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. Wed, 08 Apr 2020 00:11:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.2 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 The Real Impact of the Crisis on Valuations and the Independent Space as a Whole https://www.diamond-consultants.com/the-real-impact-of-the-crisis-on-valuations-and-the-independent-space-as-a-whole/ Thu, 02 Apr 2020 15:17:25 +0000 https://www.diamond-consultants.com/?p=13512 Matt Crow, President of Mercer Capital, a leading authority on firm valuations in the wealth management space, shares his perspective on the future of valuations, M&A and potential changes in the RIA space as a result of the COVID-19 crisis. A Conversation with Matt Crow, President of Valuation Firm Mercer Capital

M&A activity in the RIA space enjoyed a continual rise over the last several years, fueled largely by sellers looking to solve for scale, succession and monetary goals, and a cadre of well-funded buyers seeking to capitalize on potential opportunities.
But, the big question on everyone’s mind – including prospective breakaways as well as independent business owners – is how this crisis will impact valuations and the M&A marketplace overall.

Matt Crow Mercer CapitalMatt Crow, President of Mercer Capital and one of the leading authorities on firm valuations in the wealth management space, joins this episode to share his perspective, including:

  • How he anticipates valuations will change in the near term—and what impact those changes will have on M&A activity.
  • Who the most active buyers and sellers are now—and those he expects will be going forward.
  • What changes he expects in the RIA space as a result of this crisis—and how smaller, stand-alone RIAs might fare after the storm passes.

Plus, Matt shares actionable steps that prospective and current business owners can take now to positively impact enterprise value.

While the crisis has disrupted the robust momentum of the entire wealth management industry, Matt provides insight into firms that are well-poised for success—and why plenty of buyers will still be eager to pay top dollar for businesses that are “all-weather firms” built by “marketing and not markets.”

It’s an optimistic look at the post-crisis world and the industry going forward—a positive viewpoint that we can all learn from.


Related Resources

Determining Enterprise Value
7 Key Qualitative Drivers for Sellers. Read->

Gaining Scale: Why it Matters to Your Advisory Practice
Scale seems to be the buzzword du jour, but what does it really mean for your practice? Read->

How to Make the Most of this Nationwide Timeout
Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read->

 

Matt Crow:

Matthew R. Crow is the president of Mercer Capital and leads the Investment Management Industry team.

The team provides RIAs, independent trust companies, broker-dealers, and investment consulting firms with valuation services related to corporate planning and reorganization, transactions, employee stock ownership plans, and tax issues as well as valuations of intangible assets, options, and assets subject to specific contractual restrictions. Matt and his team also consult with investment management clients in the process of selling or buying. Matt publishes research related to the investment management industry and is a regular contributor to Mercer Capital’s weekly blog, RIA Valuation Insights.

He also has broad industry experience in insurance, real estate investment ventures, and technology companies accumulated by working with hundreds of client companies during his tenure at Mercer Capital.
 


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…

]]>
Matt Crow, President of Mercer Capital, a leading authority on firm valuations in the wealth management space, shares his perspective on the future of valuations, M&A and potential changes in the RIA space as a result of the COVID-19 crisis. A Conversation with Matt Crow, President of Valuation Firm Mercer Capital.<br /> M&A activity in the RIA space enjoyed a continual rise over the last several years, fueled largely by sellers looking to solve for scale, succession and monetary goals, and a cadre of well-funded buyers seeking to capitalize on potential opportunities. <br /> But, the big question on everyone’s mind – including prospective breakaways as well as independent business owners – is how this crisis will impact valuations and the M&A marketplace overall. <br /> Matt Crow, President of Mercer Capital and one of the leading authorities on firm valuations in the wealth management space, joins this episode to share his perspective, including:<br /> - How he anticipates valuations will change in the near term—and what impact those changes will have on M&A activity.<br /> - Who the most active buyers and sellers are now—and those he expects will be going forward.<br /> - What changes he expects in the RIA space as a result of this crisis—and how smaller, stand-alone RIAs might fare after the storm passes.<br /> Plus, Matt shares actionable steps that prospective and current business owners can take now to positively impact enterprise value.<br /> While the crisis has disrupted the robust momentum of the entire wealth management industry, Matt provides insight into firms that are well-poised for success—and why plenty of buyers will still be eager to pay top dollar for businesses that are “all-weather firms” built by “marketing and not markets.”<br /> It’s an optimistic look at the post-crisis world and the industry going forward—a positive viewpoint that we can all learn from.<br /> Learn more about this episode at https://www.diamond-consultants.com/the-real-impact-of-the-crisis-on-valuations-and-the-independent-space-as-a-whole Mindy Diamond 1 66 The Real Impact of the Crisis on Valuations and the Independent Space as a Whole clean 43:46 A Conversation with Matt Crow, President of Valuation Firm Mercer Capital.<br /> M&A activity in the RIA space enjoyed a continual rise over the last several years, fueled largely by sellers looking to solve for scale, succession and monetary goals, and a cadre of well-funded buyers seeking to capitalize on potential opportunities. <br /> But, the big question on everyone’s mind – including prospective breakaways as well as independent business owners – is how this crisis will impact valuations and the M&A marketplace overall. <br /> Matt Crow, President of Mercer Capital and one of the leading authorities on firm valuations in the wealth management space, joins this episode to share his perspective, including:<br /> - How he anticipates valuations will change in the near term—and what impact those changes will have on M&A activity.<br /> - Who the most active buyers and sellers are now—and those he expects will be going forward.<br /> - What changes he expects in the RIA space as a result of this crisis—and how smaller, stand-alone RIAs might fare after the storm passes.<br /> Plus, Matt shares actionable steps that prospective and current business owners can take now to positively impact enterprise value.<br /> While the crisis has disrupted the robust momentum of the entire wealth management industry, Matt provides insight into firms that are well-poised for success—and why plenty of buyers will still be eager to pay top dollar for businesses that are “all-weather firms” built by “marketing and not markets.”<br /> It’s an optimistic look at the post-crisis world and the industry going forward—a positive viewpoint that we can all learn from.<br /> Learn more about this episode at https://www.diamond-consultants.com/the-real-impact-of-the-crisis-on-valuations-and-the-independent-space-as-a-whole
A Lawyer’s Advice on How to Protect Your Business Now and Into the Future https://www.diamond-consultants.com/lawyers-advice-on-how-to-protect-your-business-now-and-into-the-future/ Thu, 26 Mar 2020 14:06:25 +0000 https://www.diamond-consultants.com/?p=13412 Attorney David Gehn, of NY law firm Ellenoff, Grossman & Schole, LLP, shares actionable advice for advisors including how to avoid risk, manage transitions and renegotiate promissory notes/ EFLs, plus challenges RIAs are facing and relief programs available. A Conversation with Attorney David Gehn, Chairman of the Litigation Department at New York Law Firm Ellenoff, Grossman & Schole, LLP

It’s impossible not to recognize how the business and personal lives of every one of us have changed—making the ability to gain clarity for today as well as prepare for tomorrow an imperative.

Attorney David Gehn, Ellenoff Grossman & Schole LLPWith that in mind, Mindy invited attorney David Gehn to be a guest on this episode to share actionable advice on how to protect your business now and post-crisis. (David, you might recall, was on the show just over a year ago to share his knowledge on navigating the transition process.)

He and his firm are on the frontlines of the crisis, working with advisors on transitions and serving as a lifeline on how to best navigate these uncertain times.

In this episode, David shares his experiences, including:

  • Understanding the risks that advisors and firms are currently facing—and how to avoid them.
  • The role of communication—and what’s most important to focus on with clients right now.
  • The impact of this crisis on advisors with promissory notes/employee forgivable loans (EFLs)—and advice on how to renegotiate terms.
  • What advisors need to know if considering a transition—and best practices that are even more important to adopt at this time.
  • How to address the challenges RIAs are currently facing—and what opportunities and relief programs are available.

As David so aptly says, now is the time to use this “collective pause” to refocus, regroup and double-down on nurturing relationships. His informed, practical advice and positive outlook are especially helpful right now and will help guide you into the future.


Related Resources

Managing Your Business Life in Uncertain Times

Focusing On What’s Important Right Now

Considering a move? Here’s what advisors can – and can’t – say to clients

 

David Gehn:

David A. Gehn, Head of the Litigation Department at Ellenoff Grossman & Schole, LLP, has been representing clients ranging from the largest broker-dealers and registered investment advisors to individuals in large and complex civil, criminal, and regulatory investigations and litigation, as well as in contractual and transitional matters for the last 25 years. Mr. Gehn also represents professional athletes and was formerly a certified NFL Contract Advisor.

Since 1992, Mr. Gehn has concentrated his practice in the financial services industry. Early in his career, among other things, Mr. Gehn filed over 10 cases against the self-professed Wolf of Wall Street, Jordan Belfort, and Stratton Oakmont, all of which settled for millions of dollars in the aggregate. Mr. Gehn also filed other well-publicized cases in the 1990’s, including a civil action against Marion “Suge” Knight, former owner of Death Row Records, based upon an assault at a Death Row Christmas party.

From 1998 to 2000, Mr. Gehn was General Counsel of Bluestone Capital, a broker-dealer, and its online trading division, Trade.com.

Prior to joining the Firm, Mr. Gehn was a Member of Gusrae Kaplan Nusbaum, PLLC for over 16 years. While there, he was one of three attorneys who filed a federal class action in the Southern District of New York against, Fairfield Greenwich Limited, et al., the largest Bernard L. Madoff Investment Securities “feeder fund”, which recently settled for an amount in excess of $250 million.

From 2014-2016, Gusrae Kaplan was recognized by BTI Consulting Group as an “honor roll” member on its list of the nation’s 50 “most feared” litigation law firms.

Overall, Mr. Gehn has over 85 reported FINRA arbitration awards, which include 7 matters in which he has obtained expungement for his clients. He also litigates in federal and state courts, with several matters resulting in published opinions. Additionally, he has represented financial professionals in multiple SEC, FINRA, and CFP investigations and enforcement proceedings.

Mr. Gehn also advises financial professionals concerning the transition of their financial practice, FINRA inquiries, non-solicit/non-compete issues, and Protocol compliance. He is familiar with the traditional, independent, RIA, and bank brokerage models.

 


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…

]]>
Attorney David Gehn, of NY law firm Ellenoff, Grossman & Schole, LLP, shares actionable advice for advisors including how to avoid risk, manage transitions and renegotiate promissory notes/ EFLs, plus challenges RIAs are facing and relief programs. A Conversation with Attorney David Gehn, Chairman of the Litigation Department at New York law firm Ellenoff, Grossman & Schole, LLP. <br /> It’s impossible not to recognize how the business and personal lives of every one of us have changed—making the ability to gain clarity for today as well as prepare for tomorrow an imperative.<br /> With that in mind, Mindy invited attorney David Gehn to be a guest on this episode to share actionable advice on how to protect your business now and post-crisis. (David, you might recall, was on the show just over a year ago to share his knowledge on navigating the transition process.)<br /> He and his firm are on the frontlines of the crisis, working with advisors on transitions and serving as a lifeline on how to best navigate these uncertain times.<br /> In this episode, David shares his experiences, including:<br /> - Understanding the risks that advisors and firms are currently facing—and how to avoid them.<br /> - The role of communication—and what’s most important to focus on with clients right now.<br /> - The impact of this crisis on advisors with promissory notes/employee forgivable loans (EFLs)—and advice on how to renegotiate terms.<br /> - What advisors need to know if considering a transition—and best practices that are even more important to adopt at this time.<br /> - How to address the challenges RIAs are currently facing—and what opportunities and relief programs are available.<br /> As David so aptly says, now is the time to use this “collective pause” to refocus, regroup and double-down on nurturing relationships. His informed, practical advice and positive outlook are especially helpful right now and will help guide you into the future.<br /> For more information on this episode and resources related to this topic, visit: https://www.diamond-consultants.com/lawyers-advice-on-how-to-protect-your-business-now-and-into-the-future/ Mindy Diamond 1 65 A Lawyer's Advice on How to Protect Your Business Now and Into the Future with David Gehn clean 41:15 A Conversation with Attorney David Gehn, Chairman of the Litigation Department at New York law firm Ellenoff, Grossman & Schole, LLP. <br /> It’s impossible not to recognize how the business and personal lives of every one of us have changed—making the ability to gain clarity for today as well as prepare for tomorrow an imperative.<br /> With that in mind, Mindy invited attorney David Gehn to be a guest on this episode to share actionable advice on how to protect your business now and post-crisis. (David, you might recall, was on the show just over a year ago to share his knowledge on navigating the transition process.)<br /> He and his firm are on the frontlines of the crisis, working with advisors on transitions and serving as a lifeline on how to best navigate these uncertain times.<br /> In this episode, David shares his experiences, including:<br /> - Understanding the risks that advisors and firms are currently facing—and how to avoid them.<br /> - The role of communication—and what’s most important to focus on with clients right now.<br /> - The impact of this crisis on advisors with promissory notes/employee forgivable loans (EFLs)—and advice on how to renegotiate terms.<br /> - What advisors need to know if considering a transition—and best practices that are even more important to adopt at this time.<br /> - How to address the challenges RIAs are currently facing—and what opportunities and relief programs are available.<br /> As David so aptly says, now is the time to use this “collective pause” to refocus, regroup and double-down on nurturing relationships. His informed, practical advice and positive outlook are especially helpful right now and will help guide you into the future.<br /> For more information on this episode and resources related to this topic, visit: https://www.diamond-consultants.com/lawyers-advice-on-how-to-protect-your-business-now-and-into-the-future/
How to Add Value at a Time When it’s Needed Most https://www.diamond-consultants.com/how-to-add-value-bob-burg/ Fri, 20 Mar 2020 17:32:12 +0000 https://www.diamond-consultants.com/?p=13388 How can advisors better communicate with clients and prospects in a way that is authentic, meaningful and adds value - especially in times of crisis? Bob Burg, the co-author of The Go-Giver book series, shares that and more in this special episode. A conversation with speaker and co-author of The Go-Giver series, Bob Burg

In the midst of an unprecedented health and financial crisis, advisors find themselves on the front lines—drinking from a firehose, balancing communication with clients and processing an abundance of information from their firms and the media.

