The Diamond Podcast for Financial Advisors

A conversation with Tom Sagissor, President, RBC Wealth Management–U.S. Overview So how did a bank out of Canada rise to the ranks in the US wealth management space? In this episode, we explore regional firm RBC Wealth Management–U.S. with President Tom Sagissor. Tom shares an insider’s perspective plus why their “Wall Street meets Main Street” culture is attracting some of the industry’s top advisor talent, and much more. Listen in… > Download a transcript of this episode… About this episode… As regional firms keep knocking it out of the park in the race for top talent, we continue our series highlighting the leaders who are at the helm, driving incredible growth and interest amongst advisors. In this episode, we explore regional firm RBC Wealth Management–U.S. with President Tom Sagissor. So how did a bank out of Canada rise to the ranks in the US wealth management space? It all started in 2001 when the Royal Bank of Canada acquired Dain Rauscher, a US firm with a century-old history built through several acquisitions of regional firms across the nation. In 2008, it was rebranded as RBC Wealth Management with headquarters in Minneapolis. For Tom, his journey with RBC came after a career as a pro hockey player, joining the advisor training program at Dain Bosworth (one of Dain Rasucher’s predecessor firms) in 1994. In the midst of RBC’s acquisition, Tom built a strong advisory practice, winning the firm’s prestigious President’s Council award several times. Then Tom rose up the ranks to assistant branch director in Minneapolis and complex director for Milwaukee. Yet it was in 2016 when Mike Armstrong joined as CEO of RBC Wealth Management US, bringing with him experience from Jeffries and Morgan Stanley, that kicked the firm into high gear—with Tom elevated to the position of President. It’s a combination that’s been working for RBC, along with a culture that Tom describes as “Wall Street meets Main Street”—derived from the “quilt” of different firms that were acquired over the years, giving RBC a unique “regional feel” that spreads across the country. Today, RBC’s US wealth management business has surpassed $500B in assets with 200 offices across the country. In this episode, Tom takes us through the growth and success the firm has experienced, including: The real value of culture—and why RBC’s is resonating so well with advisors leaving the wirehouses. The firm’s unique infrastructure comprised of 3 key businesses—and how RBC Wealth Management–U.S., their capital markets business, and the Beverly Hills elite private bank City National each benefit advisors and their clients. The advantage of greater freedom and flexibility—and how the firm compares to other regional and boutique firms, as well as the wirehouses and independence. Ultimately, regional firms like RBC have recognized that advisors want to have greater control over how they grow their businesses and serve their clients. Listen in to learn how this mindset is fueling an evolution in the wealth management industry—and driving growth outside of the wirehouse world. Related Resources The New Regional Firms The Key Advantages That are Getting the Attention of Top Advisors. Read-> A Culture of Choice Why Raymond James Rocks the Regional Space and Advisor Recruiting. Listen-> Regional Culture, Global Capabilities Stifel’s $400B Success Story. Listen-> Tom Sagissor President RBC Wealth Management – U.S. As president of RBC Wealth Management-U.S., Tom Sagissor plays a critical role in preserving the firm’s strong culture and accelerating its growth as a leading provider of banking and wealth management services to entrepreneurs, professionals and families throughout the United States. He leads the day-to-day operations of the firm’s private client group, which is comprised of approximately 1,800 advisors operating in 40 states. Following a career in professional hockey, Tom was trained to become an FA for RBC Wealth Management in 1994. As an advisor, he built a successful practice, earning the firm’s prestigious President’s Council status multiple times. He has also served as assistant branch director in Minneapolis and complex director for Milwaukee. Tom was named Complex Director of the Year in 2006. He serves on the board of directors for the Ronald McDonald House Charities of the Twin Cities, The Herb Brooks Foundation and the Bob Suter Memorial Fund, “It’s All About the Kids.” Tom graduated with a Bachelor of Arts degree from the University of Wisconsin – Madison and was a member of the 1990 national championship hockey team. He holds the Accredited Investor Fiduciary (AIF) designation as well as the Series 7, 9, 10, 63 and 66 licenses from FINRA. Tom resides in Stillwater, MN with his wife Tricia and their four boys. He is very active in the Stillwater community and is a strong supporter and active volunteer with the high school sports programs. