The Diamond Podcast for Financial Advisors

A conversation with Louis Diamond Overview When it comes to M&A, there are plenty of independent business owners and wirehouse advisors who have their sights on becoming acquirers, yet it’s an incredibly competitive environment with more buyers than sellers. This episode looks at the buy-side perspective, the attributes needed to become an attractive acquirer, the characteristics of prospective targets, and more. Listen in… > Download a transcript of this episode… About this episode… M&A has been one of the hottest topics in the wealth management industry in recent years. And even despite choppy markets and rising interest rates, independent firms are getting high watermark valuations and deals are closing at record levels. So, what’s driving all this activity? Why are independent business owners so eager to sell what they worked long and hard to build and nurture? What’s the attraction for buyers? The reality is that there’s an imbalance in the industry between those who want to sell and those who want to buy. That is, there’s an incredible appetite amongst buyers and not nearly enough sellers to meet the demand. So in this episode we look at the buy-side perspective, answering the above questions and more, including: The attributes needed to become a credible and attractive acquirer amongst hefty competition. The key characteristics of sellers that could be potential targets. And, ultimately, how a nascent firm or wirehouse advisor planning for their next chapter can set themselves up to be a successful acquirer. Plus, Mindy and Louis share examples of ex-wirehouse teams that have become effective acquirers—and how they achieved their success. It’s a well-rounded episode designed to offer useful takeaways for advisors and business owners alike. Related Resources Industry Update: What Financial Advisors Need to Know About Growing Through Recruitment and M&A: A conversation with Louis Diamond One of the major motivations for advisors who choose independence is to build an enterprise via recruitment and M&A. But inorganic growth opportunities are not exclusive to independent firms. Although more limited, wirehouse advisors have options too. Listen-> Transitions, Retire-in-Place Programs and Termination: A Top Attorney’s Perspective—with Attorney Tom Lewis of Stevens & Lee Advice for financial advisors on navigating transition, avoiding termination, Protocol vs non-Protocol moves, and what you need to know before signing a binding retire-in-place agreement with your firm. Listen-> 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 The industry legend 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-> How an ex-Wells Fargo Team Turned a “Paper Tablecloth” Vision into 3X Revenue and $8.5B in Assets in 5 Years—with Gerry Goldberg, GYL Financial Synergies Gerry discusses how he and his team left Wells Fargo FiNet, with $4B in assets, to build their own firm, GYL Financial Synergies in partnership with Focus Financial Partners. Listen-> Why a $5B UBS Breakaway Team Set Out to Build the “Boutique Firm of the Future”—with Rob Sechan, NewEdge Wealth Ex-UBS $5B advisors, Rob Sechan and Jeff Kobernick found that servicing their UHNW clients became difficult at the wirehouse and wanted more than other firms offered. So they built RIA NewEdge Wealth with Edge Co Holdings and other UBS veterans. Listen-> Industry Update on M&A: If You Build It, Will They Buy It? Part 1 of 2. With Louis Diamond The excitement around M&A activity has many financial advisors considering their future. Is independence the right path? And if you build an independent firm, who will buy it? Part 1 of this 2-part episode compares and contrasts options, including recruitment deals and retire-in-place programs, and shares examples of breakaways whose firms were recently acquired and what made them attractive acquisitions. Listen-> Industry Update on M&A: If You Build It, Will They Buy It? Part 2 of a 2. With Louis Diamond For advisors who are reviewing their firm’s retire-in-place program, considering a recruitment deal, or looking to launch an independent firm, understanding the value on the open market is critical. Part 2 of this 2-part series explores what drives value and how to build a business that will be “attractive” to acquirers and garner the highest valuation at the end of the day. Listen-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Todd Resnick, Co-Founder and President of One Seven Overview Todd Resnick and his colleagues wanted to serve their clients in new and creative ways but even more so they were attracted to the idea of building what he describes as a “destination” for other advisors. Their journey is a compelling one that started with building their own RIA and leveraging support from consultant and service provider TruClarity. Todd discusses their recent strategic partnership with Merchant Investment Management, the value of community and much more. Listen in on this extraordinary conversation that demonstrates how vision can drive growth and success, with several key learnings for advisors and business owners alike. Listen in… > Download a transcript of this episode… About this episode… Most advisors we speak with who make the leap to independence do so not because they are running away from something. More often, they are running towards something they see as better for the business in the long run. They’re the entrepreneurial types, who have a vision of growing something bigger than themselves—and to remove any constraints that may impede their path. The guest on this episode, Todd Resnick speaks much about that vision and demonstrates clearly how he and his colleagues were able to achieve what they set out to—and then some. In July 2016, Todd and three of his Morgan Stanley colleagues left with some $600mm in assets under management to start RIA firm One Seven, headquartered in Ohio, hiring RIA consultant and service provider, TruClarity to assist them in their launch. Their goal: To serve their clients in new and creative ways but even more so they were attracted to the idea of building what Todd describes as a “destination” for other advisors. And that they have. Today, One Seven is a firm with $2.8B in managed assets. They’ve been prolific acquirers