Bob Burg The Go-GiverYet now more than ever, communicating with clients and prospects in a way that is meaningful and adds value takes on a new level of importance. But with all that is going on, how is it even possible to do so?

To answer that question and share actionable advice, Mindy welcomes one of the leading authorities on the topic, Bob Burg. Bob is the co-author of The Go-Giver book series, which many business leaders and entrepreneurs consider “required reading”—and Mindy credits with influencing her own business practice and philosophy.

In this episode, Bob discusses how to incorporate The Go-Giver mindset into your daily routine, including:

  • What real “value” is—and how the 5 “Elements of Value” are most relevant right now.
  • The “5 Laws of Stratospheric Success”—and how advisors can adopt each as part of their day-to-day business practices.
  • Understanding the connection between authenticity, consistency and excellence—and how they directly relate to adding value.
  • How shifting one’s focus from getting to giving can have the greatest impact on relationships and trust—and why this is especially important in times of crisis.

As Bob says, “No one will invest with you because you have a quota to meet.” But the principles shared in this episode will help advisors add maximum value and best serve clients—regardless of whether they are employees or independent business owners.

And at this chaotic and uncertain time, Bob’s perspective has taken on even greater importance for all.

 


Related Resources

Focusing on what’s most important right now
A special message from Diamond Consultants. Read->

Navigating Uncertainty
While there’s much going on that we can’t control, there’s much that we can. Read->


About Bob Burg: 

Bob Burg is a sought-after speaker at company leadership and sales conferences sharing the platform with everyone from today’s business leaders and broadcast personalities to even a former U.S. President.

Bob is the author of a number of books on sales, marketing and influence, with total book sales of well over a million copies. His book, The Go-Giver, coauthored with John David Mann, itself has sold over 925,000 copies and it has been translated into 28 languages.

His and John’s newest parable in the Go-Giver Series is The Go-Giver Influencer.

Bob is an advocate, supporter and defender of the Free Enterprise system, believing that the amount of money one makes is directly proportional to how many people they serve. He is also an unapologetic animal fanatic, and is a past member of the Board of Directors of Furry Friends Adoption, Clinic & Ranch in his town of Jupiter, Florida.

 

 


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…

]]>
How can advisors better communicate with clients and prospects in a way that is authentic, meaningful and adds value - especially in times of crisis? Bob Burg, the co-author of The Go-Giver book series, shares that and more in this special episode. A conversation with speaker and co-author of The Go-Giver series, Bob Burg.<br /> In the midst of an unprecedented health and financial crisis, advisors find themselves on the front lines—drinking from a firehose, balancing communication with clients and processing an abundance of information from their firms and the media.<br /> Yet now more than ever, communicating with clients and prospects in a way that is meaningful and adds value takes on a new level of importance. But with all that is going on, how is it even possible to do so?<br /> To answer that question and share actionable advice, Mindy welcomes one of the leading authorities on the topic, Bob Burg. Bob is the co-author of The Go-Giver book series, which many business leaders and entrepreneurs consider “required reading”—and Mindy credits with influencing her own business practice and philosophy.<br /> In this episode, Bob discusses how to incorporate The Go-Giver mindset into your daily routine, including:<br /> - What real “value” is—and how the 5 “Elements of Value” are most relevant right now.<br /> - The “5 Laws of Stratospheric Success”—and how advisors can adopt each as part of their day-to-day business practices.<br /> - Understanding the connection between authenticity, consistency and excellence—and how they directly relate to adding value.<br /> - How shifting one’s focus from getting to giving can have the greatest impact on relationships and trust—and why this is especially important in times of crisis.<br /> As Bob says, “No one will invest with you because you have a quota to meet.” But the principles shared in this episode will help advisors add maximum value and best serve clients—regardless of whether they are employees or independent business owners.<br /> And at this chaotic and uncertain time, Bob’s perspective has taken on even greater importance for all.<br /> https://www.diamond-consultants.com/how-to-add-value-bob-burg/<br /> Mindy Diamond 1 64 How to Add Value at a Time When it’s Needed Most - with Bob Burg clean 51:16 A conversation with speaker and co-author of The Go-Giver series, Bob Burg.<br /> In the midst of an unprecedented health and financial crisis, advisors find themselves on the front lines—drinking from a firehose, balancing communication with clients and processing an abundance of information from their firms and the media.<br /> Yet now more than ever, communicating with clients and prospects in a way that is meaningful and adds value takes on a new level of importance. But with all that is going on, how is it even possible to do so?<br /> To answer that question and share actionable advice, Mindy welcomes one of the leading authorities on the topic, Bob Burg. Bob is the co-author of The Go-Giver book series, which many business leaders and entrepreneurs consider “required reading”—and Mindy credits with influencing her own business practice and philosophy.<br /> In this episode, Bob discusses how to incorporate The Go-Giver mindset into your daily routine, including:<br /> - What real “value” is—and how the 5 “Elements of Value” are most relevant right now.<br /> - The “5 Laws of Stratospheric Success”—and how advisors can adopt each as part of their day-to-day business practices.<br /> - Understanding the connection between authenticity, consistency and excellence—and how they directly relate to adding value.<br /> - How shifting one’s focus from getting to giving can have the greatest impact on relationships and trust—and why this is especially important in times of crisis.<br /> As Bob says, “No one will invest with you because you have a quota to meet.” But the principles shared in this episode will help advisors add maximum value and best serve clients—regardless of whether they are employees or independent business owners.<br /> And at this chaotic and uncertain time, Bob’s perspective has taken on even greater importance for all.<br /> https://www.diamond-consultants.com/how-to-add-value-bob-burg/
On Weathering the Storm https://www.diamond-consultants.com/on-weathering-the-storm/ Fri, 13 Mar 2020 13:20:40 +0000 https://www.diamond-consultants.com/?p=13363 In trying to determine how best to manage a business and add value through these turbulent times, Mindy Diamond found these 10 ways to refocus energy and attention helpful in moving forward on a more positive path. A few thoughts from Mindy Diamond

 


 

Times like these are both unprecedented and challenging, to say the least. What all of us crave more than anything is stability.

And a global pandemic, massive disruptions to business and personal lives, and volatile market conditions certainly provide anything but that.

I’ve been grappling with one question, in particular, the last few days—and that is, “How can a recruiter for financial advisors add value at a time like this?”

I’m neither a politician, nor scientist, nor doctor and so I can’t stabilize the markets nor slow the spread of the Coronavirus.

But, what I can do is share information and perspective that might be helpful as our financial advisor listeners weather this storm.

The truth is we were ready to launch a new episode of this series today—an interview with Bill Williams, EVP of The Ameriprise Franchise Group. It’s a great conversation that I expect you will find of interest. But, I couldn’t, in good conscience, launch that episode without first acknowledging the crisis that is at the front and center of everyone’s mind.

Like everyone else, I’ve been trying to figure out the best way to manage my business through these turbulent times.

And, then it hit me.

The universe sent me exactly what I needed, the answer to my question: “how can I add value?”

Late yesterday, my son and business partner, Louis Diamond, sent to everyone here at Diamond Consultants, a piece written nearly 2 decades ago by Dan Sullivan, Strategic Coach® founder and president.

It addressed the uncertainty which followed the horrific events of 9/11. I found it most inspiring and still relevant today and think you might too.

It is called the “Scary Times Success Manual” and it gives 10 strategies for how we can focus our energies and attention in order to move forward on a more positive path—even when the world is at its most turbulent.

Dan’s 10 suggestions for navigating the days and weeks ahead are as follows:

  1. Forget about yourself; focus on others.
  2. Forget about your commodity; focus on your relationships.
  3. Forget about the sale; focus on creating value.
  4. Forget about your losses; focus on your opportunities.
  5. Forget about your difficulties; focus on your progress.
  6. Forget about the “future”; focus on today.
  7. Forget about who you were; focus on who you can be.
  8. Forget about events; focus on your responses.
  9. Forget about what’s missing; focus on what’s available.
  10. Forget about your complaints; focus on your gratitude.

Points number 3 and 8 are my favorites.

Forgetting about the sale, as he shares, is a tough one for me as a recruiter.

While its always been our priority to provide value, at this time, it is even more important.

It is my job to talk with people about considering change. But, change is not what people want right now. They want stability.

So, how can a recruiter who cold calls for a living add value? I’m figuring that out as I speak, but I do think that sharing information like this can be helpful. At least I hope so.

As for number 8, the notion of focusing on my response to challenging events instead of the events themselves seems particularly relevant now.

We are in the midst of a crisis. I can either spread panic or I can be a source of calm—to my staff, my family, and my clients. I can help people to remember that we are never really in control of events.

What I know, without a doubt, is that while I can’t control the weather or the stock market or the virus, I can work to come up with creative responses to how I deal with it all—even when I am feeling pretty uncomfortable.

And, I’d like to think that my ability to calmly and sincerely respond to a crisis can be a teachable moment for my family, friends and others around me.

We’ve been challenged many times in the past. And we have persisted and emerged stronger.

So while uncertainty is the watchword, for now, one thing does remain certain: We are here to answer any questions you have today, tomorrow and further down the road. Our only goal is to provide value where we can—and make ourselves and the information we share available to you when you come up for air.

For now, all of us at Diamond Consultants are taking the time to refocus our energies on what matters most. And we hope that these 10 points are as helpful to you as we found them to be—and if so, we hope you’ll share this episode widely.

Now and always, we wish you good health and the calm needed to weather the storm.

 


 

