The Diamond Podcast for Financial Advisors

A conversation with Mark Sear and David Hou, Managing Partners of Evoke Advisors In our last episode, Mark Sear and David Hou shared the early chapters of their incredible journey—breaking away from Merrill Lynch in 2008 to form their own RIA firm Luminous Capital, and in 2012 selling that firm to First Republic Bank for a whopping $125mm. In this episode, Mark and David pick up where that story left off: That is, with their 2019 announcement that they would be leaving First Republic to form a new RIA firm, Evoke Advisors. It’s a rare glimpse into the mindset and motivation of two top advisors who were breakaways not once, but twice—and their quest to remove limitations that were impeding their efforts to build a “new paradigm for wealthy families.” This in-depth conversation digs into… Their thoughts on running a wealth management practice as an employee versus an independent business owner—and how each affects an advisor’s ability to grow his business. How building an RIA in 2019 is very different than it was in 2008—and what Mark and David learned the first time around that informed their decisions for Evoke Advisors. The role inorganic growth plays in their new firm—and what it’s like to be on the other side of the M&A table. Their view of retire-in-place programs—and the potential impact on client services. Mark and David share many lessons for advisors in these two episodes but there’s one in particular that stands above all others: Always do what’s best for the clients. If you haven’t listened to part one of this series, you can listen to it here.   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-> 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-> 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-> Industry Update: Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors The 3rd of a 3-part series on the landscape of the wealth management industry explores today’s boutique firms – a quasi-independent model – focusing on the top 2 firms in particular: Rockefeller Capital Management and First Republic Wealth Management. Listen-> What It Really Takes to Build an RIA Firm—with Matt Sonnen, PFI Advisors It’s no small task to build an RIA firm. There are some breakaway advisors willing to do the heavy lifting on their own, others do not have the capacity, time nor desire. In this podcast episode, Matt Sonnen of PFI Advisors gives a realistic view of resources and requirements, plus compares and contrasts the different paths you can take. Listen-> An Investment Banker’s Perspective on Building a Firm for Maximum Value—with Liz Nesvold of Silver Lane Advisors In this podcast episode, Liz Nesvold, founder and managing partner of Silver Lane Advisors, joins Mindy to explore what it means to build your business with the end in mind, and why it’s one of the most critical directives an RIA firm owner should follow. Listen->   Mark Sear: Mark is a Managing Partner at Evoke-ARIS. Mark has served as a financial advisor to wealthy families and institutional investors since 1993. He began his career at Goldman, Sachs & Co. and five years later joined Merrill Lynch to help build the Private Banking and Investment Group. In 2008, Mark and his partners founded Luminous Capital, which First Republic Bank acquired in 2012. While at First Republic, Mark served as a Senior Managing Director. Barron’s and Forbes have ranked Mark perennially as one of Top 100 Wealth Advisors in the country. Mark received his BS in business from the University of the Pacific (UOP) and an MBA from the Leavy School of Business at Santa Clara University. He was an NCAA collegiate golfer at UOP, and is an active supporter of SCS Noonan Scholars, a foundation providing funding and support for intercity college-bound youth. Mark lives in Manhattan Beach with his wife and has two adult children.   David Hou: David is a Managing Partner of Evoke-ARIS. He has served as a financial adviser to wealthy families and institutional clients since 1992. David began his career in the Goldman, Sachs & Co. Private Client Services Group and six years later joined Merrill Lynch to help build the Private Banking and Investment Group. In 2008, David and his partners founded Luminous Capital, which First Republic Bank acquired in 2012. While at First Republic, David served as a Senior Managing Director and was a member of the Altair Alternative Investment Committee, the bank’s private investments platform. Barron’s and Forbes have ranked David perennially as one of the Top 100 Wealth Advisors in the country. David received a BS in economics/business from UCLA and an MBA from the UCLA Anderson School of Management. He is an advisory board member of the UCLA Anderson School Fink Center for Finance and Investments. He also is a trustee and chair of the Finance Committee at Carlthorp School in Santa Monica. David is an active supporter of SCS Noonan Scholars, a foundation providing funding and support for inner-city college-bound youth. David lives in Pacific Palisades with his wife and four children. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Mark Sear and David Hou, Managing Partners of Evoke Advisors In May of 2008 – just 4 months before Bank of America would acquire Merrill Lynch – one of the biggest breakaway stories in the history of the space hit the Street. Mark Sear and David Hou, managing more than $5B in assets, would leave Merrill—becoming part of an exclusive group of pioneers of the independent movement that would forever change the face of wealth management. The team started their journey at Goldman Sachs, leaving in 1997 to join Merrill with a reported $1.6B in assets and a good deal of knowledge in working with ultra-high net worth clients. After their departure from Merrill in 2008, they formed RIA Luminous Capital and grew it to $5.5B in assets—before making history again in 2012. That’s when they sold the firm to First Republic Bank – itself a Merrill breakaway, of sorts – for a headline-making deal of $125mm—which even Liz Nesvold, who represented First Republic in the acquisition, called a “marquee deal.” But this incredible story doesn’t end there—because in 2019 Sear and Hou decided to leave First Republic and the rest of the Luminous team to form a new RIA, Evoke Advisors. Their story is nothing short of amazing on so many levels. First off, to make the break back in 2008 – at a time when independence was in its infancy – meant taking the biggest leap of faith ever. The cottage industry designed to support breakaways was non-existent at the time—it was a “build your own” world. Yet, even with all of the support now available, to split the team up and make the leap again—well, takes some extraordinary mettle. No doubt, it’s trailblazers like Mark and David who set in motion a movement that has incredible momentum—with more and more advisors opting for the freedom and flexibility of independence every day. In part 1 of this 2-part episode, the team talks about the first few chapters of their incredible journey, including: What drove them to leave Merrill in 2008—and make the leap to independence at a time when it wasn’t in vogue to do so. What it was like to build an RIA with limited external support—and what they learned from the process. Why they chose to sell Luminous to First Republic—and what factors drove their decision. What life was like at First Republic—and how that compared to their experience as employees at Merrill and as an independent firm. Why they chose to leave First Republic—and how they explained the move and formation of the new firm, Evoke Advisors, to their clients. It’s rare access to hear firsthand what it’s like to make the leap to independence not once but twice, plus the overarching motivation in their decision-making process. That is, to create a sophisticated Multi-Family Office focused on serving the best interests of their clients—the latter which is the imperative that drives them. Part 2 of this episode is now available. Click here to listen in…   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-> 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-> 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-> Industry Update: Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors The 3rd of a 3-part series on the landscape of the wealth management industry explores today’s boutique firms – a quasi-independent model – focusing on the top 2 firms in particular: Rockefeller Capital Management and First Republic Wealth Management. Listen-> What It Really Takes to Build an RIA Firm—with Matt Sonnen, PFI Advisors It’s no small task to build an RIA firm. There are some breakaway advisors willing to do the heavy lifting on their own, others do not have the capacity, time nor desire. In this podcast episode, Matt Sonnen of PFI Advisors gives a realistic view of resources and requirements, plus compares and contrasts the different paths you can take. Listen-> An Investment Banker’s Perspective on Building a Firm for Maximum Value—with Liz Nesvold of Silver Lane Advisors In this podcast episode, Liz Nesvold, founder and managing partner of Silver Lane Advisors, joins Mindy to explore what it means to build your business with the end in mind, and why it’s one of the most critical directives an RIA firm owner should follow. Listen->   Mark Sear: Mark is a Managing Partner at Evoke-ARIS. Mark has served as a financial advisor to wealthy families and institutional investors since 1993. He began his career at Goldman, Sachs & Co. and five years later joined Merrill Lynch to help build the Private Banking and Investment Group. In 2008, Mark and his partners founded Luminous Capital, which First Republic Bank acquired in 2012. While at First Republic, Mark served as a Senior Managing Director. Barron’s and Forbes have ranked Mark perennially as one of Top 100 Wealth Advisors in the country. Mark received his BS in business from the University of the Pacific (UOP) and an MBA from the Leavy School of Business at Santa Clara University. He was an NCAA collegiate golfer at UOP, and is an active supporter of SCS Noonan Scholars, a foundation providing funding and support for intercity college-bound youth. Mark lives in Manhattan Beach with his wife and has two adult children.   