The Diamond Podcast for Financial Advisors

A Conversation with Attorney David Gehn, Chairman of the Litigation Department at New York Law Firm Ellenoff, Grossman & Schole, LLP It’s impossible not to recognize how the business and personal lives of every one of us have changed—making the ability to gain clarity for today as well as prepare for tomorrow an imperative. With that in mind, Mindy invited attorney David Gehn to be a guest on this episode to share actionable advice on how to protect your business now and post-crisis. (David, you might recall, was on the show just over a year ago to share his knowledge on navigating the transition process.) He and his firm are on the frontlines of the crisis, working with advisors on transitions and serving as a lifeline on how to best navigate these uncertain times. In this episode, David shares his experiences, including: Understanding the risks that advisors and firms are currently facing—and how to avoid them. The role of communication—and what’s most important to focus on with clients right now. The impact of this crisis on advisors with promissory notes/employee forgivable loans (EFLs)—and advice on how to renegotiate terms. What advisors need to know if considering a transition—and best practices that are even more important to adopt at this time. How to address the challenges RIAs are currently facing—and what opportunities and relief programs are available. As David so aptly says, now is the time to use this “collective pause” to refocus, regroup and double-down on nurturing relationships. His informed, practical advice and positive outlook are especially helpful right now and will help guide you into the future. Related Resources Managing Your Business Life in Uncertain Times Focusing On What’s Important Right Now Considering a move? Here’s what advisors can – and can’t – say to clients   David Gehn: David A. Gehn, Head of the Litigation Department at Ellenoff Grossman & Schole, LLP, has been representing clients ranging from the largest broker-dealers and registered investment advisors to individuals in large and complex civil, criminal, and regulatory investigations and litigation, as well as in contractual and transitional matters for the last 25 years. Mr. Gehn also represents professional athletes and was formerly a certified NFL Contract Advisor. Since 1992, Mr. Gehn has concentrated his practice in the financial services industry. Early in his career, among other things, Mr. Gehn filed over 10 cases against the self-professed Wolf of Wall Street, Jordan Belfort, and Stratton Oakmont, all of which settled for millions of dollars in the aggregate. Mr. Gehn also filed other well-publicized cases in the 1990’s, including a civil action against Marion “Suge” Knight, former owner of Death Row Records, based upon an assault at a Death Row Christmas party. From 1998 to 2000, Mr. Gehn was General Counsel of Bluestone Capital, a broker-dealer, and its online trading division, Trade.com. Prior to joining the Firm, Mr. Gehn was a Member of Gusrae Kaplan Nusbaum, PLLC for over 16 years. While there, he was one of three attorneys who filed a federal class action in the Southern District of New York against, Fairfield Greenwich Limited, et al., the largest Bernard L. Madoff Investment Securities “feeder fund”, which recently settled for an amount in excess of $250 million. From 2014-2016, Gusrae Kaplan was recognized by BTI Consulting Group as an “honor roll” member on its list of the nation’s 50 “most feared” litigation law firms. Overall, Mr. Gehn has over 85 reported FINRA arbitration awards, which include 7 matters in which he has obtained expungement for his clients. He also litigates in federal and state courts, with several matters resulting in published opinions. Additionally, he has represented financial professionals in multiple SEC, FINRA, and CFP investigations and enforcement proceedings. Mr. Gehn also advises financial professionals concerning the transition of their financial practice, FINRA inquiries, non-solicit/non-compete issues, and Protocol compliance. He is familiar with the traditional, independent, RIA, and bank brokerage models.   This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with speaker and co-author of The Go-Giver series, Bob Burg In the midst of an unprecedented health and financial crisis, advisors find themselves on the front lines—drinking from a firehose, balancing communication with clients and processing an abundance of information from their firms and the media. Yet now more than ever, communicating with clients and prospects in a way that is meaningful and adds value takes on a new level of importance. But with all that is going on, how is it even possible to do so? To answer that question and share actionable advice, Mindy welcomes one of the leading authorities on the topic, Bob Burg. Bob is the co-author of The Go-Giver book series, which many business leaders and entrepreneurs consider “required reading”—and Mindy credits with influencing her own business practice and philosophy. In this episode, Bob discusses how to incorporate The Go-Giver mindset into your daily routine, including: What real “value” is—and how the 5 “Elements of Value” are most relevant right now. The “5 Laws of Stratospheric Success”—and how advisors can adopt each as part of their day-to-day business practices. Understanding the connection between authenticity, consistency and excellence—and how they directly relate to adding value. How shifting one’s focus from getting to giving can have the greatest impact on relationships and trust—and why this is especially important in times of crisis. As Bob says, “No one will invest with you because you have a quota to meet.” But the principles shared in this episode will help advisors add maximum value and best serve clients—regardless of whether they are employees or independent business owners. And at this chaotic and uncertain time, Bob’s perspective has taken on even greater importance for all.   Related Resources 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-> About Bob Burg:  Bob Burg is a sought-after speaker at company leadership and sales conferences sharing the platform with everyone from today’s business leaders and broadcast personalities to even a former U.S. President. Bob is the author of a number of books on sales, marketing and influence, with total book sales of well over a million copies. His book, The Go-Giver, coauthored with John David Mann, itself has sold over 925,000 copies and it has been translated into 28 languages. His and John’s newest parable in the Go-Giver Series is The Go-Giver Influencer. Bob is an advocate, supporter and defender of the Free Enterprise system, believing that the amount of money one makes is directly proportional to how many people they serve. He is also an unapologetic animal fanatic, and is a past member of the Board of Directors of Furry Friends Adoption, Clinic & Ranch in his town of Jupiter, Florida.     This podcast is also available on…                          Browse other episodes in this podcast series…

A few thoughts from Mindy Diamond     Times like these are both unprecedented and challenging, to say the least. What all of us crave more than anything is stability. And a global pandemic, massive disruptions to business and personal lives, and volatile market conditions certainly provide anything but that. I’ve been grappling with one question, in particular, the last few days—and that is, “How can a recruiter for financial advisors add value at a time like this?” I’m neither a politician, nor scientist, nor doctor and so I can’t stabilize the markets nor slow the spread of the Coronavirus. But, what I can do is share information and perspective that might be helpful as our financial advisor listeners weather this storm. The truth is we were ready to launch a new episode of this series today—an interview with Bill Williams, EVP of The Ameriprise Franchise Group. It’s a great conversation that I expect you will find of interest. But, I couldn’t, in good conscience, launch that episode without first acknowledging the crisis that is at the front and center of everyone’s mind. Like everyone else, I’ve been trying to figure out the best way to manage my business through these turbulent times. And, then it hit me. The universe sent me exactly what I needed, the answer to my question: “how can I add value?” Late yesterday, my son and business partner, Louis Diamond, sent to everyone here at Diamond Consultants, a piece written nearly 2 decades ago by Dan Sullivan, Strategic Coach® founder and president. It addressed the uncertainty which followed the horrific events of 9/11. I found it most inspiring and still relevant today and think you might too. It is called the “Scary Times Success Manual” and it gives 10 strategies for how we can focus our energies and attention in order to move forward on a more positive path—even when the world is at its most turbulent. Dan’s 10 suggestions for navigating the days and weeks ahead are as follows: Forget about yourself; focus on others. Forget about your commodity; focus on your relationships. Forget about the sale; focus on creating value. Forget about your losses; focus on your opportunities. Forget about your difficulties; focus on your progress. Forget about the “future”; focus on today. Forget about who you were; focus on who you can be. Forget about events; focus on your responses. Forget about what’s missing; focus on what’s available. Forget about your complaints; focus on your gratitude. Points number 3 and 8 are my favorites. Forgetting about the sale, as he shares, is a tough one for me as a recruiter. While its always been our priority to provide value, at this time, it is even more important. It is my job to talk with people about considering change. But, change is not what people want right now. They want stability. So, how can a recruiter who cold calls for a living add value? I’m figuring that out as I speak, but I do think that sharing information like this can be helpful. At least I hope so. As for number 8, the notion of focusing on my response to challenging events instead of the events themselves seems particularly relevant now. We are in the midst of a crisis. I can either spread panic or I can be a source of calm—to my staff, my family, and my clients. I