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 trying to determine how best to manage a business and add value through these turbulent times, Mindy Diamond found these 10 ways to refocus energy and attention helpful in moving forward on a more positive path. A few thoughts from Mindy Diamond.<br /> Times like these are both unprecedented and challenging, to say the least. What all of us crave more than anything is stability.<br /> And a global pandemic, massive disruptions to business and personal lives, and volatile market conditions certainly provide anything but that.<br /> I’ve been grappling with one question, in particular, the last few days—and that is, “How can a recruiter for financial advisors add value at a time like this?”<br /> I’m neither a politician, nor scientist, nor doctor and so I can’t stabilize the markets nor slow the spread of the Coronavirus.<br /> But, what I can do is share information and perspective that might be helpful as our financial advisor listeners weather this storm.<br /> The truth is we were ready to launch a new episode of this series today—an interview with Bill Williams, EVP of The Ameriprise Franchise Group. It’s a great conversation that I expect you will find of interest. But, I couldn’t, in good conscience, launch that episode without first acknowledging the crisis that is at the front and center of everyone’s mind.<br /> Like everyone else, I’ve been trying to figure out the best way to manage my business through these turbulent times.<br /> And, then it hit me.<br /> The universe sent me exactly what I needed, the answer to my question: “how can I add value?”<br /> Late yesterday, my son and business partner, Louis Diamond, sent to everyone here at Diamond Consultants, a piece written nearly 2 decades ago by Dan Sullivan, Strategic Coach® founder and president.<br /> It addressed the uncertainty which followed the horrific events of 9/11. I found it most inspiring and still relevant today and think you might too.<br /> It is called the “Scary Times Success Manual” and it gives 10 strategies for how we can focus our energies and attention in order to move forward on a more positive path—even when the world is at its most turbulent.<br /> Dan’s 10 suggestions for navigating the days and weeks ahead are as follows:<br /> 1. Forget about yourself; focus on others.<br /> 2. Forget about your commodity; focus on your relationships.<br /> 3. Forget about the sale; focus on creating value.<br /> 4. Forget about your losses; focus on your opportunities.<br /> 5. Forget about your difficulties; focus on your progress.<br /> 6. Forget about the “future”; focus on today.<br /> 7. Forget about who you were; focus on who you can be.<br /> 8. Forget about events; focus on your responses.<br /> 9. Forget about what’s missing; focus on what’s available.<br /> 10. Forget about your complaints; focus on your gratitude.<br /> Points number 3 and 8 are my favorites.<br /> Forgetting about the sale, as he shares, is a tough one for me as a recruiter.<br /> While its always been our priority to provide value, at this time, it is even more important.<br /> It is my job to talk with people about considering change. But, change is not what people want right now. They want stability.<br /> So, how can a recruiter who cold calls for a living add value? I’m figuring that out as I speak, but I do think that sharing information like this can be helpful. At least I hope so.<br /> As for number 8, the notion of focusing on my response to challenging events instead of the events themselves seems particularly relevant now.<br /> We are in the midst of a crisis. I can either spread panic or I can be a source of calm—to my staff, my family, and my clients. I can help people to remember that we are never really in control of events.<br /> What I know, without a doubt, is that while I can’t control the weather or the stock market or the virus, I can work to come up with creative responses to how I deal with it all—even when I am feeling pretty uncomfortable.<br /> And, I’d like to think that my ability to calmly and sincerely respond to a crisis can be a teachable moment for my family, friends and others around me.<br /> Mindy Diamond 1 63 On Weathering the Storm clean 5:36 A few thoughts from Mindy Diamond.<br /> Times like these are both unprecedented and challenging, to say the least. What all of us crave more than anything is stability.<br /> And a global pandemic, massive disruptions to business and personal lives, and volatile market conditions certainly provide anything but that.<br /> I’ve been grappling with one question, in particular, the last few days—and that is, “How can a recruiter for financial advisors add value at a time like this?”<br /> I’m neither a politician, nor scientist, nor doctor and so I can’t stabilize the markets nor slow the spread of the Coronavirus.<br /> But, what I can do is share information and perspective that might be helpful as our financial advisor listeners weather this storm.<br /> The truth is we were ready to launch a new episode of this series today—an interview with Bill Williams, EVP of The Ameriprise Franchise Group. It’s a great conversation that I expect you will find of interest. But, I couldn’t, in good conscience, launch that episode without first acknowledging the crisis that is at the front and center of everyone’s mind.<br /> Like everyone else, I’ve been trying to figure out the best way to manage my business through these turbulent times.<br /> And, then it hit me.<br /> The universe sent me exactly what I needed, the answer to my question: “how can I add value?”<br /> Late yesterday, my son and business partner, Louis Diamond, sent to everyone here at Diamond Consultants, a piece written nearly 2 decades ago by Dan Sullivan, Strategic Coach® founder and president.<br /> It addressed the uncertainty which followed the horrific events of 9/11. I found it most inspiring and still relevant today and think you might too.<br /> It is called the “Scary Times Success Manual” and it gives 10 strategies for how we can focus our energies and attention in order to move forward on a more positive path—even when the world is at its most turbulent.<br /> Dan’s 10 suggestions for navigating the days and weeks ahead are as follows:<br /> 1. Forget about yourself; focus on others.<br /> 2. Forget about your commodity; focus on your relationships.<br /> 3. Forget about the sale; focus on creating value.<br /> 4. Forget about your losses; focus on your opportunities.<br /> 5. Forget about your difficulties; focus on your progress.<br /> 6. Forget about the “future”; focus on today.<br /> 7. Forget about who you were; focus on who you can be.<br /> 8. Forget about events; focus on your responses.<br /> 9. Forget about what’s missing; focus on what’s available.<br /> 10. Forget about your complaints; focus on your gratitude.<br /> Points number 3 and 8 are my favorites.<br /> Forgetting about the sale, as he shares, is a tough one for me as a recruiter.<br /> While its always been our priority to provide value, at this time, it is even more important.<br /> It is my job to talk with people about considering change. But, change is not what people want right now. They want stability.<br /> So, how can a recruiter who cold calls for a living add value? I’m figuring that out as I speak, but I do think that sharing information like this can be helpful. At least I hope so.<br /> As for number 8, the notion of focusing on my response to challenging events instead of the events themselves seems particularly relevant now.<br /> We are in the midst of a crisis. I can either spread panic or I can be a source of calm—to my staff, my family, and my clients. I can help people to remember that we are never really in control of events.<br /> What I know, without a doubt, is that while I can’t control the weather or the stock market or the virus, I can work to come up with creative responses to how I deal with it all—even when I am feeling pretty uncomfortable.<br /> And, I’d like to think that my ability to calmly and sincerely respond to a crisis can be a teachable moment for my family, friends and others around me.<br />
Industry Update: Are the Wirehouses Getting Ready to Give Independence a Run for the Money this Year? https://www.diamond-consultants.com/industry-update-are-the-wirehouses-getting-ready-to-give-independence-a-run-for-the-money/ Thu, 05 Mar 2020 14:11:51 +0000 https://www.diamond-consultants.com/?p=13310 Wirehouse recruiting seems to be on the upswing, exemplified by recent high-profile hires and deals like Morgan Stanley’s acquisition of E*Trade. Are the wirehouses ready to compete in the recruiting wars? Mindy Diamond explores the battle for talent. The 10-minute download that takes a broader look at what’s going on in the wealth management world and the impact on an advisor’s business.

In this episode, Mindy explores the “resurgence” of wirehouse recruiting and its impact on the industry at-large, including:

  • The important signals firms are sending to advisors—and how recent high-profile hires and Morgan Stanley’s E*Trade acquisition are the strongest signals yet.
  • Why the wirehouses are still the right fit for many advisors and their clients—and how these firms are starting to differentiate from the pack.
  • How advisor sentiment has helped to shift the tides—and why trends in movement may be readying to make a shift.

And ultimately, what this all means for employee advisors—regardless of whether you’re considering a move or not.

It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.

 


Related Resources

Resurgence in Wirehouse Recruiting: Are the Tides Shifting?
After a hiatus, wirehouses seem to be back in the game—and some in a really big way. Read->

What’s Changing at the Wirehouses—and Why You Need to Pay Attention
As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. Read->

9 Trends That Will Put Advisors in the Driver’s Seat for 2020
The new year ushered in a “perfect storm” in which the intersection of 3 forces – changing advisor sentiment, reshaped client expectations and powerful retention efforts by the brokerage firms – has laid the groundwork for a world where advisors have the upper hand. The question is, will they take it? 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…

]]>
Wirehouse recruiting seems to be on an upswing, exemplified by recent high-profile hires and deals like Morgan Stanley’s acquisition of E*Trade. Are the wirehouses ready to compete in the recruiting wars? Mindy Diamond explores the battle for talent. The 10-minute download that takes a broader look at what’s going on in the wealth management world and the impact on an advisor’s business.<br /> In this episode, Mindy explores the “resurgence” of wirehouse recruiting and its impact on the industry at-large, including:<br /> - The important signals firms are sending to advisors—and how recent high-profile hires and Morgan Stanley’s E*Trade acquisition are the strongest signals yet.<br /> - Why the wirehouses are still the right fit for many advisors and their clients—and how these firms are starting to differentiate from the pack.<br /> - How advisor sentiment has helped to shift the tides—and why trends in movement may be readying to make a shift.<br /> And ultimately, what this all means for employee advisors—regardless of whether you’re considering a move or not.<br /> It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.<br /> For more resources related to this topic, visit the episode page at https://www.diamond-consultants.com/industry-update-are-the-wirehouses-getting-ready-to-give-independence-a-run-for-the-money Mindy Diamond 1 62 Industry Update: Are the Wirehouses Getting Ready to Give Independence a Run for the Money this Year? clean 10:08 The 10-minute download that takes a broader look at what’s going on in the wealth management world and the impact on an advisor’s business.<br /> In this episode, Mindy explores the “resurgence” of wirehouse recruiting and its impact on the industry at-large, including:<br /> - The important signals firms are sending to advisors—and how recent high-profile hires and Morgan Stanley’s E*Trade acquisition are the strongest signals yet.<br /> - Why the wirehouses are still the right fit for many advisors and their clients—and how these firms are starting to differentiate from the pack.<br /> - How advisor sentiment has helped to shift the tides—and why trends in movement may be readying to make a shift.<br /> And ultimately, what this all means for employee advisors—regardless of whether you’re considering a move or not.<br /> It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.<br /> For more resources related to this topic, visit the episode page at https://www.diamond-consultants.com/industry-update-are-the-wirehouses-getting-ready-to-give-independence-a-run-for-the-money
Brian Hamburger Talks Trends, Options and Opportunity—and What Advisors Need to Consider Before Making the Leap https://www.diamond-consultants.com/brian-hamburger-on-trends-options-and-opportunity-what-advisors-need-to-consider/ Thu, 27 Feb 2020 15:25:38 +0000 https://www.diamond-consultants.com/?p=13251 The Founder of Hamburger Law Firm and MarketCounsel shares his legal and business expertise on what financial advisors need to know about a leap to independence, post-Protocol moves, M&A, technology and the leveling of the playing field. A conversation with the Founder and Managing Member of Hamburger Law Firm and Founder and CEO of MarketCounsel

Few people in the wealth management space are as well-versed as Brian Hamburger. And no surprise as he wears many hats. He is the Founder and Managing Member of Hamburger Law Firm, a practice focused on the investment and securities industry, as well as the Founder, President and CEO of MarketCounsel, one of the industry’s leading business and regulatory compliance consulting firms.

No other industry consultant or attorney has counseled more breakaway brokers than Brian. And that is why he is known as the architect behind many of the best independent firms launched in the past decade.

Brian Hamburger

In this episode, Mindy taps into Brian’s unique combination of legal acumen, business knowledge and entrepreneurialism to weigh in on the following:

  • How the “perfect storm” of the 3 colliding forces of advisor sentiment, client expectations and brokerage firm retention efforts are driving movement and change—and how these forces will impact the momentum towards independence.
  • What’s driving the robust M&A market—and how some of the biggest deals over the past year serve as key indicators for much more to come.
  • What an advisor needs to know to prepare for a move—and why these steps should be taken well in advance of a transition.
  • What to be aware of in a post-Protocol world—and his expectations for more departures from the seminal agreement.
  • How technology has been the real game-changer in the wealth management space—and why the leveled playing field it’s created has served as one of the greatest drivers of movement away from the wirehouses.

As Brian shares, “Advisors just want to get what’s best. They want access to best of breed technology, investment options and support—and they don’t want to have to go through a firm in order to get it.” And in the new world order, they can have all that and more. Listen in to a fascinating conversation around the possibilities that exist now and the opportunities coming down the pike.


Related Resources

Exiting the Broker Protocol: What does it mean for advisors?
It’s just like the years before the 2004 introduction of the Protocol for Broker Recruiting, only different. Read->

Gaining Scale: Why it Matters to Your Advisory Practice
Scale seems to be the buzzword du jour, but what does it really mean for your practice? Read->

Determining Enterprise Value
7 Key Qualitative Drivers for Sellers. Read->

Gaining the Technological Edge in Independence
A Conversation with Eric Poirier, the CEO of Addepar. Read->

 

 

About Brian Hamburger: 

Brian Hamburger, JD, CRCP, is the Founder, President and CEO of MarketCounsel, the leading business and regulatory compliance consulting firm to the country’s preeminent entrepreneurial independent investment advisers. He is also the Founder and Managing Member of the Hamburger Law Firm, whose expertise extends to virtually all areas of the investment and securities industry as well as entrepreneurial, firm structure and governance and employment matters. Together, MarketCounsel and Hamburger Law Firm represent an unparalleled combination of exceptionally incisive counsel and uncompromising service.

Brian is the architect behind many of the industry’s largest and most successful transitions to independence as well as a staunch and influential advocate for the independent investment adviser community. For the past 19 years, he has served at the helm of both MarketCounsel and the Hamburger Law Firm. Accordingly, Wealth Management magazine has named Brian as one of the top thought leaders in the sector, noting that “Over the past decade, Hamburger has been the architect behind almost all of the highest-profile breakaway deals in the industry, helping advisors navigate the legal thicket of transitioning away from brokerages and into independent business models. As such he’s been a central, but often unheralded, force in the evolution of the RIA industry.” Previously, REP. Magazine featured Brian on its cover as “The Engineer” of the RIA evolution.

Brian is regularly called upon to speak at national conferences, not to mention MarketCounsel’s annual Summit, a gathering of the industry’s top advisers and thought leaders. As an advocate for the investment adviser community, he has delivered keynote addresses to the country’s state securities regulators and met with SEC Commissioners and members of Congress to influence proposed regulation and legislation. In addition to being a highly sought after expert speaker for myriad industry events, he has also been a regular contributor to CNBC as well as featured in and quoted by the Wall Street Journal, the New York Times, Bloomberg BusinessWeek, Dow Jones, Reuters and every major wealth management publication.

