The Diamond Podcast for Financial Advisors

A conversation with Louis Diamond… Overview A financial advisor’s move should be to improve client service—because it’s the clients who ultimately drive business growth and value. Here’s how to communicate “what’s in it for them” so they fully understand the positive impact the change can bring. Listen in… > Download a transcript of this episode… About this episode… When an advisor’s move is discussed, the value they derived from the change in firms or models often drives the conversation. That is, what’s “best for the advisor.” While the heavy lift of a transition sits firmly on the advisor’s shoulders, they also reap the rewards at the end of the day. But as we say time and time again, the real impetus behind a move should be to improve client service. Because it’s the clients who drive the business growth and value, so doing right by them is imperative. Yet the truth is that without communicating “what’s in it for them,” your clients may never understand the positive impact and value the change can bring. And ensuring a positive approach to the move will enhance your credibility and relationship. In this episode, Mindy Diamond and Louis Diamond look at how to best identify and communicate the “why” of your move, including: The advisor’s motivations for the move—and how their goals also impact the “why.” The importance of the “why” of a move—and how to identify what’s most critical to include. Communicating the value of a move to clients—and what key indicators are most important to them. The benefits an advisor may realize by going independent—and how those benefits funnel down to the client. Ultimately, while most advisors recognize the value of a move, many get stuck on how to communicate what’s most important to their clients. This episode provides key advice to drive that conversation. Related Resources What’s in it for Clients? 7 Ways They Can Benefit from an Advisor’s Transition Many advisors cite “improving client service” as the catalyst for a move—but knowing what the real impact will be is critical. Read-> The Real Beneficiaries of Independence: Your Clients While advisors have a real opportunity to build the advisory business of their dreams in the RIA space, it’s the clients who stand to gain the most. Read-> Considering a Move? Here’s What Financial Advisors Can – and Can’t – Say to Clients The desire to share the news can completely derail a transition to another firm. Here’s what top attorneys recommend when it comes to communicating with clients before, during and after a move. Read-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Bill Cates, President, Referral Coach International Overview Bill Cates has helped financial advisors move from incremental growth to exponential growth by communicating more compelling value and multiplying their best clients by accessing the power of referrals. Bill shares his best tips to create your own referral process with Louis Diamond. Listen in… > Download a transcript of this episode… About this episode… You’ve likely purchased a product or used a service based on the opinion of a trusted friend or colleague. And in most cases, individuals who are happy with someone they worked with or something they purchased will share that information—whether in a one-on-one conversation or en masse via social media. And the reality is that such “referrals” work! The data collected in countless surveys reveals that, on average, 90% of individuals feel more confident in working with someone who was recommended. Plus, they are nearly twice as likely to “convert” to clients and have a 30 to 40% higher retention rate than customers gained by other means, such as cold calling or advertising. While the stats tell us that asking trusted clients to refer us is the right thing to do, many feel uncomfortable or simply do not attempt to do so because they really don’t know how. So how do you turn the tables and get clients to refer or make those introductions for you? To answer that question and much more, we invited Bill Cates, the foremost expert in the art and science of acquiring new clients through referrals and personal introductions. As the president of Referral Coach International and the founder of The Cates Academy for Relationship Marketing™, Bill has helped financial advisors move from incremental growth to exponential growth by communicating more compelling value and multiplying their best clients by accessing the power of referrals. In this episode with Louis Diamond, Bill shares his best tips to create your own referral process, including: What it really takes to get referrals—and how to make you and your firm “more referable.” Getting over feeling uncomfortable when asking for referrals—and how to keep the focus on the client. The value of your client-facing “why”—and how that can be the real game-changer in your referral process. Turning a referral into an introduction—and the script that Bill suggests you learn and tailor to your business. Thousands of financial advisors are using Bill’s Relationship Marketing System™ to enhance client engagement, create more effective personal introductions, and communicate more relevant and compelling value. Plus, Bill has not only coached some of the most successful advisors in our industry, he is also a coach to our team at Diamond Consultants. As Bill shares, success comes from adding value. And it’s that value that will help to drive introductions – not just referrals – to potential clients in a way that is both natural and effective. As a side note, we found Bill’s training to be extraordinary and I’m sure you will, too—so be sure to listen in. Related Resources 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-> How CPA Referrals Drove a Former Lincoln Financial Independent Group to $12B in Just 5 Years Paul Saganey’s 2016 decision to leave Lincoln Financial, build a multi-custodial hybrid RIA with LPL Financial and develop a CPA referral network has propelled the firm from $3.5B to $12B in 5 years. He shares how they achieved such growth and more. Listen-> A Powerful Strategy for Financial Advisors Looking to Expand Reach and Accelerate Growth Reaching clients and prospects has become equally challenging and auspicious—but there are efficient and effective ways for advisors to “get