Activating Plan B: Wirehouse Breakaways Build a Legacy Family Wealth Office
The Diamond Podcast for Financial Advisors
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Navigating Wealth Management Transitions
This chapter explores the complexities of selecting a firm to manage family wealth while prioritizing client relationships and legacy building. The discussion highlights the transition from large financial institutions to establishing independent Registered Investment Advisors (RIAs), emphasizing the significance of control and tailored client services. Emotional and practical aspects of client retention during these transitions are also examined, showcasing strategies for fostering successful relationships in evolving business landscapes.
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Overview
Trent Leyda and Kay Campione offer a unique perspective on their time at Morgan Stanley, how it had come to diverge from their vision of building a family office they would entrust with their own families’ wealth, and how they are better equipped to realize that vision as an independent firm.
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NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.
About this episode…
This episode features a few plot twists that differentiate it from the typical wirehouse breakaway story.
For instance, one advisor who spent a dozen years with the CIA before starting a career in wealth management.
The balance of the story is one that’s far less covert, but just as compelling.
Trent Leyda was at Morgan Stanley when he met Kay Campione, a former CIA field intelligence officer turned Merrill advisor. She later left Merrill for Morgan and, with Trent, built a business managing some $1.4B in assets.
They had a strong focus on managing family wealth, which often left them wondering if the firm they worked for was the firm they’d want to manage their own family’s wealth and legacy.
It was thoughts like these that inspired Trent to say, “Let’s put a Plan B together, just in case.”
That plan, which revolved around building an independent firm, was later put into action. And in October 2023, Trent, Kay, and three other team members left to launch the RIA firm SpirePoint Private Client.
In this episode with Louis Diamond, Trent and Kay talk about their transition, including: 
- Their goals in building a family office—and why they felt they could only achieve them in independence.
- Building an RIA firm—and the role tru Independence played in the process.
- Choosing custodians—and why both Schwab and Goldman Sachs were the right partners.
- The tangible benefits of independence—and how that translated into a firm they would trust to manage their families’ wealth and future.
Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.
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How Badly Do You Want It? A Process to Help Assess Whether Change is “Worth It” — A Special Industry Update
In looking for “better ways” to foster growth and solve for other long-term goals, advisors need to weigh the value of pain vs. gain when it comes to a transition. In this special episode, Mindy and Louis Diamond share a process for answering the seminal question: Is change really worth it?
Kay Campione, CFP®
Executive Director
Senior Portfolio Manager
Prior to co-founding SpirePoint Private Client, I was an advisor with The Leyda Group at Morgan Stanley from 2017 to 2023 and have been in the financial services industry for 17 years.
From 1999 to 2011, I worked as a case officer for the Central Intelligence Agency. My role as a field intelligence officer helped me develop a knowledge of international markets and economies as well as an understanding of what drives human behavior. My husband, Paul, and I served four tours overseas, including Korea, Nigeria, Kenya and Indonesia.
In 2014, I received the CERTIFIED FINANCIAL PLANNER™ (CFP®) designation*. I earned an MBA from the University of Chicago Booth School of Business and a Bachelor of Arts in Economics from Northwestern University.
I take great pride in our team being recognized as a Forbes Best-In-State Wealth Management Team in 2023.
As a first-generation immigrant, I am an unapologetic patriot and a lifelong fan of the Chicago Cubs. My husband and I are blessed parents of two sons and one daughter. In my spare time, I enjoy traveling, cooking (and eating) and spending time with my family and close friends.
Trent Leyda
Managing Director
Chief Investment Officer
Prior to co-founding SpirePoint Private Client, I led The Leyda Group at Morgan Stanley from 2009 to 2023. I started my career in New York City in 1995 working for a family wealth office, eventually becoming head of investments. After moving to Vero Beach in 2001, I have focused on building a team to become a high-performance family wealth office. SpirePoint is the result of decades of experience and commitment to achieving this objective.
I am honored to have received recognition as a Top 1200 Barron’s Advisor and Top Forbes Advisor from 2018-2023. I am particularly proud of our team being named as a Forbes Best-In-State Wealth Management Team in 2023.
I received an MBA from Pace Lubin School of Business and a Bachelor of Science in International Economics from The State University of New York. Both degrees were earned going to night school while working full time.
I have been blessed both professionally and personally with the support of my wife, Rachel, and our son and daughter. As I was raised by a single parent, my experience with parenthood has been and continues to be the most humbling and rewarding experience of my life. In my free time, I enjoy travelling with my family and trying to improve my golf game.
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