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.”
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.
Podcast: Play in new window | Download (Duration: 45:20 — 51.9MB) | Embed
Subscribe: Google Podcasts | Spotify | Pandora | Stitcher | TuneIn | Deezer | RSS
Related Resources
Why Billion-Dollar Teams Move: 7 Drivers That Impact Financial Advisors At All Levels
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 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.
This podcast is also available on…
Browse other episodes in this podcast series…