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Richard Mullen, Founding Partner, CEO, Pallas Capital Advisors Some of the best stories we share on this show are from advisors who essentially grew up in the business. Those who started out in the brokerage firm training programs, taking advantage of all that the firm offered and making the most of it—and then some. Take, for example, our guest on this episode, Richard Mullen. Rich started out cold calling at Lehman Brothers and then moved onto a training program at Prudential Securities. It was the early 90s and a very different world than now: That is, devoid of the technology we’ve come to rely upon today and more “holistic” as he describes it. He grew his business in the ultra-high net worth segment at Morgan Stanley Private Wealth Management and later moved to UBS. It was at UBS that he created what he refers to as a “Virtual Multi-Family Office.” It’s a concept that he says was “born out of necessity” and allowed him to pull together key team members and resources who were not a part of the UBS ecosystem. But eventually, like many entrepreneurial-minded advisors, Rich started running into situations where he and his team were still limited in what they could really do for their clients, which led him to explore his options. Today, the independent firm he launched, Pallas Capital Advisors, is a $1.75B RIA platform. In this interview with Louis Diamond, Rich discusses: The choice to explore options outside of UBS—and what triggered that decision. His first leap to join an RIA for additional scaffolding and support—and why he later decided to launch his own firm. The “Virtual Multi-Family Office” concept—and how it enabled him to offer a menu of services and create a level of continuity he could not otherwise achieve at UBS. The importance of inorganic growth via recruiting—and how he defined a strategy that helped drive success for Pallas Capital. Rich’s mantra of “doing what’s right for the clients” has motivated him to continually push towards new and creative ways to serve his ultra-high net worth clients with a level of continuity that he could not otherwise achieve on his own or as an employee. It’s a conversation that explores the potential derived through ingenuity and creativity—whether you are an employee or an independent business owner. Listen in… > Download a transcript of this episode… Related Resources Why Billion-Dollar Teams Move 7 Drivers That Impact Financial Advisors At All Levels. Read-> Interim Moves: A Growing Trend Among Advisors Advisors who feel the status quo no longer serves them – but ultimately desire independence – are opting to make an interim move rather than wait. Read-> Investing in Independence How Investors in Wealth Management Firms are Helping Wirehouse Advisors Make the Leap. Read-> Aligning Your Inward and Outward Pointing Compass A Process for Advisors Considering Change. Read-> Richard Mullen Founding Partner Chief Executive Officer Rich co-founded Pallas Capital Advisors with decades of experience managing all aspects of wealth for high net worth individuals. He is responsible for advising high net worth families, corporate executives, and business owners on the complexities of their financial health and legacies. Additionally, he oversees the investment management team, helping to construct portfolios and drive the firms’ investment philosophy. For more than 25 years, Rich has advised high net worth individuals and families in the areas of financial planning, estate and tax planning, investment management, and portfolio construction. Before Rich opened Pallas Capital, he was with UBS Financial Services for over eight years, where he co-founded Minot Light Advisors and was responsible for all corporate financial planning engagements and worked directly alongside the portfolio management team. Prior to UBS, Rich was a Senior Vice President and Senior Portfolio Manager at Morgan Stanley. He was one of only 168 U.S.-based Investment Representatives with Morgan Stanley Private Wealth Management (PWM), the exclusive ultra-high net worth division, providing highly customized investment counsel to CEOs, entrepreneurs, executives, family offices, stewards of families, and endowments. Prior to Morgan Stanley, Rich was a Vice President of Investments at Prudential Securities. Prior to entering the financial services industry, Rich worked in the US House as a Legislative Aid to U.S. Representative Morris K. Udall and as an assistant to U.S. Presidential Candidate Bruce Babbitt. In his free time, Rich enjoys playing golf, offshore fishing, and traveling. He is active in several local and national charities and serves on the board of a non-profit organization. He lives in Scituate, MA with his wife and three children. Rich received his Bachelor’s Degree from the University of Arizona and his ICP from the University of Pennsylvania – the Wharton School. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A Conversation with Tash Elwyn, President and CEO of Raymond James and Associates Advisors’ ever-increasing desire for greater agency in how they serve clients and grow their businesses has driven the growth of models and firms outside of the traditional wirehouse space—and spawned the popularity of regional firms like Raymond James. Because there was a time in years past when an advisor might otherwise have eschewed the thought of leaving one of the wirehouses – the biggest and best names in the business – for a smaller and relatively unknown regional firm. But times have changed. According to the Advisor Moves scorecard on InvestmentNews.com, Raymond James Financial Services and Raymond James & Associates both placed on the top 10 list of transitions to the firm—with a gain of 425 advisors year-to-date as of this recording. So what’s the attraction? As President and CEO of Raymond James & Associates Tash Elwyn puts it, “it really is about the culture.” It’s about an environment dedicated to treating advisors like clients. Where their voice is heard, and they have the ability to choose just how much autonomy they want by opting for any of the firm’s multi-channel affiliations. It’s an ethos that comes from the top—and