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Podcast

Independence for Financial Advisors

From Ex-Morgan Stanley Advisor to One of the Biggest Breakaway Stories of 2019

Posted by Mindy Diamond

A conversation with Jason Fertitta, President / Partner of Americana Partners

Many advisors struggle with the idea of independence being a viable option for them—particularly if a portion of their book of business is not portable.

Then the decision to stay or go rests on the calculus of whether they’re willing to leave some of their assets behind for the potential of being able to better serve their core customers and grow their businesses with greater freedom and flexibility.

Essentially, getting smaller to ultimately get bigger.

That’s what Morgan Stanley breakaway Jason Fertitta and his team did in April of 2019: They opted to leave behind two-thirds of their $6B in assets when they left Morgan to build independent firm Americana Partners in Houston, Texas.

Jason Fertitta Americana Partners

It was amongst the biggest breakaway stories of the year—and certainly one that demonstrates an extraordinary level of courage and self-belief. Because the leap to independence requires a good deal of fortitude in and of itself—and those who leave chips on the table do so with an exceptional level of confidence in their mission, vision and values.

What’s also extraordinary about Jason’s story is that being a wealth management rock star wasn’t on his initial career path. He started out as a print salesman in the financial industry and, as he shares, developed an interest in investing when he came into some money by way of a settlement with a former employer. Jason joined the Lehman Brothers training program back in 2000, and in 2001 won just one of four spots for what they called “non-traditional hires.” Then, with the fall of Lehman in 2008, he moved over to Morgan Stanley.

In less than 20 years, Jason went from print sales to Lehman trainee and on to building a $6B business.

Jason discusses his journey in this episode, including:

  • The drivers behind Jason and his team’s decision to leave Morgan Stanley while at the top of their game—and how they were able to justify walking away from a good portion of their assets.
  • The limitations of working under the umbrella of a big brokerage firm—and whether their clients balked at the notion of leaving a big brand like Morgan behind.
  • The options they considered in their exploration process—and why independence was the path they chose.
  • And how the weight of asset hurdles is no longer bearing on them, allowing Americana to fully focus on delivering more of what their high net worth clients really want.

As Jason put it, “The industry is in the midst of a big sea change.” As such, there are more options than ever before that allow advisors to serve their clients and grow their businesses. For Jason, he says it’s about asking yourself what’s best for your clients. And that answer led him and his team down the path they felt was best for everyone’s future. It’s a powerful and engaging conversation that demonstrates the real potential advisors have to grow the business of their dreams—one not to miss!

Podcast: Play in new window | Download (Duration: 1:00:38 — 70.1MB) | Embed

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Related Resources

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->

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->

A Wake-Up Call for Wirehouse Advisors: Why Many are Re-Assessing the Status Quo
Firms make it easy to stay put for the entirety of an advisor’s career, yet many are feeling “uncomfortable” with that notion—worrying that what got them “here” may not get them “there.” Read->

 


Jason Fertitta:

Jason is currently President / Partner of Americana Partners. Jason was a Managing Director in Morgan Stanley’s Private Wealth Division for eleven years. He joined Morgan Stanley in 2008 after six years with Lehman Brothers High Net Worth Division. Prior to joining Lehman Brothers, Jason worked six years for Texas Direct. Jason serves on the Board of The Good Samaritan Foundation and Endowment and the Houston Museum of Natural Science. Jason attended St. Edwards University in Austin.

 


This podcast is also available on…

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

 

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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.

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      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.

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      Michael Henley
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    • 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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