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Podcast

For Financial Advisors

Two $10mm Teams Leave the Wirehouse World in One Week: An Industry Update on Advisor Transitions

Posted by Mindy Diamond

A conversation with Louis Diamond

Overview

What is the relevance of two $10mm teams leaving Merrill within one week’s time? Mindy Diamond and Louis Diamond answer that question and share case studies on the moves citing the unique drivers, the significance to the industry at large, and more.

Listen in…

Podcast: Play in new window | Download (Duration: 31:23 — 43.1MB) | Embed

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> Download a transcript of this episode…

NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

About this episode…

In two consecutive weeks of February this year, Diamond Consultants facilitated the moves of two extraordinary Merrill teams—superstars producing over $10mm each.

Why is this so relevant that we opted to discuss it on the podcast?

Because it’s rare for any team at that production level to make a move—let alone from the same firm AND within a week of each other. 

As we’ve shared many times, and illustrated most recently in our Transition Report, advisor movement has changed over recent years—with plenty of factors driving that movement.

But there are significant and often unique motivations that drive an individual advisor or team to consider change.

Having served as guides through the due diligence and transition process for these teams, Mindy Diamond and Louis Diamond share a unique assessment of each of these moves, including:

  • The main drivers for the moves—pulls vs pushes.
  • Where they moved to—and why.
  • Virtually all of the partners on both teams were lifers with Merrill—why this is significant.
  • Both teams were in major growth mode—why they would disrupt momentum.
  • Their due diligence processes—the extent in time and detail.
  • And more.

It’s an episode that presents two unique case studies, with points of view on big team movement from two people who are uniquely positioned to provide a behind-the-scenes perspective.

Related Resources

Transition Announcement: $1.5B Legacy Merrill Team Opts for Supported Independence
With Merrill roots dating back to the 1980s, brothers Brent and Brad Chappell decided that independence with Sanctuary Wealth provided a better path for the future of Chappell Wealth Management. Learn more…

Diamond Consultants Advisor Transition Report
An Update on Advisor Movement in the Wealth Management Industry: 2022. Download->

Industry Update: The 10 Characteristics of the Most Successful Teams
Mindy Diamond and Louis Diamond explore 10 of the most common behaviors of elite wealth management teams based on their experiences in guiding many of the industry’s top players. These are practices that any team at any level can adopt, whether they work as employees at a big brokerage firm, are independent business owners, sole practitioners, or part of an ensemble group. Listen->

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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.

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      President, Sanctuary Wealth
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      Robert Harris
      Senior Wealth Advisor, Avidian Wealth Solutions

     

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