in this case, started at the bottom. Tash joined the firm as an advisor trainee in 1993 and worked his way from financial advisor to assistant manager, brand manager, head of the Private Client group, and on to the president and CEO role he currently holds. And, in fact, as he shares, he still has some clients he manages money for, so his perspective of being an advisor is fresh and real. In this episode, Tash talks about “growing up” with Raymond James and what’s driving the firm’s success, including: The notion that wirehouse advisors were indoctrinated in the belief that bigger is better—and how advisors and their clients are now thinking differently and that is spurring change throughout the industry. The attraction to firms with less bureaucracy and greater freedom to serve their clients—and how a regional firm like Raymond James offers a culture that advisors are nostalgic for. The battle over client ownership—and how for advisors at Raymond James & Associates, it’s actually written into the contracts that the advisor owns their clients. The difference between each of the four core businesses that comprise Raymond James Financial—and how providing choice via their multi-channel association model is an attractive value proposition for advisors and their clients. And, ultimately, how the term “regional” has come to describe firms with a more flexible, community-oriented culture with a national presence. In a world that seems to be evolving at a pace that few can keep up with, firms like Raymond James have found their way to get right to the heart of what’s changing most: Advisor mindset. And they’ve proven that a firm focused on providing greater latitude and choice in how an advisor conducts business can be successful for all. This is one more episode in our ongoing series exploring the regional space—worth the time to listen to and gain an understanding of how the model is changing within an evolving landscape. Listen in… > Download a transcript of this episode… Related Resources The New Regional Firms The Key Advantages That are Getting the Attention of Top Advisors. Read-> Redefining Regional Firms It’s More About Culture Than Geography. Read-> Advisor as Client: The Raymond James Model of Supported Independence With Jodi Perry, President of RJFS Independent Contractor Division. Listen-> Controlling My Destiny: Insights from a $300M UBS Breakaway With Lori Siegel, Founding Partner of Centrix Wealth Partners. Listen-> Tash Elwyn President and Chief Executive Officer, Raymond James & Associates As president and CEO of Raymond James & Associates (RJA), Tash Elwyn supports the financial advisors in our employee Private Client Group (PCG). Named president & CEO of RJA in 2018 and serving as RJA PCG president since 2012, Elwyn also was divisional director, senior vice president of the Atlantic Division of RJA for five years. Elwyn began his career at Raymond James in 1993 as a financial advisor trainee out of college. After building a successful practice, he became an assistant branch manager in Atlanta and subsequently a branch manager in Chattanooga. He serves on the Raymond James Executive Committee, Board of Raymond James Ltd., Board of Raymond James Investment Services Private Client Group, Board of Raymond James & Associates and as the executive sponsor of the Raymond James Diversity and Inclusion Advisory Council. A graduate of Emory University, Elwyn has continued to be active with the school throughout his career. He serves on the Emory College of Arts & Science Dean’s Advisory Council, and has served on the Emory Board of Governors, the Emory College Alumni Board and the Alumni Admissions Network, and as a mentor in the Emory Career Network. He is also an alumnus of the Securities Industry Institute. A native of Boston, Elwyn grew up in Stone Mountain, Georgia, and today lives in St. Petersburg, Florida, with his wife and two children. He is active locally as the director for the Metro Tampa Bay Board of the American Heart Association, as well as in the University of South Florida Corporate Mentor Program, the St. Petersburg Area Chamber of Commerce and the Pinellas Education Foundation. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond. While this topic is specific to Merrill, it’s certainly not meant to be an indictment against the firm. It’s an example of the growing pains experienced at any of the larger bank-owned firms as they struggle to balance growth and revenue—while managing thousands of advisors and creating layers of guidance designed to serve many. For example, in an attempt to stave off increasing advisor attrition by addressing some of the frustrations expressed by their advisors, Merrill Lynch rolled out a campaign called Project Thunder. Since its launch over the summer, there remains some unanswered questions: Does the campaign resolve what’s really bugging advisors most? Will these measures work to halt the tide of attrition? Or to put it another way, is it too little too late? This episode explores the answers to those questions and more, plus delves into what we’re hearing from advisors:  Many want to take a “wait and see” approach. Is there any risk to staying put? Advisors are growing at record rates—especially this year. Why mess with success? Is Project Thunder the beginning of greater acknowledgement by Bank of America that there are changes that need to be made to stave off further attrition? And, ultimately, what can advisors expect in the coming months? To be sure, Merrill is a world-class firm with a strong platform, technology