The Diamond Podcast for Financial Advisors

A conversation with Lori Siegel, Founding Partner of Centrix Wealth Partners Certified Financial Planner Lori Siegel and her partner Robert Russo left UBS to form Centrix Wealth Partners in February of 2019. Despite things seeming “good enough” at UBS for a long time, Lori admitted that she didn’t know what she didn’t know and had a sense that the grass could be greener in a world where they could have more freedom and control. And after 6 months of due diligence, Lori and Robert chose to go independent with Raymond James Financial Services (RJFS). One year later, even with the COVID-19 crisis turning the world upside down, Lori says, “We’ve never looked back.” Because through it all, the ability to be in control of their destiny – and most importantly, how they take care of their clients – has allowed them to move through the crisis in a way that they and their clients are most comfortable with. So Lori joins the show to talk about life as a relatively new business owner, including: The drivers behind the decision to leave UBS after 10 years—and how changes within the industry, and at UBS in particular, served as the “last straw.” What she and her partner are able to do as independent business owners that they could not as employees of a wirehouse—and how the ability to market freely was an important factor. The attraction of the RJFS independent broker dealer model—and what made it stand apart from other options they considered. The power of independence when it comes to navigating a crisis—and how RJFS has supported them and their business. Lori’s perspective is an interesting one, as she candidly shares her experiences on the process of considering change and the value of business ownership—a story that many advisors can relate to. Related Resources Crisis Underscores the Value of Freedom, Flexibility and Fiduciary Responsibility for this $1B+ Independent Firm An Interview with Douglas John of Requisite Capital Management. Read-> UBS Advisors Ask Answers to the top questions UBS advisors have when considering change. Download-> The 10 Most Valuable Insights from Breakaway Advisors A collection of the top words of wisdom from those who shared their journeys to independence during year 2 of this podcast series. Listen-> 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->   Lori Siegel: For more than 22 years, Lori has specialized in developing comprehensive wealth management plans for successful families, executives, business owners and widows. In addition to being a Certified Financial Planner™ professional and a Chartered Retirement Planning CounselorSM, she is a Certified Exit Planning Advisor who helps business owners prepare for the sale or transition of their companies. Lori speaks frequently on a variety of topics for organizations, associations and corporations. Lori was recognized as a 2017 and 2018 Forbes Top Women Advisor and as a Forbes Best-In-State Wealth Advisor for Texas in 2018 and 2019. Prior to joining Raymond James in 2019, Lori held positions at UBS Financial Services and Smith Barney. In support of her community, Lori is actively involved in the United Way Women’s Initiative and serves on the board of Girls Inc. in Houston. When she isn’t working and volunteering, Lori enjoys hanging out with her two Maltese dogs, Emmy and Oscar, as well as traveling and scuba diving with her husband, Jon. Many of their trips are to Los Angeles to visit their 25-year-old daughter, Alexis. Lori is also an avid fan of the Houston Astros specifically and college football generally. This podcast is also available on…                          Browse other episodes in this podcast series…

Justin Berman, founder and CEO of Berman Capital Advisors, shares his intriguing journey from Goldman Sachs to creating a successful independent firm managing nearly $3 billion. He discusses the daunting experience of garden leave and the motivation from family bonds that drove his departure. Justin reveals insights on client retention and the importance of ethical practices, detailing how he reassured clients while navigating Madoff-era fears. He also touches on innovative client communication during COVID and his strategic growth plans for the future.

