The Diamond Podcast for Financial Advisors

A conversation with Matthew Murphy, CEO, Partner and Rebecca Baker, COO, Partner – Marble Wealth Overview Matthew Murphy and Rebecca Baker of Marble Wealth discuss their choice to leave UBS and opt for independence early in their careers, the impact of signing on to the firm’s retire-in-place program ALFA, their age as a competitive advantage, and much more. Listen in… > Download a transcript of this episode… 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… 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? Related Resources If Not Another Wirehouse, Then What? Advisors considering change want something more than what they have at their current firm. The good news is that there’s plenty to choose from. But that’s the bad news, too. Read-> The Mysteries of UBS: Deciphering What Drives its Wins and Losses UBS advisors describe a culture defined by wins and losses—and they are asking tough questions about what the future holds. Read-> The Independent Alpha: Making the Breakaway Math Add Up Advisors breaking away for independence know what they are giving up, so how can they justify making this leap? The answer starts and ends with growth. Read-> Matthew B. Murphy, CFP® Chief Executive Officer, Partner Matthew began his career in the wealth management industry in 2008. He focuses on investment research, financial planning and client reviews. Matthew is a CERTIFIED FINANCIAL PLANNER™ professional who has also completed the requirements for the Portfolio Manager and Retirement Plan Consulting Specialist designations. Matthew received his bachelor’s degree from Auburn University. Matthew has also received various recognitions, including: Forbes/SHOOK Best-In-State Next-Generation Wealth Advisors, 2018, 2019 Forbes/SHOOK Best-In-State Wealth Advisors, 2019, 2020, 2021, 2022 Forbes/SHOOK Top 250 Next-Generation Wealth Advisors, 2020, 2021 UBS Rising Advisors; UBS Top 35 Under 35, 2018, 2019 Matthew and his wife, Leigh, live in Auburn, Alabama with their four children.   Rebecca H. Baker, CPA, CFP®, CEPA Chief Operating Officer, Partner Rebecca is a Certified Public Accountant (CPA) and CERTIFIED FINANCIAL PLANNER™ professional. She also holds the Certified Exit Planning Advisor (CEPA) designation. She received her BS in Business Administration (Accounting) from the University of Alabama as well as her Master of Business Administration (Accounting) from Auburn University Montgomery. Prior to her career in the wealth management industry, she worked for 10 years in the tax and audit areas at a CPA firm in Montgomery, Alabama. Rebecca has experience in various areas including corporate audit, corporate and individual taxation, and business and wealth planning.  Rebecca focuses on client relationships and reviews, along with financial planning.  She is also involved in various community organizations. Rebecca and her husband, Jason, live in Montgomery, Alabama with their two sons. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

Scott Chagrin, co-founder of Beverly Hills Private Wealth, shares insights from his journey of transitioning from Merrill to independence. Ira Ravitz discusses the meticulous due diligence process that led to choosing Goldman Sachs as their custodian, highlighting operational impacts. Lisa Westermark emphasizes the importance of client communications and team culture. Together, they reveal how their decision has enhanced fiduciary freedom, improved client services, and solidified their multi-partner approach, all while reflecting on the enthusiastic client support during the transition.

A conversation with Louis Diamond and Jason Diamond Overview With 2023 mega-advisor moves already outpacing 2022, this episode explores case studies to answer: What was needle-moving enough to leave the firms where they built phenomenal businesses? What can we all learn from this activity? What is the impact on recruiting and the industry at large? And more… Listen in… > Download a transcript of this episode… 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… It seems like hardly a day goes by when you don’t read of yet another $1B+ team on the move. And these huge transitions are not only being made by advisors. We’ve also seen several large independent broker dealer transactions and the continued frenzy of mega-RIA deals. Yet, while last year was hot, this year is even hotter when it comes to mega-advisor transitions. For example, according to our 2022 Transition Report, 30 teams managing a billion dollars or more either changed jerseys or left to build their own independent firm over the course of last year. And by our count as of this recording at the end of Q3, we’ve already surpassed last year’s cumulative total with more than 30 billion-dollar teams transitioning from their current firms—representing over $50B in assets changing hands. This is vital information because, as a firm representing advisors from their due diligence process through transition, we can tell you that moving a business at any level is not without stress and hassle. And surely, as you’ve heard from countless advisors on this series, while things may go smoother than many expect, just the decision-making process alone is a potent reminder that the transition needs to be impactful enough for you and your clients to be worth the time, energy, and yes, even the risk. But think about it: All that hassle and risk multiplies with the size of the business. That is, the bar is set that much higher, and there’s much more to lose! Yet, as these moves prove out, advisors of this size and caliber are choosing to move because they feel the gains on the other side far outweigh the hassle and risk at the end of the day. So, as we see more and more mega-teams moving, Louis Diamond and Jason Diamond take to the mics to explore real-world case studies to answer some of the questions advisors are asking: What was needle-moving enough for these mega-teams