The Diamond Podcast for Financial Advisors

A conversation with James Hughes Head of Investment Advisory Lending Live Oak Bank Overview James Hughes of Live Oak Bank discusses debt financing for prospective breakaway advisors looking to de-risk a leap to independence or payoff a note balance, or business owners seeking funds for acquisitions or succession planning. 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… Whether you’re a prospective breakaway advisor looking for liquidity to de-risk a leap to independence or payoff a note balance, or a business owner seeking funds for acquisitions or succession planning, you have an important decision to make around accessing capital. Because as the wealth management industry landscape evolved, advisors became the beneficiaries of several paths to consider. Over the course of this series, we discussed “selling” a portion of the business (that is, equity) to any one of the many minority investors or private equity firms in the space, as well as independent broker dealers and supported versions of independence that offer forgivable loans to help fund a transition. But what about direct financing options? James Hughes, the SVP and Head of Investment Advisory Lending at Live Oak Bank, joins the show to discuss taking on debt to fund your business’s next phase of success. As the #1 SBA (Small Business Association) lender in the country, the bank started lending to advisory practices back when James joined in 2013—at a time when there were few other options available in the space. In this episode, James speaks with Louis Diamond about the many reasons advisors opt to work with a bank, including: Taking on debt vs. selling equity—and what factors a current or prospective business needs to consider when selecting their financing path. The unique position that Live Oak holds in the industry—and why large institutions and local banks are less inclined to finance an independent wealth management practice. Understanding the differences between different use cases—and what you need to know about accessing capital for succession, acquisition, growth, or financing a leap to independence. Succession planning—and how Live Oak offers an alternative to business owners and next gens alike. Access to capital for breakaways—and how an advisor might benefit by funding a transition with debt vs. equity. And much more. Taking on debt vs. selling equity is a business decision not to be taken lightly, making this episode an important one for both prospective and current business owners alike. Related Resources 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-> Investing in Independence: How Investors in Wealth Management Firms are Helping Wirehouse Advisors Make the Leap There was once a time when investors were only interested in those already independent. But wirehouse advisors are finding these same capital sources may have an interest in funding their move. Read->  Industry Update on M&A: Meet the Investors—Why It’s Important for All Advisors to Know Who They Are Whether you’re a wirehouse advisor or already independent, the inevitable challenges you will face at some point in your career are the same: Accelerating growth, creating scale and monetizing your life’s work. Listen-> James Hughes Head of Investment Advisory Lending James Hughes serves as the Head of Investment Advisory Lending at Live Oak Bank. In his role, James leads the sales team and oversees the lending process from the initial call to servicing of the loan. Since joining Live Oak Bank in 2013, he has helped hundreds of businesses achieve their goals through financing. James has served in several roles at Live Oak, including as a Sales Trader, Relationship Manager, Underwriter and Loan Officer. Prior to joining the bank, James worked at one of the leading investment banks in the world. There he managed a group of derivative trading assistants and several client service teams. Through this unique experience James has gained an understanding of the challenges that business owners face. James is dedicated to assisting small business owners in the Investment Advisory industry attain success and continue to thrive with Live Oak Bank’s products and services. James has a Bachelor of Arts in Economics from Bucknell University. 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 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… > 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-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond and Jason Diamond Overview Additional commentary from Louis Diamond and Jason Diamond on the 2022 Advisor Transition Report, featuring the latest full year data on financial advisor movement, transition deals, and transition case studies. 