The Diamond Podcast for Financial Advisors

A conversation with Louis Diamond Overview 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 in… > Download a transcript of this episode… About this episode… In an annual review for advisors, Mindy Diamond and Louis Diamond look at the past year and how activity and trends are already coloring what we expect to see as the driving forces of change for 2023. They dive into details on recruiting, where advisors went, the state of deals and M&A, and much more in their recap of 2022—then explore their predictions and expectations for 2023, including: Where recruiting deals are headed—and how changing competition will further impact offers. The shifting recruiting pendulum—and where more advisors will move to in the coming year and why. The rise of competitive deals from high-end RIA firms—and how they will rock the market amongst those serving high net worth and ultra-high net worth clients. Retire-in-place incentives—and why big firms are expected to push advisors to sign now more than ever. Increased compliance scrutiny—and how it will drive vulnerability and movement. The new hot commodity in the advisor talent pool—and why more activity is expected amongst this group. An acceleration of breakaways from RIAs—and why these independent advisors are the next “wave” of movement in the space. The popularity of multiple affiliation models—and why this is expected to be one of the hottest growth areas in the market. The expanded role of independent broker dealers and independent platform firms—and how this expansion will attract more advisors to the independent space. A shake-up in the custodial space—and how names like Goldman and others will provide the cachet many elite advisors have been looking for. The changing appeal of banks—and how that will further shift movement. And much more for advisors and business owners alike. We expect that 2023 will be the year that advisors take a step back and conceptualize not just how to maximize the value of their business and annual compensation, but how that translates into achieving their best business lives. That is, every advisor will have the opportunity to maximize their career enterprise value. Listen in and learn how. Related Resources 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->  Diamond Consultants Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry: H1 2022. Download-> MaxCeV™: 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. Download-> Investing in Growth: Exploring KKR’s Attraction to $25B+ RIA Beacon Pointe A conversation with Matt Cooper, President of Beacon Pointe and Sasank Chary, Managing Director of KKR. Listen-> Transition Announcement: $1B Merrill Breakaways Opt for New Goldman Sachs Custody Platform The First Significant Breakaway Team to Choose Goldman Sachs Custody Platform for Their Newly-Launched RIA Firm. Learn more-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Erin Botsford, Author, Founder & CEO of The Advisor Authority Overview The author, founder, and CEO of The Advisor Authority offers success secrets for financial advisors and business owners on how to build and grow a self-sustaining business, designed for scale, succession, and to be attractive to acquirers. Listen in… > Download a transcript of this episode… About this episode… Ask any advisor what their “why” is, and you’ll often hear about a uniquely personal experience that propelled a mission of helping others manage their financial lives. For Erin Botsford, that mission was initially driven by misfortune and tragedy, leading her to realize that money gave people choices. Erin started at zero, with hard work and perseverance driving her seven days a week. Yet even after working with various coaches and mentors, Erin saw that others were growing their wealth management practices faster and with greater ease. But it was a chance meeting with a successful advisor named Paul that she credits for changing everything. Through careful observation, Erin learned how to grow her business and turn it into a completely self-sustaining one—allowing her to step away from daily activities with confidence. In 2018, Erin’s LPL-affiliated firm, Botsford Financial Group, became the first major M&A transaction by now serial acquirer Merit Financial Group, a hybrid RIA in Atlanta, Ga. That paved the way for this recipient of numerous industry accolades, including multiple Barron’s Top 100 honors, to start on her second act. That is, as the founder and CEO of The Advisor Authority, and sharing her formula for success with other advisors through the Elite Advisor Success System. Erin’s also an accomplished author and frequent speaker at many of the industry’s leading events for wealth management. In this episode, Erin shares her incredible backstory with Louis Diamond, plus: Realizing she hit a wall in her growth—and what steps she took to turn her business around. The real value of building a scalable business—and how the right people make all the difference. The realization that business owners shouldn’t work 24/7—and how to “shift seats” with key team members and clients. The importance of succession planning—and what other advisors need to know when preparing for their next chapter. Erin shares her secrets for success and actionable advice for advisors and business owners on building a thriving business that will persist even in your absence and poised to become attractive to clients and buyers alike. Learn more about Erin and The Elite Advisor Success System. Related Resources Why Settle for “Good Enough” When Great is Possible? In a vastly expanded industry landscape with more high-quality options than ever before, some advisors settle for “good enough” when the potential for “great” is often within reach. What’s holding them back? Read-> The Billion-Dollar Mindset: What Drives Top Advisors? Adopting these 12 characteristics can change your growth trajectory. Read-> Your Best Business Life: A 10-Point Exercise for Advisors An exercise that guides you through looking at the thought process behind a move from a different vantage point. Listen-> Erin Botsford, CFP™ Advisor, Author and Trainer, known as The Advisor Authority™ Erin Botsford, CFP™ is a 30-year veteran of the profession. She was a Barron’s Top 100 advisor in all categories – Advisor, Independent and Women. Erin successfully sold her practice in 2017 and now provides advisors the ability to model her success through her Elite Advisor Success System™ training program. She donates half of the profits from her training company to support orphans helped by the Ebenezer Foundation, an orphanage in Livingstone, Zambia. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Larry Boggs, the Founder and President of Boggs & Company Wealth Management Overview After 45 years at Wells Fargo and their predecessors, Larry Boggs left the wirehouse to build independent firm Boggs & Company with a team that includes 3 of his daughters. Larry discusses the value of family, legacy, business ownership, autonomy, and more. Listen in… > Download a transcript of this episode… About this episode… This is one of those great family business stories. Over 45 years at Wells Fargo and their predecessors, Larry Boggs built an extraordinary business managing $1.3B in assets. Yet in 2021, Larry made the decision to leave Wells and launch independent firm Boggs & Company Wealth Management. But why after more than four decades with the wirehouse? Because, as Larry shares, he decided it was time to run the business on his own terms and serve clients as he and his team saw fit—that is, “like family.” And family is one thing Larry knows a lot about: His 12-member team includes three of his daughters. Plus, Larry saw the handwriting on the wall. That is, that the industry was evolving, and it became obvious they needed to update their approach to the business. And like many others who opt for independence, Larry was craving greater control and flexibility for now and in the future. So what does that future look like for Larry Boggs and his team? In this episode, Louis Diamond asks Larry that question and many more, including: The motivation to make the leap after 45 years—and how his next gen influenced the decision-making process. Changes Larry observed over the years at Wells—and how that influenced the choice to go independent over other options. His extensive due diligence process (15+ firms!)—and why they ultimately chose to launch Boggs & Company with supported independence platform LPL Strategic Wealth Services. Their expanded ability to support clients in independence—and how removing the constraints of a larger firm agenda is impacting service. The things that intrigued him about becoming a business owner—and why legacy proved to be one of the most important factors. Considerations around succession and retirement—and how they are able to plan for that in independence. Larry’s perspective is an important one for advisors who are reflecting on their abilities to serve clients—not only now but well into the future. Related Resources The Next Gen Dilemma: 5 Unique Realities Faced by Successors The path for next gen advisors can be wrought with some pitfalls, yet when walked with confidence and flexibility, it can be immensely rewarding. 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-> 7 Things Advisors Need to Know About Succession Planning Actionable advice for all advisors – no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner – with Louis Diamond. Listen-> Larry Boggs Founder & President With over 45 years of financial services experience, Larry is the Founder and President of Boggs & Company Wealth Management. Prior to becoming independent in 2021, he was consistently recognized as a top advisor having received several internal accolades through Wells Fargo’s formally Wachovia’s internal advisor award recognition programs.  Most notably, this includes receiving Wachovia’s lifetime achievement award, the “Wachovia Way Award” in 2006. In addition to internal recognition, Larry has been honored by some of the most respectable financial reporting institutions in the country. Barron’s recognized Larry with “Best-in-State Advisor”, from 2007 – 2021 and “Top 100 Financial Advisors” from 2005-2006. Forbes recognized Larry as a “Best-in-State Wealth Advisor” from 2018-2021 and The Financial Times named Larry in their “Top 400 Financial Advisors” in 2016 and 2017. Away from the office, Larry is the Chairman of the Investment Committee for the Endowment Fund and the operating fund for the University System of Maryland Foundation Board, a member of the Western Maryland Health Systems Foundation Board, and the Treasurer of The League supporting special needs children.  Larry was named Frostburg State University’s Alumnus of the Year and was recognized with their “Service to Alma Mater” award in 2019. He was the recipient of the “Allegany County of Chambers Community Service Award” in 2018, and most recently was inducted into his high school’s hall of fame. On a more personal note, Larry and his wife Debbie have been married for over 45 years. They have three daughters, Mirjhana, Dagenais, and Koosie, and they are fortunate to have all of them as part of the Boggs & Co. team. They also have three wonderful grandsons that keep them busy with baseball tournaments, football games, and swim meets. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Jerry Davidse CEO, Presilium Private Wealth Overview Jerry Davidse discusses his transition from Merrill to building RIA firm Presilium Private Wealth with partner Brook Hart. He shares how they gained the freedom to communicate and create an exceptional experience for their clients, their outstanding portability ratio, uptick of referrals, and more. Listen in… > Download a transcript of this episode… About this episode… Many employee advisors often feel limited in what they can do for clients—particularly when it comes to having the freedom to market and share their unique voice. Or even to communicate without ensuring the message was approved by a higher authority. Take Jerry Davidse, for example. He started in wealth management at Morgan Stanley, leaving shortly after the Smith Barney merger to join Merrill in 2011. Over the years at Merrill, Jerry met his business partner Brook Hart, and together they built the business from $70mm under management to over $300mm with a client base composed primarily of executives and founders of biotech and pharma companies. As a young team, they were starting to feel like they had outgrown Merrill—and were limited in providing what they felt could be an “exceptional experience” for their clients. Plus, the firm placed restrictions on how they communicated with clients, requiring that all content be reviewed by compliance—a process that took time, making the messages obsolete or watered down and ineffective. In conducting due diligence, Jerry and Brook realized