 

 

 


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…

]]>
The Founder of Hamburger Law Firm and MarketCounsel shares his legal and business expertise on what financial advisors need to know about a leap to independence, post-Protocol moves, M&A, technology and the leveling of the playing field. Few people in the wealth management space are as well-versed as Brian Hamburger. And no surprise as he wears many hats. He is the Founder and Managing Member of Hamburger Law Firm, a practice focused on the investment and securities industry, as well as the Founder, President and CEO of MarketCounsel, one of the industry’s leading business and regulatory compliance consulting firms.<br /> No other industry consultant or attorney has counseled more breakaway brokers than Brian. And that is why he is known as the architect behind many of the best independent firms launched in the past decade.<br /> In this episode, Mindy taps into Brian’s unique combination of legal acumen, business knowledge and entrepreneurialism to weigh in on the following:<br /> - How the “perfect storm” of the 3 colliding forces of advisor sentiment, client expectations and brokerage firm retention efforts are driving movement and change—and how these forces will impact the momentum towards independence.<br /> - What’s driving the robust M&A market—and how some of the biggest deals over the past year serve as key indicators for much more to come.<br /> - What an advisor needs to know to prepare for a move—and why these steps should be taken well in advance of a transition.<br /> - What to be aware of in a post-Protocol world—and his expectations for more departures from the seminal agreement.<br /> - How technology has been the real game-changer in the wealth management space—and why the leveled playing field it’s created has served as one of the greatest drivers of movement away from the wirehouses.<br /> As Brian shares, “Advisors just want to get what’s best. They want access to best of breed technology, investment options and support—and they don't want to have to go through a firm in order to get it.” And in the new world order, they can have all that and more. Listen in to a fascinating conversation around the possibilities that exist now and the opportunities coming down the pike.<br /> For more information about this episode and links to related resources and other shows from the series, visit: https://www.diamond-consultants.com/brian-hamburger-on-trends-options-and-opportunity-what-advisors-need-to-consider Mindy Diamond 1 61 Brian Hamburger Talks Trends, Options and Opportunity—and What Advisors Need to Consider Before Making the Leap clean 47:11 Few people in the wealth management space are as well-versed as Brian Hamburger. And no surprise as he wears many hats. He is the Founder and Managing Member of Hamburger Law Firm, a practice focused on the investment and securities industry, as well as the Founder, President and CEO of MarketCounsel, one of the industry’s leading business and regulatory compliance consulting firms.<br /> No other industry consultant or attorney has counseled more breakaway brokers than Brian. And that is why he is known as the architect behind many of the best independent firms launched in the past decade.<br /> In this episode, Mindy taps into Brian’s unique combination of legal acumen, business knowledge and entrepreneurialism to weigh in on the following:<br /> - How the “perfect storm” of the 3 colliding forces of advisor sentiment, client expectations and brokerage firm retention efforts are driving movement and change—and how these forces will impact the momentum towards independence.<br /> - What’s driving the robust M&A market—and how some of the biggest deals over the past year serve as key indicators for much more to come.<br /> - What an advisor needs to know to prepare for a move—and why these steps should be taken well in advance of a transition.<br /> - What to be aware of in a post-Protocol world—and his expectations for more departures from the seminal agreement.<br /> - How technology has been the real game-changer in the wealth management space—and why the leveled playing field it’s created has served as one of the greatest drivers of movement away from the wirehouses.<br /> As Brian shares, “Advisors just want to get what’s best. They want access to best of breed technology, investment options and support—and they don't want to have to go through a firm in order to get it.” And in the new world order, they can have all that and more. Listen in to a fascinating conversation around the possibilities that exist now and the opportunities coming down the pike.<br /> For more information about this episode and links to related resources and other shows from the series, visit: https://www.diamond-consultants.com/brian-hamburger-on-trends-options-and-opportunity-what-advisors-need-to-consider
Industry Update: The Bull Market for Advisors, Where They’re Moving to and Why https://www.diamond-consultants.com/industry-update-bull-market-for-advisors-where-theyre-moving-to-and-why/ Thu, 20 Feb 2020 13:37:53 +0000 https://www.diamond-consultants.com/?p=13149 In this segment of Industry Update for Financial Advisors, Mindy Diamond takes a look at where advisors are going, how movement is fueling the landscape’s evolution, and what’s serving as a “barometer” of change for the industry at large. The 10-minute download that takes a broader look at what’s going on in the wealth management world and the impact on an advisor’s business.

In this episode, Mindy explores the industry landscape as a “continuum,” recent data on advisor movement and its impact on:

  • Where advisors are going—and how movement is fueling the evolution of the landscape.
  • The flow towards regionals and boutiques—and why these firms are winning the race for top talent.
  • The movement of the “advisor elite”—and how that serves as a barometer for the wealth management industry at large.

It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.

 


Related Resources

What’s Changing at the Wirehouses—and Why You Need to Pay Attention
As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. Read->

What Brand Really Means to an Advisor
How significant is a brand name these days to an advisor’s assessment of a firm? The simple truth is, it depends on who you ask. Read->

9 Trends That Will Put Advisors in the Driver’s Seat for 2020
The new year ushered in a “perfect storm” in which the intersection of 3 forces – changing advisor sentiment, reshaped client expectations and powerful retention efforts by the brokerage firms – has laid the groundwork for a world where advisors have the upper hand. The question is, will they take it? 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 this segment of Industry Update for Financial Advisors, Mindy Diamond takes a look at where advisors are going, how movement is fueling the landscape’s evolution, and what’s serving as a “barometer” of change for the industry at large. The 10-minute download for financial advisors that takes a broader look at what’s going on in the wealth management world and the impact on their businesses.<br /> In this episode, Mindy explores the industry landscape as a “continuum,” recent data on advisor movement and its impact on:<br /> - Where advisors are going—and how movement is fueling the evolution of the landscape.<br /> - The flow towards regionals and boutiques—and why these firms are winning the race for top talent.<br /> - The movement of the “advisor elite”—and how that serves as a barometer for the wealth management industry at large.<br /> It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.<br /> To learn more about this series and for related content, visit: https://www.diamond-consultants.com/industry-update-bull-market-for-advisors-where-theyre-moving-to-and-why/ Mindy Diamond 1 60 Industry Update: The Bull Market for Advisors, Where They’re Moving to and Why clean 8:40 The 10-minute download for financial advisors that takes a broader look at what’s going on in the wealth management world and the impact on their businesses.<br /> In this episode, Mindy explores the industry landscape as a “continuum,” recent data on advisor movement and its impact on:<br /> - Where advisors are going—and how movement is fueling the evolution of the landscape.<br /> - The flow towards regionals and boutiques—and why these firms are winning the race for top talent.<br /> - The movement of the “advisor elite”—and how that serves as a barometer for the wealth management industry at large.<br /> It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.<br /> To learn more about this series and for related content, visit: https://www.diamond-consultants.com/industry-update-bull-market-for-advisors-where-theyre-moving-to-and-why/
Advisor as Client: The Raymond James Model of Supported Independence https://www.diamond-consultants.com/advisor-as-client-the-raymond-james-model-of-supported-independence/ Thu, 13 Feb 2020 16:04:00 +0000 https://www.diamond-consultants.com/?p=13113 Jodi Perry, President of RJFS Independent Contractor Division shares insights on the firm’s success, its culture and client-first ethos, and how that resonates with advisors looking for freedom and flexibility plus scaffolding and support. A conversation with Jodi Perry, President of Raymond James Financial Services Independent Contractor Division

Regional firms have been on a hiring tear in recent years, and no surprise: The model provides independent-minded advisors an opportunity to realize their entrepreneurial dreams, but with the scaffolding and support they’ve become accustomed to. It’s a formula that is well-aligned with a changing advisor mindset, positioning these firms for even higher levels of growth in the coming years.

Jodi Perry, Raymond James Independent Contractors DivisionOne such firm, Raymond James, has been at the top of their game in recent years, with a multi-channel association that’s resonating with advisors. In this episode, we take a closer look at their Independent Contractor Division, which accounts for nearly 60% of the firm’s advisory force—some 4,700 advisors as of this recording.

Jodi Perry, the President of Raymond James Financial Services (RJFS) Independent Contractor Division, joins the show to share insights on what’s behind the firm’s success, including:

  • How the RJFS model fits in the Raymond James ecosystem—and how their multi-channel association is a platform for their “advisor as client” culture.
  • Why the RJFS model resonates so well with advisors—and the types of advisors who are the “right fit” for the firm.
  • How the firm is differentiated from other similar models in the space—and how the firm’s focus on technology serves to enhance their success.
  • How their model compares to independent broker dealer and RIA options—and the benefits that “supported independence” offers.
  • How brand and reputation play into an advisor’s decision-making process—and how support and culture are often stronger drivers.
  • How the firm is responding to changing advisor mindset—and what she anticipates will be the driving forces over the coming years.

Jodi also shares some case studies on wirehouse advisors who recently joined the firm, their motivations and how their business has changed since.

Raymond James has always defined itself by its culture and client-first ethos, and what makes the firm unique, as Jodi put it, “is that advisors themselves are viewed as clients of the firm.” It’s an interesting story about how RayJay has achieved tremendous success in a crowded and competitive landscape—particularly appealing to advisors who are looking for a model that offers the best of support, culture and independence.


Related Resources

Redefining Regional Firms: It’s More About Culture Than Geography
Regionals have emerged as the new hot spot for advisors looking for flexibility within the security of an employee-based model. 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->

9 Trends That Will Put Advisors in the Driver’s Seat for 2020
The new year ushered in a “perfect storm” in which the intersection of 3 forces – changing advisor sentiment, reshaped client expectations and powerful retention efforts by the brokerage firms – has laid the groundwork for a world where advisors have the upper hand. The question is, will they take it? Read->

 

About Jodi Perry: 

Jodi Perry started her career with Raymond James 26 years ago in an entry-level position within customer operations. She moved throughout the firm, always reaching towards leadership positions. From her supervisory role in client operations, Jodi moved to the internal sales team of our asset management division, directly managing a seven-person team, while simultaneously serving on a two-person regional team responsible for $60 million in sales per month. After six years, she then moved to our independent advisor channel to recruit new financial advisors to Raymond James Financial Services, where over the past 15 plus years Jodi moved from vice president of business development to regional director to senior vice president of regional management and most recently to the president of the independent contractor division.

Jodi is a registered corporate coach, who sits on the firm’s executive committee, sits on the board of the Florida Securities Dealer’s Association and also sits on the board of the St. Petersburg Free Clinic (not for profit) and will start on the board of FSI in 2020. Jodi holds her series 7, 63, 65 and 24.

 

 

 


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…

]]>
Jodi Perry, President of RJFS Independent Contractor Division shares insights on the firm’s success, its culture and client-first ethos, and how that resonates with advisors looking for freedom and flexibility plus scaffolding and support. A conversation with Jodi Perry, President of Raymond James Financial Services Independent Contractor Division<br /> Regional firms have been on a hiring tear in recent years, and no surprise: The model provides independent-minded advisors an opportunity to realize their entrepreneurial dreams, but with the scaffolding and support they’ve become accustomed to. It’s a formula that is well-aligned with a changing advisor mindset, positioning these firms for even higher levels of growth in the coming years. <br /> One such firm, Raymond James, has been at the top of their game in recent years, with a multi-channel association that’s resonating with advisors. In this episode, we take a closer look at their Independent Contractor Division, which accounts for nearly 60% of the firm’s advisory force—some 4,700 advisors as of this recording. <br /> Jodi Perry, the President of Raymond James Financial Services (RJFS) Independent Contractor Division, joins the show to share insights on what’s behind the firm’s success, including:<br /> - How the RJFS model fits in the Raymond James ecosystem—and how their multi-channel association is a platform for their “advisor as client” culture.<br /> - Why the RJFS model resonates so well with advisors—and the types of advisors who are the “right fit” for the firm.<br /> - How the firm is differentiated from other similar models in the space—and how the firm’s focus on technology serves to enhance their success.<br /> - How their model compares to independent broker dealer and RIA options—and the benefits that “supported independence” offers.<br /> - How brand and reputation play into an advisor’s decision-making process—and how support and culture are often stronger drivers.<br /> - How the firm is responding to changing advisor mindset—and what she anticipates will be the driving forces over the coming years.<br /> Jodi also shares some case studies on wirehouse advisors who recently joined the firm, their motivations and how their business has changed since.<br /> Raymond James has always defined itself by its culture and client-first ethos, and what makes the firm unique, as Jodi put it, “is that advisors themselves are viewed as clients of the firm.” It’s an interesting story about how RayJay has achieved tremendous success in a crowded and competitive landscape—particularly appealing to advisors who are looking for a model that offers the best of support, culture and independence.<br /> For more information on this episode plus links to resources and other episodes in the series, visit: https://www.diamond-consultants.com/advisor-as-client-the-raymond-james-model-of-supported-independence<br /> Mindy Diamond 1 59 Advisor as Client: The Raymond James Model of Supported Independence clean 39:36 A conversation with Jodi Perry, President of Raymond James Financial Services Independent Contractor Division<br /> Regional firms have been on a hiring tear in recent years, and no surprise: The model provides independent-minded advisors an opportunity to realize their entrepreneurial dreams, but with the scaffolding and support they’ve become accustomed to. It’s a formula that is well-aligned with a changing advisor mindset, positioning these firms for even higher levels of growth in the coming years. <br /> One such firm, Raymond James, has been at the top of their game in recent years, with a multi-channel association that’s resonating with advisors. In this episode, we take a closer look at their Independent Contractor Division, which accounts for nearly 60% of the firm’s advisory force—some 4,700 advisors as of this recording. <br /> Jodi Perry, the President of Raymond James Financial Services (RJFS) Independent Contractor Division, joins the show to share insights on what’s behind the firm’s success, including:<br /> - How the RJFS model fits in the Raymond James ecosystem—and how their multi-channel association is a platform for their “advisor as client” culture.<br /> - Why the RJFS model resonates so well with advisors—and the types of advisors who are the “right fit” for the firm.<br /> - How the firm is differentiated from other similar models in the space—and how the firm’s focus on technology serves to enhance their success.<br /> - How their model compares to independent broker dealer and RIA options—and the benefits that “supported independence” offers.<br /> - How brand and reputation play into an advisor’s decision-making process—and how support and culture are often stronger drivers.<br /> - How the firm is responding to changing advisor mindset—and what she anticipates will be the driving forces over the coming years.<br /> Jodi also shares some case studies on wirehouse advisors who recently joined the firm, their motivations and how their business has changed since.<br /> Raymond James has always defined itself by its culture and client-first ethos, and what makes the firm unique, as Jodi put it, “is that advisors themselves are viewed as clients of the firm.” It’s an interesting story about how RayJay has achieved tremendous success in a crowded and competitive landscape—particularly appealing to advisors who are looking for a model that offers the best of support, culture and independence.<br /> For more information on this episode plus links to resources and other episodes in the series, visit: https://www.diamond-consultants.com/advisor-as-client-the-raymond-james-model-of-supported-independence<br />
Industry Update: On Clashes, Sleeping Giants, and the Handwriting on the Wall https://www.diamond-consultants.com/industry-update-on-clashes-sleeping-giants-handwriting-on-the-wall/ Thu, 06 Feb 2020 21:07:59 +0000 https://www.diamond-consultants.com/?p=13084 A new bi-weekly podcast segment that takes a look beyond independence into what’s going on in the wealth management world at large. 10-minutes on 3 key things happening now and the impact on how financial advisors serve their clients and grow their businesses. A 10-minute download of 3 key things happening now in the wealth management industry.

