The Diamond Podcast for Financial Advisors

A conversation with Louis Diamond Every advisor and business owner are looking for new ways to expand their reach and achieve greater growth. For Mindy Diamond, it was nearly 2 decades ago that she discovered a powerful “growth engine” by accident. And it’s been such a gamechanger for her firm, that she’s eager to discuss key concepts and experiences that advisors and business owners alike can easily adapt to reach their constituents. Because as Mindy shares in this episode with Louis Diamond, it was the submission of her first article to Registered Rep magazine (now WealthManagement) that put Diamond Consultants on the map and paved the way for what was to follow: The evolution of a “content marketing machine” that became a driver of growth for her business. Content marketing is about taking your unique insights, perspective and knowledge and turning it into various sizes and forms of communication for distribution on different platforms—such as your website, media websites, social media and more. It’s a strategic initiative that many advisors have adopted – particularly those in the independent space – to reach clients and prospects “where they are.” As Mindy tells it, it’s ultimately more about “sharing knowledge” than it is about “marketing” and developing a consistent practice of sharing knowledge over various platforms, including: Getting started in building a content marketing strategy—and how to execute it in a way that is relevant, relatable and of the highest quality. Content marketing as a differentiator—and how it can create an advantage by showing clients and prospects how you think and work. The ability to drive growth through content—and how a smart, strategic content marketing plan can build name recognition and brand awareness. The value of authenticity—and why it is critical to demonstrate not only knowledge but also values. The power of the Internet—and how the “content lifecycle” continues well beyond the initial publication, accessible via social media sharing, search engine results, video and podcast channels, text post links, email and more. In a world where reaching people one-to-one has become more difficult – and “cold calling” has been deemed dead by firms like Merrill Lynch – the ability to communicate en masse has become more important than ever before. As Mindy shares, “Developing a content marketing program has enabled us to exponentially multiply the number of people we are impacting throughout the year and that has translated into very meaningful growth for our business, deepened connections and allowed many more advisors to get to know us as people.” It’s a powerful episode that will help advisors jumpstart their own marketing program, as well as provide tips for those who’ve already embarked on the journey. Download a transcript of this episode…   Related Resources 5 Things Josh Brown’s Firm Does Differently And How it Resulted in Over 100X Growth in 6 Years. Listen-> 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-> What are Top Advisors Doing Differently? A deep dive into the mindset and habits of top advisors with Matt Oechsli of The Oechsli Institute. Listen-> How the Freedom to Communicate During a Crisis and Beyond Translated to 4x Growth for this ex-Morgan Stanley Team A conversation with David Bahnsen, Founder and Managing Partner of The Bahnsen Group. Listen-> Advisor-Turned-CEO: How a $2.4B Ameriprise Firm Cracked the Growth Code A conversation with Jon Kuttin, CEO of Kuttin Wealth Management, and Louis Diamond. Listen-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Brett Gilliland, Founder and Chief Executive Officer, Visionary Wealth Advisors The theme of “incongruence” weaves through many of the stories shared by advisors who’ve changed firms or models. Because it becomes difficult – if not impossible – to serve clients and grow your business when there’s a misalignment between your goals and those of your firm. As a Managing Director at Northwestern Mutual, Brett Gilliland found that the lack of alignment could not be more apparent—nor more limiting. In his role, he wore multiple hats—serving as a financial advisor, plus recruiter with the responsibility for the training and development of novice advisors. But as Brett became more successful, he also became less satisfied—and the feeling of being at odds with the goals of Northwestern became more apparent. He wanted greater agency over how he served clients, to be able to freely market and provide unbiased, unconflicted advice without feeling pigeonholed into selling insurance. And ultimately, as Brett put it, he wanted to “play in a different sandbox.” So after 13 years with Northwestern, Brett and his partner Tim Hammett decided it was time to build something that was more aligned with his vision. And in March of 2014, RIA firm Visionary Wealth Advisors was born with $300mm in assets. But it’s Brett’s “Jerry Maguire” exit story that’s really compelling—and a true testament to the respect and trust he developed with his team at Northwestern. Today, Visionary manages over $1.8B in assets, and has 30 advisors on the team. In this episode, Brett talks with Louis Diamond, sharing details about the motivation behind his move and more, including: The unique perspective he had as a Managing Director at Northwestern—and how that framed his decision to leave the firm. The ability to fully realize his vision as an independent business owner—and why he felt limited at Northwestern. The concept of “interdependence”—and how that serves as the basis of his firm’s value proposition. The drivers behind their incredible growth—and how relationships and referrals play a large role in their success. But it was the threshold question that Brett asked his partner, Tim, prior to making the