July 22, 2020
Mindy Diamond Quoted
A podcast that the host had initially planned as a “handful of episodes” surpasses 100,000 downloads and is airing a special broadcast with independent industry leaders Shirl Penney, President and CEO of Dynasty Financial Partners, Jim Dickson, CEO and Founder of Sanctuary Wealth, Rich Steinmeier, Managing Director and Divisional President, Business Development of LPL Financial.
Morristown, NJ – It was almost 3 years ago when Mindy Diamond, President and CEO of Diamond Consultants, the wealth management industry’s leading recruiting and consulting firm, recorded her first few episodes of a podcast to answer advisors’ questions on independence. “What began with the intention of doing maybe 5 or 6 episodes to answer the most frequently asked questions I heard from advisors about ‘independence’ turned into a passion project for me,” Diamond reminisced.
Yet she found herself driven by the audience’s enthusiasm and since, Mindy Diamond on Independence has evolved into a series designed to empower financial advisors and independent business owners by providing “inside access” to knowledge and resources. She describes it as, “Thoughtfully-curated, unique content and perspectives, including industry updates, insights on the ever-changing landscape and candid conversations with a slate of visionaries and top advisors.”
The series has become many advisors’ “go-to resource” for education about the ever-changing industry demonstrated by surpassing 100,000 downloaded episodes. Yet Diamond credits the growth to a shift in advisor sentiment and rising interest in independent models.
As a result, she invited 3 “ex-wirehouse-turned-independent-industry-leaders” who were previous guests on the show to revisit for a special “100K commemorative” episode titled “How These 3 Firms Carved a New Path and are Changing the Wealth Management World At Large.” The show, airing July 23rd, will include Shirl Penney, President and CEO of Dynasty Financial Partners, Jim Dickson, CEO and Founder of Sanctuary Wealth, and Rich Steinmeier, Managing Director and Divisional President, Business Development of LPL Financial, in a panel format with Diamond hosting and recorded via Zoom Video Communications, Inc.
In the episode, each guest shares their insider’s view of the wirehouse world they left behind, the evolution of the wealth management industry as a whole and how change is being fueled by supported independence models.
Diamond commented that “firms are creatively designing supported independence models for wirehouse advisors to become independent business owners. And this is turning the wealth management industry on its head.”
“One of the great things about the evolution of the independent space over the last 10–15 years is the many different options available…the space is systematically checking just about every objection box that you might hear from a wirehouse advisor, to say ‘there’s pretty much something for everyone.’ So there’s really no excuse left anymore for an advisor to say ‘independence isn’t for me’,” Penney remarked.
When reflecting about the future of the industry, Dickson commented, “I think I’m most excited about building a community and a culture that allows advisors to help each other…independent but not alone.”
Steinmeier adds, “It’s so cool that we’re doing a video for this. If you want to know the difference between the wirehouses and independence, look at the smile on Jim’s face. It’s about being happy, right? … That’s what this is about—coming to work every day and loving what you do.”
“It’s enthusiasm that’s palpable,” Diamond said. “It’s an exciting time to be an advisor, and as Shirl so aptly put it, ‘this is the advisors’ Super Bowl.’”
The episode airs on Thursday, July 23rd and can be found on the Diamond Consultants website, as well as on YouTube, Apple Podcasts and all major podcast platforms.
About the show’s guests
President and CEO, Dynasty Financial Partners
Shirl Penney is the founder of Dynasty Financial Partners. He currently serves as President and CEO of Dynasty and is a member of the Board of Directors. Dynasty is a leading integrated platform services company for independent wealth management advisory firms. Dynasty has received many industry awards and recognition for its impact on the wealth management industry since its launch in 2010. Shirl is a frequent speaker at industry events, often quoted in various financial publications, and was named to Investment News’ 2015 list of 40 most influential people in wealth management under the age of 40. Shirl was also named to the 2016 inaugural list of Icons and Innovators in wealth management by Investment News. Prior to Dynasty, Shirl worked at Citi Smith Barney in various leadership roles including director of private wealth management and head of executive financial services. He is from Eastport, Maine, a graduate of Bates College in Lewiston, Maine, and currently lives in St. Petersburg, Florida with his wife Mary Ann and their two daughters. Shirl and his wife are active in various charitable causes with a focus on education, poverty, ALS, and veteran services. Shirl is a Fellow of the inaugural class of the Finance Leaders Fellowship and a member of the Aspen Global Leadership Network.