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… In Q3 of 2022, we embarked upon an informational journey to explore trends in advisor movement over the first half of the year. Our goal: To answer the questions we regularly hear from our advisor-clients. So here we are again, 8 months later, and that goal is a loftier one: With our sights set on analyzing the entire year of 2022. While accurate advisor movement data is notoriously difficult to obtain, by design, this report serves as a framework for advisors who are curious about a changing wealth management industry landscape and the impact of those changes on their businesses. Louis Diamond and Jason Diamond take the mic to discuss the findings of the latest report and to share answers to key questions, including: Which firms are having the most and least success recruiting and retaining advisor talent? Which business models are advisors finding most attractive? Why are advisors at big brokerages and independent firms alike changing jerseys? What are the most influential and largest transitions made during the year? Why are advisors changing jerseys with such frequency? How are some firms able to recruit consistently and successfully while others struggle to do so? Where are advisors moving to and from? What are advisors being paid to make such moves? Plus, they share good news: Even with massive headwinds, 2022 was an active one for advisor movement. Listen in for the details and be sure to download the latest report at the link below. Download the Transition Report Related Resources Diamond Consultants Advisor Transition Report 2022 Data, Perspectives, and Analysis on Advisor Movement Encompassing the Entire Year of 2022. Download-> Diamond Consultants Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry: H1 2022. Download -> An Update on Advisor Movement in the Wealth Management Industry: H1 2022 A special episode introducing the Diamond Consultants Transition Report, the first of a semi-annual review of advisor movement in the wealth management industry. Learn 10 key trends from the comprehensive, data-driven report of financial advisor movement over the first 6 months of 2022. Listen-> Financial Advisor Transitions: 8 Observations from Movement Trends in the First Half of 2022 Ultimately, the first half of 2022 has proven that advisors are the real winners as firms have stepped up their games to become attractive landing spots with strong recruitment deals to match. 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-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Michael Nathanson, CEO and Chair, The Colony Group Overview Michael Nathanson of The Colony Group discusses how “interdependence” helped to foster the growth of the RIA; the real value of equity partner Focus Financial; and their unique culture, curated services, and acquisition strategy, and 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… “Interdependence” is an interesting word—particularly when used in the context of the independent space. Because for many, the thought of starting an independent practice conjures visuals of being more solitary and self-dependent. Yet for Michael Nathanson, the notion of interdependence is one that fostered the growth of RIA The Colony Group. It’s a philosophy that revolves around embracing partnerships and the merging of ideas, experiences, and expertise. And it extends to providing anything and everything their clients need in a multi-family office construct. And it’s that very philosophy that fueled the firm’s growth from $1.2B to some $20B in assets under management in just over a decade. In his previous life, Michael was a Senior Partner at the international law firm of Wilmer Cutler Pickering Hale and Dorr LLP when he was first introduced to The Colony Group. In 2004, he resigned his role at the law firm to “take a chance to do something different,” as he put it, opting to become The Colony Group’s CFO and General Counsel. Michael quickly advanced to President and CEO of the firm, and now serves as Chair and CEO. So how does a former attorney become such a driving force behind the culture and vision of an independent wealth management firm? In this episode, Michael shares his journey with Mindy Diamond, including: The Colony Group’s extraordinary growth—and how the concept of “interdependence” turns their mission into a reality. The real value of equity partners—and why they chose Focus Financial over others. Key aspects of the firm’s acquisition strategy—and how their unique culture and family office services are attractive selling points. The “curated” services they offer high net worth clients—and how “democratizing” access to services once available to only ultra-high net worth clients is a cornerstone of their success. Michael offers a unique perspective on a changing landscape and why “focusing on what made our industry great in the first place, which is independence and being fiduciaries in putting our clients first,” is the key to success. There’s a lot to learn in this episode, for employee advisors and business owners alike. Related Resources MaxCeV™: How to Maximize Your Career Enterprise Value How can financial advisors who are NOT independent business owners maximize that value regardless of industry channel affiliation? 