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Podcast

Independence for Financial Advisors

Freedom from the Big Brand: Unencumbered Growth for an $800mm Team

Posted by Mindy Diamond

A Conversation with Steve Schwarzbach, Founder and Managing Partner of Icon Wealth Partners

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

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

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

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

In this episode, Steve discusses:

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

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

 

Podcast: Play in new window | Download (Duration: 36:26 — 34.0MB) | Embed

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Related Resources

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

Choosing the right path to independence: Do you bet it all on yourself or another firm?
Weighing the value of what you’re gaining vs. what you’re giving up when deciding between independent models. Read->

The 5 Attributes That Make a Financial Advisor a “Real” Fiduciary
Wirehouse advisors are recognizing that being a true fiduciary is impossible as an employee—and it’s adding more fuel to the flow of movement to independence. Read->

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

 

 

 

About Steve Schwarzbach: 

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

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

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


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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
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    • Best new resource I have come across in a long while.

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      Michael Henley
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      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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