The Diamond Podcast for Financial Advisors

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…

With Louis Diamond It might seem odd for a show called Mindy Diamond on Independence to have an episode discussing the reasons why independence might not be right for you. But the truth of the matter is, there are plenty of reasons why independence isn’t for everyone. And it’s the mission of this series to be honest and balanced—and share what we’re hearing and seeing from advisors and firms in every corner of the landscape. So, regardless of how often we share success stories from breakaway advisors or business owners who are crushing it in terms of growth, there are many advisors who simply recognize that independence isn’t right for them. Listen in as Louis and Mindy break down the 10 most common reasons for advisors to “not make the leap.” Download a transcript of this episode…   Related Resources The Wirehouse World: Why it’s Still the Right Place for Many Advisors In a landscape with more options than ever before, a move from one big brokerage firm to another is more often the exception than the rule these days. Read-> What’s Changing at the Wirehouses—and Why You Need to Pay Attention As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. Read-> Is Deferred Compensation Holding You Captive? 3 options for advisors who are feeling the ever-tightening squeeze of their firms’ “golden handcuffs.” Read-> Move Once, Monetize Twice Weighing all of your options may result in doubling the returns; in essence, moving once yet monetizing twice. Read-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with the industry thought-leader, financial planner and host of the popular blog and podcast series It was almost 2 years ago when Michael Kitces last visited this show. And much has changed since that conversation. Even his own business life took a new turn, having joined Buckingham Wealth Partners in March of 2020—right when the pandemic shut the world down and the market tanked. In this episode, Michael shares the story of his transition, and weighs in on the changes this industry experienced in the past year and the impact on advisors and their businesses, sharing key takeaways, including: Best practices for creating a thriving financial advisory practice—and how to build a firm with the end in mind. The infinite value of strategic vision—and how clarity around “what” and “why” is critical. The realities of scale—and why he says it doesn’t add as much to profitability as many think. The key considerations around acquisitions—and how organic and inorganic growth synergies should be a part of the overall strategy. The role of marketing—and why he feels it’s the most scalable part of an advisory business. Methodologies around fee structuring—and why margins often do not improve with growth. The employee advisor mindset of “more revenue”—and why advisory business owners need to think about profitability, enterprise value and client service instead. Michael is a rockstar in the wealth management world, with a scope of knowledge unsurpassed by others. And he shares a ton of advice in this episode—so much so that you’ll want to download the transcript to be sure you captured it all. Download a transcript of this episode…   Related Resources: Beginning with the end in mind How to chart an efficient course to your best business life. Read-> Aligning Your Inward and Outward Pointing Compass: A Process for Advisors Considering Change Balancing the needs of all stakeholders offers a clearer and more congruent path towards your ultimate destination. Read-> Gaining Scale: Why it Matters to Your Advisory Practice Scale seems to be the buzzword du jour, but what does it really mean for your practice? Read-> 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->       Michael Kitces: Michael Kitces is the Chief Financial Planning Nerd at Kitces.com, dedicated to advancing knowledge in financial planning and helping to make financial advisors better and more successful. In addition, he the head of Planning Strategy at Buckingham Wealth Partners, the co-founder of the XY Planning Network, AdvicePay, and New Planner Recruiting, and FA Bean Counters, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View. In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Ahmie Baum, Founder and CEO, Interchange Capital Partners What if we all had the chance to take a “mulligan” at least once in our business lives? That is, use the proverbial golf do-over rule as a way to reset our goals and expectations—and take that shot one more time, but this time from a whole new perspective. That’s exactly the way Ahmie Baum describes his transition to independence. While he was perfectly comfortable at UBS a decade ago, he started to see things a bit differently when his son Brian joined the business. It was an awakening that made him dig deep and evaluate everything to create a clean slate. For the first time in decades, Ahmie started asking himself if UBS was indeed the right partner for the future of the business—a legacy that he and Brian would build upon and Brian would someday take over. With $420mm under management, Ahmie felt confident in their growth and gained a new sense of courage to do it all over again. So, in June of 2020, Ahmie, Brian and their team launched RIA Interchange Capital Partners in Pittsburgh, PA with the help of Dynasty Financial Partners. In this episode, Ahmie shares the unique perspective of an advisor who is just 6 months into independence – with the transition process and entrée into business ownership still very fresh – including: The events that precipitated his change of