Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change https://www.diamond-consultants.com While independence offers a great deal of freedom and flexibility, it’s not for all advisors. Financial Advisor Recruiter and Consultant, Mindy Diamond, explores the space and options available to help advisors assess if independence is right for them. Thu, 18 Jul 2019 14:32:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.2.2 As a nationally recognized recruiter and consultant to financial advisors, Mindy Diamond has unmatched experience in introducing advisors to the independent space—an option that has greatly expanded yet remains somewhat of a mystery to many advisors. <br /> Her goal in this podcast for financial advisors is to dispel some myths, share some facts and help advisors get better educated on the model without any concern over confidentiality or obligation. She offers comparisons between different types of independent models from Independent Broker Dealers (IBD) to Registered Investment Advisors (RIA) and Hybrid RIAs, and much more. <br /> Episodes include conversations with industry leaders and breakaway advisors who left the captive employee wealth management world for one where they could grow their financial advisory business in a way that aligned with their own goals. Be sure to subscribe and stay up to date.<br /> Diamond offers additional information for advisors who are looking to increase their knowledge of the independent space, as well as traditional models for advisors in wealth management. Visit https://www.diamond-consultants.com/podcast-mindy-diamond-independence/ Mindy Diamond - Financial Advisor Recruiter and Consultant clean episodic Mindy Diamond - Financial Advisor Recruiter and Consultant cfelicetta@diamond-consultants.com cfelicetta@diamond-consultants.com (Mindy Diamond - Financial Advisor Recruiter and Consultant) ©2019 Diamond Consultants, Inc. All rights reserved. While independence offers a great deal of freedom and flexibility, it’s not for all advisors. Financial Advisor Recruiter and Consultant, Mindy Diamond, explores the space and options available to help advisors assess if independence is right for them. Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change https://www.diamond-consultants.com/wp-content/uploads/powerpress/MindyDiamond-OnIndependence-Album-v1b.jpg https://www.diamond-consultants.com TV-G Gaining the Technological Edge in Independence https://www.diamond-consultants.com/gaining-the-technological-edge-in-independence-eric-poirier/ Thu, 27 Jun 2019 13:48:54 +0000 https://www.diamond-consultants.com/?p=12057 Prospective breakaways often ask, “How can an independent firm possibly compete on a technology level with the wirehouses?” Eric Poirier, CEO of Addepar, joins the show to answer that question and explores the role of fintech in independence. A Conversation with Eric Poirier, the CEO of Addepar

One of the top concerns we hear from advisors considering independence is, “How can an independent firm possibly compete on a technology level with the wirehouses?”

To answer that question and explore the role of technology in independence, Eric Poirier, the CEO of Addepar, joins the show.

As one of the industry’s leading fintech firms with over one trillion dollars in assets on the platform, Addepar has been a game changer for advisors who serve a sophisticated client base and are looking to deliver a customized and scalable experience.

In this episode, Eric and Mindy take a deep dive into:  Eric Poirier

  • Why many advisors feel that the wirehouses have the edge when it comes to technology—and how many of the latest “best-in-breed” solutions are actually found outside the big firms.
  • The role technology plays in an advisor’s business—and how its importance has changed over the past decade.
  • What “modern technology” is—and how it can impact both productivity and profitability.
  • How the client experience is influenced by technology—and why trust is a key component of that experience.
  • What questions a prospective breakaway should be asking when considering a fintech solution—and why the choice of a technology provider should be treated as a long-term partnership, not a vendor relationship.
  • How to set realistic expectations when it comes to the investment in technology—and how ROI is realized in scale, productivity and service delivery.
  • Why the right technology can make a smaller firm look and seem “bigger”—and how that affects the firm’s enterprise value.
  • What’s on the horizon when it comes to technology—and how having the right solution in place can help a firm prepare for a rapidly changing future.

Eric provides an in-depth look at how the playing field has been leveled when it comes to technology, giving tangible examples of how independent firm owners are realizing that the right platform enhances the ability to deliver a holistic and transparent experience based on clients’ needs.

As Eric shares, “Technology is a means to an end,” designed to “make advisors better, smarter, more resourceful, and more data-driven so they can deliver the desired outcomes to their clients.” And that’s the ultimate goal of any successful business.

 

Note: In the coming weeks, a second part of this interview will air in which Eric takes an even deeper dive into the strategic role technology plays in an independent business. Subscribe to be notified of the show’s release.

 

 


Related Resources

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->

What compels breakaway advisors to go around “the wall”?
Despite significant risks and roadblocks in front of them, breakaway advisors don’t stop. Why? 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->

 

 

 

About Eric Poirier: 

Eric spearheads Addepar’s mission to bring data, technology & people together to help investors make the best, most informed decisions. Addepar works with hundreds of leading financial advisors, family offices, and large financial institutions that manage data for over $1.3 trillion of assets on the company’s platform. Before joining Addepar, he spent nearly seven years at Palantir Technologies, creating tools that enabled organizations to reconcile large, disparate datasets. As one of Palantir’s first 20 employees, he shaped its core technology while building its finance business. Earlier in his career, Eric worked in Lehman Brothers’ Fixed Income Analytics group, modeling, simulating and visualizing data across a broad range of debt and credit instruments. Eric received a B.S. in Computer Science from Columbia University.


This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YouTube

 

Browse other episodes in this podcast series…

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Prospective breakaways often ask, “How can an independent firm possibly compete on a technology level with the wirehouses?” Eric Poirier, CEO of Addepar, joins the show to answer that question and explores the role of fintech in independence. One of the top concerns we hear from advisors considering independence is, “How can an independent firm possibly compete on a technology level with the wirehouses?”<br /> To answer that question and explore the role of technology in independence, Eric Poirier, the CEO of Addepar, joins the show.<br /> As one of the industry’s leading fintech firms with over one trillion dollars in assets on the platform, Addepar has been a game changer for advisors who serve a sophisticated client base and are looking to deliver a customized and scalable experience.<br /> In this episode, Eric and Mindy take a deep dive into:<br /> - Why many advisors feel that the wirehouses have the edge when it comes to technology—and how many of the latest “best-in-breed” solutions are actually found outside the big firms.<br /> - The role technology plays in an advisor’s business—and how its importance has changed over the past decade.<br /> - What “modern technology” is—and how it can impact both productivity and profitability.<br /> - How the client experience is influenced by technology—and why trust is a key component of that experience. <br /> - What questions a prospective breakaway should be asking when considering a fintech solution—and why the choice of a technology provider should be treated as a long-term partnership, not a vendor relationship.<br /> - How to set realistic expectations when it comes to the investment in technology—and how ROI is realized in scale, productivity and service delivery.<br /> - Why the right technology can make a smaller firm look and seem “bigger”—and how that affects the firm’s enterprise value.<br /> - What’s on the horizon when it comes to technology—and how having the right solution in place can help a firm prepare for a rapidly changing future.<br /> Eric provides an in-depth look at how the playing field has been leveled when it comes to technology, giving tangible examples of how independent firm owners are realizing that the right platform enhances the ability to deliver a holistic and transparent experience based on clients’ needs. <br /> As Eric shares, “Technology is a means to an end,” designed to “make advisors better, smarter, more resourceful, and more data-driven so they can deliver the desired outcomes to their clients.” And that’s the ultimate goal of any successful business.<br /> Note: In the coming weeks, a second part of this interview will air in which Eric takes an even deeper dive into the strategic role technology plays in an independent business. Subscribe to be notified of the show’s release.<br /> For more information about this episode, plus links to related resources, visit: https://www.diamond-consultants.com/gaining-the-technological-edge-in-independence-eric-poirier<br /> Mindy Diamond 1 45 Gaining the Technological Edge in Independence with Addepar CEO Eric Poirier clean 41:38 One of the top concerns we hear from advisors considering independence is, “How can an independent firm possibly compete on a technology level with the wirehouses?”<br /> To answer that question and explore the role of technology in independence, Eric Poirier, the CEO of Addepar, joins the show.<br /> As one of the industry’s leading fintech firms with over one trillion dollars in assets on the platform, Addepar has been a game changer for advisors who serve a sophisticated client base and are looking to deliver a customized and scalable experience.<br /> In this episode, Eric and Mindy take a deep dive into:<br /> - Why many advisors feel that the wirehouses have the edge when it comes to technology—and how many of the latest “best-in-breed” solutions are actually found outside the big firms.<br /> - The role technology plays in an advisor’s business—and how its importance has changed over the past decade.<br /> - What “modern technology” is—and how it can impact both productivity and profitability.<br /> - How the client experience is influenced by technology—and why trust is a key component of that experience. <br /> - What questions a prospective breakaway should be asking when considering a fintech solution—and why the choice of a technology provider should be treated as a long-term partnership, not a vendor relationship.<br /> - How to set realistic expectations when it comes to the investment in technology—and how ROI is realized in scale, productivity and service delivery.<br /> - Why the right technology can make a smaller firm look and seem “bigger”—and how that affects the firm’s enterprise value.<br /> - What’s on the horizon when it comes to technology—and how having the right solution in place can help a firm prepare for a rapidly changing future.<br /> Eric provides an in-depth look at how the playing field has been leveled when it comes to technology, giving tangible examples of how independent firm owners are realizing that the right platform enhances the ability to deliver a holistic and transparent experience based on clients’ needs. <br /> As Eric shares, “Technology is a means to an end,” designed to “make advisors better, smarter, more resourceful, and more data-driven so they can deliver the desired outcomes to their clients.” And that’s the ultimate goal of any successful business.<br /> Note: In the coming weeks, a second part of this interview will air in which Eric takes an even deeper dive into the strategic role technology plays in an independent business. Subscribe to be notified of the show’s release.<br /> For more information about this episode, plus links to related resources, visit: https://www.diamond-consultants.com/gaining-the-technological-edge-in-independence-eric-poirier<br />
Exploring the Independent Broker Dealer Space https://www.diamond-consultants.com/exploring-the-independent-broker-dealer-space-ibd/ Fri, 21 Jun 2019 13:09:52 +0000 https://www.diamond-consultants.com/?p=11951 A conversation about the IBD model with Commonwealth Financial Network Managing Principal of Business Development, Andrew Daniels. Learn how the firm, 40 years in the making, has evolved, and their model differs from others in the independent space. A Conversation with Andrew Daniels, Managing Principal of Business Development of Commonwealth Financial Network

In 1979, Joe Deitch set out to build what he described as an “open and supportive environment where advisors could be true to themselves and to their clients, follow their dreams, and grow to their hearts’ content.”

Andrew Daniels Commonwealth

Back then, Deitch’s vision was unique amongst what was a much more limited number of independent broker dealers than there are today. Yet he persisted, and 4 decades later, Commonwealth Financial Network has grown to become the nation’s largest privately held independent RIA and broker dealer.

What is it that’s made Commonwealth so successful in such a crowded and competitive marketplace?

Andrew Daniels, the firm’s Managing Principal of Business Development, joins this episode to answer that question and more, including:

  • How Commonwealth differentiates itself from other IBDs—and how their value proposition continues to align with Deitch’s original vision.
  • How IBDs differ from RIAs—and what attracts advisors to the independent broker dealer model.
  • What types of advisors are best suited for Commonwealth—and how shifts in the industry have impacted their advisor population.
  • What options exist for long-term value (LTV) creation within the IBD space—and how Commonwealth as a firm addresses those advisors who make LTV a priority.
  • Why technology has become a key draw in independence—and how Commonwealth has continued to make big investments in integration and infrastructure.
  • How Commonwealth has evolved over the past 4 decades—and what they foresee as the “next big thing” for the firm and the industry at large.

Andrew describes Commonwealth as a “massive RIA, with a built-in broker dealer” designed for “those who want to be in the money and wealth management business, not in the infrastructure management business.” It’s a great conversation about a business model 40 years in the making, and well-poised for success for many more years to come.

 


Related Resources

IBD vs. RIA: Which way should an advisor go?
5 differences – and potential limitations – every advisor should understand before they decide. Read more->

Charting your Course to Independence
5 key elements to consider before you start your journey. Read more->

3 Key Elements of the Perfect Broker Dealer Partner Profile
Evaluating broker dealers? Here are the areas you need to pay attention to. Read more->

The Enduring Appeal of the Independent Broker Dealer
How the model retains its relevancy amongst independent advisors. Read more->

 

 

 

About Andrew Daniels: 

Andrew joined Commonwealth in 1998 as director of account services, where he worked with his team to develop process improvements; implement new, uniform training procedures; and instill a greater focus on indispensable service. In 1999, Andrew joined the Field Development team, blending his enthusiasm for Commonwealth with his outgoing personality to share the uniqueness of each corner of the firm with prospective advisors. Today, Andrew oversees the Field Development and Transition teams, as well as the firm’s Marketing organization, helping to ensure seamless integration between how the firm communicates its brand promise and how it delivers on it for all who become part of the Commonwealth community.

A former deck officer on two ocean-going tall ships, Andrew’s passions are surfing and family.


This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YouTube

 

Browse other episodes in this podcast series…

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A conversation about the IBD model with Commonwealth Financial Network Managing Principal of Business Development, Andrew Daniels. Learn how the firm, 40 years in the making, has evolved, and their model differs from others in the independent space. In 1979, Joe Deitch set out to build what he described as an “open and supportive environment where advisors could be true to themselves and to their clients, follow their dreams, and grow to their hearts’ content.”<br /> Back then, Deitch’s vision was unique amongst what was a much more limited number of independent broker dealers than there are today. Yet he persisted, and 4 decades later, Commonwealth Financial Network has grown to become the nation’s largest privately held independent RIA and broker dealer.<br /> What is it that’s made Commonwealth so successful in such a crowded and competitive marketplace? Andrew Daniels, the firm’s Managing Principal of Business Development, joins this episode to answer that question and more, including:<br /> - How Commonwealth differentiates itself from other IBDs—and how their value proposition continues to align with Deitch’s original vision.<br /> - How IBDs differ from RIAs—and what attracts advisors to the independent broker dealer model.<br /> - What types of advisors are best suited for Commonwealth—and how shifts in the industry have impacted their advisor population.<br /> - What options exist for long-term value (LTV) creation within the IBD space—and how Commonwealth as a firm addresses those advisors who make LTV a priority.<br /> - Why technology has become a key draw in independence—and how Commonwealth has continued to make big investments in integration and infrastructure.<br /> - How Commonwealth has evolved over the past 4 decades—and what they foresee as the “next big thing” for the firm and the industry at large.<br /> Andrew describes Commonwealth as a “massive RIA, with a built-in broker dealer” designed for “those who want to be in the money and wealth management business, not in the infrastructure management business.” It’s a great conversation about a business model 40 years in the making, and well-poised for success for many more years to come.<br /> For additional resources and links related to this episode, visit https://www.diamond-consultants.com/exploring-the-independent-broker-dealer-space-ibd Mindy Diamond 1 44 Exploring the Independent Broker Dealer Space clean 47:21 In 1979, Joe Deitch set out to build what he described as an “open and supportive environment where advisors could be true to themselves and to their clients, follow their dreams, and grow to their hearts’ content.”<br /> Back then, Deitch’s vision was unique amongst what was a much more limited number of independent broker dealers than there are today. Yet he persisted, and 4 decades later, Commonwealth Financial Network has grown to become the nation’s largest privately held independent RIA and broker dealer.<br /> What is it that’s made Commonwealth so successful in such a crowded and competitive marketplace? Andrew Daniels, the firm’s Managing Principal of Business Development, joins this episode to answer that question and more, including:<br /> - How Commonwealth differentiates itself from other IBDs—and how their value proposition continues to align with Deitch’s original vision.<br /> - How IBDs differ from RIAs—and what attracts advisors to the independent broker dealer model.<br /> - What types of advisors are best suited for Commonwealth—and how shifts in the industry have impacted their advisor population.<br /> - What options exist for long-term value (LTV) creation within the IBD space—and how Commonwealth as a firm addresses those advisors who make LTV a priority.<br /> - Why technology has become a key draw in independence—and how Commonwealth has continued to make big investments in integration and infrastructure.<br /> - How Commonwealth has evolved over the past 4 decades—and what they foresee as the “next big thing” for the firm and the industry at large.<br /> Andrew describes Commonwealth as a “massive RIA, with a built-in broker dealer” designed for “those who want to be in the money and wealth management business, not in the infrastructure management business.” It’s a great conversation about a business model 40 years in the making, and well-poised for success for many more years to come.<br /> For additional resources and links related to this episode, visit https://www.diamond-consultants.com/exploring-the-independent-broker-dealer-space-ibd
Freedom from the Big Brand: Unencumbered Growth for an $800mm Team https://www.diamond-consultants.com/freedom-from-the-big-brand-unencumbered-growth-for-an-800mm-team/ Thu, 13 Jun 2019 14:33:46 +0000 https://www.diamond-consultants.com/?p=11719 Morgan Stanley breakaway Steve Schwarzbach, Founder and Managing Partner of $800mm RIA Icon Wealth Partners, shares how he and his partners – free of the “big firm agenda” – regained the power to define their firm’s culture and offer best-in-class products and services. A Conversation with Steve Schwarzbach, Founder and Managing Partner of Icon Wealth Partners

Having started his advisory career at Smith Barney in 2008 – just two days after Bear Stearns was sold to J.P. Morgan for $2 a share – Steve Schwarzbach witnessed first-hand how quickly culture can change. The once advisor-friendly, client-centric model that Smith Barney was known for disappeared day-by-day after Morgan Stanley purchased the firm.

He and his partner started exploring their options soon after but didn’t feel that the independent space was quite right for their business at the time. Yet it continued to get increasingly difficult to serve their clients, and as Steve says, “We felt like we were being told ‘no’ more often than ‘yes.’”

It was the realization that the wirehouse’s need to “protect the firm and the franchise by managing to the lowest common denominator” trumped serving the best interests of their clients that propelled them to start exploring again.

So, in 2017, the Houston, Texas-based $800mm RIA firm Icon Wealth Partners was born.

In this episode, Steve discusses:

  • Why he and his partner felt independence wasn’t right for their business when they first started exploring in 2009—and what changed their minds further down the road.
  • Why they didn’t make a move to another wirehouse—and what other models they considered.
  • How the need for alternative investment products had become a factor in their decision-making process—and also hindered their initial consideration of moving to the independent space.
  • Why they opted to use a service provider—and why Dynasty Financial Partners was the right fit for their business.
  • How they framed the message to clients about leaving a big firm like Morgan Stanley—and what key factor resonated most with the clients.
  • Plus, Steve shares how they have been able to attract more high net worth and ultra-high net worth clients since building their own firm—even without a big brand name behind them.

Aside from regaining the power to define their firm’s culture and the ability to offer best-in-class products and services, the real benefit of independence, Steve says, is being “unencumbered by a big firm agenda.” And for most advisors and their clients, that’s the biggest benefit of all.