can help people to remember that we are never really in control of events. What I know, without a doubt, is that while I can’t control the weather or the stock market or the virus, I can work to come up with creative responses to how I deal with it all—even when I am feeling pretty uncomfortable. And, I’d like to think that my ability to calmly and sincerely respond to a crisis can be a teachable moment for my family, friends and others around me. We’ve been challenged many times in the past. And we have persisted and emerged stronger. So while uncertainty is the watchword, for now, one thing does remain certain: We are here to answer any questions you have today, tomorrow and further down the road. Our only goal is to provide value where we can—and make ourselves and the information we share available to you when you come up for air. For now, all of us at Diamond Consultants are taking the time to refocus our energies on what matters most. And we hope that these 10 points are as helpful to you as we found them to be—and if so, we hope you’ll share this episode widely. Now and always, we wish you good health and the calm needed to weather the storm.     This podcast is also available on…                          Browse other episodes in this podcast series…

The 10-minute download that takes a broader look at what’s going on in the wealth management world and the impact on an advisor’s business. In this episode, Mindy explores the “resurgence” of wirehouse recruiting and its impact on the industry at-large, including: The important signals firms are sending to advisors—and how recent high-profile hires and Morgan Stanley’s E*Trade acquisition are the strongest signals yet. Why the wirehouses are still the right fit for many advisors and their clients—and how these firms are starting to differentiate from the pack. How advisor sentiment has helped to shift the tides—and why trends in movement may be readying to make a shift. And ultimately, what this all means for employee advisors—regardless of whether you’re considering a move or not. It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.   Related Resources Resurgence in Wirehouse Recruiting: Are the Tides Shifting? After a hiatus, wirehouses seem to be back in the game—and some in a really big way. Read-> 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-> 9 Trends That Will Put Advisors in the Driver’s Seat for 2020 The new year ushered in a “perfect storm” in which the intersection of 3 forces – changing advisor sentiment, reshaped client expectations and powerful retention efforts by the brokerage firms – has laid the groundwork for a world where advisors have the upper hand. The question is, will they take it? Read->   This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with the Founder and Managing Member of Hamburger Law Firm and Founder and CEO of MarketCounsel Few people in the wealth management space are as well-versed as Brian Hamburger. And no surprise as he wears many hats. He is the Founder and Managing Member of Hamburger Law Firm, a practice focused on the investment and securities industry, as well as the Founder, President and CEO of MarketCounsel, one of the industry’s leading business and regulatory compliance consulting firms. No other industry consultant or attorney has counseled more breakaway brokers than Brian. And that is why he is known as the architect behind many of the best independent firms launched in the past decade. In this episode, Mindy taps into Brian’s unique combination of legal acumen, business knowledge and entrepreneurialism to weigh in on the following: How the “perfect storm” of the 3 colliding forces of advisor sentiment, client expectations and brokerage firm retention efforts are driving movement and change—and how these forces will impact the momentum towards independence. What’s driving the robust M&A market—and how some of the biggest deals over the past year serve as key indicators for much more to come. What an advisor needs to know to prepare for a move—and why these steps should be taken well in advance of a transition. What to be aware of in a post-Protocol world—and his expectations for more departures from the seminal agreement. How technology has been the real game-changer in the wealth management space—and why the leveled playing field it’s created has served as one of the greatest drivers of movement away from the wirehouses. As Brian shares, “Advisors just want to get what’s best. They want access to best of breed technology, investment options and support—and they don’t want to have to go through a firm in order to get it.” And in the new world order, they can have all that and more. Listen in to a fascinating conversation around the possibilities that exist now and the opportunities coming down the pike. Related Resources Exiting the Broker Protocol: What does it mean for advisors? It’s just like the years before the 2004 introduction of the Protocol for Broker Recruiting, only different. Read-> Gaining Scale: Why it Matters to Your Advisory Practice Scale seems to be the buzzword du jour, but what does it really mean for your practice? Read-> Determining Enterprise Value 