that they could remove the limitations and offer their clients the best of everything – including timely and creative communications – by building their own independent firm. So in April of 2022, they launched Presilium Private Wealth with support from Dynasty Financial Partners and Fidelity Investments as their custodian. In this episode, Jerry shares his journey with Louis Diamond, discussing: The things they liked most about Merrill—and why they felt they were “outgrowing” the firm. The choice to go independent—and why they chose Dynasty and Fidelity over other models and options. Their incredible portability ratio—and how they had 90% of their client assets committed in the first six weeks and 100% as of this recording. The influx of referrals they received since their transition—and how the feeling of truly building something “for the clients” trickled down in a positive way. Plus, Jerry offers advice about conducting due diligence—and how his “optimistic” mindset contributed to a successful transition. Jerry and Brook’s desire for “creativity, autonomy, and vision” demonstrates how transitioning from a world based on limitations to one of abundance can be a real game-changer. Yet it’s Jerry’s advice on building a business for the clients that’s the real takeaway from this episode. Related Resources What’s Driving the Momentum Towards Independence and Will it Continue? With Shirl Penney, Dynasty Financial Partners An insider’s guide to what it takes to get from here to there in the independent space. 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-> Demystifying Compliance for RIAs: What You Need to Know A conversation with Christopher Winn, CEO and Lead Consultant, AdvisorAssist. Listen-> IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider 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. Read-> Jerry Davidse, CFP® CEO Jerry Davidse, CFP® has worked closely with leading families across the U.S. as a wealth manager since 2001, advising them on wealth planning, custom investment portfolios and risk management strategies. He believes in clear communication with clients and provides simple recommendations for complex financial decisions. Jerry earned two degrees from the business school at Villanova University in 2001. Jerry was awarded the CERTIFIED FINANCIAL PLANNER™ certification in 2005 by the Certified Financial Planner Board of Standards, Inc. He was previously a Vice President at Morgan Stanley and Senior Vice President at Merrill Lynch before founding Presilium Private Wealth in 2022. He was recognized by Forbes in 2021 and 2022 as one of the top wealth advisors in Pennsylvania. Jerry enjoys traveling, golf, coaching youth sports and has run four marathons. He and his wife live in Radnor, Pennsylvania, with their son, Jake, and daughter, Emma. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Jim Gold, CEO and Founding Partner of Steward Partners Overview 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 in… > Download a transcript of this episode… About this episode… Jim Gold first visited our show back in March 2019. At the time, Steward Partners was just over five years old and already considered a success with 104 advisors in 17 offices and $10.9B under management while still operating under the Raymond James Independent Contractor Platform. Today, just three-and-a-half years later and with less than a decade under its belt, Steward is managing some $27B in assets with 350 partners, 200 of which are financial advisors, in 30 locations throughout the United States. Plus, Steward has expanded their custodial options – making headlines as one of the first to sign on to the Goldman Sachs custodial platform – and the firm now offers a 1099 option as well as its original W-2 path. In this episode, Jim discusses the evolution of Steward Partners with Louis Diamond, including: The gap in the landscape that Steward first sought to fill—and how the firm’s goals and value proposition have grown over time. The choice to move off the Raymond James Independent Contractor Platform—and how that impacted their ability to expand options for advisors. Breaking new grounds with the Goldman Sachs custody platform—and how Steward’s custody options have made the firm more attractive to a broader swath of advisors. The factors around the firm’s extraordinary growth—and how the firm gained incredible traction over recent years. The value of equity vs. cash—and what advisors considering Steward need to know about the economics. Plus, Jim shares his thoughts on a very evolved independent space—and what advisors associated with Steward can do that they could not under a wirehouse umbrella. Just as the wealth management landscape has evolved, so have relatively young firms like Steward Partners. Less than a decade ago, they created a firm that took a “common sense” approach, as Jim put it, to offer advisors a blend of what worked in the large firms and those things advisors lacked, adding in greater freedom and control. And Steward’s growth over the years is a testament to the formula’s success. It’s an episode that demonstrates the evolution of the independent space—offering an insider’s perspective on change in the landscape at large. Related Resources The 10 Most Valuable Insights from Breakaway Advisors A collection of the top words of wisdom from those who shared their journeys to independence during year 2 of this podcast series. Listen-> The Wealth Management Landscape At A Glance: What Financial Advisors Need to Know The ever-expanding wealth management industry landscape represents a waterfall of possibilities for every advisor and their clients. And having a clear understanding of the environment you’re building your business in is critical—regardless of whether you have a desire to move or not. Read-> A Special 5th Anniversary Episode: 5 Themes Driving Change in the Wealth Management Industry While the podcast started out 5 years ago exploring the independent space, it evolved to sharing a wide range of topics and welcomed guests from throughout the wealth management industry. In this special episode, Mindy Diamond and Louis Diamond explore the most popular themes for financial advisors and independent business owners. Listen-> A Best-of-All-Worlds Model: Full-Service Independence with Equity Upside: A Conversation with Jim Gold, CEO and Founding Partner of Steward Partners Jim Gold discusses breaking away from the senior leadership ranks at Morgan Stanley to