A special all-in-one-place, “best of the breakaways” show featuring curated conversations about the motivations behind the choice to leave the wirehouse world, the risks these breakaways took and the rewards they found waiting on the other side.
Louis Diamond Quoted – By Lisa Shidler, RIABiz – When Steward Partners Investment Advisory LLC, raised $50 million from private equity earlier this year, it immediately used half the money to cash out early internal shareholders — but not because the company isn’t growing and morphing like crazy. Steward has grown from 60 to 115 advisors, with 19 advisors, six new offices and $13 billion in assets added this year, according to CEO Jim Gold. The new 1099 model competes even more directly with Raymond James, says Louis Diamond, principal of Diamond Consulting.
In a greatly expanded landscape, many independent models exist that provide varying levels of freedom and flexibility. Louis Diamond joins the episode to help identify, compare and contrast the 7 most popular options available to breakaway advisors.
Guest Jim Gold discusses breaking away from the senior leadership ranks at Morgan Stanley to build Steward Partners, a full-service employee-owned quasi-independent model, for advisors who are not interested in building something from scratch. He also shares some exciting news about the growth of the firm.