David Hou: David is a Managing Partner of Evoke-ARIS. He has served as a financial adviser to wealthy families and institutional clients since 1992. David began his career in the Goldman, Sachs & Co. Private Client Services Group and six years later joined Merrill Lynch to help build the Private Banking and Investment Group. In 2008, David and his partners founded Luminous Capital, which First Republic Bank acquired in 2012. While at First Republic, David served as a Senior Managing Director and was a member of the Altair Alternative Investment Committee, the bank’s private investments platform. Barron’s and Forbes have ranked David perennially as one of the Top 100 Wealth Advisors in the country. David received a BS in economics/business from UCLA and an MBA from the UCLA Anderson School of Management. He is an advisory board member of the UCLA Anderson School Fink Center for Finance and Investments. He also is a trustee and chair of the Finance Committee at Carlthorp School in Santa Monica. David is an active supporter of SCS Noonan Scholars, a foundation providing funding and support for inner-city college-bound youth. David lives in Pacific Palisades with his wife and four children. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

Louis Diamond, an industry expert and partner at Diamond Consultants, discusses the seismic shifts at Goldman Sachs as they dive into the RIA custody business. He explores how this move could disrupt traditional finance and the implications for Goldman Private Wealth Advisors. With insights on Goldman's strategy, potential revenue motives, and competitive responses from firms like Morgan and UBS, Louis also considers how this shift might attract breakaway advisors and family offices looking for new opportunities. A compelling analysis of what's ahead!

A conversation with the former UBS leader and current member of the Steward Partners Board of Directors He was “in the room where it happened.” With nearly 4 decades in wealth management, you can say that Bob Mulholland not only witnessed a world of change—he participated in it. Because there are few people in this industry that can claim Bob’s experience—which started off at Merrill Lynch, first as an advisor and then as Head of Merrill Lynch’s Client Relationship Group managing over 14,000 advisors in North and South America. After 25 years at Merrill, Bob served as the President of Sound Securities, LLC, an execution-only broker dealer. Yet it was in 2009 that many feel came the most pivotal point in Bob’s career. That’s when his former Merrill colleague and then-UBS Americas CEO Bob McCann tapped Bob to join him on what McCann called his “renewal team” at the struggling UBS wealth management unit. Unfortunately, UBS was in tough shape following the 2008 crisis. Industry media reports that advisor headcount within the wealth management group dropped over the next 3 years from 8,248 to 6,796, and $32 billion in client assets walked out the door. But as many will tell you, Bob played a key role in the turnaround of the firm. As McCann’s second in command as the Head of The Wealth Management Advisor Group, Bob oversaw some 7,000 advisors, plus UBS’s investment products and services platform. He retired from UBS in 2015 and in May of this year was named to the Board of Directors for Steward Partners. Bob joins the show to share his experience and wisdom on a much-evolved industry, including: What life was like at Merrill and UBS during his tenure—and what changes he saw at the firms and the wirehouse space over time. What he sees as the key factors that are driving advisors towards independence—and whether or not the wirehouses are viewing this shift as a threat. What he thinks big firms will do to stem the tides of attrition—and whether they will launch independent channels of their own. How Bob views retire-in-place “sunset programs” like Merrill’s CTP and UBS’s ALFA—and if these programs are good for advisors and their next gen. What he sees as the biggest changes in the industry—and what Bob anticipates for the future. Plus, he offers his advice for up-and-coming advisors and how they should be planning their future in the wealth management world. There are many pearls of wisdom in this episode, but it’s perhaps Bob’s perspective on what wirehouse leaders can do to stave off attrition and create more trust and loyalty amongst the advisor force that was most compelling: That is, to give them hope, respect, more open communication, and a place to come to work that they enjoy. There are few opportunities to get candid access to someone with this level of “insider’s knowledge”—making it an episode worth listening to. Related Resources Choosing the right path to independence: Do you bet it all on yourself or another firm? Weighing the value of what you’re gaining vs. what you’re giving up when deciding between independent models. Read-> A Best-of-All-Worlds Model: Full-Service Independence with Equity Upside A Conversation with Jim Gold, CEO and Founding Partner of Steward Partners. Listen-> Multi-Generational Teams at a Crossroads: Wirehouse Sunset Program or Independence? An in-depth look at the opportunities and options for retiring advisors and the next gen from an expert on the topic, Justin