and most recently made news for their merger with MGO Investment Advisors, an RIA that specializes in 401(k) services. Top that off with Merchant Investment Management taking a minority, noncontrolling stake in One Seven to drive additional organic growth. In this episode with Louis Diamond, Todd discusses how his unique point of view came about, plus: The limitations they were feeling from the bank—and how that impacted their business and mission. Their due diligence process—and the ultimate decision to leverage TruClarity for the transition. One Seven’s extraordinary growth over the last 6 years—and how they achieved it. The decision to take on Merchant as a capital partner—and how Todd envisions the relationship benefiting their goals. Plus, the evolution of Todd’s perceptions over time—and how that translated to One Seven’s community and mission…and much more. It’s an extraordinary conversation that demonstrates how vision can drive growth and success, with several key learnings for advisors and business owners alike. Related Resources The Evolution of an RIA from Practice to Enterprise: A conversation with Tim Bello, Managing Partner, Merchant Investment Management Tim Bello of Merchant Investment Management discusses the growth of the independent space and the burgeoning cottage industry that fills capital, service and support gaps, creating new paths for those who have a desire to grow their own enterprises. Listen-> Just how entrepreneurial are you? 6 ways the entrepreneurial mindset differs from the employee mindset — and how it can shape your future. Read-> Independence for the “Not That Entrepreneurial” Advisor Regional firms may be the answer for advisors seeking to minimize bureaucracy and gain greater control over their business. 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-> Todd Resnick Co-Founder and President Todd is a Co-Founder and President of One Seven. With nearly 15 years’ experience in financial planning, Todd has built a career focused on impacting people’s lives for the better and creating meaningful relationships. He’s passionate about equipping financial planners with the motivation and tools to realize their own definition of personal and professional fulfillment—and in turn, helping their clients to do the same. Todd does so for himself, as well, balancing his professional drive with time spent traveling, volunteering with his wife at their children’s schools, and following all things Cleveland, his hometown—including sports, music, theatre, and the arts. Todd is also the co-author of the book Become a BAD*SS Financial Advisor. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Kevin McGuire and Sarah Burney, Managing Directors and Wealth Advisors at Cresset Overview Private bankers are far less likely to leave the banks they built their businesses at given the challenges they face in a move—most notably portability concerns and garden leave provisions. Yet Kevin McGuire, Sarah Burney and their team started to feel a conflict between what they wanted to do for their clients and what they could do under the auspices of J.P. Morgan Private Bank. So they explored their options, including the thought of launching their own RIA, but instead opted for Cresset. They share their story one year after making the transition. Listen in… > Download a transcript of this episode… About this episode… Historically, it was rare to find private bankers who left not only their banks but the model itself. These folks often find themselves caught between 2 lands: One where their businesses are tied to the bank and the other in which they prize the steady stream of referrals. No doubt, banks are a great way for an advisor to build a business, but should private bankers look to make a change, they are often met with challenges—including asset portability concerns, difficulties with replicating the business, added legal risks, and the most onerous hurdle of all: garden leave provisions. Yet over the past year, we’ve seen many private bankers leave the banks they built their businesses at, with some planting new flags at Merrill, UBS, and Morgan Stanley—firms that recently expressed a new level of interest in welcoming private bankers. In contrast, others have built their own independent businesses. Yet a third group has found homes in the new generation of Multi-Family Offices—opting for an environment that caters to ultra- and high net worth clients with concierge-level services and a more entrepreneurial culture. In this episode, we welcome two private bankers who fit in this latter category. Kevin McGuire and Sarah Burney both hailed from J.P. Morgan Private Bank, having built a strong business overseeing some $2B with ultra- and high net worth individuals and families. With over a dozen years each under their belt, they and their team started to feel a conflict between what they wanted to do for their clients and what they could do under the auspices of J.P. Morgan. And ultimately, they wanted greater control over how they managed client relationships. So they explored all of their options and even the possibility of taking a more entrepreneurial path of starting their own RIA. Ultimately, they landed on Cresset—an employee- and client-owned Multi-Family Office born in 2017 designed to deliver a new paradigm for wealth management with rockstar leadership and advisor talent. Cresset co-founder Avy Stein was a guest on this show in 2021. At that time, Cresset was a $12B firm and has exploded since, more than doubling to $27B in assets under management as of this recording. This extraordinary growth makes it clear why Cresset’s value proposition is resonating with the wealth management world—particularly Sarah, Kevin, and three other members of their team at J.P. Morgan, who joined in September of 2021. In this episode, Mindy Diamond talks with Sarah and Kevin about their journey, including: Life as private bankers—and the limiting nature of the private banker salary-bonus model. Changes they saw at J.P. Morgan—and what motivated them to explore their options. The challenges of transitioning—and how they navigated portability, garden leave provisions, and more. The attraction of the Cresset model—and why it won out over other firms and the option to build their own RIA. The