to leave the firms where they built phenomenal businesses? Why are these moves relevant? What can be learned from this activity? What does this movement mean for advisors at any level? What is the impact on recruiting and the industry at large? And much more. In an ever-evolving industry, there is one constant: Change. And change is not a single force but one that multiplies by a variety of inputs, influencing and impacting widespread transformation. As such, the movement of mega-teams sends signals throughout the industry, continually demonstrating to advisors at all levels that the potential to achieve one’s best business life is a reality. Listen in and get a jump on the forces driving change. Related Resources Mega-Moves: What’s Driving the Movement of Advisors and Teams Managing a Billion or More? Change is typically motivated by a combination of pushes and pulls. Yet in the case of financial advisors managing $1B+, those factors are even greater. Read-> Why Billion-Dollar Teams Move: 7 Drivers That Impact Financial Advisors At All Levels When mega-teams move, the entire wealth management industry takes notice—and for smart financial advisors who are paying attention, there’s much to be learned. Read-> Two $10mm Teams Leave the Wirehouse World in One Week: An Industry Update on Advisor Transitions What is the relevance of two $10mm teams leaving Merrill within one week’s time? Mindy Diamond and Louis Diamond answer that question and share case studies on the moves citing the unique drivers, the significance to the industry at large, and more. Listen-> Diamond Consultants Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry: 2022. Download-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with the Industry Visionary from Orion Advisor Solutions Overview The outgoing CEO of the wealthtech powerhouse shares his journey from the founding of Orion, the firm’s growth over the years, and perspectives on the future of wealth management, technology and AI, and much more. Listen in… > Download a transcript of this episode… 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… Running a wealth management firm in the ‘90s was a very different animal than it is today. And the ingenuity of people who sensed a “better way” served as the driver of an incredible evolution in the industry. For Eric Clarke, finding that “better way” started with the realization that there was a lack of quality portfolio solutions available for RIAs like that of his father, the late Patrick Clarke. So Eric developed reporting software for the firm, CLS Investments—an exercise that would become the basis for the 1999 launch of Orion Advisor Services. It was a seminal moment for the industry, leveling the technology playing field and paving the way for the proliferation of independent firms, which now had access to tools that would allow them to compete with the industry’s behemoths. Today, Orion Advisor Tech is an industry-standard that Eric grew from its role as a portfolio accounting and reporting system to a “wealthtech powerhouse” with a variety of tools, including financial planning, CRM, risk management, compliance, and analytics. Eric has been super busy building out his vision for Orion, overseeing several high-profile acquisitions like planning firm Advizr, risk technology vendor HiddenLevers, and the popular CRM Redtail. It’s all part of what’s become a fully-developed ecosystem, which includes investment firm Brinker Capital, TAMP Orion Portfolio Solutions, plus the CRM, compliance, and risk technology, as well as a behavioral finance solution embedded throughout its offerings. According to their website and as of this recording, Orion currently manages $3.8T in assets on its platform across 2,300 independent firms. Their wealth management firm manages over $67B in assets. The acquisition of Redtail added another 110,000 advisor clients. Yet all that aside, one of the most staggering headlines this year was the announcement that Eric is stepping down from his role as the firm’s CEO. And just after recording this interview, it was announced that Natalie Wolfson, the outgoing CEO of TAMP AssetMark, will be the new leader of Orion starting in mid-October of 2023. With all Eric has going on right now, he was generous to sit down with Louis Diamond and talk about his incredible journey, including: The founding of Orion—and how the firm realized such astonishing growth over the last 24 years. Recent acquisitions—and what each adds to the Orion ecosystem. The decision to sell to private equity—and how such a transaction can help a firm think more strategically. The challenges that advisors face—and how the platform helps solve them. The democratization of technology—and how Orion’s platform leveled the playing field for independent firms. The challenge of integration—and how a firm like Orion is working to improve client experience and create seamless workflows. The future of wealth management—and how AI is reshaping the processes while creating scale and greater opportunity for advisors. Plus, Eric discusses his decision to step down from the firm he gave rise to—and what he foresees as the direction of Orion in the future. Eric epitomizes how innovation drives disruption, which results in an evolution. Firms like Orion and trailblazers like Eric are the founders of a new generation of wealth management firms—one that is created upon the freedom of designing something better. It’s a landmark episode with a leader who helped redefine the wealth management landscape as it is today, with valuable lessons for advisors at all levels. Related Resources How to Optimize Your Business for Growth and Success: 8 Questions Advisors Need to Ask Themselves Rising above the day-to-day tasks of your “job” to invest time in thoughtful strategizing and planning can be the gamechanger you’ve been looking for. Read-> Financial Advisors: What’s The Risk Of Staying Put? Many advisors feel that changing firms