build Steward Partners, a full-service employee-owned quasi-independent model, for advisors who are not interested in building something from scratch. He also shares some exciting news about the growth of the firm. Listen-> Jim Gold CEO Jim Gold serves as CEO, is a Founding Partner, a Board Member, and a member of the Executive leadership team at Steward Partners Global Advisory. He has extensive experience in the financial services industry, having held several senior-level roles. Mr. Gold spent 18 years with Smith Barney, and successor firms, beginning in 1995 as a Financial Advisor. He went on to hold numerous management positions at the firm, including National Training Officer, Assistant Branch Manager, Branch Manager, and Complex Manager. Mr. Gold received numerous accolades from the firm during his tenure. Mr. Gold supports numerous charitable organizations including: The American Heart Association, St. Jude’s Children’s Hospital, The Pan Mass Challenge, The Wounded Warrior Project, Wreaths Across America, The ASPCA, and The World Wildlife Fund. Mr. Gold attended Stonehill College. He currently lives in Northport, NY. He and his wife Elizabeth have four children Will, Conor, Kiera and Braedon, a daughter in law Annie Gold and their first Grandchild Liam! Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Chad Goodchild and Jacob Schlicht, Kickstand Wealth Advisors Overview Self-described “homegrown Merrill” advisors Chad Goodchild and Jacob Schlicht share the drivers behind their choice to leave Merrill to launch independent firm Kickstand Wealth Advisors with support from TruClarity—and how they regained their “happiness” as a result. Listen in… > Download a transcript of this episode… About this episode… Building an independent firm from scratch isn’t an easy task. It requires massive time and effort coupled with vision and the resources to identify and assemble all the moving parts—not to mention the ongoing operational and back-office management that follows. So while advisors may crave the freedom and control that comes with being independent business owners, many have no desire to get mired in the details. The good news is that the expanded industry landscape offers a new world of options for folks like these. That is, the support to handle the heavy lift of setting up an independent firm while still reaping the rewards of freedom and control. For the guests on this episode, self-described “homegrown Merrill” advisors Chad Goodchild and Jacob Schlicht, there were plenty of things they liked about the firm. First off, both started at Merrill as interns, learning the business from the ground up. Then Chad got to a point where he needed to add an advisor to his team and Jake answered the call. Together, this young team, Chad with 20 years at the firm and Jake with 16, built a business managing over $440mm in assets. Yet over time, while they appreciated so much about the firm – especially the support and all-under-one-roof access – they really wanted to be business owners with more freedom to choose how they served clients. And they wanted to restore the “happiness” they once felt in their roles as financial advisors. So they started to explore independent options, with a focus on supported independence. In July 2021, they launched Kickstand Wealth Advisors, based in upstate NY, with support from TruClarity Wealth Advisors RIA platform and Schwab as their custodian. In this episode, Chad and Jake candidly share their due diligence journey with Mindy Diamond, including: Their time at Merrill—and why they started to explore their options. The things they liked most about Merrill—and what changed their point of view. The choice to forego a transition bonus—and why independence was the better option for them, their clients, and their business. The choice to build their firm with support from TruClarity—and how that impacted their transition process. What they can do differently in independence—and what they describe as “the glaring differences.” Their role as business owners one year later—and how their lives have changed as a result. It’s an interesting story about regaining the “happiness” of your business life—a happiness that the advisor not only enjoys, but clients are also the beneficiaries of. Related Resources Creating a Destination for Other Advisors: How a $600mm Breakaway Team Transformed into a $2.8B Business Todd Resnick and his colleagues were attracted to the idea of building a “destination” for other advisors. He discusses their journey leveraging M&A, capital partners and support services to bring their shared goals to life–demonstrating how vision can drive growth and success. Listen-> 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-> Liberated: Why a 25-Year Merrill Vet Managing $450mm Opted to Break Away and Build His Own Firm On his 25th anniversary with Merrill, Craig Robson resigned to launch RIA Regent Peak Wealth in Atlanta, GA. It was a bold move designed to “liberate and empower” him and his team to serve their clients completely and with objectivity. Craig shares the drivers that led to his decision to leave Merrill and launch an independent firm, instead of opting for a transition from another firm. 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-> Chad Goodchild Chad’s interest in investing began in high school at the age of 17. Clearing the dinner table one evening, he grabbed a discarded pamphlet from the trash titled “How to Make Millions Trading Commodities.” After parting with $300 for the mail order class and studying for several months, he doubled his money on the first transaction. It was an “Aha” moment—the idea that instead of working for money, your money could work for you. Chad went on to graduate Summa Cum Laude from Saginaw Valley State University with a B.S. degree in Finance, all the while trading commodities between classes. In 1999, he joined Merrill Lynch Wealth Management as a Financial Planning Specialist, a role that involved coaching financial advisors on complex planning strategies. He started his own practice in 2002 and earned the title of Senior Vice President early in his career. His passion for those “Aha” moments still remains, and clients often find him on a whiteboard illustrating key concepts. He believes strongly that if you take the time to explain the why behind a decision, the answer becomes obvious—from clarity flows confidence. Chad lives in Pittsford, New York with his wife, Rebecca, and their three children. His hobbies include skiing, hiking and downhill mountain biking. Chad is an elder in his church, and a Board Member at Roberts Wesleyan College where he enjoys speaking to honors classes on finance. *Chad was named to the Forbes “Best-in-State Wealth Advisors” list in 2019, 2020 and 2021.   