stack and brand respected more than most in the industry. And it wouldn’t take much to get advisors to stay put. And this is true of any large firm: Advisors don’t need all of their needs to be addressed. What advisors do want is to feel connected. They want to feel as though they are being heard. And they want to retain some agency over their business lives. Listen to learn more about how these changes impact employee advisors at all ranks at Merrill and other large firms. Listen in… > Download a transcript of this episode… Related Resources Merrill’s Project Thunder Do the Rumblings from Advisors Indicate an Approaching Storm? Read-> Merrill Advisors Ask… Answers to the most frequently asked questions when considering a transition from Merrill Lynch. Download-> Why Are So Many Merrill Advisors Moving Bracing for the Next Chapter. Read-> Merrill and the Protocol How Long Will the Marriage Last? Read-> When Faced with a “Retention Deal,” Merrill Advisors Will Have 3 Options The conversation around a highly anticipated “retention deal” from Merrill Lynch has advisors wondering, “If I get the offer, what should I do?” Read-> Will the rumored Merrill retention package materialize And will it be the “free lunch” advisors are hoping for? Read-> An Update on Merrill’s Enhanced CTP What it Means for Advisors, Their Next Gen and Clients. Listen-> A Losing Battle at Merrill Why a Former Leader Left the Herd for Independence–the Value of Culture and the “Intoxicating” Effects of Freedom. Listen-> Betting on the Long-Term Former Merrill Resident Director Shares Why Her $1B Team Broke Away. Listen-> A Diehard Merrill Advisor’s Journey to Independence With Michael Henley of Brandywine Oak Private Wealth. Listen-> How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox A Conversation with Jim Dickson, Founder and President of Sanctuary Wealth Partners. Listen-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Ron Kruszewski, Chairman and CEO, Stifel Financial Corp. When we started this series some 4 years ago, we expected to share a handful of episodes that explored the independent space—hence the name Mindy Diamond on Independence. But we came to a realization: There was a far bigger story to tell. That is, one that was not focused solely on a model but instead on a mindset. An evolved state-of-mind amongst advisors who were eschewing the bureaucracy of the brokerage world they grew up in for models that offered greater freedom and control. Because the reality is that not all advisors are looking to cast aside their W-2s and become business owners. Instead, they are looking for more control over how they manage clients; more creativity in how they market their services; and ultimately, freedom from the bureaucracy that is preventing them from living their best business lives. Take, for example, regional firms. A moniker that once represented smaller firms with a limited geographic footprint has since taken on a completely different meaning in the evolved wealth management landscape. The new regionals are by no means small—and have come to represent a cultural appeal unlike their wirehouse counterparts. And those geographic limitations are also a thing of the past. In this episode, Ron Kruszewski, Chairman and CEO of Stifel Financial Corp., shares how the firm serves as an example of what the term “regional firm” represents today. That is, one with nearly 2,300 advisors managing some $400B in assets and $4.6B in projected revenue. And that’s a far cry from where the firm was back in 1997 when Ron became CEO: At that time, the firm’s revenue was at $100mm with assets under management at $8B. Stifel stakes the claim of being the only investment bank and financial services firm with 25 years of record revenue—even throughout the financial crisis in 2008. Today, Stifel is the nation’s 7th largest full-service wealth management and investment banking firm in terms of number of advisors. Ron talks about Stifel’s success, including: Their extraordinary growth—and how several strategic acquisitions made over the last 2 decades contributed to the firm’s accretion. The broad capabilities of Stifel’s global bank—and how that adds to the value advisors can offer their clients. The real difference between Stifel and other firms and models—and how the lack of bureaucracy is one of the most attractive qualities of the firm. Their independent channel—and how it competes with launching or joining an RIA. The firm’s entrepreneurial culture—and how that culture allows the advisors to act in their clients’ best interests. While culture is one of the most over-used terms in the industry, the fact is that it is often the main reason an advisor changes firms or models. As Ron shares, Stifel places a high value on an environment built around advisors and their ability to have agency over how they do business, with the bonus of support and community. And for many advisors, that’s the perfect mix. Listen in to learn more about Stifel and how it fits into the ever-expanding industry landscape. Listen in… > Download a transcript of this episode… Related Resources Redefining Regional Firms It’s More About Culture Than Geography. Read-> Optionality Under One Roof For Advisors Who Aren’t Quite Ready for Independence. Read> The New Regional Firms The Key Advantages That are Getting the Attention of Top Advisors. Read-> Industry Update A Deep Dive into the Wirehouses and Regional Firms. Read-> Ronald J. Kruszewski Chairman of the Board and Chief Executive Officer, Stifel Financial Corp. Ronald J. Kruszewski is Chairman