The Diamond Podcast for Financial Advisors

A conversation with one of wealth management’s most influential thought leaders and the editor and publisher of Inside Information There are few in the financial services media that have the name recognition and clout of Bob Veres. And even less who are as smart—or as outspoken. Because for over four decades, Bob has been at the helm of journalism in the wealth management industry, having served as the editor of Financial Planning magazine; as a contributing editor to the Journal of Financial Planning; as a columnist and editor-at-large of Investment Advisor magazine; and as editor of Morningstar’s advisor web site. Today, Bob’s newsletter Inside Information and his annual Insider’s Forum conference serve as part guide, part master study group, and part networking community for advisors looking for the essentials on running and growing prosperous businesses and better serving clients. Bob has a unique perspective honed from a vast depth of experience and knowledge, filling a critical gap for our listeners, particularly prospective breakaways—because he comes at this not representing a firm or model, but instead, fully objective. In this episode, Bob shares his thoughts on the wealth management world—as it stands now and where it’s heading, including: The “rapid evolutionary shifts” that the financial services profession is adjusting to—and how the role of the advisor has changed as a result. A changing client mindset—and what advisors need to do to meet their clients’ dynamic needs. The shifting demographic towards younger clients—and how advisors and firms will need to adapt culture and processes to this new stakeholder. The “firm of the future”—and the changes advisors can start making now when it comes to advice, service and marketing. Plus, Bob’s keen sense of technology and its role in achieving excellence when serving clients and building a wealth management business is critical advice for those considering independence as well as current business owners. It’s one show to tune in to—if for nothing more than Bob’s unscripted and uncensored commentary. Download a transcript of this episode… Related Resources A Powerful Strategy for Financial Advisors Looking to Expand Reach and Accelerate Growth Reaching clients and prospects has become equally challenging and auspicious—but there are efficient and effective ways for advisors to “get through.” Read-> The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. Read-> An “Industry Outsider” Shows What’s Possible When Building a Financial Planning Firm from the Ground Up A conversation with Anders Jones, CEO and Co-Founder, Facet Wealth. Listen->   Bob Veres Owner/Commentator, Inside Information Bob Veres is editor and publisher of the Inside Information guide to trends and innovations in the profession, author of The New Profession, and for 20 years was a contributing editor and columnist for Financial Planning magazine. As a journalist, he has won several national awards, including the Jesse H. Neal Award from the American Business Media group, considered the most prestigious editorial honor in the field of specialized journalism, and the Azbee Award of Excellence from the American Society of Business Press Editors. Over his 40-year career in the financial services world, Mr. Veres has worked as editor of Financial Planning magazine; as a contributing editor to the Journal of Financial Planning; as a columnist and editor-at-large of Investment Advisor magazine; and as editor of Morningstar’s advisor web site: MorningstarAdvisor.com. He is a sought-after speaker for many of the planning world’s most important professional conferences. In addition, Mr. Veres co-produces the Insider’s Forum conference for independent financial advisory firms. Mr. Veres has been named one of the most influential people in the financial planning profession by Investment Advisor magazine and Financial Planning magazine, was granted the Special Achievement Award for service to the profession by the National Association of Personal Financial Advisors, and the Heart of Financial Planning Distinguished Service Award from the Denver-based Financial Planning Association. In addition to his professional activities, Mr. Veres has authored five novels: Song of the Universe, The Root of All Evil, Conversations With My Daughter, South of Maya and The Galactic Taxi Service. Email Bob to receive a sample of his newsletter. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Terry Cook of Parcion Private Wealth, Lori Siegel of Centrix Wealth Partners and Michael Henley of Brandywine Oak Private Wealth [video_embed embed_style=”default” url=”https://youtu.be/vtxVi5LPtUE” border=”0″ width=”100%” animation=”left-to-right” animation_delay=”2″ class=””] Podcast link available below… After more than 130 episodes of the show, one of the most common responses we’ve received from listeners is that they want to learn more—particularly when it comes to interviews with breakaways. That is, more about specific aspects of the advisor’s journey, as well as what they gained or lost on the independent side. So we saved some of the questions that listeners have asked over the past year, then sent out a survey via social media and email to find out what others might want to learn. After reviewing the submissions, we got our team together, looked at some of our most popular breakaway episodes and narrowed it down to three individuals who represented unique stories, client types and paths to independence. The result is this special episode – delivered in both audio only and video format – featuring a panel of three brilliant advisors who graciously took the time to dig into the details of their journeys: Merrill breakaway Michael Henley, founder and CEO of Brandywine Oak Private Wealth; UBS breakaway Terry Cook, CEO of Parcion Private Wealth; and UBS breakaway Lori Siegel, founding partner of Centrix Wealth Partners. Each opted for different paths to independence—Lori joining the independent arm of