Seeing the Future Through the Eyes of the Client: A $770mm UBS Breakaway Story

About this episode…

People are sometimes surprised when they hear of a young, growing wirehouse team making the leap to independence.

Because these teams have the tiger by the tail at their firms—and a long enough runway to take advantage of a massive recruiting deal from another big firm before opting for independence down the line.

So why would they instead opt for independence now?

Matthew Murphy and Rebecca Baker built a nearly $800mm business in just 15 years working with high net worth and ultra-high net worth clients.

However, it became apparent that they were limited in what they could do for their clients within the wirehouse environment—such as offering sophisticated lending solutions that were not accessible at UBS.

And to truly serve their clients “in the manner they thought was best” meant not just changing firms but changing models.

So, they jumped into due diligence with our firm, heading down a path to explore the idea of launching their own RIA. Ultimately, they decided on launching Marble Wealth with Sanctuary Wealth—a solution that offered them support to get the business up and running more quickly than they might on their own, plus the scaffolding that they hadn’t considered they might need along the way.

In this episode, Matthew and Rebecca recount their journey with Louis Diamond. Together they discuss:

• The changes they saw at UBS—and how that gave them a new perspective on their business.
• The impact of signing an ALFA agreement with a senior partner—and how that influenced their decision-making process.
• The decision to go independent—and why they didn’t opt for a transition deal from another large firm.
• Their ability to serve clients and grow the business—and how it differs from what they were able to do at UBS.
• Their age as a competitive advantage—and how it otherwise impacted their business and choices.
• Plus, they offer valuable advice for any advisor considering change—and much more.

This candid interview explores the notion of change and optionality—a firsthand perspective of an advisor’s thought process when wrestling with the seminal question: Should I stay or go?