why Steward is described as a “best of all worlds” environment—and the types of advisors who are the right fit for the firm’s culture and community.
  • The benefits of their employee-owned partnership model—and the role equity plays in it.
  • Why they chose Raymond James as a partner—and the resources the firm brings to the table.
  • How the value of equity has changed in the industry—and why advisors are now opting for less cash up front in return for the opportunity to build wealth through equity.
  • Why he thinks that we are still in the early innings of the movement to independence—for both advisors and management.

Jim candidly shares his experience with a good dose of reality and provides sage advice for advisors considering independence: “You have to shed all your preconceived notions because the world has changed dramatically in the last five to 10 years.”

Listen in to learn more about how those changes are creating opportunities for advisors at all levels.

 

Podcast: Play in new window | Download (Duration: 35:45 — 33.4MB) | Embed

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Related Resources

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->

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->

What it Takes to Build an Independent Firm Today for Maximum Value Tomorrow
While so many advisors are attracted to the freedom and flexibility of independence, it’s the potential of long-term value that they often breakaway for. Read->

Can Only the Biggest Firms Serve the Biggest Clients?
Operating under a belief that bigger is better, advisors find themselves “stuck” in more than just ideology. Read more->

 

 

Jim Gold:

Jim Gold serves as CEO, is a Founding Partner, a Board Member, and a member of the Executive leadership team at Steward Partners Global Advisory. He has extensive experience in the financial services industry, having held several senior-level roles, most recently as Executive Director at Morgan Stanley. Prior to assuming his current role, Mr. Gold ran the Southern Connecticut Complex, headquartered in Greenwich CT. Mr. Gold spent 18 years with Smith Barney, beginning in 1995 as a Financial Advisor. He went on to hold numerous management positions at the firm, including National Training Officer, Assistant Branch Manager, Branch Manager, and Complex Manager. Mr. Gold received numerous accolades from the firm during his tenure, most recently he was recognized for his accomplishments in Diversity.

Mr. Gold supports numerous charitable organizations including: The American Heart Association, St. Jude’s Children’s Hospital, The Pan Mass Challenge, The Wounded Warrior Project, Wreaths Across America, The ASPCA, and The World Wildlife Fund.

Mr. Gold attended Stonehill College. He currently lives in Ridgefield Ct. with his wife Elizabeth and their children Will, Conor, Kiera and Braedon.


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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...

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    • I listened to every episode before making my transition. Hearing the mindset and tactics of the industry’s best advisors was amazing. Perspective is so important and that is what you consistently bring to your audience.

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    • 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.

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    • 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.

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      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.

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      Senior Wealth Advisor, Avidian Wealth Solutions

     

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