The Diamond Podcast for Financial Advisors

A conversation with Jason Diamond Overview What does an advisor need to know when embarking upon due diligence? In the second of this 2-part series, Mindy Diamond and Jason Diamond provide the key steps to a strategic process with focused outcomes. Listen in… > 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… Part one of this industry update discussed the questions you need to ask yourself before considering a move. That is, to determine the following: Is there enough to gain from going through the hassle of a due diligence process? This episode picks up where we left off for those who answered “Yes” to that question and are motivated to explore options elsewhere. Why does it matter? Because many advisors get stuck at this juncture. They know things aren’t perfect and should look elsewhere. Still, they don’t know where to begin—often trapped by inertia, overwhelm, confusion, lack of clarity, or anxiety about the due diligence process. The goal of this episode is to help make the process more thoughtful and strategic for those who have decided that they are motivated to embark upon due diligence, sharing key areas to pay attention to, including: A review of the actual due diligence process—and what steps are critical to ensuring a thorough and strategic exploration exercise. Curating a list of options—and how to identify what to include or exclude. The questions to ask—and what answers are most important to the decision-making process. Common traps and missteps—and how to avoid them. Plus, an overview of the industry landscape—and why it’s essential to understand the various options before diving in…and much more. No doubt, the process of considering change can be a daunting one. But when approached first from the perspective of “should I consider a move?” and then conducting due diligence with a goal and plan, the path becomes much clearer. It’s an episode that will shed light on this important practice, providing value to those considering change, as well as those who may simply want to understand their options or develop their “Plan B.” Download the Strategic Due Diligence Roadmap Related Resources Demystifying Due Diligence: An Insider’s Guide to this Important Process Tips, tricks, and best practices to eliminate the angst experienced by many advisors who embark on the journey of exploration. Read-> Taking Due Diligence Beyond Exploration: 6 Important Considerations When the thought of making a move “gets real,” there’s another level of due diligence that advisors should embark upon. Read-> Questions Every Advisor Should Ask Before Considering a Move: A Special Industry Update What is it that advisors need to be aware of before jumping into due diligence? In the first of a 2-part series, Mindy Diamond and Louis Diamond share advice on the threshold questions to ask yourself before taking meetings or calls. Listen-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond Overview What is it that advisors need to be aware of before jumping into due diligence? In the first of a 2-part series, Mindy Diamond and Louis Diamond share advice on the threshold questions to ask yourself before taking meetings or calls. Listen in… > 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… It’s not unusual for advisors to jump into exploration mode without first slowing down and gaining clarity on what they are trying to solve for. Yet the problem is that these advisors often come away more confused than informed. That is, diving into identifying solutions without a clear understanding of the problem sends most off on a less than strategic wild goose chase. So what is it that advisors need to be aware of before taking meetings or calls? What questions do you need to answer on your own? And how can you ultimately be more strategic in the process? The first of a special two-part series on the due diligence process dives into what you need to ask yourself before even considering a move, including: Identifying your why—and what. Knowing what you really love about your current firm—and what limits or frustrates you. Getting partners aligned on what’s best for the business—and how to reconcile any differences. Understanding the real value of a transition deal—and how important it is to you. Establishing whether you want to be an employee or a business owner—and how much freedom is right for you. Acknowledging your concerns about making a move—and if portability might be an issue. It’s about gaining a clear understanding of your goals to help ensure that the due diligence process is meaningful and accretive—while broadening your awareness of an expanding landscape and how the options available can potentially benefit you and your clients. Even if you aren’t considering change, this episode will help to clarify your thoughts about your goals and vision for the future. Download the Strategic Due Diligence Roadmap Related Resources Beginning with the end in mind How to chart an efficient course to your best business life. Read-> How Rising Above the Minutiae Can Offer a New View on Opportunities When considering a move, it’s critical to strike the right balance between satisfying specific, objective criteria for immediate needs while taking a wider perspective of longer-term goals and shared values. Read-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