 


Related Resources

Charting your Course to Independence
5 key elements to consider before you start your journey. 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->

Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence
As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. Read->

 

 

 

About Steve Schwarzbach: 

Steve is a Founding Partner of Icon Wealth Partners and is a member of the firm’s Investment Committee. Steve has more than 30 years of experience in the financial services industry. Before founding Icon Wealth Partners, Steve served high-net-worth clients as a Private Wealth Advisor in Morgan Stanley’s Private Wealth Management unit with his business partner, Mark McAdams. Previously, Steve was a Senior Partner in the Financial Services practice of the global consultancy Accenture, where he served large financial institutions in the U.S. and internationally.

Steve earned his Bachelor’s degree in Finance at Texas A&M University in 1985. He is a Certified Private Wealth Advisor, a certification of the Investment Management Consultant Association (IMCA). He also attended the Booth School of Business at the University of Chicago.

Steve is a native Houstonian and remains active at his alma maters, St. Thomas High School (Houston) and the Mays School of Business at Texas A&M University. He is a Trustee of the St. Agnes Academy Foundation and is a founding Board Member of SpringSpirit Baseball, a local non-profit that provides life opportunities to underserved youth in the Houston area.


This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YouTube

 

Browse other episodes in this podcast series…

]]>
Steve Schwarzbach, Founder and Managing Partner of $800mm RIA Icon Wealth Partners, shares how he and his partners – free of the “big firm agenda” – regained the power to define their firm’s culture and offer best-in-class products and services. A Conversation with Steve Schwarzbach, Founder and Managing Partner of Icon Wealth Partners<br /> <br /> Having started his advisory career at Smith Barney in 2008 – just two days after Bear Stearns was sold to J.P. Morgan for $2 a share – Steve Schwarzbach witnessed first-hand how quickly culture can change. The once advisor-friendly, client-centric model that Smith Barney was known for disappeared day-by-day after Morgan Stanley purchased the firm.<br /> <br /> He and his partner started exploring their options soon after but didn’t feel that the independent space was quite right for their business at the time. Yet it continued to get increasingly difficult to serve their clients, and as Steve says, “We felt like we were being told ‘no’ more often than ‘yes.’”<br /> <br /> It was the realization that the wirehouse’s need to “protect the firm and the franchise by managing to the lowest common denominator” trumped serving the best interests of their clients that propelled them to start exploring again.<br /> So, in 2017, the Houston, Texas-based $800mm RIA firm Icon Wealth Partners was born.<br /> <br /> In this episode, Steve discusses:<br /> - Why he and his partner felt independence wasn’t right for their business when they first started exploring in 2009—and what changed their minds further down the road.<br /> - Why they didn’t make a move to another wirehouse—and what other models they considered.<br /> - How the need for alternative investment products had become a factor in their decision-making process—and also hindered their initial consideration of moving to the independent space.<br /> - Why they opted to use a service provider—and why Dynasty Financial Partners was the right fit for their business.<br /> - How they framed the message to clients about leaving a big firm like Morgan Stanley—and what key factor resonated most with the clients.<br /> - Plus, Steve shares how they have been able to attract more high net worth and ultra-high net worth clients since building their own firm—even without a big brand name behind them.<br /> <br /> Aside from regaining the power to define their firm’s culture and the ability to offer best-in-class products and services, the real benefit of independence, Steve says, is being “unencumbered by a big firm agenda.” And for most advisors and their clients, that’s the biggest benefit of all.<br /> <br /> For more information about this episode and related resources, visit: https://www.diamond-consultants.com/freedom-from-the-big-brand-unencumbered-growth-for-an-800mm-team Mindy Diamond 1 43 Freedom from the Big Brand: Unencumbered Growth for an $800mm Team clean 36:26 A Conversation with Steve Schwarzbach, Founder and Managing Partner of Icon Wealth Partners<br /> <br /> Having started his advisory career at Smith Barney in 2008 – just two days after Bear Stearns was sold to J.P. Morgan for $2 a share – Steve Schwarzbach witnessed first-hand how quickly culture can change. The once advisor-friendly, client-centric model that Smith Barney was known for disappeared day-by-day after Morgan Stanley purchased the firm.<br /> <br /> He and his partner started exploring their options soon after but didn’t feel that the independent space was quite right for their business at the time. Yet it continued to get increasingly difficult to serve their clients, and as Steve says, “We felt like we were being told ‘no’ more often than ‘yes.’”<br /> <br /> It was the realization that the wirehouse’s need to “protect the firm and the franchise by managing to the lowest common denominator” trumped serving the best interests of their clients that propelled them to start exploring again.<br /> So, in 2017, the Houston, Texas-based $800mm RIA firm Icon Wealth Partners was born.<br /> <br /> In this episode, Steve discusses:<br /> - Why he and his partner felt independence wasn’t right for their business when they first started exploring in 2009—and what changed their minds further down the road.<br /> - Why they didn’t make a move to another wirehouse—and what other models they considered.<br /> - How the need for alternative investment products had become a factor in their decision-making process—and also hindered their initial consideration of moving to the independent space.<br /> - Why they opted to use a service provider—and why Dynasty Financial Partners was the right fit for their business.<br /> - How they framed the message to clients about leaving a big firm like Morgan Stanley—and what key factor resonated most with the clients.<br /> - Plus, Steve shares how they have been able to attract more high net worth and ultra-high net worth clients since building their own firm—even without a big brand name behind them.<br /> <br /> Aside from regaining the power to define their firm’s culture and the ability to offer best-in-class products and services, the real benefit of independence, Steve says, is being “unencumbered by a big firm agenda.” And for most advisors and their clients, that’s the biggest benefit of all.<br /> <br /> For more information about this episode and related resources, visit: https://www.diamond-consultants.com/freedom-from-the-big-brand-unencumbered-growth-for-an-800mm-team
How this $2.5 Billion Team Saw Past the Handcuffs of Deferred Compensation https://www.diamond-consultants.com/2-5b-team-saw-past-deferred-compensation-handcuffs/ Thu, 30 May 2019 13:34:12 +0000 https://www.diamond-consultants.com/?p=11563 Former Morgan Stanley advisor Margaret Dechant had a successful “self-sufficient business” at the firm with $2.5B under management. So, what drove her and her partners to breakaway, leave deferred compensation behind and form their own independent firm? A conversation With Margaret Dechant, CEO and founding partner of Kansas-based independent firm 6 Meridian

Former Morgan Stanley advisor Margaret Dechant had what she describes as a “self-sufficient business” at Morgan Stanley, managing $2.5B in assets from a client-base built of business owners, professionals and executives.

She and her partners had a vision of how they wanted to serve these entrepreneurial-minded clients; that is, with greater flexibility, access to a diversified set of investment solutions and better technology for more sophisticated planning. Yet each of these become increasingly difficult to deliver from within the walls of the brokerage firm.

As Morgan Stanley’s compensation plan changed with more being deferred, she and her partners did the math: “With the revenue stream that we were generating, if we had stayed much longer, those numbers would become the handcuffs they were designed to be.”

So, in 2016, the team set out to break free of those proverbial handcuffs and build their own firm.

In this episode, Margaret discusses:

  • How they decided whether or not to use a service provider—and how the team’s “divide and conquer” approach led them towards a successful launch.
  • Why the team decided on BNY Mellon’s Pershing to custody assets—and the role Pershing played in the transition process.
  • What services they are able to deliver today—and how that differs from what was possible as employees at Morgan Stanley.
  • How the desire to be “true fiduciaries” played into their decision to break from Morgan Stanley—and why that remains at the core of their vision.
  • How their clients responded to leaving behind the Morgan Stanley brand—and how commitment and innovation were key to their clients’ acceptance.

Today, 6 Meridian is building their business their way, with access to “a landscape that’s bigger and wider than we ever thought it would be.” And while it wasn’t easy to walk away from their deferred compensation and the brokerage firm they built their business at, Margaret said, “We knew that long-term, we were all going to be better off.”

Based on this conversation, 6 Meridian and their clients are well more than better off.

 


Related Resources

The Billion-Dollar Mindset: What Drives Top Advisors?
Adopting these 12 characteristics can change your growth trajectory. 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->

Is Deferred Compensation Holding You Captive?
3 options for advisors who are feeling the ever-tightening squeeze of their firms’ “golden handcuffs”. Read->

 

 

About Margaret Dechant: 

Margaret Dechant is Chief Executive Officer and Partner of 6 Meridian LLC, an investment and advisory firm based in Wichita, Kansas.   Often credited as the visionary of the 6 Meridian team, Margaret has earned the informal title of “people architect.” Her ability to connect with individuals and harness their respective strengths is uncanny. And her passion for service is unmatched.

In September of 2016, Margaret and her partners successfully broke away from Morgan Stanley to launch their RIA firm, 6 Meridian LLC.  In less than six months, the team of 13 had reestablished all business operations and successfully transitioned $2B in assets.  Within two and half years, 6 Meridian had grown to a team of 20 and $2.4B in assets.

Margaret’s career includes Executive Vice President of the Commerce Trust Company and Senior Vice President and Wealth Advisor with Bank of America Private.

Margaret has volunteered time for many organizations including Big Brothers Big Sisters of Kansas, Youth Entrepreneurs, and The Kansas Humane Society.  She has also served as a mentor for young professionals and has been a featured panelist for a number of career mentoring and leadership events.  In 2014 recognized as one of Wichita’s Top Women in Business, in 2017 was selected for the Wichita Business Journal Hall of Fame, and is an alumni of Leadership Wichita.

In their spare time, Margaret and her husband, Todd, are avid supporters of the Kansas City Chiefs and Wichita State Shockers, and enjoy travel to the beach, the mountains, and all points in between.


This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YouTube

 

Browse other episodes in this podcast series…

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Former Morgan Stanley advisor Margaret Dechant had a successful “self-sufficient business” at the firm with $2.5B AUM. So, what drove her and her partners to breakaway, leave deferred compensation behind and form their own independent firm? A conversation With Margaret Dechant, CEO and founding partner of Kansas-based independent firm 6 Meridian<br /> Former Morgan Stanley advisor Margaret Dechant had what she describes as a “self-sufficient business” at Morgan Stanley, managing $2.5B in assets from a client-base built of business owners, professionals and executives.<br /> She and her partners had a vision of how they wanted to serve these entrepreneurial-minded clients; that is, with greater flexibility, access to a diversified set of investment solutions and better technology for more sophisticated planning. Yet each of these were becoming increasingly difficult to deliver from within the walls of the brokerage firm.<br /> As Morgan Stanley’s compensation plan changed with more being deferred, she and her partners did the math: “With the revenue stream that we were generating, if we had stayed much longer, those numbers would become the handcuffs they were designed to be.”<br /> So, in 2016, the team set out to break free of those proverbial handcuffs and build their own firm.<br /> In this episode, Margaret discusses:<br /> - How they decided whether or not to use a service provider—and how the team’s “divide and conquer” methodology led them towards a successful launch.<br /> - Why the team decided on BNY Mellon’s Pershing to custody assets—and the role Pershing played in the transition process.<br /> - What services they are able to deliver today—and how that differs from what was possible as employees at Morgan Stanley.<br /> - How the desire to be “true fiduciaries” played into their decision to break from Morgan Stanley—and why that remains at the core of their vision.<br /> - How their clients responded to leaving behind the Morgan Stanley brand—and how commitment and innovation were key to their clients’ acceptance.<br /> Today, 6 Meridian is building their business their way, with access to “a landscape that’s bigger and wider than we ever thought it would be.” And while it wasn’t easy to walk away from their deferred compensation and the brokerage firm they built their business at, Margaret said, “We knew that long-term, we were all going to be better off.” Based on this conversation, 6 Meridian and their clients are well more than better off.<br /> Learn more about the firm, plus get additional resources related to this episode at: https://www.diamond-consultants.com/2-5b-team-saw-past-deferred-compensation-handcuffs Mindy Diamond 1 42 How this $2.5 Billion Team Saw Past the Handcuffs of Deferred Compensation clean 43:30 A conversation With Margaret Dechant, CEO and founding partner of Kansas-based independent firm 6 Meridian<br /> Former Morgan Stanley advisor Margaret Dechant had what she describes as a “self-sufficient business” at Morgan Stanley, managing $2.5B in assets from a client-base built of business owners, professionals and executives.<br /> She and her partners had a vision of how they wanted to serve these entrepreneurial-minded clients; that is, with greater flexibility, access to a diversified set of investment solutions and better technology for more sophisticated planning. Yet each of these were becoming increasingly difficult to deliver from within the walls of the brokerage firm.<br /> As Morgan Stanley’s compensation plan changed with more being deferred, she and her partners did the math: “With the revenue stream that we were generating, if we had stayed much longer, those numbers would become the handcuffs they were designed to be.”<br /> So, in 2016, the team set out to break free of those proverbial handcuffs and build their own firm.<br /> In this episode, Margaret discusses:<br /> - How they decided whether or not to use a service provider—and how the team’s “divide and conquer” methodology led them towards a successful launch.<br /> - Why the team decided on BNY Mellon’s Pershing to custody assets—and the role Pershing played in the transition process.<br /> - What services they are able to deliver today—and how that differs from what was possible as employees at Morgan Stanley.<br /> - How the desire to be “true fiduciaries” played into their decision to break from Morgan Stanley—and why that remains at the core of their vision.<br /> - How their clients responded to leaving behind the Morgan Stanley brand—and how commitment and innovation were key to their clients’ acceptance.<br /> Today, 6 Meridian is building their business their way, with access to “a landscape that’s bigger and wider than we ever thought it would be.” And while it wasn’t easy to walk away from their deferred compensation and the brokerage firm they built their business at, Margaret said, “We knew that long-term, we were all going to be better off.” Based on this conversation, 6 Meridian and their clients are well more than better off.<br /> Learn more about the firm, plus get additional resources related to this episode at: https://www.diamond-consultants.com/2-5b-team-saw-past-deferred-compensation-handcuffs
7 Things Advisors Need to Know About Succession Planning https://www.diamond-consultants.com/7-things-advisors-need-to-know-about-succession-planning/ Thu, 16 May 2019 14:20:09 +0000 https://www.diamond-consultants.com/?p=11388 Louis Diamond takes over the mic to share actionable advice on succession planning for all advisors no matter your age, stage of your career, or whether you’re seated at a wirehouse or are an independent business owner. Actionable advice for all advisors – no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner – with Louis Diamond

According to a 2018 study from the Financial Planning Association and Janus Henderson, 73% of financial advisors do not have a written succession plan. And with the average age of a Barron’s Top 100 Advisor at 57, up from 52 in 2012, that’s pretty alarming.

Unfortunately, it’s not surprising. It often seems easy to put off something that can seem so distant, and even more so when day-to-day matters often take priority. Yet it’s a topic that’s equally important to advisors of any age—whether you’re perfectly content with the status quo, casually exploring your options, or already independent.

Louis Diamond - Diamond Consultants

Diamond Consultants’ resident expert on succession planning, Louis Diamond, takes over the mic to share 7 important principles that advisors need to know about succession, and shares advice on how to get started on building that plan today.

He digs deep into:

  • The 4 key areas where advisors get stuck when it comes to building their succession plans—and how to get beyond them.
  • What advisors need to know before they build their plan—the 7 key areas that are critical to address before putting pen to paper.
  • How to determine the right next gen for the business—and the key factors that help to guide the process.
  • How wirehouse sunset programs work—and what other options an advisor can consider in order to monetize his life’s work.
  • And much more.

Louis also shares what he calls his “jumpstart list”—key actionable steps you can take to get past the inertia and take a step forward in defining your future. It’s an episode that will answer many of the questions you have on succession—one that will help you to get started on building your plan today.


Related Resources

Multi-Generational Teams at a Crossroads: Wirehouse Sunset Program or Independence?
An in-depth look at the opportunities and options for retiring advisors and the next gen from an expert on the topic, Justin Weinkle, Director of Strategic Analysis at Dynasty Financial Partners. Read more->

Succession Planning: A Cautionary Story for Independent Advisors
Avoiding these 6 most common mistakes will help protect an advisor’s business, clients and legacy. Read more->

Move Once, Monetize Twice
Weighing all of your options may result in doubling the returns. Read more->

How much is my house worth?
Determining the value of your life’s work using these 7 key drivers. Read more->

The Juggling Act: Balancing Short-Term Needs and Long-Term Goals
A process to help you identify and prioritize your immediate needs vs goals for the future when considering a move. Read more->

 

This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YouTube

 

Browse other episodes in this podcast series…

]]>
Louis Diamond takes over the mic to share actionable advice on succession planning for all advisors no matter your age, stage of your career, or whether you’re seated at a wirehouse or are an independent business owner. Actionable advice for all advisors – no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner – with Louis Diamond<br /> According to a 2018 study from the Financial Planning Association and Janus Henderson, 73% of financial advisors do not have a written succession plan. And with the average age of a Barron’s Top 100 Advisor at 57, up from 52 in 2012, that’s pretty alarming. <br /> Unfortunately, it’s not surprising. It often seems easy to put off something that can seem so distant, and even more so when day-to-day matters often take priority. Yet it’s a topic that’s equally important to advisors of any age—whether you’re perfectly content with the status quo, casually exploring your options, or already independent.<br /> Diamond Consultants’ resident expert on succession planning, Louis Diamond, takes over the mic to share 7 important principles that advisors need to know about succession, and shares advice on how to get started on building that plan today.<br /> He digs deep into:<br /> - The 4 key areas where advisors get stuck when it comes to building their succession plans—and how to get beyond them.<br /> - What advisors need to know before they build their plan—the 7 key areas that are critical to address before putting pen to paper.<br /> - How to determine the right next gen for the business—and the key factors that help to guide the process.<br /> - How wirehouse sunset programs work—and what other options an advisor can consider in order to monetize his life’s work.<br /> - And much more.<br /> Louis also shares what he calls his “jumpstart list”—key actionable steps you can take to get past the inertia and take a step forward in defining your future. It’s an episode that will answer many of the questions you have on succession—one that will help you to get started on building your plan today.<br /> For more information on this episode, and resources related to success planning, visit: https://www.diamond-consultants.com/7-things-advisors-need-to-know-about-succession-planning Mindy Diamond 1 41 7 Things Advisors Need to Know About Succession Planning with Louis Diamond clean 25:32 Actionable advice for all advisors – no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner – with Louis Diamond<br /> According to a 2018 study from the Financial Planning Association and Janus Henderson, 73% of financial advisors do not have a written succession plan. And with the average age of a Barron’s Top 100 Advisor at 57, up from 52 in 2012, that’s pretty alarming. <br /> Unfortunately, it’s not surprising. It often seems easy to put off something that can seem so distant, and even more so when day-to-day matters often take priority. Yet it’s a topic that’s equally important to advisors of any age—whether you’re perfectly content with the status quo, casually exploring your options, or already independent.<br /> Diamond Consultants’ resident expert on succession planning, Louis Diamond, takes over the mic to share 7 important principles that advisors need to know about succession, and shares advice on how to get started on building that plan today.<br /> He digs deep into:<br /> - The 4 key areas where advisors get stuck when it comes to building their succession plans—and how to get beyond them.<br /> - What advisors need to know before they build their plan—the 7 key areas that are critical to address before putting pen to paper.<br /> - How to determine the right next gen for the business—and the key factors that help to guide the process.<br /> - How wirehouse sunset programs work—and what other options an advisor can consider in order to monetize his life’s work.<br /> - And much more.<br /> Louis also shares what he calls his “jumpstart list”—key actionable steps you can take to get past the inertia and take a step forward in defining your future. It’s an episode that will answer many of the questions you have on succession—one that will help you to get started on building your plan today.<br /> For more information on this episode, and resources related to success planning, visit: https://www.diamond-consultants.com/7-things-advisors-need-to-know-about-succession-planning
4X Growth in 3 Years: A Regional Breakaway Success Story https://www.diamond-consultants.com/4x-growth-in-3-years-regional-breakaway-success-story/ Thu, 02 May 2019 12:47:35 +0000 https://www.diamond-consultants.com/?p=11312 Chip Munn reminds us that breakaways do not always come from the wirehouses. He left regional broker dealer Hilliard Lyons for RJFS in 2016 in search of more freedom and flexibility to grow his business. And grow he did: from $300mm in AUM to $1.2B in just a few short years. A conversation with Chip Munn, Managing Partner at Signature Wealth Strategies

Most think of “breakaways” as those who leave the wirehouse world in search of greater freedom and flexibility and to create their own independent practices. It’s also common for these folks to focus initially on organic growth, then consider acquisitions down the road.