7 Key Qualitative Drivers for Sellers. Read-> Gaining the Technological Edge in Independence A Conversation with Eric Poirier, the CEO of Addepar. Read->     About Brian Hamburger:  Brian Hamburger, JD, CRCP, is the Founder, President and CEO of MarketCounsel, the leading business and regulatory compliance consulting firm to the country’s preeminent entrepreneurial independent investment advisers. He is also the Founder and Managing Member of the Hamburger Law Firm, whose expertise extends to virtually all areas of the investment and securities industry as well as entrepreneurial, firm structure and governance and employment matters. Together, MarketCounsel and Hamburger Law Firm represent an unparalleled combination of exceptionally incisive counsel and uncompromising service. Brian is the architect behind many of the industry’s largest and most successful transitions to independence as well as a staunch and influential advocate for the independent investment adviser community. For the past 19 years, he has served at the helm of both MarketCounsel and the Hamburger Law Firm. Accordingly, Wealth Management magazine has named Brian as one of the top thought leaders in the sector, noting that “Over the past decade, Hamburger has been the architect behind almost all of the highest-profile breakaway deals in the industry, helping advisors navigate the legal thicket of transitioning away from brokerages and into independent business models. As such he’s been a central, but often unheralded, force in the evolution of the RIA industry.” Previously, REP. Magazine featured Brian on its cover as “The Engineer” of the RIA evolution. Brian is regularly called upon to speak at national conferences, not to mention MarketCounsel’s annual Summit, a gathering of the industry’s top advisers and thought leaders. As an advocate for the investment adviser community, he has delivered keynote addresses to the country’s state securities regulators and met with SEC Commissioners and members of Congress to influence proposed regulation and legislation. In addition to being a highly sought after expert speaker for myriad industry events, he has also been a regular contributor to CNBC as well as featured in and quoted by the Wall Street Journal, the New York Times, Bloomberg BusinessWeek, Dow Jones, Reuters and every major wealth management publication.       This podcast is also available on…                          Browse other episodes in this podcast series…

The 10-minute download that takes a broader look at what’s going on in the wealth management world and the impact on an advisor’s business. In this episode, Mindy explores the industry landscape as a “continuum,” recent data on advisor movement and its impact on: Where advisors are going—and how movement is fueling the evolution of the landscape. The flow towards regionals and boutiques—and why these firms are winning the race for top talent. The movement of the “advisor elite”—and how that serves as a barometer for the wealth management industry at large. It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.   Related Resources 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-> What Brand Really Means to an Advisor How significant is a brand name these days to an advisor’s assessment of a firm? The simple truth is, it depends on who you ask. Read-> 9 Trends That Will Put Advisors in the Driver’s Seat for 2020 The new year ushered in a “perfect storm” in which the intersection of 3 forces – changing advisor sentiment, reshaped client expectations and powerful retention efforts by the brokerage firms – has laid the groundwork for a world where advisors have the upper hand. The question is, will they take it? Read->   This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with Jodi Perry, President of Raymond James Financial Services Independent Contractor Division Regional firms have been on a hiring tear in recent years, and no surprise: The model provides independent-minded advisors an opportunity to realize their entrepreneurial dreams, but with the scaffolding and support they’ve become accustomed to. It’s a formula that is well-aligned with a changing advisor mindset, positioning these firms for even higher levels of growth in the coming years. One such firm, Raymond James, has been at the top of their game in recent years, with a multi-channel association that’s resonating with advisors. In this episode, we take a closer look at their Independent Contractor Division, which accounts for nearly 60% of the firm’s advisory force—some 4,700 advisors as of this recording. Jodi Perry, the President of Raymond James Financial Services (RJFS) Independent Contractor Division, joins the show to share insights on what’s behind the firm’s success, including: How the RJFS model fits in the Raymond James ecosystem—and how their multi-channel association is a platform for their “advisor as client” culture. Why the RJFS model resonates so well with advisors—and the types of advisors who are the “right fit” for the firm. How the firm is differentiated from other similar models in the space—and how the firm’s focus on technology serves to enhance their success. How their