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Podcast

For Financial Advisors

Everything You Need to Know About Independence: An Industry Update

Posted by Mindy Diamond

A conversation with Jason Diamond

Overview

Jason Diamond joins the show for a quick yet thorough education on the continually evolving independent space answering the questions that many of our advisor-clients ask us during due diligence.

Listen in…

Podcast: Play in new window | Download (Duration: 54:24 — 74.7MB) | Embed

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> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Guests appearing on this podcast are NOT compensated in any way for their appearances.

About this episode…

The notion of independence has driven more intrigue and movement in the wealth management world than any other concept or model. Because, as you’ve heard us say many times before, the desire for greater freedom and control amongst advisors continues to grow. And, as such, so have the options to satisfy their quest.

But while independence has become a more mainstream path for advisors considering change, we find that many advisors are still not completely aware of the options available in a continually evolving landscape. And even more so, many top advisors wonder if they can equally or better serve their clients without the support of a large firm and a big brand name behind them.

Yet, in conducting due diligence, these same folks often find out that there’s a wide array of options available for those who have a desire to become business owners.

Jason Diamond joins this episode to help get everyone up-to-speed on the independent space and to answer the many questions that many of our advisor-clients ask us during their exploration process, including:

  • What are the different “types” of independence?
  • How does the amount of support vary from model to model?
  • What are the benefits of independence to clients?
  • What are the pros and cons of each model—IBD vs. RIA vs. supported independence?
  • How do the economics of independence compare to a recruiting deal?
  • How does the type of independent model impact a potential sale down the road?
  • Who are the potential buyers for an independent business?
  • And why are advisors eschewing the short-term windfall of a recruiting deal and instead opting to bet it on themselves?

It’s a quick yet thorough education on the space that’s rocking the landscape—with value for those exploring independence and independent business owners alike.

Related Resources

Steward Partners Revisited: Jim Gold Offers an Insider’s Perspective on Why Supported Independence is Thriving
Steward Partners CEO and founding partner Jim Gold revisits the series to provide an update on the firm. He discusses their evolution and growth, plus being the first to sign-on to the Goldman Sachs custodial platform, and more. Listen->

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. Read->

Going Independent with an RIA vs. IBD: A Comparison Fact Sheet
When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Download->

How to Maximize Your Career Enterprise Value
This formula seeks to provide a process by which an advisor can “calculate” the sum total of 4 key factors—to conceptualize what their career enterprise value really is and how to achieve it. It’s one of the central tenets of Diamond Consultants’ process in guiding advisors through due diligence. Download->

The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey
With so many options to choose from, how does an advisor decide which path to independence to take? Read->

Also available on your favorite podcast app and other media sites

                            

WealthManagement.com            Feedspot Top 35 Podcasts for Financial Advisors

 

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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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    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

     

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