The Diamond Podcast for Financial Advisors

A conversation with Andy Harris, President and Wealth Manager of Evergreen Wealth Solutions Overview Andy Harris built a business from the ground up at ING, which he later transitioned to Commonwealth Financial Network as an independent broker dealer. Yet the desire for even greater independence led Andy and his team to transition to Commonwealth’s RIA platform in 2019. He shares key learnings for advisors considering both the IBD and RIA models, and the value each provides to the business and clients. Listen in… > Download a transcript of this episode… About this episode… It’s funny how many financial advisors’ journeys start somewhere outside of the wealth management world. For Andy Harris, the field he was headed for was environmental studies. That is, until a temp job with Nationwide turned into a full-time gig, changing his mindset and career path. While he may have gotten his start in the financial world at Nationwide, it was an interview with a friend and independent advisor in 2002 at Locust Street Securities (which would later become ING Financial Partners) that led him to the role of financial advisor. Along the way, Andy learned plenty of the up and down realities of the wealth management world, building a book of business that he would later move to Commonwealth in 2015 as an independent broker dealer. Yet the desire for greater independence led Andy and his team to transition to Commonwealth’s RIA platform in 2019. Andy’s internal transition is representative of the “RIA-ification” of the broker dealer world. That is, firms are working to meet the evolving needs of advisors and their growing practices by offering multiple ways to affiliate and a “glide path” to greater independence without leaving the firm. Today, Andy and his team at Evergreen Wealth Solutions in Williamsport, PA, are consistently ranked as one of the top affiliates of Commonwealth Financial Network. Andy’s story is an interesting one that shares the evolution of one’s business life, building upon the vision and goals along the way. In this episode, he talks about that journey with Louis Diamond, including: The early development of his business—and why Andy selected Commonwealth to launch his independent practice. The choice to launch first as an independent broker dealer—and why he later opted to slide over to Commonwealth’s RIA platform. The thought process behind transitioning from IBD to RIA—and how that benefits clients service and his business overall. The process of transitioning models within the firm—and what advisors need to be aware of based on his experience. Plus, Andy provides key learnings for advisors considering both the IBD and RIA models, along with some sound advice: “When considering change, think about where you want to be not just for today, but for the next 5 to 10 years and beyond.” Download: Going Independent with an RIA vs. IBD: A Comparison Fact Sheet Please note: Your information is shared only with our firm in complete confidence and without obligation. Related Resources IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Read-> Exploring the Independent Broker Dealer Space A Conversation with Andrew Daniels, Managing Principal of Business Development of Commonwealth Financial Network. Learn how the firm, 40 years in the making, has evolved, and how their model differs from others in the independent space. Listen-> Optionality Under One Roof: For Advisors Who Aren’t Quite Ready for Independence Forward-thinking firms are tapping into the flourishing interest in independence by offering their employee advisors an independent option under the same roof. While it provides an easier path to greater freedom and business ownership, it may not be “independent enough” for advisors seeking ultimate control. Read-> Andy Harris Founder and President Andy began his career in the financial services industry in the late 1990s with Nationwide Financial Services, working his way through college at Ohio State University, where he graduated with a BS concentrating in finance. Gaining exposure to trading strategies and financial products while working for the trade desk at Nationwide Financial Services, Andy was asked to become the internal contact and liaison for a product designed for active traders. He worked closely with clients, financial advisors, senior management, and mutual fund managers in this role, which laid the groundwork for his decision to become a financial advisor in March 2002. Beginning his practice as part of the Comprehensive Financial Group, Andy’s training and mentors there have helped define his business model today as the agency environment provided the opportunity to partner with a variety of financial professionals, which has nurtured the team environment in place today. Andy’s practice with Evergreen Wealth Solutions is centered on helping people make smart decisions with their money, and, in his words: “We are in the business of helping our Ideal Clients get their financial house in order and help to keep it that way.  This gives them confidence about their future and allows them to spend their time with the people that matter most doing the things that are more important in their life than money.” He works with other professionals in the areas of tax, legal, financial planning, asset management, insurance, and other relevant resources so that he has the capability to deliver truly personalized financial services for all of his Ideal Clients. Andy and his wife, Elizabeth, spend the majority of their time with their young family and are passionate about food, friends, and family. In addition, Andy was a board member of the Northcentral Pennsylvania Conservancy and an active member of his community association. He enjoys biking (mountain, road, motor, and dirt), telemark skiing, jogging, shooting, and travel. He is a member of the Million Dollar Round Table*, Northcentral Pennsylvania Estate Planners Council, and the Financial Services Institute. Andy is also proud to have been recognized as a Chairman’s Level advisor for 2021—a distinction based on annual production that places him among the top 4 percent of advisors affiliated with Commonwealth Financial Network.  Each year, Commonwealth, the firm we partner with to help us better serve you, recognizes Chairman’s Level advisors by inviting them to an exclusive gathering of their peers, leading industry experts, and Commonwealth home office staff. Chairman’s Level advisors benefit from an intensive learning and networking experience designed to help them hone their expertise, share best practices, and provide ever-higher levels of service, education, and leadership to their clients. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