It’s impossible to talk about independence without addressing the industry at large. Because the independent space itself was born as a result of changes within the landscape—an ongoing evolution cultivated by shifting advisor sentiment and client expectations.

So to address listener requests for a broader look at what’s going on in the wealth management world and how that impacts an advisor’s ability to serve their clients and grow their businesses, we’ll be sharing bi-weekly updates as a part of this podcast series.

In this episode, Mindy explores the following:

  • Clashes between next gen inheritors and the senior advisors for whom they work—The unexpected net effect of retire-in-place programs have left next gen inheritors wondering if their senior advisor’s book is really worth it.
  • The awakening of “sleeping giants”—After a lull in wirehouse recruiting activity, even the most competitive deals from the biggest brokerage firms may not provide what’s needed to compete with the likes of First Republic and Rockefeller.
  • The handwriting on the wall—Discerning a firm’s intent by way of the “messages” they’re sending can make a big difference in an advisor’s future.

It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.

 


Related Resources

9 Trends That Will Put Advisors in the Driver’s Seat for 2020
The new year ushered in a “perfect storm” in which the intersection of 3 forces – changing advisor sentiment, reshaped client expectations and powerful retention efforts by the brokerage firms – has laid the groundwork for a world where advisors have the upper hand. The question is, will they take it? Read->

Looking at Sunset from 2 Sides: A Senior Advisor’s Perspective
The decision of signing on to your firm’s sunset program often comes down to weighing these 2 key factors. Read->

Multi-Billion Dollar Teams Ask: “Have we priced ourselves out of the market?”
Even the most elite advisors get “stuck” by “unchallenged beliefs”—but the good news is, there’s a way to break free. 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…

]]>
A new bi-weekly segment that takes a look beyond independence into what’s going on in the wealth management world at large. 10-minutes on 3 things happening now and the impact on how financial advisors serve their clients and grow their businesses. A 10-minute download of 3 key things happening now in the wealth management industry and the impact on financial advisors.<br /> It’s impossible to talk about independence without addressing the industry at large. Because the independent space itself was born as a result of changes within the landscape—an ongoing evolution cultivated by shifting advisor sentiment and client expectations.<br /> So to address listener requests for a broader look at what’s going on in the wealth management world and how that impacts an advisor’s ability to serve their clients and grow their businesses, we’ll be sharing bi-weekly updates as a part of this podcast series.<br /> In this episode, Mindy explores the following:<br /> - Clashes between next gen inheritors and the senior advisors for whom they work—The unexpected net effect of retire-in-place programs have left next gen inheritors wondering if their senior advisor’s book is really worth it.<br /> - The awakening of “sleeping giants”—After a lull in wirehouse recruiting activity, even the most competitive deals from the biggest brokerage firms may not provide what’s needed to compete with the likes of First Republic and Rockefeller.<br /> - The handwriting on the wall—Discerning a firm’s intent by way of the “messages” they’re sending can make a big difference in an advisor’s future.<br /> It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.<br /> Get more information on this topic and others at: https://www.diamond-consultants.com/industry-update-on-clashes-sleeping-giants-handwriting-on-the-wall Mindy Diamond 1 58 Industry Update: On Clashes, Sleeping Giants, and the Handwriting on the Wall clean 10:09 A 10-minute download of 3 key things happening now in the wealth management industry and the impact on financial advisors.<br /> It’s impossible to talk about independence without addressing the industry at large. Because the independent space itself was born as a result of changes within the landscape—an ongoing evolution cultivated by shifting advisor sentiment and client expectations.<br /> So to address listener requests for a broader look at what’s going on in the wealth management world and how that impacts an advisor’s ability to serve their clients and grow their businesses, we’ll be sharing bi-weekly updates as a part of this podcast series.<br /> In this episode, Mindy explores the following:<br /> - Clashes between next gen inheritors and the senior advisors for whom they work—The unexpected net effect of retire-in-place programs have left next gen inheritors wondering if their senior advisor’s book is really worth it.<br /> - The awakening of “sleeping giants”—After a lull in wirehouse recruiting activity, even the most competitive deals from the biggest brokerage firms may not provide what’s needed to compete with the likes of First Republic and Rockefeller.<br /> - The handwriting on the wall—Discerning a firm’s intent by way of the “messages” they’re sending can make a big difference in an advisor’s future.<br /> It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.<br /> Get more information on this topic and others at: https://www.diamond-consultants.com/industry-update-on-clashes-sleeping-giants-handwriting-on-the-wall
Joe Duran on What Advisors Need to Know to Succeed in an Evolved Client-Centric World https://www.diamond-consultants.com/joe-duran-on-what-advisors-need-to-know-to-succeed/ Thu, 30 Jan 2020 14:28:02 +0000 https://www.diamond-consultants.com/?p=13058 Joe Duran, the founder/CEO of United Capital, now a Goldman Sachs company, gets candid about the firm’s sale, his perspective on independence, clients, technology and M&A, plus the “logical evolution” for advisors and their businesses, and much more. A conversation with the Founder and CEO of United Capital, a Goldman Sachs Company

While the momentum towards the independent space has been fueled mainly by advisors searching for a better way to serve their clients and grow their businesses with flexibility and control, there’s little doubt that entrepreneurial spirit and determination play a role as well.

And the guest on this episode epitomizes that spirit—demonstrating a level of drive that many can only imagine.

Joe Duran, United Capital, a Goldman Sachs companyJoe Duran, the founder and CEO of the firm formerly known as United Capital, now a Goldman Sachs company, started his journey from inauspicious beginnings in Zimbabwe, leaving home at 18 to travel the world. He landed in America, went to college, married and started his financial career as an intern for a very small investment firm. By his late 20s, Joe became President of that firm – Centurion Capital – which he later sold to General Electric.

An American dream realized, for sure! But it didn’t stop there.

Although he became President of GE Private Asset Management, his entrepreneurial side wanted much more. So, he left that role, went back to school, and received not one but two MBAs. Yet these were all experiences that were leading up to his ultimate goal: To build a financial advisory firm that differed from others. That is, one in which advisors are focused on their clients’ lives and what they wanted to accomplish, rather than their money and investing it.

In 2005, United Capital was born and since its inception, the firm grew to a reported $26B in assets. Then last year, the firm was acquired by industry behemoth Goldman Sachs.

It’s an incredible success story—one that’s getting even more interesting as this new chapter unfolds in a world that’s very different than the one in which United Capital was founded. Listen in to learn as Joe shares:

  • How the independent space has changed since the founding of United Capital—and what he would have done differently if building the firm today.
  • What the impetus was behind the sale to Goldman Sachs—and the impact of this acquisition on the firm going forward.
  • What’s really behind the proliferation of M&A in the space—and how this will reshape the industry at large.
  • What he sees as the “logical evolution” for advisors and their businesses—and how this practice is not broadly applied in the wealth management industry.
  • Why delivering services in a repeatable and scalable way is an imperative—and how that affects a firm’s ongoing growth potential.
  • What he sees as the role of technology—and the two things that it impacts the most in an advisor’s practice.

Plus, Joe shares the “one simple rule” on maximizing value—advice that is beneficial for any advisor, whether seated at a brokerage firm or building an independent practice.

It’s a perspective on the industry that is straight out of the mind of a tried and true entrepreneur—a roadmap to success that any advisor can learn from.


Related Resources

Determining Enterprise Value
7 Key Qualitative Drivers for Sellers. Read->

Exploring M&A: Finding the perfect match between buyers and sellers
Acquirers typically fit into one of 4 profiles: Here’s how to identify which types of sellers will align best with each. 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->

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

 

 

About Joe Duran: 

Joe Duran is Chief Executive Officer and Founding Partner of United Capital, the nation’s first and largest Financial Life Management company, and now a Goldman Sachs company.

A proven entrepreneur, investor, best-selling author, and sought-after industry speaker, Joe previously built Centurion Capital as President of the company, which he sold to General Electric Financial (GE) in 2001.

He is a renowned industry visionary with featured columns in both InvestmentNews and Time Magazine’s Money.com. Joe is a frequent contributor to CNBC, Fox Business, Bloomberg and PBS and appears regularly in both traditional and online media, and was a recipient of a prestigious Ernst & Young Entrepreneur of the Year award in 2015 and the Schwab Pacesetter Impact Award.

His most recent book, “The Money Code: Improve Your Entire Financial Life Right Now,” achieved best-seller status on both The New York Times and USA Today lists. Joe has an undergraduate degree from Saint Louis University and MBA degrees from University of California, Berkeley and Columbia University. He earned his Chartered Financial Analyst designation in 1997.

Most importantly, Joe is lucky to have a wonderful family who inspires him every day. Joe, his wife, Jen, and their daughters, Charlotte, Juliette and Samantha, live in Newport Coast, CA.

 

 

 