or models is just too risky. But what they may not realize is that there’s also a risk to staying put. Read-> Why Settle for “Good Enough” When Great is Possible? In a vastly expanded industry landscape with more high-quality options than ever before, some advisors settle for “good enough” when the potential for “great” is often within reach. What’s holding them back? Read-> Coach to the Advisor Elite: CEG’s John Bowen on What it Really Takes to Build a Blockbuster Business What’s the secret to the success of top financial advisors? John Bowen of CEG Worldwide, coach to elite financial advisors, shares the “real gamechangers” that help them break through to the next level and accelerate growth—and more. Listen-> Eric Clarke CEO and Founder Eric Clarke serves as chief executive officer for Orion Advisor Solutions (Orion), helping advisory professionals operationalize their vision for success by delivering cutting-edge financial technology and investment management solutions through the organization’s brand entities: Orion Advisor Tech, Orion Portfolio Solutions, CLS Investments, and Brinker Capital Investments. Prior to his current role, Eric was the founding CEO of Orion Advisor Tech, which he continues to lead, and previously served as COO for CLS Investments. As an industry-recognized thought leader and advocate for advisory professionals, Eric has written numerous articles that have appeared in InvestmentsNews and The Journal of Financial Planning. Eric has received numerous industry awards including ThinkAdvisor’s IA25 in 2012 and 2019, and InvestmentsNews’ Icon & Innovators Award in 2019. Eric earned his Bachelor of Science in Accounting from Brigham Young University and Master of Business Administration from the University of Utah. As an avid runner, Eric uses the solitude of his runs to think through business strategies and plan new scenarios to help advisors increase functional efficiencies and improve their businesses. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Jack Petersen, Managing Partner and Advisor at Summit Trail Advisors Overview The Barclays breakaway discusses his 2015 landmark leap with 5 partners, 3 offices, and $3B in AUM, plus shares why he feels UHNW clients are best served in independence, what they do to drive extraordinary growth, and much more. Listen in… > Download a transcript of this episode… 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… It was one of the most significant and notable leaps to independence in 2015. And even today, advisors still talk about it. Jack Petersen was the head of Barclays Wealth and Investment Management for the Americas, resulting from a quick turnaround move after Lehman’s bankruptcy in 2008. After years in the business, Jack admits feeling burnt out in the management role, so he shifted back to his roots as an advisor, which led him to later consider whether there was a better way to serve his ultra-high net worth clients. That is, he came to the realization that to serve this sophisticated client base properly meant customization and recommendations outside of the Barclays infrastructure—and it was clear that another traditional firm would present them with the same challenges. Pulling together a few like-minded teams that also served the unique needs of this constituency, Jack and five other co-founders launched Summit Trail in July 2015 with support from Dynasty Financial Partners. It was a landmark event in size and scope: $3B in managed assets at three simultaneously launched sites across the country. Headlines announcing the move described Summit Trail as a “National Wealth Management Boutique” launched by “6 Leading Executives,” with offices in New York, Chicago, and San Francisco. Summit Trail immediately became one of the largest independent wealth management firms in the US. Today, the firm manages $16B in client assets, with offices added in Boston, Seattle, Harrisburg, and Washington DC. And while they’ve done some acquisitions, their growth has been driven primarily by organic means. In this episode with Louis Diamond, Jack discusses his journey, including: The wealth management industry as it was before and after the 2008 collapse—and how that event influenced his decision to go independent. The inability to provide customized advice and services to UHNW clients—and how that seemed to be more of a “broader industry problem” and not just a “Barclays problem.” Pulling together six diverse teams across the country—and how Dynasty helped facilitate the process at a time when even just going independent was far less common. Their incredible growth—and how they accomplished it by primarily organic means. Their unique business model—and what key attributes they “cherry-picked” from the broker dealer world. Their client policy—and why they chose to focus solely on the ultra-high net worth segment. The strategic value of private equity—and why they have opted not to take on outside capital at this time. And the notion of how large firms build their infrastructures—and why these “supermarket platforms,” designed to manage tens of thousands of advisors and their clients, make it difficult, if not impossible, to serve the unique needs of sophisticated ultra-high net worth clients. It’s a conversation with a successful advisor and business owner who built an enterprise by “putting clients first”—providing teachable moments for advisors at all levels. Related Resources The Breakaway Process: A Transition Expert Shares Advice on Going Independent Caitlin Douglas, the head of transition services at Dynasty, shares details about transitioning to independence. What advisors need to know about the supported independence model, tips on preparing for a move, key milestones, and much more. Listen-> The Next Big Thing: Private Equity Disrupting the Landscape for the Best Teams Private equity firms are showing an enhanced interest in wirehouse breakaways, investing directly in these teams on day one. Learn what’s driving this new trend, which teams are most appealing, how it will impact movement, and more. Listen-> Jack B. Petersen Co-Founder and Managing Partner With a 30-year career in the wealth management industry, Jack Petersen is a recognized leader and business builder. He started his financial services career in the Morgan Stanley MBA training program as an Advisor to financially successful individuals and families and has enjoyed a variety of leadership positions over his career.  