value of referrals—and what they are seeing in terms of the quality and stream of referrals from Cresset. Plus, they discuss life one year later—and how their business lives have changed since their transition. No doubt, Kevin, Sarah and their team built a strong business at J.P. Morgan. But like so many other advisors, there came a point where they wanted to do more for their high net worth clients. For them, Cresset was the answer. But it was their closing advice that is the best message of all: If you have confidence in yourself and your ability to take care of clients, you can find success anywhere. It’s a great perspective on exploring change—regardless of the firm or model you are building your business at. Related Resources Disrupting the Landscape: How a $12B+ Multi-Family Office is Making Waves Amongst Advisors and Their Clients – With Avy Stein, Founder and Co-Chairman of Cresset Avy Stein, Founder and Co-Chairman of Cresset talks about how the firm fills a gap in the landscape for advisors who serve high net worth clients, how Cresset compares to firms like Rockefeller, what’s driving recent growth and much more. Listen-> Private Bankers Considering Change: What You Need to Know There’s been an interesting shift in movement amongst one sector of wealth management: private bankers. Read-> Bank Advisors: Are you willing to take a step backward to make a big leap forward? While the bank channel offers a great way to start a career, there are some real limitations when it comes to who “owns” the clients. Read-> Banking on Growth Bank brokerages can offer advisors a great way to build their businesses, but it can come at a price. Read-> Kevin McGuire Managing Director, Wealth Advisor Kevin is a Managing Director, Wealth Advisor with Cresset’s Denver office. He leverages more than 20 years of investment experience to advise high-net-worth families across their entire balance sheet, including public and private investments, credit and liquidity needs, as well as estate planning. Kevin has a strategic focus advising entrepreneurs in high-growth innovation economies on pre-liquidity and post-transaction strategies. Prior to joining Cresset, Kevin led J.P. Morgan Private Bank’s efforts in the Colorado technology community, as well as Boulder, Colorado, encompassing most of the entrepreneurial communities in a rapidly expanding ecosystem. In his 12 years at J.P. Morgan, he advised numerous clients through IPOs, minority and majority recapitalizations, and acquisitions of their growth companies. Kevin started his career as an Equity Research Analyst covering technology companies in San Francisco at Thomas Weisel Partners and Citigroup. That was followed by a four-year stint in New York City working with a family office investing capital in public and private companies across numerous growth sectors. Kevin holds an MBA from the University of Virginia’s Darden School of Business and a Bachelor of Arts in History from the University of Notre Dame. As a Colorado native, Kevin is passionate about skiing, golf, and his kids’ sports. He lives in Denver with his wife, Kim, and their two children.   Sarah Burney Managing Director, Wealth Advisor Sarah is a Managing Director, Wealth Advisor with Cresset’s Denver office. She partners with families to help them achieve their personal and financial goals, advising on a wide range of wealth planning strategies, including multi-generational wealth transfer, next-generation education, philanthropic endeavors, asset allocation, credit and overall balance sheet management. Prior to Cresset, Sarah worked with J.P. Morgan’s Private Bank for 14 years in New York and Denver, where she worked with some of the wealthiest families and their family offices across the globe. Prior to J.P. Morgan, Sarah worked for Morgan Stanley’s Investment Bank. She began her career working for the Chief Investment Office of Morgan Stanley’s Private Wealth Management business. Sarah holds a bachelor’s degree from The Ohio State University. She gives back to the community through various organizations, with an emphasis on underserved kids, women in business, and diversity and inclusion.  Most recently, she participated in launching Inclusive Economy CO. Sarah lives in Denver with her husband, Jeff, her two sons, and their two Bernese Mountain dogs, Leffe and Whinnie. She enjoys traveling, skiing, hiking, and she is learning to like golf so she is not left out on the weekends with her boys. 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 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 in… > Download a transcript of this episode… About this episode… We’re in the information business. Sure, we’re recruiters, and while the outcome of guiding advisors through due diligence is they decide to make a move (or not), to take on that responsibility of being a “trusted guide” means we need to know our stuff. And we’re happy to share all that we know. Because each and every day advisors are asking us things like: Why are advisors at big brokerage firms changing jerseys so often? Why are independent advisors making moves? Which firms are top in recruiting and which are losing? What are transition deals like and where are they trending? What are some of the key factors driving changes to competitive recruiting? What are some real-world examples of recent moves? So we searched out the answers and realized something: We were sitting on a goldmine of data. Because to our knowledge, there was no singular source of such information. That is, a comprehensive, data-driven exploration of financial advisor movement over a specific timeframe. And as students of an ever-changing industry (like so many advisors we counsel), we are genuinely curious about what this hard-to-obtain data might reveal. So with the episode we launch the first edition of the Diamond Consultants Transition Report. A semi-annual review of Advisor Movement in the Wealth Management Industry. This report serves as a framework for advisors who are curious about movement and deal trends—and the potential impact on their careers and businesses. Louis Diamond and Jason Diamond discuss the process of creating this report, how the data was derived, and how the analysis was created. They share the top 10 key takeaways gleaned from the