Part 2 of a 2-Part Series with Louis Diamond Overview 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 in… > Download a transcript of this episode… About this episode… The first part of this 2-part series discussed the continuation of a super-active M&A market and how that’s driving interest amongst advisors at all levels—particularly those who have reached a point where they are considering their future. Whether reviewing your firm’s retire-in-place program, considering another firm’s recruitment deal, or feeling the tug of your entrepreneurial spirit and the desire to be a business owner, the idea of building something bigger than yourself – that can sell on the open market – can be appealing. But simply building an independent firm doesn’t guarantee the high multiples you may be seeing other firms selling for. Nor does it mean you will attract acquirers with deep pockets. So what does a prospective business owner – and even those who currently own their independent practice – need to do to be “attractive” to acquirers and garner the highest valuation? This episode explores that answer, plus: The different paths you can take to build an independent firm—and what to be aware of when it comes to your end game. IBD vs RIA—and how the choice may impact a firm’s valuation. Opting to sell a portion of the business at inception—with examples of business owners who did just that. Will the frothy M&A market continue? No one knows for sure. But real potential exists for those with their sights set on building a business that could be attractive to an acquirer and command a high price tag at the end of the day—listen in and learn how. Download: M&A Readiness Assessment Please note: Your information is shared only with our firm in complete confidence and without obligation. Mentioned in This Episode Motivated by the Long Game: Why a UBS Breakaway Left a Deal Behind for Independence with Summit Financial A conversation with Monish Verma, Managing Partner, Vardhan Wealth Management. Listen-> How an ex-Wells Fargo Team Turned a “Paper Tablecloth” Vision into 3X Revenue and $8.5B in Assets in 5 Years A conversation with Gerry Goldberg, CEO and co-Founder, GYL Financial Synergies. Listen-> Betting on the Long-Term: Former Merrill Resident Director Shares Why Her $1B Team Broke Away A conversation with Melissa Bouchillon, CFP®, Managing Partner, Sound View Wealth Advisors. Listen-> More Related Resources Industry Update on M&A: If You Build It, Will They Buy It? Part 1 of a 2-Part Series 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? This episode compares and contrasts options. Listen -> From $30mm to $55B: The Strategic Vision Behind Creative Planning’s Extraordinary Growth A conversation with Peter Mallouk – President & CEO, Creative Planning, LLC. Listen -> Industry Update on M&A: Meet the Investors—Why It’s Important for All Advisors to Know Who They Are A conversation with Special Guest Louis Diamond. Listen -> Looking at M&A from the Acquirer’s Side of the Table Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners. Listen-> Looking at M&A from the Seller’s Side of the Table Part 2 of a 2-Part Series on M&A—A conversation with Jeff Concepcion, Founder and CEO of Stratos Wealth Partners, and special guest host Louis Diamond. Listen-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

Part 1 of a 2-Part Series with Louis Diamond Overview 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 in… > Download a transcript of this episode… About this episode… M&A has been one of the hottest topics in wealth management over the last few years. And that comes as no surprise with both the number and size of deals rising year over year for nearly a decade. For example, the 307 deals in 2021 represented an increase of nearly 50% over the 205 deals in 2020. And 2022 is off to a strong start. The excitement around this activity has many an advisor considering their future—whether they are employees looking at their firms’ retire-in-place programs; a younger advisor with their sights set on building for the long-term; or an independent business owner looking to advance their business to the next level. That is, they all have one thing in common: The desire to create an enterprise that will at some point garner the attention of acquirers with deep pockets. Ultimately, they’re wondering, “If I build an independent firm, who will buy it?” There’s a lot to unpack here, so much so that we’re dividing this into 2 parts. In this episode, we’ll talk about the potential, including: A breakdown on valuations—and how they are derived. Understanding EBITDA (earnings before interest, taxes, depreciation, and amortization) and EBOC (earnings before owner compensation)—and how each impacts valuations. Selling an independent practice vs taking a recruitment deal—and why it might make sense to defer the upfront check. M&A vs a retirement package—and how many advisors are opting to build their own retirement plan as independents. Plus, Mindy and Louis share examples of breakaways whose firms were recently acquired, with some thoughts on what made them attractive acquisitions. Then stay tuned for part 2, where we’ll explore who the potential buyers are, what they are looking for and offer tips on how best to prepare your firm to obtain the highest valuations. And be sure to download the M&A Readiness Assessment mentioned in these episodes. Mentioned in This Episode How this $2.5 Billion Team Saw Past the Handcuffs of Deferred Compensation A conversation