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...

Industry Update on Partnerships: 10 Questions to Help Identify if You’re Still Right for Each Other

When it comes to building a strong business, there is nothing better than a great partnership. Like a happy marriage, it provides the perfect environment for synergy, with added capacity and expertise, a path for succession and enhances the overall success for the advisors. Yet the shared mindset the advisors started out with years ago may not be the same today. In this episode, Mindy and Louis discuss the genesis of partnerships and share 10 questions you should ask to determine if you’ve just hit a rocky patch or if breaking up may be the best path. Listen…

A Growth Story 87 Years in the Making: Why Boutique Firm William Blair is an Attractive Home for Top Advisors

Boutique firms have found their sweet spot—answering the call of top advisors with a best-of-all-worlds model that gives them the community, support and infrastructure of a big firm, with the control and flexibility of independence. One such winner in the space is William Blair. The head of their private wealth management unit, Ryan DeVore, joins the show to talk about their amazing growth, the firm’s diversified platform and deep resources and how that has contributed to their success, their unique value proposition and how it defines the firm from others like Rockefeller and First Republic, and much more. Listen…

Breaking Up: A Former $750mm UBS Advisor’s “Split” for Independence

Even the best of partnerships can be challenged when there are changes to the status quo. For example, former UBS advisor Robert Harris started to feel that the firm no longer allowed them to best serve their clients’ interests—and that they might have greater potential to do so elsewhere. Yet his partner didn’t agree. So after much introspection and careful due diligence, Robert went his separate way, joining RIA Avidian Wealth Solutions. It’s a common thread amongst many partnerships who reach this crossroads—and in this episode, Robert shares his story and offers sound advice to those who may also find themselves in a similar scenario. Listen…

Solving for Freedom, Control and Succession: How the Next Gen of a $330mm UBS Team Forged a Path to Independence

Next gen advisors like Bryan Garris are finding themselves at a crossroads: With senior partners considering their firms’ retire-in-place programs, he was wondering if there was another option that might provide greater freedom and control, and a better long-term plan for their business. And he admits, he knew nothing about the independent space. But after careful due diligence and planning, Bryan and his partners left UBS to form RIA firm TriaGen Wealth Management. Bryan shares his story, including what motivated him to look beyond UBS, what independence solved for, how they built a retirement plan for his senior partners, their decision to work with TruClarity Management Solutions and much more. Listen…

Industry Update: A Powerful Strategy to Accelerate Growth for Financial Advisors

Growth: It’s top of mind for every advisor and independent business owner. And the ability to both inform clients and nurture relationships while attracting prospects can seem daunting. In this episode, Mindy Diamond discusses how harnessing the power of content marketing has proven to be a gamechanger for her firm. She shares tips and advice for financial advisors on how to build your own “marketing machine.” Listen…

A Northwestern Mutual Advisor’s “Jerry Maguire-Style” Breakaway Story

As a Managing Director at Northwestern Mutual, Brett Gilliland had a unique perspective of the firm. Over time, he felt there was a lack of alignment with his goals and those of Northwestern. He wanted greater agency over how he served clients, to be able to freely market and provide unbiased, unconflicted advice without feeling pigeonholed into selling insurance. After 13 years and with $300mm in assets, he left to build Visionary Wealth Advisors, today a $1.8B firm. It’s a great story of growth and vision, but it’s Brett’s “Jerry Maguire” exit story that’s really compelling—and a true testament to the respect and trust he developed with his team at Northwestern. Listen…

From Bigger to Better: How a Former Smith Barney Superstar Found Her Competitive Advantage in Independence

With over 3 decades of experience in wealth management, Lori Van Dusen lived through and embraced the evolution of the industry landscape. In a career that started with Shearson Lehman Brothers in 1987, Lori built the business to $6B in AUM and left in 2008 from what became Citigroup Smith Barney to assume the co-leadership role of Convergent Wealth Advisors’ Institutional Group, one of the largest independent firms at the time. Finding it not independent enough, she made another leap to build her own firm, the now $2B LVW Advisors. Lori shares what life was like in the wirehouses before the financial crisis in 2008, breaking away at a time when it was uncommon to do so, “shrinking to grow” and much more. Listen…

From Start-Up to $31B Behemoth RIA: The Catalysts Behind the Growth of Mega-Firm Cerity Partners

What do you get when you cross a successful wealth management executive with a New York billionaire? A spectacular $31B firm. Former high-profile executive at Deutsche Bank, Kurt Miscinski, shares how a serendipitous meeting with billionaire entrepreneur Howard Milstein led to the 2009 launch of HPM Partners. After starting from zero, the firm today, rebranded as Cerity Partners, manages over $31B in assets for ultra-high net worth clients and corporate executives. Kurt discusses how strategic organic growth initiatives complemented by an inorganic growth strategy led to a string of high-profile M&A transactions, plus the role of culture, the value of external capital partners, and more. Listen…