of the Board and Chief Executive Officer of Stifel Financial Corp. and its principal subsidiary, Stifel, Nicolaus & Company, Incorporated. He joined the firm as Chief Executive Officer in 1997 and was named Chairman in 2001. Mr. Kruszewski is the current Chairman of the American Securities Association (ASA) and serves on the Board of Directors of the Securities Industry and Financial Markets Association (SIFMA). From 2014 through 2019, he served on the Federal Advisory Council of the St. Louis Federal Reserve Board of Directors. Additionally, he serves on the Board of Trustees for Saint Louis University and the U.S. Ski and Snowboard Team Foundation. Active in community affairs, Mr. Kruszewski serves as a member of the Chair’s Council for Greater St. Louis Inc. He is also past Chairman of the Board of Directors of Downtown STL, Inc. and past non‐executive Chairman of the Board of Directors of Angelica Corporation. In addition, he is a member of the St. Louis Chapter of the World Presidents’ Organization. In 2019, Mr. Kruszewski won the Horatio Alger Award and was selected for membership in the Horatio Alger Association of Distinguished Americans, which honors individuals who have overcome adversity to achieve success and who have demonstrated commitment to higher education and charitable endeavors. In 2019, he was also invited to join The Wall Street Journal’s CEO Council, a network of more than 200 global influential business leaders that focuses on the economic and social issues facing the future. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Monish Verma, Managing Partner, Vardhan Wealth Management There are so many great things about this breakaway story that we had a difficult time trying to pinpoint that “one thing” that was unique and buzzworthy. But the reality is that Monish Verma’s break from UBS to independence doesn’t have one special thing that we can share with you. It has dozens. Monish describes what is an incredibly instructive journey, starting with the thought process when considering change, on through to due diligence and decision-making, and ultimately how his choice to go independent is resonating today. A wealth management career that started in 1995 with Dean Witter and later Morgan Stanley, Monish moved to UBS in 2009 with $60mm in assets. As a sole practitioner, he set his sights on a path to grow the business and later added a sales associate. And it was that focus and a concerted effort to drive referrals that accelerated the growth of assets under management to over $350mm. Monish is clear to share his gratitude for all that he was able to achieve at UBS but one thing was lacking: Autonomy. He wanted greater agency in how he served clients, grew the business and hired team members—but he was limited by what UBS allowed. So he explored options in the landscape, coming close to choosing a transition deal with an outsized check—yet it was the strings attached that made him think twice. Instead, Monish was attracted a supported independence option from Summit Financial and in May of 2021, he launched Vardhan Wealth Management. And in the process, sold a portion of the business to gain equity in Summit—a move that he describes as a “partnership.” In this episode, Monish shares his journey with Louis Diamond, including: The choice to go independent vs taking a wirehouse transition deal—and how he reconciled foregoing an outsized recruitment check. Opting not to launch his own RIA firm—and the value he sees in launching his business with Summit Financial instead of going it alone. The decision to sell equity right out of the gate—and how doing so served to solidify his partnership with Summit. Making a non-Protocol move from UBS—and how that impacted his transition. A thorough due diligence process—and how exploring options “not on his radar” helped to inform his ultimate decision. Monish shares a journey that offers valuable lessons on how clarity of goals and vision can help lead you toward the right destination. And even when presented with what was an outstanding deal in the short-term, he saw greater value and opportunity in the long-term. Listen in… > Download a transcript of this episode… Related Resources Are You Selling Yourself Short by Selling Equity? Here are 5 things to consider. Read-> What you need to know about UBS leaving the Protocol What to be aware of before allowing your emotions get the best of you. Read-> Due Diligence: A Path to Self-Discovery, Not a Destination Seeing yourself through the lens of opportunity can inspire a new way of thinking about your business and allow you to reassess priorities and goals more freely. Read-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read-> Monish Verma, CRPS® Managing Partner Monish Verma is Managing Partner at Vardhan Wealth Management. He is a Chartered Retirement Plans Specialist℠ with more than 25 years in the wealth management business. Prior to founding Vardhan Wealth Management, Monish was a Senior Vice President and Senior Portfolio Manager at UBS Financial Services Inc. – running the Verma Wealth Management Group. Monish previously worked at Smith Barney and Morgan Stanley. He graduated Michigan State University with a Bachelor of Science in Communication Pre-Law and a minor in Business. Away from the office, Monish is active in the local community. He is past president and current member of the INDO American Chamber of Commerce and charter member of the Indus Entrepreneurs, Michigan Chapter. He is an avid tennis player. Monish and his wife, Roshnee, reside in Novi, Michigan and are the proud parents of three wonderful boys. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Greg Franks, Managing Partner, President and COO of Snowden Lane Partners 10 years ago, the thought of going independent was anathema to most advisors—and almost completely unheard of for a senior leader of a firm like Merrill Lynch. But to Greg Franks, the “bankifying” of Merrill – the firm that he served at for nearly 3 decades – was nothing short of “tragic.” In this episode, Greg talks about how initial optimism around the positives that Bank of America brought to the firm quickly turned to a battle that management fought in the background. Yet he speaks highly of his tenure there, serving in senior leadership positions in the US, Europe, and the Middle East where he also served as the Western Division Director, Mid-Atlantic Division Director and Regional Managing Director. And as a Managing Director with Merrill Lynch Wealth Management, he was responsible for over 5000 advisors, $450B in client assets and $4B in annual revenue. But it was a cultural shift that was being imposed by the bank – such as increasing minimum account sizes, cross-selling products and diminishing control that advisors had – that he and other fellow Merrill leaders, including Lyle LaMothe, who ran all of Merrill Lynch Wealth Management, could no longer stand behind. Today, Greg shares the story of his own leap to independence in 2011 from a ranking position at Merrill to the role of Managing Partner, President and COO of Snowden Lane Partners, including: What was going on at Merrill that motivated him to leave—and how those changes continue to impact the firm and influences the genesis of new models in the industry landscape. Leaving the wirehouse and vetting other opportunities from top firms—and why he felt they were all very much the same. The importance of starting out in the business as an advisor—and how that experience helped him develop a great deal of empathy and deep understanding of the role. His investment in the firm started by the former Business Risk Officer for Merrill, Rob Mooney—and how the experience he and his partners had at Merrill defines Snowden’s culture and value proposition today. What he sees as the real value of independence to a financial advisor—and how the freedoms associated with business ownership can be “intoxicating.” What makes the firm stand apart from others in the boutique space—and how a model like Snowden’s differs from what he left behind in the wirehouse world. While we often hear the advisor’s perspective of changes within the brokerage world, it’s even more powerful to gain the point of view from management and to understand what led up to those changes—that is, the behind-the-scenes fight to retain the freedoms that advisors once had. But as Greg shared, “It was a losing battle.” It’s an episode that gives an exclusive look behind the curtain – a first-hand perspective of a changing wealth management industry – with valuable insights for anyone who works in it. Listen in… > Download a transcript of this episode… Related Resources Why are so Many Merrill Advisors Moving: Bracing for the Next Chapter Whether inclined to stay or to go, advisors owe it to their clients – and themselves – to pay attention to what’s changing at the firm. Read-> Merrill and the Protocol: How Long Will the Marriage Last? 3 years after Morgan Stanley and UBS left the Protocol for Broker Recruiting, advisors are wondering if – and when – Merrill will follow suit. Read-> 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-> How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox A Conversation with Jim Dickson, Founder and President of Sanctuary Wealth Partners. Listen-> Greg Franks Managing Partner, President, COO Greg Franks is Managing Partner, President and COO of Snowden Lane. Previously, Greg was a Managing Director with Merrill Lynch Wealth Management, where he was responsible for over 5000 financial advisors, $450 billion dollars in client assets and $4 billion in annual revenue. Additionally, Greg was Maryland State President for Bank of America where he was responsible for integrating the various lines of businesses into a cohesive platform to better serve the clients of both the consumer and commercial bank and the wealth management business. In his 28 years with Merrill Lynch, Greg held various positions including Western Division Director, Mid-Atlantic Division Director and Regional Managing Director. Greg held positions in London, England where he was Executive Director of the wealth management office and in Dubai, U.A.E., where he was Regional Director of the Middle East. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Tom Stadum, Managing Partner of Fjell Capital In spring of 2020, most advisors were in over their heads trying to figure out how they were going to guide clients in a world locked down by the pandemic. Tom Stadum was managing $150mm in assets at UBS at the time. And while he was juggling the same upheaval that others were, it was also a big wake-up call to him: The wealth management world was going through an evolution like no other—and the thoughts he had already been entertaining about how his business needed to change grew stronger. At not even 30-years old at the time, Tom realized that he had a really long runway to take advantage of the greater opportunities that existed beyond the walls of his brokerage firm. So he dove head-first into due diligence – at a time when everything was virtual – and by August, Tom and his team launched