This wide ranging experience set has ideally prepared him for his current role. Jack is the Managing Partner of Summit Trail Advisors and one of the firm’s six founding executives. In 2015, this team of six established the firm as an industry-leading wealth management boutique to provide an exceptional client experience and superior investment results for the ultra-high-net-worth market. Many of Summit Trail’s clients include highly successful entrepreneurs, business owners, and private investors. As a testament to the firm’s philosophy and achievements, Summit Trail has been recognized by Barron’s annually as one of their Top 100 Registered Investment Advisors. At Summit Trail Advisors, Jack provides overall leadership direction for the firm’s long-term business strategy, which includes acquiring other RIA firms and advisor team lift-outs from banks and broker/dealers. He’s known as Summit Trail’s culture cultivator and works with a small management team to oversee the firm’s day-to-day operations. He also continues to lead a team of advisors serving a group of clients who rely on his extensive wealth management expertise. Prior to founding Summit Trail Advisors, Jack was a Managing Director and Head of the Americas for Barclays Wealth and Investment Management Division, which focused on the needs of ultra-high-net-worth families. Jack had joined Barclays as part of its acquisition of the Lehman Brothers Private Investment Management business. He played a critical role in the negotiation of this acquisition. At Lehman Brothers he held various positions, including Global Head of Private Investment Management, having risen to that post after holding the titles of National Sales Manager and U.S. Head of Private Investment Management.  Earlier in his career, Jack was a Principal at Morgan Stanley. Jack earned an MBA from the Amos Tuck School of Business Administration at Dartmouth College. He is also a graduate of the University of Minnesota, where he earned a B.S in Finance from the Carlson School of Management. Jack values his time with family and friends.  He and his wife live in Ridgewood, NJ and have two adult sons.  An avid outdoorsman, Jack enjoys golf, running, hiking, camping, hunting, fishing and continues to mow his own lawn. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with the Senior Executive Vice President, CEO of Wealth & Investment Management, Wells Fargo & Company Overview Rare access to one of the top-of-the-food-chain leaders who discusses the direction of Wells, how it compares to its peers, the value to HNW and UHNW clients, a perspective on recruiting and the ideal advisor type, the future of the industry, and much more. Listen in… > Download a transcript of this episode… 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 exemplifies how the industry and this podcast have evolved. No doubt, as we’ve shared before, this series started with the intention of focusing on the independent space—models that exemplify the ultimate in freedom, control, and entrepreneurship. Yet the guest on this episode comes from one of the top wirehouses in the industry: Barry Sommers, the Senior Executive Vice President and CEO of Wealth & Investment Management at Wells Fargo & Company. It’s noteworthy to mention that independence is not unfamiliar to Wells—and advisor choice is an essential aspect of the Wells’ value proposition to advisors. For example, of the four wirehouses, Wells is the only one to offer an independent channel, Wells Fargo Advisors Financial Network, or FiNet, a popular way for advisors to move to independence without disrupting their client experience. The fact that Wells was open to having Barry on this episode demonstrates that the firm is also following its own evolutionary path—resulting in their rise to become one of the largest wealth managers in the U.S., with $1.9 trillion in client assets as of this recording. Yet Wells suffered from reputational issues over recent years in their consumer division, which created some challenges with the wealth management business—challenges that Barry acknowledges. So Barry’s job is not one for the faint of heart, and he’s on a mission to oversee an evolution of the wealth management division. He shares that and more with Mindy Diamond in this important episode, including: The Wells value proposition—and why this is a differentiator to advisors. Platform, resources, marketing, and culture—and how it compares to other wirehouses. The attraction to $1B advisors—and how marketing and branding differ for those in the private client group (PCG). Providing an independent option for advisors—and how FiNet compares to other independent models. The value of being associated with a bank—and how it benefits both advisors and their clients. Recruiting deals—and how their transition packages serve to attract advisors at all levels. The ideal advisor fit for the firm—and how their multi-channel “advisor choice” model appeals to those seeking greater optionality. Succession planning—and what their retire-in-place program, Summit, offers to Wells advisors looking to monetize their life’s work. It’s rare access to one of the top-of-the-food-chain leaders: An opportunity to hear, candidly, about the direction of the firm, how it compares to its peers, the value to high net worth and ultra-high net worth clients, his perspective on recruiting and the ideal advisor type, the future of the industry, and much more. Please