Raymond James, Michael launching his own RIA with the assistance of Dynasty Financial Partners and Terry choosing also to launch his own RIA but taking more of a “do-it-yourself” route. Each started their journeys at different asset levels—Lori at $300mm, Michael at $900mm and Terry at $1.3B—and have experienced extraordinary growth since their leaps. Each have different client niches—Lori working with high net worth clients, Michael primarily corporate clients and Terry with business owners and entrepreneurs. Each had different motivations behind their leap—yet shared similar goals. And while each have different views of some of the nuances of business ownership, one thing they all agree upon: Independence was the absolute right path for them. They answer all your questions and more (and since we promised complete anonymity, you won’t hear your name announced but you may recognize your question). So listen in – or watch – this exclusive episode. Download a transcript of this episode… Related Resources The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. Read-> Optionality Under One Roof For Advisors Who Aren’t Quite Ready for Independence. Read-> The Limitations of Building a Billion-Dollar “Boutique Firm” within a Wirehouse A conversation with Terry Cook, CFP®, CIMA, Managing Partner of Parcion Private Wealth. Listen-> Controlling My Destiny: Insights from a $300M UBS Breakaway A conversation with Lori Siegel, Founding Partner of Centrix Wealth Partners. Listen-> A Diehard Merrill Advisor’s Journey to Independence With Michael Henley of Brandywine Oak Private Wealth and Louis Diamond of Diamond Consultants. Listen-> Also available on your favorite podcast app and other media sites                                           Browse other episodes in this podcast series…

A conversation with Anders Jones, CEO and Co-Founder, Facet Wealth If there’s one thing that the pandemic taught us it’s this: Many clients are OK with not having face-to-face interactions with their advisors. In fact, there are a few firms that are providing proof of concept that the remote model works—and does so very well. And it took a 30-something CEO from Silicon Valley to make us pay more attention. Because when the pandemic hit, his firm already had a working model in which clients interacted remotely with their advisors. So in 2020 – while the world was shut down – they experienced 4x growth. The firm is Facet Wealth, founded by Anders Jones, a wealth management industry outsider. Anders recognized an opportunity to serve clients who no longer fit the big firm mold. It was a scenario propelled by the DOL fiduciary rule requirement that financial advisors act in the best interests of their clients—yet in a commission-based structure, that became more difficult to accomplish. So in 2016, Anders took a “ground up” approach and developed a fixed-fee-based independent firm that focused on the untapped market of mass affluent clients, many of whom fell outside of the asset minimum big firms required. Facet purchased those clients who lost their advisor relationships—a concept that provided a foundation for the nascent firm. Yet it was his mother’s vision that Anders credits as a “profound lesson” for him. Her career was devoted to making 401(k) retirement plans more accessible for everyday people—first at Fidelity and later at T. Rowe Price. In her words, “helping millions of Americans save for retirement.” Anders sees Facet as his mission to carry on where is mother left off, by “helping people achieve financial wellness.” To do that, Anders sought out to deliver completely unconflicted advice—free of the ties that bind fees to assets. Instead, Facet charges a flat annual fee reflective of the services provided. But how does a firm with a fixed subscription model make money? That’s where Anders’ fintech background shines. And it seems to be working. Aside from outstanding growth, the firm has raised more than $60mm in venture capital with backing from Warburg Pincus. Educated at Stanford with an MBA from Wharton, Anders takes a unique approach to business—no doubt gleaned from a dozen years as an early-stage investor in emerging tech markets as a founding partner at Argyle Ventures and prior to that with adtech firm LiveRamp. In this episode, Anders shares his story with Louis – providing a unique entrepreneurial perspective that’s both philosophical and analytical – including: The key drivers of Facet’s success—and how this unique model serves as a template for financial planning firms of the future. His background in fintech—and how that enabled him to take a different approach with technology designed not to replace advisors, but to make them more efficient and create scale. The strategy of targeting an “overlooked” population of clients—and how Facet’s subscription model enables their advisors to serve these clients effectively while generating revenue. The impact of the investment from Warburg Pincus—and Anders’ view of taking on a capital partner. The future is wide open for entrepreneurs like Anders: Who think with autonomy, seeing a need and building from the ground up to solve it, rather than trying to rebuild from an existing chassis. It’s an episode that offers a glimpse into the entrepreneurial mindset—and how that mindset is motivating change in the wealth management industry. Download a transcript of this episode… Related Resources Why Settle for “Good Enough” When Great is Possible? In a vastly expanded industry landscape with more high-quality options than ever before, some advisors settle for “good enough” when the potential for “great” is often within reach. What’s holding them back? Read-> Investing in Independence How Investors in Wealth Management Firms are Helping Wirehouse Advisors Make the Leap. Read-> When is it too late to go independent? Many advisors wonder if they’ve reached an age where independence is just a bridge too far. Read-> Breakaway Advisor Builds Her Own Firm…And Wealth Follows Before independence was in vogue, this advisor left