A podcast for financial advisors exploring independence and other options in an expanded landscape

As a nationally recognized recruiter and consultant to financial advisors, Mindy Diamond has unmatched experience in introducing advisors to the independent space, an option that has greatly expanded yet remains somewhat of a mystery to many advisors. Her goal in this series is to dispel some myths, share some facts and to help advisors get better educated on the model without any concern over confidentiality or obligation.

While independence offers a great deal of freedom and flexibility, it’s not for everyone. Diamond explores the options available in the space, helping advisors to assess if it’s right for them. She offers comparisons between different types of independent models from Independent Broker Dealers (IBDs) to Registered Investment Advisors (RIAs) and Hybrid RIAs. Episodes also include conversations with industry leaders and breakaway advisors who left the captive employee world for one where they could grow their advisory business in a way that aligned with their own goals. Be sure to subscribe and stay up to date.

The Latest Episodes...

From Intern to CEO: How an Accidental Entrepreneur Built a $50B+ RIA Empire

How did Buckingham Wealth Partners become a $50B+ mega-RIA? CEO Adam Birenbaum shares his M&A strategy, the role of an investment partner, plus advice for prospective breakaways and independent advisors, dealmaking red flags and much more in this interview with Louis Diamond. Listen…

Adam Birenbaum Buckingham Wealth Partners

The Limitations of Building a Billion-Dollar “Boutique Firm” within a Wirehouse: A UBS Breakaway Story

Just over a year ago, Terry Cook was managing $1.3B in assets at UBS—a business he built over nearly 3 decades in the wirehouse world: 17 years at UBS and 9 years prior at Merrill. But as time went on, he found their high net worth clients wanted more from them beyond investment management—all things, as he put it, “that would give any wirehouse heartburn” should you even consider it. So he and his team made the leap to independence. Learn more about how they solved for the limitations they were up against at the wirehouse. Listen…

The Best of 2020: Top Advice from 10 Independent Business Owners

Advice from the top 10 independent advisors featured on our show in 2020—a special episode representing the 100th in this podcast series for financial advisors. It’s a concise download of their experiences: why they made the leap, what they found on the other side, what they might have done differently…and everything in between. Listen in to candid conversations that share a wide view of independence from those who are living it, ultimately answering the threshold question: Why independence? Listen…

A Special Year-End Industry Update: 10 Ways That 2020 Will Reshape Wealth Management in 2021

With the end of 2020 in sight, Mindy Diamond takes her annual look back at the year no one could have ever predicted. In this episode, she shares that despite the pandemic and the disruption to everyone’s lives, there was plenty of good news for the wealth management industry—most notably that many advisors say it was their best year ever and advisor movement is on course to break a decade-old record. Mindy explores this phenomenon and reveals 10 emerging trends for 2021 destined to reshape the industry for financial advisors and firms. Listen…

Advisor-Turned-CEO: How a $2.4B Ameriprise Firm Cracked the Growth Code

What does it take to build a $2B+ firm? Jon Kuttin, CEO of Kuttin Wealth Management, found several key strategic processes that drove the growth of his firm—and building the right relationships are at the top of his list. But there were specific moves he made since the beginning of his career that have been game-changing, like building a solid referral engine and transitioning from a client-facing advisor to CEO. He shares his secret sauce for success in this episode with Louis Diamond—a conversation that will appeal to any advisor whether you’re working at a wirehouse or are an independent business owner. Listen…

Melissa Bouchillon, Former Merrill Resident Director

Betting on the Long-Term: Former Merrill Resident Director Shares Why Her $1B Team Broke Away

How can a producing manager or Resident Director remain loyal to the firm and still embark upon exploration of other options? Former Merrill Resident Director Melissa Bouchillon shares how leaving Merrill wasn’t an easy decision. And there were lots of considerations—her loyalty to the firm notwithstanding.
In this episode, Melissa shares why they chose to build their own independent firm, Sound View Wealth Advisors; how they rationalized leaving assets behind; how they compensated a team member who recently signed onto CTP; why they chose to partner with Focus Financial; and more.
Listen…

Part 1 of 2: The $5B Breakaway That Led to a $125mm Acquisition Deal

A candid conversation with trailblazers Mark Sear and David Hou, who were amongst those who set in motion the independent movement back in 2008 with their headlining break from Merrill Lynch to launch RIA Luminous Capital—a firm they sold to First Republic in 2012, only to break away again in 2019 to form Evoke Advisors. They share the motivations behind their moves, what it was like to build a firm without the level of support available today, and much more in part 1 of this 2-part episode. Listen…

Part 2 of 2: The $5B Breakaway That Led to a $125mm Acquisition Deal

In part 2 of this 2-part conversation, Mark Sear and David Hou pick up where their story left off after the 2008 break from Merrill, the sale of their RIA Luminous Capital to First Republic in 2012, and their decision to go back to independence as RIA Evoke Advisors. They share their thoughts on running a wealth management practice as an employee versus an independent business owner, how building an RIA in 2019 is very different than it was in 2008, the role inorganic growth plays in their new firm, and much more. Listen…

Industry Update on Goldman Sachs: What could a new RIA custodian mean for advisors and the industry?

