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Podcast

Independence for Financial Advisors

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

Posted by Mindy Diamond

A conversation with Louis Diamond

We talk a lot about the expanded industry landscape—and how, ultimately, an advisor has much more to consider than ever before.

As such, there is tremendous value in periodically conducting due diligence – whether you’re thinking of moving or not – if for nothing more than to become familiar with a host of options that likely did not exist even just a few years ago.

Yet with optionality often comes added confusion—leaving the potential for those who embark upon exploration feeling more overwhelmed than enlightened.

But we find that when due diligence is performed in an organized manner – and with strategic goals in mind – many advisors often walk away with much more than knowledge of the opportunities available to them. These advisors gain a greater sense of clarity in terms of their own goals as well.

Contrary to popular beliefs, conducting due diligence need not result in advisors changing firms or models. When done properly, the exercise may determine that they are indeed in the right place for their business—enabling them to do so armed with greater awareness and a renewed sense of commitment to both their clients and business.

Louis Diamond joins this episode to break down 10 tips based on decades of experience in guiding advisors through the due diligence journey. A “checklist” that is by design a strategic method to help you avoid overwhelm and make the most of your valuable time.

Listen in—and be sure to download the companion worksheet below.

Podcast: Play in new window | Download (Duration: 31:12 — 35.7MB) | Embed

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Download a transcript of this episode…

 

Available for Download

Conducting a Strategic Due Diligence Process: 10 Practical Tips for Financial Advisors
The worksheet discussed in this episode, designed to serve as a checklist for anyone preparing to embark on an exploration process.

Related Resources

Surviving Due Diligence: 10 Tips for Financial Advisors
Barbara Herman developed many of the tips from which this episode is based upon, providing additional color in this article. Read->

9 Reasons Why So Many Advisors Don’t Have a Plan B—But Should
Having an “escape plan” will prevent you from making rash decisions and being swept away by the shifting tides. Read->

Aligning Your Inward and Outward Pointing Compass: A Process for Advisors Considering Change
Balancing the needs of all stakeholders offers a clearer and more congruent path towards your ultimate destination. Read->

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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…

    • 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.

      Jim Dickson
      Founder - Sanctuary Wealth
    • I love the fact that you are talking a diverse group of people in our industry and educating us all. We are all doing our own thing, so it’s helpful listening to other interviews and hearing about different approaches to the business.

      Brock Moseley
      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.

      Jerry Davidse
      CEO, Presilium Private Wealth
    • Best new resource I have come across in a long while.

      Daniel Gude
      Senior VP at LPL Financial
    • I would say one of the best things I ever did was listen to your podcast. I listened to it a thousand times. There are so many aspects to explore. You’re driving blind until you actually engage a professional.

      Michael Henley
      Founder & CEO, Brandywine Oak Private Wealth
    • Fantastic Podcast and a must-listen for anyone considering Independence!

      Robert Walter
      President, Sanctuary Wealth
    • 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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