the comfort and familiarity of a big-name firm – plus significant chips on the table – to build her own RIA. And she did it without leveraging a service provider. Listen->   Anders Jones Founder & CEO  Anders Jones is CEO and co-founder of Facet Wealth, a fintech company that is leading the shift to consumer-centric, subscription-based financial planning. In the last five years, Anders led Facet as it has grown to serve thousands of clients with a team of 250+, and raised more than $80M of venture capital backing. Prior to founding Facet in 2016, Anders spent 12 years in Silicon Valley as an early-stage investor as a partner at Argyle Ventures, investing in companies in emerging tech markets. Before joining Argyle, Anders was one of the first employees at LiveRamp (NYSE: RAMP). Anders currently serves as mentor-in-residence at Johns Hopkins Technology Ventures and continues to invest in numerous tech companies outside of Silicon Valley. He was named one of InvestmentNews’s 40 under 40 in 2019. Anders holds a BA from Stanford University and an MBA from The Wharton School of the University of Pennsylvania. Facet Wealth is one of the fastest-growing financial services companies. By providing each client with their own CFP® professional to integrate unbiased financial advice into every facet of their life, at an affordable subscription price, we’re creating financial planning as it should be. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Dan Johnson, President & CEO, Birchcreek Wealth Management There’s real value to building teams in wealth management firms. For clients and the business overall, there’s strength in numbers—where the merging of talent offers the potential of greater operational efficiencies and growth. Plus, teams provide a built-in succession plan—keeping the business in-house should any of the advisors on the team desire to retire. Yet many of these teams were formed not by the intentional “coming together” of like-minded players, but instead more at the encouragement of the firm to join forces. A retention strategy of sorts—because being part of a team makes it more difficult to leave the firm. But it doesn’t always work out that way. While these team members may have developed efficient and amicable practices together, oftentimes the individuals never fully realize the synergies typical of a successful ensemble. That is, as my guest on this episode put it, they operate “more like a bowling team than a basketball team.” Dan Johnson saw real value in being a part of a multi-generational team at Merrill. As the youngest member of the group, he credits each of his partners for the knowledge he gained over his 8-year tenure. And he felt a real camaraderie existed, but there was still something missing. Yet there was one thing they were all aligned on: their frustrations over changes at Merrill. So as a group, they decided to explore their options. And it was through due diligence that it became apparent they each had different visions, goals and timelines, which ultimately led them each to consider different options. That is, while Dan was leaning towards independence, his partners were looking at other employee models. It’s a common story we’re hearing from advisors in recent years. Team members coming to a fork in the road where they need to honestly answer the threshold question: “Are we better together or apart?” And in this case, the team decided to go their separate ways—with Dan choosing independence, three of his partners opting to go to Morgan Stanley and one signing on to Merrill’s sunset program, CTP. So in August of 2019, Dan launched RIA Birchcreek Wealth Management based in Dayton, Ohio. In this episode, Dan speaks candidly about his journey, including: The process of exploration and decision-making amongst team members—and why he ultimately chose independence. The pros and cons of each option he considered—and what it meant to give up the recruitment deal at another firm. The prospects of staying at Merrill with a partner who was signing on to CTP—and why Dan opted not to become the inheritor of his book. The choice to leave some assets behind—and how this strategic intent to “shrink to grow” has impacted his business today. While it meant each member of his team choosing a different path, Dan shared those paths were the right ones for each of them and their clients. Yet it was his realization about independence that really resonates: “The growth potential will eclipse the moment-in-time windfall of taking a recruitment deal.” It’s an episode with insightful takeaways—whether you are part of a team, or an individual considering independence. Download a transcript of this episode…   Download the Partner’s Quiz Even the best relationships can reach a point where partners find themselves on different sides of the fence. As shared in this episode, we’ve outlined 10 questions that can help determine the “health” of the partnership and decide how best to move forward. Related Resources Teams: The Powerful New Retention Tool for Firms Being a part of a team can be a valuable way to build a business, until the ties that bind become a restriction on your future. Read-> Shrink to Grow: Why Advisors are Making the “Strategic Decision” to Let Go of Assets Wirehouse advisors are recognizing that being a true fiduciary is impossible as an employee—and it’s adding more fuel to the flow of movement to independence. Read-> Breaking Up: A Former $750mm UBS Advisor’s “Split” for Independence A conversation with Robert Harris, Senior Wealth Advisor, Avidian Wealth Solutions 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-> Stuck in Place: How Merrill’s CTP Has Senior Advisors Right Where the Firm Wants Them Advisors who accepted Merrill’s ironclad succession agreement are now realizing how stuck they really are—serving as a cautionary tale for those who have yet to sign on. Read->   Dan Johnson, CFP® Founder, CEO & Wealth Advisor Dan founded Birchcreek Wealth Management to serve families as a steward of their financial