A conversation with Tim Bello, Managing Partner, Merchant Investment Management One of the key factors in the growth of the independent space is the burgeoning ecosystem that’s available to support those who make the leap—a virtual cottage industry that fills service and support gaps, and creates new pathways for those who have a desire to grow their own enterprises. Merchant Investment Management is one such firm within the space that was built to provide an end-to-end continuum for both breakaways and established independent business owners—and serves as a testament to how much the ecosystem has truly grown. Tim Bello, Managing Partner of Merchant, joins the show to talk about the role his firm plays in the independent landscape—a role that he started to envision while he was an early-stage partner at Dynasty Financial Partners, and during a time in which the RIA space was much less mature than it is today. In this episode, Tim shares his point of view on independent business ownership, including: The gaps a firm like Merchant fills within the landscape—and how he sees their services as “opportunities” for both prospective breakaways and independent firm owners. The advantages of taking on an equity partner—and how identifying the right partner is “more art than science.” The real value of time—and why he sees it as one of the biggest things firms need to think about when considering growth. Identifying the ways to achieve “responsible growth”—and how that impacts a firm’s ability to be “event ready.” Plus, Tim discusses, in depth, how to determine if your firm should become a buyer or a seller—and what threshold questions you need to answer in that decision-making process. It’s a conversation that shares a truly unique and informed perspective on the RIA space – the evolution of which Tim helped to architect early on – with keen insights on the future. Related Resources Twelve Positive Ways the Coronavirus Crisis Will Impact RIAs With so much uncertainty and negativity pervading our lives, it’s helpful to imagine a future where we witness positive effects of the crisis on the RIA industry. 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-> 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->   Tim Bello: At Merchant, Tim is engaged across all aspects of the Firm, with a day to day focus on driving the company’s key growth initiatives and directing the overall corporate strategy. Prior to Merchant, Tim was an early stage Partner at Dynasty Financial Partners, where he was in charge of strategic implementation and advisor identification firm-wide for the Dynasty Network. Prior to Dynasty, Tim was Head of Global Platforms for New York-based alternative asset manager, SkyBridge Capital, where he was in charge of building and managing the Firm’s global platform sales activities. Previous to SkyBridge, he was an original member of the Permal Group’s Hedge Fund of Fund US Private Client Platform Distribution Team, where he launched and developed the firm’s US distribution arm and brand. Earlier, he worked on Permal’s Institutional Sales team which involved interfacing with pensions, endowments, foundations and institutional consultants across the Permal product suite. Tim currently serves as Special Advisor to the Board for the Family Office Association in Greenwich, CT and is on the Membership Committee of the Core Club in New York. He is a graduate of St. Lawrence University. This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with Ben Harrison, Managing Director for Advisor Solutions, BNY Mellon | Pershing Over the last few episodes, independent advisors have shared the challenges of managing both their businesses and client expectations. And while they’re are on the frontlines, it’s the custodians that are working in the background to provide the support these business owners need to build and grow successfully—regardless of the economic climate. So we turned to Ben Harrison, the Managing Director for Advisor Solutions at BNY Mellon’s Pershing, to get his take on the role a custodian plays in the lifecycle of an independent business. Having been with Pershing since 2006, Ben had a bird’s eye view of life during the financial crisis in 2008 and brings a unique point of view on what we’re experiencing now. Plus, he’s on deck to replace retiring industry icon Mark Tibergien as the head of Pershing’s RIA custody unit—a topic that he discusses at length. In this episode, Ben offers his perspective on independent business ownership, plus: What a custodian like Pershing does to support its RIA clients—and the real value of that role to business owners in the current environment. What he considers the most impactful lessons are from this crisis—and how he anticipates it will affect the space going forward. What he learned from Mark Tibergien over the years—and how he expects those lessons will help him evolve the custody unit going forward. What key principles every business owner should practice—and how these core fundamentals help to create an “enduring business.” What he sees as the pros and cons of debt and equity financing—and the new in-flows of capital coming into the space that principals should be aware of. Why wirehouse advisors should be thinking more about their long-term enterprise value—and how this thought-process leads to solving for business continuity and succession. Ben is stepping in at a truly unique time: Aside from being in the midst of an unprecedented global crisis, the “Race to Zero” amongst custodians and the Schwab/TD Ameritrade merger are still brewing in the background—each of which he shares more about. It’s an exciting conversation that addresses an industry that’s going through dramatic change—a true insider’s look at the business of financial advice from one of the leaders of wealth management’s top firms. Related Resources Twelve Positive Ways the Coronavirus Crisis Will Impact RIAs With so much uncertainty and negativity pervading our lives, it’s helpful to imagine a future where we witness positive effects of the crisis on the RIA industry. 