model compares to independent broker dealer and RIA options—and the benefits that “supported independence” offers. How brand and reputation play into an advisor’s decision-making process—and how support and culture are often stronger drivers. How the firm is responding to changing advisor mindset—and what she anticipates will be the driving forces over the coming years. Jodi also shares some case studies on wirehouse advisors who recently joined the firm, their motivations and how their business has changed since. Raymond James has always defined itself by its culture and client-first ethos, and what makes the firm unique, as Jodi put it, “is that advisors themselves are viewed as clients of the firm.” It’s an interesting story about how RayJay has achieved tremendous success in a crowded and competitive landscape—particularly appealing to advisors who are looking for a model that offers the best of support, culture and independence. Related Resources 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-> When it Comes to Attracting and Retaining Advisors, Culture Really is King How these 5 key characteristics set the stage for a more positive and productive environment for financial advisors. Read-> 9 Trends That Will Put Advisors in the Driver’s Seat for 2020 The new year ushered in a “perfect storm” in which the intersection of 3 forces – changing advisor sentiment, reshaped client expectations and powerful retention efforts by the brokerage firms – has laid the groundwork for a world where advisors have the upper hand. The question is, will they take it? Read->   About Jodi Perry:  Jodi Perry started her career with Raymond James 26 years ago in an entry-level position within customer operations. She moved throughout the firm, always reaching towards leadership positions. From her supervisory role in client operations, Jodi moved to the internal sales team of our asset management division, directly managing a seven-person team, while simultaneously serving on a two-person regional team responsible for $60 million in sales per month. After six years, she then moved to our independent advisor channel to recruit new financial advisors to Raymond James Financial Services, where over the past 15 plus years Jodi moved from vice president of business development to regional director to senior vice president of regional management and most recently to the president of the independent contractor division. Jodi is a registered corporate coach, who sits on the firm’s executive committee, sits on the board of the Florida Securities Dealer’s Association and also sits on the board of the St. Petersburg Free Clinic (not for profit) and will start on the board of FSI in 2020. Jodi holds her series 7, 63, 65 and 24.       This podcast is also available on…                          Browse other episodes in this podcast series…

A 10-minute download of 3 key things happening now in the wealth management industry. It’s impossible to talk about independence without addressing the industry at large. Because the independent space itself was born as a result of changes within the landscape—an ongoing evolution cultivated by shifting advisor sentiment and client expectations. So to address listener requests for a broader look at what’s going on in the wealth management world and how that impacts an advisor’s ability to serve their clients and grow their businesses, we’ll be sharing bi-weekly updates as a part of this podcast series. In this episode, Mindy explores the following: Clashes between next gen inheritors and the senior advisors for whom they work—The unexpected net effect of retire-in-place programs have left next gen inheritors wondering if their senior advisor’s book is really worth it. The awakening of “sleeping giants”—After a lull in wirehouse recruiting activity, even the most competitive deals from the biggest brokerage firms may not provide what’s needed to compete with the likes of First Republic and Rockefeller. The handwriting on the wall—Discerning a firm’s intent by way of the “messages” they’re sending can make a big difference in an advisor’s future. It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully.   Related Resources 9 Trends That Will Put Advisors in the Driver’s Seat for 2020 The new year ushered in a “perfect storm” in which the intersection of 3 forces – changing advisor sentiment, reshaped client expectations and powerful retention efforts by the brokerage firms – has laid the groundwork for a world where advisors have the upper hand. The question is, will they take it? Read-> Looking at Sunset from 2 Sides: A Senior Advisor’s Perspective The decision of signing on to your firm’s sunset program often comes down to weighing these 2 key factors. 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-> This podcast is also available on…                          Browse other episodes in this podcast series…

