The Diamond Podcast for Financial Advisors

A conversation with Lawrence Calcano, Chairman and CEO of iCapital Network There was a time not long ago when advisors at the big brokerages had the “edge” over independent firms when it came to accessing the most robust inventory of alternative investments – such as private equity and hedge fund options – for their wealthiest clients. “Alts” as they’ve come to be known were once largely out of reach for those in the independent space—primarily because the strategy, negotiations, tax reporting and ensuing paperwork were far too complicated and best left to those at the big banks. But gaps in service offerings like these are opportunities for smart firms—and a growing part of the industry where new platforms emerge regularly to fill holes as they appear. And that’s exactly what the guest on this episode did. In 2013, Lawrence Calcano helped to launch iCapital Network, a platform designed to close the gap for advisors who previously could not go independent without losing some, if not all, of their private fund access. When it comes to alternative investments, RIAs no longer need to be at a big bank or have deep pockets to manage research, buying and advisory services, as iCapital’s platform allows them to do so through cutting edge technology—opening up greater potential to serve more clients better. It’s firms like iCapital that are leveling the playing field between brokerage firms and independence—representative of true open architecture and giving independent advisors the ability to “shop the Street” for best-in-class offerings for their clients. And platforms like iCapital address one of the most frequently raised concerns from advisors: “My clients are all ultra-high net worth. My fear is that by going independent, I would lose access to best-in-class solutions and opportunities.” In this episode, Lawrence discusses the evolution of the alts space and the role iCapital plays in the momentum of change, including: How their platform is democratizing access to alts—and how iCapital has impacted advisors’ abilities to serve their clients regardless of whether they are independent or affiliated with a brokerage firm. What’s behind iCapital’s amazing growth from $8B in client assets to a reported $55B in just the past year—and how recent funding from some of the biggest names in the business and partnerships play into their future. How firms like iCapital are building new pathways towards independence—and what this means for advisors who are thinking about making the leap. Lawrence makes it clear just how much the ecosystem that supports breakaways has expanded, and that both access and ease of use have been democratized. And this expansion is good for the industry—clients and advisors alike. Related Resources 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-> 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-> 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->   Lawrence Calcano: Lawrence is Chairman and Chief Executive Officer of iCapital Network. He began advising and working with iCapital shortly after its 2013 founding to lead key strategic and business development initiatives. Lawrence was a partner at Goldman, Sachs & Co., where he spent 17 years, most recently serving as the co-head of the Global Technology Banking Group of the Investment Banking Division. He serves on the Boards of the Mental Health Association of New York City and Capitol Acquisition V, a Special Purpose Acquisition Company. Lawrence was named to the Forbes Midas List of the most influential people in venture capital in 2001, 2002, 2004, 2005 and 2006. Lawrence received a BA from the College of the Holy Cross and graduated from the Amos Tuck School of Business at Dartmouth College as a Tuck Scholar. This podcast is also available on…                          Browse other episodes in this podcast series…

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. No doubt, the term “boutique firms” may conjure thoughts of the past legends—that is, Lehman Brothers, Credit Suisse, Deutsche Bank and Bear Stearns. However, today’s boutique firms are a “new and improved” version—an independent-like model where advisors have the control and freedom that come with independence but work under a W-2 construct. And while on the surface, for many it’s a model that sounds attractive—yet it’s what’s under the hood at that is most attractive to top teams. In this episode, Mindy explores the boutique model, focusing on the top 2 firms in particular – Rockefeller Capital Management and First Republic Wealth Management – to identify: Why these firms are so attractive to cream-of-the-crop advisors and teams. What deals look like at these firms. What qualifications these firms look for in an advisor. How the leadership at these firms has evolved the model and is driving greater interest from advisors. How technology, platform and support compare to other models. What other unique features each firm offers. So listen in to learn about a model that will continue to be a popular destination for advisors—because it checks off all of the boxes of what many of these folks are looking for. Ultimately, it’s an exciting time to be an advisor—with more options, and a greater likelihood that most any advisor at any level can find their own version of utopia.     