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-> How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> The Rewards and Risks of Independence—with Mark Tibergien, CEO of BNY Mellon’s Pershing Advisor Solutions Mark Tibergien, the CEO of BNY Mellon Pershing Advisor Solutions, shares his thoughts on the momentum towards independence, the evolving advisor mindset, what it takes to run a successful practice and much more. Listen->   Ben Harrison: Ben Harrison is a Managing Director for Advisor Solutions at BNY Mellon | Pershing. Ben is head of Business Development and Relationship Management, as well as a member of the Executive Committee for Advisor Solutions. Previously, he led business development for advisory marketplace solutions on the West Coast. Prior to joining Advisor Solutions in 2006, Ben served as vice president of regional sales for TD Ameritrade Institutional. He started his career with TD Waterhouse Institutional and has spent the last 20 years serving registered investment advisors. Ben was a 2010 Chairman’s Circle Honoree recognizing outstanding performance within BNY Mellon. He currently serves as a Trustee for the Foundation for Financial Planning and is also a current Board member for The Woodstock Academy Foundation. Ben earned a Bachelor of Arts degree in Economics Management from Ohio Wesleyan University. He has also completed the Securities Industry Institute® program, sponsored by the Securities Industry and Financial Markets Association (SIFMA), at the Wharton School of the University of Pennsylvania.   This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with Bill Williams, Executive Vice President, Ameriprise Franchise Group Independent broker dealers are often a go-to landing spot for advisors who desire greater control and freedom in how they serve their clients and grow their businesses, yet welcome the addition of community, support and service. And it’s often these latter 3 components which serve as key differentiators—and have proven to be critical benefits as advisors navigate their clients and businesses through the COVID-19 crisis. Yet in a landscape that offers over 100 different independent broker dealers (IBDs) to choose from, few have a history that can match that of Ameriprise. In over a century since its founding, the firm went through several acquisitions, multiple name changes and a variety of value propositions. But in the last decade, the firm made some dramatic shifts in recruiting practices, including significantly increasing transition packages which, along with improvements in infrastructure, support, technology and marketing, have resulted in great success. Today, Ameriprise has re-emerged and is stronger than ever, with a brand and business model that’s really resonating—evidenced by more than 10,000 financial advisors under its umbrella and annual revenue of more than $4.8 billion. And over the last several years it has consistently ranked as one of the top IBDs in the space. Bill Williams, the executive vice president of the Ameriprise Franchise Group, joins the show to share some background on what’s changed at the firm and what’s coming down the pike, including: The upswing in recruiting over the past several years—and what he sees as the key factors that are contributing to the firm’s success. The ability to join as an employee in their wirehouse-style model or as an independent contractor—and how the value propositions differ for each division. The advantages of their unique two-division system—and how their model compares to other IBDs, hybrid RIAs and supported independence. The changing profile of advisors who choose Ameriprise—and how they are now attracting advisors with much larger books than in past years. The impact on enterprise value for businesses under a broker dealer umbrella—and how their process, driven by “transparency, transferability and liquidity,” has translated into sales at “3-to-5X gross revenue.” No doubt, it’s difficult to change perception, especially in an industry where the landscape has expanded so vastly in the last number of years. But Bill makes a great case for how Ameriprise has taken its brand and service offering upstream—and that move has paid off with an enormous surge in recruiting success. Related Resources Twelve Positive Ways the Coronavirus Crisis Will Impact RIAs With so much uncertainty and negativity pervading our lives, it’s helpful to imagine a future where we witness positive effects of the crisis on the RIA industry. 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-> How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> Focusing on what’s most important right now A special message from Diamond Consultants. Read->       Bill Williams: Bill Williams is Executive Vice President of the Ameriprise Franchise Group (AFG).  AFG represents over 7,800 independent advisors and generates over $4 billion in annual revenue.  He is responsible for leading all aspects of the operation including sales, recruiting, compensation, compliance, practice management, leadership and in-field training.  Ultimately Bill is accountable for growing advisor productivity and increasing overall headcount. Bill is a frequent speaker and contributor at media, consumer and industry events sharing insights on consumer and industry topics related to financial planning matters as well as business topics such as leadership and strategic planning. Bill joined Ameriprise in 1989 as an advisor in the Boston area and was named to the President’s Advisory Council (PAC) comprised on the top 1% of all advisors at the firm (over 6000) in his first year at the firm.  He built a successful team based independent practice while simultaneously moving into a formal management role.  Bill went on to hold a number of field leadership positions with increasing responsibility including District Manager, Field Vice President, Group Vice President, Senior Vice President before assuming his current position in 2009. Bill grew up in New England and graduated from Bentley University with a BA in Finance. He currently lives in Edina, Minnesota with his wife and family. Currently Bill holds industry licenses 7, 63, 24 and MN Life and Health.   