through.” Read-> Michael Kitces on Everything Financial Advisors Need to Know About Growth Industry rockstar Michael Kitces shares his thoughts on building a thriving practice, why scale isn’t everything, marketing, organic and inorganic growth strategies and much more. It’s a must-listen for every financial advisor and business owner. Listen-> Bill Cates President, Founder Bill Cates, CSP, CPAE, is the President of Referral Coach International and the author of Get More Referrals Now, Beyond Referrals, and Radical Relevance. He is the founder of The Cates Academy for Relationship Marketing™, as well as the host of the popular podcast www.TopAdvisorPodcast.com. For almost 30 years, Bill has helped financial professionals move from incremental growth to exponential growth by communicating more compelling value and multiplying their best clients. Thousands of financial advisors are using Bill’s Relationship Marketing System™ to enhance client engagement, create more effective personal introductions, and communicate more relevant and compelling value. Plus, Bill has coached some of the most successful advisors in our industry. Before starting his current business, Bill built and sold two successful book publishing companies.  Bill is also the founding member and leader of the Million Dollar Speakers Group. In 2010, Bill was inducted into the prestigious Professional Speakers Hall of Fame (with such members as Ronald Reagan and Colin Powell). A highly sought-after international speaker, Bill Cates has spoken at the prestigious Million Dollar Round Table six times, including the main platform in the United States, Korea, Malaysia, Australia, and India. Bill’s programs are high energy and high content.  You can also expect to walk away with powerful insights and practical strategies that will have an immediate impact on your business. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with David Gehn, Partner, Ellenoff Grossman & Schole LLP Overview 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 in… > Download a transcript of this episode… About this episode… One of the most significant concerns advisors have when making a move – particularly those transitioning without the protection of the Protocol – is the fear of legal retribution from their firm. That is, the dreaded TRO, or temporary restraining order, which can stop their business dead in its tracks. In 2004, Smith Barney, Merrill Lynch, and UBS created the Protocol for Broker Recruiting Protocol to stave off the common and expensive litigation that occurred when a departing advisor left one firm to join a competitor. Essentially, these firms and others who opted in (including Morgan Stanley and Wells Fargo) agreed to a “cease-fire” of sorts, permitting advisors to freely leave with a limited amount of client information and actively solicit these clients. The sense of relief that Protocol bestowed upon transitioning advisors came to a halt in 2017 when Morgan Stanley and UBS opted out. As of this recording, Wells Fargo and Merrill Lynch are still members. Yet many other firms have never been part of the Protocol: For example, Edward Jones, a firm that has seen its fair share of departing advisors over the last year. While advisors successfully transition out of non-Protocol firms each and every day, doing so comes with added risks. In this episode, attorney David Gehn, whose expertise is in representing advisors in transition, speaks with Jason Diamond. They answer all these questions and more: What do advisors from non-Protocol firms such as Ed Jones, Morgan Stanley, and UBS and Protocol firms alike need to consider when making a move? What should advisors be most concerned about? What extra steps do advisors from non-Protocol firms need to take to avoid litigation when making a move? How do advisors from Ed Jones and the like position themselves for a “successful” transition with the highest level of portability and the lowest level of risk? Plus, given David’s expertise with advisors from Ed Jones and other non-Protocol firms, he shares first-hand insight on the factors driving advisor movement. Listen in to glean advice from an attorney experienced in advisor transitions from Protocol and non-Protocol firms alike. Related Resources Expert Advice on Portability: What You Need to Know to Prepare for a Move Grier Rubeling, Advisor Transition Services, joins this special Industry Update episode to share practical portability tips and actionable transition advice for financial advisors considering or preparing to change firms. Listen-> Financial Advisors: Is Now the ‘Right Time’ to Start Exploring Your Options? The truth is that taking the time to get educated about the opportunities available is a smart business decision—regardless of whether you want or are ready to make a move. Read-> Beyond the Risk: What’s Driving Non-Protocol Advisors to Independence? Why are advisors not protected by the Broker Protocol – and sometimes facing significant garden leave – willing to take on the added risks to become independent? Listen-> An Open Letter to Edward Jones Advisors What’s changed at Ed Jones—and what’s driving so many advisors to seek other options? While many brokerage firms have seen noticeable advisor attrition in recent years, the velocity of moves away from Ed Jones, a firm that built its legacy on a strong culture, begs a few important questions. Read-> Edward Jones Breakaway: From Knocking on Doors (Literally) to Building a $2B Independent Enterprise Jim DeCota started his career in wealth management in the financial advisor training program at Edward Jones, building his business to $85mm in AUM in just over a decade, before leaving to build what is today $2B+ Enso Wealth Management. Listen-> David Gehn Partner, Ellenoff Grossman & Schole LLP David A. Gehn, a member of the Firm, is the head of the firm’s Litigation and Regulatory Enforcement group. Mr. Gehn has been representing clients ranging from the largest broker-dealers and registered investment advisors to individuals in large and complex civil, criminal, and regulatory investigations and litigation, as well as in contractual and transitional matters for over the last 25 years.  Mr. Gehn also represents professional athletes and was formerly a certified NFL Contract Advisor. Since 1992, Mr. Gehn has concentrated his practice in the financial services industry.  