Brad Bueermann, CEO of FP Transitions, shares his journey from a ranch in Oregon to a key player in wealth management. He dives deep into M&A trends, discussing how financial advisory valuations have transformed. The importance of understanding enterprise value is emphasized, along with the crucial role of leadership transitions in successful business mergers. Bueermann also highlights the evolving nature of advisory models and the necessity of collaborative growth in today's competitive landscape. Get ready for valuable insights on maximizing your firm's worth!

A conversation with Amir Monsefi, Co-Founder and CEO of AIRE Advisors Overview Amir Monsefi describes “conflicts of interest” with the ability to serve clients and grow the business at Merrill. The former RD shares how building their own RIA allowed them the freedom to innovate and remove conflicts. Listen in… > 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… Many advisors in the brokerage world often come to a point where they start to question their ability to serve clients. Certainly, things may be “good enough” until there’s a desire to offer clients different services or to change the way they are charged. Even a Merrill Resident Director, who serves as a producing manager at the firm and may have a wider perspective of what can and can’t be done as an employee of the wirehouse, can arrive at the same conclusion. That is, there may be a better way to serve clients and grow the business. This episode’s podcast guest, Amir Monsefi, a Merrill Resident Director with nearly three decades in the business, came to that crossroads. He and partner Sharon Nassir started to feel conflicted: They wanted to be able to offer their clients more – from investments to advice to education – but were limited by what the firm allowed. This “conflict of interest,” as Amir describes it, became too much to ignore. So much so that he and Sharon decided to make the leap to independence and do it their way, launching AIRE Advisors in 2020, an RIA they built on their own with Fidelity as their custodian. And that choice led them to achieve all they wanted and then some—plus doubling their assets under management in the process. Amir joins Mindy Diamond to discuss his journey from Merrill to co-founder and CEO of the RIA, including: The point of view as a Merrill Resident Director—and how that perspective motivated them to consider change. The pulls toward independence—and what changes he saw at Merrill that served as pushes. The decision to build their firm on their own—and why they didn’t opt for another wirehouse or supported independence. The choice to self-finance their transition—and what start-up costs really look like. The foundation for their growth as an independent firm—and what they are doing differently in the way of marketing and service. For Amir and his partner Sharon, the freedom to innovate was a powerful motivator—one that ultimately benefited both the clients and the business. Amir shares a thoughtful perspective on considering change—making this a powerful episode for any advisors who find themselves wondering what potential exists beyond their current firm. Related Resources Assessing the Gap Between Where You Are and Where You Want to Be A four-step process for financial advisors who are feeling the “pain of incongruence.” Read-> Building an Independent Firm with the End in Mind Key attributes of an independent business with “real franchise value.” Read-> Everything You Need to Know About Independence: An Industry Update Jason Diamond joins the show for a quick yet thorough education on the continually evolving independent space answering the questions that many of our advisor-clients ask us during due diligence. Listen-> Betting on the Long-Term: Former Merrill Resident Director Shares Why Her $1B Team Broke Away Former Merrill Lynch Resident Director Melissa Bouchillon shares what it takes for an RD to consider independence, how they compensated a partner who signed CTP, why Focus Financial and more. Listen-> AMIR MONSEFI, CEPA, CPFA, AWMA®, CPWA® Co-Founder, CEO As CEO of AIRE Advisors, Amir brings 30 years of industry experience as a financial advisor, including more than 20 years in management, to AIRE, where he is responsible for the day-to-day operations of the firm and growth of the business. He serves as a Wealth Advisor and as Chief Investment Officer, creating and managing investment portfolios. One of his most rewarding roles is developing and coaching financial advisors. Before founding AIRE, Amir was the Senior Resident Director at Merrill Lynch’s prominent Century City, California office, where he oversaw more than 55 financial advisors. During his leadership tenure, Amir worked closely with hundreds of financial advisors and, in the process, gained exposure to the best practices of the best in the business. He has frequently traveled throughout the country and presented to financial advisors on optimizing the client experience. Before Merrill, he was a Sales Manager and a Wealth Advisor with UBS as well as a Regional Sales Manager and a Financial Advisor with TD