Merrill Private Wealth team in Austin, TX searched for less bureaucracy and better service for their UHNW clients.
We were searching for a firm that values our varied skillsets and will allow us to give our clients the attention they deserve. Leadership at RBC has been very accessible, open to our ideas, and is supportive of how we run our business.
Nancy McDonald
The MK Group
This transition demonstrated two important concepts: First and foremost, no advisor should feel “stuck”—even if a recent transition fails to meet the goals that were initially set, there are always options; and secondly, there is no substitute for conducting a thorough and strategic due diligence process.
Five years ago, Nancy McDonald and Jason Khawaja left UBS for Merrill Private Wealth with the goal of improving their ability to serve their ultra-high net worth clients.
It was a journey that started for the duo over a decade ago with Wells Fargo Advisors, then UBS in 2013, opting for change to achieve greater control for their focused group of sophisticated clients.
Yet the transitions they made in the past did not meet the expectations they had set their sights on.
Nancy and Jason had connected with Diamond Consultants two years ago. Even though they had recently transitioned from UBS to Merrill, they found value in discussing the fast-changing industry with a trusted partner.
Over time, they came to the realization that they wanted to offer more in the way of service and sophisticated solutions to their clients, with less bureaucracy and red tape than they were experiencing at Merrill.
In short, they wanted a full-service, W-2 model, that offered a greater level of autonomy and sophistication—and they felt another wirehouse would not allow them to achieve their goals.
So Diamond Consultants guided them through a process of exploration and provided Nancy and Jason a perspective that they had not had in their previous transitions.
RBC Wealth Management-US checked all their boxes and then some. In addition to being a W-2 model, RBC’s expansive resources and platform offered greater sophistication, which Nancy and Jason felt was a better match for their UHNW clients. Plus, the team had an opportunity to monetize their transition to offset some of the risk and disruption.
In a public statement, Nancy said, “We were searching for a firm that values our varied skillsets and will allow us to give our clients the attention they deserve. Leadership at RBC has been very accessible, open to our ideas, and is supportive of how we run our business.”
“We were drawn to RBC because of its focus on supporting and enhancing the client-advisor relationship,” said Jason. “We are excited to tap the resources and capabilities at RBC and to have the autonomy to run our practice in ways that will benefit our clients who have complex wealth planning needs.”
Diamond Consultants is pleased to have represented The MK Group and looks forward to hearing more about their success in the future.
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