Early in his career, among other things, Mr. Gehn filed approximately 20 cases against the self-professed Wolf of Wall Street, Jordan Belfort, and Stratton Oakmont, all of which settled for millions of dollars in the aggregate.  Mr. Gehn also filed other well publicized cases in the 1990’s, including a civil action against Marion “Suge” Knight, former owner of Death Row Records, based upon an assault at a Death Row Christmas party. From 1998 to 2000, Mr. Gehn was General Counsel of Bluestone Capital, a broker-dealer, and its online trading division, Trade.com. Prior to joining the firm, Mr. Gehn was a Member of Gusrae Kaplan Nusbaum, PLLC for over 16 years.  While there, he was one of three attorneys who filed a federal class action in the Southern District of New York against, Fairfield Greenwich Limited, et al., the largest Bernard L. Madoff Investment Securities “feeder fund”, which settled for an amount in excess of $250 million.  From 2014-2016, Gusrae Kaplan was recognized by BTI Consulting Group as an “honor roll” member on its list of the nation’s 50 “most feared” litigation law firms. Overall, Mr. Gehn has almost 100 reported FINRA arbitration awards, which include 7 matters in which he has obtained expungement for his clients.  He also litigates in federal and state courts, with several matters resulting in published opinions. Mr. Gehn has represented financial professionals in multiple SEC, FINRA, and CFP investigations and enforcement proceedings.  In 2020, Mr. Gehn has already successfully closed an SEC Investigation with “no action” and 5 FINRA and State regulatory investigations by way of a “letter of caution”. Mr. Gehn also advises financial professionals concerning the transition of their financial practice, FINRA inquiries, non-solicit/non-compete issues, and Protocol compliance.  Mr. Gehn was named the “top Protocol attorney in the United States” by AdvisorHub.” Over the last 2 years, Mr. Gehn has worked with over 125 financial professionals in the transition of their professional practices.  He is familiar with the traditional, independent, RIA, and bank brokerage models. Mr. Gehn also has an active practice representing professional athletes. Since 2016, Mr. Gehn has represented at least 1 player selected in the 1st round of the NFL draft, including a top 15 selection in the 2017 NFL Draft and a top 10 selection in the 2016 NFL Draft.  Mr. Gehn also represents several other active and retired players. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Matt Cooper, President of Beacon Pointe and Sasank Chary, Managing Director of KKR Overview What does it take to garner the attention of one of the leading private equity firms in the world? Beacon Pointe’s President Matt Cooper and Sasank Chary, Managing Director of KKR, discuss the key drivers of their strategic partnership, explore Beacon Pointe’s extraordinary growth, share advice on what it takes to make your firm attractive to an investor, and much more. Listen in… > Download a transcript of this episode… About this episode… Plenty of successful RIAs have become attractive investments for acquirers in the space. But to capture the attention of KKR, one of the leading private equity firms in the world, would take a firm that exemplifies something truly extraordinary. And that “something extraordinary” was revealed November 2021 when it was announced that KKR would invest in Beacon Pointe Advisors, the nation’s largest female-led RIA. For Beacon Pointe, it all started back in 2002. That’s when the founding partners – Matt Cooper (President of Beacon Pointe), Shannon Eusey (the firm’s CEO), and Garth Flint – combined their visions of what an RIA “should be.” And you might say that worked out quite well, evidenced by the firm’s extraordinary growth from zero to $25B in assets under management, continual growth trajectory and numerous industry awards. KKR’s investment says volumes about Beacon Pointe—and is a testament to what’s possible when you build a firm with clarity of goals and vision. So what was it about Beacon Pointe that made them worthy of the vaunted firm’s attention? This episode explores the answer to that question with perspectives from both sides of the table. Louis Diamond speaks with Beacon Pointe’s Matt Cooper and Sasank Chary, Managing Director of KKR, to learn more about the deal, including: The drivers behind Beacon Pointe’s extraordinary growth—and how this new investment will further their M&A ambitions. KKR’s attraction to Beacon Pointe—and why they view the relationship as more than a capital investment. Beacon Pointe’s approach to M&A—and what they see as the real value of equity in deal structure. The complimentary value that both firms derive from a deal like this—and what key advice they have for both prospective sellers and buyers. Plus, we’ll get their take on the strength of the M&A market going forward, what makes an RIA attractive to an investor, and much more. It’s a conversation that offers key takeaways for buyers and sellers alike, but also an eye-opener for advisors outside the independent space who may be curious about the value potential of their business in the future. Related Resources Industry Update on M&A: If You Build It, Will They Buy It? – Part 1 of 2 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? This episode compares and contrasts options. Listen-> Industry Update on M&A: If You Build It, Will They Buy It? – Part 2 of 2 Part 2 of 2 on M&A: 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. Listen-> Industry Update: What Financial Advisors Need to Know About Growing Through Recruitment & M&A 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-> Determining Enterprise Value: 7 Key Qualitative Drivers for Sellers While mergers and acquisitions are typically associated with existing RIAs and independents, the fact of the matter is that anytime an advisor is offered a recruitment package from a brokerage firm, that firm is in essence “buying” a business and conducting its own due diligence process to assess value—so understanding that value is imperative. Read-> Matt Cooper Partner, President Matt is a founding partner of Beacon Pointe Advisors and oversees the firm’s strategic plan focused on mergers and acquisitions, creating synergistic partnerships between