There have been reports of significant changes brewing at Goldman Sachs which seem to indicate that the firm is going all-in on the RIA custody business. What does that mean for Goldman Private Wealth Advisors and the wealth management industry at large? Who might the target clients and advisors be? How might the shift impact the vaunted brand? Listen in to learn more about what could be one of the most significant evolutions of the landscape in the coming months. Listen…

Learning from the Leaders: Bob Mulholland on Roadblocks, Change and the Wave Towards Independence

There are few opportunities to get candid access to someone with this level of “insider’s knowledge.” In this episode, former wirehouse leader Bob Mulholland shares his experience at Merrill and UBS, plus perspective on changes at the wirehouses, the drivers towards independence, stemming advisor attrition at big brokerages, changing advisor sentiment and much more. Listen…

5 Tips for Financial Advisors on How to Get From $500mm to $5B

There are plenty of advisors who are focused on growth, maximizing business value and building a lasting legacy. Yet few have a clear plan on how to achieve their vision. In this episode, financial advisor coach, podcast host and New York Times bestselling author Steve Sanduski shares his 5 tips on how to achieve extraordinary growth, plus discusses barriers to success that advisors frequently encounter, preparing for acquisition mode, and more. Listen…

Steve Sanduski Podcast with Mindy Diamond

WFH Mindy Diamond Podcast for Financial Advisors

Industry Update: Why Working from Home May Be One of Wealth Management’s Biggest Game Changers

Over 6 months since the mandate was ordered, many advisors have found their stride in a further evolved “work from home” wealth management world—and this has impacted everything, including processes, communication, client service and technology. But it’s also changing how advisors think about their firms, their businesses and their futures—and that’s driving movement. It’s a show that discusses how “WFH” is morphing an already evolved landscape—a topic that impacts each and every advisor, no matter where they practice. Listen…

From $30mm to $55B: The Strategic Vision Behind Creative Planning’s Extraordinary Growth

What’s driving the acquisition appetite of mega-RIAs? Peter Mallouk of $55B RIA Creative Planning has been driving inorganic growth like never before. In this episode, he talks about how the firm differentiates from a crowded and competitive RIA marketplace, what’s behind the recent shift from organic to inorganic growth, the role of a strong value proposition in a firms’ strategy, why now be a great time to sell, and much more. Listen in to learn more about his focused practices for growth—and gain valuable knowledge, regardless of whether you sit on the buyer’s or seller’s side of the table. Listen…

Industry Update on M&A: Meet the Investors—Why It’s Important for All Advisors to Know Who They Are

Whether you’re a wirehouse advisor or independent firm owner, the challenges you will face at some point are the same: Accelerating growth, creating scale and monetizing your life’s work. Or you may be an advisor looking to access transition capital and de-risk a move to independence. Louis Diamond answers these questions and more, plus discusses the unique value propositions of key investors in the space. Listen…

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

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 2/3 of their $6B in assets when they left Morgan to build independent firm Americana Partners in Houston, Texas. Hear why and what happened next… Listen…

Jason Fertitta Americana Partners Podcast

Industry Update: Understanding the Real Value of a Financial Advisor’s Business

Advisors who are employees of brokerage firms, particularly the wirehouses, face some tough questions as they think about how they want to retire from the business they’ve built. In this episode, Mindy Diamond and Louis Diamond discuss 3 business valuation scenarios, the pros and cons of sunset programs and answer the seminal question: Can an advisor’s business be maximized under a brokerage firm umbrella? Listen…

Growing Up with Merrill Lynch: A Next-Gen Breakaway Story

Merrill next gen advisor Elizabeth “Lizzie” Evans discusses how changes at the firm propelled her decision to leave the firm on the heels of her father’s CTP agreement and cautions how Merrill’s sunset package means buying something the next gen doesn’t truly own. Listen…

Mindy Diamond Podcast Rockefeller First Republic

Industry Update: Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors

In the 3rd of a 3-part series on the landscape of the wealth management industry, Mindy explores today’s boutique firms—an independent-like model where advisors have the control and freedom that come with independence but work under a W-2 construct—focusing on the top 2 firms in particular: Rockefeller Capital Management and First Republic Wealth Management. Listen…

