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Podcast

Independence for Financial Advisors

How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox

Posted by Mindy Diamond

A Conversation with Jim Dickson, Founder and President of Sanctuary Wealth Partners

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.

Jim Dickson - Sanctuary Wealth Partners

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.

 

Podcast: Play in new window | Download (Duration: 40:03 — 36.7MB) | Embed

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About Jim Dickson: 

Jim is the President and Founder of Sanctuary Wealth Partners and serves on the Board of Directors of Noyes Group, LLC. He is the visionary behind Sanctuary Wealth Partners. He led the founding, development and launch of this innovative, partnered independent division of Noyes. Having spent 20 years building and leading advisor teams, he knows what successful advisors need — and what they want.

As an entrepreneur and investor with multiple successful startup businesses, Jim possesses unique experience leading and building organizations of all sizes. He knows the importance the right leadership can provide as well as the stability and infrastructure the right firm can deliver. The network of independent advisors teams serving high-net-worth clients with a partner that handles day-to-day compliance and operations is the model of the future.

Jim began his career at Ernst & Young and then joined Merrill Lynch. At Merrill Lynch he quickly advanced into executive leadership after building a successful practice serving clients. He served as a Managing Director and held many national roles, including five years as Division Executive for the 13-state Greater Midwest Division. After 20 years at Merrill Lynch, Jim accepted the opportunity to join Noyes as its President and part owner to help lead it into the future.

Jim has been recognized in both Indianapolis Business Journal’s Forty Under 40 and Butler University’s Top 50 under 50. He serves on the board of the Zionsville Baseball Club, coaches in the Indiana Bulls Baseball Organization and volunteers as a judge for the national FFA convention each year.

Since 2014, Jim has served as a Trustee for Butler University, where he earned his B.S. in Accounting, attending on a baseball scholarship. Jim and his wife, Allison, have four children and reside in Zionsville, Indiana.


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About Mindy Diamond

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

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    WHAT OUR LISTENERS ARE SAYING…

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

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

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

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

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

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

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

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

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

      Robert Harris
      Senior Wealth Advisor, Avidian Wealth Solutions

     

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