Beacon Pointe and other wealth managers across the country. Matt has been featured in Financial Planning Magazine, Barron’s, InvestmentNews, Citywire, Financial Advisor IQ, and Forbes, among other publications. He also regularly speaks on a host of wealth management and industry-related topics across various national conferences. Matt has a passion for continuous lifetime learning with a focus on the wealth management and financial life management industries. At a time when the RIA industry is changing more rapidly than any other point in history, his focus is on building the best possible business to serve clients and to assist other wealth advisors in meeting their lifetime goals. Matt graduated from the University of Southern California Marshall School of Business with a B.S. in Finance and Business Economics. While at USC, Matt served as President for the Sigma Alpha Epsilon Fraternity. He remains a supporter of both the University and the National Fraternity. Matt has served on the Advisory Committee of Serving People in Need (SPIN), is past President of Newport Mesa National Junior Basketball, past President of the Andersen Elementary School Foundation (DEANS), is a member of Legatus International, and also served on the Investment Committee of The Orange Catholic Foundation. He lives in Dallas, Texas with his wife and has three sons. Matt enjoys traveling, running and exercise, and spending time with his family. Sasank Chary Managing Director Sasank Chary is a Managing Director at KKR within the firm’s Americas Private Equity platform. He currently serves on the Board of Beacon Pointe Advisors. Prior to joining KKR in 2021, Mr. Chary was with Reverence Capital Partners. Previously, he worked at Sageview Capital, Harvest Partners, and UBS. He received a B.S. in Economics and B.A. in International Relations from The University of Pennsylvania’s Wharton School and College of Arts and Sciences, respectively. Mr. Chary also serves as a Board member of South Asian Youth Action. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with John Klaas, Jr., CEO & Founder and David Millington, President & COO, Puzzle Wealth Solutions Overview UBS breakaways John Klaas, Jr. and David Millington share their journey to launching independent firm Puzzle Wealth Solutions with Gladstone Wealth Partners. They discuss their decision-making and transition processes, as well as what led to their extraordinary growth to $2B in assets in year one. Listen in… > Download a transcript of this episode… About this episode… Life is a series of experiences. A continually changing image painted by the people we meet, the places we work, our daily activities—all of the pieces coming together to provide us with a foundation from which we develop and grow. And it’s the same for an advisory business. It’s a concept that’s interesting to explore when you hear the stories of different advisory teams and how they came together—and how their perspectives became complementary forces motivated by similar goals. Take the guests on this episode, for example. John Klaas Jr. was at Morgan Stanley when David Millington was looking for a new job. David’s dad suggested he speak to John – who was his financial advisor – to see if there were opportunities at Morgan. David was hired and became a part of John’s growing team. Fast forward 4 years later to 2007, the team transitioned to a UBS Private Wealth Management office in Chicago. Then over the next 14 years at UBS, they grew the business and expanded their offerings to high net worth and ultra-high net worth clients, adding capabilities like estate planning and alternative investments. But they wanted to evolve further—and had a vision they couldn’t execute at the wirehouse. Including being true fiduciaries to their clients. So they explored their options, decided that they didn’t want to build their own firm, and became intrigued by what Gladstone Wealth Partners offered. With some $1.2B in assets under management, they opted to make the leap and build their independent practice, Puzzle Wealth Solutions, in partnership with Gladstone in June of 2021. As of this recording, just shy of their one-year anniversary, they are managing $2B in assets for their clients—nearly 2x growth! So in the episode, John and David join Mindy Diamond to discuss their journey, including: Their leap from Morgan Stanley to UBS—and what precipitated the decision to leave UBS for independence. The choice to go independent with Gladstone independence—and what other options they considered. Their extraordinary growth—and how they achieved it in such a short period of time. A unique perspective on retire-in-place programs—and why it was not the path John chose for himself or his team. And much more. It’s a story that exemplifies how different experiences came together, much like the pieces of a puzzle, to create a clear image of the teams’ vision for the future—and extraordinary success. Related Resources 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-> 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-> The Gears of Change: How Evolving Expectations of 3 Key Stakeholders is Driving More Advisor Movement Than Ever Before Financial advisors are seeking greener pastures that offer the ability to achieve something better for themselves and their clients. Read-> John Klaas  CEO & Founder John’s career began in 1988 on the anniversary of one of the equity market’s most tumultuous days, and in the years since, he has helped clients manage their wealth through 10 market corrections and three recessions. His dedication to his clients and to always doing the right thing led him to founding Puzzle Wealth and an independent practice. “We never forget who we work for or what is important. People value their family, faith, health and finances. We are in the position where somebody will rely on us with one of these topics.” John believes in delivering holistic wealth management solutions to clients. He enjoys partnering with them on asset allocation and total portfolio management with a focus on charitable giving and estate planning. He believes opportunities to make a major impact in the markets are rare, but is prepared for them every day. Before Puzzle, John was Senior Vice President of The Klaas Group at UBS for 14 years. Prior to that he spent 18 