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...

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

The Real Impact of the Crisis on Valuations and the Independent Space as a Whole

Matt Crow, President of Mercer Capital, a leading authority on firm valuations in the wealth management space, shares his perspective on the future of valuations, M&A and potential changes in the RIA space as a result of the COVID-19 crisis.

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

Mark Sear and David Hou, Managing Partners of Evoke Advisors, talk about their 2008 breakaway from Merrill Lynch to form RIA Luminous Capital, why they chose to sell Luminous to First Republic, their decision to leave First Republic for independence again, and much more in part 1 of a 2-part podcast episode.

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Life After Goldman Sachs: A Story of Extraordinary Success

Justin Berman left Goldman Sachs 10 years ago to build his own independent firm, at a time when such a move was much less common. How did he find the courage to leave the Goldman imprimatur, brave the firm’s 60-day Garden Leave, and build the now $3B Berman Capital Advisors? He explains all this and more with Mindy Diamond in this podcast episode.

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