note: Our goal with this series is to provide listeners with a complete view of the industry landscape. As such, this episode is not intended to be a sales pitch for Wells Fargo & Company. And like many other firms featured on the show, Diamond Consultants may present Wells Fargo & Company as an option to advisors considering change when appropriate. Related Resources Finding Independence in a Big Firm: Top UBS Team on Their Shift to Wells Fargo Advisors Vince Finney and Joe Panfil of Bibler, Finney, Panfil Private Wealth Management Group left UBS for Wells Fargo Advisors with partner Ryan Bibler in 2018. In a departure for our show which typically focuses on independence, it’s a candid conversation with a young team who didn’t break away, but instead transitioned within the traditional space. Listen-> The Wirehouse World: Why it’s Still the Right Place for Many Advisors In a landscape with more options than ever before, a move from one big brokerage firm to another is more often the exception than the rule these days. Read-> Satisfying an Advisor’s Quest for Independence as an Employee For many advisors, independence is just a bridge too far—but greater autonomy and control are often closer than they realize. Read-> Barry Sommers CEO of Wealth & Investment Management Barry Sommers is CEO of Wealth & Investment Management at Wells Fargo, where he serves on the company’s Operating Committee. Wealth & Investment Management provides a full range of wealth management and investment products and services through Wells Fargo Private Bank, Wells Fargo Advisors, and Wells Fargo Investment Institute. Wealth & Investment Management administers more than $1.9 trillion in client assets*. Our vast network of financial advisors, one of the nation’s largest, serves investors through locations in all 50 states and the District of Columbia. Before joining Wells Fargo in 2020, Barry was CEO of Wealth Management at JPMorgan Chase, where he was responsible for its private bank and brokerage businesses. He also served as CEO of the Consumer Bank, where he managed the bank branch network. Prior to that, Barry was the CEO of Chase Wealth Management, where he helped build the Chase Private Client Services business and served as the CEO of JP Morgan Securities. Earlier in his career, Barry was a senior managing director for Bear Stearns, serving as CEO for the private client business. He also served at Goldman Sachs, where he was a vice president in the asset management division. Barry earned his bachelor of science in communications from Ohio University. He is based in New York City. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A Special Industry Update with Louis Diamond and Jason Diamond Overview In an active recruiting environment, advisors are eager to understand where deals are at and where they’re headed. Beyond a transition deal, how can advisors monetize their business over time – thinking about the short-, mid- and long-term – whether they are in an employee or independent model? Listen in… > Download a transcript of this episode… 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… When discussing advisor movement, there’s one question that’s often top of mind: What kind of deal did the advisor who moved get? Certainly, it’s no secret that in the competitive recruiting world that, advisors often receive a transition deal when joining another firm. It’s most common for traditional W-2 models to offer lucrative and aggressive financial incentives – often north of 300% of trailing 12-month revenue – to switch jerseys. In comparison, independent models offer less, if any, monetary incentive for those moving into the space. But, beyond a transition deal, plenty of advisors wonder how they can monetize their business over time – thinking about the short-, mid- and long-term – whether they are in an employee or independent model. In this episode, Louis and Jason break it all down, including: Where recruiting deals are at—and what the differences are in transition deals at traditional firms vs. independent models. The motivations around a move—and how monetization plays a part in the decision-making process. Long- and short-term goals—and how the value of an upfront deal differs from the long-term potential of business ownership. The economics over the short-, mid-, and long-term—and how each is impacted based on the model an advisor selects. Selling an advisory business—and what advisors need to know to maximize enterprise value. Retire-in-place programs—and how these monetization events compare to opting for a recruiting deal from another firm or going independent. There’s no doubt that advisors have a wide variety of choices when considering the next phase of their careers. Whether they are looking to monetize in the short term or playing the long game, there are plenty of options to consider. It’s an episode for any advisor looking to better understand the economics of the wealth management industry, the impact of a recruiting deal and other monetization events they may encounter throughout their business life. Related Resources MaxCeV™ – How to Maximize Your Career Enterprise Value This formula seeks to provide a process by which an advisor can “calculate” the sum total of 4 key factors—to conceptualize what their career enterprise value really is and how to achieve it. It’s one of the central tenets of Diamond Consultants’ process in guiding advisors through due diligence. Download-> What’s the ‘Real’ Value of a Financial Advisor’s Business? A still red-hot RIA M&A market has many employee advisors pondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Read-> Industry Update: How to Maximize Your Career Enterprise Value “Enterprise value” is often discussed in the context of the total value of a business or the cost to acquire a company. But advisors invest their time, energy, and talents in serving clients and fostering growth—creating career enterprise value. Here’s how to