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. Download-> 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-> What’s the ‘Real’ Value of a Financial Advisor’s Business? Headline-making M&A deals in the independent space have many employee advisors wondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Read-> One-on-One with Rudy Adolf: How Focus Financial Partners Revolutionized RIA M&A—and Went Public in the Process – A conversation with the firm’s Founder, CEO and Chairman Industry legend Rudy Adolf describes how the idea of Focus Financial Partners came to be, filling a gap in how independent financial advisors accessed capital, resources and monetized their life’s work, plus the firm’s journey as a public company, their growth, how they are further evolving and more. Listen-> Michael Nathanson Chair & CEO Michael Nathanson is the Chair and Chief Executive Officer of The Colony Group, a solutions-oriented, full-service financial advisory company with a team of experienced professionals, including financial planners, investment analysts, portfolio managers, business managers, accountants, and attorneys, who are equipped to address our clients’ financial needs, from asset allocation and investment management to tax, estate, and retirement planning, business management, charitable giving, risk management, and more. Michael is actively engaged in thought leadership for the financial advisory industry as well as co-author and frequently interviewed for national and local news outlets. He is also passionate about public service and is involved with various organizations and foundations. He is relentlessly dedicated to bringing meaning and joy to the lives of Colony Group clients and team members by fostering a culture that values lifelong learning, cultivates innovation, and offers opportunities to live lives full of passion and purpose. Michael also hosts The Colony Group’s Podcast, Seeking the Extraordinary™. Learn more about Michael here. Also available on your favorite podcast app and other media sites                          Browse other episodes in this podcast series…

A conversation with Shane Morrow, Managing Partner & CEO, IronBridge Wealth Counsel Overview Shane Morrow discusses leaving insurance-based independent broker dealer, Lincoln Financial, with a team of experienced partners and how their new firm IronBridge Wealth Counsel has thrived with SagePoint Financial, an IBD under the Advisor Group umbrella of firms. 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… Mindset can be a powerful driver. For Shane Morrow, it served as a motivational force behind building a billion-dollar business. Having come from the institutional world, Shane started out in the financial planning business at Lincoln Financial with zero—no clients, no assets under management. That was in 2016. Today Shane’s the CEO and managing partner of billion-dollar independent firm IronBridge Wealth Counsel. It’s extraordinary growth that Shane credits to having an optimistic attitude and a growth mindset with an eye on the long-term—as well as teaming up with the right group of experienced partners. An ensemble practice with offices across the country, the core team started working together in 2004, motivated by filling gaps that they saw in the financial services industry. With that in mind, their vision was to serve as advocates for their clients—what they call “champions of their financial well-being.” Yet it was a vision they were unable to fully realize while at the insurance-based independent broker dealer, Lincoln Financial, that propelled them into exploration. That process resulted in the team, which was managing some $800 million at the time, moving their independent firm IronBridge Wealth Counsel to SagePoint Financial, an IBD under the Advisor Group umbrella of firms. That was in June of 2022. And IronBridge kicked off 2023 with over $1B in assets under management. Sure, you’re likely saying that mindset alone can’t power that kind of growth. And no doubt you’re right. But it does power the vision and execution path that one takes to achieve their goals. And that’s what Shane talks about in this conversation with Louis Diamond. They discuss: Entering the world of financial advice without a book of business—and what Shane feels were the critical steps that led to his growth. The choice to leave Lincoln Financial as one of the most significant groups within the firm—and what prompted them to explore their options. The due diligence process—and why they opted to stay in the independent broker dealer model with SagePoint. The value of building an ensemble practice—and how they plan to create a place where other advisors can grow and thrive. It’s a powerful episode that reminds advisors and business owners alike that being honest with yourself about your “why” and ensuring you’re running “to something” and not “from something” is essential to success. Listen in for actionable advice on growth and how to ensure your mindset matches