Chip Munn Signature Wealth Strategies

The guest in this episode took a different path, reminding us that breakaways do not always come from the wirehouses and can be more focused on the bigger picture right out of the gate.

In 2016, Chip Munn left regional broker dealer Hilliard Lyons with a goal of finding more freedom to grow his business and expand into other markets. So, he and his partners joined the independent broker dealer arm of Raymond James Financial Services (also known as RJFS). And since making the move, his firm Signature Wealth Strategies has grown from $300 million in assets under management to $1.2 BILLION.

In this episode, Chip talks about his unique journey and their amazing growth:

  • What he felt was most limiting at his firm—and how moving to the independent broker dealer model allowed him to solve for those limitations.
  • Why they chose RJFS—and how technology played a role in the decision-making process.
  • Why he and his partners chose to focus on inorganic growth first—and what they needed to do to prepare for acquisitions.

And, ultimately, what everyone wants to know: What steps they took to accelerate asset growth by 4X.

Chip had a desire to build a bridge for other advisors looking to join an independent firm—and that he did, resulting in a business with phenomenal growth. It’s a genuine success story which reminds us that in a greatly expanded landscape, there is more than one path to independence.

 


Related Resources

The Enduring Appeal of the Independent Broker Dealer
How the model retains its relevancy amongst independent advisors. 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->

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->

Are You a Breakaway DIYer or Delegator?
How to determine if you should build an independent firm on your own or get help from a third-party service provider. Read->

 

 

Chip Munn:

Chip Munn has always been an entrepreneur. As a kid, he would sell anything: lemonade, homemade fudge, you name it. He may have been the only kid to rent out his jean jacket (it was in the fifth grade and denim was in; don’t judge). Whether he wanted to be or not, he’s always been wired this way.

Chip is an author and entrepreneur with a focus on financial planning. After graduating from Clemson University with an Elementary Education degree and teaching sixth grade for a year, Chip made a big professional leap. Deciding that he wouldn’t be able to sit still in a classroom long enough to collect a pension, he resigned. At the time, he didn’t know what he would do, but he knew that, ultimately, he wanted to build his own future.

Fast-forward twenty years, Chip and his team at Signature Wealth have built a thriving wealth management practice. As Managing Partner, he oversees more than $1 Billion of client assets and leads of team of more than thirty advisors and support staff. In 2015, Chip was ranked among the top 10 regional advisors under the age of 40 by On Wall Street magazine. This list, comprised of advisors from regional brokerage firms, recognizes advisors whose practices are the best in their field nationally. He’s been featured on Forbes.com, Fast Company and On Wall Street. In addition to helping clients plan their future with confidence, Chip also spends time teaching and developing young advisors and entrepreneurs and his book, Leap Before You Look, outlines his journey to starting and scaling an advisory firm.

Chip lives in Florence, SC, with his wife, Trish, and their four sons, Christian, Carson, Hampton and Turner.

 


This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YouTube

 

Browse other episodes in this podcast series…

]]>
Chip Munn reminds us that breakaways do not always come from the wirehouses. He left regional broker dealer Hilliard Lyons for RJFS in 2016 in search of more freedom to grow his business. And grow he did: from $300mm in AUM to $1.2B. A conversation with Chip Munn, Managing Partner at Signature Wealth Strategies<br /> Most think of “breakaways” as those who leave the wirehouse world in search of greater freedom and flexibility and to create their own independent practices. It’s also common for these folks to focus initially on organic growth, then consider acquisitions down the road.<br /> The guest in this episode took a different path, reminding us that breakaways do not always come from the wirehouses and can be more focused on the bigger picture right out of the gate.<br /> In 2016, Chip Munn left regional broker dealer Hilliard Lyons with a goal of finding more freedom to grow his business and expand into other markets. So, he and his partners joined the independent broker dealer arm of Raymond James Financial Services (also known as RJFS). And since making the move, his firm Signature Wealth Strategies has grown from $300 million in assets under management to $1.2 BILLION.<br /> In this episode, Chip talks about his unique journey and their amazing growth:<br /> - What he felt was most limiting at his firm—and how moving to the independent broker dealer model allowed him to solve for those limitations.<br /> - Why they chose RJFS—and how technology played a role in the decision-making process.<br /> - Why he and his partners chose to focus on inorganic growth first—and what they needed to do to prepare for acquisitions.<br /> - And, ultimately, what everyone wants to know: What steps they took to accelerate asset growth by 4X.<br /> Chip had a desire to build a bridge for other advisors looking to join an independent firm—and that he did, resulting in a business with phenomenal growth. It’s a genuine success story which reminds us that in a greatly expanded landscape, there is more than one path to independence.<br /> For more information about this episode, and links to related topics, visit: https://www.diamond-consultants.com/4x-growth-in-3-years-regional-breakaway-success-story Mindy Diamond 1 40 4X Growth in 3 Years: A Regional Breakaway Success Story with Chip Munn clean 34:52 A conversation with Chip Munn, Managing Partner at Signature Wealth Strategies<br /> Most think of “breakaways” as those who leave the wirehouse world in search of greater freedom and flexibility and to create their own independent practices. It’s also common for these folks to focus initially on organic growth, then consider acquisitions down the road.<br /> The guest in this episode took a different path, reminding us that breakaways do not always come from the wirehouses and can be more focused on the bigger picture right out of the gate.<br /> In 2016, Chip Munn left regional broker dealer Hilliard Lyons with a goal of finding more freedom to grow his business and expand into other markets. So, he and his partners joined the independent broker dealer arm of Raymond James Financial Services (also known as RJFS). And since making the move, his firm Signature Wealth Strategies has grown from $300 million in assets under management to $1.2 BILLION.<br /> In this episode, Chip talks about his unique journey and their amazing growth:<br /> - What he felt was most limiting at his firm—and how moving to the independent broker dealer model allowed him to solve for those limitations.<br /> - Why they chose RJFS—and how technology played a role in the decision-making process.<br /> - Why he and his partners chose to focus on inorganic growth first—and what they needed to do to prepare for acquisitions.<br /> - And, ultimately, what everyone wants to know: What steps they took to accelerate asset growth by 4X.<br /> Chip had a desire to build a bridge for other advisors looking to join an independent firm—and that he did, resulting in a business with phenomenal growth. It’s a genuine success story which reminds us that in a greatly expanded landscape, there is more than one path to independence.<br /> For more information about this episode, and links to related topics, visit: https://www.diamond-consultants.com/4x-growth-in-3-years-regional-breakaway-success-story
The Top 7 Turnkey Models that are Rocking the Independent Landscape https://www.diamond-consultants.com/the-top-7-turnkey-independent-models-for-advisors/ Thu, 25 Apr 2019 13:44:58 +0000 https://www.diamond-consultants.com/?p=11209 In a greatly expanded landscape, many independent models exist that provide varying levels of freedom and flexibility. Louis Diamond joins the episode to help identify, compare and contrast the 7 most popular options available to breakaway advisors. Comparing and contrasting some of the most popular options available to breakaways with special guest Louis Diamond

Captive advisors who seek greater freedom and flexibility are lucky to have an industry landscape where so many high-quality independent options exist—with new ones being born every day. But with this expanded waterfall of possibilities comes waves of confusion, leaving advisors scratching their heads when attempting to discern between the various models and options in the space.

Advisors considering independence often find themselves trying to answer:

  • What’s a service provider?
  • What’s a platform firm?
  • What’s quasi-independence?
  • What’s the difference between having your own ADV and being part of a joint one? And why does it matter?
  • How do firms like Rockefeller Capital Management, Sanctuary Wealth Partners and Dynasty Financial Partners differ?
  • And many more frequently asked questions.

Louis Diamond - Diamond Consultants

Louis Diamond joins Mindy to answer these questions and others, with a goal of imparting some order and providing actionable information to help you better understand where all of the pieces fit.

Together they review the evolution of various models, with a closer look at the new world order. You’ll learn how 7 of the most popular options came to be, what their visionary creators set out to solve for and which advisors are best suited for them.

It’s an episode that will help advisors differentiate between options which offer more guardrails and those that provide the highest levels of freedom and flexibility.

Listeners will also learn how to focus their efforts through a series of thought-provoking questions, designed specifically for advisors considering how to best outline their next chapter.

 


Episodes Mentioned

Quasi-Independence: The Sophisticated Independent Model that Offers the Best of All Worlds
Many advisors who explore full-on independence find that it’s just too much of a leap. For those folks, the quasi-independent space may be just the ticket. Listen->

A Best-of-All-Worlds Model: Full-Service Independence with Equity Upside
A Conversation with Jim Gold, CEO and Founding Partner of Steward Partners. Listen->

Rockefeller Capital Management Demystified
A Conversation with Chris Dupuy, Managing Director and Chief Operating Officer. Listen->

What’s Driving the Momentum Towards Independence and Will it Continue? With Shirl Penney, Dynasty Financial Partners
An insider’s guide to what it takes to get from here to there in the independent space. Listen->

How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox
A Conversation with Jim Dickson, Founder and President of Sanctuary Wealth Partners. Listen->

How a Legacy Merrill Team Experienced 600% Growth in 10 Years
Special Guests Bill Loftus of Coastal Bridge Advisors and Mark Dupont of Focus Financial Partners provide an “outside-in” look at how a capital partner helped this RIA make the leap to independence—and achieve amazing results. Listen->

Other 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->

Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence
As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. Read->

Quasi-Independence: The Super-Sophisticated Boutique Model Taking the Industry by Storm
It’s safe, flexible and worthy of your consideration—even though some of the names may not be all that familiar just yet. Read->

The Rockefeller Effect: Why the Multi-Family Office Model Has Become the Talk of the Industry
What is it about Rockefeller Capital Management – and other firms like it – that’s driving such a high level of interest amongst the industry’s elite? Read->

 

 

This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YouTube

 

Browse other episodes in this podcast series…

]]>
In a greatly expanded landscape, many independent models exist that provide varying levels of freedom and flexibility. Louis Diamond joins the episode to help identify, compare and contrast the 7 most popular options available to breakaway advisors. Comparing and contrasting some of the most popular options available to breakaways with special guest Louis Diamond.<br /> Captive advisors who seek greater freedom and flexibility are lucky to have an industry landscape where so many high-quality independent options exist—with new ones being born every day. But with this expanded waterfall of possibilities comes waves of confusion, leaving advisors scratching their heads when attempting to discern between the various models and options in the space.<br /> Advisors considering independence often find themselves trying to answer:<br /> - What’s a service provider?<br /> - What’s a platform firm?<br /> - What’s quasi-independence?<br /> - What’s the difference between having your own ADV and being part of a joint one? And why does it matter?<br /> - How do firms like Rockefeller Capital Management, Sanctuary Wealth Partners and Dynasty Financial Partners differ?<br /> - And many more frequently asked questions.<br /> Louis Diamond joins Mindy to answer these questions and others, with a goal of imparting some order and providing actionable information to help you better understand where all of the pieces fit.<br /> Together they review the evolution of various models, with a closer look at the new world order. You’ll learn how 7 of the most popular options came to be, what their visionary creators set out to solve for and which advisors are best suited for them.<br /> It’s an episode that will help advisors differentiate between options which offer more guardrails and those that provide the highest levels of freedom and flexibility.<br /> Listeners will also learn how to focus their efforts through a series of thought-provoking questions, designed specifically for advisors considering how to best outline their next chapter.<br /> For links to episodes mentioned, as well as other resources, visit: https://www.diamond-consultants.com/the-top-7-turnkey-independent-models-for-advisors Mindy Diamond 1 39 The Top 7 Turnkey Models that are Rocking the Independent Landscape clean 16:28 Comparing and contrasting some of the most popular options available to breakaways with special guest Louis Diamond.<br /> Captive advisors who seek greater freedom and flexibility are lucky to have an industry landscape where so many high-quality independent options exist—with new ones being born every day. But with this expanded waterfall of possibilities comes waves of confusion, leaving advisors scratching their heads when attempting to discern between the various models and options in the space.<br /> Advisors considering independence often find themselves trying to answer:<br /> - What’s a service provider?<br /> - What’s a platform firm?<br /> - What’s quasi-independence?<br /> - What’s the difference between having your own ADV and being part of a joint one? And why does it matter?<br /> - How do firms like Rockefeller Capital Management, Sanctuary Wealth Partners and Dynasty Financial Partners differ?<br /> - And many more frequently asked questions.<br /> Louis Diamond joins Mindy to answer these questions and others, with a goal of imparting some order and providing actionable information to help you better understand where all of the pieces fit.<br /> Together they review the evolution of various models, with a closer look at the new world order. You’ll learn how 7 of the most popular options came to be, what their visionary creators set out to solve for and which advisors are best suited for them.<br /> It’s an episode that will help advisors differentiate between options which offer more guardrails and those that provide the highest levels of freedom and flexibility.<br /> Listeners will also learn how to focus their efforts through a series of thought-provoking questions, designed specifically for advisors considering how to best outline their next chapter.<br /> For links to episodes mentioned, as well as other resources, visit: https://www.diamond-consultants.com/the-top-7-turnkey-independent-models-for-advisors
A Model of Supported Independence That Fills the “Fear Gap” https://www.diamond-consultants.com/model-of-supported-independence/ Thu, 18 Apr 2019 13:59:52 +0000 https://www.diamond-consultants.com/?p=11155 Rob Bartenstein discusses how Kestra Private Wealth Services offers a path to supported independence for advisors who want to go independent but do not want to build an RIA firm themselves. With Rob Bartenstein, CEO of Kestra Private Wealth Services

There are plenty of advisors who want to go independent but are hesitant—beleaguered by thoughts like: What would it take to setup the business? What do I need to know about platforms and technology? Where do I even start?

And it’s questions like these that are being answered by RIAs like Kestra Private Wealth Services, also known as Kestra PWS—a perfect example of a firm born to support a growing need for full-service paths to independence.

Rob Bartenstein, Kestra PWS, Kestra Private Wealth Services

Rob Bartenstein and his partner Scott Wilson, wirehouse breakaways themselves, felt that a chasm existed in the landscape – one that they refer to as the “fear gap” – which stopped many advisors from pursuing independence. The partners took their decades of experience with the likes of Merrill Lynch, Morgan Stanley and UBS, put their “advisors’ hats on” and set out to fill that chasm—giving rise to Kestra PWS. The firm has since become a popular path for breakaways who seek the freedom and flexibility of independence without the hassle of having to build their own firm from scratch.

In this episode, Rob discusses:

  • What inspired the partners to create Kestra PWS—and why they were ready to leave the wirehouse world behind.
  • What differentiates the Kestra PWS model from others in the space—and the advantages of joining an existing RIA.
  • How this model provides an alternate path to independence for advisors—and the role Kestra Financial plays in their ecosystem.
  • How their turnkey model takes care of all the “big pieces” of setting up a business—and what other requirements advisors should be aware of.
  • How brand and equity ownership are big selling points for the firm—and how that differs from other independent models.

Rob says that filling the “fear gap” is a concept that remains a foundation of the firm to this day, allowing them to continually evolve Kestra PWS as needs change. And as they continue to close that gap, the firm remains a solid option that makes a move to independence more like a step, instead of a leap.

 


Related Resources

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->

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->

Quasi-Independence: The Super-Sophisticated Boutique Model Taking the Industry by Storm
It’s safe, flexible and worthy of your consideration—even though some of the names may not be all that familiar just yet. Read->

Are You a Breakaway DIYer or Delegator?
How to determine if you should build an independent firm on your own or get help from a third-party service provider. Read->

 

 

Rob Bartenstein:

As the chief executive officer of Kestra Private Wealth Services, Rob is dedicated to providing experienced advisors with the services and support they need to start their own successful, independent businesses.

He began his career in financial services as a private banker and acted in that capacity for three firms, Donaldson, Lufkin & Jenrette, its successor Credit Suisse First Boston, and Merrill Lynch, establishing private banking offices for Credit Suisse and Merrill Lynch in the Washington, D.C. market. In 2008, he joined Morgan Stanley in an executive role to lead business development in California, Hawaii, and Nevada. In 2011, he left Morgan Stanley to help establish Washington Wealth Management, which rebranded as Kestra Private Wealth Services in 2016. Rob is a regular contributor to CNBC, Fox Business, and Bloomberg, as well as numerous industry publications.

A U.S. Army veteran, Rob graduated from Mary Washington College, magna cum laude. He holds a Juris Doctor from George Mason University School of Law.