Related Resources Quasi-Independence: The Super-Sophisticated Boutique Model Taking the Industry by Storm It’s safe, flexible and worthy of your consideration—even though some of the names may not be all that familiar just yet. Read-> 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-> The Rockefeller Effect: Why the Multi-Family Office Model Has Become the Talk of the Industry What is it about Rockefeller Capital Management – and other firms like it – that’s driving such a high level of interest amongst the industry’s elite? Read-> Rockefeller Capital Management Demystified A Conversation with Chris Dupuy, Managing Director and Chief Operating Officer. Listen-> At a Glance: The 2020 Landscape of the Wealth Management Industry The infographic that outlines the landscape continuum. Download-> This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with ex-Merrill advisor Elizabeth “Lizzie” Evans, Managing Partner of Evans May Wealth, and Guest Host Louis Diamond Retire-in-place programs at the big brokerage firms were designed to create both an opportunity for a senior advisor to monetize his life’s work, while offering the inheritor a chance to “buy” his book—a quick path to building the next gen’s business. But, as this once next gen inheritor shares, it may not be the best path. Elizabeth “Lizzie” Evans’ father was a 45-year veteran at Merrill Lynch—and built a practice that was literally a big part of Lizzie’s childhood. She and her family attended Merrill events and went on company trips; she even recalls a photo of her as a baby wearing an outfit with the Merrill bull logo on it. Essentially, Lizzie grew up with the firm. She later joined the “family business,” working at Merrill for 7-1/2 years with her father and now partner, Brooke May. And she’s the first to say that Merrill did an excellent job of creating a culture of excellence and a client-first mentality, with the best and the brightest advisor talent spawned from a wonderful training program. Then the “family feeling” at the firm started to disappear. The team was also becoming increasingly limited on what they could do to serve their clients and grow their business. And with her father having signed on to Merrill’s Client Transition Program (CTP), the firm’s retire-in-place agreement, she found herself at a crossroads: Stay with Merrill, consider a transition deal from another brokerage firm or make the leap to independence. So, along with Brooke, Lizzie’s husband Ian Flanagan and team members from Merrill, they formed independent firm Evans May Wealth in partnership with Sanctuary Wealth Partners, just over one year ago. In this episode, Lizzie shares her journey with guest host Louis Diamond and together they discuss: What senior advisors and next gen inheritors need to ask themselves when confronted with a sunset package—and how, as Lizzie shares, next gen advisors need to realize they are agreeing to “buy something they will ultimately not own.” What her father, a 45-year veteran of Merrill, thought about her decision to leave the firm—and how concerns over transitioning right on the heels of the CTP agreement influenced their thought process. What the real drivers were behind their decision to leave Merrill—and why they opted for independence instead of a recruiting deal at another firm, particularly at such a young age. What drew them to Sanctuary’s supported independence model—and why Lizzie and her partners felt that a fully independent model would dilute their client experience and investment discipline. What Evans May Wealth can do now that they could not do as employees of Merrill—and how that’s been a real gamechanger for their business. And ultimately, Lizzie paints a clear picture for senior advisors considering their firms’ sunset programs, as well as shares firsthand advice for next gen inheritors who are thinking about their own futures—a candid conversation that both populations can relate to. Related Resources 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-> 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-> 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-> 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-> Merrill Advisors Ask… Answers to the most frequently asked questions when considering a transition from Merrill Lynch. Download->   Elizabeth “Lizzie” Evans: Elizabeth (Lizzie) Evans, CFP®, is the founding and managing partner of Evans May Wealth. She was featured in Forbes Magazine’s Best-In-State Wealth Advisors in 2019, Forbes America’s Top Women Wealth Advisors in 2019, and Forbes Top Next-Generation Wealth Advisors in 2019, 2018, and 2017. Lizzie holds the CERTIFIED FINANCIAL PLANNER certification, which is awarded by the Certified Financial Planner Board of Standards, Inc., and enables her to take a planning-oriented approach to wealth management. Prior to transitioning Evans May Wealth to an independent firm, Lizzie was a Senior Vice President at Merrill Lynch. She serves as a board member of Sanctuary Wealth, advisory council of Central Indiana Community Foundation, and is active in her local Indianapolis community. This podcast is also available on…                          Browse other episodes in this podcast series…