Weinkle, Director of Strategic Analysis at Dynasty Financial Partners. Read->     Bob Mulholland: Bob Mulholland is a long-time financial veteran with more than thirty-six years of experience in the industry. He spent twenty-five years at Merrill Lynch, starting as an advisor and then eventually becoming Head of Merrill Lynch’s Client Relationship Group, encompassing 14,400 advisors in North and South America. Bob spent five years as President of Sound Securities, LLC, an execution-only broker/dealer. He would go on to transition to UBS in 2009, where he served as Head of The Wealth Management Advisor Group. In that role, he oversaw nearly 7,000 advisors, including UBS’ investment products and services platform, and was instrumental in the revival and turnaround at UBS. He retired from the firm in 2015. Mr. Mulholland is a graduate of Lehigh University and completed the Advanced Management Program at Harvard University. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Steve Sanduski, podcast host, coach, consultant and founder of Belay Advisor Success means something different to everyone. For some advisors, it’s a lifestyle practice that allows them to make a good living with a client base that’s happy and content. Yet for others, there’s a stronger focus on growth—maximizing business value and building a lasting legacy. In this episode, we take a look at achieving growth, more specifically how to take a giant leap—for example, going from managing assets of $500mm to $5B or more. And such an extraordinary level of growth can only be achieved through a careful combination of mindset and practice. To explore that process, Steve Sanduski CFP® joins the show. Steve is one of those guys top financial advisors turn to when they are trying to identify their secret sauce for success. He built his career on guiding advisors on the subject of growth, including his work with Ron Carson of Carson Wealth Management to launch PEAK Advisor Alliance, a coaching program based on Carson’s success principles. Steve later formed his own advisor coaching firm, Belay Advisor, and then took it one more level as a partner in a firm that offers a suite of digital tools, comprehensive training and marketing support for financial advisors. Plus, he’s a New York Times bestselling author, and the host of several top-rated podcast shows. In this episode, Steve taps into over 3 decades of experience to provide 5 key action items for advisors who are looking to answer the threshold question: “What does it take to get from $500mm to $5B?” Plus, he discusses some of the concerns that advisors share with him – and how to resolve each – including: What the real barriers to success are for many advisors. What some advisors describe as their biggest issues when it comes to growing and managing a business. What firms need to do to prepare for acquisition mode. How the right marketing and messaging help to drive business success. And much more. It’s a conversation on success, growth and mindset that advisors at all levels – no matter where they practice – can learn from. Related Resources What got you here, won’t necessarily get you there (part 1) The 4 drivers that independent firm principals need to focus on to enhance growth, enterprise value and their position in the M&A marketplace. Read-> What got you here, won’t necessarily get you there (part 2) Four key strategic initiatives for independent firm principals to consider when creating a roadmap to enhance enterprise value. Read-> Why do independent advisors grow faster than their wirehouse counterparts? Drilling down to what’s behind the turbo-charged growth in the independent space, and how those same factors help improve client service. Listen->   Steve Sanduski CFP®: Steve is the founder of Belay Advisor. Belay offers coaching and training programs for financial advisors. He’s also the co-founder of ROL Advisor, a company that offers Life-Centered Planning technology and training that helps advisors put their client’s life at the center of the conversation not their money. Previously, Steve was the Managing Partner of Peak Advisor Alliance, a business coaching and training resources company that grew from 0 to 1,000 coaching clients during his 11 years of managing the company. Steve is a New York Times Bestselling author and the co-author of two books: • Tested in the Trenches: A 9-Step Plan for Success as a New-Era Advisor (it has become one of the most sought after practice management books in the industry) • Avalanche: The 9 Principles for Uncovering True Wealth (became a New York Times bestseller and a Wall Street Journal #1 bestseller) Steve is also a frequent contributor to the trade press including Financial Advisor Magazine. He’s the host of Between Now and Success, which is one of the most popular podcasts in the financial industry. On the podcast, Steve interviews top financial industry leaders as well as other accomplished professionals from around the world who have messages that can benefit financial advisors. This podcast is also available on…                          Browse other episodes in this podcast series…