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…

]]>
Joe Duran, the founder/CEO of United Capital, now a Goldman Sachs company, gets candid about the firm’s sale, his perspective on independence, clients, technology and M&A, plus the “logical evolution” for advisors and their businesses, and much more. A conversation with the Founder and CEO of United Capital, a Goldman Sachs Company.<br /> While the momentum towards the independent space has been fueled mainly by advisors searching for a better way to serve their clients and grow their businesses with flexibility and control, there’s little doubt that entrepreneurial spirit and determination play a role as well.<br /> And the guest on this episode epitomizes that spirit—demonstrating a level of drive that many can only imagine.<br /> Joe Duran, the founder and CEO of the firm formerly known as United Capital, now a Goldman Sachs company, started his journey from inauspicious beginnings in Zimbabwe, leaving home at 18 to travel the world. He landed in America, went to college, married and started his financial career as an intern for a very small investment firm. By his late 20s, Joe became President of that firm – Centurion Capital – which he later sold to General Electric.<br /> An American dream realized, for sure! But it didn’t stop there.<br /> Although he became President of GE Private Asset Management, his entrepreneurial side wanted much more. So, he left that role, went back to school, and received not one but two MBAs. Yet these were all experiences that were leading up to his ultimate goal: To build a financial advisory firm that differed from others. That is, one in which advisors are focused on their clients’ lives and what they wanted to accomplish, rather than their money and investing it.<br /> In 2005, United Capital was born and since its inception, the firm grew to a reported $26B in assets. Then last year, the firm was acquired by industry behemoth Goldman Sachs.<br /> It’s an incredible success story—one that’s getting even more interesting as this new chapter unfolds in a world that’s very different than the one in which United Capital was founded. Listen in to learn as Joe shares:<br /> - How the independent space has changed since the founding of United Capital—and what he would have done differently if building the firm today.<br /> - What the impetus was behind the sale to Goldman Sachs—and the impact of this acquisition on the firm going forward.<br /> - What’s really behind the proliferation of M&A in the space—and how this will reshape the industry at large.<br /> - What he sees as the “logical evolution” for advisors and their businesses—and how this practice is not broadly applied in the wealth management industry.<br /> - Why delivering services in a repeatable and scalable way is an imperative—and how that affects a firm’s ongoing growth potential.<br /> - What he sees as the role of technology—and the two things that it impacts the most in an advisor’s practice.<br /> Plus, Joe shares the “one simple rule” on maximizing value—advice that is beneficial for any advisor, whether seated at a brokerage firm or building an independent practice.<br /> It’s a perspective on the industry that is straight out of the mind of a tried and true entrepreneur—a roadmap to success that any advisor can learn from.<br /> For more information, plus links relevant to the show, visit: https://www.diamond-consultants.com/joe-duran-on-what-advisors-need-to-know-to-succeed/ Mindy Diamond 1 57 Joe Duran on What Advisors Need to Know to Succeed in an Evolved Client-Centric World clean 43:53 A conversation with the Founder and CEO of United Capital, a Goldman Sachs Company.<br /> While the momentum towards the independent space has been fueled mainly by advisors searching for a better way to serve their clients and grow their businesses with flexibility and control, there’s little doubt that entrepreneurial spirit and determination play a role as well.<br /> And the guest on this episode epitomizes that spirit—demonstrating a level of drive that many can only imagine.<br /> Joe Duran, the founder and CEO of the firm formerly known as United Capital, now a Goldman Sachs company, started his journey from inauspicious beginnings in Zimbabwe, leaving home at 18 to travel the world. He landed in America, went to college, married and started his financial career as an intern for a very small investment firm. By his late 20s, Joe became President of that firm – Centurion Capital – which he later sold to General Electric.<br /> An American dream realized, for sure! But it didn’t stop there.<br /> Although he became President of GE Private Asset Management, his entrepreneurial side wanted much more. So, he left that role, went back to school, and received not one but two MBAs. Yet these were all experiences that were leading up to his ultimate goal: To build a financial advisory firm that differed from others. That is, one in which advisors are focused on their clients’ lives and what they wanted to accomplish, rather than their money and investing it.<br /> In 2005, United Capital was born and since its inception, the firm grew to a reported $26B in assets. Then last year, the firm was acquired by industry behemoth Goldman Sachs.<br /> It’s an incredible success story—one that’s getting even more interesting as this new chapter unfolds in a world that’s very different than the one in which United Capital was founded. Listen in to learn as Joe shares:<br /> - How the independent space has changed since the founding of United Capital—and what he would have done differently if building the firm today.<br /> - What the impetus was behind the sale to Goldman Sachs—and the impact of this acquisition on the firm going forward.<br /> - What’s really behind the proliferation of M&A in the space—and how this will reshape the industry at large.<br /> - What he sees as the “logical evolution” for advisors and their businesses—and how this practice is not broadly applied in the wealth management industry.<br /> - Why delivering services in a repeatable and scalable way is an imperative—and how that affects a firm’s ongoing growth potential.<br /> - What he sees as the role of technology—and the two things that it impacts the most in an advisor’s practice.<br /> Plus, Joe shares the “one simple rule” on maximizing value—advice that is beneficial for any advisor, whether seated at a brokerage firm or building an independent practice.<br /> It’s a perspective on the industry that is straight out of the mind of a tried and true entrepreneur—a roadmap to success that any advisor can learn from.<br /> For more information, plus links relevant to the show, visit: https://www.diamond-consultants.com/joe-duran-on-what-advisors-need-to-know-to-succeed/
The 10 Most Valuable Insights from Breakaway Advisors https://www.diamond-consultants.com/the-10-most-valuable-insights-from-breakaway-advisors/ Thu, 16 Jan 2020 20:21:23 +0000 https://www.diamond-consultants.com/?p=12999 A special all-in-one-place, “best of the breakaways” show featuring curated conversations about the motivations behind the choice to leave the wirehouse world, the risks these breakaways took and the rewards they found waiting on the other side. A special all-in-one-place, “best of the breakaways” show featuring curated conversations about the motivations behind the choice to leave the wirehouse world, the risks these breakaways took and the rewards they found waiting on the other side. A collection of the top words of wisdom from those who shared their journeys to independence during year 2 of this podcast series<br /> As we kickoff the new season of this series – with over 2 years and 55 episodes in the bank – we recognize that the extraordinary wisdom shared by our guests in the last year alone warranted some additional exposure. Plus, most any advisor considering a move to independence is hungry to hear firsthand the experiences of those who went before them.<br /> It’s these insights that reflect what we’re seeing in the industry at large. That is, the impact of the convergence of 3 distinct phenomena in the industry: changing advisor sentiment, the reshaping of client expectations, and powerful retention efforts at brokerages to further tie advisors to their firms.<br /> It’s a “perfect storm” of sorts that’s driving change throughout the industry and influencing movement at levels we’ve not seen in over a decade.<br /> So we curated conversations from nearly 20 hours of interviews to deliver the top 10 – a special all-in-one-place, “best of the breakaways” episode – featuring the most compelling and candid discussions with those who have made the leap. And given the quality of conversations we’ve had with our many guests over the year, culling the information in this episode to just 10 sound bites was no easy task!<br /> In each, you will hear the motivations – the pushes and pulls – behind the choice to leave the wirehouse world. And even more importantly, the risks they took and the rewards they found waiting on the other side. Yet what’s most striking is how each describes the impact of this confluence of change.<br /> It’s a compilation that offers answers to some of the top questions advisors ask us—and much more…<br /> What drove this young top-rated advisor and his team to leave Merrill and how they addressed a succession plan for an advisor nearing retirement—Michael Henley, Founder and CEO, Brandywine Oak Private Wealth<br /> How the desire to serve clients with greater freedom, flexibility and control proved to be more important than the deferred compensation they’d leave behind—Margaret Dechant, CEO and Founding Partner, 6 Meridian<br /> How a change in culture at Morgan Stanley served as a powerful driver—Steve Schwarzbach, Founder and Managing Partner, Icon Wealth Partners<br /> Why serving a niche client base – particularly offshore clients – could be better managed in the independent space—Lisa van Walleghem, CEO and Founder, MAXIMAI Investment Partners<br /> How the uncompromising need to do what’s best for clients, build long-term value and satisfy a strong entrepreneurial spirit served as a powerful motivator—Paul Pagnato, CEO Founder, PagnatoKarp<br /> How a strong entrepreneurial bent and the belief that there was “a better way” to serve clients drove these two UBS breakaways to build an independent business—Bryn Talkington, Managing Partner, and Doug John, Founder and Managing Partner, Requisite Capital Management<br /> How spinning off from a broker dealer offered greater opportunity and translated into 3x growth—Rob Nelson, CEO and Founding Partner, NorthRock Partners<br /> We also looked closely at what has become a growing trend of those who broke from the leadership ranks of the brokerage firms—and the motivations that drove their decisions:<br /> Chris Dupuy, who, after nearly 3 decades with Merrill Lynch, was one of the first senior leaders to join the independent movement by choice, and now holds a key role with Rockefeller Capital Management.<br /> Jim Gold who left his role at Morgan Stanley to create Steward Partners, the quasi-independent model in partnership with Raymond James.<br /> And Rob Bartenstein, who left UBS to build the independent model Kestra Private Wealth Services.<br /> Plus, industry thought leader Josh Brown of Ritholtz Wealth Management shares what every advisor should ask himself before he considers going independent—bonus conten... Mindy Diamond 1 56 The 10 Most Valuable Insights from Breakaway Advisors clean 59:54 What are Top Advisors Doing Differently? https://www.diamond-consultants.com/what-are-top-advisors-doing-differently/ Mon, 16 Dec 2019 15:36:27 +0000 https://www.diamond-consultants.com/?p=12947 What is it that makes elite advisors so successful? Mindy Diamond takes a deep dive into the motivations, mindset and habits of top financial advisors with Matt Oechsli of The Oechsli Institute. What is it that makes elite advisors so successful? Mindy Diamond takes a deep dive into the motivations, mindset and habits of top financial advisors with Matt Oechsli of The Oechsli Institute. A deep dive into the mindset and habits of top advisors with Matt Oechsli of The Oechsli Institute<br /> One of the hottest articles on our Perspectives Blog this year was a piece written by Mindy Diamond titled “The Billion Dollar Mindset: What Drives Top Advisors?” The popularity of the topic comes with little surprise as advisors at all levels have a strong desire to understand what propels another towards greater success. <br /> To take a deeper dive into the topic, Mindy welcomes Matt Oechsli, founder of the Oechsli Institute, a firm that specializes in coaching and training advisors who are looking to build their wealth management practices to new heights. <br /> The Oeschli Institute has conducted years of extensive research on elite advisors, their businesses and relationships with their affluent clients, and they use that data as the foundation for the services they provide to advisors.<br /> Matt covers a wide gamut on what the most successful advisors do differently, including:<br /> - What a “growth mindset” is—and why it’s the most common trait among elite advisors.<br /> - Why being self-aware is vital—and how to recognize and address any weaknesses is a sign of strength.<br /> - How self-trust and self-motivation are key traits of top advisors—and why many still suffer from self-doubt.<br /> - Why putting the client first is one of the most important aspects of success—and how to make it part of a regular business routine.<br /> - How to develop an emotional connection with a client—and why that’s one of the most critical elements of an advisor’s success.<br /> - How to properly ask clients for referrals—and why most advisors shy away from the process.<br /> - Plus, the importance of continuity planning—and what personality type to look for in a next gen advisor.<br /> As Matt shared, elite advisors are already outstanding at their craft, but they differentiate themselves by developing a strong emotional connection with their clients and “have mastered the art of selling in a fiduciary world.” It’s an important episode for all advisors, with actionable advice that can be immediately put to use. <br /> For more information about this episode, plus links to related resources, visit: https://www.diamond-consultants.com/what-are-top-advisors-doing-differently<br /> Mindy Diamond 1 55 What are Top Financial Advisors Doing Differently? With Matt Oeschli clean 50:59 How “Transparency” Propelled Growth from $1 to $4 Billion in 8 Years https://www.diamond-consultants.com/how-transparency-propelled-growth-from-1-to-4-billion-in-8-years-pagnatokarp/ Mon, 09 Dec 2019 14:52:41 +0000 https://www.diamond-consultants.com/?p=12867 From NASA scientist to Forbes Top Wealth Advisor: Paul Pagnato, CEO Founder of PagnatoKarp, shares his extraordinary breakaway story from financial advisor at Merrill Lynch to launching an independent practice at HighTower Advisors before forming the now $4B fee-only RIA firm. From NASA scientist to Forbes Top Wealth Advisor: Paul Pagnato, CEO Founder of PagnatoKarp shares his extraordinary breakaway story from financial advisor at Merrill Lynch, then on to HighTower Advisors before forming the now $4B fee-only RIA firm. A conversation with Forbes Top Advisor Paul Pagnato, CEO Founder of PagnatoKarp<br /> Throughout this series we’ve shared the unique stories of quality advisors who have taken extraordinary steps through their careers to find the best way to serve clients and grow their businesses. <br /> And the guest in this episode is certainly an example of “extraordinary” on all counts. <br /> Paul Pagnato, CEO and Founder of PagnatoKarp, is a four-time ranked Forbes Top Wealth Advisor with an interesting story to share: Before starting his career as a financial advisor with Merrill Lynch, he was a microbiologist with NASA and McDonnell Douglas. <br /> Yet after building a successful wealth management business at Merrill, Paul and partner David Karp left in 2011 to become one of the first teams to join HighTower Advisors—a firm which they would leave in 2016 to form their own fee-only RIA based on what they call True Fiduciary® Transparency Standards. <br /> Paul shares his fascinating breakaway story, including:<br /> - Why they left Merrill for HighTower—and why they ultimately chose to leave HighTower for full-on independence. <br /> - How their clients responded to two moves in a relatively short time-frame—and what the most important thing was that Paul and his partner said to convince them to follow.<br /> - How adopting a strong value proposition based on transparency has impacted PagnatoKarp’s growth—and why he feels they needed to move to the independent space to deliver on this value proposition.<br /> - Why he feels the ability to act as a “true fiduciary” in serving clients’ interests is not possible in the bank and broker dealer world—and what his firm can do now to best serve their clients that they could not do before forming their own RIA.<br /> A unique journey from NASA scientist to wealth advisor to entrepreneur-led Paul down an exceptional path of evolution and growth. It’s a story driven by an intense level of passion to serve clients free of conflict and with complete transparency with valuable takeaways for all advisors—so be sure to listen in. <br /> For more information about this episode, visit: https://www.diamond-consultants.com/how-transparency-propelled-growth-from-1-to-4-billion-in-8-years-pagnatokarp Mindy Diamond 1 54 How “Transparency” Propelled Growth from $1 to $4 Billion in 8 years with Paul Pagnato, PagnatoKarp clean 59:34 How This UBS Breakaway Team Increased Their Client Base by 50% https://www.diamond-consultants.com/ubs-breakaway-team-increased-client-base-by-50-percent/ Tue, 03 Dec 2019 14:55:32 +0000 https://www.diamond-consultants.com/?p=12835 Doug John and Bryn Talkington join Mindy Diamond to discuss their break from UBS, the ability to better serve their ultra-high net worth clients and resulting extraordinary growth as the independent $1.5B RIA firm Requisite Capital Management. Doug John and Bryn Talkington join Mindy Diamond to discuss their break from UBS, the ability to better serve their ultra-high net worth clients and resulting extraordinary growth as the independent $1.5B RIA firm Requisite Capital Management. A conversation with Bryn Talkington and Doug John of Requisite Capital Management - Some of the most listened to episodes of this series are those in which breakaway advisors share the stories of their journeys to independence. While the goals and drivers of each individual or team may be similar, the paths to get there are unique. <br /> Today’s guests are a perfect example. Doug John and Bryn Talkington each worked at UBS for over 15 years, but in different departments and cities in Texas: Doug worked in Private Wealth in Dallas and Bryn on the asset management side of the firm in Houston. In 2017, they joined forces to build Requisite Capital Management, now a $1.5B RIA based in Dallas. <br /> Doug and Bryn share their compelling story, including:<br /> - How two individuals from different professional backgrounds came together—and what it took to build a team and a successful independent business.<br /> - What pushes drove them to leave UBS—and what pulled them towards independence.<br /> - Why they transitioned from a hybrid RIA to a fee-only model—and the pros and cons of each. <br /> - What their clients said about leaving a big brand like UBS behind—and how Requisite has since increased their client base by 50% in just 2 years. <br /> - How investing in modern technology like Addepar has been a real game-changer for their business—and how the return on that investment has already begun to pay off.<br /> - How going independent has allowed them to brand and build their business to meet their client needs and their own vision and goals—and how independence has opened the door to expanded marketing opportunities, including Bryn’s role as a commentator on CNBC.<br /> As principals of an independent wealth management firm, Bryn and Doug share that they can now offer their ultra-high net worth clients family office services, customized reporting, robust access to the private markets—and other capabilities well-beyond what they could do as employees of UBS. <br /> While many advisors on this series have shared their perspective on why they made the leap, Doug’s commentary is especially meaningful because their reasons for the break were so deeply rooted in what he and Bryn thought was better for their clients: “Publicly traded wirehouses are beholden to one constituency: their shareholders. We wanted to be accountable to our clients first and foremost.” And in that accountability, they have built a business that is already realizing extraordinary growth. <br /> For more information and resource links related to this episode, visit https://www.diamond-consultants.com/ubs-breakaway-team-increased-client-base-by-50-percent Mindy Diamond 1 53 How This UBS Breakaway Team Increased Their Client Base by 50% clean 50:03 LPL Reinvented: Going Beyond the Traditional Broker Dealer Model https://www.diamond-consultants.com/lpl-reinvented-beyond-the-traditional-broker-dealer-model/ Mon, 18 Nov 2019 14:25:16 +0000 https://www.diamond-consultants.com/?p=12794 With 30 years under its belt, LPL Financial is undergoing an evolution to what CEO Dan Arnold describes as “the next generation independent model.” Guests Rich Steinmeier and Marc Cohen share some inside baseball on the independent broker dealer's new direction. With 30 years under its belt, LPL Financial is undergoing an evolution to what CEO Dan Arnold describes as “the next generation independent model.” Guests Rich Steinmeier and Marc Cohen share some inside baseball on the IBD's new direction. A conversation with LPL Financial’s Managing Director and Divisional President of Business Development Rich Steinmeier, and Senior Vice President of Strategic Business Development Marc Cohen<br /> Three decades ago, one of the industry’s first independent broker dealer models was born. LPL Financial was designed to be an alternative to Wall Street firms, where entrepreneurial advisors could build and grow their businesses with greater freedom and flexibility than they were experiencing elsewhere.<br /> Fast-forwarding to more recent years, LPL became a publicly-traded company and reportedly the largest independent broker dealer in the country based on revenue, with more than 16,000 financial advisors under its umbrella.<br /> But getting to the top wasn’t an easy ride. Over the years, the company suffered from negative press, stymied growth and increasing competition in a much-evolved landscape.<br /> Today, LPL is on a new path, taking on the task of reinventing itself under the leadership of current President and CEO Dan Arnold, who is setting the firm on a mission to become “the next generation independent model.”<br /> In this episode, two of the firm’s leaders responsible for guiding strategic growth – Rich Steinmeier, Managing Director and Divisional President of Business Development, and Marc Cohen, Senior Vice President of Strategic Business Development – share some inside baseball on the firm’s new direction, including:<br /> - LPL’s current value proposition for advisors—and how it’s changed over the past 30 years.<br /> - The pros and cons of being one of the industry’s largest broker dealers—and why an advisor might choose LPL over a hybrid RIA model.<br /> - The role of long-term value creation in an advisor’s decision to go independent—and how LPL serves those who are looking to build an enterprise.<br /> - The ever-increasing need to offer best-in-class technology—and how LPL addresses that need.<br /> - A playing field of competition that has grown exponentially—and what differentiates LPL from not just other IBDs, but other models in the independent space.<br /> LPL has evolved beyond what it was at inception to a model Rich and Marc describe as “LPL 2.0”—serving as custodian, clearing firm, technology provider, back-office support and most importantly, business partner all rolled into one.<br /> It’s an interesting episode that explores how an evolving landscape has driven firms like LPL cause to reinvent themselves, creating a new and improved pathway for advisors considering change.