heart after 4 decades in the wirehouse world—and what helped him to build his “confidence” in the independent space. The other options he and his team considered—and how it was the voices of frustration with the wirehouses from millennial team members whom he heard most clearly. The choice to partner with Dynasty Financial Partners—and how moving amidst the pandemic impacted planning and transition processes. The limitations Ahmie faced at UBS—and how independence allowed him the ability to execute upon strategic growth initiatives in ways he could not have in the wirehouse. Plus, Ahmie talks about the role of legacy—and how it became clear that once his son joined the firm, it was time to consider other options. It’s a relatable story and engaging perspective from a wirehouse veteran who chose a new path based on answering the call of one key question. As Ahmie put it, “What would you do if you weren’t afraid?” Download a transcript of this episode…   Related Resources: UBS Comp Change An Equal Opportunity Offender. Read-> 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-> 5 Lessons Learned in Our Own Succession Planning Process The real intent of succession planning is to “future-proof” the business—by developing a strategic guide that builds upon the leader’s vision with a focus on sustainable scale and continual growth for the future of the firm. Here’s how we did it…Read-> The Limitations of Building a Billion-Dollar “Boutique Firm” within a Wirehouse: A UBS Breakaway Story A conversation with Terry Cook, CFP®, CIMA, Managing Partner of Parcion Private Wealth Listen-> What’s Driving the Momentum Towards Independence and Will it Continue? With Shirl Penney, Dynasty Financial Partners. Listen->     Ahmie Baum: Ahmie E. Baum is the CEO and Founder of Interchange Capital Partners. Using a collaborative and comprehensive process developed over 40 years of practice in financial services, Ahmie has built a team that has passion for what they do that executes for each client’s unique needs. He and his team consistently strive to deliver a “WOW” client experience. Ahmie has committed every day to helping clients and their families build financial safety nets. As a child, he experienced firsthand the challenges of financial hardship and consequently he has built his practice on the compassionate understanding of each client’s unique circumstances. Ahmie is committed to giving his clients the guidance, education and resources they need to make wise financial decisions that help them grow and protect their wealth while achieving their goals. As a graduate from the University of Pittsburgh, Ahmie began his career with EF Hutton in 1973 and transitioned to UBS in 1993. During his 27 year career at UBS, he earned the prestigious Wealth Advisor designation. Nationally recognized, he has been named to the Barron’s Top 1,000 Financial Advisor List. Ahmie is a CERTIFIED FINANCIAL PLANNER™ (CFP®) and received the Executive Certificate in Financial Planning from Duquesne University School of Leadership and Professional Advancement. Ahmie and his wife, Sara, have 3 children and a granddaughter; they live in the Fox Chapel area. He has found yoga, meditation and plant-based eating to enhance his values of health, love and gratitude. He enjoys woodturning, golf, reading, music and biking as well as time with family and friends. He and Sara are very active within the charitable community. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Robert Thornton, Executive Vice President & President of Private Wealth Management This is a story that truly exemplifies how much the wealth management landscape – and advisor mindset – has changed in recent years. Because even in a world where “choice” has become the new norm, there are only a few firms that have captured the attention of advisors like First Republic Private Wealth Management has. In this rare interview, Robert “Bob” Thornton, Executive Vice President and President of First Republic Private Wealth Management, joins the show to talk about their remarkable success. The firm has gained incredible traction over the last decade, which kicked off in 2010 when Bob was tasked to transform the wealth management unit into a major player. And they did so in a really big way! Since then, First Republic’s private wealth management unit has grown from $14.5B under management to more than $190B today—making it one of the largest corporate RIAs in the country with more than 200 advisors under its umbrella. In 2020 alone, First Republic recruited 8 mega-teams representing a total of $19B in assets—with top talent from Merrill Lynch, J.P. Morgan, Morgan Stanley, Wells Fargo Private Bank and Goldman Sachs. And 2021 kicked off with the onboarding of a large Citigroup team managing nearly $3B in assets. And speaking of talent, when Bob joined the firm in 2004, he brought with him 20 years of experience in senior roles at Goldman Sachs, Credit Suisse and Deutsche Bank. Incredible as it all sounds, what’s really extraordinary is this: Top advisors are quite discerning and a tough lot. To get them to move at all is exceptional, but to get them to move to a bank – and one that is lesser known than the biggest brand names – makes the story even more remarkable. In this episode, Bob and Mindy explore… The key differentiators of First Republic as a bank and private wealth management firm—and how the unique synergies between the two are the basis for their success. The role of “culture” in their value proposition—and how entrepreneurialism and community effectively blend within the corporate structure. The “real referral mechanism” between bankers and