decision to leave Northwestern that really resonates—and it’s a question that Brett suggests all advisors ask themselves: “What keeps you here?” Listen in as Brett shares a resignation story unlike any other—with key takeaways for employee advisors and business owners alike. Download a transcript of this episode…   Related Resources: The Top 5 Reasons Why Northwestern Mutual Advisors Are Changing Firms A growing trend of departures from Northwestern Mutual has left many of the firm’s advisors wondering what’s driving the momentum—and what their colleagues are finding on the other side. Read-> Why advisors in “growth mode” are sacrificing momentum to change firms or models It seems to be counter-intuitive for an advisor or team who may be riding the wave of their “best year ever” to change jerseys or break for independence. Yet it’s happening in record numbers. Read-> From Insurance Sales to $8B RIA A Northwestern Mutual Breakaway Story. Listen-> Industry Update: What the Wealth Management Landscape Looks Like Today The ever-expanding landscape represents a waterfall of possibilities for every advisor—learn the differences between each model. Listen->   Brett Gilliland Founder & Chief Executive Officer As one of the founding Visionaries, Brett Gilliland works on creating and executing the vision for the company, which is to provide world-class service to clients and grow to be the most prestigious wealth management firm in the markets we serve. Brett was instrumental in establishing the core values and culture within the company, which creates a positive, energetic environment for our clients, Visionaries and staff. In addition to his duties as CEO of Visionary Wealth Advisors, Brett is an active member of the St. Louis Sports’ Commission and the Board of Directors for Southern Illinois University Edwardsville’s School of Pharmacy, and hosts a weekly Circuit of Success podcast, which was rated as one of the top entrepreneur podcasts in 2017. Brett and his wife, Julie, also founded Swing Fore Hope, a charity that funds cancer research and provides financial assistance to cancer patients. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Lori Van Dusen, Founder and CEO, LVW Advisors It’s interesting how many advisors we talk with share how they’ve “grown up” in the business. Some had family members who were brokers, while others had “financial mentors” who provided formative knowledge and real-world experience. For Lori Van Dusen it was the latter. Her interest in the markets and all things financial was gleaned from her grandfather, a role model who unknowingly set in motion what would become an extraordinary career in wealth management. Lori joined Shearson Lehman Brothers in 1987, a firm that was later acquired by Citigroup Smith Barney. By 2004, she achieved the title of Managing Director with Citigroup Smith Barney. Yet even after growing the business to nearly $6B in assets under management, Lori found that she kept coming up against rules that were designed for businesses unlike her own. And for her institutional clients, she felt at a competitive disadvantage because they weren’t able to source the pipeline of investment options she felt her clients really needed. It was 2008 when she made a bold and courageous move, leaving Smith Barney to assume the co-leadership role of Convergent Wealth Advisors’ Institutional Group—one of the largest independent firms at the time. But even after growing her business at Convergent, she still desired greater independence. So in 2011 she forged her own path, launching independent firm LVW Advisors with Focus Financial Partners. The now $2B Rochester, NY firm serves high net worth individuals and institutions in a conflict-free environment—a firm she designed “as the next generation of advice,” creatively serving clients as true fiduciaries. In this episode, she discusses a journey that spans over 3 decades with a level of experience few can offer, including: Life in the big brokerages like Smith Barney—and what changes she saw at the firm and in the industry at-large in the time leading up to the 2008 financial crisis. Giving up a potentially life-changing transition deal at another wirehouse—and what motivated her to make the leap to independence at a time when it was uncommon to do so. The key drivers behind leaving Convergent to build her own firm—and what she sees as the real differences between being a business owner or joining another independent firm. The advantages of independence for advisors and their clients—and how having her own firm allowed her to create a business model that aligned with her vision. Choosing to “shrink to grow”—and how impacting her bottom-line in the short-term provided a clearer path to profitability. Opting to launch LVW Advisors in partnership with Focus Financial Partners—and the value she sees in return for selling a portion of her business. Lori’s a visionary and real industry pro, with numerous accolades including Barron’s Financial Advisor Hall of Fame and Forbes Top Women Wealth Advisors lists. She lived through and embraced the evolution of the industry landscape and can provide a perspective that takes a rare “advisor’s point of view” approach. There’s much to learn from her story, with key takeaways for employee advisors and business owners alike. Download a transcript of this episode…   Related Resources Wirehouse Superstar Goes Solo An Interview with Lori Van Dusen, Principal, LVW Advisors. Read-> The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. Read-> Why Billion-Dollar Teams Move 7 Drivers That Impact Financial Advisors At All Levels. 