Self-clearing versus third-party clearing

With James Poer, CEO Kestra Holdings, John Amore, President Kestra Financial and Fayez Muhtadie, Co-Head of Private Equity at Stone Point Capital

Overview

Louis Diamond sits down with James Poer (Kestra Holdings), John Amore (Kestra Financial), and Fayez Muhtadie (Stone Point Capital), who share unique vantage points of how scale, private equity, and alignment shape enterprise value in today’s wealth management landscape.

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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.

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https://youtu.be/jqE5vfTRewc

About this episode…

As advisory practices grow larger and more sophisticated, the definition of success is shifting. For many advisors, it’s no longer just about income or payout. It’s about ownership, alignment, and building something that carries real enterprise value.

That shift raises important questions, such as:

• What does scale actually enable?
• How should advisors think about capital?
• And what does alignment really look like between firm leadership, capital providers, and the advisors they serve?

To explore that, we invited three guests who see this from unique vantage points. James Poer, who leads Kestra Holdings, John Amore, who oversees the strategy and execution behind Kestra Financial’s growth, and Fayez Muhtadie, who represents Stone Point Capital, Kestra’s private equity partner.

Kestra today operates one of the larger independent wealth management ecosystems in the country, supporting roughly 1,450 advisors and overseeing more than $160B in assets across its broker dealer and RIA platforms. Stone Point, for its part, is a financial services-focused private equity firm with decades of experience investing in banks, asset managers, insurers, and wealth platforms.

Together, they represent a scaled, privately backed model that has become increasingly common in our industry.

In this episode with Louis Diamond, they unpack what they describe as “multiple ways to win” actually means inside a platform of this size, including:

• The Kestra ecosystem—and how the firm has evolved from its founding to spin-off from NPF.
• The value of private equity ownership—and how common misconceptions impact the positive potential.
• The importance of cultural alignment—and how it can be preserved as firms grow.
• Growth and scale—and why James believes this business is not an income game, but a wealth game.
• Plus, the questions advisors should be asking when assessing their current firm or platform.

If you’re evaluating scale, ownership, or long-term enterprise value in your business, this is a conversation worth hearing.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

Related Resources

Is Scale a Necessary Evil in Wealth Management?
Scale can provide a competitive advantage. Yet there might be scenarios in which bigger isn’t always better.

Wealth Management Landscape at a Glance
The wealth management industry offers more options than ever, making it challenging to identify and compare the various models. We created this “at a glance” continuum infographic—to help you navigate the different models and understand how their features stack up.

How to Set Up Your Business to Maximize Enterprise Value
Jason and Louis Diamond explore strategies for maximizing enterprise value, whether or not an advisor plans to move. Learn actionable insights, key business practices, short-term vs. long-term tactics, and real-world examples.

James Poer
Chief Executive Officer of Kestra Holdings

James Poer is Chief Executive Officer of Kestra Holdings, an ecosystem of companies empowering high-performing financial advisors to achieve lasting independence. Together, Kestra’s businesses deliver a full end-to-end suite of wealth management solutions for success driven and entrepreneurial-focused financial professionals, including investment solutions, technology services, succession and monetization, insurance and planning services, trust services, and back-office support.

James most recently chaired the Financial Services Institute (FSI) Board of Directors after serving for several years on the board. He currently sits on the Board of Advisors for the Langston Wealth Management Center at The University of Texas at Austin’s McComb’s School of Business, serves as Chair of Arden Trust Company’s Board of Directors, and is a member of the Board of Kestra Holdings.

A true native Texan and alum of Texas Christian University, James currently resides in Austin, Texas.

John Amore
President of Kestra Financial

As the President of industry-leading wealth management company Kestra Financial, John is committed to building out capabilities that empower the success of Kestra’s financial advisors and the financial independence of their clients. Through a comprehensive suite of offerings across portfolio construction, investment products, advisory services, financial planning, retirement plans, alternative investments, and insurance solutions, John and his team are focused on helping Kestra’s advisors thrive in a community of complete wealth managers. Prior to his role as President, John served as Head of Wealth Management for Kestra Financial, leveraging his global leadership experience to ensure every aspect of Kestra’s wealth management offering drives growth and innovation, enabling financial professionals to accomplish their business objectives.

John has had the privilege of leading wealth management teams for more than 14 years in the United States, Europe, and Latin America. Prior to joining Kestra Financial, he led global businesses at UBS across financial planning, portfolio construction, estate planning, wealth planning, investment products, and trust solutions. John began his career in management consulting in the financial services sector and earned his MBA/MIA at Columbia University and his BS at Boston College.

Fayez Muhtadie
CO-HEAD OF PRIVATE EQUITY

Fayez is Co-Head of Private Equity at Stone Point Capital and a member of the Investment Committees of the Trident Funds. He has more than 25 years of experience in the private equity and investment banking industries. Fayez helps to lead Stone Point Capital’s global investments in asset & wealth management, business services, employee benefits & human capital management, insurance run-off and lending & markets. Fayez joined Stone Point in 2003.