Disrupting the Landscape: How a $12B+ Multi-Family Office is Making Waves Amongst Advisors and Their Clients

Avy Stein and Eric Becker, who, as family office clients, found themselves exploring options and were struck by the limitations of existing wealth management approaches, including sophisticated advice and access to an ecosystem of direct private investments. So they set out to build a better mousetrap: A model that checked off all the boxes of features that high net worth clients wanted and deserved. And in 2017 Cresset was born: An employee- and client-owned multi-family office designed to deliver a new paradigm for wealth management with rockstar leadership and advisor talent, and a value proposition that’s resonating with the wealth management world. Listen…

$1.2B ex-UBS Advisor on Independence and the Value of “Controlling Your Own Ship”

Plenty of advisors build mega-businesses in traditional firms, but for some, there comes a point when the desire to do more for their clients is hindered by the limitations of their firms. That was the primary motivation that set Matt Kilgroe’s move to independence in motion. Because after building a $1.2B business at UBS, he and his team found they were hitting a wall in what they could do for their clients. So in June of 2020, amidst the pandemic shutdowns, they launched Cyndeo Wealth Partners. And they didn’t miss a beat—transitioning 98% of their clients in the process. Listen…

Industry Update: What Financial Advisors Need to Know About Growing Through Recruitment and M&A

One of the major motivations for advisors who choose independence is to build an enterprise through recruitment and M&A. But inorganic growth opportunities are not exclusive to independent firms. Although more limited, wirehouse advisors have options too. In this episode, Mindy and Louis answer the most frequently asked questions by wirehouse advisors considering inorganic growth options, as well as firm owners who are looking at recruiting and M&A to drive growth. Listen…

From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story

Andy Schwartz went from selling insurance at Northwestern Mutual to managing $3.5B in assets and leading of one of the firm’s largest groups. In 2014 they left to go independent as Bleakley Financial Group, now managing $8B in assets as a hybrid RIA. Andy shares his incredible journey with Louis Diamond—a narrative that exemplifies how hard work and determination can lead to good fortune. It’s a unique spin on business growth that has relevant takeaways for every advisor. Listen…

“Will My Clients Follow?”— A $500mm UBS Breakaway Success Story

In all of the conversations we have with breakaway advisors, we hear a consistent theme around the motivation to make the leap: To improve the ability to serve clients. And, ultimately, enhancing service delivery – such as improvements in platform and technology, and the ability to freely communicate – typically leads in one direction: business growth.
Listen…

Demystifying Compliance for RIAs: What You Need to Know

If at a wirehouse or independent broker dealer, compliance is managed for you. But what if you want to launch your own RIA firm? Chris Winn of AdvisorAssist makes the topic less daunting, discusses setting policy, ongoing risk management and more. Listen…

Industry Update: 10 Reasons Why Some Financial Advisors Shouldn’t Go Independent

It might seem odd for a show called Mindy Diamond on Independence to discuss why independence might not be right for you. But the reality is that some advisors shouldn’t go independent. Mindy Diamond and Louis Diamond break down the 10 most common reasons. Listen…

Michael Kitces on Everything Financial Advisors Need to Know About Growth

Much has changed since our last conversation with Michael. In this episode, he shares the story of his transition to Buckingham Strategic Wealth (right when the pandemic shut the world down and the market tanked), and weighs in on the changes this industry experienced in the past year and the impact on advisors and their businesses, sharing key takeaways on growth, strategic vision, scale, acquisitions, marketing and much more. Listen…

6 Months Later: Why a Former UBS Lifer Considers Independence His “Do Over”

While comfortable at UBS a decade ago, Ahmie Baum started to see things differently when his son Brian joined the business. It made the wirehouse veteran reevaluate everything. With $420mm under management, Ahmie felt confident in their growth and gained a new sense of courage to do it all over again. And so he did. He shares his journey to independence 6 months later. Listen…

A Rare Glimpse into the Culture, Cachet and Success of First Republic

First Republic Private Wealth Management grew from $14.5B in AUM to more than $190B in the past decade. In this exclusive interview, PWM President Bob Thornton joins the show to discuss what’s driving their remarkable success and drawing top advisors—including the synergy with the bank, a strong referral mechanism, their unique entrepreneurial and community-oriented culture, and more. Listen…

Preparing for Exploration: 10 Practical Tips to Conduct a Strategic Due Diligence Process