 


This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YouTube

 

Browse other episodes in this podcast series…

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Rob Bartenstein discusses how Kestra Private Wealth Services offers a path to supported independence for advisors who want to go independent but do not want to build an RIA firm themselves. With Rob Bartenstein, CEO of Kestra Private Wealth Services<br /> There are plenty of advisors who want to go independent but are hesitant—beleaguered by thoughts like: <br /> What would it take to setup the business? What do I need to know about platforms and technology? Where do I even start?<br /> And it’s questions like these that are being answered by RIAs like Kestra Private Wealth Services, also known as Kestra PWS—a perfect example of a firm born to support a growing need for full-service paths to independence.<br /> Rob Bartenstein, CEO of Kestra Private Wealth Services and his partner Scott Wilson, wirehouse breakaways themselves, felt that a chasm existed in the landscape – one that they refer to as the “fear gap” – which stopped many advisors from pursuing independence. The partners took their decades of experience with the likes of Merrill Lynch, Morgan Stanley and UBS, put their “advisors’ hats on” and set out to fill that chasm—giving rise to Kestra PWS. The firm has since become a popular path for breakaways who seek the freedom and flexibility of independence without the hassle of having to build their own firm from scratch.<br /> In this episode, Rob discusses:<br /> - What inspired the partners to create Kestra PWS—and why they were ready to leave the wirehouse world behind.<br /> - What differentiates the Kestra PWS model from others in the space—and the advantages of joining an existing RIA.<br /> - How this model provides an alternate path to independence for advisors—and the role Kestra Financial plays in their ecosystem.<br /> - How their turnkey model takes care of all the “big pieces” of setting up a business—and what other requirements advisors should be aware of.<br /> - How brand and equity ownership are big selling points for the firm—and how that differs from other independent models.<br /> Rob says that filling the “fear gap” is a concept that remains a foundation of the firm to this day, allowing them to continually evolve Kestra PWS as needs change. And as they continue to close that gap, the firm remains a solid option that makes a move to independence more like a step, instead of a leap.<br /> For more information on this episode, links to other episodes and helpful resources, visit: https://www.diamond-consultants.com/model-of-supported-independence/ Mindy Diamond 1 38 A Model of Supported Independence That Fills the Fear Gap, with Rob Bartenstein of Kestra PWS clean 37:44 With Rob Bartenstein, CEO of Kestra Private Wealth Services<br /> There are plenty of advisors who want to go independent but are hesitant—beleaguered by thoughts like: <br /> What would it take to setup the business? What do I need to know about platforms and technology? Where do I even start?<br /> And it’s questions like these that are being answered by RIAs like Kestra Private Wealth Services, also known as Kestra PWS—a perfect example of a firm born to support a growing need for full-service paths to independence.<br /> Rob Bartenstein, CEO of Kestra Private Wealth Services and his partner Scott Wilson, wirehouse breakaways themselves, felt that a chasm existed in the landscape – one that they refer to as the “fear gap” – which stopped many advisors from pursuing independence. The partners took their decades of experience with the likes of Merrill Lynch, Morgan Stanley and UBS, put their “advisors’ hats on” and set out to fill that chasm—giving rise to Kestra PWS. The firm has since become a popular path for breakaways who seek the freedom and flexibility of independence without the hassle of having to build their own firm from scratch.<br /> In this episode, Rob discusses:<br /> - What inspired the partners to create Kestra PWS—and why they were ready to leave the wirehouse world behind.<br /> - What differentiates the Kestra PWS model from others in the space—and the advantages of joining an existing RIA.<br /> - How this model provides an alternate path to independence for advisors—and the role Kestra Financial plays in their ecosystem.<br /> - How their turnkey model takes care of all the “big pieces” of setting up a business—and what other requirements advisors should be aware of.<br /> - How brand and equity ownership are big selling points for the firm—and how that differs from other independent models.<br /> Rob says that filling the “fear gap” is a concept that remains a foundation of the firm to this day, allowing them to continually evolve Kestra PWS as needs change. And as they continue to close that gap, the firm remains a solid option that makes a move to independence more like a step, instead of a leap.<br /> For more information on this episode, links to other episodes and helpful resources, visit: https://www.diamond-consultants.com/model-of-supported-independence/
Rockefeller Capital Management Demystified https://www.diamond-consultants.com/rockefeller-wealth-management-demystified/ Thu, 04 Apr 2019 13:25:30 +0000 https://www.diamond-consultants.com/?p=11015 Industry superstar Greg Fleming at the helm, the Rockefeller name, an extraordinary financial advisor community and leadership dream team makes this firm a home run. COO Chris Dupuy shares some inside baseball on Rockefeller Capital Management. A Conversation with Chris Dupuy, Managing Director and Chief Operating Officer

Rockefeller Capital Management has become one of the hottest brands to hit the Street in decades—THE story amongst advisors serving a high net worth and ultra-high net worth client base.

Chris Dupuy RockefellerWhile industry superstar Greg Fleming at the helm is a draw, the cachet of the Rockefeller name is no doubt what’s driving much of the interest. Greg is building an extraordinary community of top advisors and a leadership dream team that’s unmatched in the industry—and this episode’s guest, Chris Dupuy, is one of that dream team’s most recent additions.

Chris spent nearly three decades rising through the ranks at Merrill Lynch, his own breakaway story starting in 2014 when he left Merrill for Focus Financial Partners. He’s part of a growing breed of wirehouse leadership breakaways who are moving with the tides, jumping from the big brokerage world to independence.

In this show, Chris shares:

  • How Rockefeller differs from other firms in the space—and how their commitment to “remain small” is enticing to many top advisors and their clients.
  • The types of advisors who are the best fit for the firm—and how these advisors and their clients will benefit from Rockefeller’s unique resources.
  • How he sees the firm reaching the goals Greg has set—and the key players charged with getting them there.
  • The role customization plays in the firm’s value proposition—and why customization itself is an important feature for advisors looking at the independent space.
  • Why the Rockefeller Family Office model is a unique draw—and how the firm’s capabilities are distinguished from Family Office models at other firms.
  • The difference between building your own RIA firm or joining a firm like Rockefeller—and how mindset plays a big role in deciding between the two.

Rockefeller is striving to “change the industry in a really positive way by creating the kind of culture that we all used to be so proud of.”

And after listening to this conversation, I think you’ll agree, they’re well on their way to achieving that goal.

 


Related Resources

Quasi-Independence: The Super-Sophisticated Boutique Model Taking the Industry by Storm
It’s safe, flexible and worthy of your consideration—even though some of the names may not be all that familiar just yet. 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->

Are You a Breakaway DIYer or Delegator?
How to determine if you should build an independent firm on your own or get help from a third-party service provider. 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->

 

Chris Dupuy:

Christopher Dupuy joined Rockefeller Capital Management as Managing Director and Chief Operating Officer for Rockefeller Wealth Management on November 1, 2018. Dupuy joined from Focus Financial Partners, where he was a Managing Director and President of Focus Independence.

Prior to joining Focus in 2014, Chris began his career at Merrill Lynch in 1985. He began his career as a Financial Advisor in Morristown, N.J., and later rose to the role of Managing Director. Dupuy first served as National Sales Manager for the Merrill Lynch advisor branch systems in the United States and Latin America, then ran the Wealth Management Bank and Global Investment Solutions businesses around the world. Ultimately, Dupuy led all of Merrill’s Private Banking units, Wealth Management branch offices and International Private Client hubs for the Pacific Northwest while he resided in San Francisco. He is a graduate of James Madison University.


This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YouTube

 

Browse other episodes in this podcast series…

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Industry superstar Greg Fleming at the helm, the Rockefeller name, an extraordinary financial advisor community and leadership dream team makes this firm a home run. COO Chris Dupuy shares some inside baseball on Rockefeller Capital Management. A Conversation with Chris Dupuy, Managing Director and Chief Operating Officer, Rockefeller Capital Management<br /> Rockefeller Capital Management has become one of the hottest brands to hit the Street in decades—THE story amongst advisors serving a high net worth and ultra-high net worth client base.<br /> While industry superstar Greg Fleming at the helm is a draw, the cachet of the Rockefeller name is no doubt what’s driving much of the interest. Greg is building an extraordinary community of top advisors and a leadership dream team that’s unmatched in the industry—and this episode’s guest, Chris Dupuy, is one of that dream team’s most recent additions.<br /> Chris spent nearly three decades rising through the ranks at Merrill Lynch, his own breakaway story starting in 2014 when he left Merrill for Focus Financial Partners. He’s part of a growing breed of wirehouse leadership breakaways who are moving with the tides, jumping from the big brokerage world to independence.<br /> In this show, Chris shares:<br /> - How Rockefeller differs from other firms in the space—and how their commitment to “remain small” is enticing to many top advisors and their clients.<br /> - The types of advisors who are the best fit for the firm—and how these advisors and their clients will benefit from Rockefeller’s unique resources.<br /> - How he sees the firm reaching the goals Greg has set—and the key players charged with getting them there.<br /> - The role customization plays in the firm’s value proposition—and why customization itself is an important feature for advisors looking at the independent space.<br /> - Why the Rockefeller Family Office model is a unique draw—and how the firm’s capabilities are distinguished from Family Office models at other firms.<br /> - The difference between building your own RIA firm or joining a firm like Rockefeller—and how mindset plays a big role in deciding between the two.<br /> Rockefeller is striving to “change the industry in a really positive way by creating the kind of culture that we all used to be so proud of.” And after listening to this conversation, I think you’ll agree, they’re well on their way to achieving that goal.<br /> For more information and resources, visit https://www.diamond-consultants.com/rockefeller-wealth-management-demystified/ Mindy Diamond 1 37 Rockefeller Capital Management Demystified with COO Chris Dupuy clean 41:37 A Conversation with Chris Dupuy, Managing Director and Chief Operating Officer, Rockefeller Capital Management<br /> Rockefeller Capital Management has become one of the hottest brands to hit the Street in decades—THE story amongst advisors serving a high net worth and ultra-high net worth client base.<br /> While industry superstar Greg Fleming at the helm is a draw, the cachet of the Rockefeller name is no doubt what’s driving much of the interest. Greg is building an extraordinary community of top advisors and a leadership dream team that’s unmatched in the industry—and this episode’s guest, Chris Dupuy, is one of that dream team’s most recent additions.<br /> Chris spent nearly three decades rising through the ranks at Merrill Lynch, his own breakaway story starting in 2014 when he left Merrill for Focus Financial Partners. He’s part of a growing breed of wirehouse leadership breakaways who are moving with the tides, jumping from the big brokerage world to independence.<br /> In this show, Chris shares:<br /> - How Rockefeller differs from other firms in the space—and how their commitment to “remain small” is enticing to many top advisors and their clients.<br /> - The types of advisors who are the best fit for the firm—and how these advisors and their clients will benefit from Rockefeller’s unique resources.<br /> - How he sees the firm reaching the goals Greg has set—and the key players charged with getting them there.<br /> - The role customization plays in the firm’s value proposition—and why customization itself is an important feature for advisors looking at the independent space.<br /> - Why the Rockefeller Family Office model is a unique draw—and how the firm’s capabilities are distinguished from Family Office models at other firms.<br /> - The difference between building your own RIA firm or joining a firm like Rockefeller—and how mindset plays a big role in deciding between the two.<br /> Rockefeller is striving to “change the industry in a really positive way by creating the kind of culture that we all used to be so proud of.” And after listening to this conversation, I think you’ll agree, they’re well on their way to achieving that goal.<br /> For more information and resources, visit https://www.diamond-consultants.com/rockefeller-wealth-management-demystified/
A Best-of-All-Worlds Model: Full-Service Independence with Equity Upside https://www.diamond-consultants.com/best-of-all-worlds-model-full-service-independence-with-equity-upside/ Fri, 22 Mar 2019 14:35:08 +0000 https://www.diamond-consultants.com/?p=10931 Guest Jim Gold discusses breaking away from the senior leadership ranks at Morgan Stanley to build Steward Partners, a full-service employee-owned quasi-independent model, for advisors who are not interested in building something from scratch. He also shares some exciting news about the growth of the firm. 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.

 


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.


This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YouTube

 

Browse other episodes in this podcast series…

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Guest Jim Gold discusses breaking away from the senior leadership ranks at Morgan Stanley to build Steward Partners, a full-service employee-owned quasi-independent model, for advisors who are not interested in building something from scratch. 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:



* 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.

 





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,]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
Independence for Advisors with an Offshore Client Base https://www.diamond-consultants.com/independence-for-advisors-with-an-offshore-client-base/ Thu, 07 Mar 2019 15:24:39 +0000 https://www.diamond-consultants.com/?p=10848 Merrill breakaway Lisa Van Walleghem of MAXIMAI shares why leaving the once “great school of experience” with a globally diverse book to form her own independent firm was the best way for her to serve her offshore clients and grow her business. Merrill breakaway Lisa Van Walleghem of MAXIMAI shares why leaving the once “great school of experience” with a globally diverse book to form her own independent firm was the best way for her to serve her offshore clients and grow her business. The growth of independence has been fueled in part by the many advisors who’ve reached a point at their wirehouses where they can no longer serve their clients’ interests to the best of their abilities. And for advisors whose businesses are more specialized, the limitations imposed by their firms can put them at an even greater disadvantage, as this episode’s guest found.

Lisa van Walleghem was a Merrill Lynch advisor for over two decades. She joined the wirehouse back in 1992, bringing with her a globally-diversified book of business composed of high net worth and ultra-high net worth clients from around the world. At the time, she felt that the firm was the right home to continue to grow her well-established international business.

Then things started to change with the Bank of America takeover of Merrill. The firm shutdown international branches and asked advisors with offshore clients like Lisa to close accounts in certain jurisdictions.

Lisa grew uncomfortable with the increasing limitations placed on her and her team and knew it was time to make some tough decisions. In 2016, she and her longtime partner at Merrill, plus a few key support people, left the firm to form MAXIMAI Investment Partners based in Coral Gables, Florida.

In this episode, Lisa discusses:

* The motivations behind her move from Merrill—and what led up to deciding it was finally time to make a change.
* Why independence was ultimately the right choice—and if she even considered other firms or models.
* The unique needs of serving an offshore client base—and how other advisors with similar business requirements might benefit by due diligence.
* How her partner, who was nearing retirement, came to terms with forgoing Merrill’s CTP—and how that was resolved as an independent firm.
* Why an international business may be best served in the independent space—and what other “heavy lifting” an advisor considering a move should be aware of.
* The impact on her offshore client base—and how the clients reacted to the news of her team leaving Merrill.

Lisa felt that Merrill was once a firm that welcomed international business like hers and served as a “great school of experience.” But with the takeover, she started to lose her voice as a financial advisor—and that was when she knew it was time to make a change. She shares that going independent has helped her regain her voice and once again, control her destiny.

Whether you serve an offshore client base like Lisa or are simply curious about how an advisor can create positive change in her business and her life, this is an episode to listen to.

 





Related Resources
Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence
As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. 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. clean
An Attorney’s Advice on Navigating Transition https://www.diamond-consultants.com/an-attorneys-advice-on-navigating-transition-david-gehn/ Thu, 21 Feb 2019 14:55:04 +0000 https://www.diamond-consultants.com/?p=10383 Attorney David Gehn shares his experience in working with advisors through non-Protocol moves, the challenges of terminations and hyper-compliance, avoiding TROs and other contractual matters that can arise even before an advisor considers a move. Attorney David Gehn shares his experience in working with advisors through non-Protocol moves, the challenges of terminations and hyper-compliance, avoiding TROs and other contractual matters that can arise even before an advisor considers a move. The acceleration of advisor movement, particularly to the independent space, and the proliferation of a hyper-compliant culture within the walls of the big brokerages is keeping people like attorney David Gehn very busy these days.



As the Head of the Litigation Department at Ellenoff Grossman & Schole, David has served a wide range of clients, yet it’s his concentration on the financial services market – captive advisors to the largest broker dealers and registered investment advisors – that makes him well-suited to discuss the intricacies of the transition process.

In this episode, David shares his experience in working with advisors through non-Protocol moves, the challenges of terminations and other contractual matters that can arise even before you consider a move. In his conversation with Mindy, he discusses:

* The challenges of the increasingly hyper-vigilant compliance culture that exists in the wirehouses—and how to make yourself “less vulnerable.”
* The battle for control between advisors and their firms—and how to be sure you don’t get even more “locked in” to your firm.
* The reality of non-Protocol moves—and “what you need to do first” when considering a change.
* The “3 most feared letters” in a financial advisor’s lexicon—and the steps to take to avoid being slapped with a TRO.
* The concerns over asset portability—and how “deep and meaningful” relationships with clients are key to a successful move.
* The proliferation of terminations—and how to “prepare” if you think you’re in the crosshairs.

David says that a move is “eminently doable” regardless of Protocol status or any post-employment restrictions you may have.

Whether you’re considering a move or not, this episode offers an array of advice for anyone living in a world where compliance takes the lead—and can make or break an advisor’s career.

 





Related Resources
9 Reasons Why So Many Advisors Don’t Have a Plan B—But Should
Having an “escape plan” will prevent you from making rash decisions and being swept away by the shifting tides. Read->

2019: How Changing Sentiment Will Change the Industry
Priorities are changing for advisors and the clients they serve—but will big firms pay attention? Read->

How portable is my business?
This 2-part process will help you gain clarity on the depth of your client relationships and the portability of your assets—ultimately helping to ensure any move is a successful one. Read->

How to answer when clients ask, “What’s in it for us?”
A move to the independent space can benefit both advisors and clients. Read->

 

 

David Gehn:

David A. Gehn, Head of the Litigation Department at Ellenoff Grossman & Schole,]]> Mindy Diamond - Financial Advisor Recruiter and Consultant clean A Diehard Merrill Advisor’s Journey to Independence https://www.diamond-consultants.com/diehard-merrill-lynch-advisor-michael-henley-to-independence/ Thu, 07 Feb 2019 14:23:45 +0000 https://www.diamond-consultants.com/?p=9869 Michael Henley, a 34-yr old “diehard Merrill Lynch advisor” and team, with a partner less than 10 years from retirement, came to a point at the wirehouse when it was more about “jumping through hoops” for the bank than doing best for their clients. Michael Henley, a 34-yr old “diehard Merrill Lynch advisor” and team, with a partner less than 10 years from retirement, came to a point at the wirehouse when it was more about “jumping through hoops” for the bank than doing best for their clients. Like many other advisors who chose to go independent, Michael Henley found himself at a point in his wirehouse career when his professional life became more about “jumping through hoops” for the bank, than it was about doing what was best for his clients. The culture had changed enough that he felt his ability to conduct business in a way that was “objective and conflict-free” was no longer possible.



What’s really interesting is that Michael is just 34-years old and considered himself a “diehard Merrill Lynch advisor.” As the leader of a team with a partner less than 10 years from retirement, Michael had some tough decisions to make. Ultimately, he said, it came down to this: “We have to do what’s right for our clients and we have to keep our team happy.”

Late last year, Michael and his team launched the hybrid RIA Brandywine Oak Private Wealth—a firm that is representative of two key trends which are on the rise:

* Younger advisors skipping the typical step of taking a transition deal from another brokerage firm in their first move, and instead betting on the long-term potential of independence.
* Senior advisors forgoing “retire in place” packages from the wirehouses for the ability to design their own sunset program in the independent space.

Essentially, advisors are betting it all on their own ability to find the way to best serve their clients, grow their businesses, and create a future that meets the needs of each of the team members.

In this episode, Michael explores:

* The motivations behind his move—and why so early in his career.
* Why his team, with one member nearing retirement, chose independence over Merrill’s CTP program—and what they did to make “go versus stay” worthwhile.
* How they reconciled walking away from significant deferred compensation—and how they resolved both start-up costs as well as salaries in the short-term.
* Why he felt limited in his ability to serve his clients—and how a move to the independent space solved for that.
* What being “objective and conflict-free” really means to serving clients—and how it impacts building a business for the long-term.
* Why serving a niche-client base is easier in the independent space—and how he and his team were able to replicate and improve upon client deliverables.
* How his clients reacted to the move—and at 6 months in, how many of those clients have moved with him.
* Why he feels getting educated is a critical part of the decision-making process—and how speaking to other Merrill breakaways helped influence his final decision.
* Why so many younger advisors like him are making the leap so early in their careers—and why it’s a trend that’s likely to continue.
* Whether he considers himself a “serial entrepreneur”—and if he feels that trait is a requirement for those who want to go independent.
* His advice for all advisors considering a move to independence, regardless of their age—and how “keeping it simple” is a key principle to his success.