Jacob Schlicht Jake was always the banker in Monopoly®—everyone trusted him to handle the money properly. Growing up in a small, blue-collar town, money was always tight. Maybe it was his family’s humble beginnings or working the land on his grandfather’s farm—a culmination of influences led Jake to simply want more. He understands the stress that money, and the lack thereof, can bring to a family. Having a strong work ethic, Jake worked during the day, went to college at night, and managed to squeeze in an unpaid internship on the management team at Merrill Lynch Wealth Management. From that perspective, he saw first-hand the difference financial planning made in the lives of ordinary people. After graduating Magna Cum Laude from Medaille College, Jake worked in a civilian job as a Financial Analyst for the Department of the Navy doing budgeting and forecasting. He quickly realized that his passion was working one-on-one with clients and their families and returned to Merrill Lynch. During his 15-year career at Merrill he earned the title of Senior Vice President, obtained his CERTIFIED FINANCIAL PLANNER ™ designation, and led Merrill’s training program for all new Financial Advisors in the Western New York region. Jake’s down-to-earth approach and pragmatic attitude puts people at ease. He finds purpose in using his knowledge and experience to relieve the stress and anxiety that financial decisions can bring. Jake lives in Bloomfield, New York, with his wife Bessie and their three young children. He enjoys snowboarding, hiking, and wood-working — “there’s something special about creating with your hands.” He loves their small-town lifestyle and get-togethers with friends and family.   *Jake was named to Forbes “America’s Top Next-Generation Wealth Advisors” list in 2018 and Forbes “Best-in-State Next Generation Advisors” in 2019. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond Overview While the podcast started out 5 years ago exploring the independent space, it evolved to sharing a wide range of topics and welcomed guests from throughout the wealth management industry. In this special episode, Mindy Diamond and Louis Diamond explore the most popular themes for financial advisors and independent business owners. Listen in… > Download a transcript of this episode… About this episode… It’s hard to believe that five years have passed since launching the first episode of this show. As many long-time listeners may already know, it’s a journey that started with creating a handful of episodes exploring the independent space. Then we realized that we were on to something. Word spread. The number of downloads increased, as did the number of devoted listeners. And while the theme of independence served as the launch pad for this series, the content came to represent far more. We welcomed many extraordinary guests – from breakaways who candidly shared the stories of their journeys, on to leaders from the c-suites of top firms, and industry thought leaders who graciously offered their wisdom and experience. And here we are today, the result of an industry that has evolved to become one of abundance and not scarcity. That is, advisors have a wealth of options available to them—more than ever before. Yet as new options seem to enter the space daily come both opportunities and challenges. One of the most significant challenges is staying informed on what’s happening in the wealth management landscape—and how this constant evolution impacts your business life. In this episode, we explore the five themes that resonated most over the last five years and the impact on how advisors grow their practices and serve their clients. It’s a conversation relevant to both employee advisors and independent business owners alike. Related Resources A Multi-Generational Indy Breakaway Story—with Jason Cort, Quadrant Private Wealth What’s driving the momentum towards independence – and will it continue?—with Shirl Penney, Dynasty Financial Partners How a Legacy Merrill Team Experienced 600% Growth in 10 Years—with Special Guests Bill Loftus of Coastal Bridge Advisors and Mark DuPont of Focus Financial Partners Mindset, Motivation and Momentum: What’s really driving all the movement—with David Canter, Head of Fidelity’s RIA Segment  How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox—with Jim Dickson, Founder and President of Sanctuary Wealth Partners An Investment Banker’s Perspective on Building a Firm for Maximum Value—with Liz Nesvold of Silver Lane Advisors A Best-of-All-Worlds Model: Full-Service Independence with Equity Upside—with Jim Gold, CEO and Founding Partner of Steward Partners Rockefeller Capital Management Demystified—with Chris Dupuy, Managing Director and Chief Operating Officer A Model of Supported Independence That Fills the “Fear Gap”— with Rob Bartenstein, CEO of Kestra Private Wealth Services Michael Kitces on How to Differentiate and Grow in a Competitive Environment 5 Things Josh Brown’s Firm Does Differently—And How it Resulted in Over 100X Growth in 6 Years What are Top Advisors Doing Differently—with Matt Oechsli of the Oechsli Institute How These 3 Firms Carved a New Path and are Changing the Wealth Management World At Large—with Shirl Penney of Dynasty Financial Partners, Jim Dickson of Sanctuary Wealth and Rich Steinmeier of LPL Financial Growing Up with Merrill Lynch: A Next-Gen Breakaway Story—with Elizabeth “Lizzie” Evans of Evans May Wealth and host Louis Diamond Industry Update: Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors 5 Tips for Financial Advisors on How to Get From $500mm to $5B—with Steve Sanduski Learning from the Leaders: Bob Mulholland on Roadblocks, Change and the Wave Towards Independence Advisor-Turned-CEO: How a $2.4B Ameriprise Firm Cracked the Growth Code—with Jon Kuttin of Kuttin Wealth Management, and Louis Diamond The Limitations of Building a Billion-Dollar “Boutique Firm” within a Wirehouse: A UBS Breakaway Story—with Terry Cook of Parcion Private Wealth From Intern to CEO: How an Accidental Entrepreneur Built a $50B+ RIA Empire—with Adam Birenbaum of Buckingham Wealth Partners, and Louis Diamond Transitions, Retire-in-Place