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Podcast

Independence for Financial Advisors

Independence for Advisors with an Offshore Client Base

Posted by Mindy Diamond

A Conversation with Merrill Lynch Breakaway Lisa van Walleghem, CEO and Founder of MAXIMAI Investment Partners

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:

  • Lisa Van Walleghem MAXIMAIThe 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.

 

Podcast: Play in new window | Download (Duration: 40:22 — 37.6MB) | Embed

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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. Read->

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

Can Only the Biggest Firms Serve the Biggest Clients?
Operating under a belief that bigger is better, advisors find themselves “stuck” in more than just ideology. Read->

 

 

Lisa van Walleghem:

Lisa is CEO and Founder of MAXIMAI Investment Partners. She leads a team of professionals committed to providing tailored solutions for global clients, as well as to business development. Lisa advises clients on generational planning and global portfolio allocation with specific emphasis on core alternative investment strategies.

She also directs the firm’s efforts to promote the involvement of next generation clients in educational seminars and internships and she fosters their integration in family wealth discussions and planning.

Lisa has been providing wealth management advice to ultra-high-net worth clients for the last 30 years. In 1992, she joined Merrill Lynch, where she spearheaded the founding of the MaximAI Wealth Management Group.

Highly qualified, Lisa has consistently achieved distinguished recognition such as her inclusion in Merrill’s prestigious Charles E. Merrill Circle of Excellence. She also earned the special designation of Private Wealth Specialist for Latin America.

Lisa is committed to her family and lives in Coral Gables, Florida, with her husband, Derek. Her hobbies include boating, travel and learning about different cultures. She is an avid reader and dedicated to mentoring teens. For the last 15 years Lisa has worked closely with The Centro Mater Foundation, which supports five centers in South Florida that offer childcare and after school programs for children from economically disadvantaged families.  As a Centro Mater Alum, she is passionate about giving back.  She has been a Board member, event sponsor, volunteer and remains highly committed.

 


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

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    • 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
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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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