wealth managers—and how advisors who joined have benefited by way of extraordinary growth. And ultimately, how a boutique wealth management unit can successfully satisfy the desire for the freedom of independence with the support and infrastructure of a major firm. It’s a unique opportunity to hear, firsthand, from the leader of a firm known to maintain a low profile when it comes to being in the media—and get Bob’s perspective of what First Republic is doing to make it such a stand-out amongst advisors and the wealth management community at large. Download a transcript of this episode…   Related Resources: How First Republic Private Wealth, an under-the-radar wealth management firm, became the hottest ticket in the space—and why it matters 6 key points that are attracting some of the biggest and best advisors to this bank-owned corporate RIA. Read-> What it Means When the Movement of Billion Dollar Teams Gains Momentum As the biggest teams in wealth management move to greener pastures, it sends an important signal to the rest of the advisory world. Read-> First Republic Private Wealth Management And Rockefeller Capital Management: What Makes Them So Appealing To Top Financial Advisors? A peek behind the curtains of these two firms demonstrates how the right combination of features has created a best-of-both-worlds model that stands out amongst the competition. Read-> Industry Update: Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors In the third episode of our 3-part series on the landscape of the wealth management industry, we explore boutique firms—a version of independence that has become very popular, especially amongst top-of-the-food chain advisors. Listen->       Bob Thorton: Mr. Thornton joined First Republic in 2004 and currently serves as President of First Republic Investment Management and President of First Republic Private Wealth Management. He became Executive Vice President of First Republic Bank in 2015 and oversees banking activities for the Palm Beach region. Prior to joining First Republic, Mr. Thornton held senior roles at Goldman Sachs, Credit Suisse and Deutsche Bank over a 20-year period. B.A., 1980, Duke University; J.D., 1983, Columbia Law School; Stanford Graduate School of Business Executive Program, 2014.   This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with Louis Diamond We talk a lot about the expanded industry landscape—and how, ultimately, an advisor has much more to consider than ever before. As such, there is tremendous value in periodically conducting due diligence – whether you’re thinking of moving or not – if for nothing more than to become familiar with a host of options that likely did not exist even just a few years ago. Yet with optionality often comes added confusion—leaving the potential for those who embark upon exploration feeling more overwhelmed than enlightened. But we find that when due diligence is performed in an organized manner – and with strategic goals in mind – many advisors often walk away with much more than knowledge of the opportunities available to them. These advisors gain a greater sense of clarity in terms of their own goals as well. Contrary to popular beliefs, conducting due diligence need not result in advisors changing firms or models. When done properly, the exercise may determine that they are indeed in the right place for their business—enabling them to do so armed with greater awareness and a renewed sense of commitment to both their clients and business. Louis Diamond joins this episode to break down 10 tips based on decades of experience in guiding advisors through the due diligence journey. A “checklist” that is by design a strategic method to help you avoid overwhelm and make the most of your valuable time. Listen in—and be sure to download the companion worksheet below. Download a transcript of this episode…   Available for Download Conducting a Strategic Due Diligence Process: 10 Practical Tips for Financial Advisors The worksheet discussed in this episode, designed to serve as a checklist for anyone preparing to embark on an exploration process. Related Resources Surviving Due Diligence: 10 Tips for Financial Advisors Barbara Herman developed many of the tips from which this episode is based upon, providing additional color in this article. Read-> 9 Reasons Why So Many Advisors Don’t Have a Plan B—But Should Having an “escape plan” will prevent you from making rash decisions and being swept away by the shifting tides. Read-> Aligning Your Inward and Outward Pointing Compass: A Process for Advisors Considering Change Balancing the needs of all stakeholders offers a clearer and more congruent path towards your ultimate destination. Read-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Tom Lewis, Certified Civil Trial Attorney at Stevens & Lee There’s no doubt that changing firms or models is a complex process. And even the thought of doing so often brings advisors to their knees with concerns over everything from portability to Protocol—and all that lies in between. Yet it’s the contractual obligations advisors may have to their firms that drive the most anxiety—and rightfully so.