years at Morgan Stanley and a tenure at Burton and Associates. He has distinguished himself by completing the Senior Financial Advisor Program at the Wharton School of the University of Pennsylvania. In addition, he holds his Series 7, 31, 63 and 65 securities licenses through LPL Financial and insurance licenses. John lives in Barrington Hills and is happily married with three children. Passionate about child safety and children’s rights, he has been actively involved with the KlaasKids Foundation since its inception. John Klaas is a registered representative with, and securities offered through, LPL Financial, Member FINRA / SIPC. Gladstone Wealth Partners is a separate entity from LPL Financial. David Millington  President & COO David prides himself on advising clients with the intention of reducing or eliminating financial stress. David has worked with John, Karoline, and Steve since 2003. He has taken a passion to the investment world ever since he built his first stock portfolio in 7th grade. His tenacious work ethic stems back to his days as a newspaper delivery boy—his first paycheck at the age of 8 still hangs on his wall. As a Certified Financial Planner™ David enjoys being able to offer sound advice within the advisory relationships he maintains with his clients. His experience with mergers and acquisitions makes him a vital asset to business owners as a Certified Exit Planning Advisor®. In addition to being the President & COO, David also chairs Puzzle’s Business Development committee and serves on the Investment Committee as a Senior Portfolio Manager. David is honored to be included in the Forbes Best-in-State list of top advisors for 2021. Prior to joining The Klaas Group, David was a Founding Partner of Arcis Trading in Chicago, IL. He graduated from the University of Illinois at Urbana-Champaign with a B.S. in finance in 1999. He and his family reside in Inverness, IL. His passions include watching his boys compete in several sports, cheering on Chicago sports teams, and working on lowering his golf handicap. David Millington is a registered representative with, and securities offered through, LPL Financial, Member FINRA / SIPC. Gladstone Wealth Partners is a separate entity from LPL Financial. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Jim Dickson, Founder and Chief Executive Officer, Sanctuary Wealth Overview 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 in… > Download a transcript of this episode… About this episode… It’s something we say often: Independence isn’t for every advisor. But as evidenced by this podcast, the model has become an incredible motivator of change in the industry landscape, driving interest in ways like never before. And smart, entrepreneurial leaders seized an opportunity to fill a gap that serves two key purposes: An independent model that offers a turnkey, supported approach for those who see independence as a bridge too far to go it alone. An evolved advisor mindset; one more focused on achieving greater freedom and flexibility in servicing clients, as well as building a business for the long-term. Enter firms like Sanctuary Wealth. When we first interviewed Jim Dickson, the founder and CEO of Sanctuary, on this podcast 3 years ago, it was evident that he was on to something. Just off the heels of his 20+ year leadership role at Merrill, he too, was a breakaway. Leaving the wirehouse world behind as a shift in culture was beginning to whittle away at the once entrepreneurial spirit that existed, Jim turned down other offers to pursue what he describes as the “best thing he’s ever done.” That is, to launch independent platform provider Sanctuary Wealth. And today, as the firm celebrates its 4th anniversary, they’ve grown to manage some $25B in assets, across 25 states with 75 partner firms. In this episode, Jim outlines his journey with Louis Diamond, recapping the early days of Sanctuary and bringing us up to speed on where the firm is today, including: Sanctuary’s evolution—and what he and his leadership team learned along the way. The growth of supported independence—and why the model has gained such traction over recent years. The firm’s key differentiators—and what their plans are to remain relevant in the long-term. The role of M&A in their plans—and how recent capital infusions play a part in the bigger picture. Plus, Jim shares an “insider’s perspective” of the wirehouse world he came from—and a prevailing sense of imbalance that’s driving the growth of models like Sanctuary’s. It’s an episode that depicts how much the industry has changed in just 3 short years—so be sure to listen in. Related Resources How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox In this podcast episode, Jim Dickson, Founder and President of Sanctuary Wealth Partners, shares the inside track on what it was like to be in a senior role in the wirehouse as bureaucracy was on the rise, and why he left behind his 20-year career to build an independent firm. Listen-> Third Gen UBS Breakaway Finds Sanctuary: $150mm in Assets and a Long Runway to Grow Next gen Tom Stadum realized that he had a long runway and greater opportunity beyond UBS. So once his partner/father fulfilled the obligations of his retirement agreement, Tom left to build independent firm Fjell Capital with Sanctuary Wealth. Listen-> Growing Up with Merrill Lynch: A Next-Gen Breakaway Story Merrill next gen inheritor Elizabeth “Lizzie” Evans discusses her decision to leave the firm on the heels of her father’s CTP agreement and cautions how Merrill’s sunset package means buying something the next gen doesn’t truly own. 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-> Jim Dickson Founder and Chief Executive Officer Jim is the visionary who led the founding, development and launch of Sanctuary Wealth as an innovative, partnered independence network for elite advisors. Jim spent 20+ years in numerous senior leadership roles at Merrill Lynch. Reporting directly to the CEO, Jim spent the last six years as a divisional executive and member of the firm’s executive committee. In addition to his day-to-day responsibilities, Jim was actively involved in spearheading Bank of America’s leadership development program and helped inspire and train the next generation of the firm’s managers. Having begun his career at Ernst & Young, Jim has gained a distinctive perspective and valuable experience in developing and optimizing organizations of all sizes. Known throughout the financial services industry for his thought leadership, Jim is an active and highly sought-after speaker, recognized for his insights on delivering growth in the wealth management space. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond and special guest Grier Rubeling of Advisor Transition Services Overview In a special Industry Update, Grier Rubeling, owner of Advisor Transition Services, shares practical portability tips and actionable transition advice for financial advisors considering or preparing to change firms. In an information-packed episode, she discusses preparing a Protocol checklist, the notion of “shrinking to grow”, the mapability of products, the flow of the transition process, communicating with clients, and much more. Listen in… > Download a transcript of this episode… About this episode… When we talk with advisors considering change, the single-most important topic on their minds is portability. And that makes perfect sense. Because having invested your business life serving clients and growing your assets under management, you certainly want to bring along as much as is possible – and practical – to your new firm. But does that mean every client on your roster? For example, advisors may make a strategic decision to leave behind some clients who are no longer congruent with their business goals. It’s a concept we refer to as “shrink to grow”—one that several breakaway guests on this series have discussed. In other cases, you may have assets that are tied to the firm which will need to remain behind—we see this often in the case of Private Bankers whose clients are often “owned” by the bank and not the advisors. The good news is that in most cases, advisors who have built strong relationships with their clients tend to bring over 85 to 95% of those they want to follow. But prior to any move, advisors need to assess their client relationships and book to determine if any concerns about portability are legitimate. That means conducting a thorough review of any non-portable positions and evaluating the impact that leaving them behind would have on the overall business. Grier Rubeling, owner of Advisor Transition Services and an expert on the topic, joins Mindy Diamond and Louis Diamond for this special Industry Update episode to share practical and actionable tips for advisors either considering or preparing for a transition, including: Preparing a Protocol list—and the key items to have at the ready in a Protocol move. The notion of “shrinking to grow”—and how a move is the perfect time to review your client list and consider paring back those who no longer fit your ideal profile. Restrictive covenants that govern a move—and what you need to know about team agreements, retire-in-place programs, and more. The mapability of products—and how to navigate key aspects of securities-backed loans, SMAs, Alts, proprietary products and more. The flow of the transition process—and how to prepare your team and clients. Communicating with clients—and how and what to share with them about the move. And much more. It’s one of the most information-packed Industry Updates to date! So be sure to listen in and download the companion checklist below. Download the Practical Portability Tips Checklist Related Resources  Grier Rubeling – Advisor Transition Services Consulting services for financial advisors and existing firms to help navigate and understand the administrative and operational aspects of transitioning a book of business. More-> Shrink to Grow: Why Advisors are Making the “Strategic Decision” to Let Go of Assets In a world where bigger is considered better, many of Wall Street’s most talented and productive advisors are opting to go against the grain and leave chips on the table. Read-> Avoiding the Post-Transition Blues 8 tips to help advisors enjoy a less stressful experience during and after a move. Read ->  What’s in it for Clients? 7 Ways They Can Benefit from an Advisor’s Transition Many advisors cite “improving client service” as the catalyst for a move—but knowing what the real impact will be is critical. Read-> Considering a move? Here’s What Financial Advisors Can – and can’t – Say to Clients The desire to share the news can completely derail a transition to another firm. Here’s what top attorneys recommend when it comes to communicating with clients before, during and after a move. Read-> 8 Steps to Take Before You Actually Make That Move The next chapter in your career can be easily derailed by not having a concise and deliberate plan in place well before your move date. Read -> Making A Move Even When The Obstacles Seem Insurmountable Is it a greater level of pain, desire, reward – or a combination thereof – that drives even the most seemingly unmovable advisors to change? Read-> Grier Rubeling Owner/Operator of Advisor Transition Services Grier Rubeling is the Owner/Operator of Advisor Transition Services. Prior to starting her firm in 2018, she worked in various support roles for advisors. Initially, as a client service associate and transition consultant at several wirehouses and then as a director of operations for an RIA. She’s been helping advisors transition for 15 years with a current focus on those starting or joining RIAs. She started her business to help advisors with the operational aspects of transitions after recognizing a need in the market and longing for the freedom to be her own boss. Her website offers many free resources to those in transition, and she’s developed technology and processes to help make the process as fast and streamlined as possible. Her major focuses are on client communications, data collection and manipulation, paperwork preparation and delivery, process design, project management, and issue resolution. She lives in Cary, North Carolina with her husband and two young daughters, and she’s a DIY blogger and competitive gingerbread artist who’s been featured on the Food Network. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