Our last Industry Update focused on the landscape of the wealth management industry as a whole—and the vast array of options and opportunities for advisors of all shapes and sizes. In this episode, we start our deep dive into the individual models—beginning with the wirehouses and regional firms. You’ll learn the answers to some of the top questions we hear from advisors, including: What are the wirehouses and regional firms doing in terms of recruiting? What kind of transition packages are they offering? How actively are they recruiting? What are the primary differences between the firms? How likely are these firms to offer an independent option? Plus, get some inside baseball on each of the big brokerage firms—what’s changed and what we can expect going forward. It’s an episode that every advisor – regardless of where they practice – will learn from.   As an added bonus for listeners, we’ve developed an infographic – The Industry Landscape At-a-Glance – that outlines the continuum described in this episode. You can download it here. Did you miss the previous Industry Update, What the Wealth Management Landscape Looks Like Today? Listen in… Related Resources At a Glance: The 2020 Landscape of the Wealth Management Industry The infographic that outlines the landscape continuum. Download-> 10 Predictions for Financial Advisors in the Post-Crisis World In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. 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-> Redefining Regional Firms: It’s More About Culture Than Geography Regionals have emerged as the new hot spot for advisors looking for flexibility within the security of an employee-based model. Read->   This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with Marty Bicknell – CEO and President, Mariner Wealth Advisors The RIA space has grown in massive proportions over the last several years, with a number of mega-firms setting the pace through ambitious acquiring practices and smart recruiting of top talent. Yet it’s those firms that are continually looking for new ways to serve their clients and grow their businesses which are making the most waves. They’re building partnerships and investing in platforms to offer advisors under their umbrella the ability to do more with greater freedom and flexibility—that is, provide an attractive alternative to staying within the brokerage world or starting their own firm. And the guest on this episode seems to be going after all of the above in a big way. Marty Bicknell is CEO and president of Mariner Wealth Advisors, the $26B Overland Park, Kansas-based RIA firm that seems to be on a roll lately. For example, from January of 2019 through March of 2020, they closed 11 acquisition deals. And in April of this year, Mariner announced a partnership with Dynasty Financial Partners to create Mariner Platform Solutions, supported by back- and middle-office resources from Dynasty. Nationally ranked by Barron’s as one of the top 4 RIA firms for the last 4 years, Marty says he’s driven by a “client-first” mantra, guiding him to continue to look for new and better ways to serve clients and grow the business. And it all began in 2006 with just $300mm in assets. In this episode, Marty discusses… What started him on this journey of incredible growth—and what he is ultimately looking to achieve for Mariner. How Mariner differentiates itself in a crowded and competitive marketplace—and how separating business development from advice serves the firm’s value proposition. What key measures the firm took to impact growth—and how their acquisition process differs from that of their competitors. What Mariner looks for in a prospective seller—and what’s in it for sellers to join a firm with the size and scale of Mariner. Marty also shares advice for nascent firm owners and prospective breakaway advisors on how to build a firm designed for growth—and to become an appealing buyer or seller in the future. It’s a great opportunity to get in on a candid conversation with the driving force behind one of the industry’s leading RIA firms. Related Resources Exploring M&A: Finding the perfect match between buyers and sellers Acquirers typically fit into one of 4 profiles: Here’s how to identify which types of sellers will align best with each. Read-> Strategically Exploring M&A in the Independent Landscape Which of the 4 types of acquirers would be a good fit for your business? Read-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. 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->     Marty Bicknell: As the CEO and president of Mariner Wealth Advisors, Marty drives the strategic direction and growth strategies, analyzing and anticipating market trends and future opportunities for the firm. As a recognized leader in wealth management, he devises innovative solutions to meet the needs of our clients. He has extensive personal and professional experience with closely held family businesses and their unique complexities. He often mentors other successful entrepreneurs. Marty, along with seven others, founded Mariner Wealth Advisors in 2006 with a goal of keeping the client at the center of all we do. He wanted to build a firm that could simplify our clients’ lives by having all the resources they need under one roof. The day the doors opened, Marty made the promise to put the clients’ interests before anything else…a promise he still holds dear to this day. Marty has a bachelor’s degree from Pittsburg State University in Pittsburg, Kan. He serves on the board of directors for the KU Advancement Board for the University of Kansas Medical