­ Attorneys tell us they’re getting an “avalanche” of outreach from advisors wanting to make sure that their employment agreements don’t bind them further to their firm. It’s an issue we’re seeing more and more of in recent years, as the wirehouses work harder to retain their top talent. Take, for example, retire-in-place programs—also known as “succession” or “sunset” plans. Almost every major firm has its own version, which allows senior advisors to retire, transfer their business to the next gen and monetize in place. These programs – such as Merrill’s CTP, UBS ALFA and Morgan Stanley’s FFAP – can be compelling for senior advisors who have every intention of retiring from their firm and being rewarded for their life’s work. Yet many advisors are finding that there are clauses and restrictions that further tie them and their next gen to the firm—limiting any optionality for now and in the future. Add to that an increasingly hyper-vigilant compliance environment, where advisors are feeling increasingly vulnerable and worried about possible termination. The reality is that whether you’re considering changing firms or not, there are plenty of potential landmines that all advisors need to be aware of. To shed some light on the key areas that advisors should be most concerned about, Tom Lewis, a Board-Certified Civil Trial Attorney at Stevens & Lee based in Princeton NJ, joins the show. Tom specializes in employment litigation and advisor transitions—and has firsthand knowledge of the ins and outs of advisor transitions, retire-in-place programs, and termination—all hot topics in today’s evolved wealth management landscape. In this episode, he and Mindy discuss: What’s behind the uptick in advisor movement—and the impact of the pandemic coupled with the growing restrictive nature of firms is causing many top advisors to consider their options. How Protocol and non-Protocol transitions differ—and while non-Protocol might take a bit more time and effort, moves have been successful, nonetheless. What he sees as the real benefits of retire-in-place programs—and what both senior and next gen advisors need to be aware of before signing these restrictive and binding agreements. What’s driving the recent wave of terminations for “internal acts”—and what advisors need to be aware of to make themselves less vulnerable. As Tom shares, “advisors should always operate with their eyes wide open.” That will help keep problems at bay, and also enable you to be available to opportunities as they present themselves. It’s an episode filled with priceless information for every advisor—whether you’re considering a move or not. Download a transcript of this episode…   Related Resources 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-> Merrill’s Enhanced CTP: What it Means for Advisors, Their Next Gen and Clients [Video] Mindy Diamond sits down with breakaway Merrill Lynch executive Vince Fertitta to get his perspective on what an enhanced CTP program could look like. Watch-> 7 Things Advisors Need to Know About Succession Planning Actionable advice for all advisors – no matter what stage of your career or whether you’re seated at a wirehouse or are an independent business owner – with Louis Diamond. Listen-> 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->   Tom Lewis: Tom Lewis, of Stevens & Lee,  concentrates his practice in employment advisory and trial litigation, arbitration, mediation and employment counseling. He is a Board-certified Civil Trial Attorney by the New Jersey Supreme Court Board on Attorney Certification. Tom represents financial services and other companies and their executives in employment disputes and litigation, including restrictive covenant issues, non-compete agreements, claims of harassment, workplace discrimination, wrongful discharge, raiding and recruiting issues, employment agreements and severance agreements. He has litigated and arbitrated cases in numerous states and jurisdictions, and regularly appears in state and federal courts and before FINRA, the EEOC and various state civil rights agencies. He also litigates restrictive covenant issues on behalf of individuals, medical practitioners, small to mid-sized companies and Fortune 500 companies. His clients are located throughout the United States. Because of his extensive experience in employment litigation, Tom has been an invited media commentator for CBS, NBC, ABC, Fox News, WOR, UPN News, CNBC, Bloomberg Television, Bloomberg News, Reuters, The Wall Street Journal, On Wall Street, Dow Jones, REP. magazine (formerly Registered Representative), The Associated Press, The New Jersey Law Journal, New Jersey Lawyer, The National Law Journal and various other mass media business forums. Additionally, he has published many articles covering a broad range of employment issues. Several of Tom’s cases have resulted in published opinions by federal and state courts and the New Jersey Supreme Court. Tom frequently conducts seminars for corporate clients, management organizations and bar associations, and has lectured and presented seminars on behalf of the New Jersey Institute for Continuing Legal Education, including “Current Issues Involving Non-Compete Agreements,” “Protection of Trade Secrets” and the “Duty of Loyalty.” As published in New Jersey Monthly, Tom has been recognized as a New Jersey Super Lawyer repeatedly since 2005, having been selected by his peers as among the top 5 percent of lawyers in the state. He is AV®Preeminent™ rated by LexisNexis Martindale-Hubbell, which is the highest rating for legal ability and general ethics. Tom is also among only 187 lawyers nationwide to be selected for excellence in client service with a 2015 Client Choice award, based on feedback from senior in-house counsel. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Scott Gorham, Vice President of Competitive Intelligence at Fidelity Institutional, and Louis Diamond The conversation around “increased advisor movement” might seem anecdotal and obtuse at times, yet it’s anything but. The proof of such commentary comes from many of the industry’s leading reports—one most commonly referenced is the Fidelity Advisor Movement Study. Conducted by Fidelity regularly since 2014, it’s a cross-industry survey exploring advisor movement within and across industry channels, with a focus on what advisors perceive as the benefits and barriers to making a move. As a result of the pandemic, the 2020 Advisor Movement Study was conducted in two phases—allowing the intelligence team to isolate how the crisis impacted actual movement and whether it played into their mindset and consideration of changing firms or models. To get greater detail on the numbers – and how they impact individual advisors and the industry as a whole – Louis Diamond sat down with Scott Gorham, Vice President of Competitive Intelligence at Fidelity Institutional. In this episode, they break down the data most relevant to advisors and share key insights, including: Why 2020 was such a strong year for advisor movement—and which channels were the biggest winners of top talent. How the pandemic impacted the recruitment journey—and why the imposed work-from-home environment actually served as motivation for many advisors. What the most common concerns are for advisors who are considering change—and if those concerns were alleviated post-transition. What the advisor movement journey looks like—and how that’s changed over the years. As Louis and Scott discuss, even with the world turned upside down in 2020, advisor movement was incredibly strong. Yet it’s statistics like 90% asset portability and 30% growth for RIAs that are most compelling. Listen in to learn the trends that are anticipated to drive change into the coming year and beyond. Download a transcript of this episode… Mentioned in the episode: Five Stages of the Advisor Movement Journey Infographic Five Stages of the Advisor Movement Journey Report Related Resources How “The Year Unlike Any Other” Will Reshape Wealth Management in 2021 No one could have predicted what 2020 had in store for us, yet through it all, many advisors are finding themselves better off because of it. How is that possible? Read-> How Are So Many Advisors Moving During the Covid-Crisis? With travel restrictions and advisors working from home, how can advisors conduct due diligence and change firms? Ultimately, it comes down to 2 key elements that haven’t changed: commitment and trust. Read-> Working from Home: For Some Advisors, It’s a Test Drive of Independence The pandemic may be the “shock to the system” that further accelerates the already robust movement towards the independent space. Read->   Scott Gorham: Scott Gorham is Vice President of Competitive Intelligence for Fidelity Institutional.  In this role, Scott and his team are responsible for providing actionable insights enabling the business to compete against most effectively both industry stalwarts and startups. A twenty-three-year Fidelity veteran, Scott joined Fidelity in 1998 as a financial analyst.  He began his competitive intelligence work in 2004 within the Finance organization where he spent his first 10 years at Fidelity. His previous competitive intelligence roles were in support of Fidelity Personal and Workplace Investing and the former Fidelity Brokerage Company.  Prior to that, he worked in Fidelity Personal Investing Finance supporting the Product Groups of Mutual Fund Distribution, Brokerage, FundsNetwork, Portfolio Advisory Services and Private Wealth Management. Scott holds a Master of Science in Finance from Suffolk University, an MBA from Quinnipiac University, and a Bachelor of Science degree in Criminal Justice from Northeastern University.  He passed the Chartered Financial Analyst Level I exam and completed the Securities Industry Institute® program, sponsored by SIFMA, at the Wharton School of the University of Pennsylvania. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with John Peluso, President, First Clearing Multi-channel models have become one of the hottest options for advisors considering change in recent years—fueling growth in the channel with some of the biggest names in the business jumping on board. This “choose your path” concept has been around for a while, designed largely to accommodate a firm’s existing advisor force, offering a path to those interested in independence while retaining these advisors as part of their firm’s ecosystem. And it’s an appealing concept for sure. It offers both traditional W-2 employee and independent platforms under one roof—essentially designed to support an advisor for the lifetime of his career, even as his interest in different models may change over time. One such example, and a pioneer of the multi-channel model, is offered by Wells Fargo Advisors and its affiliated clearing and custody service provider First Clearing. John Peluso – wealth management industry veteran and President of First Clearing, joins the show to talk about the multi-channel model, including: How advisor mindset is driving change within the landscape—and how optionality and flexibility are the basis for these new models. How the appeal of the multi-channel model is attracting advisors to Wells Fargo—and what John sees as the impact of the model to the wealth management space as a whole. How Wells Fargo and First Clearing differentiate amongst the competition—and what they’re doing to remain relevant within a continually growing landscape. What he views as some of the greatest challenges for wirehouses—and how firms like Wells Fargo are evolving as a result. What he sees as the major trends in wealth management—and how independence will continue to be one of the driving forces of change in the industry. In a landscape that seems to evolve daily, firms are