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->   Lori Van Dusen Founder and CEO of LVW Advisors Lori Van Dusen, CIMA, is the Founder and CEO of LVW Advisors, a registered investment advisory firm that serves both wealthy families and individuals, as well as nonprofit institutions throughout the United States. An advocate of client-focused strategies for more than 25 years, she has become the voice of reason for providing unbiased integrated solutions in a fragmented financial services industry. Lori is passionate about numerous philanthropic causes, serving on several boards focused on urban education, health and wellness, and the fine arts. Lori began her investment advisory career in 1987 with Shearson Lehman Brothers, which was later acquired by Citigroup Smith Barney. By 2004, she had achieved the title of Managing Director with Citigroup Smith Barney. In a pioneering move, she assumed the role of co-lead of Convergent Wealth Advisors’ Institutional Group in 2008, where she also served on the firm’s Executive and Investment Committees, managing approximately $8 billion in assets for clients. She founded LVW Advisors in 2011. A recipient of numerous accolades, Lori was most recently named to Barron’s Financial Advisor Hall of Fame, which recognizes advisors who have appeared in 10 or more of Barron’s annual Top 100 Advisor rankings. Additionally, Lori was ranked #2 in Forbes 2021 Best-In-State Wealth Advisors list. Lori has also been ranked #66 in Forbes 2020 and 2019 Top Wealth Advisors lists and #5 by Forbes in the 2021, 2020 and 2019 Top Women Wealth Advisors lists. In recognition of her involvement in the Rochester community, Lori was recently recognized in the Rochester Business Journal’s 2020 Women of Excellence distinction with the Circle of Excellence honor. The Circle of Excellence recognizes a small group of women each year with longstanding, notable success in the community who are leading the way for other women. Additionally, Lori was inducted into the 2019 Rochester Business Hall of Fame and joins a prestigious list of Rochester business leaders who have been previously inducted. Lori has also been recognized by the Girl Scouts of Western New York as one of the 2019 Women of Distinction. Ms. Van Dusen has served on many boards and committees in the past. She currently serves on the following boards: F.F. Thompson Health Board, Memorial Art Gallery Board of Managers, Monroe Community College Foundation Board, Rochester Area Community Foundation Board, and the University of Rochester Medical Center Board. Lori also sits on the Advisory Board for Institutional Investor’s RIA Institute. Ms. Van Dusen was one of the founders of the Association of Professional Investment Consultants (APIC) and Citigroup Institutional Consulting. She holds the Certified Investment Management AnalystSM designation, administered by the Investments and Wealth Institute® (formerly IMCA) in conjunction with The Wharton School. Lori received her undergraduate degree from Ithaca College and a Master of Education from Harvard University. A native of Rochester, New York, Lori is a long distance runner and an avid yogi, and enjoys decorating and savoring the area’s local music scene. She regularly cooks and hosts large Italian meals for her family and friends. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Kurt Miscinski, President, Cerity Partners What do you get when you cross a successful wealth management executive with a New York billionaire? You get a spectacular $31B firm. For Kurt Miscinski, his meeting with New York-based billionaire and entrepreneur Howard Milstein could possibly be called serendipitous. Because at that time, Kurt was considering leaving his management role at Deutsche Bank and Howard was looking to make long-term strategic investments in the wealth management space. As a high-profile executive at Deutsche Bank, Kurt certainly had options. But instead he saw the early potential of building a full-service wealth management RIA firm that can serve ultra-high net worth families, executives and companies. So in 2009 HPM Partners was born—a firm with zero assets but with Kurt’s crystal clear vision and the backing of investor Howard Milstein. After starting from scratch and growing to $9B in less than a decade, renowned private equity firm Lightyear Capital invested in HPM and then later rebranded the firm to “Cerity Partners.” Today, Cerity Partners manages over $31B in assets, a result of their strategic organic growth initiatives complemented by an inorganic growth strategy that led to a string of high-profile M&A transactions. Kurt shares the story with Louis Diamond, starting with the early stages of HPM on through to Cerity Partners today, including: The key drivers that led him to consider leaving Deutsche Bank—and why he saw such opportunity in the RIA space. The gaps that HPM Partners filled in 2009—and how that evolved to form what Cerity Partners is today. The advantages Cerity Partners has over firms like Morgan Stanley and Goldman Sachs Ayco in serving corporate executives and offering corporate financial wellness services—and how “operating like a global professional services firm” with full access to all solutions available on the “Street” allows them to serve their clients’ best interests. The importance of culture at Cerity Partners—and how being referred to as “partners and colleagues” instead of “employees” empowers them to think and act like business owners. The real value of external capital partners—and why Kurt feels the perspective and credibility these firms add to the business is an important byproduct of their relationship. Kurt shares a unique vision on growth and how it’s impacted by culture—one that is based on “running to something rather than away from something.” It’s an incredible story with key learnings for advisors and business owners alike.   