maximize that value. Listen->   Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Evan Mayer – Founder and CEO of Fortuna Wealth Overview Evan Mayer started in the bank channel and, over time, came to the realization that he could do more to support his clients and grow the business in the independent model. Evan proved that by growing more than 3x in just 4 years. Listen in… Download a transcript of this episode… 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… Every advisor has a turning point in their career. It can be a passive event, such as when they are presented with an option and need to determine which path to take. Or a more proactive one, such as seeing the proverbial handwriting on the wall and realizing it’s a sign that they may need to make a change. For Evan Mayer, there were several such moments. And as he shares, “All things happen for a reason.” He started in the bank channel, intending to transition to a financial advisor role someday. Yet time passed, and he was offered the option of becoming a bank manager for Bank of America. So he had a decision to make: Stay the course or take the path. Yet as fate would have it, an advisor position became available, and he stayed with the bank, BankAtlantic, until the next juncture. That came in 2012 when Evan transitioned to SunTrust, which became Truist after a merger with BB&T in 2019, one of the biggest bank acquisitions of its time. “That was a lightbulb moment,” Evan said. Driven to do more for his clients but limited by the bank model, Evan wanted to be able to share educational information and market to clients and prospects freely. Taking a proactive stance, he explored his options. Evan decided to launch Fortuna Wealth in Boca Raton, FL with Raymond James, and he hasn’t looked back since—perhaps only to recognize he’s grown his business from $180mm in assets under management in 2019 to over $600mm today as an independent firm. Evan shares his incredible journey with Louis, including: The key differences between working in a bank channel and being an independent advisor—and how the different features of each influenced his business. The secrets behind his extraordinary growth—and what he could do in independence that he could not in the bank channel. The process of transitioning from a bank model to an independent practice at Raymond James—and what impact he saw on portability. The ability to market creatively—and how having a popular podcast drives his bottom line. Life as a CEO—and how it differs from being an employee. Many advisors get their start in the bank channel and find a pathway to growth. But for some, the model becomes too limiting. For Evan, it was a realization that changed his business life: He was missing out on the things he could do for his clients and the business. But by making a change, Evan could do everything he wanted and then some. It’s an episode that reminds us to be aware of the messages around us—they often hold the key to finding our best business lives. Related Resources A Culture of Choice: Why Raymond James Rocks the Regional Space and Advisor Recruiting Advisors’ desire for greater agency in serving clients and growing their businesses is driving growth toward regional firms like Raymond James & Associates. Tash Elwyn, President and CEO, discusses how choice is the foundation of the firm’s culture. Listen-> The Banking Crisis: Its Impact on Advisor Movement and the Wealth Management Landscape—A Special Industry Update Mindy Diamond and Louis Diamond share perspectives from their unique vantage point on the impact of the banking crisis on advisor movement, their clients, and the wealth management industry at large. Listen-> Private Bankers Considering Change: What You Need to Know There’s been an interesting shift in movement amongst one sector of wealth management: private bankers. Read-> Mind the Pendulum: What the Bank Crisis is Teaching Us About the Industry Landscape The natural order is being tested in the wealth management industry. And it will be some time before we see who the real winners and losers are. Read-> Bank Advisors: Are you willing to take a step backward to make a big leap forward? While the bank channel offers a great way to start a career, there are some real limitations when it comes to who “owns” the clients. Read-> Evan Mayer CEO As the founder and CEO of Fortuna Wealth and a financial advisor with Raymond James, Evan applies his 20-plus years of industry experience to provide his clients with customized, holistic financial planning geared toward their unique lives and goals. Evan focuses on guiding clients through all of life’s phases, from implementing investment strategies designed to address their long-term goals to their day-to-day needs in retirement or on their way to retirement. To provide clients with the best possible support as they pursue their long- and short-term goals, Evan follows a disciplined process of assessing each client’s financial picture, determining their risk tolerance, and then building and executing an investment plan designed to align with their specific needs. As they move forward, he regularly monitors their plans and periodically meets with them to review their portfolios, assess their goals, and makes adjustments whenever necessary to help ensure they remain on track to achieving their objectives. Evan is a Certified Financial Planner™ professional, showing his dedication to meeting the CFP Board’s continuous education requirements and practicing with high ethical standards. A distinguished advisor, Evan is also a Chartered Retirement Planning Counselor℠ and a Certified Wealth Strategist. Another testament to Evan’s knowledge and hard work, Evan was named to the 2023 edition of the Forbes list of Top Best-in-State Wealth Advisors. Evan was also named to Advisor Hub’s Top 50 Solo Practitioners List in 2022. Additionally, Bank Investment Consultant magazine named him in their Top 100 Bank Advisors