The Diamond Podcast for Financial Advisors

A conversation with Caitlin Douglas, Director, Head of Transition Services – Dynasty Financial Partners Overview 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 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… Back in 2010, Shirl Penney launched an exciting concept: A firm that sought to help breakaway advisors start their own independent wealth management businesses—but with the support of a team focused on assisting them to drive success, plus a top-notch platform to rival what the advisors left behind in the brokerage world. It was a solution that filled a needed gap in the industry—and a wildly successful one at that. As of the recording of this episode in July 2023, Dynasty Financial Partners boasts some 49 network firms across the country, with 319 advisors and nearly $74B in assets. Dynasty’s success speaks to advisors’ strong desire to gain freedom and control and reap the rewards of becoming an entrepreneur—all while having access to everything they need to start up and run their businesses, plus access to a community focused on continual growth. Because the reality is that making the leap isn’t easy. And advisors on the Dynasty platform and other supported independence platforms like it extols the benefits of having a partner in the transition process to handle the things necessary to start their own firm and ongoing support as needed. But what do advisors really need to know when considering a transition? Caitlin Douglas, the head of transition services at Dynasty, joins the episode to share the details gleaned from her experience at Dynasty and her previous business life at Keeney Financial Group, plus nearly two decades in the financial services world. She and Louis Diamond discuss all things related to making the break, including: Preparing for the transition—and what advisors need to know before considering a leap to independence. The role a supported independence model like Dynasty plays—and how they can streamline an advisor’s transition vs. launching an RIA from scratch. The heavy lift of breaking away from a major firm—and why even the thought of doing so stops so many advisors in their tracks. The major milestones of launching an RIA—and what advisors should prepare for at each juncture. The timeline of a move—and what advisors can expect when setting their sights on a launch date. The characteristics of an efficient move—and how to avoid significant failure points along the way. No doubt, entrepreneurialism has fueled change in the wealth management industry—and those with the desire to gain greater freedom and control are amongst the biggest benefactors when it comes to solutions available to make the leap more efficient. Caitlin shares thoughtful guidance for those considering independence: Actionable advice around the essential details to be aware of and the preparation required to make the transition a smooth one. Related Resources What’s Driving the Momentum Towards Independence and Will it Continue? With Shirl Penney, Dynasty Financial Partners An insider’s guide to what it takes to get from here to there in the independent space. Listen-> Update on Transitions: Communicating the “Why” of a Move to Your Clients A financial advisor’s move should be to improve client service—because it’s the clients who ultimately drive business growth and value. Here’s how to communicate “what’s in it for them” so they fully understand the positive impact the change can bring. Listen-> What Can Go Wrong in a Transition: How to Avoid “Murphy’s Law” 7 ways a financial advisor’s move can take an unexpected wrong turn—and ways to prevent that from happening. Read-> Avoiding the Post-Transition Blues 8 tips to help advisors enjoy a less stressful experience during and after a move. Read-> Diamond Consultants Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry: 2022. Download-> Caitlin Douglas Head of Transitions Ms. Douglas joined Dynasty from Keeney Financial Group where she served as the Director of Client Services for over six years. While there, Caitlin was responsible for managing the firm’s transition from an independent broker–dealer to a Hybrid RIA platform. She has 17 years of experience in the financial services industry, including working directly with clients and overseeing advisors, as well as support staff. Caitlin graduated from Ohio University with a Bachelor of Business Administration degree in Finance where she also played Division 1 Lacrosse. She resides in Baltimore, MD with her husband Ryan and son Tucker. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Andy Ferguson, founder and CEO of Proquility Private Wealth Partners Overview As a former Merrill ACTM chairperson, Andy Ferguson had an acute view of the changes taking place at the firm. He shares how that influenced his decision to opt for independence over Merrill’s retire-in-place program CTP 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… Most advisors we speak with think independence is just for those with a long runway ahead of them. Yet that couldn’t be further from the truth. The reality is that many long-tenured advisors in the brokerage world come to a crossroads in their career: Sign on to their firm’s retire-in-place program or consider other options. While taking a recruitment deal from another firm is certainly a path, many recognize that there is a bigger picture to consider: Their firm may not be serving them and their clients best now and is not likely to do so in the future. Their perspective is that independence allows them to build their legacy how they see fit and unencumbered by a big firm agenda. Andy Ferguson is one such advisor who, after nearly four decades at Merrill, decided he didn’t like where the firm was heading. And Andy had a bird’s eye view of the changes that Merrill went through over the years, having served as Chairperson of the Merrill Lynch Advisory Council to Management (ACTM), advising the senior management on issues affecting clients worldwide. So signing on to the firm’s retire-in-place program and locking the business in for the longer term wasn’t how Andy envisioned his legacy. In August 2020, during the pandemic shutdown, Andy and his team launched Proquility Private Wealth Partners in Las Vegas, NV, with support from Dynasty Financial Partners and Fidelity Custody and Clearing as their custodian. In this episode, Andy shares his story with Mindy Diamond, including: The changes he saw at Merrill—and how that motivated him to consider his options. The real value of a retire-in-place program—and why Andy saw greater benefit in going independent. The option to launch an independent firm—and why he feels even tenured advisors can benefit more by breaking away. The realities of the transition process—and what he learned along the way. The opportunity to “shrink to grow”—and why he chose to leave a handful of relationships behind. Andy could have taken the path of least resistance: Sign on to Merrill’s retire-in-place program and monetize his life’s work at the end of the day. But for him, the decision was an easy one. That is, Andy wanted to ensure that when that day came, he answered to just one constituency: His clients. And the only way to do that was by launching his own independent practice. It’s a “reality check” episode for all advisors who are considering their future. Related Resources Stuck in Place: How Merrill’s CTP Has Senior Advisors Right Where the Firm Wants Them Advisors who accepted Merrill’s ironclad succession agreement are now realizing how stuck they really are—serving as a cautionary tale for those who have yet to sign on. Read-> Avoiding the Succession Cliff: Potential Paths for Soon-to-Retire Advisors Tenured advisors have invested a lifetime in building a business with real value, yet many don’t have a succession plan. Why the delay? And what are their options? Read-> 5 Reasons Why You Should Mess with Success Amid a banner year, it may feel counterintuitive to even think about disrupting momentum—but it may be wise to do just that. Read-> Transitions, Retire-in-Place Programs and Termination: A Top Attorney’s Perspective Attorney Tom Lewis of Stevens & Lee shares advice for financial advisors on navigating transition, avoiding termination, retire-in-place agreements, non-Protocol moves, and more. Listen-> Andy Ferguson Founder & CEO Andy Ferguson is the founder and CEO of Proquility Private Wealth Partners, a fully independent Registered Investment Advisor (RIA) based in Las Vegas, Nevada and serving clients throughout the United States. Andy founded Proquility to provide individualized attention and customized planning and investment services for select clients in need of multigenerational financial advice, education, and guidance. The RIA discreetly serves the unique goals of 62 high net worth client families and their philanthropic foundations throughout the United States. With more than 40 years of experience in financial and estate planning at Merrill Lynch, Andy is a Certified Financial Planner (CFP) as well as a Chartered Financial Consultant (ChFC). His Bachelor of Science in Finance is from the University of Arizona, and he received his Certified Investment Management Analyst (CIMA) designation from the Wharton School at the University of Pennsylvania. Andy has served as Chairperson of the Merrill Lynch Advisory Council to Management (ACTM), advising the senior management of the company on issues affecting clients worldwide. He also served as an industry arbitrator for the National Association of Securities Dealers (NASD) between 1994 and 2006. Since 2015 he has been included on the Barron’s “Top 1,200 Financial Advisors” list on an annual basis. In 2018, 2019, and 2020 he was named to the Forbes “Best-in-State Wealth Advisors” list. Andy has been a Las Vegas resident for over 30 years and has maintained an active role in the community. He is past President of the Boys and Girls Clubs of Las Vegas Foundation and has served on the advisory committee for the Marty Hennessy Inspiring Children Foundation. In addition, he is a member of the UNLV Planned Giving Advisors Council and the University of Arizona President’s Club. Andy is a classic film devotee, enjoys playing tennis, bike riding, and sharing a passion for animals with wife Terri in caring for four rescued cats. He has three adult sons and balances his time between Las Vegas and Naples, Florida. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with the Founder of the Digital Assets Council of Financial Professionals Overview One of the most influential people in the financial planning and investment management profession discusses what fueled his firm’s growth, the importance of financial education, the value of embracing technology, 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… We often talk about how the wealth management industry landscape has evolved. But the fact is, EVERY industry has been impacted by dramatic change. And each year, the transformations advance more rapidly than the years prior. The guest on this episode rode these waves of change and served as both a leader and navigator. Ric Edelman is one of the most influential people in the financial planning and investment management profession. Ric’s career path started in the 80s when he and his wife Jean founded Edelman Financial Services. After growing the business and a series of mergers and acquisitions, the firm, now known as Edelman Financial Engines, would become the largest RIA in the country with $191B in assets under management. Yet, as Ric shares, providing financial education was the driving force that led to their wide-ranging success. For example, Ric became one of the country’s top 100 radio talk show hosts and produced award-winning specials for PBS. He is also the #1 New York Times bestselling author of 12 books on personal finance, including his newest, The Truth About Crypto, an Amazon bestseller. And he’s the host of the podcast series The Truth About Your Future and the founder of the Digital Assets Council of Financial Professionals. Plus, Ric ranked three times as the #1 Independent Financial Advisor in the nation by Barron’s and received the industry’s Lifetime Achievement Award in 2017. Ric shares his unique lens on the industry with Louis Diamond in this very special episode, including: The secret to how he built a mega RIA—and advice for others with their sights set on growth. The importance of his focus on financial education—and why he describes it as a mission that “propels” him. The choice to step away from the firm he built—and how he and Jean are reinventing this chapter of their lives while teaching others to do so as well. The real value of scale—and why learning to create services that impact 1,000 clients rather than just one is critical for growth. The power of technology—and why it’s important for advisors to embrace the changes impacting wealth management practices and the financial world at large. The role of generative AI tools like ChatGPT—and what advisors need to know to leverage them for client service and brand extension. The realities around crypto—and how blockchain and tokenization will continue to alter their business practices. The truth about the future of financial advice—and how advisors can take advantage of technology to create a better service experience and gain scale. Ric offers an important narrative around the fact that our world is changing rapidly and shares a perspective of more dramatic transformations ahead. It’s an important episode for all advisors as it provides foresight into reimagining our businesses to meet the forthcoming challenges and opportunities. Related Resources Growth Through Media and Innovative Solutions: How Ross Gerber’s $2.2B Firm Found a Resounding Voice in Independence The co-founder of Gerber Kawasaki weighs in on everything from what it takes to build a $2.2B mega-RIA and the power of freedom in the independent space, on to crypto, digitization, and ETFs, plus Elon Musk and Tesla. Listen-> Looking at Your Future With a Beginner’s Mind Taking a step back and answering these 7 questions will leave you with a new sense of clarity. Read-> 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-> Ric Edelman Founder, Digital Assets Council of Financial Professionals Ric Edelman is one of the most influential people in the financial planning and investment management profession, according to Investment Advisor, RIABiz, and InvestmentNews. He was ranked three times as the nation’s No. 1 Independent Financial Advisor by Barron’s, is in two industry Halls of Fame and received the IARFC’s Lifetime Achievement Award. He also holds two patents for financial product innovation. Edelman is the industry’s top financial educator. He is a #1 New York Times bestselling author of 12 books on personal finance, including his newest, The Truth About Crypto, an Amazon bestseller. He hosts The Truth About Your Future podcast and produces Public Television specials. He taught personal finance at Georgetown University for nine years and is Distinguished Lecturer at Rowan University. He and his wife Jean live in Northern Virginia. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Louis Diamond Overview Independence allows advisors to create an unlimited menu of innovative value-add services for their clients. And as the industry landscape expands, employee advisors are finding ways to get in on the action. Learn specific examples of the various services offered by some of the industry’s leading independent firms. 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… Advisors are attracted to the independent channel for many reasons: Business ownership, superior ongoing economics, autonomy and control, and the ability to build a brand and legacy. But one of the more exciting aspects of an independent business is the wide range of additional value-add services that can be offered to clients. Services such as tax preparation, bill pay, and even investing directly in barrels of bourbon and RVs are some of the many ways top independent firms drive their unique value. That is, in continually creating a new and often unique roster of capabilities to serve ever-growing client needs. And the results show in their bottom line. The good news is that in this evolved landscape, you don’t need to start your own independent firm to tap into these additional lines of business. Many multi-family offices, large national RIAs, and boutique firms have the scale to offer an expanded roster of services. And even some supported independent platforms enable advisors to white-label services for use with their clients. In this special Industry Update episode, Mindy Diamond and Louis Diamond break it all down, including: Going beyond financial planning and investment management—and why advisors are getting more innovative when it comes to client service. The imaginative ways the most successful are satisfying their clients’ needs—and how doing so is impacting growth. Access to bespoke services in employee models—and what limitations these advisors might encounter. The benefits of scale—and how some firms are thinking creatively when expanding their roster of capabilities. Understanding the economics—and how to determine if your practice is ready to expand into new areas. The benefits of adding services beyond planning and management—and what some might view as potential risks. Plus, they share specific examples of the various services offered by some of the industry’s leading independent firms. Undoubtedly, it’s critical to focus on getting the basics right first. Still, for those ready for next-level strategies, this is one episode to listen to—whether you’re a business owner or an employee-advisor. Related Resources – Mentioned in This Episode Lizzie Evans – Growing Up with Merrill Lynch: A Next-Gen Breakaway Story. Listen-> Michael Henley – A Diehard Merrill Advisor’s Journey to Independence. Listen-> Kurt Miscinski – From Start-Up to $31B Behemoth RIA: The Catalysts Behind the Growth of Mega-Firm Cerity Partners. Listen-> Captrust – Creating Sustainable Scale: How CAPTRUST’s Unique Model Drives Enormous Growth and a $1B+ Valuation. Listen-> Megan Carpenter – Driving Organic Growth: Practical Marketing Tips for Advisors from FiComm’s Megan Carpenter. Listen-> Ross Gerber – Growth Through Media and Innovative Solutions: How Ross Gerber’s $2.2B Firm Found a Resounding Voice in Independence. Listen-> Marty Bicknell, Mariner Wealth Advisors – Inside Baseball on Building and Growing an Independent Firm. Listen-> Rob Nelson, Northrock – 3X Growth: How a Pivot from IBD to RIA Turned into a Nearly $4 Billion Slam-Dunk. Listen-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with the CEO of FiComm Partners, LLC Overview Growing a sustainable wealth management business relies on attracting new clients while engaging current ones. The leader of the award-winning integrated marketing firm shares advice on what it takes to impact organic growth via marketing. 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… Legendary business consultant and author Peter Drucker said, “Because it is its purpose to create a customer, any business enterprise has two – and only these two – basic functions: marketing and innovation.” It’s a statement that any successful financial advisor and business owner can relate to. Because a growing and sustainable business thrives on attracting new clients and continually engaging current ones. Yet marketing itself can be a herculean task. It requires strategic planning, creative thinking, and consistent execution of a common purpose and voice. And as even we at Diamond Consultants can attest, it also demands a good dose of patience—because achieving desired results can take time. That said, there’s plenty of valuable advice to learn, particularly from those who play in this sandbox every day. In this episode, Louis Diamond welcomes Megan Carpenter, CEO of FiComm Partners, an award-winning integrated marketing firm focused on the independent wealth management space. They take a deep dive into the world of marketing a wealth management practice, including: The evolution of marketing over recent years—and how these changes have impacted strategy and organic growth. The importance of a clearly defined value proposition and brand—and