The Diamond Podcast for Financial Advisors

The Seamless Path to Independence: A Billion-Dollar RIA’s Evolution

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Jul 10, 2025

Tony Parr, Founding Partner of The Parr McKnight Wealth Management Group, shares the dynamic journey of creating a billion-dollar advisory firm. He discusses leveraging Wells Fargo’s ecosystem for a seamless transition to independence. Highlights include strategic decision-making for financial partnerships, the importance of client relationships, and fostering a multi-generational team. Parr emphasizes balancing growth and purpose, detailing his approach to succession planning and community contributions in the advisory space.

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ANECDOTE

Tony Parr's Personal Journey

Tony Parr's diverse background and family history deeply shaped his approach to wealth management.
Early internships and summer jobs taught him resilience and attention to detail, which became core to his advisory philosophy.

INSIGHT

Ensemble Team Model Advantage

Parr McKnight Wealth Management Group operates as a collaborative ensemble team, not silos.
This structure fosters shared philosophy and exceptional client service with multi-generational input.

ANECDOTE

Seamless Independence Journey

Parr moved through various firm mergers ending at Wells Fargo and utilized internal channels to gain increasing autonomy.
They transitioned from a large branch to Wells Fargo's Finet channel and ultimately to their own RIA with minimal client disruption.

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With Tony Parr, Founding Partner of The Parr McKnight Wealth Management Group

Overview

Tony Parr shares the journey of Parr McKnight Wealth Management Group, a team that built their practice at Wells Fargo Private Client Group and leveraged the firm’s independent channels to achieve a “frictionless” launch of their RIA.

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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…

Most advisors associate independence with leaving the wirehouse world entirely. That is, launching a firm, changing platforms, and building from scratch.

But what if there’s another way? A path that provides the freedom, flexibility, and control of independence without leaving your firm’s ecosystem?

That’s the story of The Parr McKnight Wealth Management Group, a $1B+ team that built its practice at Wells Fargo Private Client Group, where founding partner Tony Parr landed after a series of mergers culminated in Wells Fargo’s acquisition of Wachovia.

Growing the business over time, Tony leveraged Wells Fargo’s independent channels to slide into independence and create their own entity, their own vision, and ultimately, their own future.

In this episode, Tony speaks with Jason Diamond about their journey, including…

The choice to slide into Wells Fargo’s independent broker dealer channel (FiNet)—and why they ultimately decided to build their RIA with FirstClearing and Trade PMR.
Structuring what he describes as a “frictionless move”—and how that preserved continuity for clients while unlocking real autonomy for the business.
Building a multigenerational team—and how that influences their thoughts about succession.
Their “COWS” philosophy (Clients, Owners, Workers, and Society)—and how this simple framework continues to shape the way they grow, serve, and lead.

Whether you’re exploring independence, thinking long-term about succession, or just looking to hear how a high-performing team turned optionality into real enterprise value, this is a story worth hearing.

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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RIA, IBD or somewhere in between: Which version of independence is right for you?
As the independent space continues to expand, prospective breakaway advisors often have a hard time deciding between different individual models and options. These 5 questions can help point you in the right direction.

Optionality Under One Roof: For Advisors Who Aren’t Quite Ready for Independence
Forward-thinking firms are tapping into the flourishing interest in independence by offering their employee advisors an independent option under the same roof.

Tony Parr
Founding Partner

My childhood was not typical. I was born in New York City to a mother who immigrated from Sweden at age of 17 seeking adventure and opportunity, and to a father who fled the communist takeover in Cuba in 1959. I spent my childhood on the Caribbean Island of Puerto Rico and in Mexico City. I attended Boston University and graduated with honors, earning a degree in Economics. For the last 45 years, Minneapolis has been home. I reside in the Western suburbs of the Twin Cities with my wife, soulmate, and best friend, Christine. Rumor has it I gave her a first kiss in 6th grade.

Christine and I have a wonderful blended family with five fantastic children. Each of them is pursuing their own unique paths and achievements. Now that we are empty nesters, our home is filled with the lively presence of our four dogs, who keep us busy and entertained. We love to travel, hike, ski, and see live music, enjoying every opportunity to explore and experience new adventures together.

Part of who I am comes from my three college summers working the graveyard shift at a giant grocery store distribution warehouse. I drove a forklift and loaded boxes of bulk groceries onto wooden pallets for distribution to stores all over Minnesota. Through this experience, I learned about hard work, attention to detail, discipline, consistency, process, and perseverance. It wasn’t terribly enjoyable at the time, but it taught me some great life lessons.

One of my primary roles on the team is acting as the team’s visionary and strategist. To do so, I participate in a number of mastermind and peer groups, aim to be a profile student of industry best practices, working to ensure that the team brings their very best to each and every client relationship. We’re committed to one another with integrity and transparency to benefit our clients, our companies, our families, and our communities.

Recognized by Forbes Magazine as one of the Best-In-State Wealth Advisors in 2020, 2021, 2022, 2023, 2024 and 2025, I have had the privilege of being a trusted Financial Advisor to families and institutions for more than 34 years. As a CERTIFIED FINANCIAL PLANNER™ professional and founding member of The Parr McKnight Wealth Management Group, I enjoy harnessing the collective talents of the team and the vast resources of our firm to make the greatest possible impact on clients’ lives.

Our team is like a family and our clients are an extension of that family. The work ethic, camaraderie, and values are reflected in the success we all share. I believe to be a reflection of our team’s success, I’m often honored and humbled with requests to speak at industry events designed to promote best practices.

As a team, it is our mission to enhance the quality of our clients’ lives and bring prosperity and blessings to those we serve. Simply put, I want to have a positive impact on the lives of other people and make my own small dent in the universe.