With Margaret Dechant, CEO and founding partner of 6 Meridian. Listen-> Life After Goldman Sachs: A Story of Extraordinary Success A conversation with Justin Berman, Founder and CEO of $3B Berman Capital Advisors. Listen-> How “Transparency” Propelled Growth from $1 to $4 Billion in 8 Years A conversation with Forbes Top Advisor Paul Pagnato, CEO Founder of PagnatoKarp. Listen-> A Best-of-All-Worlds Model: Full-Service Independence with Equity Upside A Conversation with Jim Gold, CEO and Founding Partner of Steward Partners. Listen-> Disrupting the Landscape: How a $12B+ Multi-Family Office is Making Waves Amongst Advisors and Their Clients A conversation with Avy Stein, Founder and Co-Chairman of Cresset. Listen-> More Related Resources What’s the ‘Real’ Value of a Financial Advisor’s Business? Headline-making M&A deals in the independent space have many employee advisors wondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Read-> Determining Enterprise Value: 7 Key Qualitative Drivers for Sellers We are in the midst of a “seller’s market,” where announcements of mergers and acquisitions continue to dominate the headlines. Additionally, movement out of the traditional brokerage world has continued to accelerate. Read-> Looking at M&A from the Acquirer’s Side of the Table Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners. Listen-> Looking at M&A from the Seller’s Side of the Table Part 2 of a 2-Part Series on M&A—A conversation with Jeff Concepcion, Founder and CEO of Stratos Wealth Partners, and special guest host Louis Diamond. Listen-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Dan Katz, Managing Partner, Revolve Wealth Partners Overview Dan Katz, managing partner of Revolve Wealth Partners, talks about his role as the next gen of a business started by his father, the thought process around opting to build an RIA firm from scratch, their 2x growth since going independent, and how their past experiences at UBS and Oppenheimer shapes the vision of their firm today. Listen in… > Download a transcript of this episode… About this episode… We’ve spoken to several multi-generational wealth management teams on this series, and while each one has a unique story to share, we see a few common threads. First, there’s the desire to evolve what the prior generation created—to take what exists and make it better and stronger. And second is the notion of looking bigger picture and longer-term. That is, questioning the status quo to determine if it aligns with their vision for the future. For example, Dan Katz was the next gen of a team at UBS that included his father, Kenneth Katz, and friend Michael Israel. In 2009, they decided to transition to Oppenheimer, where they built the business to $300mm in assets under management. Over time, as their business evolved, so did their thinking. In conversations with their brokerage firm peers, they started to recognize an incongruency between how Ken, Dan, and Michael managed their practice vs. the other teams. Essentially, he felt they were “playing a different game.” So they set out on a quest to explore their options. And in 2017, that exploration led them to build RIA Revolve Wealth Partners. Today, the Hackensack, NJ firm manages over $700mm in assets. In this episode, Dan shares his story with Louis Diamond, including: The transitions from UBS to Oppenheimer to independence—and the impetus behind each move. The value of a multi-generational team—and how his father’s experience helped them advance toward the next phase of their business. The idea of building a firm from scratch—and why they chose that path over other independent paths. The difference they’ve realized as independent business owners—and how they can answer their clients’ needs and grow in ways they could not at Oppenheimer. The community of like-minded independent advisors they found—and how it filled the gap of peer collaboration missing from the wirehouse world they left behind. And how, in evolving Ken’s legacy, they were able to double their assets under management since their launch, and much more. It’s an interesting story that’s highly relatable for employee advisors, prospective breakaways, and business owners alike. Related Resources 6 Months Later: Why a Former UBS Lifer Considers Independence His “Do Over” While comfortable at UBS a decade ago, Ahmie Baum started to see things a bit differently when his son Brian joined the business. It was an awakening that made this wirehouse veteran reevaluate everything, and propelled his leap to independence. Listen-> The Next Gen Dilemma: 5 Unique Realities Faced by Successors The path for next gen advisors can be wrought with some pitfalls, yet when walked with confidence and flexibility, it can be immensely rewarding. Read-> Solving for Freedom, Control & Succession: How the Next Gen of a $330mm UBS Team Forged a Path to Independence Next gen advisor Bryan Garris wanted what other independent advisors had: The freedom and control to serve clients as true fiduciaries. After careful due diligence and planning, he and his partners left UBS to launch RIA TriaGen Wealth Management. Listen-> Dan Katz CFP® Managing Partner Dan, a graduate of the University of Maryland, maintains a focus on risk management for our team (Revolve Wealth Partners). He concentrates on building portfolios designed to seek value in all types of investment markets with an emphasis on allocating assets to create diversified portfolios. In addition to portfolio construction, Dan seeks to uncover opportunities for qualified investors with privately managed accounts, hedge funds and fund of hedge funds, private equity and real estate investments.   Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with John Bowen, Founder & CEO of CEG Worldwide Overview What’s the secret to the success of top financial advisors? John Bowen of CEG Worldwide, coach to elite financial advisors, shares the “real gamechangers” that help them break through to the next level and accelerate growth—and more. Watch… [video_embed embed_style=”default” url=”https://youtu.be/tgJPVhjORJQ” border=”0″ width=”100%” animation=”left-to-right” animation_delay=”2″ class=””] Listen in… > Download a transcript of this episode… About this episode… So what does it really take to become a top financial advisor? For many, it seems like an elusive title, limited to a chosen few. But in reality, elite wealth managers aren’t born that way. Sure, they are driven by a determination to succeed with a high level of motivation. But it’s not all nature—much of success comes from “nurture.” That is, learning from the best—like the guest on this episode, John Bowen, founder and CEO of CEG Worldwide. In speaking with other top advisors, many credit John’s teachings as the “real gamechangers” for their businesses. And John speaks from experience: Prior to CEG, he built a wealth management business with some $2B in AUM. John helps advisors who are looking to break through to the next level and accelerate growth—a topic that ranks among the most popular on our show and one he talks about with Mindy Diamond, including: John’s 26-year tenure as a financial advisor—and how that experience informs his coaching style and teachings. The real value of a “great coach” to a financial advisor—and how advisors can get the most out of their experience. The typical issues that advisors are looking to solve for—and how they can get back to the “simplicity” they may have experienced earlier in their careers. The dreaded “good enough” level that advisors get stuck at—and how to break through and build an amazing life of significance. The importance of providing a world class experience for clients—and how that impacts growth. Transitioning from “chasing clients” to “choosing” them—and why that should be a key goal to achieve. As John says, “Every advisor should create value independent of their firm or strategic partner.” That is, focus on doing all that YOU can to serve clients and grow your business. Take an annual look at your practice, your firm and the options available to you. And learn to embrace change—because advisors who are thriving are those who have learned to be a conduit to their clients, connecting them to new and exciting opportunities. Ultimately, it’s a conversation that dives into what “really” helps advisors accelerate growth and live their best business life. Be sure to watch the video version or listen in to the audio only format—and visit this link for the special offer John mentions on the episode. Related Resources Mega-Moves: What’s Driving the Movement of Advisors and Teams Managing a Billion or More? Change is typically motivated by a combination of pushes and pulls. Yet in the case of financial advisors managing $1B+, those factors are even greater. What are some of the common motivations for these advisors to consider change? Read-> 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-> 2021’s 10 Most Valuable Lessons from Advisors and Business Owners Key insights shared by recent breakaway advisors and independent business owners curated from the 2021 season of the podcast series for financial advisors. Topics include why they chose independence, motivations to change, impact to clients and more. Listen-> John Bowen Founder and CEO John Bowen is the founder and CEO of CEG Worldwide, the world’s leading coaching firm for financial advisors. Since 2000, Bowen and his team have had the privilege of coaching elite financial advisors to build simple, elegant wealth management businesses that serve their affluent clients extremely well while building lives of significance for themselves, their teams and their loved ones. Before founding CEG Worldwide, Bowen worked directly with affluent clients as a financial advisor for 26 years, managing up to $2 billion in assets before selling his firm. Following the sale of his firm, he became CEO of Assante Capital Management. Under his leadership, Assante more than tripled assets under management to more than $25 billion. Bowen is widely recognized as a leader in the financial services industry. Over three decades, he has delivered hundreds of keynote presentations and workshops to thousands of top advisors around the world. For more than 20 years, he wrote a highly acclaimed monthly column for the leading U.S. financial services trade journal, Financial Planning. And he is the author or co-author of more than a dozen books, including Elite Wealth Planning: Lessons from the Super Rich, The Wealthy Client Pipeline: Leveraging Thought Leadership to Build Profitable Partnerships with Attorneys and Accountants and Breaking Through: Building a World-Class Wealth Management Business. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Katherine Forrester Schneewind, Founder and CEO, High Note Wealth Overview Katherine Forrester Schneewind left a country music career behind to follow her dream of becoming a financial planner so she could help others take control of their financial destinies. In 2019, after building the practice to $500mm in AUM, she and brother Michael Forrester left Northwestern Mutual to launch RIA High Note Wealth. Listen in… > Download a transcript of this episode… About this episode… Picture this: A 23-year-old with a college degree in music, which was earned while singing with the Cash Family, decides to leave Nashville and the country music scene behind to follow her life’s dream. That is, to be a financial planner. Sure, you might think the story should be told the other way around. But for Katherine Forrester Schneewind, her life’s calling wasn’t about becoming the next country music star. Instead, she was driven by a strong desire to help others become stars in their own lives – their financial lives – by empowering them with knowledge and advice so they could take control of their destiny. So in 1996 she joined Northwestern Mutual, and learned the ropes in “defensive planning” as she describes it, estate planning and insurance as well as investments. It was a recipe for success that resulted in building the business to $500mm in assets under management in a little over two decades, making Katherine one of Northwestern Mutual’s top advisors. But, as is common with many self-motivated entrepreneurial types, she started to