your ultimate mission. Related Resources How CPA Referrals Drove a Former Lincoln Financial Independent Group to $12B in Just 5 Years A conversation with Paul Saganey, Founder and President of Integrated Partners. Listen-> 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 gamechanger you’ve been looking for. Read-> Why Advisors in “Growth Mode” Are Sacrificing Momentum to Change Firms or Models It seems to be counter-intuitive for an advisor or team who may be riding the wave of their “best year ever” to change jerseys or break for independence. Yet it’s happening in record numbers. Read-> Shane Morrow, CFP®, CIMA®, CAIA® Managing Partner Mr. Morrow is co-founder and Managing Partner of IronBridge Wealth Counsel, a national ensemble financial advisory firm. He is responsible for the firm’s strategic direction and leading its investment management division. Additionally, he currently serves as an independent consultant to First Ascent Asset Management, an investment management firm based in Denver, Colorado. Prior to founding IronBridge, Mr. Morrow served as Vice President-Consultant Relations at Sage Advisory Services, Corporate Vice President-Wealth Management at New York Life Insurance Company, and Director of Investment Consulting at Independent Portfolio Consultants. Mr. Morrow received his BA in Economics from Amherst College. He has earned the Certified Financial Planner™ certification, the Certified Investment Management Analyst® designation, and the Chartered Alternative Investment Analyst® designation. He is currently a Level II Chartered Financial Analyst candidate. He has also completed two full Ironman races and multiple marathons and half Ironman races. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Leo Kelly, Founder and CEO, Verdence Capital Advisors Overview Leo Kelly, the founder and CEO of Verdence Capital Advisors, discusses life after Merrill and the choice to “breakaway” twice: first by joining Hightower and 5 years later by launching an RIA. He shares how a hyper-focus on culture drives success, their strategic minority investment from Emigrant Partners, and more about their extraordinary growth. 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… “Happy, but not satisfied.” It’s a common refrain we hear from top advisors and their teams who are ultimately driven to change not because they are unhappy with the status quo. But, instead, because they feel a pull toward something better. Such was the case of Leo Kelly and his team at Merrill, The Kelly Group. Having built the business to some $600mm in assets under management, the pull of entrepreneurialism and being a true fiduciary to their clients was too strong to ignore. So in 2012, they made the leap to Hightower Advisors and in 5 years doubled their business. But by 2017, Leo felt Hightower was going in a different direction than they were. That motivated them to make yet another leap, this time to full-on independence, launching Verdence Capital Advisors. 5 years later, the firm is now managing $3B in client assets—more than doubling the business once again. So what’s driving all of this incredible success? Leo shares that and more with Mindy Diamond, including: The initial pull toward independence—and why they opted to make the leap from Merrill with Hightower instead of launching their own RIA. The choice to leave Hightower 5 years later—and what they are able to do differently as Verdence Capital Advisors. The firm’s hyper-focus on culture—and why descriptors like “collaborative” and “family” are not just terms in a value proposition but a way of life. The value of designing the firm “as if the client is the architect”—and how that has translated to enhanced growth. Their platform-based business—and how providing access to client resources helps the advisors who join them deepen connections with clients, create new relationships, and grow their businesses. Plus, Leo talks about the strategic minority investment from prominent capital backer, Emigrant Partners—and the value of taking on the right partner at the right time, and much more. Related Resources Looking at M&A from the Acquirer’s Side of the Table Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners. Listen-> Beyond Private Equity: RIAs Have More Options Than Ever to Access Capital There are now multiple ways independent advisors looking to buy, grow, or transition their practice can unlock some liquidity. Read-> Financial Advisors: Is Now the ‘Right Time’ to Start Exploring Your Options? The truth is that taking the time to get educated about the opportunities available is a smart business decision—regardless of whether you want or are ready to make a move. Read-> 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-> Leo J. Kelly III CEO and Partner Leo serves as CEO of Verdence Capital Advisors, an independent RIA headquartered near Baltimore, Maryland. His approach to business and leadership transcends personal interests and achievements, and instead focuses on the team around him. The firm’s success is based on a client-first business model, driven by two building principles: to create a wealth management firm that clients would design if they were the architect, and one that the industry’s best advisors would construct if given the opportunity. He recognizes the importance of innovative technology and supports advisors with the resources needed to maximize their potential and service each unique client. Leo takes enormous pride in the Verdence team and believes strongly that positive company culture leads to excellent client experiences. He appears regularly as both an industry and thought leader on financial media like CNBC, Fox Business, and Bloomberg. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with David Canter, President, Bluespring Wealth Partners Overview The president of Kestra Holding’s Bluespring Wealth Partners discusses the firm’s mission of acquiring independent wealth management practices, and shares his unique perspective and advice on M&A, independence, business ownership, and 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… You might say that David Canter’s role as President of Bluespring Wealth Partners clearly demonstrates a continually evolving industry. The subsidiary of Kestra Holdings launched in 2019 with a mission focused on acquiring independent wealth management practices that have their sights set on growth, succession, and continuity. And it was a mission that proved to be a powerful draw for the nearly 13-year veteran of Fidelity Clearing & Custody Solutions—and a perfect match for his experience and knowledge around M&A and the RIA space. David was first a guest on this series in September of 2018 when he was the Executive Vice President and Head of the RIA segment for Fidelity, responsible for driving the execution and results of more than 2,800 RIA firms across eight territories throughout the U.S. In that episode, he shared an extensive view of independence and the custody industry (with commentary that is still relevant today, so be sure to listen in). No doubt, independent business owners have a growing field of options when considering selling all or a piece of their business. And in what continues to be an active M&A market, Bluespring has been attracting its fair share of headlines. For instance, they closed out 2022 with 9 acquisitions—more than $3B in AUM. Yet one of the biggest announcements last year could be that of David taking on the leadership role of the firm. Because there are few people in this industry who have David’s unique combination of experience and knowledge—nor is there anyone as generous in sharing all that he knows. In this episode with Louis Diamond, David talks about an evolving industry, including: Life in the independent world “before it was cool”—and how it’s changed today. His view of the custody world—and why he sees it as a utility business and not a commodity. The options advisors have when considering a capital partner or exit strategy—and how Bluespring fits into this ecosystem. Bluespring’s unique value proposition—and why he sees the firm as a “force multiplier.” The talent shortage—and why he’s optimistic about well-trained next gens rising up. The bull market for advisors and advice—and the 4 key things continuing to drive movement and M&A activity. Plus, David talks in-depth about finding your “unfair advantage”—and why it’s one of the most important aspects of any successful business. And much more! It’s an episode that covers a lot of ground—an in-depth knowledge base for employee advisors and independent business owners alike. Related Resources Mindset, Motivation and Momentum: What’s really driving all the movement to independence – With David Canter, Head of Fidelity’s RIA Segment An inside perspective on why independence continues to be the hottest ticket in town, and what we can expect for the space going forward. Listen-> Beyond Private Equity: RIAs Have More Options Than Ever to Access Capital There are now multiple ways independent advisors looking to buy, grow, or transition their practice can unlock some liquidity. Read-> Avoiding the Succession Cliff: Potential Paths for Soon-to-Retire Advisors Tenured advisors have invested a lifetime in building a business with real value, yet many don’t have a succession plan. Why the delay? And what are their options? Read-> David Canter President David Canter is widely known across the RIA industry. As President of Bluespring Wealth Partners, David is focused on positioning our organization as one of the premier acquirers in the industry. This includes overseeing the day-to-day operations and identifying new areas of opportunity and growth for Bluespring Wealth Partners. In his previous role as Executive Vice President and Head of the RIA segment for Fidelity Clearing & Custody Solutions, he led a team that provided a comprehensive custody platform, brokerage services, trading capabilities, and practice management and consulting services to registered investment