Gary Hirshberg, Founder of Aaron Wealth Advisors and former Goldman Sachs advisor, shares his inspiring journey to independence. He discusses how a desire for true fiduciary advocacy prompted him to leave Goldman. Gary emphasizes the importance of building deep relationships with ultra-high-net-worth clients and creating a multi-family office model that prioritizes their needs. He reflects on the challenges of transitioning while maintaining client trust and the freedom of choosing tech partners to enhance service offerings. His vision for growth includes elite advisor recruitment and a focus on ethical practices.

A conversation with Steve Dimitriou, Managing Partner, Mayflower Advisors Overview Steve Dimitriou started in wealth management selling insurance at New York Life. Intrigued by the investment and planning side of the business, he continued down that path, building his book in firms like MFS, Alex.Brown, AdVest and later FiNet. Over time, he and his team grew the business to $1.3B in AUM. Yet the call for greater independence became the motivation to leave FiNet in 2020 and launch their own RIA firm, Mayflower Advisors, which today manages over $1.7B. Listen in… > Download a transcript of this episode… About this episode… It’s interesting how a tough job market can divert the path one may envision as they graduate college. But as the guest on this episode shares, it can result in an incredibly successful journey. And it reminds us of an important lesson: The only thing that’s constant in life is change. Steve Dimitriou left college with a degree in honors physics and economics. Yet the job market was tight, so he ended up selling insurance at New York Life. While there, the investment management and planning side of the business intrigued him—and it was a path he continued on, building his knowledge and book in firms like MFS, Alex.Brown and later AdVest. Yet it was in 2005 that Steve and his team heeded the call of independence and transitioned to FiNet. It was an extraordinary move that resulted in growing the team from 5 to 30 over the course of 15 years—and assets under management to $1.3B from a client base that was transitioning from mass affluent to high net worth. And the wealth management world had grown dramatically over that time period as well, motivating them to consider an even more independent path than they had at FiNet. One where they had access to the full universe of products and the freedom to build their business without limitation. So in 2020, Steve and his team chose to leave the FiNet umbrella and build their own RIA – from scratch – Mayflower Advisors in Boston, Massachusetts. Today, the firm manages over $1.7B with Steve at the helm as CEO. In this episode, Steve discusses his journey with Louis Diamond, including: The motivations behind his moves over the years—and the valuable business lessons he learned along the way. The desire to be more independent—and how independence with FiNet differed from launching a fully independent RIA. The choice to build an RIA from scratch rather than opt for a platform provider—and what key factors influenced that decision. The impact of his own personal transition from advisor to CEO—and how “staying involved” helps him to be a better leader. Steve’s story is an instructive one that demonstrates how a business – and the individuals who build it – grow and evolve over time motivated by shifting client needs. It also punctuates the positive impact that changing firms and models can have, opening up new doors of opportunities for clients and expanding the ability to grow organically and inorganically. It’s an episode that has valuable lessons for employee advisors and business owners alike. Related Resources 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-> Aligning Your Inward and Outward Pointing Compass: A Process for Advisors Considering Change Balancing the needs of all stakeholders offers a clearer and more congruent path towards your ultimate destination. Read-> Why Advisors in “Growth Mode” Are Sacrificing Momentum to Change Firms or Models It seems to be counter-intuitive for an advisor or team who may be riding the wave of their “best year ever” to change jerseys or break for independence. Yet it’s happening in record numbers. Read-> Finding Independence in a Big Firm: Top UBS Team on Their Shift to Wells Fargo Advisors A conversation with Vincent Finney, Managing Director – Investments and Joseph P. Panfil, Managing Director – Investments, Bibler, Finney, Panfil Private Wealth Management Group of Wells Fargo Advisors. Listen-> Steve Demitriou Managing Partner, Mayflower Advisors Steven Dimitriou is a founder and Managing Partner of Mayflower Advisors with 30 years of retirement plan industry experience. His current designations include the Accredited Investment Fiduciary (AIF), Certified Plan Fiduciary Advisor (CPFA), and Certified 401(k) Professional (C(k)P®) from The Retirement Advisor University® / UCLA Anderson School of Management Executive Education. Steve graduated from Colby College with B.A.s in Honors Physics and Economics. Prior to forming Mayflower Advisors, he was a Managing Director at H. C. Wainwright & Co., Inc. leading the Retail Products division, which included Retirement Plan Services and Mutual Fund Research. He was also a Vice President in Alex Brown’s Retirement Plan Services group and one of the original members of the Retirement Sales Team at Massachusetts Financial Services (MFS), Inc.  Steve is a Registered Securities Principal and a frequent speaker at industry conferences. In 2019, Steve served as President of the American Retirement Association (ARA) after serving on its Leadership Council since its formation. The ARA is the parent organization to NAPA, ASPPA, ACOPA, NTSA and the PSCA, representing over 30,000 professionals working in all facets of the retirement plan industry, including advisors, administrators, actuaries and plan sponsors. In 2014, Steve served as President of the National Association of Plan Advisers (NAPA), the largest retirement plan advocacy group in the Nation for Advisors with over 9,000 members. Along with providing continuing education and credentialing, the organizations work directly with Congress and regulatory agencies in Washington, D.C. to shape legislation and rulemaking for the industry in an effort to drive successful retirement plan outcomes for participants. Steve is also a founding member of the Retirement Advisory Council (RAC) and has served on several vendor advisory boards throughout the industry. In 2009, Steve was named PLANSPONSOR Magazine Retirement Plan Adviser of the Year, one of two major industry awards.  