The Diamond Podcast for Financial Advisors

A conversation with Jeff Thomas, Founder/CEO of Archetype Wealth Partners While the ultimate decision to make the leap to independence varies from advisor to advisor, one deciding factor they often share is the desire to “do better” for their clients. As Morgan Stanley breakaway Jeff Thomas put it, he did not want to have his epitaph read, “Here lies Jeff. He made rich people richer.” And no doubt, Jeff knows how to make people richer. He built a business from scratch to over a million dollars in just five years, and it kept growing from there—on up to a billion dollars in assets under management while at Morgan Stanley. But as his business grew, even though he was happy in his personal life, he felt he lacked purpose. Jeff realized that it was time to go deeper in the planning process with clients and create a closer connection between their values and the resources available to them. After 25 years of working for the biggest names on Wall Street, Jeff and his team concluded that they could only pursue that vision by starting their own independent firm. So, in April of 2017, they left three-quarters of their billion-dollar business at Morgan and launched a completely fee-based firm called Archetype Wealth Partners in Houston, Texas. Their goal: To provide a next-generation, conflict-free platform where advisors and clients could flourish. And some 3 years later they more than doubled their assets to over $500 million as of this recording. Jeff is a stand-up guy, with accolades that include being named to Morgan Stanley’s Chairman’s Club, plus recognitions from Barron’s and Financial Times. He’s also an author, capturing the story of his journey in Trading Up: Moving From Success to Significance on Wall Street. In this episode, Jeff shares how independence has changed his perspective on the wealth management industry, including: The defining moments that led him and his team to consider independence—and why they chose to build their own firm from scratch. Their decision to go “fee-only” right out of the gate—and how they reconciled leaving the bulk of their assets behind. How they were able to double their asset base so quickly as an independent firm—and whether they could have achieved similar growth at Morgan. What he’s gained in the independent space both as an advisor and a business owner—and how that compares to what was available to him in the brokerage world. The benefits of having a niche business—and how that impacts Archetype’s bottom line. For Jeff, independence was the only path he could see that would provide him and his team the ability to move from “success to significance” as he puts it—and serve their clients as true fiduciaries. And one might say, they’re succeeding in that mission and then some. It’s a great story of how an advisor, driven by purpose, can build the business of his dreams—with valuable lessons for employee advisors and business owners alike. Related Resources Why Billion-Dollar Teams Move: 7 Drivers That Impact Financial Advisors At All Levels When mega-teams move, the entire wealth management industry takes notice—and for smart financial advisors who are paying attention, there’s much to be learned. 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-> 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-> 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->     Jeff Thomas: Jeff was named to Morgan Stanley’s Chairman’s Club (top 2% of advisors) in 2008.  From 2009 to 2013, Barron’s magazine recognized him as “One of Texas’ Top Financial Advisors”. After 25 years of working at some of the biggest names on Wall Street, Jeff founded Archetype Wealth Partners, LLC., a pure fiduciary platform designed to help clients thrive across generations by connecting their money with their purpose. From advisors who are wired for more to high-capacity business owners, he is passionate about fueling leaders for greater impact. Jeff is the author of Trading Up: Moving from Success to Significance on Wall Street. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Lisa Salvi, Vice President, Business Consulting & Education, Schwab Advisor Services In an industry driven by numbers, there’s an unquenchable interest in data and key performance indicators (KPIs). While the data gathered has greater significance to the industry as a whole, for an advisor or firm owner, studies that analyze peer performance provide benchmarks to help guide their strategic paths as well as their position relative to others in their space. While several studies are frequently referenced in the industry, one of the most well-respected is the Schwab RIA Benchmarking Study. The 2020 study represented 1,010 advisory firms that custody with Schwab – some $1.1 trillion in AUM – representing nearly a quarter of the assets in the RIA space, which is reportedly at $4.8 trillion according to Cerulli data. The results are intended to help advisors align with their business plans, track progress against their strategic goals, and identify opportunities for improvement—yet its value goes well beyond. As Lisa Salvi shares, the RIA Benchmarking Study serves as a guide to the overall health of the independent space with both a broader view and keen insight into growth and trends. And then it digs deeper into the behaviors of