Additionally, Louis Diamond, who worked with Michael through due diligence, provides thoughts on how the “millennial mindset” plays a new role in the changing landscape and offers further background on Michael’s exploration process.

Listen in to learn why Michael says, “Sometimes the word independence can scare people,” and how getting educated can help dispel that fear—regardless of whether you feel independence is the next step in your career.

 





Related Resources
clean
The Year in Review: The 10 Most Valuable Insights on Independence https://www.diamond-consultants.com/the-10-most-valuable-insights-on-independence/ Thu, 24 Jan 2019 14:33:26 +0000 https://www.diamond-consultants.com/?p=9825 A curated collection of the top words of wisdom shared by wealth management industry leaders and top breakaways from the first year of the leading podcast series for advisors exploring the independent space, Mindy Diamond on Independence. A curated collection of the top words of wisdom shared by wealth management industry leaders and top breakaways from the first year of the leading podcast series for advisors exploring the independent space, Mindy Diamond on Independence. Back in November of 2017, we launched this podcast series as a way to answer the questions that so many captive advisors were asking us about the independent space. Little did we realize how quickly it would catch on, nor the sheer amount of important information and critical points of view there were to share.
Just over one year, 32 episodes and some 26,000 downloads* later, this series has become the industry’s leading soundtrack for advisors who are seeking a greater understanding of the independent space.
As an acknowledgment of the enduring phenomenon that is the independent space – and a tribute to the amazing people that participated in the series – this episode is devoted to highlighting the 10 most valuable topics and words of wisdom from the past year, including:

* How independence is better for advisors with
David Canter
* How independence is better for clients with Tim Oden
* Being a true fiduciary with Mark Tibergien
* The growth of support and how it contributes to the expansion of the space with Shirl Penney
* Breaking out of the box with Jim Dickson
* Managing compliance with Matt Sonnen
* Serving ultra-high net worth clients with Matt Celenza
* Multi-Generational Teams with Jason Cort
* Experiencing phenomenal growth with Bill Loftus
* Building a Firm for Maximum Value with Liz Nesvold

The goal of this series is to educate, inform and empower advisors, enabling them to make decisions about their future from a position of strength. As such, this episode concludes with sage advice from David Canter and key questions an advisor considering the space should answer.

 





Related Resources

* Mindset, Motivation and Momentum: What’s really driving all the movement—with David Canter, Head of Fidelity’s RIA Segment 
* The Choreography of a Move to Independence—with Tim Oden from Schwab Advisor Services
* The Rewards and Risks of Independence—with Mark Tibergien, CEO of BNY Mellon’s Pershing Advisor Solutions
* What’s driving the momentum towards independence and will ...]]> Mindy Diamond - Financial Advisor Recruiter and Consultant clean An Investment Banker’s Perspective on Building an RIA Firm for Maximum Value https://www.diamond-consultants.com/investment-bankers-perspective-building-a-firm-maximum-value/ Thu, 13 Dec 2018 14:51:33 +0000 https://www.diamond-consultants.com/?p=9687 In this podcast episode, Liz Nesvold, founder and managing partner of Silver Lane Advisors, joins Mindy to explore what it means to build your business with the end in mind, and why it’s one of the most critical directives an RIA firm owner should follow. In this podcast episode, Liz Nesvold, founder and managing partner of Silver Lane Advisors, joins Mindy to explore what it means to build your business with the end in mind, and why it’s one of the most critical directives an RIA firm owner should follow. Understanding an RIA firm's value—and why building your business with the end in mind is one of the most critical directives an RIA firm owner should follow.


For many advisors, the choice to build an independent firm over other available options – from remaining a captive employee on through to joining an existing RIA – is typically rooted in having a strong entrepreneurial nature and desire to create equity and value in the longer term. Yet, the latter is where many business owners get stuck.
How do you build an independent firm designed to achieve a goal of maximizing enterprise value?
As founder and managing partner of Silver Lane Advisors – the investment bank behind the legendary First Republic acquisition of Luminous Capital, as well as a host of other headline-making deals –
Liz Nesvold is well-positioned to provide solid advice on the topic.

Liz shares some inside baseball on what it really takes to set up your RIA firm for success, as she and Mindy discuss:

* What differentiates a business from a practice.
* When it makes sense for a firm to raise debt financing over selling equity—and how it impacts enterprise value.
* How service providers have influenced the growth of the independent space, as well as their intrinsic value to firms.
* What key attributes make a firm attractive to potential acquirers.
* Who the most active buyers are and how this list has changed over the past few years.
* What can be expected in the way of M&A activity over the next 5 to 10 years.
* And ultimately, what it means to build your firm with the end in mind—and why it’s one of the most critical directives a business owner should follow.

Based on the options, support and growing appetite for M&A, “This is the greatest opportunity for going independent that we've seen in the last 25 years,” Liz shares.

It’s an episode for those considering the independent space and seeking a better understanding of the long-term opportunities, as well as current firm owners who have their sights set on maximizing their firm’s potential.

 





Related Resources
Strategically Exploring M&A in the Independent Landscape
Which of the 4 types of acquirers would be a good fit for your business? Read->

How much is my house worth?
Determining the value of your life’s work using these 7 key drivers. Read->

How First Republic Private Wealth, an under-the-radar wealth management firm, became the hottest ticket in the space – and why it matters
6 key points that are attracting some of the biggest and best advisors to this bank-owned corporate RIA. Read->

Meet the New Acquirers: Familiar Faces with New Motivations and Deep Pockets
What happens when the “Big Firms” that advisors left behind for the independent world become “The Boss” again?]]> Mindy Diamond - Financial Advisor Recruiter and Consultant clean The Rewards and Risks of Independence: A Conversation with Mark Tibergien https://www.diamond-consultants.com/rewards-risks-independence-mark-tibergien/ Thu, 29 Nov 2018 13:59:05 +0000 https://www.diamond-consultants.com/?p=9634 Mark Tibergien, the CEO of BNY Mellon Pershing Advisor Solutions, shares his thoughts on the momentum towards independence, the evolving advisor mindset, what it takes to run a successful practice and much more on this podcast episode. Mark Tibergien, the CEO of BNY Mellon Pershing Advisor Solutions, shares his thoughts on the momentum towards independence, the evolving advisor mindset, what it takes to run a successful practice and much more on this podcast episode. Mark Tibergien, the CEO of BNY Mellon Pershing Advisor Solutions, shares his thoughts on the momentum towards independence, the evolving advisor mindset, what it takes to run a successful practice and much more.


There are few people whose knowledge of the wealth management industry can match that of Mark Tibergien—so to have access to this award-winning thought-leader, author and CEO is fortuitous.

Mindy sets the stage for an intense dialogue with Mark about the state of the industry, the independent space and what lies ahead for captive and independent advisors.

Together they discuss:

* The key differences between captive and independent advisors—and how the desire to become a “true” fiduciary is driving advisor sentiment and movement towards independence.
* The fundamental changes in the role of the advisor—an evolution from product-advocate to customer-advocate.
* The evolved role of the custodian—and how it’s grown beyond just asset custody.
* A look at the RIA space—and the most compelling features that will influence growth and asset flow in the future.
* The real risk profile of independence—and what advisors need to be aware of before they decide to make the leap.
* How the business of financial advice has changed—3 key questions that firm owners need to ask themselves.
* How to build an “enduring” firm—and why planned obsolescence should be a goal of every firm founder.
* Options for independent firm owners looking to access capital—understanding the real cost of selling equity.
* What succession planning really means—and where there’s opportunity to create transferable value.

It’s a deep dive into a world that has changed dramatically: where those willing to accept risk and accountability are seeing the highest level of reward. It’s the one episode you don’t want to miss.

 





Related Resources
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->

Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence
As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. Read->
What compels breakaway advisors to go around "the wall"?
Despite significant risks and roadblocks in front of them, breakaway advisors don’t stop.]]>
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$300mm To $800mm in Just 8 Years: A Conversation with UBS Breakaway Gil Baumgarten https://www.diamond-consultants.com/300mm-to-800mm-8-years-gil-baumgarten/ Thu, 15 Nov 2018 15:17:09 +0000 https://www.diamond-consultants.com/?p=9596 Gil Baumgarten, President and CEO of Segment Wealth, joins Mindy to discuss how, in the 8 short years since he launched his RIA firm, he has more than doubled his assets under management, quadrupled his take-home pay and created a “much better business” for himself and his clients. It's a story about the growth potential of an RIA and the satisfaction that comes with it. Gil Baumgarten, President and CEO of Segment Wealth, joins Mindy to discuss how, in the 8 short years since he launched his RIA firm, he has more than doubled his assets under management, quadrupled his take-home pay and created a “much better business... For many advisors, it takes some time to get comfortable with considering a move to independence—leaving the familiar nest of the big firm behind, and all of the support and brand name cachet that comes with it.

For Gil Baumgarten, President and CEO of Segment Wealth Management, it was far less about taking the time to be comfortable with leaving UBS. He took nearly a decade to explore the independent space, prepare his book and design what he felt would be a bridge “three times as big and strong” as he needed.



And he built a strong bridge indeed. In just 8 short years since he launched his RIA firm, he has more than doubled his assets under management, quadrupled his take-home pay and created a “much better business” for himself and his clients. Growth aside, he now feels able to act as a “true fiduciary” to his clients.

Gil shares with Mindy:

* How his take-home economics more than quadrupled since launching his firm, and how independence facilitated that growth.
* What he learned in 10 years of exploration.
* What he feels is the “right time” for an advisor to make the leap.
* How he explained the move to his clients—and more importantly, how they reacted.
* Why he feels the big firms’ focus on profitability means that the clients’ needs take a backseat to the bottom line.
* The hurdles he overcame in learning to be a business owner.
* And so much more.

As Gil says, the people best suited for independence are not those who are asking what kind of deal they can get; it’s those who are focused on building equity in a growing and profitable business. And there’s no doubt that taking the leap to independence for Gil has paid off handsomely—not just in terms of economics, but also in satisfaction.

 





Related Resources


The Math Behind the Move to Independence
Why so many advisors are going indy, even with stiff competition from hefty brokerage firm transition deals. 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->



What compels breakaway advisors to go around "the wall"?
Despite significant risks and roadblocks in front of them, breakaway advisors don’t stop. Why? Read->


 

About Gil Baumgarten:

Gil Baumgarten, President and CEO of Segment Wealth Management, is a 34-year veteran of the securities and investment industry. After beginning his career at the venerable EF Hutton in the early 1980s, Gil became a top producer for UBS and Citigroup Smith Barney. He is a multi-year recipient of the BARRON'S Top 1,200 Financial Advisors distinction given to the best fi...]]>
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The Path to Independence in Two Steps or One – With Alex Goss of Goss Advisors https://www.diamond-consultants.com/the-path-to-independence-two-steps-alex-goss-goss-advisors/ Thu, 01 Nov 2018 13:19:34 +0000 https://www.diamond-consultants.com/?p=9371 Alex Goss of Goss Advisors speaks with Louis Diamond about his path to independence, starting in the wirehouse world, then on to the independent broker dealer (IBD) space before launching his own firm, now a leading platform for prospective advisors. [podcast] Alex Goss of Goss Advisors speaks with Louis Diamond about his path to independence, starting in the wirehouse world, then on to the independent broker dealer (IBD) space before launching his own firm, now a leading platform for prospective advisors. Not every wirehouse advisor who moves to independence makes the break in one move: Sometimes, the road involves a series of smaller steps. Such was the case for Alex Goss, President of Goss Advisors, a $6B hybrid-RIA based in New Orleans. His path began in the wirehouse world, which he left for the independent broker dealer space before launching his own firm—now one of the leading platforms for prospective advisors.



Louis Diamond hosts this episode and discusses with Alex:

* The insider’s perspective on key differences between the Independent Broker Dealer (IBD) and Registered Investment Advisor (RIA) models.
* How to assess the importance of drivers like economics, flexibility and service before making a move.
* How to think about the transition packages offered by many broker dealers. (Hint: It’s not “free money.”)
* The economics of a traditional employee model vs. the IBD space vs. owning your own RIA.
* And much more.

Is it worth it to move to independence first via the broker dealer route, or should you just head directly to the RIA space? As Alex explains, running an RIA takes a lot of work, but for advisors willing to act as their own contractor and build their firm from scratch it also provides a great deal of reward. With first-hand experience spanning the landscape of our industry, Alex offers invaluable insights that you don’t want to miss.

 





Related Resources

Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence
As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. Read->
The Path from Wirehouse to Independence: One Step Away…or Maybe Two
Not every breakaway makes the leap all at once. Read->

Are You a Breakaway DIYer or Delegator?
How to determine if you should build an independent firm on your own or get help from a third-party service provider. 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->

IBD vs. RIA: Which way should an advisor go?
5 differences – and potential limitations – every advisor should understand before they decide. Read->

 

About Alex Goss: 

Alex Goss,]]>
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How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox https://www.diamond-consultants.com/former-merrill-insider-builds-a-better-toolbox/ Thu, 18 Oct 2018 12:26:56 +0000 https://www.diamond-consultants.com/?p=9340 In this podcast episode, Jim Dickson, Founder and President of Sanctuary Wealth Partners, shares the inside track on what it was like to be in a senior role in the wirehouse as bureaucracy was on the rise, and why he left behind his 20-year career to build an independent firm. In this podcast episode, Jim Dickson, Founder and President of Sanctuary Wealth Partners, shares the inside track on what it was like to be in a senior role in the wirehouse as bureaucracy was on the rise, and why he left behind his 20-year career to b... Jim Dickson, a former Merrill Lynch division leader, joins Mindy to share the inside track on what it was like to be in a senior role in the wirehouse as bureaucracy was on the rise, trust was on a decline and managing to the lowest common denominator became the new normal.



In his 20-year tenure with Merrill, Jim admits that he not only drank the Kool-Aid, he served some of it as well. But the big firm world that he worked in had become unrecognizable to him—and he could see first-hand that the changes were negatively impacting advisors, their businesses and their clients.

Then his curiosity about independence and desire to “build a better toolbox” won over, leading him to create Sanctuary Wealth Partners, an independent division of Noyes Group LLC.

In this episode, Jim openly discusses:

* Why he left behind a 20-year career as a senior leader with Merrill Lynch to build an independent firm.
* What his biggest frustrations and regrets are from his time in the wirehouse world.
* What’s lacking in the wirehouse world and how that impacts an advisor’s ability to serve his clients.
* How a culture of managing to profitability is driving advisors out of the wirehouses and on to independence and alternative models.
* What he identifies as the best environment for advisors to grow and thrive in.

Acknowledging the ever-increasing shift to independence, Jim shares an astute observation: The safety of the “big box” that the wirehouses once represented has since been replaced with a much smaller box that many advisors find they no longer fit in.

It’s an intimate and intense conversation that you don’t want to miss.

 





Related Resources

Quasi-Independence: The Sophisticated Independent Model that Offers the Best of All Worlds
Many advisors who explore full-on independence find that it’s just too much of a leap. For those folks, the quasi-independent space may be just the ticket. Read->


What compels breakaway advisors to go around "the wall"?
Despite significant risks and roadblocks in front of them, breakaway advisors don’t stop. Why? Read->

Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence
As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. 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->
]]> Mindy Diamond - Financial Advisor Recruiter and Consultant clean Push vs. Pull: Understanding – and Responding to – the Key Drivers Behind a Move to Independence https://www.diamond-consultants.com/push-vs-pull-understanding-the-key-drivers-behind-a-move-to-independence/ Thu, 04 Oct 2018 13:34:43 +0000 https://www.diamond-consultants.com/?p=9288 What’s inspiring folks to jump ship from where they’ve built their life’s work to pursue other firms or even business models? Find out, plus a process that will guide you to answer your own question: Do I stay or do I go? What’s inspiring folks to jump ship from where they’ve built their life’s work to pursue other firms or even business models? Find out, plus a process that will guide you to answer your own question: Do I stay or do I go? By our count, of the 19 moves made by $1B+ teams leaving traditional brokerage firms between January 1st and June 30th of this year, 9 went independent. And because these $1B+ teams typically serve as proxies for the rest of the industry, a bellwether if you will for what’s happening in wealth management.<br /> Historically, when an advisor decided to change jerseys it was because the weight of frustration with the status quo became too much of a burden. Today, while an increasing lack of control can still serve as impetus to push an advisor out of the nest, more often than not advisors and teams are more often being “pulled” towards new opportunities.<br /> In this episode Mindy explores:<br /> The most common frustrations we hear from advisors who feel pushed from their current firms;<br /> The solutions to these frustrations offered by other firms or models;<br /> Steering clear of the “negativity vortex”;<br /> The value of getting educated about your options – even for advisors who don’t plan to make a move;<br /> And more.<br /> While the negative pushes may spur the initial restlessness, the ultimate decision to stay or go (and yes, staying put is a decision) should be based upon the pulls; that is, the positive draws offered by a new opportunity. The process of getting educated isn’t a commitment to move, but the chance to proactively make a decision rather than allowing yourself to be pulled along a path not of your own choosing. Ultimately, this process will guide you to answer the all-important question: Do I stay or do I go?<br /> More resources available at: http://www.diamond-consultants.com/push-vs-pull-understanding-the-key-drivers-behind-a-move-to-independence<br /> Mindy Diamond 1 25 Push vs. Pull: Understanding and Responding to the Key Drivers Behind a Move to Independence clean 14:15 Mindset, Motivation and Momentum: What’s really driving all the movement to independence – With David Canter, Head of Fidelity’s RIA Segment https://www.diamond-consultants.com/mindset-motivation-momentum-independence-david-canter-fidelity-ria-segment/ Thu, 20 Sep 2018 10:53:16 +0000 https://www.diamond-consultants.com/?p=9235 Fidelity’s David Canter provides an inside perspective on why independence continues to be the hottest ticket in town, and what we can expect for the RIA space going forward. [podcast] Fidelity’s David Canter provides an inside perspective on why independence continues to be the hottest ticket in town, and what we can expect for the RIA space going forward. David Canter, Executive Vice President and head of the RIA segment at Fidelity Clearing & Custody Solutions, joins Mindy to explore the mindset and motivations of the increasing number of advisors making the move to independence, as well as the expanding role custodians play in the space (Hint: It’s no longer solely about safe asset custody).<br /> <br /> Together they discuss:<br /> - The key factors behind the momentum of multi-billion dollar teams moving to independence.<br /> - The details and drivers of recent big team moves to Fidelity’s independent channel.<br /> - The ability to enhance efficiency and client experience through customized technology solutions, products and more.<br /> - The difference between thinking as a fiduciary and actually acting as a fiduciary—and how that matters.<br /> - The real benefits of independence for clients and advisors alike.<br /> - The questions you need to ask yourself to understand if independence is right for you and your clients.<br /> - And more.<br /> <br /> As an added bonus, David shares a template for advisors on how to explain a move to independence to their clients, communicating how such a move will help them realize their financial and life goals. And because David believes that the RIA space will only continue to grow, that’s a conversation we expect more and more advisors to have with their clients in upcoming years. Mindy Diamond 1 24 Mindset, Motivation and Momentum: What’s really driving all the movement? An Interview with David Canter, Fidelity’s RIA Segment clean 43:59 How a Legacy Merrill Team Experienced 600% Growth in 10 Years https://www.diamond-consultants.com/how-a-legacy-merrill-team-experienced-600-growth-in-10-years/ Thu, 06 Sep 2018 12:55:46 +0000 https://www.diamond-consultants.com/?p=9162 In this podcast episode, special guests Bill Loftus of Coastal Bridge Advisors and Mark DuPont of Focus Financial Partners provide an “outside-in” look at how a capital partner helped this team make the leap to independence in 2008, and share the story behind the amazing success of this RIA. In this podcast episode, special guests Bill Loftus of Coastal Bridge Advisors and Mark DuPont of Focus Financial Partners provide an “outside-in” look at how a capital partner helped this team make the leap to independence in 2008,

Bill Loftus, Founding Partner of Coastal Bridge Advisors, and Mark Dupont, Senior VP of Independence and Operations at Focus Financial Partners, join Mindy for an intensive look at Coastal Bridge Advisors, one of the original marquis teams to break away with Focus Financial Partners in 2008.