annual listing in 2016, 2017 and 2018* prior to Evan going independent. Prior to joining Raymond James in 2019, Evan served as senior vice president and financial advisor with The Mayer Group at SunTrust Investment Services. Evan is a native of Coral Springs, Florida, and a graduate of Bellevue University. He loves spending time with his wife Lauren, their two daughters Bryce and Dylan as well as their son Hunter. Evan makes it a point to squeeze in a round of golf whenever possible. He is also active in his community through fundraisers, education, and social causes. † The Forbes Top Wealth Advisors Best-In-State 2023 ranking, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. This ranking is based upon the period from 6/30/2021 to 6/30/2022 and was released on 4/4/2023. Those advisors that are considered have a minimum of seven years of experience, and the algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of approximately 39,007 nominations, 7,321 advisors received the award. This ranking is not indicative of an advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please visit https://www.forbes.com/lists/best-in-state-wealth-advisors/?sh=181ba856ab97 for more info. Bank Investment Consultant:: To compile the list, multiple variables were combined into one composite score. The six categories used are: (1) assets under management; (2) trailing-12 month production; (3) percentage increase in AUM from the previous year; (4) percentage increase in T-12 production; (5) amount of fee business; and (6) the ratio of production-per-AUM. (Note: 2018 AUM was defined as the amount an advisor had as of Aug. 31, 2018. Likewise, for T-12 production, the 12-month period ending Aug. 31, 2018 was used.) The nominees were ranked by each of the six categories and then six different scores were calculated based on where they ranked. Those six scores were used to compile the final list. The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of an advisor’s future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating. BIC is not affiliated with Raymond James. The 2022 AdvisorHub 50 Solo Practice Advisors to Watch ranking is as of 6/23/2022 and based on an algorithm of criteria, focused on three key areas: Scope of practice as measured by assets, production and level of service, Year-Over-Year Growth, and Professionalism & Character. The rankings weigh the scores in Scope of Practice and Growth more heavily than other areas. Advisors considered have a minimum of seven years’ experience, a compliance record with no more than 3 complaints, and must have been with their current firm since 1/1/2020. Out of approximately 560 total nominations received and 117 in this category, 50 advisors received the award. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. This ranking is not indicative of advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with AdvisorHub. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial Planner™,  CFP Logo Flame Design and  CFP Logo Plaque Design in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A Special Industry Update with Louis Diamond Overview Private equity firms are showing an enhanced interest in wirehouse breakaways, investing directly in these teams on day one. Learn what’s driving this new trend, which teams are most appealing, how it will impact movement, and more. Listen in… > Download a transcript of this episode… 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… Our Industry Updates are designed intentionally to keep you informed about the latest evolutions of the landscape. And this is a big one: Especially for top wirehouse teams looking to make the leap to independence. Historically, meaningful upfront capital and independence were an “either-or” scenario—not an “and.” Meaning you had to choose between being independent or opting for transition capital. And we’re following what seems to be the next big thing: A way for wirehouse teams to monetize while entering the RIA space. While private equity has been all over the RIA channel for several years, they’ve missed out on the breakaway movement. That is, until now, as several top private equity firms have actually cracked the code of investing directly in wirehouse teams on day one. These firms provide liquidity and upfront capital to a breakaway team, as well as the scaffolding and support resources needed to launch the independent business. It’s opening a new world of potential for advisors across the wealth management landscape. In this special episode, Mindy Diamond and Louis Diamond explore the topic, answering the top questions advisors have, including: Why are private equity firms interested in wirehouse teams—and what’s driven this recent uptick in attention? Private equity has been investing in the wealth management industry for a long time—what’s changed, and why this recent enhanced interest in wirehouse teams? What’s the appeal for advisors—and who are those most attractive to private equity firms? What are the positives of a private equity firm investing in a breakaway—and what are the negatives? What are the different ways an advisor can partner with a private equity firm—and what are some examples of those who have gone down this path? How are deals structured—and where does the infrastructure come from? It’s an evolution of the industry that we anticipate will open up a new world of opportunity across the landscape. And that’s good news: Because more opportunity creates more competition—and competition is good for everyone. It’s an episode that will enhance your knowledge of a rapidly changing wealth management landscape. Download Landscape at a Glance: Focus on Independence Related Resources Investing in Growth: Exploring KKR’s Attraction to $25B+ RIA Beacon Point What does it take to garner the attention of one of the leading private equity firms in the world? Beacon Pointe’s President Matt Cooper and Sasank Chary, Managing Director of KKR, discuss