firms that are the “outperformers” – those highest ranking in assets and revenue – such as key drivers of assets, priority focus areas, organic growth, M&A, technology, marketing, compensation and talent. As the Vice President of Business Consulting and Education at Schwab Advisor Services, Lisa leads the team that conducts the annual RIA Benchmarking Study and the Compensation Study, plus programs that support the development of advisor talent through executive education and student initiatives. In this episode, Lisa takes a deep dive into the data and findings from the recently released 2020 Schwab RIA Benchmarking Study. It’s an exclusive level of information and access for our listeners—a degree of which is typically shared only in part or amongst Schwab advisors. In addition to discussing the overall state of the industry in 2020, the conversation focuses around key factors that contribute to the success of the “outperformers,” including: The real impact strategic planning has on success—and the most critical initiatives top RIA firms focus on. The key drivers of assets—and the relationship to “laser-focused” marketing and optimized client experiences. The real value in a firm’s value proposition—and how being authentic is rooted in both research and strategy. The role of client profiling—and how that can translate into a strong organic growth tool. Adapting to a virtual world—and how the most successful firms found an advantage in optimizing the client experience, plus attracting new clients and top talent. The best independent firms in the industry don’t get that way by accident. As Lisa described and the Schwab study reveals, it’s all about strategic planning, laser focus, and building a firm with the end in mind. It’s an episode filled with actionable advice for advisors and firm owners alike, that will help each continue to grow and thrive well into the future. Related Resources 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-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> 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-> Strategically Exploring M&A in the Independent Landscape Which of the 4 types of acquirers would be a good fit for your business? Read-> 2020 Schwab RIA Benchmarking Survey Insights Findings from the 2020 RIA Benchmarking Study from Charles Schwab reaffirm essential pathways to success. Discover some of the key insights… Read->     Lisa Salvi: Lisa Salvi is a member of the Advisor Services leadership team and is responsible for Schwab’s Business Consulting and Education offer. Her team develops and manages programs and one-on-one consulting engagements designed to help independent advisors make lasting and significant improvements within their firms by focusing on key business, technology, and cybersecurity issues. Salvi’s team leads the annual RIA Benchmarking Study, the Compensation Study, and programs that support the development of advisor talent through executive education and student initiatives. They also provide insights and tools that help the Advisor Services sales and support teams deliver outstanding client service to independent advisors. Salvi has worked with fee-based advisors since 2003. Since joining Schwab in 2007, she has held several positions, including Chief of Staff to Bernie Clark, head of Advisor Services. Salvi holds a bachelor’s degree from the University of California, Los Angeles, and the Series 7 and Series 24 registrations. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond on next gens, the art of “co-leadership” and future-proofing your firm. The concept of “succession planning” is one that many view only as a means to an end—designed to fill a gap for an outgoing leader to ensure continuity. While that is one outcome of such a plan, there’s much more to it. 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. In this episode, Mindy and Louis Diamond share their succession planning journey—which recently culminated with the announcement that Louis will assume the role and responsibility of President of Diamond Consultants, while Mindy retains the title of Chief Executive Officer. They share key lessons learned in the process, including: The value of “co-leadership”—and how that translates to an opportunity to “divide and conquer” to increase capabilities. Finding the right fit in a next gen—and how differences in style, experience and knowledge often add up to a better match. Empowering through trial runs—and how this technique yields results that enable leaders to gauge readiness. The essentials of planning—and identifying the proper timing and messaging for the transition. Defining roles and boundaries—and how both are critical to adhere to, particularly when there are personal connections and bonds which can easily interfere. The value of open-mindedness—and why it’s vital that everyone remain receptive to new ideas, processes and even advice. It’s a conversation that takes a positive and fresh look at succession planning and what it can mean for the lifeblood of a business with helpful advice for employee advisors and business owners alike.   Related Resources Recruiter Diamond Consultants Names New President From ThinkAdvisor: Diamond Consultants has named Louis Diamond as its new president. Louis, previously executive vice president, takes the baton from Mindy Diamond, who remains CEO of the advisor recruiting and search firm she founded in 1998. 