Bill shares why he and his partners left their wirehouse and $600mm in institutional assets behind at “an interesting time,” that is, in the midst of the financial crisis and when a leap to independence was far less common.



The firm is now managing $2.4B – a far cry from the $400mm AUM they started with – and is well on its way to becoming a national firm. It’s a level of success they achieved through organic growth, smart planning and what Bill describes as the “exceptional talent and culture” at the firm.

Mindy, Bill and Mark take an in-depth look at this extraordinary growth, the role Focus played in their evolution, and much more, including:

* What prompted Bill and his team to leave their wirehouse in the midst of the 2008 financial crisis.
* Why they chose to work with Focus.
* The key factors that ultimately made the move successful.
* How Coastal Bridge’s UHNW clients reacted to the move.
* How Coastal Bridge was able to accelerate growth in a way not possible at a traditional brokerage firm.
* Coastal Bridge’s plans for future inorganic growth, and the role Focus will play in such growth.
* Predictions for the future of the RIA industry.
* And so much more.

Bill’s message to advisors who are still wary that their UHNW clients need the security of a brand name firm: “The proof is in the pudding.” And he should know.

So listen in to this exceptionally informative and candid episode, which captures Mark’s intense knowledge of the space and Bill’s enthusiasm and experience—a rare combination that every advisor looking at independence will benefit from.

 





Related Resources
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->

Are You a Breakaway DIYer or Delegator?
How to determine if you should build an independent firm on your own or get help from a third-party service provider. Read->

What Every Advisor Wants: The 4-Legged Stool
Independence has become the industry’s hottest ticket, solving 4 key requirements with a level of stability that advisors are growing increasingly comfortable with. Read->

What compels breakaway advisors to go around “the wall”?
Despite significant risks and roadblocks in front of them, breakaway advisors don’t stop. clean
What’s Driving the Momentum Towards Independence and Will it Continue? With Shirl Penney, Dynasty Financial Partners https://www.diamond-consultants.com/whats-driving-the-momentum-towards-independence-and-will-it-continue-shirl-penney/ Thu, 23 Aug 2018 14:18:37 +0000 https://www.diamond-consultants.com/?p=9127 Shirl Penney, President and CEO of Dynasty Financial Partners, joins Mindy in this episode to share insights from his own unique entrepreneurial mindset and vast industry knowledge and experience as the founder of Dynasty. They discuss the momentum towards independence and what it takes to get from here to there. [podcast] Shirl Penney, President and CEO of Dynasty Financial Partners, joins Mindy in this episode to share insights from his own unique entrepreneurial mindset and vast industry knowledge and experience as the founder of Dynasty. Shirl Penney, President and CEO of Dynasty Financial Partners, joins Mindy to share insights from his own unique entrepreneurial mindset, and vast industry knowledge and experience as the founder of Dynasty.



Together they discuss:

* The role service providers play in supporting both breakaway advisors and established RIAs.
* The options for advisors who want the freedom of independence while also accessing capital.
* The benefits of separating financial advice from custody and product.
* Common fears and misconceptions advisors have about independence.
* Why UHNW advisors – and their clients – are increasingly turning down the brand names of traditional brokerages for the RIA space.
* His thoughts on the future of independence and its role in the growth of the wealth management industry.
* And much more.

Shirl’s knowledge of the independent space – specifically what it takes to get from here to there – is exceptional, and his backstory unique and inspiring. He paints a compelling picture about what’s driving the momentum toward independence. As he describes it, a level playing field with respect to the ability to build a customized client-centric firm, the expanded role of the custodians, the acceleration of product access, and the unprecedented value creation opportunity has generated the perfect storm for breakaway advisors and independent business owners.

And it’s a storm that’s not likely to end anytime soon.

 





Related Resources
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->

Are You a Breakaway DIYer or Delegator?
How to determine if you should build an independent firm on your own or get help from a third-party service provider. Read->

What Every Advisor Wants: The 4-Legged Stool
Independence has become the industry’s hottest ticket, solving 4 key requirements with a level of stability that advisors are growing increasingly comfortable with. Read->

What compels breakaway advisors to go around “the wall”?
Despite significant risks and roadblocks in front of them, breakaway advisors don’t stop. Read->

About Shirl Penney: 

Shirl Penney is the founder of Dynasty Financial Partners. He currently serves as president and CEO of Dynasty and is a member of the Board of Directors. Dynasty is a leading integrated platform services company for independent wealth management advisory firms. Dynasty has received many industry awards and recognition for its impact on the wealth management industry since its launch in 2010. Shirl is a frequent speaker at industry events,]]> Mindy Diamond - Financial Advisor Recruiter and Consultant clean Your Best Business Life: A 10-Point Exercise for Advisors https://www.diamond-consultants.com/your-best-business-life-10point-podcast/ Thu, 09 Aug 2018 14:00:05 +0000 https://www.diamond-consultants.com/?p=8746 Throughout this series, Mindy has focused mostly on what it means to be independent and how to get from here to there. In this episode, she takes a step back to look at the thought process behind a move from a very different vantage point and offers a 10-point exercise for advisors. Throughout this series, Mindy has focused mostly on what it means to be independent and how to get from here to there. In this episode, she takes a step back to look at the thought process behind a move from a very different vantage point and offers a ... Throughout this series, Mindy has focused mostly on what it means to be independent and how to get from here to there. In this episode, she takes a step back to look at the thought process behind a move from a very different vantage point. That is, she helps you answer an important question: “Are you living your Best Business Life?”

Join Mindy as she shares a 10-point exercise that will help you honestly explore what’s most important to your life’s work, including the value you place on control, flexibility, freedom and ownership. You’ll walk away with a pathway to a clearer mindset on your future and a greater understanding of the elements that are critical to the decision-making process, including your:

* Goals and values
* “Must have” requirements
* Alignment with your current firm’s priorities
* Ability to be flexible
* Support system

Living in a world of uncertainty is self-limiting, so to gain insights and clarity around what you want and what it will take to get there is the key to living your Best Business Life.

Whether you’re planning to make a change or simply feeling curious, you’ll gain clarity and eliminate the inertia that traps so many.

 





Related Resources
Beginning with the end in mind
How to chart an efficient course to your best business life. Read->
Gaining Control of Your Career: 8 Steps to Aligning Your Aspirations with Reality
It’s OK to want to stick with “tried and true” so long as you remain faithful to yourself, your clients and your goals. Read->


The Reality is that No Decision is Actually a Decision
Those who put off making a decision will find that they’ve actually made one—and it may not be in their best interest. Read->


Be Honest: Are You Living the Life You Want?
7 steps to help you get out of the proverbial rut and towards the life you imagine and deserve. Read->




 
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The Choreography of a Move to Independence – With Tim Oden from Schwab Advisor Services https://www.diamond-consultants.com/the-choreography-of-a-move-to-independence-with-tim-oden-from-schwab-advisor-services/ Tue, 24 Jul 2018 20:13:30 +0000 https://www.diamond-consultants.com/?p=8623 As more and more advisors consider a move to the independent space, they often express concern about the heavy-lifting such a move might require. In this podcast episode, Mindy is joined by Tim Oden, Senior Managing Director for Business Development at Schwab Advisor Services. With his 30-years of industry experience, he offers a great perspective on the ever-increasing movement towards independence. As more and more advisors consider a move to the independent space, they often express concern about the heavy-lifting such a move might require. In this podcast episode, Mindy is joined by Tim Oden, Senior Managing Director for Business Development at... As more and more advisors consider a move to the independent space, they often express concern about the heavy-lifting such a move might require.



In this episode Mindy is joined by Tim Oden, Senior Managing Director for Business Development at Schwab Advisor Services. With his 30-years of industry experience, he offers a great perspective on the ever-increasing movement towards the independent space. Together they explore what's really behind the momentum, as well as:

* Why even UHNW advisors are moving to the independent space.
* How the RIA space has changed over the past decade.
* The evolving role of custodians in the space (it’s no longer only about the safe custody of assets).
* How the technology available to RIAs contributes to advisors’ efficiency and growth.
* The benefits of independence to clients.
* How changes in the industry (transition deals, the breakdown of Protocol, the possibility of a bear market) will impact the decisions of advisors considering independence.

Tim shares some really sage thoughts about independence, but one valuable nugget stood out for those considering the space: Clients value trust above all else. Having that trust is what’s key to both the success of a move and ongoing growth of your business.

 





Related Resources
What compels breakaway advisors to go around "the wall"?
Despite significant risks and roadblocks in front of them, breakaway advisors don’t stop. Why? 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->

Are You a Breakaway DIYer or Delegator?
How to determine if you should build an independent firm on your own or get help from a third-party service provider. Read->

IBD vs. RIA: Which way should an advisor go?
5 differences – and potential limitations – every advisor should understand before they decide. Read->

 

About Tim Oden: 

As Senior Managing Director for Business Development, Tim Oden’s current responsibilities at Schwab Advisor Services include prospect development, staffing, event planning, budgeting, regulatory review and contract negotiation for the business development organization.

Oden joined Schwab's retail division in 1987 and migrated to its institutional division in 1990. He has held numerous positions including responsibility for the Schwab Advisor Services Trading and Settlement Services departments for over 10 years.

Oden earned a bachelor's degree from California State University, Fullerton, and a master's degree in business administration from Arizona State University.]]>
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Beyond the Risk: What’s Driving Non-Protocol Advisors to Independence? https://www.diamond-consultants.com/beyond-the-risk-whats-driving-non-protocol-advisors-to-independence/ Thu, 12 Jul 2018 13:38:16 +0000 https://www.diamond-consultants.com/?p=8396 No doubt that the breakaway movement shows no sign of abatement and, in fact, almost every day we learn of yet another advisor who has chosen to leave their traditional brokerage firm for the greater freedom and flexibility of independence. And while any advisor who chooses to leave the mother ship is courageous in giving up the comfort and turnkey support of a major firm, it is especially brave when an advisor from a non-Protocol firm chooses to make the leap. No doubt that the breakaway movement shows no sign of abatement and, in fact, almost every day we learn of yet another advisor who has chosen to leave their traditional brokerage firm for the greater freedom and flexibility of independence. No doubt that the breakaway movement shows no sign of abatement and, in fact, almost every day we learn of yet another advisor who has chosen to leave their traditional brokerage firm for the greater freedom and flexibility of independence. And while any advisor who leaves the mother ship is courageous in giving up the comfort and turnkey support of a major firm, it is especially brave when an advisor from a non-Protocol firm makes the leap.

In this episode, Mindy discusses the ever-growing trend and answers many of the questions advisors are asking, such as:

* What is driving this trend?
* How big a trend is it? And what can the rest of us learn from these advisors?
* Do they have anything in common? What traits do they share?
* Why are they willing to take the leap, even with the added risks?
* What is so compelling about independence that these advisors choose to endure garden leave to obtain it?

We are living in a world where there are more options than ever before for quality advisors. No longer are advisors constrained by a limited solution set. Independence has been validated many times over as a real option for entrepreneurial-minded advisors, offering the opportunity to build an enterprise with enormous long-term upside potential. As the constraints brought upon by bureaucracy and marginalization at the big firms continue to tighten their grip, we will continue to see more and more top advisors in the industry make the move to independence—including those that have the biggest distance to cover in their leap.

 





Related Resources
The Times They Are a Changin’—And So Are the Advisors
What can be learned from the growing trend of advisors leaving Goldman Sachs. Read->

Risk vs. Reward: Why Non-Protocol Teams are Taking a Giant Leap to Independence
5 factors driving teams to brave their garden leave provisions for the freedom of independence. Read->

What you need to know about UBS leaving the Protocol
How this decision impacts advisors. Read->

Contemplating “PREXIT”—What happens if firms exit the Protocol?
The rationale for exiting the Protocol, and the impact it will have on advisor recruiting. Read->

 



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Building Your Business Today as if You’re Selling it Tomorrow https://www.diamond-consultants.com/building-your-business-today-as-if-youre-selling-it-tomorrow/ Thu, 28 Jun 2018 13:11:40 +0000 https://www.diamond-consultants.com/?p=8362 After years of strong growth, many successful independent businesses find themselves at a plateau. Inorganic growth – via mergers and acquisitions (M&A) or recruiting – offers these firms a way to expand into new markets, improve buying power, gain scale and capture operating leverage. M&A can also increase the metrics on which the valuation of the business is based, and help solve for succession. After years of strong growth, many successful independent businesses find themselves at a plateau. Inorganic growth – via mergers and acquisitions (M&A) or recruiting – offers these firms a way to expand into new markets, improve buying power, After years of strong growth, many successful independent businesses find themselves at a plateau. Inorganic growth – via mergers and acquisitions (M&A) or recruiting – offers these firms a way to expand into new markets, improve buying power, gain scale and capture operating leverage. M&A can also increase the metrics on which the valuation of the business is based, and help solve for succession.

Although every wealth management firm fancies themselves a buyer, most fail in their efforts to recruit or acquire. In this episode, Mindy explains what prospective buyers must identify and solve for to successfully attract potential sellers, including:

* What is your firm’s value proposition?
* Is your infrastructure robust enough to support added growth?
* Have you identified your next generation?
* How will you access the capital for the deal?
* And, most importantly, what are you looking to solve for?

By being able to demonstrate why a prospective seller would grow faster with you than without you, your firm will be better positioned for M&A success, and poised to build a business with real enterprise value.

 





Related Resources
From the Eye of the Beholder: How Attractive is Your Firm to a Seller
Six key ways to position your firm for M&A success. Read->

How to Maximize Growth When Adding One Client at a Time No Longer Seems Like Enough
Advisors looking to turbocharge their growth via inorganic growth often feel the pull of independence. Read->

Buy the Book: 5 Ways to Look Better to a Seller
In today's market, potential buyers must differentiate from the pack to attract advisors looking to sell their books of business. Read->



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 ]]> Mindy Diamond - Financial Advisor Recruiter and Consultant clean Independent But Not Alone https://www.diamond-consultants.com/independent-but-not-alone-podcast/ Thu, 14 Jun 2018 14:16:23 +0000 https://www.diamond-consultants.com/?p=8232 Independence may sound "isolating" to many financial advisors exploring the space. In this episode, Mindy dispels that myth, exploring how independent advisors can find support, synergy and a community to share ideas. [podcast] Independence may sound "isolating" to many financial advisors exploring the space. In this episode, Mindy dispels that myth, exploring how independent advisors can find support, synergy and a community to share ideas. [podcast] Advisors often worry that independence means isolation. Is it possible to be independent but still be part of a community? And what are the options for advisors who want the freedom, flexibility and control of independence, without the minutiae of running the business?

In this episode, Mindy answers these questions and more, including:

* With whom does an independent advisor brainstorm best practices and share experiences?
* Is it possible to move to independence yet only focus on managing money and nurturing client relationships?
* What are the options for plugging into an existing infrastructure, yet still being independent?

While the notion of leaving what is familiar behind can feel overwhelming, the independent space has emerged as the premier destination for countless sophisticated wirehouse teams. More and more industry innovators have stepped up to create communities, scaffolding, support and out-sourced coverage – what we call soft landing spots – allowing affiliated advisors to remain laser focused on client service.

 





Related Resources
Are You a Breakaway DIYer or Delegator?
Five questions to help you determine if you should build your RIA on your own, or use a service provider. Read->

Quasi-Independence: The Super-Sophisticated Boutique Model Taking the Industry by Storm
While the names may not be familiar yet, this is an exciting option for advisors who feel constricted by the big firms, but are not quite “entrepreneurial enough” to go it alone as an independent. Read->

What Every Advisor Wants: The 4-Legged Stool
Independence has become the industry’s hottest ticket, solving 4 key requirements with a level of stability that advisors are growing increasingly comfortable with. Read ->

Tuck-Ins: Independence for Advisors Who Don't Want to be That Independent
Advisors who choose to join an already existing independent firm can gain many of the advantages offered by independence, yet without being bogged down by the day-to-day requirements of running a business. Read->



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The Independent Advisor’s Legacy: Planning for the End Game https://www.diamond-consultants.com/the-independent-advisors-legacy-planning-for-the-end-game/ Thu, 31 May 2018 14:18:48 +0000 https://www.diamond-consultants.com/?p=7973 Perspective breakaways and independent business owners alike often ask us about the long-term, bigger picture potential for their firm. In this episode, Nathan Bachrach of Simply Money Advisors joins Mindy to discuss the answers so many independent business owners ponder. [podcast] Perspective breakaways and independent business owners alike often ask us about the long-term, bigger picture potential for their firm. In this episode, Nathan Bachrach of Simply Money Advisors joins Mindy to discuss the answers so many independent bus...

Perspective breakaways and independent business owners alike often ask us about the long-term, bigger picture potential for their firm. How do I solve for succession and continuity? Why would someone sell? Who are the buyers? And is there a market for an RIA like I’m considering launching?

In this episode, Mindy speaks with Nathan Bachrach of Cincinnati-based Simply Money Advisors. Last year, Nathan’s $700mm firm merged with Hanson McClain, a California RIA, to form a $3.3B enterprise. So Nathan is well-positioned to discuss the answers so many independent business owners ponder:

* What could a merger solve for?
* What is the introduction and courting process like?
* Why use a private equity firm?
* How do clients react to the news?
* Does the client experience change after a merger?

For advisors looking for their next step, Nathan says it best: “Run your business every day as if you’re selling it tomorrow.” By being laser-focused on his firm’s profitability and economics, he built a legacy for himself, his family, his clients and his staff—one that will continue to provide for years to come.

 





Related Resources
Strategically Exploring M&A in the Independent Landscape
Even though most firms in the market consider themselves “acquirers”, not all connections are poised to create a perfect marriage. Read->

Why Merge?
The 5 real benefits of a merger. Read->

Want Your Sale, Acquisition or Merger to Close? Reasonableness is the Key
The key to any transaction occurring is the motivation and reasonableness of all parties. Read->

How to Turn Your Practice into a Business
Three options for principals who want to create enterprise value. Read->

 



About Nathan Bachrach: 

Through his leadership of Simply Money Advisors and its over 20-year history, Nathan believes in "paying it forward" as a financial educator and advocate.  He started his financial services career believing that getting involved will help improve the quality of the community.  He continues to hold those same beliefs continue today.