A conversation with the Founder and CEO of United Capital, a Goldman Sachs Company While the momentum towards the independent space has been fueled mainly by advisors searching for a better way to serve their clients and grow their businesses with flexibility and control, there’s little doubt that entrepreneurial spirit and determination play a role as well. And the guest on this episode epitomizes that spirit—demonstrating a level of drive that many can only imagine. Joe Duran, the founder and CEO of the firm formerly known as United Capital, now a Goldman Sachs company, started his journey from inauspicious beginnings in Zimbabwe, leaving home at 18 to travel the world. He landed in America, went to college, married and started his financial career as an intern for a very small investment firm. By his late 20s, Joe became President of that firm – Centurion Capital – which he later sold to General Electric. An American dream realized, for sure! But it didn’t stop there. Although he became President of GE Private Asset Management, his entrepreneurial side wanted much more. So, he left that role, went back to school, and received not one but two MBAs. Yet these were all experiences that were leading up to his ultimate goal: To build a financial advisory firm that differed from others. That is, one in which advisors are focused on their clients’ lives and what they wanted to accomplish, rather than their money and investing it. In 2005, United Capital was born and since its inception, the firm grew to a reported $26B in assets. Then last year, the firm was acquired by industry behemoth Goldman Sachs. It’s an incredible success story—one that’s getting even more interesting as this new chapter unfolds in a world that’s very different than the one in which United Capital was founded. Listen in to learn as Joe shares: How the independent space has changed since the founding of United Capital—and what he would have done differently if building the firm today. What the impetus was behind the sale to Goldman Sachs—and the impact of this acquisition on the firm going forward. What’s really behind the proliferation of M&A in the space—and how this will reshape the industry at large. What he sees as the “logical evolution” for advisors and their businesses—and how this practice is not broadly applied in the wealth management industry. Why delivering services in a repeatable and scalable way is an imperative—and how that affects a firm’s ongoing growth potential. What he sees as the role of technology—and the two things that it impacts the most in an advisor’s practice. Plus, Joe shares the “one simple rule” on maximizing value—advice that is beneficial for any advisor, whether seated at a brokerage firm or building an independent practice. It’s a perspective on the industry that is straight out of the mind of a tried and true entrepreneur—a roadmap to success that any advisor can learn from. Related Resources 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-> How to Maximize Growth When Adding One Client at a Time No Longer Seems Like Enough Advisors with their sights set beyond what organic growth delivers find greater opportunity in the independent space. 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->     About Joe Duran:  Joe Duran is Chief Executive Officer and Founding Partner of United Capital, the nation’s first and largest Financial Life Management company, and now a Goldman Sachs company. A proven entrepreneur, investor, best-selling author, and sought-after industry speaker, Joe previously built Centurion Capital as President of the company, which he sold to General Electric Financial (GE) in 2001. He is a renowned industry visionary with featured columns in both InvestmentNews and Time Magazine’s Money.com. Joe is a frequent contributor to CNBC, Fox Business, Bloomberg and PBS and appears regularly in both traditional and online media, and was a recipient of a prestigious Ernst & Young Entrepreneur of the Year award in 2015 and the Schwab Pacesetter Impact Award. His most recent book, “The Money Code: Improve Your Entire Financial Life Right Now,” achieved best-seller status on both The New York Times and USA Today lists. Joe has an undergraduate degree from Saint Louis University and MBA degrees from University of California, Berkeley and Columbia University. He earned his Chartered Financial Analyst designation in 1997. Most importantly, Joe is lucky to have a wonderful family who inspires him every day. Joe, his wife, Jen, and their daughters, Charlotte, Juliette and Samantha, live in Newport Coast, CA.       This podcast is also available on…                          Browse other episodes in this podcast series…