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-> Multi-Billion Dollar Teams Ask: “Have we priced ourselves out of the market?” Even the most elite advisors get “stuck” by “unchallenged beliefs”—but the good news is, there’s a way to break free. Read-> The Trapeze: A Parable for Advisors Considering Change There’s a great degree of discomfort, and even fear, attached to the unknown. That’s why so many choose to hang on to the status quo, because there is a familiarity and comfort there—despite the likelihood that greater potential may await elsewhere. 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-> Industry Update: What Financial Advisors Need to Know About Growing Through Recruitment and M&A A conversation with Louis Diamond. Listen->   Kurt Miscinski President, Cerity Partners Kurt is the President of Cerity Partners, responsible for the strategic direction and management of the firm. He has more than twenty years of experience in the financial services industry. Kurt chairs the Operating Committee and Executive Committee. Prior to co-founding Cerity Partners, Kurt was a Managing Director and an Executive Committee Member of Deutsche Bank’s Private Wealth Management division. In this role, he managed Deutsche Bank’s US wealth management offices and was responsible for the oversight of client relationships, including the development and servicing of investment, credit, and wealth management offerings for individuals, families, and institutions. Prior to Deutsche Bank’s acquisition of Scudder Kemper Investments in 2001, Kurt was the Chief Operating Officer for Scudder Private Investment Counsel, an $18 billion asset management division that catered to family offices, wealthy individuals and non-profit institutions. Kurt received his B.S. from the University of Illinois and M.B.A. from DePaul University. He is a Certified Public Accountant and a member of YPO, Vistage, and Business Executives for National Security. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Avy Stein, Founder and Co-Chairman of Cresset Advisors and clients have been the beneficiaries of a more than decade-long evolution—with changes impacting both the landscape as well as the mindsets of advisors and their clients. In this new world order, advisors have come to the realization that the status quo need not be something they settle for. And for their high net worth clients, they too have recognized that wanting more from their advisors and the firms they work for is a right that they’ve earned. As such, new models have emerged that are taking the best from all others and delivering options that are more flexible and client-service driven—topped off with the ability for advisors to take greater agency and control over the businesses they are building. It was a vision that came to Avy Stein and Eric Becker, who, as family office clients, found themselves exploring options and were struck by the limitations of existing wealth management approaches, including sophisticated advice and access to an ecosystem of direct private investments. As business investors and innovators, Avy and Eric set out to build a better mousetrap: A model that checked off all the boxes of features that high net worth clients wanted and deserved. And in 2017 Cresset was born: An employee- and client-owned multi-family office designed to deliver a new paradigm for wealth management with rockstar leadership and advisor talent, and a value proposition that’s resonating with the wealth management world. For example, in 2020 they made headlines with their acquisition of $2.3B RIA PagnatoKarp—the firm Merrill breakaways Paul Pagnato and David Karp originally launched with Hightower in 2011, before making the break for full independence in 2016. Plus, Cresset has had unprecedented success in recruiting private bankers and high net worth-focused advisors from throughout the industry landscape. Avy joins Mindy on this episode to discuss Cresset’s journey, why their model is “disrupting” the landscape, as well as: The specific gaps they saw in wealth management firms that serve high net worth families—and how Cresset has filled those gaps. The key drivers fueling their growth—and how both advisors and their clients are attracted to the firm’s core values. The similarities and differences between Cresset and a firm like Rockefeller—and why he feels models like these will continue to resonate with top advisors. The world’s greatest businesses were built by founders looking to find a better way: That is, to fill a gap and continuously create value for the constituents they serve. As such, firms like Cresset are winning in the race for top advisor talent. In an evolving landscape, it’s stories like these that will drive the conversation. So listen in and learn how firms like Cresset aren’t just disrupting the landscape—they’re redefining it. Download a transcript of this episode… Related Resources The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. Read-> The Real Beneficiaries of Independence: Your Clients While advisors have a real opportunity to build the advisory business of their dreams in the RIA space, it’s the clients who stand to gain the most. Read-> Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. Read-> How “Transparency” Propelled Growth from $1B to $4B in 8 Years With Paul Pagnato of PagnatoKarp. Listen->   Avy Stein Co-founder & Co-chairman of Cresset Longtime investor and entrepreneur, Avy Stein is Cresset’s co-founder and co-chairman. With his Cresset co-founder, Avy has been involved with starting, investing in and growing over 150 businesses and raising funds totaling over $8 billion. Before launching Cresset in 2017, Avy served as Chief Executive Officer of Willis Stein & Partners, a private equity firm he cofounded in 1994, where he was responsible for managing the firm’s investments in the education, recycling, telecommunications, energy and consumer