constantly challenged to up their game in terms of features and benefits that appeal to their advisor constituents. And just as John notes that the most successful advisors demonstrate their value by their actions, the same holds true for the most successful firms. So listen in to learn more about this popular model and how a firm like Wells Fargo’s First Clearing is creating value and optionality in the expanding landscape. Download a transcript of this episode… Related Resources Optionality Under One Roof: For Advisors Who Aren’t Quite Ready for Independence Forward-thinking firms are tapping into the flourishing interest in independence by offering their employee advisors an independent option under the same roof. While it provides an easier path to greater freedom and business ownership, it may not be “independent enough” for advisors seeking ultimate control. Read-> The Wealth Management Landscape At A Glance What Financial Advisors Need to Know. Read-> Aligning Your Inward and Outward Pointing Compass: A Process for Advisors Considering Change Balancing the needs of all stakeholders offers a clearer and more congruent path towards your ultimate destination. Read-> 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-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read->     John Peluso: John Peluso is a Senior Managing Director at Wells Fargo Advisors and the head of First Clearing. He is responsible for the strategic direction and management of First Clearing, including building key relationships with current and prospective broker dealer and RIA principals. John has worked in the financial services industry for over 30 years. Previously, he was President of Wells Fargo Advisors Financial Network and was responsible for setting the strategic direction for the management, satisfaction, retention and organic growth of the firm’s independent representative channel. John also served as a Managing Director in the Wells Fargo Advisors Private Client Group where he led the business development efforts for retail brokerage recruiting and was the National Director of profit formula. Prior to that, he held various positions within Wheat First Securities, a legacy firm to Wells Fargo Advisors. John earned his bachelor’s degree in economics from the College of William & Mary and his MBA from Virginia Commonwealth University. He completed the Wachovia Executive Leadership Program at the Keenan-Flagler Business School of the University of North Carolina–Chapel Hill and is a graduate of the SIFMA Securities Industry Institute at The Wharton School of the University of Pennsylvania. He holds FINRA Series 7, 9/10, 24 and 65 registrations. He served as past chair of the SIFMA Independent Firms Committee, a former board member of the Wealth Advisory Institute and a former executive member of the Athletic Educational Foundation of the College of William & Mary. John has served on the St Louis Children’s Hospital Development Board and currently serves on the board of FOCUS St. Louis. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond Advisors who are considering a change of firms or models often have a lot of questions—and they should. Because the reality is no decision this big should be made without digging deep and looking closely at how one’s goals align with that of either their current firm or another firm or model they might be thinking about. This episode tackles the 10 questions we get most frequently from advisors—and dispels some of the myths and misperceptions that often stop them from realizing their true potential. Listen in as Mindy and Louis share perspectives from both sides of the table on: How to determine if a move is warranted. What to consider if there’s still time left on a note or if a move will mean leaving behind substantial unvested deferred comp. What typical post-transition portability looks like. How senior advisors should weigh a retire-in-place program vs other options. What next gen advisors need to consider when senior partners are considering their firm’s retire-in-place program. What the top destinations are for advisors who’ve moved recently. How a Protocol move differs from a non-Protocol move. How clients are responding to moves away from firms with “big brand cachet.” Why advisors move from their current firms when they’re in growth mode. How to decide if it’s better to partner with another team or go solo. The truth of the matter is that there are often as many questions to ask as there are advisors who ask them. Yet the answers provided in this episode are likely ones that most advisors – even those for whom change may be well down the road – will find helpful and thought-provoking. Related Resources 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-> Next Gen Advisors Are Questioning Whether “Inheriting a Book” is Really Worth it Rather than just signing on the dotted line of their firm’s retire-in-place plan, next gen inheritors (and their senior partners) are hitting the pause button and striving to be more educated consumers. Read-> A Wake-Up Call for Wirehouse Advisors: Why Many are Re-Assessing the Status Quo Firms make it easy to stay put for the entirety of an advisor’s career, yet many are feeling “uncomfortable” with that notion—worrying that what got them “here” may not get them “there.” Read-> Resurgence in Wirehouse Recruiting: Are the Tides Shifting? After a hiatus, wirehouses seem to be back in the game—and some in a really big way. Read-> If you’re interested in receiving a copy of the self-assessment mentioned in this episode, click here to email Mindy. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…