<br /> For more information on this episode, plus related links and resources, visit: https://www.diamond-consultants.com/lpl-reinvented-beyond-the-traditional-broker-dealer-model/ Mindy Diamond 1 52 LPL Reinvented: Going Beyond the Traditional Broker Dealer Model clean 1:01:29 5 Things Josh Brown’s Firm Does Differently—And How it Resulted in Over 100X Growth in 6 Years https://www.diamond-consultants.com/5-things-josh-browns-firm-does-differently-100x-growth-in-6-years/ Mon, 11 Nov 2019 14:56:17 +0000 https://www.diamond-consultants.com/?p=12733 Josh Brown, of Ritholtz Wealth Management and voice of The Reformed Broker and CNBC Halftime Report, talks about where the wealth management industry is headed, inorganic growth, equity, the role of authenticity and perseverance, and more. Josh Brown, of Ritholtz Wealth Management and voice of The Reformed Broker and CNBC Halftime Report talks about where the wealth management industry is headed, inorganic growth, equity, the role of authenticity and perseverance, and more. Few names in the wealth management industry are as well-known as that of the guest on this episode.<br /> Josh Brown is the CEO and co-founder of Ritholtz Wealth Management – an RIA with over $1 billion in assets – but most know him as the prolific voice on CNBC’s Halftime Report and from his no-holds-barred commentary on other major media outlets. <br /> Josh’s The Reformed Broker blog served as a catapult to popularity, and lead to authoring 2 books, a video series and podcast, a robust social media presence and much more.<br /> Yet, for all he has achieved thus far, few are aware that he came from rather auspicious beginnings.<br /> In this episode, Josh talks with Mindy about his start in the business, and shares how authenticity and perseverance propelled him to where he is today. He also weighs in on where the industry is now and where he sees it headed, including:<br /> - What drove him to become the prolific blogger that he is—and how writing contributed to his professional growth.<br /> - How building a business is like adding “pieces to a puzzle”—and tips on how to avoid some of the pain points they hit along the way.<br /> - The threshold question that advisors who are considering independence should ask themselves—and why that answer is critical to building a sustainable business.<br /> - Why he thinks that when it comes to building your firm, bigger is better—and how inorganic growth is one of the key factors of his firm’s success.<br /> - The real role of equity—and why he thinks giving employees ownership is important to a firm’s growth.<br /> - Plus, Josh shares 5 things Ritholtz Wealth does differently—and how that contributed to breaking the billion-dollar AUM ceiling.<br /> It’s a high-energy, honest conversation with plenty of insights for all advisors – no matter where you’re seated – and covers all aspects of building a business in the wealth management world.<br /> For links and resources, visit https://www.diamond-consultants.com/5-things-josh-browns-firm-does-differently-100x-growth-in-6-years/<br /> Mindy Diamond 1 51 5 Things Josh Brown's Firm Does Differently - And How it Resulted in Over 100X Growth in 6 Years clean 57:30 An Update on Merrill’s Enhanced CTP: What it Means for Advisors, Their Next Gen and Clients https://www.diamond-consultants.com/an-update-on-merrill-enhanced-ctp-what-it-means-for-advisors/ Thu, 07 Nov 2019 20:37:34 +0000 https://www.diamond-consultants.com/?p=12682 In this special podcast episode, Vince Fertitta, breakaway Merrill executive who is now President of Sanctuary Wealth, joins the show to discuss the Merrill Lynch enhanced CTP and what it means for all Merrill advisors going forward. In this special podcast episode, Vince Fertitta, breakaway Merrill executive who is now President of Sanctuary Wealth, joins the show to discuss Merrill’s recently announced enhanced CTP and what it means for all Merrill advisors going forward. A special episode with guest Vince Fertitta, Merrill breakaway executive, now President of Sanctuary Wealth.<br /> After months of rumors, the day finally arrived: Merrill released details on their enhanced Client Transition Program or CTP.<br /> At face value, it is an honest attempt by Merrill to acknowledge the attrition they’ve experienced – especially among elite advisors – and a way of making their retiring advisor program more competitive.<br /> To be fair, the details around the enhancement can be compelling for a senior advisor who has every intention of retiring from Merrill through CTP because the program will now pay him more to do what he was going to do anyway.<br /> But it is the next gen advisors, teams and clients who are most at risk—because the quid pro quo of better retirement economics for senior advisors is that it comes attached to a 7- to 9-year commitment to the firm (plus strict non-solicit provisions) for the inheriting team.<br /> So what? Why should you care? What does this really mean for all Merrill advisors going forward—whether you’re a senior advisor pondering retirement, the next gen inheritor of a business, or none of the above?<br /> Vince Fertitta, recent Merrill breakaway executive who is now President of Sanctuary Wealth, joins the show to answer those questions and more, drawing from his experience of over two decades with the firm.<br /> Vince Fertitta Sanctuary WealthIn this episode, Mindy and Vince explore:<br /> - What the “Client Transition Program” or CTP really is—and how it impacts retiring advisors, their next gen and their clients.<br /> - Who will benefit most from enhanced CTP—and what are the risks of signing on, now or in the future.<br /> - What it means to lose “optionality”—and what the next gen inheritors need to be aware of.<br /> - And the major concern that many advisors have: That programs like this represent another move closer toward a salary bonus model—where advisors go from being free-will or at-will employees to salaried private bankers.<br /> It’s an important episode—one that all Merrill advisors should listen to.<br /> For more information, visit: https://www.diamond-consultants.com/an-update-on-merrill-enhanced-ctp-what-it-means-for-advisors/ Mindy Diamond 1 51 An Update on Merrill Enhanced CTP: What it Means for Advisors, Their Next Gen and Clients with Vince Fertitta clean 13:00 How to Become an Attractive Buyer or Seller in a Hot M&A Market https://www.diamond-consultants.com/how-to-become-an-attractive-buyer-or-seller-in-a-hot-ma-market/ Mon, 28 Oct 2019 13:37:36 +0000 https://www.diamond-consultants.com/?p=12605 Rich Gill, senior partner of Wealth Partners Capital Group, discusses what makes an attractive acquisition target, what a good deal looks like, how to prepare your firm for acquisition, how long the red hot M&A market will continue and much more. Rich Gill, senior partner of Wealth Partners Capital Group, discusses what makes an attractive acquisition target, what a good deal looks like, how to prepare your firm for acquisition, how long the red hot M&A market will continue and much more. A conversation with Rich Gill, Senior Partner of Wealth Partners Capital Group<br /> In a milestone episode of the series – our 50th episode – we explore one of the hottest topics in wealth management today: mergers and acquisitions. <br /> Consider this: Fidelity Clearing and Custody Solutions reported that from January through August of 2019 there were 86 RIA transactions representing the movement of $93.5B assets, and 7 IBD transactions representing $392.0B in assets.<br /> And we’ve seen year-on-year growth in both transactions and assets, with quality buyers vying for strong sellers, and new players sitting at both sides of the table every day—that is, investment firms as well as independent firms that have their sights set on solving for scale, succession and inorganic growth.<br /> In this episode, Rich Gill joins us from the investment firm side of the table, as senior partner of Wealth Partners Capital Group (WPCG)—a firm that is quickly becoming one of the most prominent in the space, having executed transactions totaling over $80 billion in client assets as of this recording.<br /> Rich shares his unique perspective and experience on:<br /> - How an independent firm can stand out in a crowded and competitive arena of sellers—and what key things buyers are looking for.<br /> - What the universe of potential acquirers vying for quality RIA firms looks like now—and how to determine what type of acquirer is best for an RIA firm.<br /> - What a firm owner needs to be aware of before they consider a sale—and what they need to do to prepare the firm for acquisition.<br /> - What a prospective firm owner needs to know when it comes to valuation—and how building for maximum enterprise value along a 10-year timeframe will help set the stage for a successful acquisition.<br /> - How an acquirer like WPCG finds firms that are attractive acquisition targets—and what type of firm is a good fit for their group.<br /> - Plus, the impetus behind the creation of WPCG, their unique model and the key gaps they were looking to fill in the M&A landscape.<br /> Rich’s insights into how both buyers and sellers can differentiate are pivotal in a hot and crowded M&A market. While well-run, uber-successful independent firms may have their pick of the litter when ready to sell, there are opportunities for firms at all levels. So it’s critical to answer the threshold questions Rich shares in this episode before wading into the M&A waters. <br /> It’s an exciting time to be an independent business owner—whether you’re just entertaining the notion of doing so or have been an entrepreneur for decades. In either case, this episode will shed some light on the potential that lies ahead.<br /> For more information on this show, plus links to additional resources, visit https://www.diamond-consultants.com/how-to-become-an-attractive-buyer-or-seller-in-a-hot-ma-market Mindy Diamond 1 50 How to Become an Attractive Buyer or Seller in a Hot M&A Market–with Rich Gill, Wealth Partners Capital Group clean 59:16 3X Growth: How a Pivot from IBD to RIA Turned into a Nearly $4 Billion Slam-Dunk https://www.diamond-consultants.com/3x-growth-ibd-to-ria-turned-into-nearly-4-billion/ Mon, 14 Oct 2019 14:04:21 +0000 https://www.diamond-consultants.com/?p=12553 Rob Nelson, CEO and Founding Partner of NorthRock Partners, talks about his explosive growth after a shift from IBD to RIA, the value of a capital partner, professional athletes as clients as well as team members, and much more. Rob Nelson, CEO and Founding Partner of NorthRock Partners talks about his explosive growth after a shift from IBD to RIA, the value of a capital partner, professional athletes as clients and team members and much more. While it often seems that the typical road to independence starts in the brokerage world, there are plenty of advisors who’ve taken a different path.<br /> Rob Nelson, Founding Partner and CEO of Minneapolis-based NorthRock Partners, joins the show to share his unique journey, which started at an independent broker dealer—a model which he outgrew, leading him to the RIA space.<br /> And as an RIA, extraordinary growth followed with the ability to do so much more than he could under an independent broker dealer umbrella.<br /> In this episode, Rob shares how his business serving high net worth clients – many of whom are professional athletes – has evolved over the years and continues to do so at an amazing pace.<br /> The firm made news back in April of 2019 when they took on a capital partner: New York Private Bank and Trust’s Emigrant Partners. Then they made even bigger headlines in June when they recruited NBA All-Star Tony Parker, who recently retired from the San Antonio Spurs.<br /> And shortly after we recorded this interview, NorthRock announced that they expanded their footprint into Chicago in a partnership with a team that shares their passion and commitment to the client experience. All that translates into incredible, fast-paced growth, pushing NorthRock’s assets under management to nearly $4.0 billion.<br /> In this show, Rob and Mindy discuss:<br /> - What propelled him to leave independent broker dealer Ameriprise—and what he can do as an independent firm owner that he could not within the IBD space.<br /> - His firm’s unique client base and niche—and how his value proposition was designed to resonate with this high net worth and ultra-high net worth group of athletes.<br /> - The ability to offer true Family Office services—and why that’s such an important component of his business offering.<br /> - Why he chose to take on a capital partner—and how the infusion of capital will impact the firm’s growth.<br /> - The role of inorganic growth in his firm’s business plan—and his expectations of a capital partner like New York Private Bank and Trust’s Emigrant Partners in fulfilling their goals.<br /> Rob shares that his decision to start an RIA firm came down to choosing between the comfort and familiarity of the status quo or responding to the evolving needs of his clients. And clearly the latter has paid off many times over.<br /> For more information and links related to this episode, visit https://www.diamond-consultants.com/3x-growth-ibd-to-ria-turned-into-nearly-4-billion Mindy Diamond 1 49 3X Growth: How a Pivot from IBD to RIA Turned into a Nearly $4 Billion Slam-Dunk clean 41:06 The Real Story Behind HighTower’s Reinvention with Bob Oros https://www.diamond-consultants.com/the-real-story-behind-hightowers-reinvention-with-bob-oros/ Mon, 30 Sep 2019 12:08:32 +0000 https://www.diamond-consultants.com/?p=12500 Industry veteran and CEO of HighTower Bob Oros digs into the evolution of the firm and the landscape at large in this podcast episode. It’s an engaging conversation with a unique perspective on the momentum towards independence and thriving M&A market. Industry veteran and CEO of HighTower Bob Oros digs into the evolution of the firm and the landscape at large in this episode. It’s an engaging conversation with a unique perspective on the momentum towards independence and thriving M&A market. Fast forward a decade and, with over $70B in assets under management, HighTower has morphed its business model from an employee-based partnership to an investor in independent firms. Elliott Weissbluth stepped down as CEO, leaving some big shoes to fill—that is, until January of 2019, when Bob Oros took over the helm of this iconic firm.<br /> Few people would be up for the task of driving HighTower into a new decade and through a landscape that looks very different from the one it helped forge. Yet Bob brings with him a great deal of experience and expertise, having previously held top positions at HD Vest, Fidelity, Schwab and LPL.<br /> In this episode, Bob digs into the evolution of HighTower and the landscape at large, including:<br /> - HighTower’s much-publicized change in business model—and how the new “HighTower 2.0” value proposition fits within an evolved landscape.<br /> - Advisors who fit the HighTower target profile—and what these advisors are looking to solve for.<br /> - The appeal of HighTower to prospective breakaways—and why a wirehouse advisor who is considering going independent would think about selling to HighTower over other models.<br /> - The role of private-equity investor Thomas H. Lee Partners (THL)—and the benefits for HighTower both long- and short-term.<br /> - The impact of a greater number of competitors in the landscape—and how HighTower stacks up against firms like Dynasty Financial Partners and Focus Financial Partners.<br /> - The momentum of the M&A market—and why principals at recently acquired billion-dollar-plus firms chose to sell to HighTower.<br /> - The changing wealth management landscape—and how HighTower plans to remain relevant.<br /> It’s an engaging conversation that offers a unique perspective on how the momentum towards independence and a thriving M&A market will continue, fueled by an aging advisor population who are asking themselves a threshold question: “What’s the rest of my life look like?”<br /> A question that, no doubt, advisors of all ages are asking themselves, and firms like HighTower are providing the answer to.<br /> For more information about this episode plus links to related articles and resources, visit https://www.diamond-consultants.com/the-real-story-behind-hightowers-reinvention-with-bob-oros Mindy Diamond 1 48 The Real Story Behind HighTower’s Reinvention with Bob Oros clean 48:16 Technology’s Role in Building a Firm for Maximum Value https://www.diamond-consultants.com/technologys-role-in-building-a-firm-for-maximum-value/ Mon, 16 Sep 2019 12:18:36 +0000 https://www.diamond-consultants.com/?p=12403 In part 2 of 2, Eric Poirier, CEO of Addepar, explores the ongoing role technology plays in the different stages of a business, as well as a firm’s valuation, and what independent firm owners need to consider as their businesses and clients evolve. In part 2 of 2, Eric Poirier, CEO of Addepar, explores the ongoing role technology plays in the different stages of a business, as well as a firm’s valuation, and what independent firm owners need to consider as their businesses and clients evolve. Part 2 of a Conversation with Eric Poirier, CEO of Addepar<br /> In episode 45 of this podcast series, Eric Poirier, CEO of one of the leading fintech platforms, Addepar, discussed how the playing field has been leveled when it comes to accessing modern technology—and how that access gives advisors in the independent space a massive advantage. <br /> Taking the conversation a step further, Eric and Mindy explore the ongoing role technology plays in the different stages of a business – as well as a firm’s valuation – and what firm owners need to consider as their businesses and clients evolve.<br /> Together they discuss:<br /> - How the right technology can create the look and feel of a substantially larger firm—and make a firm a more attractive buyer or seller.<br /> - What a firm principal needs to know when choosing a technology provider—and why approaching the process as more of a “partnership” is key.<br /> - The questions to ask when evaluating technology—and how to determine the ROI of a modern tech platform.<br /> - What different aspects of a business need to continually “interoperate” as a firm grows—and how developing best practices will help to identify gaps that can develop.<br /> - The role of technology in enabling advisors to personalize service delivery—and how that translates to a better overall experience and greater profitability.<br /> - The efficiency that technology brings to the table—and how that allows a firm to continually evolve and deliver on their value proposition with consistency and authenticity.<br /> - How modern technology creates scale for a firm—and how to determine when greater efficiencies can be realized.<br /> Eric also talks at length about data security—a critical subject that’s top-of-mind for every advisor and firm owner.<br /> The right technology can help a firm appear “more sophisticated,” operating with greater efficiency, scalability and resourcefulness. Yet, as Eric describes it, “Technology is not just a veneer—but something far more substantive,” making it imperative that advisors and firm owners alike get familiar with the fintech options available to them. And listening to this episode is a great place to start.<br /> For additional information and resources related to this show, visit: https://www.diamond-consultants.com/technologys-role-in-building-a-firm-for-maximum-value<br /> Mindy Diamond 1 47 Technology’s Role in Building a Firm for Maximum Value with Eric Poirier of Addepar clean 43:19 Michael Kitces on How to Differentiate and Grow in a Competitive Environment https://www.diamond-consultants.com/michael-kitces-how-to-differentiate-and-grow-in-a-competitive-environment/ Mon, 09 Sep 2019 10:34:22 +0000 https://www.diamond-consultants.com/?p=12321 One of the industry's leading voices, Michael Kitces, joins Mindy to discuss the fundamental shifts in the wealth management industry, the leveling of the playing field and what advisors need to do to differentiate, compete and thrive. One of the industry's leading voices, Michael Kitces, joins Mindy Diamond to discuss the fundamental shifts in the wealth management industry, the leveling of the playing field and what advisors need to do to differentiate, compete and thrive. One of wealth management’s leading voices shares his thoughts on the fundamental shifts in the industry, the leveling of the playing field and what advisors need to do to compete and thrive.<br /> Few names in the financial services space are as widely known as Michael Kitces. While he’s a partner and co-founder of several wealth management service entities, most know him as the host of one of the industry’s most listened to podcast shows, Financial Advisor Success, and as the publisher of the blog Nerd’s Eye View on Kitces.com, as well as from his commentary in the media and as a keynote speaker. <br /> It’s hard to dispute that Michael is indeed one of the most prolific information machines in the industry, fueled by a genuine passion for sharing knowledge and a lot of persistence.<br /> In this episode, Michael switches to the other side of the table to speak with Mindy about the evolution of the wealth management industry, and how advisors can best position themselves and their businesses to thrive now and in the future.<br /> In the first part of the episode, Michael discusses key aspects of marketing and differentiation, including:<br /> - What it takes to effectively market a firm—and why identifying its unique value proposition is key to attracting and retaining clients.<br /> - Why an advisor needs to determine who his ideal client is—and know how that drives a strategic plan and target budget for marketing.<br /> - The value of social media and content marketing—and how focus and dedication to providing value are part of his formula for success.<br /> In the second half of the show, Michael and Mindy talk about the evolution of the industry and the impact on advisors and their businesses, including:<br /> - The growth of the independent ecosystem—and how there are options for advisors at all levels, whether they want to build something from scratch or take advantage of varying types of supported infrastructure.<br /> - How the barriers to crossover into the independent world have disappeared—and advisors now have many more options when it comes to service providers, platforms, and middle-office players, making it much easier to go independent than it ever was in the past.<br /> - How the expansion of fee-based models has allowed even wirehouse advisors to run their own “mini-independent shops” right within their firms—and, consequently, better preparing them to make the leap to independence.<br /> The advances and availability of technology in the independent space has led to a leveling of the playing field, and Michael acknowledges how advisors “really don’t have to be captive to a large firm to get good technology. That was absolutely true 20 years ago; it just isn’t today.”<br /> Michael talks extensively about the future of wealth management, and how he sees a continuing fundamental shift for advisors moving from “advice for the sake of supporting product sales to advice for the sake of advice,” ultimately leading to “a whole reinvention or reconfiguration of who’s out there in the advice world and what they do.”<br /> It’s an episode that covers a great deal of ground—solid information for any advisor who is looking to gather insight on the changes in the landscape and use that knowledge to take his business to the next level.<br /> For more information and additional resources related to this episode, visit https://www.diamond-consultants.com/michael-kitces-how-to-differentiate-and-grow-in-a-competitive-environment Mindy Diamond 1 46 Michael Kitces on How to Differentiate and Grow in a Competitive Environment clean 1:06:56 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. 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 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 how their model differs from others in the independent space. 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 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. 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 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? 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 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. 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 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. 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 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. 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 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. 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 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. 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 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. 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 In His Own Words: A Diehard Merrill Advisor’s Journey to Independence https://www.diamond-consultants.com/diehard-merrill-lynch-advisor-michael-henley-lp-li4/ Tue, 01 Jan 2019 17:36:11 +0000 https://www.diamond-consultants.com/diehard-merrill-lynch-advisor-michael-henley-to-independence-copy/ 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.