the key drivers of their strategic partnership, explore Beacon Pointe’s extraordinary growth, share advice on what it takes to make your firm attractive to an investor, and much more. Listen-> Industry Legend Ron Carson on What it Really Takes to Build a $20B Enterprise Ron Carson joins the show to discuss the key drivers behind the rise of the Carson Group, sharing his journey from a Nebraska farm to his tenure with Private Ledger, and on to how he built a nearly $20B independent wealth management enterprise. Listen-> Independent Again: The Founding Partners of $18B+ IEQ Capital on Growth, Culture, and the Luminous Leap Alan Zafran and Eric Harrison, 2 of the 3 Co-CEOs and Founding Partners of IEQ Capital, discuss making 2 leaps to independence from Merrill to Luminous then First Republic to IEQ and share their journey and formula for growth they mastered along the way. Listen-> Why a $5B UBS Breakaway Team Set Out to Build the “Boutique Firm of the Future” Ex-UBS $5B advisors, Rob Sechan and Jeff Kobernick found that servicing their UHNW clients became difficult at the wirehouse and wanted more than other firms offered. So they built RIA NewEdge Wealth with EdgeCo Holdings and other UBS veterans. Listen-> Betting on the Long-Term: Former Merrill Resident Director Shares Why Her $1B Team Broke Away Former Merrill Lynch Resident Director Melissa Bouchillon shares what it takes for an RD to consider independence, Merrill’s push to sell bank products, how they compensated a partner who signed onto CTP, why they chose Focus Financial and more. Listen-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Marc Horner, Wealth Advisor and Founder of Fairhaven Wealth Management Overview Marc Horner discusses how his leap to independence allowed him to think and act more creatively, connect with clients and prospects on a new level, and ultimately grow his business in ways he could not in the wirehouse world. Listen in… > Download a transcript of this episode… 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… It’s amazing what happens when advisors find the freedom to execute their unique visions of what a perfect wealth management firm might be. They transcend into a space where they can think and act genuinely—and step out of not only the comfort zone established by their firm but their own as well. For Marc Horner, that translated into driving astounding growth, from $80mm in assets under management to one billion. What’s more interesting, as Marc shares, it took him 14 years in the wirehouse world to reach $80mm—and only 7 years in independence to hit a billion. In this episode with Louis Diamond, Marc shares his path from Merrill to UBS and on launching his own RIA firm, Fairhaven Wealth Management, in Wheaton, Illinois, including: Growing to a billion dollars in assets under management—and why he achieved such astounding growth in such a short time vs. what he accomplished in Merrill and UBS. The new opportunities he found in independence—and what, specifically, he can do now that he couldn’t do in the wirehouse. The ability to think and market creatively—and how that transformed his ability to market to clients and prospects. The decision to go independent—and when he decided that was his best next step. Plus, Marc talks about his unique, humorous series of parody videos—and how this strategy not only won critical acclaim but also fostered a new connection with his clients and grew the business in ways he could not have in the brokerage world. Being able to think creatively and with authenticity was life-changing for Marc and his team. He pushed the envelope in ways many other independent advisors wouldn’t consider, and it paid off big for Fairhaven. It’s an episode that serves as a true testament to the power of freedom and control that can be achieved in independence. Mentioned in the Episode Fairhaven Wealth Management’s YouTube Channel Related Resources An Independence Day Manifesto: What Does Independence Really Mean in the Wealth Management Industry? While independence means less bureaucracy and red tape, it comes with additional responsibilities that advisors should be aware of before opting to make the leap. Read-> The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey With so many options to choose from, how does an advisor decide which path to independence to take? Read-> Wealth Management Landscape At A Glance: Focus on Independence In a greatly evolved industry landscape, the independent space has expanded to offer a variety of models with varying levels of freedom and flexibility. Which one might be right for you? Our newly updated “Landscape at a Glance” focuses on independence, providing the key features of each model. Download-> Everything You Need to Know About Independence: An Industry Update Jason Diamond joins the show for a quick yet thorough education on the continually evolving independent space answering the questions that many of our advisor-clients ask us during due diligence. Listen-> Marc Horner Founder & Wealth Advisor Marc founded Fairhaven Wealth Management in 2015. Prior to that, he was a financial advisor with the wealth management divisions of both Merrill Lynch and UBS for a total of 14 years. His education includes economics at North Park University, investment management at the University of Pennsylvania – Wharton School of Business and wealth management at the University of Chicago – Booth School of Business. Marc holds the professional designation of Certified Financial PlannerTM (CFP®). Marc is a trusted media resource for a wide variety of radio and television outlets including his regular appearances on the WBBM Radio’s “Noon Business Hour.” A collegiate All-American in basketball, Marc now enjoys golfing, cooking, and wearing a kilt as a bagpiper with The Shannon Rovers Irish Pipe Band. Marc and his wife, Christine, live in Wheaton, Illinois, with their four children. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…