In a wealth management landscape with more options for financial advisors than ever before, the need for a “strategic” due diligence process has become imperative. Mindy Diamond and Louis Diamond present 10 tips to guide the exploration journey—plus share a downloadable tips worksheet. Listen…

Tom Lewis Attorney for Financial Advisors

Transitions, Retire-in-Place Programs and Termination: A Top Attorney’s Perspective

Changing firms or models is a complex process. And even the thought of doing so often brings advisors to their knees with concerns over everything from portability to Protocol—and all that lies in between. Attorney Tom Lewis of Stevens & Lee explains how to navigate these concerns, plus shares advice on navigating transition, avoiding termination, and what you need to know before signing a binding retire-in-place agreement with your firm. Listen…

Beyond the Numbers: Key Insights from the Fidelity Advisor Movement Study

The conversation around “increased advisor movement” may seem anecdotal at times, yet it’s anything but. Scott Gorham, from Fidelity Institutional, and Louis Diamond explore key results from the Fidelity 2020 Advisor Movement Study. They break down the data most relevant to advisors including, drivers of movement, top winners of talent, the impact of the pandemic, common concerns amongst advisors considering change and more. Listen…

Scott Gorham Fidelity 2020 Advisor Movement Study

Advisor Choice: How Models Like Wells Fargo’s First Clearing Offer Optionality and Flexibility

Multi-channel models have become one of the hottest options in recent years, giving advisors a path from employee to independence without ever changing firms. One such example is offered by Wells Fargo Advisors and its affiliated clearing and custody service provider First Clearing. In this episode, John Peluso talks about the benefits of the model and its impact on the industry at-large, how advisor mindset is driving innovation, challenges and trends, and much more. Listen…

Industry Update: Answers to the Top 10 Questions Advisors Ask When Considering Change

Advisors who are considering a change of firms or models often have a lot of questions—and they should. Because the reality is no decision this big should be made without digging deep and looking closely at how one’s goals align with that of either their current firm or another firm or model they might be thinking about. This episode tackles the 10 questions we get most frequently from advisors—and dispels some of the myths and misperceptions that often stop them from realizing their true potential. Listen…

Mindy Diamond Louis Diamond Podcast FAQs for Advisors

In Pursuit of Purpose: The Story of a Billion-Dollar Breakaway Turned Fee-Only Independent Entrepreneur

After building a $1B business at Morgan Stanley, Jeff Thomas and his team found they could only pursue the vision of “doing more and better” for clients by launching an RIA firm. So they left 75% of their assets behind to form Archetype Wealth Partners. He shares how they found greater success when they put purpose first, why they went fee-only right out of the gate, how they grew so quickly, and much more. Listen…

Why Some Firms Are “Outperformers”—An Exclusive Deep Dive into the 2020 Schwab RIA Benchmarking Study

In an industry driven by numbers, there’s an unquenchable interest in data and KPIs. Yet it’s the analysis that often has the greatest significance, as we find in this exploration of the 2020 Schwab RIA Benchmarking Study with Lisa Salvi of Schwab Advisor Services. While the study offers a view key trends, it also reveals the drivers and “habits” of the “outperformers” – those firms with the highest levels of assets and revenue. It’s an exclusive level of information and access for our listeners—a degree of which is typically shared only in part or amongst Schwab advisors. Listen…

Mindy Diamond - Louis Diamond Succession

Industry Update: 7 Real-World Lessons We Learned on Succession Planning

The real intent of succession planning is to “future-proof” the business—by developing a strategic guide that builds upon the leader’s vision with a focus on sustainable scale and continual growth for the future of the firm. In this episode, Mindy and Louis Diamond share their succession planning journey, plus the art of “co-leadership,” choosing a successor, lessons learned along the way and more. Listen…

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 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…

Browse the entire series…

Featured Industry Updates: 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.

7 Real-World Lessons We Learned on Succession Planning

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…

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…

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…

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…

Browse the entire Industry Update series…

Featured Interviews

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

Joe Eschleman, president of Towerpoint Wealth, tells Louis Diamond how leaving Wells Fargo – with the help of Dynasty Financial Partners – to launch his own independent firm now allows him to fully engage with clients and prospects, freely and creatively.

LISTEN

Rockefeller Capital Management Demystified

Industry superstar Greg Fleming at the helm, the Rockefeller name, an extraordinary financial advisor community and leadership dream team makes this firm a home run. COO Chris Dupuy shares some inside baseball on Rockefeller Capital Management.

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How the Investment Playing Field Has Been Leveled for Even the Most Sophisticated Advisors and Their Clients

Lawrence Calcano of iCapital Network discusses how their alternative investments (alts) platform helped close the gap for advisors who previously could not go independent without losing some, if not all, of their private fund access.

LISTEN