report and explore two representative deals from the first half of this year. Plus, they offer a glimpse into how the trends of H1 2022 are impacting what we anticipate for the balance of this year and beyond. Listen to learn more and complete the form to get your copy of the report. Download the Transition Report Related Resources Celebrating Independence: Different Perspectives on How to Achieve Greater Freedom and Control Independence in the wealth management industry is much like your local ice cream shop: There are many different flavors to choose from. Read-> Expert Advice for Non-Protocol Moves: What Advisors at Ed Jones and Other Firms Need to Know While advisors successfully transition out of non-Protocol firms each and every day, doing so comes with added risks. Attorney David Gehn, whose expertise is in representing advisors in transition from Protocol and non-Protocol firms alike, explores the topic and shares advice with Jason Diamond. 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-> Multi-Generational Teams at a Crossroads: Wirehouse Sunset Program or Independence? An in-depth look at the opportunities and options for retiring advisors and the next gen from an expert on the topic, Justin Weinkle, Director of Strategic Analysis at Dynasty Financial Partners. Read-> Move Once, Monetize Twice Weighing all of your options may result in doubling the returns; in essence, moving once yet monetizing twice. Read-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with the firm’s Founder, CEO and Chairman Overview 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 in… > Download a transcript of this episode… About this episode… It’s an American success story that started in Innsbruck, Austria, the birthplace of Rudy Adolf. As the son of the owner of a local CPA firm, he learned early on the value of being an entrepreneur. After graduating from the University of Innsbruck, Austria with a Doctor and Magister of Jurisprudence degree, he began his career working in the family business. Then in 1987, he relocated to Munich, Germany to work for the global consulting firm McKinsey & Company. In 1990, he moved to the United States, where he was named Partner at McKinsey—an 11-year tenure that Rudy fondly credits as an incredible learning experience. And it was a journey that evolved further when Rudy joined former McKinsey Partner Harvey Golub at American Express as the Senior Vice President of Strategy and Business Development and later Senior Vice President and General Manager of the American Express Global Brokerage and Banking division. No doubt, it’s a resume that reads like few others. But the real turning point was when he and partners Lenny Chang and Rajini Kodialam, American Express alum as well, launched Focus Financial Partners in 2004. It was a vision that Rudy realized while working for a large organization like AMEX and learning about the shortcomings of how independent financial advisors accessed capital and monetized their life’s work. That is, most RIAs were by comparison small, and to access capital for scale and growth typically meant sacrificing their entrepreneurial spirit and culture. In other words, selling their business and becoming “employees.” By the end of 2006 Focus had six partner firms in five states. Fast forward six years to 2012 and Focus expanded to 22 partner firms in over 30 locations, plus a partner firm in the U.K. Then in July of 2018, Focus became a public company listed on NASDAQ. Today, Focus has grown to over 85 partner firms in more than 35 states, plus Canada, Australia, the U.K. and Switzerland, with over $1.8B in revenue. It’s an incredible journey that literally changed the independent wealth management space, and a story that Rudy shares with Mindy Diamond, including: His background with McKinsey and AMEX—and how that experience shaped his vision for Focus. The choice to take Focus public—and how that has impacted the partner firms and business overall. The Focus value proposition—and why the firm is steadfast in their commitment to “never turn a successful entrepreneur into an employee.” The types of value-add services that Focus offers their partner firms—and how the power of scale, plus practice management support and client solutions benefit RIAs in growth and continuity. Plus, Rudy shares specific examples of their acquisitions and the resulting impact of their partnership with Focus, as well as his thoughts on the future. Rudy earned his stripes by turning his vision into a reality—transforming the independent space. And based on his goals, you might say there’s much more to come. It’s a rare and candid conversation with a true legend of the industry, so be sure to listen in. Related Resources From Intern to CEO: How an Accidental Entrepreneur Built a $50B+ RIA Empire How did Buckingham Wealth Partners become a $50B+ mega-RIA enterprise? CEO Adam Birenbaum shares his M&A strategy, the role of an investment partner, plus advice for prospective breakaways and independent advisors, dealmaking red flags and more in this interview with Louis Diamond. Listen-> How a Legacy Merrill Team Experienced 600% Growth in 10 Years Special Guests Bill Loftus of Coastal Bridge Advisors and Mark Dupont of Focus Financial Partners provide an “outside-in” look at how a capital partner helped this RIA make the leap to independence—and achieve amazing results. Listen-> Industry Update on M&A: If You Build It, Will They Buy It? The excitement around M&A activity has many financial advisors considering their future. Is independence the right path? And if you build an independent firm, who will buy it? Part 1 of this 2-part episode compares and contrasts options, including recruitment deals and retire-in-place programs, and shares examples of breakaways whose firms were recently acquired and what made them attractive acquisitions. Listen-> Industry Update on M&A: If You Build It, Will They Buy It? For advisors who are reviewing their firm’s retire-in-place program, considering a recruitment deal, or looking to launch an independent firm, understanding the value on the open market is critical. Part 2 of this 2-part series explores what drives value and how to build a business that will be “attractive” to acquirers and garner the highest valuation at the