Programs and Termination: A Top Attorney’s Perspective—with Tom Lewis, Certified Civil Trial Attorney at Stevens & Lee A Rare Glimpse into the Culture, Cachet and Success of First Republic—with Robert Thornton, Executive Vice President & President of Private Wealth Management 6 Months Later: Why a Former UBS Lifer Considers Independence His “Do Over”—with Ahmie Baum, Founder and CEO, Interchange Capital Partners Michael Kitces on Everything Financial Advisors Need to Know About Growth From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story—with Andy Schwartz, Principal, Bleakley Financial Group Disrupting the Landscape: How a $12B+ Multi-Family Office is Making Waves Amongst Advisors and Their Clients—with Avy Stein, Co-founder & Co-chairman, Cresset From Start-Up to $31B Behemoth RIA: The Catalysts Behind the Growth of Mega-Firm Cerity Partners—with Kurt Miscinski, President, Cerity Partners Solving for Freedom, Control and Succession: How the Next Gen of a $330mm UBS Team Forged a Path to Independence—with Bryan Garris, Managing Partner, TriaGen Wealth Management A Growth Story 87 Years in the Making: Why Boutique Firm William Blair is an Attractive Home for Top Advisors—with Ryan DeVore, Partner, Director and Global Head of Private Wealth Management, William Blair How CPA Referrals Drove a Former Lincoln Financial Independent Group to $12B in Just 5 Years—with Paul Saganey, Integrated Partners Why a $5B UBS Breakaway Team Set Out to Build the “Boutique Firm of the Future”—with Rob Sechan, NewEdge Wealth Third Gen UBS Breakaway Finds Sanctuary: $150mm in Assets and a Long Runway to Grow—with Tom Stadum, Fjell Capital Regional Culture, Global Capabilities: Stifel’s $400B Success Story—with Ron Kruszewski, Stifel Financial Corp. A Culture of Choice: Why Raymond James Rocks the Regional Space & Advisor Recruiting—with Tash Elwyn, Raymond James & Associates Wall Street Meets Main Street: How RBC Wealth Management Combines a Global Approach with a Regional Feel—with Tom Sagissor, RBC Wealth Management-US Industry Legend Ron Carson on What it Really Takes to Build a $20B Enterprise—with Ron Carson, Carson Group Rockefeller Revisited: What’s Driving the Success of this 3-Year-Old “Modern” Multi-Family Office?—with Michael Outlaw, Rockefeller Global Family Office Edward Jones Breakaway: From Knocking on Doors (Literally) to Building a $2B Independent Enterprise—with Jim DeCota, Enso Wealth Management A Nearly 200-Year-Old Success Story: How Janney Montgomery Scott Built a $135B Firm—with Jerry Lombard, Janney Montgomery Scott Finding Independence in a Big Firm: Top UBS Team on Their Shift to Wells Fargo Advisors—with Vincent Finney, and Joseph P. Panfil, Bibler, Finney, Panfil Private Wealth Management Group of Wells Fargo Advisors The Mindset of a Mentor: How a 2x Morgan Stanley Breakaway Built a $3B+ RIA Firm—with Brock Moseley, Miracle Mile Advisors Coach to the Advisor Elite: CEG’s John Bowen on What it Really Takes to Build a Blockbuster Business—with John Bowen, CEG Worldwide From UBS to Oppenheimer to Independence: A Next Gen Shares his Playbook for 2x+ Growths—with Dan Katz, Revolve Wealth Partners The Pull of Pure Independence: A Former FiNet Advisor’s Journey to Building a $1.7B Fully Independent Firm—with Steve Dimitriou, Mayflower Advisors Sanctuary Wealth $25B Later: An Inside Look at the Firm’s 4-Year Growth and What Lies Ahead—with Jim Dickson, Sanctuary Wealth Investing in Growth: Exploring KKR’s Attraction to $25B+ RIA Beacon Pointe—with Matt Cooper, Beacon Pointe and Sasank Chary, KKR How to Deliver Massive Value: Turning the Tables on The Perfect RIA’s Matthew Jarvis —with Matthew Jarvis, The Perfect RIA One-on-One with Rudy Adolf: How Focus Financial Partners Revolutionized RIA M&A—and Went Public in the Process —with Rudy Adolf, Focus Financial Partners Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Mike Durso, Founding Partner and CEO of Shorehaven Wealth Partners Overview Mike Durso, CEO of Shorehaven Wealth Partners discusses his leap from employee to breakaway to leader. He shares how bringing his diverse experience and institutional knowledge to the family business informed their decision to go independent and their vision to build a legacy, and more. Listen in… > Download a transcript of this episode… About this episode… Success is often rooted in having strong beliefs. That is, a belief in a mission or vision. Or even the team that’s driving the ball forward. For Mike Durso, it was a belief in the business that his father Larry started back in 1978. Mike joined his father’s team at Morgan Stanley in 2016 coming from a background in asset management with the likes of AllianceBernstein and later BlackRock. His goal was to bring that diverse experience to the family business and leverage his institutional knowledge within wealth management. Yet it was also Mike’s ability to see things from a perspective that was unlike his dad’s. While he shared Larry’s strong belief in doing everything they could for the clients – people Larry treated like family – Mike also felt that there could be a better way to serve them while creating a lasting legacy. It was through due diligence that Mike realized they were “captive” in the employee model at Morgan, and to truly do their best for their clients and build for the long-term would mean launching their own independent firm. And that they did. In 2020, Larry, Mike and their team left Morgan Stanley with some $400mm in managed assets to launch Shorehaven Wealth Partners in Red Bank, NJ with support from Dynasty Financial Partners and Fidelity as custodian. Just two years later, Larry stepped into the Chairman role, and handed over the reins to Mike naming him CEO of Shorehaven. In this episode, Mike discusses his journey with Louis Diamond, including: The limitations Mike saw in the business at Morgan Stanley—and how he sought to resolve them in independence. The expanded capabilities they’re realizing in independence—and how they are now better able to achieve their goals. The choice to build their independent firm with Dynasty—and what other options they considered. The role of succession planning—and what Larry regarded as some of the most important aspects of Mike’s responsibility as CEO. Mike’s leap from employee to breakaway to leader—and how these transitions impacted business and family life. Mike offers some really solid advice for those considering the leap to independence, but his message is