Nathan holds a bachelor’s degree from Hofstra University on Long Island, NY and earned his master’s degree from the University of Cincinnati.

In 2012, Nathan was named Volunteer Team Finalist for the Invest in Others Community Leadership Awards and was honored as a Cincinnati Gentleman of Style and Substance in 2010.  He has served as keynote speaker and presenter at numerous financial industry and community events throughout the country, including Barron’s Top Independent Advisors Summits and local TEDx events.]]>
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What It Really Takes to Build an RIA Firm – with Matt Sonnen of PFI Advisors https://www.diamond-consultants.com/what-it-really-takes-to-build-an-ria/ Thu, 17 May 2018 14:21:56 +0000 https://www.diamond-consultants.com/?p=6824 It’s no small task to build an RIA firm. There are some breakaway advisors willing to do the heavy lifting on their own, others do not have the capacity, time nor desire. In this podcast episode, Matt Sonnen of PFI Advisors gives a realistic view of resources and requirements, plus compares and contrasts the different paths you can take. [podcast] It’s no small task to build an RIA firm. There are some breakaway advisors willing to do the heavy lifting on their own, others do not have the capacity, time nor desire. In this podcast episode, Matt Sonnen of PFI Advisors gives a realistic view of re...

In this episode, Mindy is joined by Matt Sonnen of PFI Advisors, who helped build the infrastructure for the breakaway launch of Luminous Capital, and today has a career helping lead billion-dollar teams to independence.

Because Matt has been on both sides of a breakaway, he can paint a realistic picture of what it REALLY takes to build an RIA firm—whether you go it alone, work with a service provider or hire a consultant. He answers those questions we’re most frequently asked, including:

* What does it take to build an independent business?
* What are the differences between a serial acquirer, a service platform and a consultant?
* How do you access alternatives, research and lending as an independent?
* How do you create a performance report as an independent?
* How do you trade as an independent?
* How long does it take to launch?
* What about marketing and branding?
* How do you handle compliance?

They also discuss what to expect from life after the launch and address a common concern about the bottom line. That is, how long does it typically take for a breakaway to become cash-flow positive?

 





Related Resources
The Real Beneficiaries of Independence: Your Clients
For entrepreneurial advisors, the independent space offers benefits to advisors and clients alike. Read->

Are You a Breakaway DIYer or Delegator?
5 steps to help determine if you should build an independent firm on your own, or use a service provider. Read->

Can Only the Biggest Firms Serve the Biggest Clients?
In today's industry landscape, the biggest firms are no longer the only solution. Read->

How to answer when clients ask, “What’s in it for us?”
Articulating the tangible benefits of a move to independence to your clients. Read->

 



About Matt Sonnen: 

Matt Sonnen has 20 years of experience in the financial services industry. Prior to founding PFI Advisors, he learned the ins and outs of the wirehouse model at Merrill Lynch in the late 1990s. After leaving Merrill in 2005, he was introduced to the RIA marketplace a few years later when he helped build the infrastructure for Luminous Capital prior to its founding in 2008. As COO and CCO at Luminous, he navigated the technology and compliance challenges as the firm grew from $1.7 billion in assets to nearly $6 billion in less than five years. Luminous Capital sold to First Republic Bank for more than $100 million in 2012, after which Matt headed to Focus Financial Partners in New York City. There, he helped breakaway teams and recently-formed RIAs develop strategic initiatives to benefit from best practices, streamline operations,]]>
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Breakaway Advisor Builds Her Own Firm…And Wealth Follows https://www.diamond-consultants.com/breakaway-advisor-builds-her-own-firm-and-wealth-follows/ Thu, 10 May 2018 13:59:04 +0000 https://www.diamond-consultants.com/?p=6789 Before independence was in vogue, Dorie Fain left the comfort and familiarity of a big-name firm – plus significant chips on the table – to build her own RIA. And she did it without leveraging a service provider. Here’s what she learned… [podcast] Before independence was in vogue, Dorie Fain left the comfort and familiarity of a big-name firm – plus significant chips on the table – to build her own RIA. And she did it without leveraging a service provider. Here’s what she learned… [podcast] Breakaway broker Dorie Fain of &Wealth shares how she banked on her client relationships, instead of “believing the hype” that she needed a big brand name behind her.


It was back in 2008 that Dorie Fain chose to leave behind the security of Morgan Stanley – and $200mm of her $225mm book – to build a boutique RIA firm to serve the specialized needs of her clients.

And she did it her way, without leveraging a service provider.

In this episode, Mindy and Dorie explore:

* Why she’s better able to service her niche client base as an independent advisor.
* Overcoming “the hype” of believing advisors need the safety of a well-known firm in order to be successful.
* Her experiences in working directly with a custodian to build her firm.
* How to balance working on the business and in the business.
* How independence fueled her growth and paved the way for her endgame.

No doubt there are many clients who will only work with advisors at major brokerage firms, but there are equally as many who support the innovation and entrepreneurship of independent advisors. By following her instincts, Dorie found the courage to leave significant chips on the table and build a better way to serve her clients — and in doing so, found the collegiality and community she felt her wirehouse lacked.

 





Related Resources
Are You a Breakaway DIYer or Delegator?
5 steps to help determine if you should build an independent firm on your own, or use a service provider. Read->

The Real Beneficiaries of Independence: Your Clients
For entrepreneurial advisors, the independent space offers benefits to advisors and clients alike. Read->

Can Only the Biggest Firms Serve the Biggest Clients?
In today's industry landscape, the biggest firms are no longer the only solution. Read->

How to answer when clients ask, “What’s in it for us?”
Articulating the tangible benefits of a move to independence to your clients. Read->

 

About Dorie Fain: 

Dorie is Founder and CEO of &Wealth, a boutique financial advisory firm expressly created for a select group of women who are managing major life events and their own new-found finances for the very first time.

Dorie spent 12 years at Smith Barney, where she became the youngest woman ever hired into their training program. Anchored in the belief that financial planning is the foundation of investment management, Dorie wanted her clients to experience more patience, more thoughtfulness, more personalized attention, more flexibility, and a steady-as-we-go approach. She followed her instincts and founded &Wealth to offer women more of everything that mat...]]>
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Why do independent advisors grow faster than their wirehouse counterparts? https://www.diamond-consultants.com/why-do-independent-advisors-grow-faster-than-their-wirehouse-counterparts/ Thu, 26 Apr 2018 13:18:14 +0000 https://www.diamond-consultants.com/?p=6722 Employee advisors are often limited to organic growth alone. For those who want to meaningfully accelerate their growth and use multiple initiatives to do so, organic growth alone can feel limited. It’s these advisors often feel the greatest pull towards independence. In this podcast episode, Mindy will drill down on the specific things that really contribute to the turbo-charged growth of an independent firm. Employee advisors are often limited to organic growth alone. For those who want to meaningfully accelerate their growth and use multiple initiatives to do so, organic growth alone can feel limited. It’s these advisors often feel the greatest pull towar... Employee advisors are often limited to organic growth alone—that is, adding one client at a time, one brick at a time. For those who want to meaningfully accelerate their growth and use multiple initiatives to do so, organic growth alone can feel limited. It’s these advisors often feel the greatest pull towards independence.

We’ve talked plenty in the past about the greater freedom, flexibility, control and customization that independence allows. But in this episode, Mindy drills down on the specific things that really contribute to the turbo-charged growth of an independent firm, including:

* The option to market their personal brand and communicate with less limitations.
* The opportunity to customize technology platforms to best address the needs of clients.
* The ability to service clients more holistically, acting as their “buy-side advocates”.
* The freedom to charge for additional services and establish referral and fee sharing arrangements with third party centers of influence.
* The chance to achieve inorganic growth through M&A.

Plus, Mindy answers the question: Why are the clients of independent firms necessarily better off than the clients of a wirehouse firm?

So while there’s no doubt that advisors benefit from independence, they are also able to service clients in ways they couldn’t as employees. The ability to expand services, capabilities, pricing flexibility and even communications are all things that benefit both sides of the table—advisor and client.





Related Resources
A Multi-Generational Indy Breakaway Story
Learn why a 40-year old Merrill “lifer” would walk away from the wirehouse and lead his team to the independent space in this podcast episode. Listen ->

The Real Beneficiaries of Independence: Your Clients
The independent space offers demonstrable advantages to clients and advisors alike. Read ->

How to Maximize Growth When Adding One Client at a Time No Longer Seems Like Enough
Advisors looking to turbocharge their firms find that independence allows them to focus on multiple initiatives to achieve the growth they desire. Read ->

Exploring the RIA Space
Why independence continues to attract wirehouse and regional advisors. Read ->

Can Only the Biggest Firms Serve the Biggest Clients?
Traditional firms are no longer the only – or best – option for advisors looking to service their high net worth clients. Read ->

 
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A Multi-Generational Indy Breakaway Story https://www.diamond-consultants.com/multi-generational-indy-breakaway-story/ Thu, 12 Apr 2018 13:44:29 +0000 https://www.diamond-consultants.com/?p=6648 At a time when many other advisors would be focused on retirement, this senior advisor and his team took “the road less traveled” in order to better serve their clients and business. [podcast] At a time when many other advisors would be focused on retirement, this senior advisor and his team took “the road less traveled” in order to better serve their clients and business. [podcast]

Why would Herman Rij, a 70-year-old “lifer” from Merrill Lynch, choose to leave his home of nearly 4 decades to face the uncertainty of a move to independence? And how could he and his team justify walking away from their deferred comp – into the “unknown” – that is, by starting an independent practice from scratch?

To answer those questions and more, Mindy is joined by
Jason Cort, President of Quadrant Private Wealth. Learn how he and 3 other Merrill advisors, including Herm who is now-Chairman of Quadrant, made the leap to independence back in 2014 with the help of Focus Financial Partners.

In this episode, Jason talks about what compelled their move to independence, as well as:

* Why they decided against moving to another wirehouse.
* How they got their multi-generational team all on the same page.
* How their clients reacted to the announcement of their move.
* How they addressed Herm’s succession needs while also meeting the needs of the younger partners.
* Why they chose Focus Financial Partners.
* How their team has grown – and their plans for the future.

So listen in as Mindy and Jason discuss how the team built Quadrant “brick by brick,” just 8 floors above their old office, but light years above their former practice.

 





Related Resources
Am I too old to go independent?
The 5 key characteristics shared by advisors who take the leap to independence. Read->

Partners at an Impasse: What to do when everyone’s not on the same page about their next move
Partners who are committed to their partnership and motivated to work together will be more open to being flexible when discussing a move. Read->

Can Only the Biggest Firms Serve the Biggest Clients?
Advisors are learning that there are more options than ever to service their high net worth clients. Read->

 

About Jason Cort: 

Jason brings over 20 years experience and market knowledge to the Quadrant team. As a Founding Partner and President at Quadrant, he specializes in creating investment strategies designed to mitigate risk without sacrificing return, as well as liability management, estate planning services, and equity strategies.

Prior to founding Quadrant, he was an advisor with Merrill Lynch.

Jason earned a dual degree with Honors in Economics and History from Bucknell University and attained the Certified Private Wealth Advisor® (CPWA®) designation through the Investment Management Consultants Association and the University of Chicago Booth School of Business.



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            clean Quasi-Independence: The Sophisticated Independent Model that Offers the Best of All Worlds https://www.diamond-consultants.com/quasi-independence-the-sophisticated-independent-model-that-offers-the-best-of-all-worlds/ Thu, 29 Mar 2018 14:11:15 +0000 https://www.diamond-consultants.com/?p=6553 Many advisors who explore full-on independence find that it’s just too much of a leap. For those folks, the quasi-independent space may be just the ticket. Learn more about quasi-independence in this podcast episode of Mindy Diamond on Independence. Many advisors who explore full-on independence find that it’s just too much of a leap. For those folks, the quasi-independent space may be just the ticket. Learn more about quasi-independence in this podcast episode of Mindy Diamond on Independence. Although the name isn’t sexy, quasi-independence is a new-fangled and modern twist on RIAs, emblematic of how the industry landscape has expanded to address the changing needs of the advisor population at large.

In addition to citing several examples of quasi-independent firms, Mindy discusses what draws advisors to the model, including:

* Aggressive recruiting deals, oftentimes a mix of cash and equity.
* Access to an amplified set of investment solutions.
* Cutting edge technology.
* Compliance and turnkey back-office support that many wirehouse advisors have come to depend upon.
* Their built-in “safety net.”

For advisors feeling constricted by the big firms, but not quite entrepreneurial enough to go it alone as an independent, quasi-independence could be the answer.

 





Related Resources
Quasi-Independence: The Super-Sophisticated Boutique Model Taking the Industry by Storm
The name isn’t sexy enough for this new-fangled spin on RIAs. Read->

The Spirit of Independence has never been stronger
The top 5 trends of 2017 set the stage for growth in 2018. Read->

The Spirit of Independence has never been stronger [infographic]
An at-a-glance view of the top 5 trends of 2017. View->

 
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Browse other episodes in this podcast series...]]> Mindy Diamond - Financial Advisor Recruiter and Consultant clean Dollars and Sense: How a Move to Independence Really Adds Up https://www.diamond-consultants.com/dollars-and-sense-how-a-move-to-independence-really-adds-up/ Thu, 15 Mar 2018 14:13:37 +0000 https://www.diamond-consultants.com/?p=6481 How do the economics of going independent compare to the value of taking a recruiting deal from a major firm? In this podcast episode, Mindy Diamond will help answer that question by walking through a real-world example of a traditional recruiting deal offered to a wirehouse advisor and what that same advisor could expect by going independent. How do the economics of going independent compare to the value of taking a recruiting deal from a major firm? In this podcast episode, Mindy Diamond will help answer that question by walking through a real-world example of a traditional recruiting deal... The number one question advisors ask when exploring a move to independence is how the economics compare to accepting a recruiting package from a major firm. It’s certainly a valid concern, because while the recruiting deals being offered by the wirehouses are down, it is still very possible for a top advisor to get a really attractive hard-to-pass-up offer.

In this episode, Mindy helps to answer that question by walking through a real-world example of a traditional recruiting deal offered to a wirehouse advisor and what that same advisor could expect by going independent.

Mindy also explains:

* Why independent advisors see on average a 20% bump in take-home pay vs. employee advisors.
* Why forming an RIA means building an enduring legacy with tangible enterprise value.
* The real “value” of an independent firm.

The superior long-term economics of the independent space – coupled with the satisfaction of business ownership and the ability to build a real enterprise – are why many entrepreneurial advisors to take the leap. Yet it’s important to understand how those economics really compare to other opportunities you may be evaluating. Listen in to gain the knowledge you need to make an informed decision.

 





Related Resources
The Math Behind the Move to Independence
Why so many advisors are willing to forego the outsized transition packages offered by traditional firms for the superior long-term economics of independence. Read->

Exploring the RIA Space
A look at the RIA space through the eyes of a wirehouse advisor. Read->

How much is my house worth?
A guide to determining the enterprise value of independent firms. Read->

 
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Trust in Yourself: Taking a Leap of Faith to Build an Enduring Legacy in the Independent Space https://www.diamond-consultants.com/trust-in-yourself-taking-a-leap-of-faith-to-build-an-enduring-legacy/ Thu, 01 Mar 2018 13:26:21 +0000 https://www.diamond-consultants.com/?p=6399 How do advisors who move to independence overcome their concerns about making the leap? In this episode, Mindy interviews an advisor who left the safety of a traditional firm in 2009 for the greater freedom and flexibility offered by the Independent Broker Dealer model. Learn how he overcame the perceived obstacles of a move to independence, and what his biggest regret is now. How do advisors who move to independence overcome their concerns about making the leap? In this episode, Mindy interviews an advisor who left the safety of a traditional firm in 2009 for the greater freedom and flexibility offered by the Independent Br...

Many advisors considering a move to independence don’t have access to peers who actually made the leap and will candidly describe their journey and experiences. If that’s the case, you’re often left wondering if all you hear or read about is “the real deal”— or just more hype and headline than reality.

In this episode, Mindy interviews “the real deal”—an advisor who left the safety of a traditional firm for the greater freedom and flexibility offered by the Independent Broker Dealer model.

Tim Adams from The Princeton Group in Yardley, PA joins Mindy to discuss his firsthand experiences in making the move to independence. You’ll find that his journey is much like many others: The former Smith Barney advisor found himself growing increasingly frustrated with his firm and knew he could do better for his clients and his career. After careful exploration, he along with his wife and partner, Donna Sabb, made the leap to Wells Fargo FiNet—a move far less common in 2009 than it is today. Tim allowed his mantra, “Trust in yourself” to guide his successful transition and today they continue to grow through both organic and inorganic growth.

Tim shares how he overcame the perceived obstacles of a move to independence, answering the questions so many advisors ask, including:

* Will my clients move with me if I go independent?
* Do I need a brand name firm?
* How difficult and risky is the move to independence—really?

Tim’s excitement is palpable as he addresses these questions and more. It’s a great opportunity to fill in some knowledge gaps in your own exploration of the independent space by learning from someone who actually made the move.

 





Related Resources
Can Only the Biggest Firms Serve the Biggest Clients?
The biggest firms aren’t always the best choice. Read->

Follow Me: 5 Steps to Retaining Your Clients During a Move
Before changing firms, take the time to evaluate your relationships with your clients. Read->

How to answer when clients ask, “What’s in it for us?”
A move to the independent space can benefit both advisors and clients. Read->

 

About Tim Adams:

Located in Yardley, PA, Tim Adams has more than 20 years of experience in the financial services industry and is a trusted advisor whom clients consult with on a range of financial and life decisions. Tim started his career as a counselor and mediator in social work and later joined Smith Barney, a predecessor firm of Merrill Lynch, as a Financial Advisor. By his nature as an empathetic listener and problem-solver, he is a versatile counselor – whether addressing clients’ individual or family’s personal financial needs, and those of a family foundation or endowment; or crafting business policy for a small business; or providing insight on the particulars of ERISA or Taft-Hartley retirement plans.

Tim is a Certified Investment Management Analyst®, a designation earned following a course of study at the Wharton School of Business and conferred by the Investment Management Consultants Asso...]]>
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The Bigger Picture for Independent Advisors: How to Monetize Your Life’s Work in the Long-Term https://www.diamond-consultants.com/the-bigger-picture-how-to-monetize-your-lifes-work-in-the-long-term/ Thu, 15 Feb 2018 14:44:55 +0000 https://www.diamond-consultants.com/?p=6296 While the freedom and flexibility of the independent space is attractive to many, it’s the long-term economic potential that’s the real draw for entrepreneurial-minded financial advisors. Special guest and industry expert Louis Diamond shares the top ways independent advisors monetize in the long-term. While the freedom and flexibility of the independent space is attractive to many, it’s the long-term economic potential that’s the real draw for entrepreneurial-minded financial advisors. Special guest and industry expert Louis Diamond shares the top w... An expanded landscape has paved the way for breakaway advisors to monetize their businesses in the short-term, with a growing number of ways to fund a start-up, de-risk a move, and replace lost unvested deferred comp.