end of the day. Listen-> Rudy Adolf Founder, Chief Executive Officer and Chairman Rudy founded Focus in 2004 to advance the vision of leading independent, entrepreneurial wealth management firms and support them in what they do best–provide high quality advice to their clients – with additional support for growth; all without the limitations of traditional wirehouses. A recognized industry expert, Rudy frequently speaks at industry events and helps partner firms strategically grow their practices. He has been a member of the Focus board of directors since its formation in 2015. From 1998 to 2003, Rudy served as Senior Vice President and General Manager of the American Express Global Brokerage and Banking division. Prior to this role, Rudy was the Senior Vice President of Strategy and Business Development. Before joining American Express, Rudy was a partner at McKinsey & Company. When not working, Rudy is an avid world traveler and enjoys skiing – including heli-skiing – with his wife, two sons and daughter. Rudy holds a Mag. iur. and a Dr. iur. from the University of Innsbruck, Austria. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond Overview “Enterprise value” is often discussed in the context of the total value of a business or the cost to acquire a company. But advisors invest their time, energy, and talents in serving clients and fostering growth—creating career enterprise value. Here’s how to maximize that value. Listen in… > Download a transcript of this episode… Download How to Maximize Your Career Enterprise Value: MaxCeV™ [ultimate_spacer height=”24″] Please note: Your information is shared only with our firm in complete confidence and without obligation. About this episode… “Enterprise value” is often discussed in the context of the total value of a business or the cost to acquire a company. To maximize the value of one’s business is a goal strived for by any business owner, including those in the wealth management industry—particularly those who are independent business owners. But what about advisors who are NOT independent business owners? They are investing their time, energy, and talents in serving clients and fostering growth while employed by a brokerage firm. They are indeed building the enterprise value of their career: How can they maximize that value regardless of industry channel? And is it possible to do so by staying at one firm for their entire career? Louis Diamond developed the concept of maximizing one’s career enterprise value and employs the process with advisors he works with. He views the guidance derived from the exercise as a central tenant of Diamond Consultant’s value to advisors. In this episode with Mindy Diamond, Louis discusses the importance of career enterprise value and what advisors can do to positively impact it, including: Defining maximum career enterprise value—and why it’s important to advisors. The formula around Maximizing Career Enterprise Value (aka “MaxCeV”)—and how an advisor can impact each component. The real impact of changing firms or models—and how, for example, a firm’s retire-in-place program compares to what an advisor might get for their business on the open market. Quality of life—and why that’s one of the most important values in the quotient. There is a “value” to the work that an advisor does—regardless of whether they are and employee or independent. And that value needs to be a part of the conversation when considering one’s future. This model will help advisors conceptualize what that value is and how to achieve it. Related Resources Move Once, Monetize Twice Weighing all of your options may result in doubling the returns; in essence, moving once yet monetizing twice. Read-> Advisor Recruitment: The Bull and Bear Case for a Forgivable Loan An expanded landscape with more options than ever before has advisors wondering: “Should I go for the short-term windfall or bet on the long-term potential?” And there are good cases for both options. Read-> Are You Living Your Best Business Life? In the delta between where you are now and where you want to be lies the nexus of your future. Read-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Matthew Jarvis, co-owner of The Perfect RIA Overview Matthew Jarvis rose from near bankruptcy to running a profitable independent financial advisory practice. He shares his story plus key teachings on extreme accountability, delivering massive value to clients, and more. Listen in… > Download a transcript of this episode… About this episode… This is one of those spectacular “rise from the ashes” stories—inspiring and with plenty of actionable lessons. Matthew Jarvis runs the successful independent firm Jarvis Financial; he is an accomplished author, the co-owner of The Perfect RIA and the co-host of the podcast of the same, and the co-owner of Retirement Tax Services. Yet a snapshot of his life a dozen years ago is very different. At that time, as Matthew shares, he was buried in debt with a badly struggling practice and a morning routine of trying to figure out how to quit the industry without looking like a failure. Through several turns of fate (including an opportunity to be coached by one of the industry’s most successful advisors, Tom Gau), Matthew clawed his way from near failure to the top of the industry. Today Matthew is running a profitable business—and teaching other advisors how to duplicate his own success in their practices. That is, a success system based on extreme accountability and delivering massive value to clients. But the real kicker is that Matthew’s success isn’t accomplished by working 24/7 as one might think. Actually, it’s quite the opposite: He is widely known for sharing that he had achieved all this while taking some “250+ free days” —that is, days when he did not work. How is that possible? Matthew reveals that and more with Louis Diamond, including: The turning point in his career—and how he went from near bankruptcy to running an extraordinary business. The key teachings from his book, Delivering Massive Value—and how to build the practice and lifestyle of your dreams. The value of coaching and mastermind groups—and how both can change an advisor’s destiny. Extreme accountability—and how the concept can help transform non-productive habits. Delivering massive value—and what that means for clients and an advisor’s business. Matthew discusses the practices that changed his business life and can change yours—each applicable to both independent and employee advisors. Yet it’s the ongoing dedication to delivering value to his clients which is really key to his success—a message that can be a real game changer as well. Related Resources Industry Legend Ron Carson on What it Really Takes to Build a $20B Enterprise Ron Carson joins the show to discuss the key drivers behind the rise of the Carson Group, sharing his journey from a Nebraska farm to his tenure with Private Ledger, and on to how he built a nearly $20B independent wealth management enterprise. 