Center, Snappy Kracken and on the MRIGlobal Board of Trustees. He is a member of the Young Presidents Organization (YPO) and is a board member for the Civic Council of Greater Kansas City. He is also involved in supporting several organizations through his sponsorship and committee participation, including the Juvenile Diabetes Research Foundation (JDRF), The University of Kansas Cancer Center and Marillac campus, Youth Entrepreneurs, Global Orphan, Big Brothers Big Sisters of Kansas City, and the Nelson-Atkins Museum of Art. Marty was named in Investment Advisor’s 2016 Top 25 Influential People in the investment/financial industry, the Kansas City Business Journal’s 2019, 2018, 2017, 2016, 2015 and 2014 Power 100 List and, under Marty’s leadership, Mariner Wealth Advisors has had the privilege of being ranked in the top four Independent Advisory Firms by Barron’s the last four years. This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with Shirl Penney of Dynasty Financial Partners, Jim Dickson of Sanctuary Wealth and Rich Steinmeier of LPL Financial In November of 2017, this show was launched with the intention of doing a handful of episodes to answer the most frequently asked questions about independence. Less than 3 years and 80 episodes later, we’ve surpassed 100,000 downloads—a milestone that a true testament to the ever-growing interest in the independent space and the evolution of the wealth management world at large. To mark this milestone, three “ex-wirehouse-turned-independent-industry-leaders” pay a second visit for a very special panel-style episode, delivered in both audio and video format. Shirl Penney, President and CEO of Dynasty Financial Partners, Jim Dickson, CEO and Founder of Sanctuary Wealth, and Rich Steinmeier, Managing Director and Divisional President of LPL Financial, join Mindy to share their individual perspectives on a landscape that seems to be evolving at an even faster pace in recent years. That comes as no surprise because, as these guests share, the interest in models that provide greater freedom and flexibility has never been greater. As such, firms like Dynasty, Sanctuary and LPL are constantly in the labs, identifying gaps and creating options to answer this call. And their models of supported independence are thriving as a result, becoming popular down-the-middle destinations for top advisors. In this episode, each shares their perspectives on the evolving landscape, including: What’s driving the growth of independence—and how changes at the wirehouses have served as powerful motivators. Why the supported independence model is such a popular option amongst breakaways—and how the notion of being “independent but not alone” has driven each firm’s growth. The similarities and differences between the Dynasty, Sanctuary and LPL models—and how each solve for things like access to capital, platform, compliance and technology. How the volatility of 2020 has impacted their firms and advisors—and why they see an even greater interest in independence amongst advisors as a result. What each of these leaders sees as “the next big thing”—and how their unique visions are driving change at their firms. The notion of being “independent but not alone” has served as a powerful force behind the growth of the supported independence model. Freedom and flexibility combined with community and turnkey infrastructures have created an easier path from “there to here”—a way for advisors to achieve their entrepreneurial dreams without having to deal with the heavy-lift and unknowns associated with migrating from the employee role to independent business ownership. It’s a unique opportunity to hear from each of these three extraordinary leaders in a single forum—candid accounts from those blazing new trails of opportunity for advisors at all levels. [video_embed embed_style=”default” url=”https://youtu.be/nZm8qDkOkQ4″ border=”0″ width=”100%” animation=”left-to-right” animation_delay=”2″ class=””]   Podcast version Related Articles 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 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-> 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-> Charting your Course to Independence 5 key elements to consider before you start your journey. Read-> Related Episodes What’s driving the momentum towards independence – and will it continue? with Shirl Penney, Dynasty Financial Partners How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox with Jim Dickson, Founder and President of Sanctuary Wealth Partners LPL Reinvented: Going Beyond the Traditional Broker Dealer Model with Rich Steinmeier and Marc Cohen of LPL Financial   About Shirl Penney:  Shirl Penney is the founder of Dynasty Financial Partners. He currently serves as president and CEO of Dynasty and is a member of the Board of Directors. Dynasty is a leading integrated platform services company for independent wealth management advisory firms. Dynasty has received many industry awards and recognition for its impact on the wealth management industry since its launch in 2010. Shirl is a frequent speaker at industry events, often quoted in various financial publications, and was named to Investment News’ 2015 list of 40 most influential people in wealth management under the age of 40. Shirl was also named to the 2016 inaugural list of Icons and Innovators in wealth management by Investment News. Prior to Dynasty, Shirl worked at Citi Smith Barney in various leadership roles including director of private wealth management and head of executive financial services. He is from Eastport, Maine, a graduate of Bates College in Lewiston, Maine, and currently lives in Saratoga Springs, New York with his wife Mary Ann and his two daughters. Shirl and his wife are active in various charitable causes with a focus on education, poverty, ALS, and veteran services. Shirl is a Fellow of the inaugural class of The Aspen Institute’s Finance Leaders Fellowship and a member of the Aspen Global Leadership Network.   