Fjell Capital in Fargo, ND, with platform provider Sanctuary Wealth. Tom is a third-generation financial advisor: His grandfather started the practice some 60 years earlier at what was then Piper Jaffray. In 1992, Roger Stadum, Tom’s father, joined the family business and later became the successor. And Tom jumped on board right out of college in 2013. Just 2 short years later, Tom’s dad signed on to UBS’s retire-in-place program (the precursor to ALFA), with Tom in line to take over the reins. As someone still fairly new to the business, Tom admits it seemed like the only option at the time and, ultimately, he saw the program as a real opportunity for his dad to monetize his life’s work—as well as the benefit of taking over the book and building the business. But UBS started to change in ways they weren’t happy with. And Tom began to see how the industry landscape was evolving around them—with more exciting options becoming available seemingly every day. In this episode, Tom talks about this journey with Louis, including: The changes Tom and his father saw at UBS—and how they retained their focus on best serving their clients while Roger fulfilled the obligations of the retire-in-place agreement. The next gen perspective of retire-in-place programs—and how Tom handled the transfer of responsibilities from his father as well as communicating the transition to clients. The choice to conduct due diligence and move in the midst of a pandemic—and how “the handwriting on the wall” indicated that waiting would only put his clients and business at a disadvantage. The decision to go independent with platform provider Sanctuary Wealth—and why Sanctuary won over other options he considered. And much more. Tom is energetic and positive and shares wisdom well-beyond his years—with a point of view and relevant real-world lessons that both senior and next gen advisors will learn from. Listen in… > Download a transcript of this episode… Related Resources UBS ALFA Program: Understanding the Real Impact on All Advisors, Their Clients, Their Teams and Their Future Uncovering the potential – and hidden risks – of retire-in-place programs like ALFA often comes down to answering these 8 questions. Read-> Charting your Course to Independence 5 key elements to consider before you start your journey. 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-> How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox A Conversation with Jim Dickson, Founder and President of Sanctuary Wealth Partners. Listen->. Tom Stadum Founder, Wealth Advisor As a third-generation financial advisor, Tom Stadum carries on the tradition of his grandfather and father by delivering comprehensive financial plans, prudent investment strategies, and timely service. Prior to founding Fjell Capital, Tom worked as a wealth advisor at UBS for more than seven years. He holds the Certified Private Wealth Advisor designation, Certified Exit Planning Advisor designation, Chartered Retirement Planning Counselor designation, and FINRA Series 7 and Series 66 licenses. Tom graduated from North Dakota State University College of Business with a degree in Finance. Outside of work, he enjoys golfing, racing sailboats, traveling, and spending time with his wife, Camila, and daughter, Lucy.  Tom is active in the community and serves on several non-profit advisory boards. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond It’s a question that advisors often ask themselves when considering a move: “Should I go for the short-term windfall or bet on the long-term potential?” The merit of forgivable loans tied to recruiting is an ongoing debate in the wealth management industry. The decades-long convention for advisors considering change (especially those in the W-2 world) is to monetize the business by negotiating a lucrative transition bonus with competing organizations. Yet those on the independent side often talk about building long-term enterprise value and controlling one’s own destiny instead of focusing on deals. Louis Diamond explored the topic in an article for AdvisorHub, Advisor Recruitment: The Bull and Bear Case for a Forgivable Loan and given its popularity, we decided to take a deeper dive in this podcast episode. Is it wrong for an advisor to seek monetary remuneration for taking the risk and going through the hard work of a transition? Absolutely not! Is it better for advisors to self-finance their move and focus on the longer-term economics of independence? Possibly. Mindy and Louis consider both sides of the argument, including: The current state of deals—and how they differ depending upon firm and channel. The impact of advisor mindset—and how it has influenced change in the industry. The real value of a recruitment deal—and how to reconcile leaving potentially life-changing money on the table when going independent. The short-term windfall vs the long-term potential—and how to think through what’s best for your business life. This episode may not settle the debate over whether you should opt for a forgivable loan or not—but it will give you some food for thought when considering what’s right for you. Download a transcript of this episode… Related Resources The Self-Assessment for Advisors A subset of the more extensive assessment that we provide to our advisor clients is now available for download. Download-> The Juggling Act: Balancing Short-Term Needs and Long-Term Goals A process to help you identify and prioritize your immediate needs vs goals for the future when considering a move. Read-> Looking for the Biggest and Best Deal: Don’t be a Jerk! 5 things you can do to ensure you’re not giving off the wrong vibes and getting an inferior deal because of it. Read-> Show Me the Money How Independent Advisors Monetize in the Short-Term. Listen-> The Bigger Picture for Independent Advisors How to Monetize Your Life’s Work in the Long-Term. Listen-> Beginning with the end in mind How to chart an efficient course to your best business life. Read-> Also available on your favorite podcast app and other media sites                                           Browse other episodes in this podcast series…