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-> Succession Planning: A Cautionary Story for Independent Advisors Avoiding these 6 most common mistakes will help protect an advisor’s business, clients and legacy. Read-> Rethinking Succession The Steps You Need to Take to Get Ready for the Future. Read-> Multi-Generational Teams at a Crossroads Wirehouse Sunset Program or Independence? Read-> Merrill Advisors Ask… Answers to the most frequently asked questions when considering a transition from Merrill Lynch. Download-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Adam Birenbaum, CEO of Buckingham Wealth Partners, and Louis Diamond It may come as a surprise that not every leader in the wealth management industry starts off with a background in the financial space. That said, the role does require a level of innate creativity, along with strategic and critical thinking skills—and it certainly doesn’t hurt to be mentored and nurtured by those who paved a “multi-billion dollar pathway” towards success. For example, Adam Birenbaum, CEO of Buckingham Wealth Partners, graduated college and jumped into the energy industry. Yet he felt it wasn’t the right path: What he really wanted to be was the next “Jerry Maguire”—a master dealmaker for sports icons. So he went to law school and worked at Buckingham as an unpaid summer intern. It was a role Adam returned to each year until becoming a full-time employee upon graduation in 2005. Rising through the ranks at the RIA firm – from compliance manager to chief compliance officer and then on to general counsel – enabled him to witness the planning and decision-making processes that propelled the firm’s initial growth. Just pushing past the height of the financial crisis in 2010, Buckingham announced the succession plans for the $12B firm—and Adam was designated to lead them into their next chapter. While Adam may not have started out as the most likely candidate for the role of CEO, it was indeed a role he earned as he learned, it was indeed a role he earned as he learned—and demonstrated by leading the firm’s decade of meteoric growth through smart business decisions and a strategic inorganic growth path. During Adam’s tenure with the firm, they’ve closed over 40 M&A deals, bringing their total in assets to over $50B—extraordinary results, particularly from a leader who considers himself an “accidental entrepreneur.” Today, Buckingham is a destination for top advisors and teams, and one of the stars of Focus Financial’s network—something Adam credits to their “obsession with helping independent advisors design, build, and protect financial lives.” In this episode, Adam shares the Buckingham story with Louis Diamond, including: The impact of taking on investment partner Focus Financial Partners in 2007—and how it’s not limited to capital, but also provides expertise in due diligence and deal structure. The $235mm deal with turnkey asset management platform Loring Ward—and how the TAMP offers more than an increase to their bottom line. Advice for prospective breakaways and independent advisors who have a goal of acquiring firms—and red flags to watch out for in the deal-making process. Plus, the headline-making additions of industry powerhouse Michael Kitces of Pinnacle Advisory Group and long-time contributor to Kitces.com Jeffrey Levine of BluePrint Wealth Alliance—and why two such high-profile leaders would close their RIA firms to join Buckingham. There’s a lot to learn from this conversation with Adam. He shares how his unique combination of drive and passion for the business is only compounded by his vision for growth—and how having the right team can make all the difference in the success of a firm. Related Resources What’s the ‘Real’ Value of a Financial Advisor’s Business? Headline-making M&A deals in the independent space have many employee advisors wondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Read-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. 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-> 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->     Adam Birenbaum: As Chairman and Chief Executive Officer of Buckingham Wealth Partners, which is comprised of Buckingham Strategic Wealth and Buckingham Strategic Partners, Adam Birenbaum provides the dedicated, strategic leadership critical to advancing the organization’s position as one of the leading financial firms in the United States. Equally important to implementing his progressive vision for the future is his commitment to the organization’s enduring legacy and his role of being the standard bearer of the history, values and culture established by the firm’s founders. Adam has successfully carried the torch from one generation to the next, maintaining the dynamic enthusiasm and client-first approach that has allowed our business to thrive. Early on in his professional life, Adam followed his interest in finance to a job focused on valuation, transactions and restructurings. While he loved the world of finance, he felt he was missing a bigger opportunity to connect with and bring value to the lives of others in a more meaningful way. Returning to St. Louis to attend law school, Adam was inspired by the book “The Only Guide to a