About Jim Dickson:  Jim is the President and Founder of Sanctuary Wealth Partners and serves on the Board of Directors of Noyes Group, LLC. He is the visionary behind Sanctuary Wealth Partners. He led the founding, development and launch of this innovative, partnered independent division of Noyes. Having spent 20 years building and leading advisor teams, he knows what successful advisors need — and what they want. As an entrepreneur and investor with multiple successful startup businesses, Jim possesses unique experience leading and building organizations of all sizes. He knows the importance the right leadership can provide as well as the stability and infrastructure the right firm can deliver. The network of independent advisors teams serving high-net-worth clients with a partner that handles day-to-day compliance and operations is the model of the future. Jim began his career at Ernst & Young and then joined Merrill Lynch. At Merrill Lynch he quickly advanced into executive leadership after building a successful practice serving clients. He served as a Managing Director and held many national roles, including five years as Division Executive for the 13-state Greater Midwest Division. After 20 years at Merrill Lynch, Jim accepted the opportunity to join Noyes as its President and part owner to help lead it into the future. Jim has been recognized in both Indianapolis Business Journal’s Forty Under 40 and Butler University’s Top 50 under 50. He serves on the board of the Zionsville Baseball Club, coaches in the Indiana Bulls Baseball Organization and volunteers as a judge for the national FFA convention each year. Since 2014, Jim has served as a Trustee for Butler University, where he earned his B.S. in Accounting, attending on a baseball scholarship. Jim and his wife, Allison, have four children and reside in Zionsville, Indiana.   About Rich Steinmeier:  Rich Steinmeier is managing director and divisional president, Business Development, responsible for the firm’s overall growth strategies. In this role, he has responsibility for recruiting new financial advisors and institutions to LPL and to existing advisor practices, while also exploring new markets and M&A opportunities. He also leads the team responsible for onboarding new advisors to the firm. Prior to joining LPL Financial in 2018, Mr. Steinmeier was the head of Digital Strategy and Platforms for UBS Wealth Management Americas. He joined UBS in 2012 as managing director and head of the Emerging Affluent Segment and the Wealth Advice Center. Prior to UBS, he held a variety of leadership roles at Merrill Lynch, including director of Strategy and Analytics and director of Business Development. He also spent six years at McKinsey and Company. Mr. Steinmeier graduated from the Wharton School at the University of Pennsylvania with a BS in Economics in 1996. He received his M.B.A. from Stanford University in 2002. This podcast is also available on…                          Browse other episodes in this podcast series…

The ever-expanding landscape represents a waterfall of possibilities for every advisor—learn the differences between each model. The wealth management industry has been on an evolutionary streak, where new models seem to be born almost daily. In fact, the top questions we are asked by advisors are all about the landscape—what it looks like, what’s changed and how each of the models compare. Up until 2 years ago, we put together an annual whitepaper called “The Landscape of the Industry.” It represented an enormous effort on our part, increasing in size and depth year after year. And yet things changed so fast that within a day of publishing, it was already considered outdated. Taking lessons learned in building the whitepaper, we found that the best way to describe it is as a “continuum of options” with categories of firms and models where a financial advisor could choose to practice. So in this episode, we’ve decided to take a different approach to exploring this continuum, comparing and contrasting each model in terms of these key characteristics: Freedom and Flexibility Restrictions Net-Payout As an added bonus for listeners, we’ve developed an infographic – The Industry Landscape At-a-Glance – that outlines the continuum described in this episode. You can download it here. The ever-expanding landscape represents a waterfall of possibilities for every advisor. 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. So listen in to broaden the knowledge that drives your decision-making process.   Parts 2 and 3 Are Now Live A Deep Dive into the Wirehouses and Regional Firms Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors Related Resources At a Glance: The 2020 Landscape of the Wealth Management Industry The infographic described in this episode that outlines the landscape continuum. Download-> 10 Predictions for Financial Advisors in the Post-Crisis World In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. Read-> 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->   This podcast is also available on…                          Browse other episodes in this podcast series…