feel restricted by the firm’s “red tape” in serving clients and growing the business. After conducting due diligence, Katherine and brother/partner Michael Forrester decided that a move to another firm felt too lateral. So in 2019, they launched independent firm High Note Wealth in partnership with Dynasty Financial Partners and Schwab Advisor Services. In this episode, Katherine shares her story with Louis Diamond, including: Her journey from Nashville to the world of financial planning—and how Northwestern Mutualprovided the perfect foundation for her break into the investment world. The changes Katherine saw at the firm—and how a strong “sales” culture can be both a positive and a negative. The choice to go independent—and why taking a recruiting deal from a big firm didn’t feel like the right path for their business. The one thing she misses the most in independence—and what she’s doing to recreate it at High Note Wealth. The economic benefits she’s seeing as an RIA—and how the business is now realizing a 5x increase in valuation. It’s striking how many top advisors we speak with discuss seminal moments in their lives that color their fate—sending them in a new direction with a level of drive and motivation that seems unstoppable. For Katherine, making the leap ultimately came down to the sense of empowerment—that is, having “earned the right to be independent” and own her clients. It’s likely to rank as one of our most interesting conversations to date, so be sure to listen in. Related Resources From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story: A conversation with Andy Schwartz, CFP®, Principal, Bleakley Financial Group Andy Schwartz went from selling insurance at Northwestern Mutual to managing $3.5B in assets and leading one of the firm’s largest groups. In 2014 they left to go independent as Bleakley Financial Group, now managing $8B in assets as a hybrid RIA. Listen-> A Northwestern Mutual Advisor’s “Jerry Maguire-Style” Breakaway Story As a Managing Director at Northwestern Mutual, Brett Gilliland had a unique perspective of the limitations at the firm. So after 13 years and with $300mm in AUM, he left to build Visionary Wealth Advisors, today a $1.8B firm. Listen-> The Top 5 Reasons Why Northwestern Mutual Advisors Are Changing Firms A growing trend of departures from Northwestern Mutual has left many of the firm’s advisors wondering what’s driving the momentum—and what their colleagues are finding on the other side. Read-> One Advisor, One Great Business, Three Possible Paths By embarking on due diligence with clarity on the “end game,” advisors can better align the pros and cons of each option and their impact on long-term goals. Read-> Katherine Forrester Schneewind Founder and CEO Katherine is the Founder and CEO of High Note Wealth and she personally brings over 25 years of wealth management expertise to the business. She founded the firm with her brother Michael Forrester on the belief that all clients should be treated like family. Always active in the community, Katherine is a current board member of The Berg Group and the Schneewind Family Foundation and a former board member of the Ridgeview Medical Center Foundation and Northwestern Mutual’s FRA Board. She continues to give back to others through her work with her family foundation, Women’s Violence, The Animal Humane Society, and the University of Minnesota. Katherine earned a Bachelor of Arts degree in music therapy from the University of Minnesota and holds the Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU*) designations. Katherine enjoys traveling, meaningful friendships, and self improvement pursuits. On September 8, 2013, she achieved her lifelong goal of finishing the Ironman Triathlon in Madison, Wisconsin, where she swam, biked, and ran 140.6 miles with a finishing time of 14:02:02. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Brock Moseley, Founder and Managing Partner, Miracle Mile Advisors Overview For Brock Moseley, the choice to leave Morgan Stanley for a second time in 2007 to launch RIA Miracle Mile Advisors was about living true to his ethos. He built the independent firm from the ground up based on everything he couldn’t find anywhere else for his ultra-high net worth clients, at a time when independence was still a nascent concept. Listen in… > Download a transcript of this episode… About this episode… Even today, at a time when independence has become mainstream, it’s daunting for most advisors to consider leaving a big firm like Morgan Stanley to make the entrepreneurial leap. But consider what it was like at the beginning of the 21st century: The tech bubble had just burst, leaving advisors and clients in a tailspin. And independence was known only by a few courageous and uber-entrepreneurial types. At that time, the guest on this episode, Brock Moseley, was just out of the training program at Morgan—one of few newly-minted advisors who remained after the ground dropped out. It’s what Brock describes as a really difficult time at the firm where mentorship had diminished, and advisors were hanging on just trying to protect their books. It was then that Brock was presented with a new opportunity outside of the wirehouse—recruited as the next gen for the billion-dollar independent firm Bel Air Investment Advisors in Los Angeles. Brock credits Bel Air with giving him the opportunity to learn more about the business. Yet as time went on, he felt a misalignment between where he wanted to go and where the firm was headed. So, in 2004 when Morgan Stanley was looking to recruit him back, Brock re-upped. But, ultimately, for this former schoolteacher, the ability to continually learn, grow and pass on knowledge was in-grained in his nature. To him, to be exposed to opportunity is the only way to find one’s real passion. And through it all, he knew that he could only live true to that ethos if he built his own business from the ground up. One that was based on everything he couldn’t find anywhere else. So in 2007, he launched Miracle Mile Advisors. Today the firm manages over $3B in assets and has become a prolific acquirer. In this episode, Brock shares his journey with Louis Diamond, including: The early days at Morgan and Bel Air—and how each helped him clarify his vision for Miracle Mile. The process of building an independent firm in 2007—and how that differed from what is available for breakaways today. The decision to sell a piece of his business to Merchant Investment Management —and how he anticipates that will impact the firm going forward. The role of mentorship—and how it influences both his personal and professional life. Miracle Mile’s unique value proposition—and how the firm stands apart from other ultra-HNW-focused firms and the major wirehouses. As Brock shares, there comes a point when, “If you can’t find what you want where you are, you need to go create it yourself.” Listen in to how he came to that conclusion and ultimately did build an extraordinary $3B+ firm based on his values and vision. 