sectors. During that time, Avy also co-founded Lincoln Clean Energy, an operator of utility-scale clean energy projects later acquired by I Squared Capital in 2016. From 1989 to 1994, Avy served as Managing Director for Continental Illinois Venture Corp (CIVC). Prior to that, he was the President of Cook Energy Corporation, an oil and gas exploration and production company, and served as the parent company’s Vice President of Corporate Planning and Legal Affairs. Avy began his career in 1980 as an attorney at Kirkland & Ellis, having received his law degree from Harvard Law School and his B.S. in accounting from the University of Illinois. Avy currently serves on the board of directors for HilCo Global, a Chicago-based financial services company that specializes in asset valuation, monetization and advisory solutions. Deeply committed to giving back, Avy is an active philanthropist and civic leader. He is a member of the Board of Trustees, former Treasurer, and Chairman of the Investment Committee of the Ravinia Festival. He is also a member of the Harvard Law School Leadership Council. In addition, he provides fundraising support and strategic counsel for B.U.I.L.D. (Broader Urban Involvement in Leadership Development), a nonprofit organization that helps at-risk youth on Chicago’s south and west sides. He is also a director for the Western Golf Association and supports the Evans Scholars Foundation. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Matt Kilgroe, President/CEO, Cyndeo Wealth Partners Most independent advisors start out by building strong practices in traditional firms. While plenty of them continue to build mega-businesses as employees, for some, there comes a point when the desire to do more for their clients is hindered by the limitations of their firms. It’s this combined force of pushes and pulls that often motivates an advisor to explore the potential that independence offers. And one of the primary motivations behind Matt Kilgroe’s move. Because after building a $1.2B business at UBS, Matt found he was hitting a wall in what he could do for his clients. And the more he learned about the independent space, the more he was drawn to being a business owner—and removing the constraints that were limiting him and his team from greater control over their business. So in June of 2020, amidst the pandemic shutdowns, Matt and his team launched Cyndeo Wealth Partners in St. Petersburg, FL. And they didn’t miss a beat—transitioning 98% of their clients in the process. In this episode, Matt discusses his journey with Louis Diamond, including: The key motivations that inspired building an independent firm—and why he chose not to do so when he first explored the idea nearly a decade ago. The heightened sense of advisor vulnerability at the wirehouses—and how a few key incidents with other top producers were “eye-openers” for Matt and his team. The choice to go independent vs taking a recruiting deal—and what Matt feels he ultimately gained in choosing independence. The significant impact of a “lack of control” at UBS—and how they have since expanded services to their high net worth clients. The choice to work with Dynasty Financial Partners—and what other options they considered. The conflict of all products being under one roof—and why it’s “better” to be able to “Shop the Street.” As Matt shares, by going independent, they are now able to serve their clients as “true fiduciaries,” with the ability to look at the “whole picture” and provide any and all services their clients need. For some advisors, that ability alone is enough to consider the leap, but for Matt and his team it was a “pull amongst pushes.” It’s a straightforward and articulate account of how having greater control over how an advisor serves a client’s needs can foster both goodwill and growth Download a transcript of this episode… Related Resources An Update on Wirehouse Recruiting: Why Recent Activity May Signify Changes at the Firms What do the ever-evolving recruiting practices telegraph to advisors about the ideal candidates and overall hiring strategy of the firms—today and in the future? 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-> 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-> What’s Driving the Momentum Towards Independence and Will it Continue? With Shirl Penney, Dynasty Financial Partners. Listen->   Matt Kilgroe, President/CEO, Cyndeo Wealth Partners Prior to launching Cyndeo Wealth Partners in 2020, Matt ran advisory teams at Merrill Lynch and UBS Financial for 29 years. Providing guidance, counsel, and strategy for families the firm serves is Matt’s passion. In addition to his role as an advisor, Matt works in a leadership capacity for Cyndeo while also helping with business development. Matt has been recognized by Barron’s as a Top 1000 or Top 1200 Advisor consistently since 2009. In 2020 Forbes named him to their “Best-In-State Wealth Advisor” list. A graduate of Eckerd College, Matt has served on the Board of Trustees at his alma mater since 2012. His three children are his pride and joy. Daughter Carrington owns Sunstate Yoga studio in St. Petersburg, son Kent is a recent graduate of Randolph Macon College, and daughter Jillian is a sophomore at Florida State University. An athlete in college, Matt continues to enjoy staying in shape, playing basketball, and bike riding. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond One of the major motivations for advisors who choose independence is the desire to build an enterprise through recruitment of other advisors and the opportunity to participate in a frothy M&A marketplace. And even non-enterprise builders are drawn to the ability to selectively deepen their bench via recruitment plus having the ultimate flexibility over who they hire. But inorganic growth opportunities are not exclusive to independent firms. Although wirehouse advisors are more limited, they can grow via “acquisition” through their firm’s sunset programs and by selectively adding team members through their firm’s training programs. With M&A transactions on target to break another record and recruitment activity at one of the highest levels we’ve seen in years, the ability to successfully execute an inorganic growth strategy has become more complex and highly competitive. In this episode, Mindy and Louis discuss what you need to know about building your business through inorganic growth, including: Why recruitment and acquisition are so appealing to advisors and firms—and what they are finding the power of M&A really is. How the opportunity to recruit and acquire is different as an independent—and what you need to know if you’re at a wirehouse or broker dealer. How it’s possible to recreate a wirehouse sunset program as an independent—and why this has become a popular driver towards independence for retiring advisors and their successors. How a smaller, independent firm can compete with larger players—and how to think about standing out from the ultra-competitive field. Plus understanding how valuations and deal structures compare to recruitment packages offered from traditional firms—and much more. It’s an episode that will answer the most frequently asked questions by wirehouse advisors considering inorganic growth options, as well as firm owners who are looking at recruiting and M&A to drive growth. Download a transcript of this episode… Related Resources: Exploring M&A: Finding the perfect match between buyers and sellers Acquirers typically fit into one of 4 profiles: Here’s how to identify which types of sellers will align best with each. Read-> What’s the ‘Real’ Value of a Financial Advisor’s Business? Headline-making M&A deals in the independent space have many employee advisors wondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Read-> Ready to sell? The 7 key factors driving your firm’s value. Read-> Billion Dollar Sellers: Tracking the Shift of RIAs from Buy-Side to Sell-Side In a red-hot M&A market, $1B+ firms that may have once been considered buyers are being acquired like never before. What’s driving the change? Read-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Andy Schwartz, CFP®, Principal, Bleakley Financial Group As a college student selling insurance, Andy Schwartz didn’t envision that someday he’d be at the helm of an $8B RIA—but he did know he was on to something. Growing up in a lower middle-class family in New Jersey who didn’t “have much” but worked hard for all that they did have, Andy learned early on that success isn’t necessarily about “where you go to college or where you grow up.” Andy went from selling just insurance at Northwestern Mutual to managing $3.5B in assets as the leader of one of the largest groups at the firm. After nearly 3 decades, he and the team left Northwestern in 2014 to go fully independent as Bleakley Financial Group. Today, Bleakley has $8B in assets under management, and Andy, a $10mm+ revenue producer, has been recognized by Forbes, Barron’s and the Financial Times as one of the industry’s top advisors. In this episode, he shares his incredible journey with Louis Diamond—a narrative that exemplifies how hard work and determination can lead to good fortune. They discuss: How he came to the realization that he could do more for clients than just insurance—and how that thinking transformed to the investments and planning business he later built. When he decided to break from Northwestern Mutual—and how the limitations of working for an insurance-focused broker dealer impacted his team’s ability to serve clients. How the firm grew from $3B to $8B since going independent—and what he credits for that extraordinary growth. Why Bleakley opted to become a hybrid RIA firm—and what he sees as the benefits of being multi-custodial. What an advisor needs to consider prior to making the leap to independence—and how setting your ego aside to fully understand your skillset is key to identifying your path. Why an advisor would opt to join Bleakley or a similar platform model—and how it compares to affiliating directly with a broker dealer. Why he remains an advisor vs transitioning to a full-time CEO—and how that decision has impacted the success of the firm. In all that Andy shares in this episode there is one message that resonates throughout: Being thoughtful in your decisions and focusing on the long-term are key to guiding success. It’s a unique spin on business growth that has relevant takeaways for every advisor. Download a transcript of this episode…   Related Resources: The Top 5 Reasons Why Northwestern Mutual Advisors Are Changing Firms A growing trend of departures from Northwestern Mutual has left many of the firm’s advisors wondering what’s driving the momentum—and what their colleagues are finding on the other side. Read-> RIA, IBD or somewhere in between: Which version of independence is right for you? As the independent space continues to expand, prospective breakaway advisors often have a hard time deciding between different individual models and options. These 5 questions can help point you in the right direction. Read-> Investing in Independence: How Investors in Wealth Management Firms are Helping Wirehouse Advisors Make the Leap There was once a time when investors were only interested in those already independent. But wirehouse advisors are finding these same capital sources may have an interest in funding their move. 