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For Financial Advisors

Motivated by the Long Game: Why a UBS Breakaway Left a Deal Behind for Independence with Summit Financial

Posted by Mindy Diamond

A conversation with Monish Verma, Managing Partner, Vardhan Wealth Management

There are so many great things about this breakaway story that we had a difficult time trying to pinpoint that “one thing” that was unique and buzzworthy.

But the reality is that Monish Verma’s break from UBS to independence doesn’t have one special thing that we can share with you.

It has dozens.

Monish describes what is an incredibly instructive journey, starting with the thought process when considering change, on through to due diligence and decision-making, and ultimately how his choice to go independent is resonating today.

A wealth management career that started in 1995 with Dean Witter and later Morgan Stanley, Monish moved to UBS in 2009 with $60mm in assets. As a sole practitioner, he set his sights on a path to grow the business and later added a sales associate.

And it was that focus and a concerted effort to drive referrals that accelerated the growth of assets under management to over $350mm.

Monish is clear to share his gratitude for all that he was able to achieve at UBS but one thing was lacking: Autonomy.

He wanted greater agency in how he served clients, grew the business and hired team members—but he was limited by what UBS allowed.

So he explored options in the landscape, coming close to choosing a transition deal with an outsized check—yet it was the strings attached that made him think twice.

Instead, Monish was attracted a supported independence option from Summit Financial and in May of 2021, he launched Vardhan Wealth Management.

And in the process, sold a portion of the business to gain equity in Summit—a move that he describes as a “partnership.”

Motivated by the Long Game: Why a UBS Breakaway Left a Deal Behind for Independence with Summit Financial - A conversation with Monish Verma, Managing Partner,Vardhan Wealth ManagementIn this episode, Monish shares his journey with Louis Diamond, including:

  • The choice to go independent vs taking a wirehouse transition deal—and how he reconciled foregoing an outsized recruitment check.
  • Opting not to launch his own RIA firm—and the value he sees in launching his business with Summit Financial instead of going it alone.
  • The decision to sell equity right out of the gate—and how doing so served to solidify his partnership with Summit.
  • Making a non-Protocol move from UBS—and how that impacted his transition.
  • A thorough due diligence process—and how exploring options “not on his radar” helped to inform his ultimate decision.

Monish shares a journey that offers valuable lessons on how clarity of goals and vision can help lead you toward the right destination. And even when presented with what was an outstanding deal in the short-term, he saw greater value and opportunity in the long-term.

Listen in…

Podcast: Play in new window | Download (Duration: 52:49 — 72.5MB) | Embed

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> Download a transcript of this episode…

Related Resources

Are You Selling Yourself Short by Selling Equity?
Here are 5 things to consider. Read->

What you need to know about UBS leaving the Protocol
What to be aware of before allowing your emotions get the best of you. Read->

Due Diligence: A Path to Self-Discovery, Not a Destination
Seeing yourself through the lens of opportunity can inspire a new way of thinking about your business and allow you to reassess priorities and goals more freely. Read->

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

Monish Verma, CRPS®
Managing Partner

Monish Verma is Managing Partner at Vardhan Wealth Management.

He is a Chartered Retirement Plans Specialist℠ with more than 25 years in the wealth management business.

Prior to founding Vardhan Wealth Management, Monish was a Senior Vice President and Senior Portfolio Manager at UBS Financial Services Inc. – running the Verma Wealth Management Group. Monish previously worked at Smith Barney and Morgan Stanley.

He graduated Michigan State University with a Bachelor of Science in Communication Pre-Law and a minor in Business.

Away from the office, Monish is active in the local community. He is past president and current member of the INDO American Chamber of Commerce and charter member of the Indus Entrepreneurs, Michigan Chapter. He is an avid tennis player. Monish and his wife, Roshnee, reside in Novi, Michigan and are the proud parents of three wonderful boys.

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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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