A collection of the top words of wisdom from those who shared their journeys to independence during year 2 of this podcast series As we kickoff the new season of this series – with over 2 years and 55 episodes in the bank – we recognize that the extraordinary wisdom shared by our guests in the last year alone warranted some additional exposure. Plus, most any advisor considering a move to independence is hungry to hear firsthand the experiences of those who went before them. It’s these insights that reflect what we’re seeing in the industry at large. That is, the impact of the convergence of 3 distinct phenomena in the industry: changing advisor sentiment, the reshaping of client expectations, and powerful retention efforts at brokerages to further tie advisors to their firms. It’s a “perfect storm” of sorts that’s driving change throughout the industry and influencing movement at levels we’ve not seen in over a decade. So we curated conversations from nearly 20 hours of interviews to deliver the top 10 – a special all-in-one-place, “best of the breakaways” episode – featuring the most compelling and candid discussions with those who have made the leap. And given the quality of conversations we’ve had with our many guests over the year, culling the information in this episode to just 10 sound bites was no easy task! In each, you will hear the motivations – the pushes and pulls – behind the choice to leave the wirehouse world. And even more importantly, the risks they took and the rewards they found waiting on the other side. Yet what’s most striking is how each describes the impact of this confluence of change. It’s a compilation that offers answers to some of the top questions advisors ask us—and much more… What drove this young top-rated advisor and his team to leave Merrill and how they addressed a succession plan for an advisor nearing retirement—Michael Henley, Founder and CEO, Brandywine Oak Private Wealth How the desire to serve clients with greater freedom, flexibility and control proved to be more important than the deferred compensation they’d leave behind—Margaret Dechant, CEO and Founding Partner, 6 Meridian How a change in culture at Morgan Stanley served as a powerful driver—Steve Schwarzbach, Founder and Managing Partner, Icon Wealth Partners Why serving a niche client base – particularly offshore clients – could be better managed in the independent space—Lisa van Walleghem, CEO and Founder, MAXIMAI Investment Partners How the uncompromising need to do what’s best for clients, build long-term value and satisfy a strong entrepreneurial spirit served as a powerful motivator—Paul Pagnato, CEO Founder, PagnatoKarp How a strong entrepreneurial bent and the belief that there was “a better way” to serve clients drove these two UBS breakaways to build an independent business—Bryn Talkington, Managing Partner, and Doug John, Founder and Managing Partner, Requisite Capital Management How spinning off from a broker dealer offered greater opportunity and translated into 3x growth—Rob Nelson, CEO and Founding Partner, NorthRock Partners We also looked closely at what has become a growing trend of those who broke from the leadership ranks of the brokerage firms—and the motivations that drove their decisions: Chris Dupuy, who, after nearly 3 decades with Merrill Lynch, was one of the first senior leaders to join the independent movement by choice, and now holds a key role with Rockefeller Capital Management. Jim Gold who left his role at Morgan Stanley to create Steward Partners, the quasi-independent model in partnership with Raymond James. And Rob Bartenstein, who left Morgan Stanley to build the independent model Kestra Private Wealth Services. Plus, industry thought leader Josh Brown of Ritholtz Wealth Management shares what every advisor should ask himself before he considers going independent—bonus content from what was the top episode of 2019. These stories are inspirational and chock full of wisdom—painting a picture of a landscape that has been reshaped right before our very eyes. This is one episode you don’t want to miss. Note: It is incorrectly stated in the episode that Rob Bartenstein hailed from UBS when he was actually with Morgan Stanley. Podcast Episodes Mentioned Ep. 33: A Diehard Merrill Advisor’s Journey to Independence—with Michael Henley of Brandywine Oak Private Wealth and Louis Diamond of Diamond Consultants Ep. 42: How this $2.5 Billion Team Saw Past the Handcuffs of Deferred Compensation—with Margaret Dechant, CEO and Founding Partner of 6 Meridian Ep. 43: Freedom from the Big Brand: Unencumbered Growth for an $800mm Team—with Steve Schwarzbach, Founder and Managing Partner of Icon Wealth Partners Ep. 35: Independence for Advisors with an Offshore Client Base—with Merrill Lynch Breakaway Lisa van Walleghem, CEO and Founder of MAXIMAI Investment Partners Ep. 54: How “Transparency” Propelled Growth from $1B to $4B in 8 Years—with Paul Pagnato of PagnatoKarp Ep. 53: How This UBS Breakaway Team Increased Their Client Base By 50%—with Bryn Talkington and Doug John of Requisite Capital Management Ep. 49: 3X Growth: How a Pivot from IBD to RIA Turned into a Nearly $4 Billion Slam-Dunk—with Rob Nelson, CEO and founding partner of NorthRock Partners Ep. 37: Rockefeller Capital Management Demystified—with Chris Dupuy, Managing Director and Chief Operating Officer Ep. 36: A Best-of-All-Worlds Model: Full-Service Independence with Equity Upside—with Jim Gold, CEO and Founding Partner of Steward Partners Ep. 38: A Model of Supported Independence That Fills the “Fear Gap”— with Rob Bartenstein, CEO of Kestra Private Wealth Services Ep. 46: Michael Kitces on How to Differentiate and Grow in a Competitive Environment Ep. 51: 5 Things Josh Brown’s Firm Does Differently—And How it Resulted in Over 100X Growth in 6 Years This podcast is also available on…                          Browse other episodes in this podcast series…