In 2010 he was named runner up for the second award, the ASPPA-Morningstar Leadership Award. Steve has been named repeatedly to PlanAdviser Magazine’s “Best of the Best” and Top 100 Retirement Plan Advisors lists. In 2011, he was inducted into the inaugural class of the Magazine’s PLANADVISER Hall of Fame. In 2010, Steve was named one of the 40 Most Influential Advisors in Defined Contribution by The 401kWire and made its 50 Most Influential Advisors list again in 2012. The Financial Times has named Steve one of the Top 401 Advisors in the nation every year since the award’s inception in 2015. Steve has been recognized by both the local and national media for his expertise. He has appeared on CNBC, WBZ television, Fox Business television, U.S. News and World Report, Kiplinger, Investment News and other publications. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Craig Robson Founding Principal & Managing Director Regent Peak Wealth Overview 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 in… > Download a transcript of this episode… About this episode… It was May of 1994 when Craig Robson decided engineering wasn’t for him and accepted an offer to join Merrill Lynch to start a career in wealth management. And it proved to be both a bold and smart move, because over two-and-a-half decades, Craig built a business managing $450mm in assets for high net worth clients. It was an experience that Craig credits as framing his business life—one that would set the stage for yet another bold move: Handing in his resignation on his 25th anniversary with Merrill to launch RIA Regent Peak Wealth in Atlanta, Georgia with Dynasty Financial Partners. And just 3 years later, Regent Peak is managing some $570mm assets. So what was it that motivated Craig to leave the firm he grew up with? In this episode, Craig walks Mindy through his journey from Merrill to independence, including: The key moments that motivated him to explore his options—and why he headed for independence when he could have accepted a transition deal from another firm. The real value he is experiencing in independence—and how his growth trajectory has changed since making the leap. The role of objectivity as a financial advisor—and what Craig and his team can do differently in independence that allows them to be true fiduciaries. The ability to creatively market their services—and how the freedom to brand and create personalized messaging and videos was a real gamechanger for him and his team. As Craig put it, breaking away was about “liberating and empowering” him and his team in how they could manage and grow the business, while providing greater optionality and choice when it comes to the products and services they can offer their clients. No doubt that making the leap to independence – like any move – comes with some “professional risk,” as Craig put it, but he sees it as a risk worth taking—and after you hear his story, you’re likely to agree. Download: The Decision-Methodology Infographic–Strategic Exploration and the Road to Taking Control of Your Professional Destiny Related Resources 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-> How to Avoid the Risks in Waiting for That Perfect “Go Date” You’ve done your due diligence and made a decision, but you have yet to set a move date. What are you waiting for? Read-> $1B+ Multi-Generational Merrill Breakaway Team Leaves Behind the Big Brand to Gain “More” for Clients Matt Liebman, Founding Partner and CEO of RIA firm Amplius Wealth Advisors discusses the complexity of considering change with a multi-generational team, the difficulty of walking away from a big brand name, the concept of clients being the real “boss” and how that influenced his choice to build an independent firm—and much more. Listen-> Craig Robson Founding Principal And Managing Director Craig is the founder of Regent Peak Wealth Advisors. During his 25 years at Merrill Lynch, Craig became the Founder and Managing Director of Robson & Associates, a high net worth wealth advisory practice within the firm. At Regent Peak, he serves as Managing Director and sets the firm’s overall vision and strategy. The creation of Regent Peak Wealth Advisors, an independent advisory firm, is a direct result of Craig’s desire to provide all relationships with objective advice free from the conflicts of interest that might come from large institutions. Craig earned a bachelor’s degree in industrial engineering from Lehigh University in 1991. For the next 3 years Craig provided consulting services on behalf of Accenture Consulting, primarily within their manufacturing and information technology divisions, to both publicly traded and privately held corporations. An unexpected opportunity to employ his practice management experiences within the financial services industry arose and in 1994 Craig embarked on creating a unique wealth advisory offering within Merrill Lynch. Craig has been recognized for his investment acuity including being named in Barron’s Top 1,200 Financial Advisors in 2014, 2015, 2016, 2017, and most recently 2018. Craig also was recognized by Forbes Best-in-State Wealth Advisors list in 2019. Craig holds the Certified Investment Management Analyst® (CIMA®) and Certified Plan Fiduciary Advisor (CPFA) designations as well as the CERTIFIED FINANCIAL PLANNER™ certification awarded by the Certified Financial Planner Board of Standards, Inc. Craig also holds all the relevant general securities registrations and insurance licenses. Craig and his wife Angelia have two children, Nicholas and Lucas, and they live in Sandy Springs, Georgia. He enjoys playing ice hockey, swimming, hiking, volunteering for animal rescue groups and coaching youth sports. Within the local community Craig has previously served on many board positions, most recently the Board of Directors for Learning on the Log, a nonprofit organization for children with a focus on supporting and growing social skills. He also previously served on the Corporate Leadership Council for the Fernbank Museum of Natural History and as a host committee member for the Partnership Against Domestic Violence. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…