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->  In Pursuit of Autonomy: The 10 Key Areas in Which Advisors Desire More Control Advisors are asking these threshold questions both of themselves and the firms they work for—the answers to which are serving as the blueprint for their business lives. Read-> Matthew Jarvis, CFP®, ChFC In 2020 Matthew’s firm, Jarvis Financial, ended the year with ~$1.5M in revenue on just shy of $200M of AUM and a 50%+ profit margin (EBOC), all while taking some 250+ ‘free days’ (days when he did not work). While this puts him at the pinnacle of ‘lifestyle firms’, it was a long and hard journey. Just 10 years prior, Jarvis was buried in debt, with a badly struggling practice and a morning routine of trying to figure out how to quit the industry without looking like a failure. Through several turns of fate (including an opportunity to be coached by one of the industry’s most successful advisors, Tom Gau), Jarvis clawed his way from near failure to the top of the industry. Today, in addition to running his ‘incredibly profitable and successful’ practice, Jarvis teaches other advisors how to duplicate his own success in their practice. When not running his practice or coaching advisors (i.e. on his 250 free days each year), Jarvis can be found traveling with his family around the world (including a 6-month boat trip), mountain biking, dirt biking, or doing crazy adventures. Matthew’s book, Delivering Massive Value, outlines a system you can actually replicate to increase your business’s efficiency, attract more A-level clients, and build the practice of your dreams. In addition to running Jarvis Financial, Matthew is the co-owner of The Perfect RIA, co-host of The Perfect RIA podcast, and co-owner of Retirement Tax Services. Also mentioned in this episode: Michael Kitces #FASuccess Ep 007: Matthew Jarvis On Building a Highly Profitable Lifestyle Practice by Age 35 Michael Kitces #FA Success Ep 247: Systematizing How To ‘Deliver Massive Value’ To Charge What You’re Really Worth, With Matthew Jarvis The Perfect RIA Podcast Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond… Overview It’s common for financial advisors to share that they are “uncomfortable” thinking about a move when the markets are unsettled. But how does an advisor know if now is the right time to consider change? That answer, and more, is explored in this episode.   Listen in… > Download a transcript of this episode… About this episode… Over the last several months, advisors have been busy managing client expectations as the market has taken them unwittingly on a wild roller coaster ride. But as one advisor said on a previous episode in this series, this is when advisors really show their stripes and earn their pay. As of this recording, the markets have taken a bit of an upswing. Yet tomorrow could be a totally different story. And this uncertainty is an inconvenient truth of the wealth management business. That is, some days it’s up, other days it’s down. Still, it’s common for advisors to share that they are “uncomfortable” about considering a move when the markets are unsettled. But that begs the question: Are you certain that the market is not an excuse for staying at a firm that does not allow you to serve clients best and grow your business? As the saying goes, timing is everything—and that’s even more true in an unsettled market. So how does an advisor know if now is the right time to consider a change? In this special Industry Update, Mindy Diamond and Louis Diamond explore the answer to that question and more, including: A review of current movement and how it compares to other turbulent periods. The types of questions advisors need to ask themselves to assess if now is the “right time” for them. The potential benefits of moving during a choppy market. Why some advisors should NOT consider a move now. And if there is a “best time” to make a move. Of course, serving your clients to the best of your ability in any market environment should always be the primary focus. But there are some compelling reasons why market factors need not necessarily preclude you from at least considering whether or not the ability to support them is best accomplished at your current firm. Listen in to learn more. Related Resources Why You Should – or Shouldn’t – Consider Changing Firms in a Down Market While there is never a “perfect time” to make a move, there are often perfect reasons to do so. Read-> Industry Update: If Business is Good, Should You Still Consider a Move? Many advisors are coming off their best years ever, driven by increased client demands and a run-up in the financial markets. Yet movement is at record-breaking levels. So why are they disrupting momentum and taking-on the risk and hassle of a move, to change jerseys or break for independence when things are good? Listen-> Financial Advisors: What’s The Risk of Staying Put? Many advisors feel that changing firms or models is just too risky. But what they may not realize is that there’s also a risk to staying put. Read->  The Real Cost of “Waiting it Out”—Why Holding Out for the “Ideal Time” to Make a Move May Not be the Best Idea For many advisors, it’s momentum vs what could be “a chance of a lifetime.” Read-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Kelly Milligan – Managing Partner, Quorum Private Wealth Overview Kelly Milligan describes his journey at Merrill from zero to $1.5B in AUM, his role as Chair of the ACTM, the change in culture at the firm and how that motivated him and his team to launch independent firm Quorum Private