Ameritrade. A graduate of Brandeis University with a BA in psychology, Amir received his MBA from the Anderson School at UCLA with concentrations in finance and entrepreneurship. He holds a multitude of industry licenses and the following designations: Certified Private Wealth Advisor® (CPWA®), Certified Exit Planning Advisor (CEPA), Sports & Entertainment Accredited Wealth Management AdvisorSM (AWMA®) and Certified Plan Fiduciary Advisor (CPFA). An avid traveler, Amir has visited all 50 states and, so far, five of the seven continents. He is fluent in English and Farsi, and proficient in French. He is passionate about helping others and giving back to the community: in addition to donating his time and energy to charitable causes throughout the year, he served on the Board of Directors for the Mar Vista Family Center. Outside the office, Amir enjoys water skiing, golf, tennis, pickleball, fencing, ice hockey, poker and spending time with his wife, Melissa, and children, Kameron, Chloe and Kylie. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Matt Blocki, Founder and CEO, Equilibrium Wealth Advisors Overview Matt Blocki left the insurance broker dealer world to build independent firm Equilibrium Wealth, allowing him to step away from being “product-driven” and focus instead on being “client-driven.” Hear how he tripled his revenue as a result. Listen in… > 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… It’s amazing how many of the industry’s top advisors got their start building a book of business from scratch with one of the major insurance-based brokerages. Similar to wirehouse training programs, there may be no better place to learn the ropes of the profession—including critical sales and technical skills. But in many cases, those who have their sights on the longer term and building a business with a lasting legacy and maximum enterprise value, often find themselves limited in the environment—especially those who morph their business beyond life insurance to a focus on investments and comprehensive wealth management. That was the case for Matt Blocki, who started at Northwestern Mutual more than a dozen years ago and built the practice to $120mm of assets under management. After getting educated on the industry landscape, he realized he could build the business beyond where it was and have greater freedom to market and introduce new services to his clients. That is, to step away from being “product-driven” and focus instead on being “client-driven.” And in Matt’s mind, the only way to do that was to go fully independent—without a service provider, but rather build an RIA firm himself. And so he did—and amid a pandemic to boot. In June of 2020, he launched RIA Equilibrium Wealth with Fidelity as custodian—a move that resulted in tripling his revenue to $3mm and more than doubling his assets under management. In this episode, Matt shares his story with Mindy Diamond, including: Opting to build an RIA from scratch—and why that path was chosen over supported independence and other models. The key things he could do outside of the insurance broker dealer model—and how each helped to foster Equilibrium’s growth. The “head trash” that held Matt back—and how he was able to move beyond it. The “product-driven” environment of the broker dealer—and why he felt it was incongruent with his goal to be client-driven. Listen in as Matt shares a relatable journey for any advisor considering their business life—whether to make the leap to independence or to bolster growth for their business. Related Resources 13 Tips for New Financial Advisors… Did you know that only 3% of advisors who enter the field make it long term? CEO Matt Blocki is among this small percentage of success stories and now he shares his top 13 tips for advisors. Listen, implement and we guarantee you will join him! Listen-> What Really Makes Financial Advisors Happy? In a world driven by the bottom line, the root of contentment often lies behind less “easily measured” criteria. Read-> The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey With so many options to choose from, how does an advisor decide which path to independence to take? Read-> From Blinders to Binoculars: Why the Shift to a Longer-Term “Business Owner” Mentality is Driving Movement There was a time when many advisors would never have considered a move. Why would they? In the short term, there was nothing to solve for. But now they’re thinking differently. Read->  What’s in it for Clients? 7 Ways They Can Benefit from an Advisor’s Transition Many advisors cite “improving client service” as the catalyst for a move—but knowing what the real impact will be is critical. Read-> Wealth Management Landscape At A Glance: Focus on Independence UPDATED FOR 2023 – In a greatly evolved industry landscape, the independent space has expanded to offer a variety of models with varying levels of freedom and flexibility. Which one might be right for you? Our newly updated “Landscape at a Glance” focuses on independence, providing the key features of each model. Download-> Matthew Blocki Founder and CEO Matt Blocki is the founder and CEO of Equilibrium Wealth Advisors, a SEC Registered Investment Advisor. He and his team provide comprehensive financial planning, wealth management, retirement planning, asset protection, and guidance to all complex financial decisions to clients nationwide. EWA’s top priority is helping clients balance competing goals and ensuring their only non-renewable resource is protected: time. In addition to his work at EWA, Matt is a co-founder of Wealth Advisor Training, LLC – a company founded in 2022 dedicated to building a community and resources for top advisors around the country to provide their clients with proactive advice and systems to scale their business. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Jonathan Hirtle, Executive Chairman at Hirtle, Callaghan & Co. Overview The industry legend shares a glimpse of life back-in-the-day at Goldman Sachs, his early leap to independence, plus his prescription for the incredible organic growth at Hirtle, Callahan & Co., the impact of the OCIO model, and much more. Listen in… > 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… When it comes to innovations that fundamentally altered the wealth management world, many pundits will cite the OCIO or Outsourced Chief Investment Officer model. The concept of outsourcing investment management changed the way that investment decisions were made and implemented for institutional investors and high-net-worth families—moving the decisions from product-driven sales folks to a fiduciary-minded comprehensive investment office. It was a game-changer for the industry, creating a more streamlined and cohesive approach for clients while driving growth for firms that adopted this methodology. Yet the OCIO model’s impact was most transformative to the firm co-founded by a pioneer of the model, Jonathan Hirtle. This former Marine started in the wealth management industry in the trainee program at Goldman Sachs in the early 80s. Through that experience, he was immersed in a culture unlike any other—yet he ultimately felt “philosophically cornered” in a transactional-based role at the firm. That is, Jon was conflicted: He saw an opportunity to serve clients’ investment needs in a more comprehensive manner—in a way that he could not at Goldman. So in 1988, Jon co-founded RIA Hirtle, Callaghan & Co. with Donald Callaghan, another Goldman Sachs vice president, to serve solely as an outsourced Chief Investment Officer and investment department to family groups and institutions that chose not to develop and pay for a full-staffed internal investment department. And they made the leap to independence at a time when few would consider it—and when the resources to do so didn’t exist. That is, they did it from the ground up, without a blueprint or the support that is available to present-day prospective independent business owners. Today, Hirtle Callaghan is a $20B RIA—growth solely driven by organic means and without the aid of outside capital. In this interview with Louis Diamond, Jon talks about his journey and path to growth, including: Life as an advisor at Goldman in the 80s—and what motivated him to consider leaving the firm. The choice to launch an RIA at a time when few made the leap—and what it was like without the support and resources that breakaways have access to today. The now popular Outsourced Chief Investment Officer (OCIO) model—and how it changed the way institutions and large families handled their investments before its inception. The OCIO model today—and how it evolved over time. Hirtle Callaghan’s growth over the years—and how their focus on organic growth fostered such incredible success. The jump from $1B in AUM to $5B and now over $20B—and what challenges they encountered at each breakpoint. Remaining 100% independent—and why they have chosen not to take on any outside capital. Jon paints an amazing picture of how innovation drove change not just for Hirtle Callaghan’s clients but for the wealth management industry at large. From recognizing the limitations in the brokerage environment, to making an early leap to independence, and on to the value of delivering a comprehensive investment model, Jon paved a new path that now serves as the backbone of the institutional consulting space as it stands today while sparking a flow of independent firms as a result. Jon is a true legend with extensive experience that he explains in practical terms—making this a “can’t miss” episode for employee advisors and business owners alike. Related Resources Celebrating Independence: Different Perspectives on How to Achieve Greater Freedom and Control Independence in the wealth management industry is much like your local ice cream shop: There are many different flavors to choose from. Read-> The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey With so many options to choose from, how does an advisor decide which path to independence to take? Read->  Jon Hirtle Executive Chairman Jon Hirtle has been an active investor for over 40 years. Starting his career at Goldman Sachs as a young idealist fresh out of the Marine Corps, he has successfully invested five separate decades. The 1982 bull market and the 1987 crash The 1990s run-up and bursting of the dot-com bubble 9/11, the buildup and bursting of the mortgage market, and the Great Financial Crisis Quantitative Easing throughout the 2010s