It’s hard to comprehend how much has changed since March of 2020. Here we are, some 6 months later and there is still no telling how our world will change permanently into the future. Perhaps the biggest change foisted upon the business of wealth management as of late came with the requirement to work from home. According to a new survey by Broadridge Financial Solutions and as recently reported by On Wall Street, nearly 60% of advisors are still working from home and 27% are either unsure about going back to the office or have no plan to do so in the near term. Yet the reality is that working from home has its pros and cons. This episode delves into: What advisors are doing differently in the WFH environment—and how this is impacting their mindset when it comes to their futures. How firms are dealing with accountability—and how this is affecting the way advisors conduct their businesses and lives. What’s been the single biggest change in client relationships—and how this is causing a shift in motivations for advisors, as well as a drive towards greater movement. What advisors learned about their firms during this time—and what they learned about themselves. It’s a show that discusses how this sea change is driving change in an already evolving landscape—and a topic that impacts each and every advisor—no matter where they practice.     Related Resources 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-> 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-> Why 2020 is Still Expected to be a Great Year for Recruiting As the dust is starting to settle from the COVID crisis, 5 key principles have remained intact, leaving behind good news for those considering change. 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->   This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with Peter Mallouk – President & CEO, Creative Planning, LLC. Many suspected a drawback on the heels of a record-setting year in mergers and acquisitions—particularly in light of the pandemic. Yet, as TD Ameritrade Institutional reported in their 2020 Q1 and Q2 report on M&A activity, the first half of the year was yet another record-breaker with 80 transactions. More than the 75 reported for the same period in 2019. More than any 6-month period looking back over 2 decades. It seems that despite Covid, a roller-coaster market, and changing valuations, buyers still see independent firms as a great investment. Yet it’s the mega-RIA firms that seem to have an incredible appetite in the space as of late. One such firm, Creative Planning, made headlines three times in the span of just a few weeks this summer with acquisition announcements: Two in mid-August totaling $750mm and a $1.7B deal the 1st of September. Peter Mallouk, President & CEO of the $55B Overland Park, Kansas-based RIA firm, seems to be on a tear these days, driving inorganic growth like never before. He joins the show to discuss the firm’s extraordinary growth, including: Why he purchased the nascent RIA firm in 2004—and how he grew Creative Planning from $30mm in assets to $500mm in just 4 years, and then to $11.8B 5 years later. How a firm like Creative Planning differentiates from a crowded and competitive RIA marketplace—and what key value proposition continues to drive their growth. What’s behind the recent shift from organic to inorganic growth—and how that decision plays into the firm’s strategic plan. What value the firm derives from custodial referral programs—and how this relationship has impacted Creative Planning’s overall growth. What makes an attractive acquisition target for the firm—and what’s in it for a seller to be a part of a firm with the size and scale of Creative Planning. Peter shares that he has a goal to grow Creative Planning to $100B—and so far, he’s demonstrated he’s on track. As such, his advice for firms looking to sell should be heeded: With valuations at an all-time high, now is the time. Listen in to learn more about his focused practices for growth—and gain valuable knowledge, regardless of whether you sit on the buyer’s or seller’s side of the table. 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-> Looking at M&A from the Acquirer’s Side of the Table Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners. Listen-> Looking at M&A from the Seller’s Side of the Table Part 2 of a 2-Part Series on M&A—A conversation with Jeff Concepcion, Founder and CEO of Stratos Wealth Partners, and special guest host Louis Diamond. Listen->   Peter Mallouk: Peter Mallouk is the President of Creative Planning and affiliated companies. Peter’s companies provide comprehensive wealth management services to its clients, including investment management, financial planning, charitable planning, retirement plan consulting, tax, and estate planning services. Creative Planning provides wealth management services to clients, manages over $50 billion for clients in all 5O states and abroad, is featured as the #1 Independent Wealth Management Firm in America by Barron’s, (2017) and has been featured on CNBC’s only two wealth manager rankings as the ‘#1 Wealth Management Firm in America’ (2014 and 2015). The New York Times, in an article about the firm, said “Creative Planning is at the vanguard of a profound shift in finance.” (2017)Peter has been featured in Barron’s as one of the ‘Top 100 Independent Financial Advisors in America,’ and is the only advisor to have ever been featured at #1 for three consecutive years (2013-2015). Peter is featured on Worth magazine’s ‘Power 100′, featuring the most powerful men and women in global finance (2017). Creative Planning was featured in Forbes in 2016 as the #1 RIA for growth over the last 10 years, and Financial Times’ ‘Top RIA List’ (2014-2018). Creative Planning is also featured in Ingram’s magazines’ issues on ‘Best Places to Work’ and ‘Most Charitable Organizations.’ Peter graduated from the University of Kansas in 1993 with four majors, including degrees in Business Administration and Economics. He went on to earn a law degree and Master of Business Administration in 1996, also at the University of Kansas. Peter has also earned the CERTIFIED FINANCIAL PLANNER™ designation. Peter is the founder, current executive board member, and former five-year Chairman of KC CAN!, an organization of volunteers dedicated to improving the quality of life of children in Kansas City. Peter is a recipient of the Ernst & Young Entrepreneur of the Year Award. Peter and his wife Veronica are the recipients of the Giving the Basics Human Dignity Award for their contributions towards helping those less fortunate meet basic needs, and recipients of the Variety Presidential Citation Award for their work supporting those with special needs. Peter has served on Boards of Pathway to Hope, American Stroke Foundation, St. Michael’s Finance Council, Kansas City Hospice and KCCAN! Peter is married to Veronica and has three children, Michael, JP, and Gabby.   This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with Special Guest Louis Diamond Whether you’re a wirehouse advisor or already independent, the inevitable challenges you will face at some point in your career are the same: Accelerating growth, creating scale and monetizing your life’s work. For advisors who may be thinking about independence, how to access transition capital and de-risk your move may be your primary considerations. And even the most captive of financial advisors recognize that they are building businesses with real enterprise value—and as such, the decision around how and when to monetize is worthy of serious consideration. The good news for advisors looking to monetize is that there’s no shortage of investors. Yet that leaves plenty of questions for those looking to “sell” all or some portion of their business. Louis Diamond joins the show to answer those questions we’re most frequently asked, including: Who are the investors in the space? How are deals structured? Why would an advisor choose to sell all or a minority portion of his business? How much control does an advisor have to give up? What’s the downside of selling to an investor? Why has the minority investor trend accelerated? Why is this subject relevant to an advisor at a traditional brokerage firm? As Peter Mallouk, the president and CEO of the $55B+ firm Creative Planning, shares on an upcoming show, “With valuations at an all-time high, it’s a good time to consider your options.” And now is the time to get educated on a world of choice unlike ever before.     Related Resources Industry Update: Understanding the Real Value of a Financial Advisor’s Business A conversation on valuation with special guest Louis Diamond. Listen-> 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-> Looking at M&A from the Acquirer’s Side of the Table Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners. Listen-> Looking at M&A from the Seller’s Side of the Table Part 2 of a 2-Part Series on M&A—A conversation with Jeff Concepcion, Founder and CEO of Stratos Wealth Partners, and special guest host Louis Diamond. Listen->   This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with Jason Fertitta, President / Partner of Americana Partners Many advisors struggle with the idea of independence being a viable option for them—particularly if a portion of their book of business is not portable. Then the decision to stay or go rests on the calculus of whether they’re willing to leave some of their assets behind for the potential of being able to better serve their core customers and grow their businesses with greater freedom and flexibility. Essentially, getting smaller to ultimately get bigger. That’s what Morgan Stanley breakaway Jason Fertitta and his team did in April of 2019: They opted to leave behind two-thirds of their $6B in assets when they left Morgan to build independent firm Americana Partners in Houston, Texas. It was amongst the biggest breakaway stories of the year—and certainly one that demonstrates an extraordinary level of courage and self-belief. Because the leap to independence requires a good deal of fortitude in and of itself—and those who leave chips on the table do so with an exceptional level of confidence in their mission, vision and values. What’s also extraordinary about Jason’s story is that being a wealth management rock star wasn’t on his initial career path. He started out as a print salesman in the financial industry and, as