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-> 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-> 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-> Brock Moseley Founder and Managing Partner Brock is the Founder and Managing Partner of Miracle Mile Advisors. Over the last 14 years, he has served in a number of capacities within the organization. Most notably as the Head of the Firm’s Investment Committee and Risk Management Committee. His life passion is working with entrepreneurs and high net-worth families to develop customized life plans that incorporate wealth management as well as tax and estate considerations. Prior to founding Miracle Mile, he spent nine years developing strategic investment solutions for high-net-worth families and foundations at Morgan Stanley & Co. and Bel Air Investment Advisors. His primary responsibilities included portfolio construction, evaluation, and management. Before entering the investment advisory business, Brock was a Vice President in the Energy/Technology Group with the Los Angeles-based boutique investment banking firm, Brockett Tamny & Company. Brock earned his bachelor’s degree from Stanford University and an MBA from Northwestern University’s Kellogg School of Management, with concentrations in Finance and in Entrepreneurship, and Innovation. Brock currently serves as Chairman of the Board of Directors of Big Brothers/Big Sisters of Greater Los Angeles and is a member of the Bel Air Chapter of YPO (Young Presidents Organization). He is also very active in civic causes and was selected as an inaugural member of the California Community Foundation’s Ambassador Within program, aimed at civic leadership and community building enterprises in Los Angeles. Brock lives in Bell Canyon with his wife Susan, his daughter Frankie, and his son Lincoln. Miracle Mile Advisors LLC (“MMA”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where MMA and its representatives are properly licensed or exempt from licensure. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. All investments include a risk of loss that clients should be prepared to bear. The principal risks of MMA’s strategies are disclosed in the publicly available Form ADV Part 2A. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond Overview Mindy Diamond and Louis Diamond explore 10 of the most common behaviors of elite wealth management teams based on their experiences in guiding many of the industry’s top players. These are practices that any team at any level can adopt, whether they work as employees at a big brokerage firm, are independent business owners, sole practitioners, or part of an ensemble group. Listen in… > Download a transcript of this episode… About this episode… Like a sports team, it’s not enough to have the strongest, most talented, and dedicated players on the field. The best teams have effective leaders at the helm of cohesive groups with complementary talents that move together towards a common goal: To win. But there are plenty of steps required to get – and stay – at the top of your game. And from what we’ve observed in guiding many of the industry’s elite teams through their successful transitions, much of the same holds true. That is, there are common behaviors shared amongst top performing advisory teams that make them stand apart from others in the field. And these are behaviors that any team at any level can adopt—whether they work as employees at a big brokerage firm or are independent business owners, sole practitioners or part of an ensemble group. In this episode, Mindy Diamond and Louis Diamond explore 10 of the most common practices of top teams, including: The real value of strategic plans. Managing non-core functions. Investing time to work “on” the business. Instilling a “growth mindset” amongst the team. Critical thinking around the status quo. The role of client advocacy. And more. No doubt one of the hottest topics on this show centers around growth and success—and this episode follows suit by sharing real-world observations and actionable advice regardless of where you practice. Plus, be sure to download the PDF presentation mentioned in the episode. 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 -> 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 -> Better Together or Apart: A Breakaway Advisor Shares Why He and His Team Chose Separate Paths For Dan Johnson and his multi-generational team at Merrill it became apparent they each had different goals and timelines. He discusses why they chose different paths, opting for independence over a recruitment deal or inheriting a book and more. Listen -> Betting on the Long-Term: Former Merrill Resident Director Shares Why Her $1B Team Broke Away Former Merrill Lynch Resident Director Melissa Bouchillon shares what it takes for an RD to consider independence, Merrill’s push to sell bank products, how they compensated a partner who signed onto CTP, why they chose Focus Financial and more. Listen -> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