Winning Investment Strategy You’ll Ever Need” by industry thought leader Larry Swedroe. He tracked down the author’s firm, only to find that his dream job — a better way to work in the world of finance — was right in his own backyard. As Chairman and CEO, Adam leads strategic planning and initiatives across the entire organization, continuously evolving and improving its approach to attracting top talent, building robust infrastructure and delivering an unrivaled client experience. Specifically for Buckingham Strategic Wealth, his keen eye for succession and growth has helped create deep wealth management teams capable of supporting clients now and for generations to come, as well as expand its size and depth of client experience through a combination of organic and acquisition-based growth strategies. The combination of these efforts has enabled Buckingham to become one of the largest Registered Investment Advisor firms in the country. His enthusiasm for helping clients achieve their most important goals extends beyond the boardroom. Adam serves on the financial and investment committee for several nonprofit organizations and is a member of Fidelity’s Advisor Council. He’s also active with the St. Louis Chapter of Young Presidents’ Organization (YPO). Adam was among Financial Advisor magazine’s 10 Young Advisors to Watch in 2017. He was named the 2015 Business Person of the Year by the Clayton Chamber of Commerce and is a past recipient of the prestigious 40 Under 40 award from the St. Louis Business Journal. He was impressively recognized in 2012 as ‘The Most Influential Figure in the RIA Industry’ by RIABiz.com, and in 2014 he was included in the inaugural 40 Under 40 list published by Investment News. Adam is a graduate of Vanderbilt University and St. Louis University School of Law. He is an avid sports fan, an active collector of sports memorabilia and a lover of movies. He and his wife, a pediatrician, have three wonderful children — two daughters and a son. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Terry Cook, CFP®, CIMA, Managing Partner of Parcion Private Wealth We often talk about how advisors’ mindsets have changed, having evolved to wanting more from their firms. And likewise, clients, too, are looking for more from their advisors. And as such, many advisors – particularly those managing high net worth clients – are coming to realize that the wirehouses cannot answer these changing demands. That is, managing to the lowest common denominator imposes limitations on advisors when it comes to customizing client service. For example, just over a year ago, Terry Cook was managing $1.3B in assets at UBS—a business he built over nearly 3 decades in the wirehouse world: 17 years at UBS and 9 years prior at Merrill. As Terry tells it, their 13-member team operated much like a boutique multi-family office within the wirehouse, serving a small number of clients; primarily affluent, multi-generational business owners. But as time went on, he found their clients wanted more from them beyond investment management—from booking travel to advising on health care choices. All things, as he puts it, “that would give any wirehouse heartburn” should you even consider it. In fact, when Terry submitted a presentation for a group of high net worth prospects, it was returned red-lined—with many items that the wirehouse deemed “not the advisor’s role.” As a self-proclaimed planner and problem solver, Terry realized that firms like UBS simply cannot support a business like his. Ultimately, to meet the additional lifestyle management demands of his clients, be more nimble and offer a broader suite of services, he’d need to make a change. So in October of 2019, Terry, partner Kyle Caouette and their team left UBS and launched independent RIA firm Parcion Private Wealth in Bellevue, Washington. In this episode, Terry talks candidly about the journey – both as a wirehouse advisor and now as a business owner – including: What he and his team needed to consider in the decision to make the leap—and why independence proved to be the better option over another wirehouse. What he found to be limitations in how he served his clients—and what specific “additional resources” and services fell well outside the margins of what was allowable at UBS. How the notion of the “commoditization” of investment management impacted their decision to build an independent firm—and how being “untethered” allows them to better meet their clients’ needs. How compensation is different as an independent firm—and how the ability to equitize his staff improves everyone’s opportunity to succeed. For Terry, making the leap was “like taking the ankle weights off” in terms of how he can serve his clients and grow his business. Now, untethered, he and the team at Parcion could specifically meet their clients’ demands and help them in the areas that they needed the most—which fulfills the responsibility of being a true fiduciary. It’s a great conversation that explores the true potential of an independent firm when it comes to servicing clients—a candid eye-opener for captive and independent advisors alike. 