And now, in the 2020s, the ripple effects of Covid, interest rate shock, and inflation Over 35 years ago, his idealism and insight led him to recognize that serious investors are far better represented by a sophisticated, independent investment office rather than a traditional bank, broker or other product-driven firm. That conviction, in turn, led him to create the first independent investment office for hire and pioneer the concept of the outsourced chief investment officer (OCIO). In 2011 Pensions and Investments named him the “Oracle of Outsource.” Today, Hirtle Callaghan manages $20 billion in complete, global investment programs for over 200 philanthropic families and the mission-driven nonprofits that inspire them, while OCIO, the industry he created, has grown to more than a trillion dollars in assets under management. Through decades of investing, innovation and leadership, Jon has developed a clear view about the difference between serious investing, trading and the outright gambling that has become so common in today’s world. He urges serious investors to think differently, to understand the value of market inefficiencies when they exist, to focus more on the trend and less on the cycle and to appreciate the difference between random luck, that is unlikely to be repeated, and skill that may persist – all in service of achieving success with certainty. He is a frequent contributor to Bloomberg and CNBC. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond Overview Mindy Diamond and Louis Diamond share perspectives from their unique vantage point on the impact of the banking crisis on advisor movement, their clients, and the wealth management industry at large. Listen in… > 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… For all that’s happened in the world over the last several years, there have been few events since the financial crisis of 2008 that rocked the financial services world in ways that we have experienced over the last several weeks. No doubt, the fall of Silicon Valley Bank and those banks that tumbled after, sent shock waves through the system, reverberating down to wealth management firms of all sizes, their advisors, and the clients they serve. In this episode, Mindy Diamond and Louis Diamond share perspectives from their unique vantage point, answering the questions on the minds of many advisors, including: Will recent news slow advisor movement? Do we anticipate any change in recruiting deals? Will this event shift the pendulum of movement further from independence and regional firms? Will wirehouses see this as an opportunity to work on wrest away more control from the advisors? How will advisors think about custody of assets going forward? And, ultimately, how will this event impact advisors, their clients, and the wealth management industry at large? Listen in to this special Industry Update to get the answers to these questions and more. Related Resources Mind the Pendulum: What the Bank Crisis is Teaching Us About the Industry Landscape The natural order is being tested in the wealth management industry. And it will be some time before we see who the real winners and losers are. Read-> Industry Update: Should You Consider a Move When Markets are Turbulent? It’s common for financial advisors to share that they are “uncomfortable” thinking about a move when the markets are unsettled. But how does an advisor know if now is the right time to consider change? That answer, and more, is explored in this episode. Listen->  Your Guide to the Wealth Management Landscape: An At-A-Glance Map for Financial Advisors UPDATED FOR 2023- The wealth management landscape offers more optionality than ever before, making it difficult to discern, let alone compare and contrast, models. So we’ve created this “at-a-glance” continuum infographic to serve as your guide to the different models and their relative features. Download-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with David Pulcini, Managing Partner, SixPoint Financial Partners Overview David Pulcini of SixPoint Financial Partners discusses the value of being a student of the industry and how that helped him to pave a new path from insurance broker dealer to independent broker dealer, and ultimately on to hybrid RIA, RFG Advisory. Listen in… > 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… They say that knowledge is limited by perspective. Put another way, you can absorb only what you are exposed to. So if you work for a firm, your view of what you can do to serve clients and grow your business is constrained by what your firm makes available. Then one day, you start hearing about colleagues at other firms or models who share their experiences with technology or marketing. Or, in doing some cursory due diligence, you learn you can greatly expand the services you offer your clients. And that’s when the proverbial light bulb goes off. The guest on this episode, Dave Pulcini, started as a trainee at AXA Equitable, working hard for nearly 15 years but never really able to move his practice to the next level. Then he became a student of the industry, listening to podcasts from Michael Kitces and Mathew Jarvis, as well as this one, and realized that he was working in a bubble. That