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 Overview Vince Finney and Joe Panfil of Bibler, Finney, Panfil Private Wealth Management Group left UBS for Wells Fargo Advisors with partner Ryan Bibler in 2018. In a departure for our show which typically focuses on independence, it’s a candid conversation with a young team who didn’t break away, but instead transitioned within the traditional space. Listen in… > Download a transcript of this episode… About this episode… This is yet another milestone for our podcast series—one that illustrates how much the landscape is truly evolving. Because the original intent of the show was to focus on the independent space, highlighting the different ways that prospective breakaway advisors could satisfy their entrepreneurial spirit. And then we realized something: Achieving greater freedom and control isn’t limited to independent models. Not everyone wants to be a business owner. It’s more about the ability for advisors to find greater freedom in serving their customers and growing their businesses—regardless of the model they choose. There are plenty of advisors for whom big firms offer exactly what they are looking for—the scaffolding and turnkey access to serve their clients and grow their businesses. For example, partners Ryan Bibler, Vince Finney and Joe Panfil of Bibler, Finney, Panfil Private Wealth Management Group in Westerville, Ohio left UBS in 2018 for Wells Fargo Advisors. Aside from the fact that they are a stellar team of young advisors who built a strong practice with some $800mm in assets under management, there is something that is truly noteworthy about this episode: They are not breakaways who left to launch their own independent entity. It’s instead a candid conversation with a team who are now employees of Wells Fargo Advisors. So, the sheer fact that Wells has allowed them to participate speaks volumes about how the world has changed. But, more importantly, it demonstrates how Wells is working to differentiate themselves—looking beyond the bureaucracy that often limits big firms from sharing incredible success stories like this. In this episode, two of the team’s managing partners, Vince Finney and Joe Panfil, join Mindy Diamond to share their story, including: The choice not to go independent—and why instead they opted to leave UBS for another wirehouse. UBS pulling out of the Broker Protocol—and how that impactedtheir decision and transition process. Building a strong practice at a young age—and why that was an important factor in where they ultimately landed. The options they looked at in due diligence—and what made WellsFargo Advisors the standout amongst others. Plus, advice for other advisors who are considering change—and much more. In a world where choice reigns, advisors can find their version of utopia—whether within the big brokerage firms, regionals, boutiques or by building their own independent firm. But if you’ve been waiting for an episode of our series that discusses a move from one wirehouse to another, this is the one to listen to. Related Resources The Wirehouse World: Why it’s Still the Right Place for Many Advisors In a landscape with more options than ever before, a move from one big brokerage firm to another is more often the exception than the rule these days. Read ->  If Not Another Wirehouse, Then What? Advisors considering change want something more than what they have at their current firm. The good news is that there’s plenty to choose from. But that’s the bad news, too. Read -> The Wealth Management Landscape At A Glance: What Financial Advisors Need to Know 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 -> Vincent W. Finney Managing Director – Investments Senior PIM Portfolio Manager At a very young age, Vince knew that he wanted to become a Financial Advisor and guide families through what can be a challenging arena. Now with nearly 20 years of experience in the industry, Vince is passionate about truly making a difference in the financial lives of his clients. He understands that they often rely on him for their complex financial needs, and he works tirelessly to deliver solutions – a work ethic learned from his father, a hardworking owner and operator of a Marathon service station. Vince focuses on implementing investment strategies for clients, and he has a deep commitment to helping clients identify and work toward their goals. Vince earned his Bachelor of Arts in Business Administration from the University of Mount Union. He holds the FINRA Series 7, 31, and 66 securities registrations as well as life health, and long-term care insurance licenses. Prior to joining Wells Fargo Advisors in 2018, Vince was a Financial Advisor at both UBS and Merrill Lynch. As a Senior PIM Portfolio Manager, he provides discretionary management of investment portfolios and tailored solutions to meet unique client needs. Vince was recognized in 2018 by Forbes as a Best-In-State Wealth Advisor and in 2019 as a Five Star Professional. Vince and his wife Molly live in Lewis Center with their twin boys, Jackson and Blake. He and his family enjoy traveling, especially when visiting family in Mississippi. Vince’s hobbies include golf, running, snow skiing, and boating.   Joseph P. Panfil, Managing Director – Investments With nearly 15 years of experience in the financial services industry, Joe helps simplify the most complex financial situations for his clients. Through detailed discussions and research, Joe creates truly customized solutions, stringing together investments, benefits, and major life events to create a single timeline for clients. From saving for college to planning for retirement, from minimizing taxes to generational wealth transfer, Joe cares deeply about his clients and takes his responsibilities seriously. His mission is well known – to make a positive impact on his clients’ lives now and for generations to come. Originally from Columbus, Joe earned his Bachelor of Arts in Economics Management from Ohio Wesleyan University. He holds the FINRA Series 7, 31, and 66 securities registrations as well as state life, health, and long-term care insurance licenses. He is a Chartered Retirement Planning CounselorSM (CRPC®) and was named a Five Star Wealth Manager in 2018 and 2019.