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-> 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-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read-> UBS Advisors Ask… Answers to the most frequently asked questions when considering a transition from UBS. Download->   Terry Cook: Terry Cook is the managing partner of Parcion Private Wealth; an independent multifamily office that partners with business owners, entrepreneurs, and their families to optimize wealth events and beyond through smart planning, strong advocacy and prudent investment management. With more than 26 years of experience, Terry has designed Parcion Private Wealth as the next step in helping his clients preserve the legacy they’ve built to support their families and communities. Prior to founding Parcion, Terry was a managing director and founder of the Cascade Group of UBS Private Wealth Management. Throughout his career, Terry has focused on providing advanced planning around cash flow modeling, wealth transfer goals, customized investment policies and guiding through major liquidity events. As a leader in the community, Terry serves on the national board for the Institute for Functional Medicine and is a board member and past board chair for Big Brothers Big Sisters of Puget Sound and the Ducks Unlimited Seattle Chapter. He also supports Seattle Children Hospital, Hopelink, and lectures regularly for the Lundquist College of Business at the University of Oregon. Terry has a son and two daughters. A resident of Yarrow Point, Washington, Terry is an avid cyclist, is committed to fitness and nutrition, and enjoys hunting and fishing. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A culmination of the most relevant commentary on independence—from a year unlike any other. In the wealth management world, there was plenty of good news to come out of 2020. For instance, many advisors have reported that it was one of their best years ever in terms of growth. And from the perspective of recruiting, advisor movement was the strongest ever. Ultimately, advisors forged ahead with the intent of serving their clients and growing their businesses with the best of their abilities. And those who were motivated to find better ways to do so, chose to transition to options that offered them greater freedom, flexibility and control. Because, despite the pandemic, as David Bahnsen of The Bahnsen Group shared, this period of time was when the most successful advisors were “living out their philosophy”—and exercising the freedom and control that being independent offers them. Or as David put it, “to be able to do everything exponentially,” with enhanced ability to market and brand themselves, create original content, and demonstrate competence and thought-leadership. And it’s commentary like this that David shared on our show that we celebrate – advice from the top 10 independent business owners featured in the past year – in a special episode representing the 100th in our podcast series. It’s a distillation of our conversations, demonstrating common threads weaved throughout—related themes and nuggets of wisdom that answer the threshold question: Why independence? This hand-picked curation of top advice includes: The real benefits of independence when it comes to communication, marketing, customization, technology and client service—and ultimately the ability to offer conflict-free advice. Thoughts on wirehouse retire-in-place programs—and how these advisors found better solutions by going independent. The psychology behind “shrinking to grow”—and shifting from an “employee-advisor mindset” to a “fiduciary-entrepreneur mindset.” What the real value of independence is for clients—and why so many are actually “happy” to part with a big brand. Why an advisor would choose to turn down the big recruiting deal—and instead opt to play the long game. What it takes to compete against the big banks—and how the ability to “shop the Street” translates to better service for clients. The growth of supported independence models—and how these solve for an advisor’s desire for greater freedom and control when independence feels like “a bridge too far.” What it takes to build a business with the end in mind—and how to determine when or if it’s time to sell or bring on an investment partner. And, ultimately, how to shift your focus from “getting” to “giving”—a concept that helps deliver immense value. The “Best of 2020” roster features: David Bahnsen, Chief Investment Officer, Managing Partner at The Bahnsen Group Melissa Bouchillon, Managing Partner at Sound View Wealth Advisors Jeff Concepcion, Founder and CEO of Stratos Wealth Partners Joseph Eschleman, President of Towerpoint Wealth, LLC Elizabeth “Lizzie” Evans, Managing Partner at Evans May Wealth Jason Fertitta, President/Partner at Americana Partners Justin Berman, Principal and CEO at Berman Capital Advisors, LLC Jon Kuttin, CEO of Kuttin Wealth Management Lori Siegel, Founding Partner, Centrix Wealth Partners Lee Korn, Financial Advisor, Principal at Opal Wealth Advisors Plus, a special “bonus” message from Bob Burg, co-author of the bestseller Go-Giver series. It’s a digestible download of independence from those who know it best—that is, those who are building successful independent businesses designed for the long-term. Whether you’re an employee advisor or independent, it’s an episode that offers valuable takeaways and actionable advice. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With the end of 2020 in sight, Mindy Diamond takes her annual look back—at the year no one could have ever predicted. In this episode, Mindy shares that despite the pandemic and the disruption to everyone’s lives, there was plenty of good news for the wealth management industry, most notably: Many advisors report having the best years of their careers. Advisor movement has been incredibly robust, with year-end projections estimating 9% of all advisors will change firms or models in 2020—the highest in the past decade. What contributed to this extraordinary growth and movement? Mindy explores the key factors, including: How the wirehouses aggressively got back in the recruiting game—and are working hard to make up for market share lost in the past 5 years. The “work from home” mandate—and how it gave advisors time for self-reflection and the privacy to evaluate other options without interruption. The new lens through which advisors viewed their business lives—and how it opened their eyes to the fact that they desire freedom of choice more than anything. What’s changed for senior advisors—and how the next gen is stepping up in ways like never before. How advisors have come to view their businesses as businesses—and are looking to build robust enterprises that have real value at the end of the day. How the landscape has further evolved—revealing more turnkey models and capital options for those looking to monetize and de-risk a move. Mindy digs deep into 2020 to reveal 10 trends that have already emerged and are destined to reshape 2021 in ways like never before—with a new generation of “change-makers” leading the charge. It’s an episode for all advisors and independent business owners—one that will help define practices and alter the industry as we know it.   Related Resources The Wealth Management Landscape At A Glance: What Financial Advisors Need to Know The ever-expanding wealth management industry landscape represents a waterfall of possibilities for every advisor and their clients. And having a clear understanding of the environment you’re building your business in is critical—regardless of whether you have a desire to move or not. Read-> Your Guide to the Wealth Management Landscape An At-A-Glance Map for Financial Advisors. Download-> 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-> One Outcome Of The Pandemic? For Financial Advisors, It’s New Opportunities At Home—And Beyond Financial advisors are using this “work from home” environment as an opportunity to evaluate their firms as well as their own business lives. Read-> The Momentum of Movement: Where Advisors Are Going…And Why Originally broadcast at the AdvisorHub Virtual Summit 2020. Watch-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Jon Kuttin, CEO of Kuttin Wealth Management, and Louis Diamond Building a successful business is no easy feat—especially if you are the one leading the charge, as well as working on the day-to-day tasks to move the ball forward. The guest on this episode was once in that same position. Jon Kuttin, CEO of Kuttin Wealth Management, was a junior at SUNY when he entered the financial services industry as an intern with IDS—the precursor to Ameriprise Financial. And by the time he graduated, he had two licenses completed. His early success – which he credits to two advisors who served as his mentors and a lot of hard work – led him to get involved in mentoring others at Ameriprise. 26 years later, Jon’s 60-person independent Ameriprise firm manages $2.4B in assets, derived primarily by organic means through an alliance with a CPA—which developed into a game-changing referral engine. So it comes as no surprise that Jon has many industry accolades under his belt, including Barron’s Top 100 Advisors List, Barron’s Hall of Fame Advisor and Forbes Best in State, as well as being named the top Producing Advisor on the Ameriprise platform. Yet accolades aside, Jon realized that if he wanted to build a business designed for growth, he needed to change his focus from “working in the business” to “working on it.” So, he transitioned his role from client-facing advisor to CEO—a change that he felt was imperative to take the business to the next level. You might say that Jon “cracked the code on growth,” developing processes designed to continuously create scale. And now he has his sights set on strategic recruiting and acquisition practices to drive the firm forward and ultimately build a lasting legacy. As Jon puts it, the firm is now “fishing with a net instead of a pole”—using focused growth strategies that he also shares with other advisors through his consulting practice. In this episode, he and Louis Diamond get under the hood on these topics and more, including: What it took to build out a $2.4B firm on the Ameriprise Financial platform—and how that process or potential might compare to another firm or model. What it takes to build a successful referral engine—and how to evolve it over time to drive even greater levels of organic growth. How he came to the realization that he needed to become a full-time CEO for the firm—and the steps he took to transition from the advisor role. How he’d counsel a younger advisor with aspirations to grow a $1B+ practice—and the threshold questions advisors should ask themselves when planning for growth. Plus, Jon shares an inside perspective on independence, the evolution of Ameriprise over the years, and much more. It’s an in-depth conversation with plenty of actionable information—relevant to any advisor whether you’re working at a wirehouse or are an independent business owner. Related Resources 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 Billion-Dollar Mindset: What Drives Top Advisors? Adopting these 12 characteristics can change your growth trajectory. Read-> The Most Misunderstood Broker Dealer in the Independent Space A conversation with Bill Williams, Executive Vice President, Ameriprise Franchise Group. Listen->   Jon Kuttin: Jon Kuttin is a Barron’s Hall of Fame Advisor with 25+ years of experience leading and growing a financial advisory practice.  