For those with their sights set on longer-term goals, the potential has become even greater. As the delta between taking a recruiting deal versus building an independent enterprise diminishes, more advisors are taking the leap than ever before. And M&A in the space has never been more active.

What’s behind the massive growth of the space? What’s the real long-term potential for advisors considering a leap to independence?

In this episode, Mindy has invited Louis Diamond, Executive Vice President at Diamond Consultants, to share his experience in counseling breakaway advisors and facilitating M&A deals for independent business owners.

Together they discuss:

* The 6 drivers behind the M&A boon
* The 8 factors that determine a firm’s valuation
* Standalone RIAs who are actively recruiting
* Private equity-backed rollups acquiring, or buying equity in, smaller RIAs

 





Related Resources
The Math Behind the Move to Independence
How the long-term economics of the independent space compare to taking an upfront check from a traditional firm. Read->

How much is my house worth?
The 7 key drivers that determine the enterprise value of independent firms. Read->

What got you here, won’t necessarily get you there (part 1) and
(part 2)
A 2-part series exploring how independent firm owners can enhance their firm’s enterprise value. Read Part 1-> or Read Part 2->

 



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What Non-Protocol Status Means for Those Considering Independence https://www.diamond-consultants.com/special-episode-what-non-protocol-status-means-for-those-considering-independence/ Tue, 06 Feb 2018 14:40:31 +0000 https://www.diamond-consultants.com/?p=6292 How will the ability to go independent be impacted by an advisor's non-Protocol status? Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm, joins Mindy Diamond on this special podcast episode that explores the answer to that question and many more surrounding the recent withdrawals from the Protocol and advisor movement. How will the ability to go independent be impacted by an advisor's non-Protocol status? Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm, joins Mindy Diamond on this special podcast episode that explores the answer to that question and many ... The withdrawal of Morgan Stanley and UBS from the Protocol for Broker Recruiting sent shockwaves through the industry, as experts and advisors alike wondered what the effects would be on recruiting and transitions. And the bigger question on most everyone's mind is how going independent will be impacted by an advisor's non-Protocol status.

As with any major change in the industry, rumor and innuendo often dominate the conversation. To help separate fact from fiction, Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm, joins Mindy Diamond on this special episode.

They discuss the Protocol, and how advisors can protect themselves, as well as:

* The legal ramifications of firms leaving the Protocol, and how it affects advisors.
* Whether advisors at non-Protocol firms are automatically “stuck” there (hint: they’re not).
* If any advisors have managed to leave Morgan Stanley or UBS without being slapped with a lawsuit or a Temporary Restraining Order (TRO).
* Some strategies advisors should take to protect themselves—even if they’re not planning to move.

A key point they share with listeners: The reality is that even without the protection of the Protocol, advisors have options.

 





Related Resources
Protocol or Not: 7 Steps for Financial Advisors
An Infographic detailing the steps that advisors should be taking, even if they’re not planning a move. Read->

Exiting the Protocol: What does it mean for Advisors?
As fiduciaries, advisors will continue to do what’s right for the clients, even without the Protocol. Read->

Risk vs. Reward: Why Non-Protocol Teams are Taking a Giant Leap to Independence
Even without the protection of Protocol, some non-Protocol teams are still willing to take the risks and make the move to independence. Read->

 

About Sharron Ash:

As Chief Litigation Counsel at the Hamburger Law Firm, Sharron is involved with all aspects of the firm’s employment transition, commercial, employment and regulatory dispute matters. Sharron is primarily engaged in employment counseling to financial advisers interested in opening their own independent firms or transitioning between firms, as well as those facing involuntary terminations. She provides invaluable counsel to advisers identifying risks related to such moves, as well as providing representation based on the firm’s deep bench of experience in related disputes.

Sharron has significant experience with defending restrictive covenants common to the securities industry and the temporary restraining orders and preliminary injunctions that are used to enforce them. Sharron has practiced extensively in state and federal courts across the country. She is well-versed in all phases of trial, arbitration and mediation proceedings.

With over twenty-five years of experience, Sharron offers the firm’s clients invaluable practical advice to avoid legal proceedings where...]]>
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Show Me the Money: How Independent Advisors Monetize in the Short-Term https://www.diamond-consultants.com/show-me-the-money-how-independent-advisors-monetize-in-the-short-term/ Thu, 01 Feb 2018 15:20:06 +0000 https://www.diamond-consultants.com/?p=6253 While most financial advisors dream about the freedom, flexibility and control of independence, many don’t make the move because of the perceived downside in the short-term economics. In this podcast, Mindy shares how there are now plenty of ways to monetize in the short-term. While most financial advisors dream about the freedom, flexibility and control of independence, many don’t make the move because of the perceived downside in the short-term economics. In this podcast, Mindy shares how there are now plenty of ways to mo... The reality today is that a variety of opportunities exist – with more seeming to be born each week – that help advisors make the leap to independence while still fulfilling their short-term economic needs.

In this episode, Mindy discusses the pros and cons of several opportunities to solve for short-term financial requirements, including:

* Taking a loan for startup capital.
* Selling equity in your firm to investors.
* Becoming quasi-independent or tucking into an already established firm.

While short-term monetization is often a focal point, many advisors moving to the independent space do so to build an enterprise that will outlive them. As such, Mindy also shares 9 of the long-term benefits of independence—many of which also offer immediate yet long-lasting advantages.

 





Related Resources
Quasi-Independence: The Super-Sophisticated Boutique Model Taking the Industry by Storm
Even though some of the names may not be familiar yet, it’s the perfect option for advisors looking for more autonomy but unwilling to make the leap to full independence. Read ->

Tuck-ins: Independence for Advisors Who Don’t Want to be That Independent
For some advisors, giving up some control to gain additional freedom is the right path to independence. Read ->

Independence Enhanced
Going independent doesn’t have to mean going it alone. There are ways to find support, resources and community in the independent space. Read ->



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Fact vs. Fiction: The True Realities of Independence for Financial Advisors https://www.diamond-consultants.com/fact-vs-fiction-true-realities-independence-financial-advisors/ Thu, 18 Jan 2018 16:21:20 +0000 https://www.diamond-consultants.com/?p=6155 As one of the relatively new models in the wealth management landscape, independence for financial advisors often subject to headlines and hearsay. In this podcast episode, Mindy addresses some of the popular preconceived notions about independence, setting the record straight on common myths she hears from advisors. As one of the relatively new models in the wealth management landscape, independence for financial advisors often subject to headlines and hearsay. In this podcast episode, Mindy addresses some of the popular preconceived notions about independence, In this episode, Mindy addresses some of the popular preconceived notions about independence, setting the record straight on common myths she hears from advisors.

She shares advice and examples to dispel these statements and more:

* “I won’t be able to support my high net worth, ultra high net worth or niche clients.”
* “I can’t go independent because my clients are attached to my firm’s brand.”
* “There’s too much work involved in taking the leap and running an independent firm.”

You’ll also learn the 4 key questions you should ask yourself before considering a leap to the independent space.

 





Related Resources
Independence: Myths and Misperceptions
Another look at several common myths about the independent space, and the truth about each. Read ->

5 Trends from 2017 that Proved the Resilience and Relevancy of the Independent Space
Our observations on the growth of the independent model in 2017. Read ->

What Every Advisor Wants: The 4-Legged Stool
How solving 4 key requirements of independent business owners can lead to comfort in the independent space. Read ->



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Browse other episodes in this podcast series...

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A View from the Top: An Interview with Breakaway Broker Matt Celenza https://www.diamond-consultants.com/a-view-from-the-top-an-interview-with-breakaway-broker-matt-celenza/ Thu, 04 Jan 2018 14:26:59 +0000 https://www.diamond-consultants.com/?p=6073 What drives a wirehouse advisor to make the leap to independence? And what happens once they get to the other side? Hear it first hand in this one-on-one interview with breakaway broker Matt Celenza. Join Mindy Diamond, host of this podcast on independence for financial advisors considering change. What drives a wirehouse advisor to make the leap to independence? And what happens once they get to the other side? Hear it first hand in this one-on-one interview with breakaway broker Matt Celenza. Join Mindy Diamond,

Many advisors come to us seeking a clearer picture of what the journey to independence is “really” like. That is, beyond the hype and the headlines—focusing instead on the mindset, motivation and processes an advisor goes through before, during and after they make the leap. So Mindy reached out to Matt Celenza from Boulevard Family Wealth, a multi-family office managing approximately a billion dollars for ultra-high net worth clients, which he founded in July of 2017.

In our candid interview, this 20-year wirehouse veteran shares extraordinary insights from his journey to independence. He discusses how his genuine desire to have complete freedom to build his business and service his clients as he saw fit became the driving force behind his successful move—and how that excitement trickled down to his clients.

To “own something,” as he noted, is the dream of so many entrepreneurial folks. So if that’s where your mindset is, as Matt said, "Take the time now to get educated and explore."

Mindy's conversation with Matt addresses the answers to these questions and more:

* What were the major catalysts that drove you to independence?
* How did your clients – especially sophisticated UHNW – react to your decision? Were they concerned about you leaving the big brand name behind?
* How did you justify giving up the short-term pay-off of a retention or transition deal?
* Why did you go the RIA route as opposed to becoming an independent broker dealer?
* What are some things you are able to do – or anticipate doing – that you couldn’t do as an employee of a brokerage firm?
* What was going through your mind the day you actually resigned from Merrill?
* What can you tell other advisors who are considering independence?

This is a rare opportunity to sit in on a “real” conversation that offers valuable information for advisors who, like Matt, desire greater freedom and flexibility in servicing clients, growing a business and ultimately maximizing its enterprise value.

 





Related Resources
5 Trends from 2017 that Proved the Resilience and Relevancy of the Independent Space
In an industry marked by a year of turmoil, the spirit of independence has never been stronger. Read ->

The Math Behind the Move to Independence
Why so many advisors are going indy, even with stiff competition from hefty brokerage firm transition deals. Read ->

What Every Advisor Wants: The 4-Legged Stool
Independence has become the industry’s hottest ticket, solving 4 key requirements with a level of stability that advisors are growing increasingly comfortable with. Read->

The Decision-Methodology Infographic
[PDF] Advisors use our proprietary decision methodology – illustrated in this infographic – to help assess where they’re at, what they want to accomplish, and how they want to get there.]]>
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The RIA Space: Freedom and Flexibility Maximized https://www.diamond-consultants.com/the-ria-space-freedom-and-flexibility-maximized/ Thu, 14 Dec 2017 18:49:01 +0000 https://www.diamond-consultants.com/?p=5975 In this episode, Mindy explores the RIA space, for advisors with their sights set on the highest level of freedom and flexibility, plus the maximum ability to build long-term enterprise value. [podcast] In this episode, Mindy explores the RIA space, for advisors with their sights set on the highest level of freedom and flexibility, plus the maximum ability to build long-term enterprise value. [podcast] In this episode, Mindy focuses specifically on the RIA – Registered Investment Advisor – model, which offer advisors the maximum in freedom, independence, control, customization, open architecture and client-centric holistic practice capabilities.

In a previous podcast episode, Mindy shared information and insights on the IBD or Independent Broker Dealer model, and how it differs from the RIA space. Listen in to get a better understanding of how the features of the RIA space can benefit those advisors who have a strong entrepreneurial mindset, and the different opportunities for building one's business.

Mindy offers the following:

* A clear description of the RIA and RIA-Hybrid models
* An understanding of what the RIA experience is like
* Key characteristics and benefits for advisors
* A process to help guide you through strategic exploration

 





Related Resources
6 Key Reasons Why IBD Advisors are Moving to the RIA World
For IBD advisors who feel they may have outgrown the space, there’s a real case to consider the next stage of independence. Read ->

IBD vs. RIA: Which way should an advisor go?
5 differences – and potential limitations – every advisor should understand before they decide. Read ->

The Math Behind the Move to Independence
Why so many advisors are going independent, even with stiff competition from hefty brokerage firm transition deals. Read ->

What Every Advisor Wants: The 4-Legged Stool
Independence has become the industry’s hottest ticket, solving 4 key requirements with a level of stability that advisors are growing increasingly comfortable with. Read ->

Business Model Comparisons
[PDF] Which best fits your goals? Download ->



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Exploring the Independent Broker Dealer Model https://www.diamond-consultants.com/exploring-the-independent-broker-dealer-model/ Thu, 30 Nov 2017 19:21:41 +0000 https://www.diamond-consultants.com/?p=5883 In this podcast, Mindy explores the Independent Broker Dealer or IBD model offers a mix of freedom and support for advisors who want flexibility but also to retain some of the "scaffolding" they're accustomed to. In this podcast, Mindy explores the Independent Broker Dealer or IBD model offers a mix of freedom and support for advisors who want flexibility but also to retain some of the "scaffolding" they're accustomed to. In previous episodes, Mindy talked about “how independent” you might want to be. The reality is that independence isn’t one-size-fits-all. So in choosing whether independence is right for you at all, you need to understand the various models and what each offers in terms of freedom and flexibility. Then you can better align just “how independent” you want to be—that is, just how much support and scaffolding you desire.

Do you want to be fully independent or do you like the idea of being supported? Do you want the freedom to manage your own P&L and operations?

In this episode, Mindy focuses solely on the Independent Broker Dealer (IBD) model and what makes it so popular among many advisors who have gone independent. She shares:

* Key differentiators of the IBD model
* The benefits and limitations of the IBD model
* What differentiates an independent broker dealer from a full service broker dealer
* The difference between the IBD model and the Registered Investment Advisor or RIA model
* 8 distinctions between the IBD and RIA models
* A 9-point checklist to help determine the right broker dealer for you

In the next episode, Mindy will define the RIA model and the unique advantages it offers for advisors looking for a greater amount of freedom.

 





Related Resources
The enduring appeal of the IBD
How the model retains its relevancy amongst independent advisors. Read ->

9 Requirements of the Modern Broker Dealer Relationship
It’s not all apples to apples when it comes to comparing one IBD to another. Read ->

IBD vs RIA: Which way should an advisor go?
5 differences – and potential limitations – every advisor should understand before they decide.
Read ->

3 Key Elements of the Perfect Broker Dealer Partner Profile
Evaluating broker dealers? Here are the areas you need to pay attention to. Read ->

Independent Advisor Gut Check
[PDF] The 10 criteria for comparing and contrasting broker dealers. Download ->



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            clean 22:35 How to Determine if You’ve Got the “Right Stuff” for Independence https://www.diamond-consultants.com/podcast-right-stuff-for-independence/ Wed, 15 Nov 2017 01:35:59 +0000 https://www.diamond-consultants.com/independence-get-going-copy/ After exploring the origins of independence in the first episode of this series on independence for financial advisors, in this episode Mindy Diamond walks advisors through a process to help them determine if the model is right for them. She’ll share a story of 2 advisors who, after asking themselves a series of questions, identified that independence was not right for them. After exploring the origins of independence in the first episode of this series on independence for financial advisors, in this episode Mindy Diamond walks advisors through a process to help them determine if the model is right for them. After exploring the origins of independence in the first episode of this series on independence for financial advisors, Mindy Diamond walks advisors through a process to help determine if the model is right for you. She shares a story of 2 advisors who, after asking themselves a series of questions, identified that independence was not right for them.

Mindy offers the following:

* The key characteristics of someone who should not go independent.
* The story of “Bill and Sam”—advisors who “thought” they wanted to go independent.
* A self-assessment to clarify your goals before you start exploring.

 





Related Resources
Beginning with the end in mind
Here are 11 steps to help you chart your best business life. Read ->

What Every Advisor Wants: The 4-Legged Stool
While individual businesses and goals vary widely, in our experience, an independent-minded advisor’s needs can be boiled down to 4 key requirements. Read ->

2018 Landscape of the Wealth Management Industry
[PDF] The annual survey that arms you with knowledge of a vastly changed industry. Download ->



This podcast is also available on...
                      

 

Browse other episodes in this podcast series...

 ]]> Mindy Diamond - Financial Advisor Recruiter and Consultant clean 20:19 Independence: How did we get here, and where are we going? https://www.diamond-consultants.com/independence-get-going/ Thu, 02 Nov 2017 02:26:50 +0000 https://www.diamond-consultants.com/?p=5605 In the first episode of her podcast on independence, Mindy Diamond explores the origins of the space, the backstory of its explosive growth, and introduces key players behind the momentum. She discusses key trends to be aware of, why so many advisors find independence attractive, and defines the profile of a typical independent advisor. In the first episode of her podcast on independence, Mindy Diamond explores the origins of the space, the backstory of its explosive growth, and introduces key players behind the momentum. She discusses key trends to be aware of, In the first episode of her podcast on independence for financial advisors, Mindy Diamond explores the origins of the space, the backstory of its explosive growth, and introduces key players behind the momentum. She discusses key trends to be aware of, why so many advisors find independence attractive, and defines the profile of a typical independent advisor.

In this episode, Mindy answers:

* How did we get here?
* What were the forces at play?
* Who are the key players?
* What are the new models that advisors should be aware of?
* What is the real momentum behind breakaway teams?
* Is independence an accelerating trend that’s here to stay?
* What is the profile of the typical independent advisor?

 





Related Resources
Just how entrepreneurial are you?
6 ways the entrepreneurial mindset differs from the employee mindset and how it can shape your future. Read ->

“Am I too old to go independent?”
As advisors age, many assume that the options for their business life are dwindling. That couldn’t be further from the truth. Read ->

Former UBS Advisors Launch IFAM Capital
[Case Study] Former UBS Advisors Launch IFAM Capital Advisors, A RIA with 3 Offices in the Rocky Mountain Region. Read ->

Feeling out of “sync”?
The pinwheel paradigm can help an advisor move energy in a single direction to create a congruent business life. Read ->

Great Expectations: 4 Ways The Needs and Sophistication of Advisors and Their Clients Have Evolved the Industry
Advisors – whether they sit within traditional firms as employees or are owners of independent practices – have expectations that are far different today than they were just 5 years ago. Read ->

2017 Landscape of the Wealth Management Industry
[PDF] The annual survey that arms you with knowledge of a vastly changed industry. Download ->



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RIAcast interview with Mindy Diamond https://www.diamond-consultants.com/riacast-interview-mindy-diamond/ Wed, 21 Sep 2016 19:03:11 +0000 https://www.diamond-consultants.com/?p=3524 Mindy Diamond Featured in Podcast - Matt Baum interviews Mindy Diamond on his podcast series RIAcast. Mindy Diamond Featured in Podcast - Matt Baum interviews Mindy Diamond on his podcast series RIAcast.
Podcast interview with
Mindy Diamond
Matt Baum interviews Mindy Diamond on his podcast series RIAcast
Listen in as Mindy shares background on founding Diamond Consultants and growing the financial advisor recruiting and consulting firm to one of the leading firms in the industry, as well as her insights on the advisory industry.


To listen to the episode, click here...

 

RIAcast is a podcast focused on the investment advisory community, aiming to provide interesting, provocative, and entertaining conversations with key players and thought leaders in the investment adviser space. Click here for more information on RIAcast. The podcast is also available on iTunes.

 

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