Wealth. Listen in… > Download a transcript of this episode… About this episode… When you have clients with complex needs, it can be difficult to serve them from within a large firm. Because at the end of the day, the big brokerages have little choice but to set rules to govern thousands of advisors in a way that is profitable and efficient. And making concessions to special requests – while many veteran advisors will share was practiced in the past – is something that rarely, if ever, happens today. It’s a scenario experienced by even top-of-the-food-chain types—such as a former Chair of Merrill’s Advisory Council to Management (also known as the ACTM). And in this instance, we’re talking about the guest on this episode, Kelly Milligan, who was a member of the ACTM from 2015 to 2018, serving as Chair in 2017. The Advisory Council was established as a conduit for advisor feedback to management on issues surrounding the direction of the wealth management business, compensation, and practice management. As a result, members of this illustrious council are privy to “inside baseball” on Merrill’s direction, oftentimes well before their colleagues. But, as Kelly shares, the group acts as “an advisory council, not a decision council,” and therefore while input may be provided by the advisory staff, the actions and policy mandates may ultimately not reflect as such. Regardless, being a part of the ACTM is prestigious, and Chair even more so, and is reflective of Kelly’s extraordinary career over more than two decades with Merrill. He started from ground zero and built the business, along with partner Mike Barry and their team, to over $1.5B in managed assets, before leaving in April of 2021, to launch independent firm Quorum Private Wealth in Walnut Creek, California with the support of Sanctuary Wealth. In this episode Kelly discusses his journey with Louis Diamond, including: Kelly’s role on the advisory council—and how that experience shaped his thinking. The impact of the merger with Bank of America—and how the culture shifted from being one focused on accomplishing things for the clients to eliminating risk to the firm. The limitations they encountered—and how that hindered their ability to serve the specialized needs of their clients. The process of due diligence—and why they opted for independence with Sanctuary Wealth. How their business has changed in the past year—and what they can do differently now as an independent firm. While Kelly credits Merrill for providing the right environment to build and grow their business, the reality was that over time, their ability to serve the specialized needs of their clients was met with many more “no’s” than “yes’s.” But when advisors are limited by what they can do for their clients, they are confronted with a choice: Live with the status quo or consider a path that would expand your ability to serve clients and grow the business on your own terms. Listen in to learn why Kelly and the team chose the latter. Related Resources Sanctuary Wealth $25B Later: An Inside Look at the Firm’s 4-Year Growth and What Lies Ahead Jim Dickson, founder and CEO of Sanctuary Wealth, revisits the show as the firm celebrates its 4th anniversary, to recap the early days of Sanctuary, discuss where the firm is today and the growth of supported independence, plus share lessons they’ve learned along the way and much more. Listen-> A Losing Battle at Merrill: Why a Former Leader Left the Herd for Independence–the Value of Culture and the “Intoxicating” Effects of Freedom To Greg Franks, the “bankifying” of Merrill, which he served at for nearly 3 decades, was nothing short of “tragic.” The former Merrill leader shares his experience and the story of his own leap to independence to the helm of Snowden Lane Partners. Listen-> In Pursuit of Autonomy: The 10 Key Areas in Which Advisors Desire More Control Advisors are asking these threshold questions both of themselves and the firms they work for—the answers to which are serving as the blueprint for their business lives. Read-> Merrill Advisors Ask… Answers to the most frequently asked questions when considering a transition from Merrill Lynch. Read-> Kelly Milligan Managing Partner Kelly Milligan co-founded Quorum Private Wealth with one goal in mind: to put clients’ interests first. With our fully independent platform, Kelly brings his clients – corporate executives, business owners and professionals – the most competitive financial tools available across the broadest set of solution providers. He uses his 20+ years of financial advisory experience to help clients achieve their financial goals by providing advice and counsel on a wide range of wealth management topics. These topics include portfolio construction and management, tax minimization, financial planning, wealth transfer, college savings, philanthropic giving and corporate benefits. Prior to founding Quorum Private Wealth Kelly spent 22 years with Merrill Lynch Wealth Management.  He served on the Merrill Lynch Financial Advisor Advisory Council to Management from 2015 to 2018 and was chair of that council in 2017.  Kelly was named to the Forbes “Best-in-State” Wealth Advisor list in 2018, 2019, 2020 and 2021.  He holds a number of professional designations including Certified Private Wealth Advisor® (CPWA®), Chartered Retirement Planning Counselor℠ (CRPC®), Certified 401(k) Professional, (C(k)P®™), and Certified Plan Fiduciary Advisor, (CPFA).  He earned his Juris Doctorate and Masters in Business Administration from UCLA and a BA in Economics from UC Berkeley. Outside of work Kelly is active in Scouting BSA, serving as an Assistant Scoutmaster, Merit Badge Counselor and Eagle Coach.  He is also a finance committee member for the Lazarex Cancer Foundation.  Kelly and his wife Marci live in Walnut Creek, CA. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Phil Fiore, Chief Executive Officer, Executive Managing Director, Co-Founder, Procyon Partners, LLC Overview 5 years ago, Phil Fiore and his team realized that working at UBS limited their ability to grow and offer customized services to their largely institutional client base. So they launched Procyon Partners and since have expanded services and are achieving extraordinary M&A success. Listen in… > Download a transcript of this episode… About this episode… Institutional consulting is a specialty within the wealth management industry focused on advising corporate, foundation, endowment, and retirement plan clients. It’s a business area that’s often well-served by large firms such as Morgan Stanley’s Graystone Consulting, Merrill, or UBS—which typically have the advantage of a well-known name and a solid platform. Yet much like private wealth, institutional clients have come to want more from their advisors—services beyond what might be offered by a brokerage firm. Such was the case with Phil Fiore. He started building his practice at Prudential Securities in the 90s, moved to Merrill in 2005, then on to UBS in 2009. He and his team, FDG Institutional Consulting Group, built a strong business with more than $8B in institutional assets and $400mm in private client assets. Yet it was in 2017 when Phil and his partners decided that working for a large firm limited their ability to grow and offer more to their clients. They had a desire to expand their footprint and their services—neither of which they could achieve at UBS. So Phil and his team opted to make the leap to independence, launching Procyon Partners with Dynasty Financial Partners. In this episode with Louis Diamond, Phil looks back over his journey and the first 5 years as an independent business owner, including: The move from Merrill to UBS—and how that compared to their choice to ultimately opt for independence. Transitioning the business—and what differences they realized in converting their institutional clients vs. their private wealth clients. The unique requirements of institutional consulting—and what limitations prevented them from serving their clients optimally from within a wirehouse structure. The breadth of opportunity they realized in independence—and how that fostered growth for their institutional business as well as their private wealth services. Plus, Procyon’s extraordinary success in M&A—and how the firm has found a niche as a landing spot for RIAs looking to shed the day-to-day of running a business. Often advisors, particularly those with primarily institutional clients, feel that they cannot better serve their clients in independence—and often feel stuck. But with an expanded independent ecosystem, advisors are now finding they can not only match the service they can give their clients but often improve upon it while expanding their business, as Phil and his team has. It’s an eye-opening look at the real potential that exists—one with lessons for employee advisors and business owners alike. Related Resources Exploring Options in the Mid-Market Institutional Advisory Space What institutional advisors need to know in order to best serve their clients’ needs and their own business goals. Read->  The Evolution of an RIA from Practice to Enterprise Tim Bello of Merchant Investment Management discusses the growth of the independent space and the burgeoning cottage industry that fills capital, service and support gaps, creating new paths for those who have a desire to grow their own enterprises. Listen-> An At-A-Glance Map for Financial Advisors The wealth management landscape offers more optionality than ever before, making it difficult to discern, let alone compare and contrast, models. So we’ve created this “at-a-glance” continuum infographic to serve as your guide to the different models and their relative features. Download-> Phil Fiore Chief Executive Officer, Executive Managing Director Co-Founder, Procyon Partners, LLC Phil has more than 25 years of experience in providing investment consulting services to both institutions and high net worth families. Prior to Co- Founding Procyon Partners, Phil was a Senior Vice President of Wealth Management at UBS where he was also a member of the Institutional Consulting Group and its Advisory Council, a Senior Institutional Consultant and a Senior Retirement Plan Consultant. He also served as Co-Chair of the UBS Corporate Development Advisory Board and its Retirement Advisory Council. Phil has twice been recognized by 401KWire as one of the Nation’s 300 Most Influential Advisors in the Defined Contribution Arena, by the Financial Times as one of their Top 400 US Advisors (2014), and as one of Barron’s Top 1,200 Financial Advisors (2015). In addition, Phil lead the team (FDG) at UBS that was named by Plan Advisers  magazine as one of the Top 100 of the Country’s best retirement plan advisers for over 15 years and received the top honor of the Country’s best retirement adviser team in 2011 by Plan Sponsor magazine. This same team that he led was also named by Barron’s in 2015-17 as one of Barron’s Top Institutional Consultants. Phil is also a frequent speaker at many national retirement conferences and a sought out after guest on podcasts and media interviews around his specialization in RIA M&A and managing and building an Elite Team.  Additionally, Phil is a former member of the Western Connecticut Health Network (WCHN) Development Fund Board, its governance committee, and was also a member of the Danbury Health Systems Board of Directors and its Strategic Development Committee. Phil graduated from the University of Hartford with a B.A., and later earned designation as a Certified Investment Management Analyst (CIMA®) through the University of Pennsylvania’s Wharton School of Business and as a Certified Retirement Plans Counselor (CRPC®) through the College for Financial Planning℠. Phil was also part of the inaugural class of the MIT Sloan School of Management Executive Education Summit Advisor to CEO sponsored by Dynasty Financial Services in May of 2022. Additionally, Phil is a member of the Investment and Wealth Management Institute an independent group of Investment Management Professionals that collectively manage/consult on more than $3 trillion for institutional and individual clients. Phil is also a member of Secession Golf Club in South Caroline, Eligo Club in the Metro New York Area and Shore and Country Club in East Norwalk Ct.  In his spare time Phil enjoys golfing and working out and participating in Exotic Car Rally’s and shows. He currently resides in Westport Connecticut with his wife and their two sons.   Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…