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Podcast

Independence for Financial Advisors

The Choreography of a Move to Independence – With Tim Oden from Schwab Advisor Services

Posted by Mindy Diamond

An inside view of the growth of the independent space—and what advisors need to do to make their own move successful.

As more and more advisors consider a move to the independent space, they often express concern about the heavy-lifting such a move might require.

Tim Oden Schwab

In this episode Mindy is joined by Tim Oden, Senior Managing Director for Business Development at Schwab Advisor Services. With his 30-years of industry experience, he offers a great perspective on the ever-increasing movement towards the independent space. Together they explore what’s really behind the momentum, as well as:

  • Why even UHNW advisors are moving to the independent space.
  • How the RIA space has changed over the past decade.
  • The evolving role of custodians in the space (it’s no longer only about the safe custody of assets).
  • How the technology available to RIAs contributes to advisors’ efficiency and growth.
  • The benefits of independence to clients.
  • How changes in the industry (transition deals, the breakdown of Protocol, the possibility of a bear market) will impact the decisions of advisors considering independence.

Tim shares some really sage thoughts about independence, but one valuable nugget stood out for those considering the space: Clients value trust above all else. Having that trust is what’s key to both the success of a move and ongoing growth of your business.

 

Podcast: Play in new window | Download (Duration: 32:35 — 29.8MB) | Embed

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Related Resources

What compels breakaway advisors to go around “the wall”?
Despite significant risks and roadblocks in front of them, breakaway advisors don’t stop. Why? 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->

Are You a Breakaway DIYer or Delegator?
How to determine if you should build an independent firm on your own or get help from a third-party service provider. Read->

IBD vs. RIA: Which way should an advisor go?
5 differences – and potential limitations – every advisor should understand before they decide. Read->

 

About Tim Oden: 

As Senior Managing Director for Business Development, Tim Oden’s current responsibilities at Schwab Advisor Services include prospect development, staffing, event planning, budgeting, regulatory review and contract negotiation for the business development organization.

Oden joined Schwab’s retail division in 1987 and migrated to its institutional division in 1990. He has held numerous positions including responsibility for the Schwab Advisor Services Trading and Settlement Services departments for over 10 years.

Oden earned a bachelor’s degree from California State University, Fullerton, and a master’s degree in business administration from Arizona State University.


 

This podcast is also available on…

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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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