advisors. David was responsible for driving the execution and results of sales and relationship management of more than 2,800 RIA firms across eight territories throughout the U.S. During his career, David has held numerous positions at several well-respected financial institutions gaining experience in multiple facets of the industry. From Head Legal Counsel of Schwab Institutional, Chief Legal and Compliance Officer at Post Advisory Group, and other roles focused on practice management, trading and operations, consulting, and investments—making David a well-rounded leader in the RIA space. David currently sits on the board of two charitable organizations, including Invest in Others and Foundation for Financial Planning. Invest in Others is an organization that helps financial advisors make the most of their charitable work and create a bigger impact within their communities. Freedom For Financial Planning provides veterans, cancer patients, and people in crisis access to pro bono financial planning and financial resources. In 1990, David received his Bachelor of Arts degree in Political Science from the University of Wisconsin. He then went on to earn his Juris Doctorate from the University of Baltimore Law in 1993. He currently holds his FINRA Series 24 license and is a California State Bar member. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Jason Diamond Overview 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 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. Guests appearing on this podcast are NOT compensated in any way for their appearances. About this episode… The notion of independence has driven more intrigue and movement in the wealth management world than any other concept or model. Because, as you’ve heard us say many times before, the desire for greater freedom and control amongst advisors continues to grow. And, as such, so have the options to satisfy their quest. But while independence has become a more mainstream path for advisors considering change, we find that many advisors are still not completely aware of the options available in a continually evolving landscape. And even more so, many top advisors wonder if they can equally or better serve their clients without the support of a large firm and a big brand name behind them. Yet, in conducting due diligence, these same folks often find out that there’s a wide array of options available for those who have a desire to become business owners. Jason Diamond joins this episode to help get everyone up-to-speed on the independent space and to answer the many questions that many of our advisor-clients ask us during their exploration process, including: What are the different “types” of independence? How does the amount of support vary from model to model? What are the benefits of independence to clients? What are the pros and cons of each model—IBD vs. RIA vs. supported independence? How do the economics of independence compare to a recruiting deal? How does the type of independent model impact a potential sale down the road? Who are the potential buyers for an independent business? And why are advisors eschewing the short-term windfall of a recruiting deal and instead opting to bet it on themselves? It’s a quick yet thorough education on the space that’s rocking the landscape—with value for those exploring independence and independent business owners alike. Related Resources Steward Partners Revisited: Jim Gold Offers an Insider’s Perspective on Why Supported Independence is Thriving Steward Partners CEO and founding partner Jim Gold revisits the series to provide an update on the firm. He discusses their evolution and growth, plus being the first to sign-on to the Goldman Sachs custodial platform, and more. Listen-> 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-> 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-> 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-> 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-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Andy Sieg, President, Merrill Lynch Wealth Management Overview The leader of one of the top brokerage firms in the wealth management world, Andy Sieg, President of Merrill Lynch Wealth Management, joins the show for a candid one-on-one interview with Mindy Diamond. 