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-> Industry Update: Understanding the Real Value of a Financial Advisor’s Business A conversation on valuation with Louis Diamond. Listen->    Andy Schwartz CFP® Principal with Bleakley Financial Group Andy Schwartz is a co-founder and Principal with Bleakley Financial Group and has been a wealth management advisor for over 35 years. Andy Schwartz’s mission is clear: To make a difference in the lives of families, friends and community, to assist his clients in pursuing their goals and objectives, to understand the unique situation of each client and helping identify their needs, educating them, offering strategies, respecting their assets, monitoring their progress and keeping in touch. And, above all else, to treat everyone he encounters with the utmost care, integrity and courtesy. Industry Recognition Barron’s Top 100 Independent Advisors – 2020 Barron’s Top 1200 Financial Advisors – 2018, 2019, & 2020 Financial Times Top 400 Financial Advisors – 2018, 2019, & 2020 Forbes Top 250 Wealth Advisors – 2020 Forbes Best-in-State Wealth Advisors – 2018, 2019, & 2020 NJBIZ Executive of the Year – 2019 Invest in Others – 2019 Lifetime Achievement Award Finalist Andy Schwartz was an early supporter of New Jersey SEEDS, an education-based nonprofit founded to confront the lack of opportunity for high-achieving, low-income students. For Andy, it is powerful to participate in transformational programming that allows students to blossom and reach their full potential, regardless of their home zip codes. Andy splits his time between Montclair and Spring Lake NJ and Singer Island, FL. He has 3 adult daughters and enjoys good wine, the outdoors and living a balanced and healthy lifestyle. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Steven Tenney, Founding Partner and CEO, Great Diamond Partners In all of the conversations we have with breakaway advisors, we hear a consistent theme around the motivation to make the leap: To improve the ability to serve clients. And, ultimately, enhancing service delivery – such as improvements in platform and technology, and the ability to freely communicate – typically leads in one direction: Business growth. But while many advisors are building their businesses in the wirehouses, more and more are finding they are hitting a wall when they try to serve clients without conflict or limitations. Yet changing firms or models comes with some risk—one of the most critical being client portability. It was a risk that UBS advisor Steven Tenney and his team found was worth taking—because after a two-year due diligence process, Steve was convinced that the RIA model would allow them to provide better service and advice to clients. Steve joined UBS in 1993 when it was still PaineWebber and built a business managing approximately $530mm in assets. But in 2019 they decided it was time to make a change. After 26 years with the firm, Steve and his team left UBS to launch Portland, Maine-based RIA firm Great Diamond Partners. As Steve shared in an interview shortly after his launch, it was the “vastly improved technology, advanced planning resources and tools, and the fiduciary environment” of the RIA model that was the tipping point. In this episode, Steve discusses that “tipping point” and much more, including: What prompted him to start exploration—and why he didn’t instead opt for another wirehouse or traditional firm. Why Steve felt that taking a recruiting deal would only be better for him—and not for his team and clients. How Steve and his team reconciled leaving some deferred comp behind—and when they realized it was worth it. How they addressed the concern over whether their clients would follow—and what they did to ultimately retain 95% of their clients and rebuild their database. How scale compares as an independent—and why working with a firm like Dynasty Financial Partners gives them the scale of a much larger organization. The value of being an independent firm when it comes to referrals—and why their strategic partners are now more apt to refer business. Steve’s thoughtful due diligence focused on “what’s in it for the clients”—a guiding principle that drove their decision-making process and ultimately the success of their transition. Yet it’s what he and his team realized that is most compelling: That clients can actually be the real beneficiaries when their advisors go independent and gain increased freedom and control. It’s a conversation that goes beyond “independence”—cutting to the heart of what matters most: The clients. Download a transcript of this episode…   Related Resources The Real Beneficiaries of Independence: Your Clients While advisors have a real opportunity to build the advisory business of their dreams in the RIA space, it’s the clients who stand to gain the most. Read-> How portable is my business? This 2-part process will help you gain clarity on the depth of your client relationships and the portability of your assets—ultimately helping to ensure any move is a successful one. Read-> Is Deferred Compensation Holding You Captive? 3 options for advisors who are feeling the ever-tightening squeeze of their firms’ “golden handcuffs.” 