really resounding for senior advisors and next gens. Because, as he shares, while there’s a certain level of excitement around taking those next steps – and ultimately creating a legacy designed to live on for generations – there are some key considerations for each stakeholder, making this a “must listen” episode. Related Resources The Next Gen Dilemma: 5 Unique Realities Faced by Successors The path for next gen advisors can be wrought with some pitfalls, yet when walked with confidence and flexibility, it can be immensely rewarding. Read-> Next Gen Advisors Are Questioning Whether “Inheriting a Book” is Really Worth it Rather than just signing on the dotted line of their firm’s retire-in-place plan, next gen inheritors (and their senior partners) are hitting the pause button and striving to be more educated consumers. Read-> Next Steps For The Next Gen Advisor 5 “Future” Considerations for the 30-Something Advisor. Read-> Michael Durso, CFA® Michael is a co-founder, CEO, and Chief Investment Officer (CIO) of ShoreHaven Wealth Partners. As CIO, he oversees ShoreHaven’s asset allocation, manager selection, and investment strategy. Michael has worked with clientele from pensions, foundations, endowments, home offices, and financial advisors to successful professionals and families. He began his career at AllianceBernstein in 2006, working with financial advisors as a Senior Regional Consultant. In 2009, he joined BlackRock within the iShares ETF business. In 2016, Michael left the asset management business to join the Durso Wealth Management Group at Morgan Stanley. Michael sought to bring his diverse background in asset management to the family business and leverage his institutional experience within wealth management. He earned his BBA degree in Finance with a minor in Marketing from James Madison University. While at JMU, he was a varsity member of the Track and Cross-Country program and the 2003 IC4A Men’s Cross Country Championship team. Michael is a CFA® Charter Holder and a frequent contributor to the Wall Street Journal, Bloomberg, Forbes, Financial Advisor IQ, and Yahoo Finance Tv. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Jeff Boudjouk, Managing Partner and Wealth Advisor, Northeast Investment Group Overview The heightened sense of vulnerability in the big firms became a reality for Jeff Boudjouk who was terminated from UBS—a charge which has since been expunged. Jeff shares the harrowing journey, how he and his partner Anthony Landi found a new home in independence with Kestra Private Wealth Services as Northeast Investment Group. Listen in… > Download a transcript of this episode… About this episode… Over recent years, the heightened sense of vulnerability has been a continually growing concern for advisors at the big firms. While the rules haven’t changed, the response by firms has. And in a big way. Hyper-vigilant compliance departments have been issuing pink slips to advisors at all levels – often without warning – for minor “non-sales or non-client-related” practice violations. And that’s the scenario that the guest on this show ran into. Jeff Boudjouk started his career in the financial services industry in 1997 with Morgan Stanley. A decade later, he transitioned to UBS, where he and partner Anthony Landi built a solid business generating $2.4mm on $350mm in assets. Then in December 2017, his world turned upside down. Jeff was called into a meeting in the conference room with his manager and regional director. There Jeff was told he was being terminated. No warning. No red flags. While there is an incredible back story to share, the good news is that there is a happy ending. In 2018, Jeff and his partner Anthony found a new home in independence with Kestra Private Wealth Services as Northeast Investment Group, moved over more than 85% of their assets, and are currently managing over $400mm. In this episode, Jeff shares – with complete candor – the details of this incredible journey with Mindy Diamond, including: An accounting of the day he was terminated—and the first steps he took after leaving the building. The mental preparation for the next phase of his business life—and what he did to keep things moving forward. The arbitration claim he filed—and how, ultimately, he had the charge expunged and was awarded a settlement from UBS. The choice to go independent with Kestra PWS—and how their business differs today from their tenure at UBS. And most importantly, Jeff offers a cautionary story for those who play by the rules but find themselves caught up in a world where compliance is the dominating force—sharing sound advice on protecting yourself and your future. Jeff’s situation is one that can happen to any advisor. That is, everyone is vulnerable, and as he put it, “No one is bulletproof.” It’s an incredibly important story—one that all advisors need to be aware of. Related Resources Surprise: You’ve Been Terminated! The new hyper-compliant world has left many advisors with a pink slip in hand, thinking they have reached the end of their careers. Yet there are steps terminated financial advisors can take to get back in business. Read-> Transitions, Retire-in-Place Programs and Termination: A Top Attorney’s Perspective A conversation with Tom Lewis, Certified Civil Trial Attorney at Stevens & Lee. Listen-> What to do When a Partner or Team Member is Terminated A terminated advisor not only leaves behind his team, but also a wake of disruption and vulnerability. Here are 7 action items to get the business moving in a positive direction. Read-> How Vulnerable Are You? 5 Ways to Avoid Being Terminated in a Hyper-Vigilant Compliance World While the rules may not have changed, it appears the consequences have—and financial advisors are feeling more vulnerable than ever when it comes to termination. Read-> Saving the Terminated Advisor’s Career 7 things every advisor needs to know—regardless of whether you feel secure at your firm or not. Read-> The Final Frontier for Terminated Advisors While homes for terminated advisors have become increasingly scarce, there are still areas of fertile ground to consider in the RIA world. Read-> Jeff Boudjouk Managing Partner and Wealth Advisor Jeff began his career in the financial services industry in 1997 with Morgan Stanley Dean Witter. He later accepted a position with UBS Financial Services in 2007. Jeff is a founding partner of the Northeast Investment Group. Jeff has a B.S. from Bryant University where he majored in finance. Jeff is a member of the Parish Advisory Council of St. Basil’s Church in Lincoln, RI. His hobbies include watching his kids participate in various sporting activities and traveling. Jeff resides in Smithfield, RI with his wife Jessica, daughter Samantha and son Jeffrey. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Kevin Myeroff, Principal and Senior Strategic Advisor at Sequoia Financial Group Overview The idea of planning for succession can be a difficult one, but for Kevin Myeroff, who built NCA Financial Planners to $2B, it was a task that gained greater importance over the last few years. Kevin discusses his thought process around succession, why he ultimately chose to sell his firm to Sequoia Financial, and much more. Listen in… > Download a transcript of this episode… About this episode… The idea of planning for succession is a difficult one—particularly for entrepreneurial types, who fear it defines an endpoint in their career. But the reality is succession and retirement are not one and the same. It’s ultimately about business continuity first and foremost. And for a successful business that you’ve built and nurtured over the years, there’s great value in having a path outlined to ensure an enduring legacy for you, your team, and your clients. For example, Kevin Myeroff started building his financial planning firm in the late 80s with broker dealer Integrated Resources (later becoming Royal Alliance Associates). In working with Royal as NCA Financial Planners in Mayfield Heights, Ohio, Kevin built the firm to some $2B in assets under management with a client base he describes as “the millionaires next door.” Yet as time passed, he realized that he had to start thinking about succession—more so over the last few years. And after exploring his options, what came to the top rose out of a relationship he developed with Tom Haught of Sequoia Financial, located just south in Akron. Sequoia was acquiring firms like NCA and proved to be the right fit for Kevin and the NCA team—so they sealed the deal in November of 2021. In this episode, Kevin discusses his journey with Louis Diamond, sharing what it really takes to build a $2B business and plan for the next stages of one’s career, including: The value of conducting due diligence every 5 or 6 years—and how exploring their options helped to ensure they were on the right path for their business and clients. NCA’s wildly successful internship program—and how it has created long-term team members, many of whom are poised for leadership roles at Sequoia. The thought process of building a succession plan—and what Kevin saw as the most important aspects of the right path. The ultimate choice to sell to Sequoia—and why he didn’t opt for another firm or to sell internally. Plus, Kevin talks about integrating into Sequoia, communicating the change to clients, as well as life after the transition, and much more. It’s a great story for those who are considering how to “think through” and prepare for succession—regardless of whether building a business at an employee model or as an independent business owner. Related Resources 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-> Industry Update: 7 Real-World Lessons We Learned on Succession Planning A conversation with Louis Diamond on next gens, the art of “co-leadership” and future-proofing your firm. Listen-> The Decision Guide: Simplifying the Daunting Process of Due Diligence A step-by-step framework for evaluation of the when, how, and what of strategic due diligence. Read-> Preparing for Exploration: 10 Practical Tips to Conduct a Strategic Due Diligence Process In a wealth management landscape with more options for financial advisors than ever before, the need for a “strategic” due diligence process has become imperative. Mindy Diamond and Louis Diamond present 10 tips to guide the exploration journey. Listen-> Building Your Business Today as if You’re Selling it Tomorrow Why is M&A so important? And how do you best position your firm for M&A success? Listen-> 7 Things Advisors Need to Know About Succession Planning Actionable advice for all advisors – no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner – with Louis Diamond. Listen-> Kevin Myeroff CFP® Principal and Senior Strategic Advisor Kevin Myeroff CFP® is a Principal and Senior Strategic Advisor at Sequoia Financial Group. After serving as the founder and CEO of NCA Financial Advisors for more than 30 years, Kevin brought his colleagues and decades of experience to the Sequoia Financial Group team and now works as a mentor and strategic innovator supporting advisor-client relationships.  His years of experience, coupled with his technical knowledge and leadership abilities, contribute to Sequoia Financial Group’s strength and growth in terms of quality counsel, client satisfaction and attainment of clients’ personal financial goals.  Throughout his career, Kevin has achieved many notable accomplishments and received accolades from a number of well-known publications. He resides in Chardon, Ohio, with his wife Lois. They are the proud parents of three adult children and have recently welcomed their first grandchild. When he’s not working with clients, you may look to the sky and see Kevin flying by! He is an avid pilot who volunteers his time providing free transportation for passengers in need of medical treatment far from their home, also known as Angel Flights. You may also find Kevin out and about with his family in Cleveland. They enjoy catching performances at Playhouse Square and rooting on the Cleveland Guardians, Browns or Cavaliers. NCA Financial Planners, LLC is now Sequoia Financial Advisors, LLC.  Investment advisory services offered through Sequoia Financial Advisors, LLC, an SEC registered investment advisor.  Registration as an investment advisor does not imply a certain level of skill or training.​  Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results.  Securities offered through Royal Alliance Associates, Inc. (RAA), Member FINRA/SIPC. RAA is separately owned and other entities and/or marketing names, products or services referenced here are independent of RAA. RAA does not provide tax or legal advice. Sequoia Financial Group is not affiliated with RAA.  6095 Parkland Blvd., Suite 210|Mayfield Heights, OH    44124    Main: 440.473.1115 | Direct: 440.869.0220| Fax: 440.473.0186     http://www.sequoia-financial.com/ Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…