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… We’ve come a long way. That is, a show that just 5 years ago propagated from roots in educating advisors on the independent landscape, to today, a truly seminal moment. Because in this episode, we’re taking a big leap outside of our initial directive to share the mic with the leader of one of the most recognized brokerage firms in the wealth management world. That is, Andy Sieg, President of Merrill Lynch Wealth Management. Not an independent firm, but instead one of the top wirehouses that the industry was founded upon. It’s a history that dates back to 1914 when Charles E. Merrill, a bond dealer, founded a small investment-banking firm and later took on a partner, Edmund C. Lynch. The resulting collaboration, Merrill, Lynch & Company, prospered by specializing in underwriting the securities of chain stores. Over the course of decades, and a number of mergers and acquisitions, the firm grew to become of the leading financial institutions in the world. Yet, suffering billions in losses in the 2008 financial crisis, Bank of America acquired Merrill Lynch in a transaction that rocked the financial services world. Today, Merrill Lynch Wealth Management reportedly manages nearly $3 trillion in client assets with some 20,000 advisors including trainees and private bankers (formerly known as US Trust advisors). But for all that, many Merrill advisors feel that the Bank of America takeover changed the culture of the firm. And despite record growth, a not insignificant number of top advisors have opted for other firms or models. So what’s really going on at Merrill? Andy shares his perspective on what’s top-of-mind for Merrill advisors, including: The influence of Bank of America on Merrill’s culture, solutions, and platform—and how that impacts the advisors and their clients. The notion of “Mother Merrill”—and how that has changed over recent years. The firm’s emphasis on growth—and how it correlates with advisor mindset. Merrill’s view on teaming—and what they see as the benefits to clients and advisors. The rationale behind the growth grid—and Andy’s view of its success and progress. The firm’s attrition—and how he perceives movement from the firm. The role of competitive recruiting—and what his thinking is around transition deals. The growth of independent models—and how that compares to the value of a fully-integrated firm, as well as whether they plan to introduce an independent channel. Plus, Andy shares his vision for the future growth and strategy of the firm. As the “standard bearer of culture,” it’s leaders like Andy Sieg who are responsible for setting the goals and direction for their firms. And in a world where the mindsets of advisors and their clients have changed dramatically, the burden of managing change rests solely on the leadership. It’s one of our most anticipated episodes—one in which listeners get to peek behind the curtain and hear from the leader of the thundering herd. Related Resources Merrill Information Hub A curated list of top-of-mind content for Merrill Advisors. Read-> FAQs – Merrill Advisors Ask Answers to the most frequently asked questions when considering a transition from Merrill Lynch. More Info-> The Annual Report for Advisors: The Contradictions of 2022 and Emerging Trends for 2023 A look back – and forward – on the forces behind an evolving wealth management industry. Read-> The Wirehouse World: Why it’s Still the Right Place for Many Advisors In a landscape with more options than ever before, a move from one big brokerage firm to another is more often the exception than the rule these days. Read-> Industry Update: 10 Reasons Why Some Financial Advisors Shouldn’t Go Independent There are plenty of reasons why independence isn’t for everyone. Listen in as Mindy and Louis break down the 10 most common reasons for financial advisors to “not make the leap.” Listen-> Andy Sieg President Andy Sieg is president of Merrill Wealth Management and a member of Bank of America Corporation’s executive management team. In this role, he oversees more than 25,000 employees who provide investment and wealth management strategies to individuals and businesses across the U.S. Sieg also oversees Bank of America’s Investment Solutions Group, which includes the Chief Investment Office and a wide range of thought leadership, product and portfolio offerings and platforms. With $2.7 trillion in client balances as of September 30, 2022, Merrill is among the largest businesses of its kind in the world. Its financial advisors consistently rank at or near the top of various annual industry-wide rankings. Since joining Merrill Lynch in 1992, Sieg has held a succession of senior strategy, product and field leadership roles in the wealth management business. From 2005-2009, Sieg served as a senior wealth management executive at Citigroup. He returned to Merrill Lynch in 2009 after the firm’s acquisition by Bank of America. Earlier in his career, Sieg served in the White House as an aide to the assistant to the President for Economic and Domestic Policy. Sieg earned a Bachelor of Science in economics from Penn State University and a master’s degree in public policy from the Harvard Kennedy School. He serves on the Board of the Friends of Notre-Dame de Paris and as an Advisory Council Member for the Stanford Center on Longevity. Sieg is the sponsor for Bank of America’s Black Executive Leadership Council and serves as the bank’s Market Sponsor for Dallas, TX. Sieg and his wife, Heliane, and their three children reside in Greenwich, CT. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