This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation between Joseph Eschleman, President of Towerpoint Wealth, LLC and Special Guest Host Louis Diamond The freedom to creatively market to clients is one of the primary goals of most breakaway advisors. Because to create a unique brand, messaging and voice just isn’t possible as an employee advisor. In speaking with many independent advisors during this crisis, it is this ability to freely communicate – nimbly and without restrictions – that has proven to be pivotal in strengthening relationships with clients. And the bonus is that many of these advisors are using their voices and messaging to expand their reach to prospects as well. Our guest in this episode is a firm believer in the power of marketing. In fact, while he felt he had been given much of what he needed to grow his business in the brokerage world, a critical aspect that he said was missing was the ability to market and communicate in unique and innovative ways. So in 2017, Joe Eschleman left Wells Fargo with the help of Dynasty Financial Partners and launched Sacramento-based Towerpoint Wealth. And the COVID-19 crisis has since opened his eyes to the real potential that the freedom to communicate allows him. In this episode, Louis Diamond talks with Joe about his breakaway journey and life as an independent business owner, including: The key drivers that inspired him to leave Wells Fargo—and why he felt independence was the right next step. His experience in managing the 2008 financial crisis as an employee—and how that differed from navigating this crisis as an independent firm owner. The value of the “triangulation of advice” for clients—and how that concept made the transition from a big brand a “non-issue” for his clients. The role marketing plays in his firm’s growth—and how it helped Joe and his team maintain a continuity of voice with his clients and also reach prospects. Why he chose to go independent with Dynasty Financial Partners—and how a firm like Dynasty adds value to an RIA like Towerpoint. As Joe so aptly shares, “If your value proposition is based on pie charts and performance, clients will see right through that, especially in times of crisis.” The ability to fully engage with clients and prospects – freely and creatively – is what many advisors find to be one of the most attractive benefits of independence. And in Joe’s case, a true differentiator. Related Resources Twelve Positive Ways the Coronavirus Crisis Will Impact RIAs With so much uncertainty and negativity pervading our lives, it’s helpful to imagine a future where we witness positive effects of the crisis on the RIA industry. 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-> How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> Focusing on what’s most important right now A special message from Diamond Consultants. Read->   Joe Eschleman: As Towerpoint Wealth’s founder, Joseph has an impressive career of providing strategic planning and wealth management advice spanning more than 21 years. He possesses extensive training and experience in investment management as well as retirement income and wealth transfer planning for successful individuals who have worked hard to grow their personal net worth, growing businesses and their owners, corporate professionals, and retirees. With special expertise in long-term investment planning, Joseph brings his clients an array of solutions that are both reliable and innovative. Joseph launched the Towerpoint Wealth team following a successful tenure as a Managing Director – Investment Officer, working in Wells Fargo Advisor’s Private Client Group office in Sacramento, California. His career began in 1999, working as a financial advisor with Prudential Securities, and following its acquisition in 2004, Joseph joined the new parent company, Wachovia Securities, as a Senior Vice President, where he continued to fulfill his commitment to strengthening and coordinating the financial lives of his clients. Joseph graduated cum laude from Lehigh University with a Bachelor of Science degree from Lehigh’s College of Business and Economics in 1998. As a long-time member of the Investments and Wealth Institute (formerly IMCA), he officially earned the prestigious CIMA® or Certified Investment Management Analyst designation in 2003. In addition to maintaining his CIMA, Joseph’s professional licenses include Uniform Investment Advisor – Series 65; California Department of Insurance. In his career, Joseph was featured as “Money Man Joe” for eight years as a regular television guest for Sacramento’s primary ABC affiliate, KXTV News10. Addressing various investment planning, financial, and economic issues, Joseph regularly interfaced with anchors such as Dan Elliott, Keba Arnold, Christina Mendonza, and Walt Gray. He has also been interviewed on numerous occasions by Nannette Miranda of KGO-TV, San Francisco’s ABC affiliate, and has also spoken about various wealth management topics for a number of local agencies and organizations. Joseph has proudly been married to his wife, Megan, for 18 years and the couple are proud parents of their thirteen-year-old daughter, Josephine, and ten-year-old son, Henry. The family lives in Curtis Park, a historic Sacramento neighborhood, and when he is not coaching his son’s youth baseball or basketball teams, Joseph enjoys working out, and running the beautiful off-road trails in the greater Sacramento area. He also is a huge sports fan, and regularly can be caught participating in, watching, or attending a baseball, basketball, or football game. This podcast is also available on…                          Browse other episodes in this podcast series…