More for Merrill Advisors
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.]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
$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...]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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,]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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->




 
This podcast is also available on...
                      

 

Browse other episodes in this podcast series...


]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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.]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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->

 



This podcast is also available on...
                       clean
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->



This podcast is also available on...
                      

 ]]> 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->



This podcast is also available on...
                      

 ]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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 Prospective 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] Prospective 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 TE...]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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,]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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...]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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 ->

 
This podcast is also available on...
           
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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.



This podcast is also available on...
            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->

 
This podcast is also available on...
                    

 

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->

 
This podcast is also available on...
                      

 

Browse other episodes in this podcast series...]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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...]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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 are 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 are 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 ... 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->

 



This podcast is also available on...
                      

 

Browse other episodes in this podcast series...]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean
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...]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean 20:51
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 ->



This podcast is also available on...
                      

 

Browse other episodes in this podcast series...

 ]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean 16:50
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 is 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 is 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 ->



This podcast is also available on...
                      

 

Browse other episodes in this podcast series...

 ]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean 18:27
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.]]>
Mindy Diamond - Financial Advisor Recruiter and Consultant clean 31:17
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 ->



This podcast is also available on...
                       clean 21:43
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 ->



This podcast is also available on...
            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 ->



This podcast is also available on...
clean 15:07
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.

 

 ]]> Mindy Diamond - Financial Advisor Recruiter and Consultant clean