An annual digest of the year’s most ground-breaking commentary: 2022 Edition Overview An annual digest of the 2022 season’s most ground-breaking commentary for financial advisors and business owners on topics including achieving autonomy, considering change, serving clients’ needs, succession, next gens, growth, 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. Guests appearing on this podcast are NOT compensated in any way for their appearances. About this episode… When this podcast first aired in November of 2017, our goal was to create a series designed to educate advisors on the independent landscape. We truly had no expectations that 5 years later we’d still be here, let alone that the show would grow to include such an amazing roster of guests—from breakaways to members from the c-suite to industry thought leaders. Plus, we’re grateful for our growing cadre of faithful listeners from throughout the wealth management community who call it their “go-to” for learning about the opportunities within a changing industry landscape. In keeping up with an evolving advisor mindset, we expanded the content from exploring independence as a model to the overall concept of freedom and flexibility. That is, the autonomy that advisors have become increasingly drawn to and which is achievable in ways like never before. So in what’s become one of our most popular episodes each year, we take a step back to relive some of the highlights of the 2022 season that reflect the notion of independence and share some of the most valuable advice from those who are experiencing their version of freedom, flexibility and autonomy first-hand, including (in order of appearance): Ron Carson, Founder and CEO of Carson Group Matt Liebman, Founding Partner and Chief Executive Officer, Amplius Wealth Advisors (former Merrill advisor) John Klaas, Jr., CEO & Founder, Puzzle Wealth Solutions (former UBS advisor) Jim DeCota, President & Principal, Choreo, formerly Enso Wealth Management (former Ed Jones advisor) Jerry Davidse CEO, Presilium Private Wealth (former Merrill advisor) Larry Boggs, the Founder and President of Boggs & Company Wealth Management (former Wells Fargo advisor) Sarah Burney, Managing Directors and Wealth Advisors at Cresset (former J.P. Morgan private banker) Katherine Forrester Schneewind, Founder and CEO, High Note Wealth (former Northwestern Mutual advisor) Jacob Schlicht, Co-Founder, Kickstand Wealth Advisors (former Merrill advisor) Vincent Finney, Managing Director – Investments, Bibler, Finney, Panfil Private Wealth Management Group of Wells Fargo Advisors (former UBS advisor) Kimberly Sanders – SVP Advisor Solutions, LPL Strategic Wealth Services Jim Dickson, Founder and Chief Executive Officer, Sanctuary Wealth Jim Gold, CEO and Founding Partner of Steward Partners Michael Outlaw, National Field Director of Rockefeller Global Family Office Dan Katz, Managing Partner, Revolve Wealth Partners (former Oppenheimer advisor) Mike Durso, Founding Partner and CEO of Shorehaven Wealth Partners (former Morgan Stanley advisor) Kevin Myeroff, Principal and Senior Strategic Advisor at Sequoia Financial Group (formerly NCA Financial Planners) Matthew Jarvis, co-owner of The Perfect RIA Kelly Milligan – Managing Partner, Quorum Private Wealth (former Merrill advisor and ACTM Chair) These stellar guests share their thoughts on a changing wealth management industry: The concept of “more” and its impact on clients, advisors, and firms. The evolution of advisor mindset. The notion of serving clients’ needs first. The ways that advisors can improve client service. The limitations experienced by employee advisors. The different ways advisors achieve greater autonomy and agency over their business lives. The thought process behind foregoing a lucrative recruiting deal for independence. The choice to stay in an employee model. The evolution of the supported independence model. The senior and next gen perspective of the succession planning process. The choice of independence over big firm retire-in-place programs. The transition of leadership to next gens. And what you should be thinking about when considering change. Plus, much more. It’s the one show that provides an actionable digest of advice from a full year of candid conversations—designed for employee advisors and independent business owners alike. We’re grateful to each of the guests featured, as well as the many more we were unable to include due to time limitations—so be sure to visit the podcast page to listen to the full season of episodes. Related Resources Industry Update on 2023: 10 Emerging Trends to Put on Your Radar In an annual review for financial advisors, Mindy Diamond and Louis Diamond go out on a limb to share predictions for 2023, gleaned from their unique perspective on all the things most important to advisors, including recruiting, deals, M&A, and much more. Listen-> The Annual Report for Advisors: The Contradictions of 2022 and Emerging Trends for 2023 A look back, and forward, on the forces behind an evolving wealth management industry. Read-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…