Looking at M&A from the Acquirer’s Side of the Table

Part 1 of 2 on M&A: Karl Heckenberg, president and CEO of Emigrant Partners, discusses how the firm’s unique value proposition, plus the well-established clout of the Milstein family, is representative of a “new breed of acquirers” in the RIA space. Listen…

Looking at M&A from the Seller’s Side of the Table

Part 2 of 2 on M&A: Jeff Concepcion of Stratos Wealth Partners shares why he chose Emigrant Partners as a capital partner, what independent firm owners need to do when preparing for an acquisition, how he grew his firm from zero to $14B AUM in just 12 years, and much more. Listen…

Industry Update: The quick download that takes a broader look at what’s going on in the wealth management world and the impact on an advisor’s business.

Industry Update: A Deep Dive into the Wirehouses and Regional Firms

Mindy Diamond explores the defining characteristics of wirehouse and regional firms, and looks at how they’ve changed in recent years, and where they stand on recruiting and deals. It’s deeper dive into the ever-changing landscape of the wealth management industry. Listen…

Industry Update: What the Wealth Management Landscape Looks Like Today

The ever-expanding wealth management landscape represents a waterfall of possibilities for every advisor. In this episode, Mindy Diamond takes a close look at the current landscape, outlining the “continuum” of models—comparing and contrasting the features and benefits of each. Listen…

A Big Picture Look at the State of Recruiting

In this 10-minute update, Mindy Diamond explores the recent uptick in financial advisor recruiting activity and answers the questions we’re hearing most often from advisors. Plus, she shares the threshold question advisors need to ask themselves when considering change. Listen…

The Post-Crisis World for Financial Advisors: 10 Predictions

There’s a new wave of evolution coming which we expect will impact advisors no matter where they work. The good news is much of these changes will be for the better. Mindy Diamond shares 10 predictions for what the wealth management world will look like after COVID-19. Listen…

On Weathering the Storm

In these unprecedented and challenging times, Mindy Diamond searches for how best to add value. She found these 10 ways to refocus energy and attention helpful in moving forward on a more positive path. Listen…

Are the Wirehouses Getting Ready to Give Independence a Run for the Money this Year?

Wirehouse recruiting seems to be on an upswing, exemplified by recent high-profile hires and deals like Morgan Stanley’s acquisition of E*Trade. Are they getting ready to win the recruiting wars? Mindy explores the latest in the battle for talent. Listen…

The Bull Market for Advisors, Where They’re Moving to and Why

This episode explores where advisors are going, how movement is fueling the landscape’s evolution and what’s serving as a “barometer” of change for the industry at large. Listen…

On Clashes, Sleeping Giants, and the Handwriting on the Wall

A new bi-weekly segment that takes a look beyond independence into what’s going on in the wealth management world at large. 10-minutes on 3 things happening now and the impact on how financial advisors serve their clients and grow their businesses. Listen…

From the Archives

Controlling My Destiny: Insights from a $300M UBS Breakaway

Lori Siegel, Centrix Wealth Partners

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How the Freedom to Communicate During a Crisis and Beyond Translated to 4x Growth for this ex-Morgan Stanley Team

David Bahnsen, The Bahnsen Group

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Life After Goldman Sachs: A Story of Extraordinary Success

Justin Berman, Berman Capital Advisors

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How this Wells Fargo Breakaway is Thriving During the COVID-19 Crisis

Joseph Eschleman, Towerpoint Wealth, LLC

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The Most Misunderstood Broker Dealer in the Independent Space

Bill Williams, Ameriprise Franchise Group

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Featured Interviews

Inside Baseball on Building and Growing an Independent Firm

Mega-RIA firms are setting the pace of massive growth through ambitious acquiring practices and smart recruiting. Marty Bicknell, of Mariner Wealth Advisors, talks about his firm’s successes, shares advice for firm owners and breakaways, and more.

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The Real Truth About Business Ownership from a $600M Ex-Morgan Stanley Advisor

Lee Korn, who launched the independent firm Opal Wealth Advisors in January of 2019, shares how pulling together all the moving parts that go into building an RIA is a task that takes time, energy and a good amount of learning as you go—but worth it!

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Joe Duran on What Advisors Need to Know to Succeed in an Evolved Client-Centric World

Joe Duran, the founder/CEO of United Capital, now a Goldman Sachs company, gets candid about the firm’s sale, his perspective on independence, clients, technology and M&A, plus the “logical evolution” for advisors and their businesses, and much more.

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