There’s a new wave of evolution coming in the post-crisis world which we expect will impact advisors no matter where they work. The good news is that many of these changes will be for the better. The onslaught of COVID-19 has given advisors a new lens through which to view and evaluate their business lives and the firms they work for—that is, the lens of crisis. In an industry that was already in the midst of great change, there are 10 key areas that are expected to further evolve as the crisis passes. In this special episode, Mindy Diamond shares her expectations for the post-crisis world, including: Which advisors will move, where they will go—and why. What transition deals will look like—and which firms may be offering the best ones. Why advisors may hasten retirement plans—and how that could impact movement. What the impact of the crisis may be on the movement toward independence—and how that will drive further change in the space. How teams may become an even more important facet of the wirehouse world—and how that could affect the individual advisors. How working from home has left an imprint on advisors—and why that will drive changes to expectations from advisors and their clients going forward. Plus, Mindy shares the threshold questions advisors should ask themselves as they look back on this experience—and how the answers will help define their business lives going forward. It’s an episode that gives advisors a glimpse into what the wealth management world will look like going forward—and the good news is, as Mindy shares, many of the changes will be for the better.   Related Resources How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> Focusing on what’s most important right now A special message from Diamond Consultants. Read-> Navigating Uncertainty While there’s much going on that we can’t control, there’s much that we can. Read->     This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with Lee Korn, Principal, Opal Wealth Advisors When Lee Korn and his partners left Morgan Stanley in January of 2019 to launch their independent firm Opal Wealth Advisors, the thought of managing through an unprecedented health and financial crisis wasn’t even on his radar. And that’s a good thing—because as he shares, pulling together all the moving parts that go into building a firm is a task that takes time, energy and a good amount of learning as you go. So with over a year of building a solid infrastructure, Lee and his team can remain focused on what’s most important right now: Communication with their clients. And as independents, they can do so without the constraints they felt as employees—now having the ability to deploy messages quickly and creatively, a benefit they are realizing particularly through this crisis. In this episode, Lee talks about working through the crisis—but it’s his discussion around his recent journey to independence that’s most compelling, including: What key drivers propelled Lee and his partners to build their own firm—and the options they considered before choosing to take the RIA path. The threshold questions they asked themselves when considering their leap—and the one important question they asked of each other afterward. The 2 years of planning they undertook before making the leap—and the team of consultants they pulled together to help them define their strategy. How they decided upon a single custodian vs opting to go multi-custodial—and what he sees as the real value a custodian provides. The importance of “speed to market”—and how that’s something they could not achieve as employees of Morgan Stanley. With just over a year of hindsight, Lee is able to share an honest and concise roadmap for the independent journey. As he shares, “Launching your own business is not for the faint of heart.” Yet it’s apparent from this conversation that Lee and his team embarked on this journey with a great deal of heart—and it’s that which will drive them towards success well into the future. Related Resources 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-> How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> Focusing on what’s most important right now A special message from Diamond Consultants. Read-> Navigating Uncertainty While there’s much going on that we can’t control, there’s much that we can. Read->   Lee Korn: Lee Korn is committed to seeing clients succeed. He loves to brainstorm ideas to arrive at the best solutions—and he stands side-by-side with clients to help make sure those solutions are effectively implemented. In particular, Lee enjoys assisting business owners in identifying opportunities and strategies to take their companies to the next level. With a forward-thinking outlook, he also helps Opal remain at the forefront of the financial planning industry. Before forming Opal Wealth Advisors with partners Jesse Giordano and Joe Filosa, Lee co-founded the 360 Group at Morgan Stanley where he was a Financial Advisor and Family Wealth Director. In 2009, Barron’s named him as one of the top 1000 U.S. Financial Advisors. Previously, he worked at Edward Jones as a personal wealth manager. He began his career as a commercial banker helping successful business owners raise capital for acquisition and expansion. Lee graduated from Queens College in New York City with a degree in accounting. Active in his community, he has volunteered extensively with special needs organizations. Lee has a strong commitment to helping children develop good values along with leadership and life skills. He is a Cub Scout Cubmaster and an active board member at his temple. This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with David Bahnsen, Founder and Managing Partner of The Bahnsen Group A sudden bull market downturn driven by an insidious virus has left every advisor looking for novel ways to maintain continuity while providing value to clients. In such unprecedented circumstances, the freedom to be creative and follow one’s instincts – without being confined by a larger corporate agenda – has enabled many in the independent space to seize opportunities unavailable to their counterparts in the brokerage world. So what are the things that independent advisors are doing differently? To answer that question and share his own unique breakaway journey, David Bahnsen, Founder and Managing Partner of Newport Beach, CA based The Bahnsen Group, joins the show. David and his firm serve