is, there was so much he didn’t know about the real potential to build his business outside the insurance broker dealer model. But it would take stepping outside of his comfort zone, digging deep to identify his goals and clarify his vision—and ultimately set his sights higher. And that he did. In 2018 he left AXA for boutique independent broker dealer American Portfolios. And earlier this year, Dave and his team decamped for RFG Advisory, a hybrid RIA. In this episode, Dave shares those light bulb moments with Louis Diamond, including: The key differences between the insurance broker dealer, the independent broker dealer, and the RIA spaces—and how he exponentially grew his business with each leap. Steps to consider when your broker dealer is sold—and how that led him and his team to RFG Advisory. Forgoing the upfront check in a transition—and what he felt most strongly about in making that decision. The value of thinking long-term—and how stepping out of his comfort zone and challenging his thoughts changed his business. And, ultimately, how each decision Dave and his team made along the way served to evolve his independent practice, SixPoint Financial Partners. Dave offers sound advice for any advisor who hasn’t taken the time to pop their head out and learn about an expanding industry landscape. Because as Dave found out, he didn’t know what he didn’t know—and that knowledge changed his business life in ways he never considered. It’s a great story highlighting an advisory business breaking beyond the $150mm AUM range with real, actionable advice. Related Resources Emerging Enterprises: Independent Paths for Advisors Managing $100mm or Less In a world that seems to focus on billion-dollar firms making the leap to independence, advisors at a lower asset threshold are wondering how they too can gain greater freedom and control. Here are 4 solid options. Read-> Going Independent with an RIA vs. IBD: A Comparison Fact Sheet When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Download-> My IBD was just sold. Now what? Advisor Group’s acquisition of American Portfolios Financial Services reminds independent reps whose broker dealer recently sold that whether content or not with your firm, the news is unsettling. So what does an IBD advisor do next? Here are 4 things that can help you to regain control of your business life. Read-> Dear Rochester, Retire Well Podcast from SixPoint Financial Partners. Listen-> David Pulcini Managing Partner I enjoy meeting new people wherever they are on their financial journey to guide them toward making positive financial decisions. I use my experience in investment management, tax planning, and insurance to help clients protect what they have and grow what they need. I have developed our proprietary “Think About It” process that we take our prospective clients through, I am a co-chair of our internal investment committee, and most of all, I love working with the clients that I have. I take my role as an advisor very seriously, but I really want to enjoy the process as much as possible. Education In 2012, I completed the advanced learning curriculum on Asset Allocation and Wealth Management Strategies hosted by the Wharton School of I am a 2003 graduate of Hilbert College– Buffalo, NY and hold Bachelor of Science degrees in Business Administration and Finance. I am a 1999 graduate of Palmyra-Macedon HS – Rochester, NY. Designations I hold Series 7, 66, and NYS Life, Health & Disability Insurance Licenses. I have obtained the RICP® (Retirement Income Certified Professional) designation I have earned the CERTIFIED FINANCIAL PLANNER™ (CFP) designation Out Of The Office Outside of work, you can find me spending time at home with my wife, Allison, daughter, Anamaria, and son, Adrian. We enjoy being active, and you can usually find me outside in the summer or learning to ski in the winter. However, we do take breaks to watch the Buffalo Bills play. I really enjoy sports, competition, and fitness. I am constantly reading about business and trying to be a great father and husband. I am an early riser in the morning and love making my wife coffee. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Ray Sclafani, CEO and Founder, ClientWise Overview Ray Sclafani of ClientWise discusses the key areas that employee advisors and independent business owners can impact to influence sustainable growth, enhance client relationships, and ultimately build “exit” value. Listen in… > 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… Growth is one topic that’s top-of-mind for most every advisor—regardless of where or how they practice. Yet growth for growth’s sake isn’t a sound strategy, particularly when looking at the long-term. The real focus should be upon building an enduring business designed for maximum enterprise value—or “exit value” as Ray Sclafani calls it. And as the CEO and founder of ClientWise, Ray built a business around helping advisors do just that. It’s a unique vantage point that Ray first developed in his 20-year tenure at AllianceBernstein. As one of the company’s top sales professionals and executive leaders, his knowledge of how to create and execute on highly successful sales plans and build long-lasting client