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-> STEVEN E. TENNEY Founding Partner & CEO, Great Diamond Partners Certified Exit Planning Advisor (CEPA®) BA, Tufts University, International Relations and Political Science “We are entirely focused on the success of our clients and our community – a characteristic that defines the next generation of wealth management firms.” Steve strategically leads the firm, supports all of its members and directs the investment strategy. He believes the gold standard of wealth management is found at the intersection of empathy and technology™, and helps the firm evolve to that level, to meet the needs of today’s clients and those of the next generation. Previously, Steve worked at UBS Financial Services for 26 years, most recently as Senior Vice President and Senior Portfolio Manager. In 1997, Steve merged his wealth management practice with his father’s. This first-hand experience in a family business gives Steve empathy for the families he consults with as they face financial and emotional challenges. Prior to UBS, Steve worked as a securities lending representative at State Street Bank and started his career as a research assistant at Morgan Stanley Asset Management in London. Steve lives in Yarmouth, Maine, with his wife, Christine. Their photographer son Nick lives in Bozeman, Montana, where he graduated from Montana State University. Their daughter, Leah, is studying interior design at Endicott College in Beverly, Massachusetts. “I serve as a board member for the Institute for Family-Owned Business (IFOB), volunteer for Junior Achievement, and am proud to support The Hatch Community Youth Fund that helps kids stay active around Castine, Maine.” Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Christopher Winn, CEO and Lead Consultant, AdvisorAssist There are few words in wealth management’s lexicon that draw greater consternation amongst advisors. And that word is “compliance.” Yet it’s the very fabric by which financial advisory businesses operate, serving as the proverbial guard rails that all advisors work within—whether they are seated in big brokerage firms, are independent business owners or somewhere in between. But for all that power that compliance wields, it remains somewhat amorphous in terms of the actual processes around it. Because if you’re seated at a wirehouse or independent broker dealer, compliance is managed for you. There’s no need for concern other than following the firm’s rules and coloring between the lines. But what happens if you want to build an independent firm? Who manages compliance? And what is it that even needs to be done? And those are important questions—ones that often stop advisors dead in their tracks when considering the leap to independence. So Louis Diamond invited Chris Winn, Founder and CEO of AdvisorAssist, to this episode to help demystify compliance for advisors. Chris launched AdvisorAssist in 2006 to provide comprehensive support to elite advisory firms seeking independence and risk-managed growth. With over 27 years of investment management industry experience and a focus on RIA formation, regulatory compliance, business transformation and operations, Chris has worked closely with some 2,000 plus firms to design, build, and launch their RIAs, and manages compliance for over 600 RIAs with $150 billion in assets. Louis and Chris discuss the complexities around compliance, including: How RIAs manage compliance—and the critical role of the Chief Compliance Officer (CCO). What the burden of risk is for an independent advisor—and how that risk differs from their wirehouse counterparts. What he sees as the role of workflow in creating a compliance program—and how integrating technology, communication and other aspects of the business is key to a successful plan. Why compliance for a large wirehouse firm is very different than it is for a small RIA—and how building for the “lowest common denominator” drives policy decisions for larger entities. How a changing regulatory environment has impacted launching an independent business—and if he sees risk management becoming more challenging going forward. Plus, Chris discusses the actual timeline and steps an advisor goes through when launching their own RIA and building out a compliance program—and how a firm like AdvisorAssist can help with managing compliance both pre- and post-launch. As Louis and Chris share, the topic of compliance needs not be scary nor limit the power of an independent business—but instead serve to enhance the ability to build an enterprise. It’s an episode designed for prospective breakaways as well as any advisor looking to make the topic of compliance less daunting. Download a transcript of this episode…   Related Resources: How Vulnerable Are You? 5 Ways to Avoid Being Terminated in a Hyper-Vigilant Compliance World While the rules may not have changed, it appears the consequences have—and advisors are feeling more vulnerable than ever. Read-> Avoiding Termination: How to Protect Yourself in a Compliance-Driven Brokerage World Advisors at big firms find themselves in a zero-tolerance environment where infractions that once garnered a slap on the wrist now may be considered grounds for termination. Read-> RIA, IBD or somewhere in between: Which version of independence is right for you? As the independent space continues to expand, prospective breakaway advisors often have a hard time deciding between different individual models and options. These 5 questions can help point you in the right direction. Read->   Christopher E. Winn CEO and Lead Consultant Chris Winn is the Founder and CEO of AdvisorAssist, the leader in RIA business formations, transitions and compliance. Chris founded AdvisorAssist in 2006 to provide comprehensive support to elite advisory firms seeking independence and risk-managed growth. Chris has over 27 years of investment management industry experience, with a focus on RIA formation, regulatory compliance, business transformation, and operations. Chris has worked closely with nearly 2,000 firms to design, build, and launch their RIA. Chris oversees a world-class team of professionals that support the ongoing compliance and risk management for over $150 billion in RIA assets . Prior to forming AdvisorAssist, Chris served in many leadership roles within investment advisory firms, including Chief Compliance Officer, Chief Operating Officer, Assistant Treasurer (Mutual Funds), Vice President of Product Distribution, Vice President/Head of Business Operations, and Vice President Operations and Compliance. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…