Dynasty Financial Partners is known for assisting advisors of integrity to better service their clients, run their businesses more profitably, grow faster, and enhance the enterprise value of their firms. Dynasty does this by providing wealth management and technology platforms for select independent financial advisory firms. Dynasty creates access to valuable resources and industry-leading capabilities through an open architecture platform, enabling advisors to address their clients’ needs and to protect and grow their wealth. Dynasty supports independent advisors and their teams in being independent, but not alone, by creating exclusive community events and experiences. Dynasty also offers access to flexible capital solutions to help advisors expand, scale, and grow their business and provides M&A support to firms looking to grow inorganically or to plan for succession. Dynasty’s core principle is “objectivity without compromise,” and the firm is committed to developing solutions that allow investment advisors to act as true fiduciaries to their clients. Dynasty has a leading network of RIAs who leverage its integrated platform and Dynasty’s growing Enterprise Services Group supports larger institutional clients who often have multiple advisors in multiple cities by delivering Dynasty’s platform at the home office and firm level. Dynasty has helped to level the playing field for advisors and firms looking to deliver Private Wealth Management capabilities to their UHNW clients vs many of the larger Wall Street firms in providing a robust suite of capabilities, products, and services when combined with Dynasty’s support offers independent advisors the ability to compete at the highest levels of wealth management client opportunities.
Managing Director and Divisional President, Business Development, LPL Financial
Rich Steinmeier is managing director and divisional president, Business Development, responsible for the firm’s overall growth strategies. In this role, he has responsibility for recruiting new financial advisors and institutions to LPL and to existing advisor practices, while also exploring new markets and M&A opportunities. He also leads the team responsible for onboarding new advisors to the firm. Prior to joining LPL Financial in 2018, Mr. Steinmeier was the head of Digital Strategy and Platforms for UBS Wealth Management Americas. He joined UBS in 2012 as managing director and head of the Emerging Affluent Segment and the Wealth Advice Center. Prior to UBS, he held a variety of leadership roles at Merrill Lynch, including director of Strategy and Analytics and director of Business Development. He also spent six years at McKinsey and Company. Mr. Steinmeier graduated from the Wharton School at the University of Pennsylvania with a BS in Economics in 1996. He received his M.B.A. from Stanford University in 2002.
LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker-dealer**. We serve independent financial advisors, professionals, and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.
Chief Executive Officer, Sanctuary Wealth
Jim is the visionary who led the founding, development and launch of Sanctuary Wealth as an innovative, partnered independence network for elite advisors. Jim spent 20+ years in numerous senior leadership roles at Merrill Lynch. Reporting directly to the CEO, Jim spent the last six years as a divisional executive and member of the firm’s executive committee. In addition to his day-to-day responsibilities, Jim was actively involved in spearheading Bank of America’s leadership development program and helped inspire and train the next generation of the firm’s managers. Having begun his career at Ernst & Young, Jim has gained a distinctive perspective and valuable experience in developing and optimizing organizations of all sizes. Known throughout the financial services industry for his thought leadership, Jim is an active and highly sought-after speaker, recognized for his insights on delivering growth in the wealth management space.
Sanctuary Wealth is the advanced platform for the next generation of elite, top-performing advisors, who have the entrepreneurial spirit to build and own their own practices, and desire the freedom to deliver the tailored service each client deserves. Creating an ecosystem of partnered independence, Sanctuary provides a complete technology and operations platform, as well as support from a community of like-minded advisors and the resources of invaluable affiliated businesses all designed to empower each partner firm to achieve their full potential. Currently, the Sanctuary Wealth network covers 14 states and includes more than 36 partner firms with approximately $10 billion in assets under advisement. The Sanctuary Wealth Group includes the fully owned subsidiaries Sanctuary Advisors, a registered investment adviser, and the broker-dealer Sanctuary Securities, as well as Sanctuary Asset Management, Sanctuary Insurance Solutions, Sanctuary Capital Markets, and Sanctuary Global Family Office.