As the CEO of Kuttin Wealth Management, a private wealth advisory practice of Ameriprise Financial Services, LLC, Jon helps guide the strategic vision of the practice as they seek to become known industry wide as a leadership development factory. Driven by a mission to build leaders and give back to the financial services industry, Jon regularly speaks and contributes articles on CPA alliances, leadership, acquisitions, recruiting, and other topics for numerous publications including Financial Advisor Magazine and Barron’s. His practice is headquartered in Hauppauge, NY and has offices across the country. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Melissa Bouchillon, CFP®, Managing Partner, Sound View Wealth Advisors There’s no doubt that the wirehouses provide a solid foundation for building a wealth management business. In fact, a recent Fidelity study shows that these massive firms employ some of the industry’s most productive advisors. Yet, for all that the big brokerages offer, advisors are still feeling limited in their ability to serve their clients and grow their businesses as they see fit. And regardless of the ties that bind them, movement out of the space continues to rise. For example, the guest on this episode was a producing manager at Merrill Lynch, running their office in Savannah, Georgia. As Resident Director and Market Leader, one of Melissa Bouchillon’s roles was to “encourage advisors” to sell bank products to their clients. Yet over time, her marching orders from the bank started to feel manipulative—the weight of which she could no longer take. In a conversation with her husband Kelly, who was part of the team, they came to the following conclusion: “If we’re going to do this for the next 20 years, it can’t be here at Merrill.” So, in March of 2018, they made the leap to independence, launching Sound View Wealth Advisors in Savannah. But it wasn’t all that simple: They had one member of their team in Merrill’s retire-in-place program CTP and would need cash upfront to repay the firm—as well as leave some assets behind. In this episode, Melissa discusses that decision in-depth, plus: What changed at Merrill—and how those pushes led them to acknowledge the pulls towards independence. How they were able to compensate a member of their team who recently signed on to CTP—and how “honoring their commitments” to this advisor drove their decision-making process. Why they chose to partner with Focus Financial—and the benefits of supported independence for those considering the leap. How a producing manager or Resident Director can remain loyal to the firm—and still embark upon exploration of other options. And ultimately, they made a conscious decision to leave $150mm of their $1B in assets behind—essentially shrinking with the intent to grow. And grow they did, projecting to be at $950mm by the end of 2020. Melissa shared so many words of wisdom, but most compelling was her thoughts about the psychological shift required to be a successful independent business owner: It’s about going from the mindset of an advisor who is focused on asset growth to the mindset of a fiduciary—which is all about how to serve clients best. Related Resources When Faced with a “Retention Deal,” Merrill Advisors Will Have 3 Options The conversation around a highly anticipated “retention deal” from Merrill Lynch has advisors wondering, “If I get the offer, what should I do?” Read-> An Update on Merrill’s Enhanced CTP: What it Means for Advisors, Their Next Gen and Clients A special episode with guest Vince Fertitta, Merrill breakaway executive, now President of Sanctuary Wealth. Listen-> Growing Up with Merrill Lynch: A Next-Gen Breakaway Story A conversation with ex-Merrill advisor Elizabeth “Lizzie” Evans, Managing Partner of Evans May Wealth, and Louis Diamond. Listen-> A Diehard Merrill Advisor’s Journey to Independence With Michael Henley of Brandywine Oak Private Wealth and Louis Diamond. Listen-> How a Legacy Merrill Team Experienced 600% Growth in 10 Years With Bill Loftus of Coastal Bridge Advisors and Mark Dupont of Focus Financial Partners. Listen->   Melissa Bouchillon: Melissa co-founded Sound View Wealth Advisors to create an independent, boutique, client-focused firm. She truly cares about her clients and creating a positive impact on their financial lives. Melissa spends a lot of time getting to know her clients’ goals in order to create detailed, customized financial plans that incorporate all aspects, including cash flow management, gifting strategies and estate planning techniques aimed at providing intergenerational help