lives in a structure that ensures their interests are always placed first. He entered the industry in 2007 and left a major wirehouse in 2019 to establish the thriving fee-only RIA in Dayton, Ohio. Helping clients navigate the Great Recession has given Dan insight into the importance of financial planning and managing risk in investment portfolios. Having worked in both a large mutual fund company and a major wirehouse has provided him perspective on how the structure, capabilities, and technology in the RIA space can better deliver those essential elements in client relationships. Originally from Florida, Dan is a Business Finance graduate of the University of Florida and holds the CERTIFIED FINANCIAL PLANNER(TM) certification. Committed to giving back to his community, Dan is a director on the board of Habitat for Humanity of Greater Dayton and an active member of the Centerville Rotary Club. He resides in Centerville, Ohio with his wife Katie and their three daughters. They enjoy the outdoors, traveling, and community service activities. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series...

A conversation with Paul Saganey, Founder and President of Integrated Partners Most of the biggest “breakaway-turned-independent-business-owner” stories shared on this show are about gaining more control—both over the growth of the business and the ability to act as true fiduciaries. It certainly was a motivation behind Paul Saganey’s 2016 decision to leave Lincoln Financial and build a multi-custodial hybrid RIA firm with LPL Financial. At that time, most would say he was already pretty successful as one of Lincoln Financial’s largest independent groups, having grown his business to $3.5B in assets—some of which was a result of a CPA referral network they were building. But with the DOL rule festering in the background, Paul said in an interview with InvestmentNews, “We felt having our own RIA and being able to control our own fee structure was the way to go in the future.” So while the DOL rule never really came to fruition, you might say Paul was prescient in his desire for greater control, as the hybrid RIA he built, Integrated Partners, now manages some $12B in assets. That’s pretty explosive growth in just 5 years’ time—leading Integrated to be recognized as one of the “Fastest Growing Financial Advisory Firms” by SmartAsset. In this episode, Paul shares the incredible story of how making thoughtful decisions with an eye towards the future can pay off in a big way, including: The decision to leave Lincoln Financial to form a hybrid RIA firm with LPL Financial as the broker dealer—and how doing so enabled Integrated to scale its business and better serve clients. The CPA referral network that Integrated developed—and how their unique relationship influences growth for the firm and the CPAs who participate. Their ongoing relationship with Lincoln Financial—and how continuing to offer Lincoln’s products to clients is a win-win. The importance of vision and leadership—and how Paul’s strong focus on “where the puck is heading” serves to drive success. It’s an episode that shares all of the ingredients that have come together to make Integrated a standout success story—and one of the industry’s hottest acquirers. Download a transcript of this episode…   Related Resources IBD vs. RIA: Which way should an advisor go? 5 differences – and potential limitations – every advisor should understand before they decide on which version of independence is right for them. Read-> The 5 Attributes That Make a Financial Advisor a “Real” Fiduciary Wirehouse advisors are recognizing that being a true fiduciary is impossible as an employee—and it’s adding more fuel to the flow of movement to independence. Read-> Independence Isn’t Just for the Most Entrepreneurial Advisors While you don’t need to have Jeff Bezos’ or Mark Zuckerberg’s level of entrepreneurial spirit, there are some key characteristics that most successful independent firm owners possess. Read-> The 10 Most Valuable Insights from Breakaway Advisors A collection of the top words of wisdom from those who shared their journeys to independence during year 2 of this podcast series. Listen->   Paul Saganey, CFP® Founder & President Founded in 1996, Integrated Partners (Integrated) is one of the largest and most successful independent financial services organizations in the country, serving over 20,000 clients nationwide.* As the leader of the firm, Paul** specializes in advisor practice acquisition, transition, coaching and enhancement. He leverages his extensive background to build a dedicated team ready to champion every step of this process – from an advisor’s first inquiries to an advisor’s preparation for major high net worth client meetings. Advisors are genuinely impressed with Integrated’s turn-key resources, systems and programs as well as the level of ongoing collaboration on best practices. Today, over 200 Advisors and Accountants nationwide successfully partner with Integrated. A further testament to our overall support and process for partnering with advisors is our industry-leading 95% advisor retention rate* . Paul collaborates extensively with industry professionals and peers, thereby gaining insights into the economic and regulatory landscape facing the industry. Integrated advisors feel well-positioned to take advantage of today’s opportunities and, in our rapidly changing industry, well-prepared to meet tomorrow’s challenges. Paul has written numerous articles for prestigious local publications such as The Boston Globe, The Boston Herald and the Boston Business Journal. Paul has been interviewed and quoted by InvestmentNews (Crain’s Wealth), The Wall Street Journal, The New York Times, and Financial Advisor-IQ, Financial Planning, Accounting Today, Proactive Advisor and PlanAdviser magazines. *Integrated Partners was ranked as the fastest growing RIA by SmartAsset. Ranking was for organic growth over last 3 years. **Paul was nominated for 2021 CEO of the year by Wealth Management Magazine. The nomination was for CEOs of RIAs and wealth managers. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Gerry Goldberg, CEO and co-Founder, GYL Financial Synergies Some of the most successful businesses are born from concepts designed not in a boardroom or corner office on an expensive whiteboard, but instead in more austere environments. That is, with just a pen and some paper. Because it’s the ideas, goals and the vision to achieve them that matters most—not how or where they are developed. Our guest in this episode, Gerry Goldberg, can attest to that. Because he and partner John Yolles sketched out what their business would look like as an RIA on a paper tablecloth at a casual restaurant. But circling back nearly two decades prior, Gerry’s story starts with his transition from practicing law to wealth management in the 1990s at the predecessors to Wells Fargo Advisors. Gerry became a part of their ProfitFormula program which offered some “independence” within the wirehouse, then later “slid” into their independent arm, FiNet. After growing the business to some $4B in assets under advisement, he and John craved more independence. They wanted to be free of a broker dealer construct and access a true open-architecture opportunity set for their institutional and private clients. As he shares in this episode, their feelings were much less an indictment of Wells Fargo, and much more about wanting to be true fiduciaries to the clients—that is, to gain the ability to do more for them and offer more products and services beyond the standard solutions. So they decided it was time to explore their options and in 2016 launched the RIA firm GYL Financial Synergies, in partnership with Focus Financial Partners. And just five years later, they’ve grown their assets to $8.5B and tripled their revenue. In this episode, Gerry shares his story with Mindy, including: Starting in wealth management with zero in assets—and what it took to build it to $4B under the Wells Fargo Advisor umbrella. The motivation behind the decision to transition to FiNet—and how that move impacted their business. The desire for greater independence while at Wells Fargo—and how the “tension between the goals of a scalable enterprise like Wells and the ability to provide a bespoke experience for clients” became too strong to ignore. The catalysts of growth as an RIA—and how as GYL they were able to triple revenue and double assets in just five years. Gerry’s story is an incredible one—both relevant and relatable to prospective breakaways and independent business owners alike. Yet what resonates most is his closing advice: Don’t let fear preclude you from exploring your options. While it’s easy to allow inertia to guide you, doing so can mean “you’ll miss out on the opportunity of a lifetime.” Download a transcript of this episode…   Related Resources RIA, IBD or somewhere in between Which version of independence is right for you? Read-> IBD vs. RIA: Which way should an advisor go? 5 differences – and potential limitations – every advisor should understand before they decide on which version of independence is right for them. Read-> Optionality Under One Roof For Advisors Who Aren’t Quite Ready for Independence. Read-> Why Settle for “Good Enough” When Great is Possible? In a vastly expanded industry landscape with more high-quality options than ever before, some advisors settle for “good enough” when the potential for “great” is often within reach. What’s holding them back? Read->   Gerald B. Goldberg, JD, CIMA® CEO & Co-Founder As CEO and Co-Founder of GYL Financial Synergies, Gerry provides consulting services to corporations, municipalities, self-insurance funds, non-profit organizations and high-net-worth private clients in areas that include investment policy, asset allocation and investment management selection and oversight. He also advises clients on the structure and development of qualified retirement plans. Gerry lectures and authors articles on various investment-related topics, and has served as an adjunct professor in the MBA Program at the University of Hartford. Before co-founding GYL Financial Synergies in 2016, Gerry worked for Wells Fargo Advisors and its predecessors for 18 years. He was formerly one of 75 members of the Senior Consulting Council, Wells Fargo Advisor’s elite senior consulting group. Prior to Wells Fargo Advisors, Gerry practiced law for six years, most recently with the Boston firm, Bingham, Dana, LLP, and is currently a member of the bar in New York and Connecticut (not currently practicing). From 2010–2016, Gerry was recognized six times by Barron’s as one of “The Top 1,200 Advisors” (formerly “The Top 1,000 Advisors”) in the nation.1 He was also recognized by Financial Times as being among the “Top 400 U.S. Advisors of 2014.”2 Gerry obtained his JD from George Washington University and his BA in Political Science with a concentration in World Political Economics from the State University of New York at Binghamton. He holds the Certified Investment Management Analyst® certification, administered by the Investments & Wealth Institute™ (formerly known as the Investment Management Consultants Association®) and taught in conjunction with the Wharton School at the University of Pennsylvania. For the 25 years that Gerry has resided in Connecticut, he has been involved in many local organizations in a volunteer capacity, including serving as a trustee of the Jewish Community Foundation of Greater Hartford; President of the Hebrew High School of New England; Community Trustee for the Jewish Federation of Greater Hartford; and past trustee of the board for the Solomon Schechter Day School. When not working or giving back to the community, Gerry is an avid skier, and enjoys spending time with his wife and three children. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Louis Diamond When it comes to building a strong business, there is nothing better than a great partnership. Like a happy marriage, it provides the perfect environment for synergy, with added capacity and expertise, a path for succession and enhances the overall success for the advisors. And clients are the beneficiaries of all of the above. Yet like with any business, the shared mindset the advisors started out with years ago may not be the same today. It’s most often that these differences come to light when partners are considering their future. For example, one advisor may think the status quo is serving them well. While the other is intrigued by another firm or model that may offer them greater freedom and flexibility. It’s a common inflection point that leaves the partners wondering if this relationship is still right for them. So how do you determine if the differences are irreconcilable or if there is a happy medium that will leave you both feeling content and able to continue to grow and serve clients happily ever after? What happens if you no longer share the same vision or cannot come to a consensus? In this episode, Mindy and Louis discuss the genesis of partnerships—and 10 questions you should ask to determine if you’ve just hit a rocky patch or if breaking up may be the best path. Download the Partner’s Quiz Even the best relationships can reach a point where partners find themselves on different sides of the fence. As shared in this episode, we’ve outlined 10 questions that can help determine the “health” of the partnership and decide how best to move forward. Download a transcript of this episode… Related Resources For Better or For Worse Is Building a Team or Partnership Right for You? Read-> Teams: The Powerful New Retention Tool for Firms Being a part of a team can be a valuable way to build a business, until the ties that bind become a restriction on your future. Read-> Partners at an Impasse: 4 Paths to Consider When Advisors Become Divided on their Futures It’s not always easy to get everyone on the same page with regards to a move. Here’s what to do to avoid getting stuck. Read-> Breaking Up: A Former $750mm UBS Advisor’s “Split” for Independence A conversation with Robert Harris, Senior Wealth Advisor, Avidian Wealth Solutions. Listen-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Ryan DeVore, Partner, Director and Global Head of Private Wealth Management, William Blair The control and flexibility of independence is certainly an attractive proposition, but for many advisors, the idea of going “independent” can feel like a bridge too far. And ultimately, they prefer to retain the support and scaffolding that a bigger firm can provide. That’s where firms in the boutique space have found their sweet spot—answering the call of these advisors with a best-of-all-worlds model that gives them the support and infrastructure of a big firm combined with a sense of independence and control with many fewer advisors and a great community. And they’re winning it in the race for top talent. Take a firm like William Blair, with a deep history rooted in a diversified business model that includes investment banking, investment management and private wealth management. Yet it wasn’t until Ryan DeVore, Director and Global Head of Private Wealth Management, joined the firm in 2012 that their PWM unit really took off—growing from $8B in assets under management to $57B today. Ryan got his start in wealth management at Morgan Stanley and its predecessor firms, rising up the ranks to executive director and manager of the northern Colorado complex. After 16 years with Morgan Stanley, he joined William Blair, establishing the firm’s wealth management footprint in the Boston market, and later into Atlanta, Baltimore, Los Angeles, New York City and San Francisco. As Ryan points out, William Blair’s success with top advisors is rooted in a model that provides “independence without being independent.” In this episode, Ryan talks about how they achieved such growth in less than a decade, including: The firm’s diversified platform and deep resources—and how that has contributed to the growth of their private wealth unit. The focus on a partnership culture—and how the notion of “collective success” wins over many top advisors. The role of their value proposition—and how it differentiates the firm from others like Rockefeller and First Republic. Their hybrid RIA model with Fidelity as custodian—and what Ryan sees as the advantage of this construct. Top advisors need not only look to big brokerage firms for the best in technology, platform, service and support. A boutique firm like William Blair offers all that and more, plus the added benefit of greater independence—and in this episode, Ryan offers a rare insider’s view and perspective. Download a transcript of this episode…   Related Resources The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. Read-> Independence Enhanced How to find support, resources and community in the independent space. Read-> Financial Advisors: 10 Reasons Why Independence May Not Be Right For You While many advisors are drawn to the freedom and control that independence offers, there are those for whom it may not be the “right” path. Read-> Beyond the Numbers: Key Insights from the Fidelity Advisor Movement Study A conversation with Scott Gorham, Vice President of Competitive Intelligence at Fidelity Institutional, and Louis Diamond. Read->   Ryan DeVore Partner, Director & Global Head of Private Wealth Management Ryan J. DeVore is a member of the firm’s executive committee and the global head of Private Wealth Management, which serves high-net-worth individuals, families, entrepreneurs, business owners, foundations, and endowments by providing thoughtful and sophisticated wealth management solutions. He leads a business of more than 100 wealth advisors and $54.9 billion in assets1. In 2015, he established the firm’s wealth management footprint in the Boston market, and since then has further expanded PWM into Atlanta, Baltimore, Los Angeles, New York City, and San Francisco. Mr. DeVore serves on William Blair’s executive committee, equity underwriting commitment committee, community