as the quintessential example of how independence has paved the way toward an astounding level of success—and weather this storm in ways he says that he could not have as an employee advisor. In this episode, David talks about the pushes and pulls toward independence, and ultimately why he feels he’s in the best place to grow his business and serve his clients, including: How he and his team are navigating these unprecedented times—and how his experience in the 2008 crisis serves to inform their process today. How clients are reacting to the crisis—and how his firm’s philosophy of reinforcing “evergreen behavioral principles” has helped clients develop a higher level of trust. How the ability to be creative and authentic in marketing and communications is critical—and how that freedom has impacted his growth over the years. What he sees as the pros and cons of being an independent business owner—and what he anticipates the impact of the crisis will be on his business and the space once the dust settles. As David so aptly shares, “A crisis is not supposed to be a time to formulate your philosophy; it’s supposed to be a time to live out your philosophy.” The freedom, flexibility and control that independence has afforded his business have certainly translated into extraordinary success—and provided a template for how best to navigate a crisis and manage a thriving advisory practice, regardless of market conditions. Related Resources How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read-> Focusing on what’s most important right now A special message from Diamond Consultants. Read-> Navigating Uncertainty While there’s much going on that we can’t control, there’s much that we can. Read->   David Bahnsen: David L. Bahnsen is the founder, Managing Partner, and Chief Investment Officer of The Bahnsen Group, a bi-coastal private wealth management firm with offices in Newport Beach, CA and New York City, managing over $2.1 billion in client assets. David is consistently named as one of the top financial advisors in America by Barron’s, Forbes, and the Financial Times. He brought The Bahnsen Group independent in April 2015 after eight years as a Chairman’s Club Managing Director at Morgan Stanley and seven years as a First Vice President at UBS Financial Services. He is a frequent guest on CNBC, Bloomberg, and Fox Business and is a regular contributor to National Review and Forbes. David serves on the Board of Directors for the National Review Institute and is a founding Trustee for Pacifica Christian High School of Orange County. He is the author several best-selling books including Crisis of Responsibility: Our Cultural Addiction to Blame and How You Can Cure It (2018), The Case for Dividend Growth: Investing in a Post-Crisis World (2019), and his latest, Elizabeth Warren: How Her Presidency Would Destroy the Middle Class and the American Dream (2020). David’s true passions include anything related to USC football, the financial markets, politics, and his house in the desert. His ultimate passions are his wife of 18+ years, Joleen, their children, Mitchell, Sadie, and Graham, and the life they’ve created together on both coasts. This podcast is also available on…                          Browse other episodes in this podcast series…

A Conversation with Matt Crow, President of Valuation Firm Mercer Capital M&A activity in the RIA space enjoyed a continual rise over the last several years, fueled largely by sellers looking to solve for scale, succession and monetary goals, and a cadre of well-funded buyers seeking to capitalize on potential opportunities. But, the big question on everyone’s mind – including prospective breakaways as well as independent business owners – is how this crisis will impact valuations and the M&A marketplace overall. Matt Crow, President of Mercer Capital and one of the leading authorities on firm valuations in the wealth management space, joins this episode to share his perspective, including: How he anticipates valuations will change in the near term—and what impact those changes will have on M&A activity. Who the most active buyers and sellers are now—and those he expects will be going forward. What changes he expects in the RIA space as a result of this crisis—and how smaller, stand-alone RIAs might fare after the storm passes. Plus, Matt shares actionable steps that prospective and current business owners can take now to positively impact enterprise value. While the crisis has disrupted the robust momentum of the entire wealth management industry, Matt provides insight into firms that are well-poised for success—and why plenty of buyers will still be eager to pay top dollar for businesses that are “all-weather firms” built by “marketing and not markets.” It’s an optimistic look at the post-crisis world and the industry going forward—a positive viewpoint that we can all learn from. Related Resources 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-> How to Make the Most of this Nationwide Timeout Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time. Read->   Matt Crow: Matthew R. Crow is the president of Mercer Capital and leads the Investment Management Industry team. The team provides RIAs, independent trust companies, broker-dealers, and investment consulting firms with valuation services related to corporate planning and reorganization, transactions, employee stock ownership plans, and tax issues as well as valuations of intangible assets, options, and assets subject to specific contractual restrictions. Matt and his team also consult with investment management clients in the process of selling or buying. Matt publishes research related to the investment management industry and is a regular contributor to Mercer Capital’s weekly blog, RIA Valuation Insights. He also has broad industry experience in insurance, real estate investment ventures, and technology companies accumulated by working with hundreds of client companies during his tenure at Mercer Capital.   This podcast is also available on…                          Browse other episodes in this podcast series…