he shares, developed an interest in investing when he came into some money by way of a settlement with a former employer. Jason joined the Lehman Brothers training program back in 2000, and in 2001 won just one of four spots for what they called “non-traditional hires.” Then, with the fall of Lehman in 2008, he moved over to Morgan Stanley. In less than 20 years, Jason went from print sales to Lehman trainee and on to building a $6B business. Jason discusses his journey in this episode, including: The drivers behind Jason and his team’s decision to leave Morgan Stanley while at the top of their game—and how they were able to justify walking away from a good portion of their assets. The limitations of working under the umbrella of a big brokerage firm—and whether their clients balked at the notion of leaving a big brand like Morgan behind. The options they considered in their exploration process—and why independence was the path they chose. And how the weight of asset hurdles is no longer bearing on them, allowing Americana to fully focus on delivering more of what their high net worth clients really want. As Jason put it, “The industry is in the midst of a big sea change.” As such, there are more options than ever before that allow advisors to serve their clients and grow their businesses. For Jason, he says it’s about asking yourself what’s best for your clients. And that answer led him and his team down the path they felt was best for everyone’s future. It’s a powerful and engaging conversation that demonstrates the real potential advisors have to grow the business of their dreams—one not to miss! Related Resources 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-> 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-> 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->   Jason Fertitta: Jason is currently President / Partner of Americana Partners. Jason was a Managing Director in Morgan Stanley’s Private Wealth Division for eleven years. He joined Morgan Stanley in 2008 after six years with Lehman Brothers High Net Worth Division. Prior to joining Lehman Brothers, Jason worked six years for Texas Direct. Jason serves on the Board of The Good Samaritan Foundation and Endowment and the Houston Museum of Natural Science. Jason attended St. Edwards University in Austin.   This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation on valuation with special guest Louis Diamond Advisors who are employees of brokerage firms, particularly the wirehouses, face some tough questions as they think about how they want to retire from the businesses they’ve built. Is their current firm the right place at which to leave their legacy? Is it right for their clients, their team and their next gen inheritors?  Is it possible that there’s a better opportunity for all stakeholders? And is making a move relatively late in the game worth the hassle?  Diamond Consultants’ resident expert on M&A, Louis Diamond, joins the show to take a deeper dive into a topic that Mindy Diamond covered in a recent article for Forbes, “What’s the Real Value of a Financial Advisor’s Business.” Together they discuss: The value of sunset or retire-in-place programs—and whether it’s the right path for both the senior advisor and his successor. What senior advisors and next gen inheritors need to consider when presented with their firm’s retirement package—and how successors will be agreeing to “buy” a business they may never own. Whether an advisor’s business value can be maximized under a brokerage umbrella—and what 2 key factors they need to consider. And, ultimately, why so many wirehouse advisors choose to go independent—especially when they are on the back 9 of their careers. Louis shares 3 valuation scenarios that serve as the basis for these questions that advisors are asking: How can it make sense to go independent where there’s no upfront money, when I can get a 300%+ deal from another major firm or opt-in to my firm’s retiring advisor program? How do I rationalize giving up the bird-in-the-hand – that is, a retire-in-place program – with a preset multiple and without the hassles of going through a transition? How do I build a business for maximum enterprise value? How do you arrive at the valuation of an independent firm? It’s a fact-filled episode which shares actionable data and advice for those at traditional brokerage firms—whether they are seasoned advisors considering their next chapter, or the next gen who is exploring how to build a business poised for maximum value.   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-> Multi-Generational Teams at a Crossroads: Wirehouse Sunset Program or Independence? An in-depth look at the opportunities and options for retiring advisors and the next gen from an expert on the topic, Justin Weinkle, Director of Strategic Analysis at Dynasty Financial Partners. Read-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> The Math Behind the Move to Independence Why so many advisors are going indy, even with stiff competition from hefty brokerage firm transition deals. Read-> This podcast is also available on…                          Browse other episodes in this podcast series…