to families to secure their financial futures. This plan then serves as a roadmap to build out customized investment strategies that help protect and preserve her clients’ wealth. Before Sound View Wealth Advisors, Ms. Bouchillon joined Merrill Lynch in 2004. During her time at Merrill Lynch, she served as a First Vice President-Wealth Management with the Bouchillon, Ham & Dekle Group and Senior Resident Director managing the Skidaway Island Office. She is a Certified Financial Planner™ , a designation awarded by the Certified Financial Planner Board of Standards, Inc. In addition to her passion for helping her clients, Melissa is on the board of organizations near and dear to her heart, including the Landings Military Relief Fund, Marshes of Skidaway Island and the Savannah Music Festival. She is a wife and mother, an active runner and an avid volunteer. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Rush Benton, Senior Director, Strategic Growth of CAPTRUST and Louis Diamond The ability to serve clients without conflict and with complete objectivity is typically the reason many advisors choose to build their own independent firms. Because as an RIA, advisors can design and grow their practices as they see fit—liberated from the corporate agenda that is part of the fabric of brokerage firms. And it is through this “liberation” that we’ve seen the growth of several massive RIA firms making headlines through smart acquisition practices alongside solid organic growth. One such firm, CAPTRUST, launched back in 1997 when Fielding Miller and David Perkins broke away from the regional brokerage firm Interstate/Johnson Lane to pursue an “innovative fee-based advisory approach” and fulfill their commitment to ensuring complete objectivity in all client interactions. It was a journey they started with just $2.5mm in revenue and client assets under advisement of $400mm. 2 years later, assets grew to $1B. And now, 2 decades later, the firm reports over $400B in assets under advisement. It’s a success story that revolves around a firm’s determination to build upon the commitment and vision of its founders, as Rush Benton, CAPTRUST’s Senior Director of Strategic Growth, describes it. He joined the firm back in 2013 after serving as co-founder and CEO of WealthTrust, one of the first consolidators of RIAs. Today, Rush leads the company’s wealth management acquisition efforts, in search of what he describes as “durable firms” looking to be acquired. So when it comes to growth through acquisition, Rush knows his stuff. In this episode, he and Louis Diamond have a spirited conversation, including: The backstory to the firm’s success—and how the founder’s vision guided their growth from $400mm in AUA to $400B in just two decades. What CAPTRUST does to foster growth, garnering a $1.25B valuation—and even more specifically, how the firm manages this growth through what Rush calls “sustainable scale.” Their methodology of pursuing scale in two distinct yet interconnected market segments—and how this impacts their growth trajectory, as well as that of advisors under their umbrella. The challenges, headwinds and opportunities facing financial advisors—and specific issues facing the 401k consulting market that is leading to M&A activity. The decision to take on a minority investor—and how a cash inflow from GTCR will influence their M&A strategy. Fielding and David started their journey with the goal of “sitting on the same side of the table as the client and acting as a real fiduciary.” And the result of building upon this vision has led to the creation of one of the industry’s largest independent firms. It’s firms like CAPTRUST that have demonstrated the true potential of the independent space—and provide many learning experiences for both independent firm owners looking to gain scale and prospective breakaways who have their sights set on building an enterprise. Related Resources What’s the ‘Real’ Value of a Financial Advisor’s Business? Headline-making M&A deals in the independent space have many employee advisors wondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Read-> 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-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> The Bigger Picture for Independent Advisors: How to Monetize Your Life’s Work in the Long-Term While the freedom and flexibility of the independent space is attractive to many, it’s the long-term economic potential that’s the real draw for entrepreneurial-minded advisors. Read->     Rush Benton: As senior director for strategic growth, Rush leads the company’s wealth management acquisition efforts by sourcing durable firms looking to be acquired and cultivating collaborative negotiations between CAPTRUST and those prospective wealth acquisitions. Since joining the firm in 2013, Rush has been a critical piece of growing the CAPTRUST’s private wealth assets through the acquisition of independent, fee-based registered investment advisors (RIAs). Prior to joining the firm, Rush served as co-founder and CEO of WealthTrust, one of the first consolidators of RIAs. Rush earned a Bachelor of Arts degree in economics from Vanderbilt University and holds the Chartered Financial Analyst (CFA®) designation. He has been in the industry since 1984. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…