A conversation with Rob Sechan, Managing Partner and Co-Founder, NewEdge Wealth Everything starts with a vision. In the early stages, it might be an idea that forms as a result of an experience, and over time it becomes more tangible. An image that is molded, nurtured and translated until it becomes something real. It’s how many of the greatest business ideas have come to fruition. And very much how it came to pass for Rob Sechan and his partner Jeff Kobernick. Because while at UBS, Rob and Jeff built an amazing business with nearly $5B in assets under advisement. And one would think that a team that size certainly has an “all-access pass” to anything UBS might have available for them to serve their ultra-high net worth clients. But as Rob shares, client service became increasingly difficult as UBS transitioned from what he describes as “an enabler to risk mitigator.” When it no longer felt like they could offer unlimited and unconflicted advice to their clients, it was time to explore ways in which they could. Yet in their exploration, they couldn’t find an option that aligned with their vision of a better way to serve their clients. That is, a firm designed for ultra-high net worth clients—a conflict free environment where advisors can become a customer of the Street with access the whole of market and all possible investment solutions. Plus, they expected the highest level of safety and stability, and the very best of technology, along with a community of like-minded individuals who have a shared desire to build something bigger than themselves. So they built what they felt would bridge the gap in offerings and in December of 2020, RIA firm NewEdge Wealth was launched. In this episode, Rob shares the journey that he and Jeff took, along with fellow UBS veterans Walter Granruth and John Strauss, Jr. The conversation delves into: The mega-business that he and Jeff built at UBS—and how changes at the firm over time impacted their ability to serve clients. The options they considered through due diligence—and why they felt there wasn’t one specific model or firm that aligned with their goals. The stellar team they assembled at NewEdge—and how partner EdgeCo Holdings adds value, stability, technology and talent to round out the vision. The specific gaps that NewEdge fills—and why he sees this as the “boutique firm of the future.” Yet it’s the advice that Rob shares that will continue to ring true whether you’re considering a move or not: “Exploration is mandatory if you want to remain competitive.” It’s an interview that explores how a vision turns into a reality—and ultimately results in the birth of a unique model in an evolving sea of options. Listen in… Download a transcript of this episode… Related Resources The Path to Independence in Two Steps or One – With Alex Goss of NewEdge Advisors (formerly Goss Advisors) Alex Goss of Goss Advisors (now NewEdge Advisors) speaks with Louis Diamond about his path to independence, starting in the wirehouse world, then on to the independent broker dealer (IBD) space before launching his own firm, now a leading platform for prospective advisors. Listen -> Why Billion-Dollar Teams Move 7 Drivers That Impact Financial Advisors At All Levels. Read-> The Limitations of Building a Billion-Dollar “Boutique Firm” within a Wirehouse: A UBS Breakaway Story A conversation with Terry Cook, CFP®, CIMA, Managing Partner of Parcion Private Wealth. Listen->   Investing in Independence How Investors in Wealth Management Firms are Helping Wirehouse Advisors Make the Leap. Read->   Rob Sechan Managing Partner & Co-Founder NewEdge Wealth Rob is the Managing Partner and Co-Founder of NewEdge Wealth. He also sits on the Executive Committee of NewEdge Capital Group where he helps run the day to day operations of the business. Rob specializes in advising clients on asset allocation, portfolio construction and opportunistic investing. Prior to co-founding NewEdge Wealth, Rob was a Managing Director at UBS where he served on the UBS Financial Advisor Advisory Council as Head of the Intellectual Capital Subcommittee which helped guide the firm’s tactical investment process.  He has worked in financial services for over 25 years holding prior positions as a Managing Director at Lehman Brothers and Executive Director at Morgan Stanley. Rob is a regular on CNBC and has appeared on Fox Business. He has been recognized by both Barron’s and Forbes as a Top 100 Financial Advisor. Rob graduated from The Tepper School of Business at Carnegie Mellon University with a B.S. in industrial management and economics and an M.B.A. in finance and economics. He lives in New Canaan, CT. Rob enjoys time with his family, playing basketball, skiing and collectible automobiles. His philanthropic interests include Portfolios with Purpose and Filling in the Blanks. Also available on your favorite podcast app and other media sites                                           Browse other episodes in this podcast series…