connections was later utilized as the Founder and Managing Director of the Advisor Institute at AllianceBernstein. In that role, Ray developed and directed an extensive series of programs that proved invaluable to advisors in creating improved and sustainable motivation, sales, and client relationships. It was in 2006 that Ray left AllianceBernstein to launch ClientWise to take that experience and help financial advisors and their teams drive sustainable, intentional growth; maximize the value of their enterprises; enhance team performance; and develop next gen advisors to lead the firm into the future. It’s a roster of services that’s catapulted ClientWise to become one of the top coaching firms to financial advisors in the industry. Ray joins Mindy Diamond on this episode to share some of his best advice on growth, maximizing value, team building, succession and much more, with advice for independent and employee advisors alike, including: The differences between independent and employee advisors—and why Ray considers the latter “intrapreneurs.” The real value of building an enterprise—and what he refers to as “exit value.” The secret to successful teams—and how to build real “interdependency.” The reality about productivity—and what obstacles he feels should be removed at the wirehouses. The key focus areas of the best teams—and what they are doing differently than their less successful peers. Best practices for developing next gens—and why they’re not going to replicate the approach of the generation before them. Asking for referrals vs building client advocates—and which approach works best. And much more. It’s an episode with tangible information and actionable advice for employee advisors and independent business owners alike from one of the most sought-after coaches in the industry. Related Resources How to Maximize Your Career Enterprise Value This formula seeks to provide a process by which an advisor can “calculate” the sum total of 4 key factors—to conceptualize what their career enterprise value really is and how to achieve it. It’s one of the central tenets of Diamond Consultants’ process in guiding advisors through due diligence. Download-> Industry Update: How to Maximize Your Career Enterprise Value “Enterprise value” is often discussed in the context of the total value of a business or the cost to acquire a company. But advisors invest their time, energy, and talents in serving clients and fostering growth—creating career enterprise value. Here’s how to maximize that value. Listen-> Assessing the Gap Between Where You Are and Where You Want to Be A four-step process for financial advisors who are feeling the “pain of incongruence.” Read-> Ray Sclafani Founder & CEO After 20 years at AllianceBernstein, Ray Sclafani founded and heads ClientWise, the premier coaching and training company exclusively serving the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise and its unique coaching programs and team of credentialed coaches that help advisors and companies find the next level of professional excellence and financial success with greater focus and ease. Ray’s experience as a seasoned specialist in coaching and training in the financial sector mirrors his long and profitable history in the industry. In his 20 years at AllianceBernstein, Ray was one of the company’s top sales professionals and executive leaders. His knowledge of how to create and execute on highly successful sales plans and build long-lasting client connections was later utilized as founder and Managing Director of the Advisor Institute at AllianceBernstein.  In that role, he developed and directed an extensive series of programs that proved invaluable to advisors in creating improved and sustainable motivation, sales, and client relationships. Ray completed his transition to founding ClientWise through significant coaching education and practice that led to his recognition as a Professional Certified Coach (PCC) from the International Coach Federation, the leading independent professional association for coaches. As a complement to his coaching skills, he also holds a Master’s Certification in Neuro-Linguistics from the International Association for Neuro-Linguistic Programming and has participated in The Strategic Coach® Program for 17 years. Ray’s expertise as a coach and trainer is recognized and sought out by leaders within the profession. Through ClientWise, he has provided coaching or created and presented workshops for, among others, Merrill Lynch,  Morgan Stanley Wealth Management, LPL, Raymond James Financial, Ameriprise, and Northwestern Mutual. In addition, he has spoken on request to major industry conferences and company events for firms such as Merrill Lynch for their Diversity & Training programs, LPL, Morgan Stanley Institutes Conferences, Raymond James, FSC Securities, as well as the FPA National Conference, John Hancock Funds Wholesaler Conference, Nationwide Financial Summit Sales Conference, MetLife Presidents’ Conference, Northwestern Mutual Forum, Northwestern Mutual Annual Meeting, Barron’s Winner’s Circle Summit, and Barron’s Top Advisory Teams Summit. He has been interviewed and quoted in the Wall Street Journal, Financial Planning magazine, and Registered Rep, to name a few. Ray’s book,  “You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships,” was published by Wiley in 2015. Ray holds a BA from Baylor University. He lives in Flower Mound, Texas with his wife and true life partner, Beth, and their two sons who continually inspire his work and his passion for excellence. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Rory O’Hara, Founder and Senior Managing Partner Ausperity Private Wealth Overview Rory O’Hara, founder of Ausperity Private Wealth, discusses his journey from cold-calling trainee at Merrill, to building a business managing $500mm in client assets, to making the leap to independence as a young team. Listen in… > 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… The wealth management business was very different in 2007—particularly for newly-minted advisor trainees. As former Merrill advisors Rory O’Hara shares, cold calling was their primary vehicle to reach new clients. And that he did—to the tune of 200 to 300 calls a day! Yet he was young and determined with a strong entrepreneurial side, which led him to consider ways to “scale” the business over time. That is, building a team that can reach more customers than what was possible with one person smiling and dialing. Rory and his team grew the business to some $500mm in assets under management—garnering many industry accolades, including Forbes America’s Top Next Gen Advisors and Forbes Best-in-State Wealth Advisors. Rory credits his growth and knowledge gained to his time at Merrill—an experience he calls “phenomenal.” But through due diligence, he was surprised to discover that as an employee of the wirehouse, he and his team were limited in what they could do for their clients and to grow their business. That is, they “didn’t know what they didn’t know” until they stuck their heads out to explore. So in August of 2021, Rory and his team launched Ausperity Private Wealth on Sanctuary Wealth’s supported independence platform. What propelled them to start due diligence and make the leap to independence? Rory shares those answers and more with Louis Diamond, including: The pushes and pulls that inspired them to consider change—and how exploration helped to open their eyes to what they were lacking at the wirehouse. Making the leap to independence as a young team—and how their long runway gives them more time to build their firm and add to their growth. The choice to build their independent firm with Sanctuary—and why they didn’t opt to build their firm from scratch. The transition from advisor to business owner—and the valuable lessons he’s learned in the process. The ability to freely market their business as independents—and how that’s impacted their growth. The value of having a mentor—and how that helped to shape his business mindset and model. And much more. It’s a “must listen” episode that candidly explores a former wirehouse advisor’s journey full-circle: From cold-calling trainee to building a solid practice at the wirehouse, to an eye-opening due diligence process and exploration of models and options, to the transition process and new business ownership. Related Resources 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-> Conducting a Strategic Due Diligence Process: 10 Practical Tips for Financial Advisors The worksheet discussed in this podcast episode, is designed to serve as a checklist for anyone preparing to embark on an exploration process. Download-> How to Optimize Your Business for Growth and Success: 8 Questions Advisors Need to Ask Themselves Rising above the day-to-day tasks of your “job” to invest time in thoughtful strategizing and planning can be the game-changer you’ve been looking for. Read-> Robert (Rory) J. O’Hara III, CFP®, CRPC® Founder & Senior Managing Partner Rory founded Ausperity Private Wealth in 2021 as an independent wealth management firm, driven by his desire to help people better manage their finances through careful planning so they can enjoy the full potential of their wealth. With more than fifteen years of experience as a wealth advisor, Rory focuses on helping Baby Boomers make the most of the next phase of their life, and High-Income Millennials who have decades of financial goals ahead of them. Previously Rory led his own team, The O’Hara Group, at Merrill Lynch Wealth Management. As a member of the select Merrill Lynch Advisor Growth Network, he taught advanced financial planning concepts and strategies to other Merrill Lynch Financial Advisors. Rory has been recognized by Forbes, appearing as a Best in State Wealth Advisor in 2021 and has ranked on the Forbes Top Next-Gen Wealth Advisors Best-in-State list for 6 years.  Recently, Rory was also ranked #5 in the country for AdvisorHub’s 25 Next Gen Advisors to Watch list! A graduate of Villanova University, Rory holds the CERTIFIED FINANCIAL PLANNER certification and the Chartered Retirement Planning Counsel SM designation. Outside of the office, he enjoys spending time with his wife and four children, playing golf, and watching Villanova basketball. Rory is a proud board member of The Cathedral Kitchen in Camden, New Jersey, and serves as the Chair of its Fundraising Committee. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…