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Podcast

Independence for Financial Advisors

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

Posted by Mindy Diamond

A conversation with Jeff Thomas, Founder/CEO of Archetype Wealth Partners

While the ultimate decision to make the leap to independence varies from advisor to advisor, one deciding factor they often share is the desire to “do better” for their clients.

As Morgan Stanley breakaway Jeff Thomas put it, he did not want to have his epitaph read, “Here lies Jeff. He made rich people richer.”

Jeff Thomas Archetype Wealth Partners

And no doubt, Jeff knows how to make people richer. He built a business from scratch to over a million dollars in just five years, and it kept growing from there—on up to a billion dollars in assets under management while at Morgan Stanley. But as his business grew, even though he was happy in his personal life, he felt he lacked purpose.

Jeff realized that it was time to go deeper in the planning process with clients and create a closer connection between their values and the resources available to them.

After 25 years of working for the biggest names on Wall Street, Jeff and his team concluded that they could only pursue that vision by starting their own independent firm. So, in April of 2017, they left three-quarters of their billion-dollar business at Morgan and launched a completely fee-based firm called Archetype Wealth Partners in Houston, Texas.

Their goal: To provide a next-generation, conflict-free platform where advisors and clients could flourish.

And some 3 years later they more than doubled their assets to over $500 million as of this recording.

Jeff is a stand-up guy, with accolades that include being named to Morgan Stanley’s Chairman’s Club, plus recognitions from Barron’s and Financial Times. He’s also an author, capturing the story of his journey in Trading Up: Moving From Success to Significance on Wall Street.

In this episode, Jeff shares how independence has changed his perspective on the wealth management industry, including:

  • The defining moments that led him and his team to consider independence—and why they chose to build their own firm from scratch.
  • Their decision to go “fee-only” right out of the gate—and how they reconciled leaving the bulk of their assets behind.
  • How they were able to double their asset base so quickly as an independent firm—and whether they could have achieved similar growth at Morgan.
  • What he’s gained in the independent space both as an advisor and a business owner—and how that compares to what was available to him in the brokerage world.
  • The benefits of having a niche business—and how that impacts Archetype’s bottom line.

For Jeff, independence was the only path he could see that would provide him and his team the ability to move from “success to significance” as he puts it—and serve their clients as true fiduciaries. And one might say, they’re succeeding in that mission and then some. It’s a great story of how an advisor, driven by purpose, can build the business of his dreams—with valuable lessons for employee advisors and business owners alike.

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Related Resources

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When mega-teams move, the entire wealth management industry takes notice—and for smart financial advisors who are paying attention, there’s much to be learned. Read->

What’s Changing at the Wirehouses—and Why You Need to Pay Attention
As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. Read->

The Real Beneficiaries of Independence: Your Clients
While advisors have a real opportunity to build the advisory business of their dreams in the RIA space, it’s the clients who stand to gain the most. Read->

The 5 Attributes That Make a Financial Advisor a “Real” Fiduciary
Wirehouse advisors are recognizing that being a true fiduciary is impossible as an employee—and it’s adding more fuel to the flow of movement to independence. Read->

Charting your Course to Independence
5 key elements to consider before you start your journey. Read->

 

 

Jeff Thomas:

Jeff was named to Morgan Stanley’s Chairman’s Club (top 2% of advisors) in 2008.  From 2009 to 2013, Barron’s magazine recognized him as “One of Texas’ Top Financial Advisors”. After 25 years of working at some of the biggest names on Wall Street, Jeff founded Archetype Wealth Partners, LLC., a pure fiduciary platform designed to help clients thrive across generations by connecting their money with their purpose. From advisors who are wired for more to high-capacity business owners, he is passionate about fueling leaders for greater impact. Jeff is the author of Trading Up: Moving from Success to Significance on Wall Street.

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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…

    • EVERY advisor should go through due diligence to ensure they are at the best place to serve their clients the way they see fit. This podcast is a great place to start dipping your toes in and hearing real life success stories!

      Dylan Ripley
      Cedarwood Financial Partners
    • If you are in doubt or questioning the Independent Advisory space, this podcast by Diamond Consultants is a fantastic place to start.

      John Araneo
      CEO, Crescent Harbor Private Wealth
    • I listened to every episode before making my transition. Hearing the mindset and tactics of the industry’s best advisors was amazing. Perspective is so important and that is what you consistently bring to your audience.

      Matt Blocki
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      Rory O’Hara
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    • 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
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      Michael Henley
      Founder & CEO, Brandywine Oak Private 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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