impact board, and global inclusion council. Mr. DeVore has had extensive experience in financial advisory and business leadership roles. He joined William Blair after spending 16 years with Morgan Stanley Smith Barney and its predecessor firms, where he served as the executive director and manager of the northern Colorado complex. In addition, Mr. DeVore managed branches in Michigan, Colorado, and Illinois during his tenure with Morgan Stanley, and worked to make each market a client experience leader and financial performer. Mr. DeVore has been an entrepreneur and business owner, serving as an executive and owner of two companies. He is a regional trustee of the Naval War College Foundation, chairman of the Merit School of Music, a member of YPO Chicago-Windy City Chapter, a member of St. Francis Xavier Parish in Wilmette, and actively involved with other local charities. Mr. DeVore earned a B.B.A. from Eastern Michigan University and lives in Wilmette with his wife and three young children. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Robert Harris, Senior Wealth Advisor, Avidian Wealth Solutions Many top teams are built on synergistic dynamics—where one advisor’s talents are complemented by another’s. These partnerships can provide the shared expertise that results in better service for clients and greater success for the business overall. But, like any relationship, there often comes a point where partners may find themselves on different pages. And it’s particularly common when considering the future of the business. That is, one may feel that the firm no longer serves them and it’s time to consider other options, while the other is content, with no desire for change. It’s at that point where some reach an impasse that can only be resolved by breaking up the team to go their separate ways. And the very scenario Robert Harris found himself in. Having built a strong business at UBS over more than two decades, Robert started questioning the status quo and decisions that the firm was making—which made him wonder what value they were ultimately receiving. But his partner didn’t share those feelings. After an intensive due diligence process, and a lot of introspection, Robert made the difficult decision to break up the team to pursue what he felt was best for his high net worth clients and the business overall. So in September of 2019, he joined Avidian Wealth Solutions (formerly STA Wealth). Robert candidly shares his story with Louis Diamond, including: The value of a partnership to both the clients and business—and how they are challenged when individuals find themselves with disparate visions and goals. The potential impact of retire-in-place-programs (such as UBS’s ALFA) on team members at different phases of their careers—and what each advisor needs to think about when a partner is considering signing on. The process one goes through when breaking up a team—and how Robert resolved that, both emotionally and financially. The pushes and pulls that led Robert away from UBS—and how, after exploring different options, he was drawn to independence. It’s certainly not easy to break up a partnership—particularly when strong feelings have developed over years of building a successful business together. But when the partners have different visions for the firm, it can be difficult to find a single path that will satisfy both. As Robert candidly shares, it ultimately comes down to being honest with yourself and doing what’s best for the clients overall. It’s an episode that will resonate with anyone who is currently in a partner or team construct—or considering one. Download a transcript of this episode…   Related Resources Partners at an Impasse: 4 Paths to Consider When Advisors Become Divided on their Futures It’s not always easy to get everyone on the same page with regards to a move. Here’s what to do to avoid getting stuck. Read-> Can (should) this partnership be saved? 6 questions you and your partner should consider before you hit the fork in the road. Read-> For Better or For Worse Is Building a Team or Partnership Right for You? Read-> Teams: The Powerful New Retention Tool for Firms|Being a part of a team can be a valuable way to build a business, until the ties that bind become a restriction on your future. Read->   Robert Harris,CFP® Managing Partner Robert brings more than two decades of investment management and financial planning experience in addressing the needs of high-net-worth families, entrepreneurs, and executives. He Joined Avidian Wealth Solutions in 2019. Prior to joining Avidian, Robert was a Senior Vice¬ President of Investments and Senior Portfolio Manager at UBS Financial Services Inc for over 20 years. Robert works with clients to develop personalized financial plans to achieve their goals for retirement, investment, business succession, and wealth-transfer planning. He offers a true family office experience by utilizing Avidian’s in-house team of credentialed financial planners, attorneys, tax professionals, and investment analysts to assist in all aspects of his clients’ financial lives. Robert graduated from Baylor University with a bachelor of business administration degree in Finance and received his CERTIFIED FINANCIAL PLANNER™(CFP®) education from Rice University. As part of his community involvement activities, Robert is involved in coaching youth sports, multiple missions that focus on adoption, church planting, Bible translation, and Angel Flight. He is also active at Christ Community Church in Houston. Robert and his wife, Ronna, have two sons, Luke and Logan. Robert enjoys traveling with his family, spending time at their lake house in Carlton Landing, Oklahoma, and all things aviation. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Bryan Garris, Managing Partner, TriaGen Wealth Management There’s a trend that’s been on the rise and shows no sign of stopping anytime soon: The drive toward independence led by the successors of multi-generational teams. Because as senior partners get closer to making the decision of whether or not to sign onto their firms’ retire-in-place programs, next gen leaders are in the background looking at options that could provide a better future with greater freedom and control over how they serve clients and build their businesses. And that same freedom and control extends to considering how the senior partners want to live the rest of their business lives. The guest on this episode, Bryan Garris, is a next gen who found himself in that very position. Bryan literally grew up in the business. As a child, he played in the Dean Witter office where his grandfather once worked, and his father Nick Garris and partner Orlo Elfes started building their practice. Just out of college, Bryan joined Nick and Orlo at Morgan Stanley and in 2008 the team moved to UBS. A decade or so later, Bryan started listening to this podcast, as well as those of Michael Kitces and others, and began questioning the value they were receiving from UBS—something he characterizes as a “misalignment” of the bank’s priorities with their own. Bryan wanted what he was finding other independent advisors had: The freedom and control to serve clients and not have to worry about selling products or obligations to the bank. He wanted true open architecture and the ability to market and build their brand. Ultimately, Bryan wanted to be a true fiduciary—and he could never see that as a possibility as employees in the brokerage world. But with two partners who had far less of a runway meant getting them on board with the vision he saw for their business as an independent firm. Yet it turned out to be a far easier sell than he expected. In May of 2020, the team, then managing $330mm in assets, left UBS to form TriaGen Wealth Management in Calabasas, CA, with transition support from TruClarity Management Solutions. Bryan talks candidly with Mindy about what motivated him to start “armchair exploration,” including: The drivers that made him investigate options outside of UBS—and why he felt independence was right for them. The conversations he had with his senior partners about their future—and how going independent could impact each member of this multi-generational team. The decision to pass on UBS’s ALFA program—and how they solved for Nick and Orlo’s ability to monetize their life’s work upon retirement. The challenges a next gen advisor faces when trying to establish their role in the business—and what Bryan did to ensure he was “carving his own path.” The “misalignment” with the firm that he and the team felt—and how that impacted their ability to serve clients as fiduciaries. The choice to work with TruClarity—and what Bryan saw as their value in the due diligence and transition processes and beyond. As Bryan learned more about what others like him were able to achieve in independence, he wondered, “Why not us?” It was that threshold moment that gave him the courage to build a clear vision for their future and a path to achieve it as TriaGen Wealth Management. It’s a great story that shares how the next gen is leading change—not only in individual practices, but in the wealth management industry at large. 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-> Michael Kitces on Everything Financial Advisors Need to Know About Growth A conversation with the industry thought-leader, financial planner and host of the popular blog and podcast series. Listen-> Michael Kitces on How to Differentiate and Grow in a Competitive Environment One of wealth management’s leading voices shares his thoughts on the fundamental shifts in the industry, the leveling of the playing field and what advisors need to do to compete and thrive. Listen-> A Diehard Merrill Advisor’s Journey to Independence With Michael Henley of Brandywine Oak Private Wealth and Louis Diamond of Diamond Consultants. Listen-> Bryan Garris, CFP®, CEPA® Managing Partner Bryan Garris is a third-generation Investment Advisor Representative, a founding partner of TriaGen, and someone who knows that earning and keeping his clients’ trust is the most important part of this business. Raised in the industry, he co-founded TriaGen Wealth Management to carry on the mission of his father and grandfather: helping people create, grow, and protect their wealth for generations to come. Bryan understands that finances are highly-personal and that’s why he’s passionate about taking the necessary time to get to know his clients and understand who they are, what they care about, and what they hope to accomplish before he makes financial recommendations. Growing up in Southern California, Bryan studied hard and was active in a lot of different sports where he learned life lessons that he still uses today. His talent and ambition gave him opportunities to play Division III football in college, but instead, Bryan chose to go the academic route at UC San Diego in La Jolla to study Management Science and Business Economics. During that time, he began working with his dad on summer breaks, and he saw firsthand the incredible impact that advisors can have on people’s lives. Always motivated by making a difference, those summers convinced Bryan to follow in the family footsteps and become an advisor himself. Over the last decade, Bryan has continued his financial education by earning two advanced designations: CERTIFIED FINANCIAL PLANNER™ and Certified Exit Planning Advisor (CEPA). Bryan was recognized in 2019 as a “Forbes Next Gen Best-in-State Wealth Advisor”, one of his proudest professional accomplishments to date. He is also a Registered Representative with M.S. Howells & Co and currently holds a California Insurance License. When he’s not in the office, Bryan spends as much time as he can with his wife, Stevie, their sons, Duke and Rocky, and his newborn daughter, Harley. He still follows a lot of sports, and even plays pick-up games when he can find the time. But in the phase of life he’s in, working and raising a young family keeps his calendar very full! Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…