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Podcast

Independence for Financial Advisors

A Model of Supported Independence That Fills the “Fear Gap”

Posted by Mindy Diamond

With Rob Bartenstein, CEO of Kestra Private Wealth Services

There are plenty of advisors who want to go independent but are hesitant—beleaguered by thoughts like: What would it take to setup the business? What do I need to know about platforms and technology? Where do I even start?

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.

Rob Bartenstein, Kestra PWS, Kestra Private Wealth Services

Rob Bartenstein 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.

In this episode, Rob discusses:

  • What inspired the partners to create Kestra PWS—and why they were ready to leave the wirehouse world behind.
  • What differentiates the Kestra PWS model from others in the space—and the advantages of joining an existing RIA.
  • How this model provides an alternate path to independence for advisors—and the role Kestra Financial plays in their ecosystem.
  • 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.
  • How brand and equity ownership are big selling points for the firm—and how that differs from other independent models.

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.

 

Podcast: Play in new window | Download (Duration: 37:44 — 52.5MB) | Embed

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Related Resources

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->

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->

Quasi-Independence: The Super-Sophisticated Boutique Model Taking the Industry by Storm
It’s safe, flexible and worthy of your consideration—even though some of the names may not be all that familiar just yet. 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->

 

 

Rob Bartenstein:

As the chief executive officer of Kestra Private Wealth Services, Rob is dedicated to providing experienced advisors with the services and support they need to start their own successful, independent businesses.

He began his career in financial services as a private banker and acted in that capacity for three firms, Donaldson, Lufkin & Jenrette, its successor Credit Suisse First Boston, and Merrill Lynch, establishing private banking offices for Credit Suisse and Merrill Lynch in the Washington, D.C. market. In 2008, he joined Morgan Stanley in an executive role to lead business development in California, Hawaii, and Nevada. In 2011, he left Morgan Stanley to help establish Washington Wealth Management, which rebranded as Kestra Private Wealth Services in 2016. Rob is a regular contributor to CNBC, Fox Business, and Bloomberg, as well as numerous industry publications.

A U.S. Army veteran, Rob graduated from Mary Washington College, magna cum laude. He holds a Juris Doctor from George Mason University School of Law.

 


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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…

    • I listened to every episode before making my transition. Hearing the mindset and tactics of the industry’s best advisors was amazing. Perspective is so important and that is what you consistently bring to your audience.

      Matt Blocki
      CEO, Equilibrium Wealth Advisors
    • 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.

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      Founder - Sanctuary Wealth
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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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    • 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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