** Joe started his career at Merrill Lynch in 2006 and joined the Bibler Finney Panfil Private Wealth Management Group the following year. After moving to UBS in 2009, Joe became a Certified Investment Management Analyst® (CIMA®) through The Wharton School of Business at the University of Pennsylvania. He went on to become a CERTIFIED FINANCIAL PLANNER™ (CFP®) and in 2017 and 2018, Joe was named to Forbes America’s Top Next-Generation Wealth Advisors list.* Joe and his wife Amanda live in Westerville with their two young children, Ella and Christian. As a research scientist and professor at The Ohio State University, Amanda is just as passionate about her research as Joe is about his clients. They enjoy sports and music and in addition to central Ohio, Joe and Amanda have many personal and professional ties to the Findlay area in northwest Ohio. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Jerry Lombard, President, Private Client Group, Janney Montgomery Scott Overview Jerry Lombard, President of Janney’s Private Client Group talks about the regional firm’s exponential growth over recent years, how their unique balance of freedom and flexibility makes the employee model an attractive alternative for advisors looking beyond the wirehouses but see independence as a bridge too far and much more. Listen in… > Download a transcript of this episode… About this episode… The notion of independence means different things to different advisors. For some, it’s about building their own RIA firm brick-by-brick, while others look to create their own independent business with turnkey support from a broker dealer. But independence is not just a destination for “breakaways.” Independence has come to represent a mindset – the desire for greater freedom and flexibility – “acting” like a business owner without actually taking on the task of being one. And it’s that very desire that even some of the industry’s oldest firms are looking to fulfill. For example, Janney Montgomery Scott has roots dating back to 1832. The firm even once held the second-oldest seat on the New York Stock Exchange. Yet it’s their Private Client Group that’s making waves in the wealth management industry. The Janney as we know it today is a privately-held firm – an independent subsidiary of Penn Mutual Life Insurance – that’s become an attractive landing spot for top advisors who are looking for a more flexible approach to serving clients. So much so that, as of this recording, the firm has amassed $135B in assets under advisement and has a footprint across 21 states served by over 850 advisors. It’s a business that has grown exponentially over nearly two decades, sparked by the leadership of the Private Client Group President Jerry Lombard—the guest on this episode. Jerry joined the firm in 1983 as a Financial Advisor trainee at its Philadelphia headquarters branch. This top-producing advisor worked his way up the corporate ladder to become the President of the Private Client Group, working to grow the firm’s fee-based business. In this episode, Jerry shares the Janney story and unique value proposition with Mindy Diamond, including: The firm’s ability to remain relevant in a landscape replete with options—and how their roots dating back to 1832 help to define Janney’s culture. Their recent recruiting tear—and what it is about Janney that advisors find so attractive. The role of Penn Mutual—and what benefits they bring to the table. The firm’s competition, including other regional and boutique firms—and why advisors might choose Janney over independence. Plus, Jerry offers specific examples of top teams who recently joined the firm and the success they’re seeing—and much more. Firms like Janney have been the recipient of so much great talent because they are answering a common call from advisors. That is, “Just give us the tools and control we need to serve our clients free of conflict and without being tied to a big firm agenda.” And based on the firm’s growth, Janney is hearing the call loud and clear. It’s an episode that provides an insider’s perspective of another viable option in a growing landscape. Related Resources 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 -> If Not Another Wirehouse, Then What? Advisors considering change want something more than what they have at their current firm. The good news is that there’s plenty to choose from. But that’s the bad news, too. 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 -> Jerome F. Lombard, Jr Executive Vice President, President, Private Client Group Jerome (Jerry) Lombard is President of the Private Client Group at Janney and is a member of the firm’s Executive Committee. As President of the Private Client Group, Jerry is responsible for all functions of Janney’s branch offices, Financial Advisors, Branch Managers, and their support teams. He is a board member of Janney Capital Management and Janney Trust Company. Jerry has nearly 40 years of experience at Janney, having joined the firm in 1983 as a Financial Advisor trainee in its Philadelphia headquarters branch. In 1986, he was named Vice President of Investments—one of the firm’s youngest advisors to achieve that title. He continued to build his practice, becoming one of the firm’s top producers. In 1992, Jerry was given responsibility for the firm’s Money Management Services unit and was named First Vice President. As he built Janney’s advisory services platform over the next decade,  it achieved the fastest growth of any of Janney’s business units, growing  from less than $1 million in revenue to over $500 million today and representing the majority of PCG division revenue. In 2004, he was named President of the Private Client Group. Today, he is active in numerous charitable activities and serves on the board of the Philadelphia Sports Congress and the Pennsylvania Advisory Board of the Devereux Foundation. He is a member of LaSalle Rowing Stewards board, which supports the men’s and women’s rowing programs at the university. Jerry previously served as Chair of the SIFMA Private Client Services committee and on the board of The Pennsylvania Trust Company. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…