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 The evolution of the wealth management industry has spawned changes throughout the entire landscape, creating new pathways for growth for advisors and business owners alike. And even in the M&A market we’re seeing a shift, as younger firm owners are looking beyond the monetization event a sale offers, and instead seeking an “advisory partner” that will play a greater role in the growth lifecycle of the firm. Our guest in part one of this series, Karl Heckenberg of Emigrant Partners, talked about this phenomenon from the acquirer’s side of the table. That is, the “new wave” of attraction between acquirers and firms with a proven growth trajectory and strong value proposition—and illustrated by Emigrant’s recent investments in firms like Stratos Wealth Partners. For Jeff Concepcion, the founder and CEO of Stratos, it was this concept of a “partnership” with Emigrant that was the real draw for his firm—so much so that on April 1st, even in the midst an extremely volatile market and worldwide pandemic, Emigrant and Stratos forged their union. And as Jeff shares in this episode, Stratos checks off all the boxes that this new breed of investors is looking for—particularly in the area of growth. Because just 12 years ago the independent firm was started from scratch – literally with zero assets under management – and is now managing over $14B. How did they do it? Jeff discusses that and much more, including: How they developed Stratos’ unique blend of organic and inorganic growth—and what core values serve as their guide. How Stratos became the #1 recruiting firm under the LPL umbrella in 9 of the last 10 years—and what they do differently that’s attracted some of the top advisors and teams in the industry. What the motivation was for taking on a capital partner at this stage—and how they worked through changes in valuation as a result of the COVID crisis. What the process of preparing for an acquisition entails—and what independent firm owners and employee advisors alike should be aware of when considering this path. Plus, Jeff answers the $14B question: How do you grow a firm from zero to $14B in just over a decade? It’s a candid conversation that digs into the details of how to build an enterprise brick-by-brick—and defines why “hard work alone” is often not enough to get you to the next level. Related Resources 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-> 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->     Jeff Concepcion: Jeffrey Concepcion is the Founder and CEO of Stratos Wealth Partners and host of The Evolving Advisor podcast. Jeff started Stratos in October of 2008 with the intention of creating an organization to fulfill a need for sophisticated advisors and their clients. He constructed a firm with the infrastructure, resources and support necessary to allow advisors to focus on their core competency, advising their clients. Today, Stratos specializes in the practice and performance of financial planning and implementation services. The firm has a national network of distinguished, experienced financial planning practitioners spread throughout the country. Jeff is responsible for the acquisition, development and coaching of the firm’s expanding number of affiliated advisors from across the nation. His entire professional career has been spent in the financial services industry. Prior to starting Stratos Wealth Partners, Jeff spent 22 years in senior management positions with Lincoln Financial Network, including being the Executive Director for the Eastern Region. He was responsible for fully one-third of the United States. He was then appointed Senior Vice President of Market Access and a member of the Executive Committee; where he was on one of only a handful of executives responsible for Lincoln’s entire retail financial services business. Jeff believes in the community where he lives and works. He has shared his time and expertise by sitting on a number of charitable boards throughout the Cleveland area over the years. Jeff served on the Board of Trustees at the May Dugan Center, Julie Billiart School, City Year, Dress for Success, E CITY, Leukemia and Lymphoma Society, Junior Achievement and Providence House. He earned his Bachelor of Arts degree with a major in political science from Trinity College. Jeff resides in Solon, Ohio with his wife and two children.   This podcast is also available on…                          Browse other episodes in this podcast series…

Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners When New York Private Bank and Trust doubled-down on their control of Fiduciary Network in 2018, the wealth management industry took notice. Certainly, banks had been playing in the M&A field with RIA firms for years, but this was a different game altogether—because Fiduciary Network was actually an aggregator of RIA firms, not an RIA itself. In fact, Fiduciary Network was a pioneer in the industry, alongside Focus Financial Partners, providing a pathway for founders of independent firms to take some chips off the table, recycle equity to the next generation, solve for succession and develop strategic partnerships for M&A. To be sure, there were some naysayers on whether a bank such as New York Private Bank and Trust could successfully compete amongst other acquirers. But Howard Milstein, the chairman and chief officer, bet the bank on Karl Heckenberg. And a smart bet it’s proving to be because Karl, president and CEO of now Emigrant Partners, has taken the role seriously. He put the Fiduciary Network name aside and is building out a value proposition that’s rooted in providing growth capital and serving as an advice partner to independent firm owners. This value proposition, along with the well-established clout of the Milstein family, has carved a niche for Emigrant that few others can claim—and has earned the firm industry distinction as being representative of a “new breed of acquirers” in the RIA space. While the M&A market has enjoyed years of record-breaking deals, the impact of the COVID crisis has put some uncertainty into valuations and appetite. But as Karl shares, it’s not all bad news. Even in the midst of the pandemic, Emigrant completed 2 acquisitions: $14B Stratos Wealth Partners based in Ohio on April 1, and $3B RIA Parallel Advisors out of San Francisco on May 4th. In part 1 of this 2-part series on M&A, Karl shares the point of view from the acquirer’s side of the table, including: What’s behind Emigrant’s growing success—and how the Milstein family plays into the firm’s value proposition. What types of independent businesses are good investments for Emigrant—and how recent deals are representative of what the firm looks for. How M&A is evolving along with the RIA space—and what he sees as the “next big things” acquirers and sellers should be watching for. How he expects the COVID crisis will impact valuations going forward—and what changes he anticipates in deals and appetite as a result. What key steps business owners should be taking to make their firms attractive to buyers—and how these same principles apply to prospective breakaways who are considering the leap to independence. Plus, Karl shares how the role of acquirers is changing: Firms like Emigrant are not solely about monetization—they are fast becoming advisory partners to young RIAs who are positioning their firms for growth. Stay tuned for the follow-up to this episode, in which the founder and CEO of Stratos Wealth Partners, Jeff Concepcion, will share the seller’s point of view, as well as inside baseball on his firm’s deal with Emigrant. So listen in and be sure to subscribe to be notified when new episodes are released. Related Resources 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-> 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-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. 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-> 3X Growth: How a Pivot from IBD to RIA Turned into a Nearly $4 Billion Slam-Dunk Rob Nelson, CEO and founding partner of NorthRock Partners, discusses the value of taking on a capital partner like Emigrant Partners. Listen->   Karl Heckenberg: Karl is the President and CEO of Emigrant Partners and its affiliated company Fiduciary Network. In addition, he sits on the Board of Managers of the aforementioned companies. Karl has worked in financial services throughout his entire career and has previously worked for Merrill Lynch, A.G. Edwards & Sons, Wells Fargo and Charles Schwab. He also serves on the boards of Sarasota Private Trust Company, New York Private Trust Company and Cleveland Private Trust Company, and is Senior Executive Vice President of Emigrant Bank. Karl was raised in the Washington, D.C. area and graduated from Saint Joseph’s University in Philadelphia.   This podcast is also available on…                          Browse other episodes in this podcast series…

Your 10-minute download on advisor movement—and what’s driving the uptick in activity. As the world goes through reopening, talk around advisor movement is amping up. And there’s good reason for this uptick: There’s been a considerable rise in recruiting activity. In this episode, Mindy answers the questions we’re hearing most often from advisors: Why have there been so many moves recently? What’s driving the movement and momentum? Where are they going? And, how are these moves being facilitated at a time when most employees are still working from home? Mindy also shares her advice on considering change—and the threshold question you should ask yourself before making the leap. It’s a quick listen that will fill-in the gaps and dispel the rumors on the current state of recruiting.   Related Resources Perhaps it’s time to shift back to “big picture-thinking” As the mayhem of March is replaced by a resignation that this is “just-how-it-is-for-now,” advisors tell us they’re ready to step out of crisis mode-thinking to focus more on the big picture. Read-> 10 Predictions for Financial Advisors in the Post-Crisis World In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. Read-> Crisis Underscores the Value of Freedom, Flexibility and Fiduciary Responsibility for this $1B+ Independent Firm An interview with Doug John of Requisite Capital Management. Read->   This podcast is also available on…                          Browse other episodes in this podcast series…