why even employee advisors need to pay attention to how they are represented. Understanding the term “growth” as it relates to marketing success—and why it’s vital first to identify your specific goals and objectives. Tactics like email, video, and social media—and how the most successful firms use each to maximize reach and efficacy, and ultimately drive organic growth. Successful marketing is driven by true differentiation and demonstrating that authentically with consistency and in concert with client service activities. And as Megan shares, the best endeavors are led by strategy, and, “when done well, there’s tremendous opportunity to impact growth through the lens of marketing.” This is one episode with actionable advice for all advisors and independent business owners who have their sights set on maximizing their organic growth goals. Related Resources Why Advisors in “Growth Mode” Are Sacrificing Momentum to Change Firms or Models It seems to be counter-intuitive for an advisor or team who may be riding the wave of their “best year ever” to change jerseys or break for independence. Yet it’s happening in record numbers. Read-> Industry Update: A Powerful Strategy to Accelerate Growth for Financial Advisors Mindy Diamond discusses how harnessing the power of content marketing has proven to be a powerful growth engine for her firm. She shares tips and advice for employee and independent financial advisors on how to build your own “marketing machine.” Listen-> 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-> Megan Carpenter CEO & Founder Meg Carpenter is CEO and Co-Founder of FiComm Partners, an award-winning integrated marketing firm, focused on the independent wealth management space, working alongside advisors, advisory firms, and wealth management platforms at every stage of growth. FiComm exists to expand the impact of financial advice by leading human-centered business change through New Skool marketing, PR, and advisor marketing coaching. Their agile approach in marketing solutions has earned them a seat in ThinkAdvisors Luminaries Class of 2021 and 2022, back-to-back wins for digital campaign of the year from WealthManagement.com’s Wealthies in 2021 and 2022, recognizing FiComm Partners and InvestmentNews Podcast Awards and the New Skool podcast, and a top-4 Industry Disruptor in 2020 by WealthManagement.com. For more than 10 years, FiComm’s services have transformed wealth management businesses by empowering them to lead with authenticity, target their focus, and drive to commercial success. Included in InvestmentNews 40 Under 40 notable list, Meg’s expertise spans over 20 years of helping RIA firms and advisors connect, communicate, and engage effectively with their target audiences. Her passion to promote the industry is demonstrated through her involvement with the CFP Board Center for Financial Planning Workforce Development Advisory Group and the pro bono services she and her team provide to the Foundation for Financial Planning. She is also part of the Pledge 1% global movement, having pledged 1% of personal equity, profits, time, and product to non-profits in the wealth management community. Meg began her career at John Hancock Financial Network before launching her own business, Caritative Wealth Consulting, at the age of 29. Meg merged her consulting business into her second business venture, FiComm Partners in 2014. A regular blogger and spokesperson in the media on topics related to financial services marketing and communications, Meg is also a sought-after speaker at a wide range of industry events, including Schwab IMPACT, Pershing INSITE, Bob Veres’ Insider’s Forum, ECHELON Partners Deals and Deal Makers Summit, Riskalyze Fearless Investing Summit, InvestmentNews Best Practices Workshop and Top Advisory Firm Summit, In|Vest, FPA NorCal, MarketCounsel Summit, and the CFA Institute. In addition, she is a co-host of The New Skool podcast. Meg graduated from the University of Southern California with a B.S. in Business Administration, with an emphasis in Global Management. She sits on the Advisory Board of Absolute Engagement, a client engagement business, and the Board of Directors for the Los Angeles chapter of Entrepreneurs’ Organization (EO). Megan is a proud supporter of the USC Alumni Association, the USC Marshall School of Business Scholarship Fund, and the American Red Cross. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Craig Savage—Partner, Wealth Advisor, William Blair Overview Craig Savage shares his journey from Goldman Sachs to Credit Suisse, why joining William Blair ultimately won out over launching an RIA, how finding the right culture has enhanced his team’s 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… Searching for the right culture is one of the most common drivers of change among advisors we speak with. And it’s particularly prevalent with those who came from a traditional firm in which that culture once felt more entrepreneurial—with a well-known and respected imprimatur attached to it. For Craig Savage, that firm was Goldman Sachs, where he began his wealth management career over two decades ago. Yet things changed at the firm after the financial crisis. The culture Craig grew up with no longer felt the same: It had become more bureaucratic, and as Craig puts it, “There was an abundance of resources but also a lot of conflicts.” So in 2010, he left for Credit Suisse, another big brokerage firm. While it seemed to provide what he was looking for, over time, it was just more of the same. That is, “the honeymoon feeling wore off,” as Craig shares. Craig and his team started to explore the idea of launching an RIA until a serendipitously timed call came from Ryan Devore, the Global Head of Wealth Management and Partner at William Blair. Ryan introduced him to a concept that fell between the big brokerage firms and independence—and the firm was looking to plant a new flag in Atlanta, Georgia. So Craig and his team joined Blair in January of 2016, and today they are managing $6.8B in assets for approximately 90 clients. In this episode, Craig shares the genesis of his career with Mindy Diamond, including: His early days at Goldman—and what changes he saw at the firm that motivated his decision to leave. Craig’s shift to Credit Suisse—and why that path was not the best solution for his business. The transition to William Blair—and why the firm won out over all others, including launching an RIA. The unique differences in culture amongst firms—and why finding the right culture was so important to Craig and his team. The benefits of a firm like William Blair vs. independence—and why Craig feels Blair fulfilled what he sought in terms of freedom and entrepreneurialism. The importance of knowing your “why”—and how the knowledge of what you are looking to solve for can make a transition far less complicated. Plus, the secrets to his success—and what it really takes to build a $6.8B advisory business. For Craig and his team, the motivation for change was driven by the desire for greater freedom, but likewise, as he shares, it’s also about achieving alignment with your goals and values—and ultimately rooted in your “why.” It’s an episode for anyone looking to get a glimpse into more independent alternatives to business owners looking for ideas around maximizing growth. Related Resources A Growth Story 87 Years in the Making: Why Boutique Firm William Blair is an Attractive Home for Top Advisors With Ryan DeVore, Partner, Director and Global Head of Private Wealth Management, William Blair. Listen-> 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-> How to Evaluate a Firm Beyond the Obvious: A Framework for Advisors There are many reasons why an advisor might prefer one firm over another. Moving beyond “table stakes” factors, here are 8 critical yet often overlooked considerations for evaluating potential firms—as well as your own. Read-> Craig Savage Partner & Wealth Advisor Craig Savage is a partner of William Blair and wealth advisor with the firm’s Private Wealth Management group. He joined William Blair from the Private Banking North America Business of Credit Suisse Securities. He had recently been appointed head of campus recruitment and development strategy for Credit Suisse Private Banking North America and LatAm US. He had previously worked for 12 years at Goldman Sachs Private Wealth Management. Craig taught calculus at Vanderbilt University and started his own business, Savage Sportswear. Craig earned his M.B.A. from Vanderbilt University’s Owen Graduate School of Management and his undergraduate degree in mathematics from Vanderbilt. He lives in Atlanta with his wife and two children, and enjoys travel, aviation, and skiing. Professional Recognition and Awards Forbes Best-in-State Advisors 2021, 2022, 20231 Barron’s Top State-by-State Advisors in America, 2021, 2022, 20232 Barron’s Top Wealth Advisors 2016 – 20233  1 The Forbes ranking algorithm is based on industry experience, interviews, compliance records, assets under management, revenue and other criteria by SHOOK Research, LLC, which does not receive compensation from the advisors or their firms in exchange for placement on a ranking. Investment performance is not a criterion. 2 The ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms, and the quality of the advisors’ practices. 3 The ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms and the quality of the advisors’ practices. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Alan Zafran and Eric Harrison, Co-Chief Executive Officers and Founding Partners of IEQ Capital Overview 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 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 May of 2008 when one of the biggest breakaway stories to hit the Street emerged: A team of top Merrill advisors with some $2B in assets left the wirehouse to launch RIA Luminous Capital. It was a leap that would galvanize the independent space, attracting the attention of wirehouse advisors throughout the industry, piquing their curiosity, and demonstrating that there was life outside the big brokerage firms. Then history was made again in 2012 when the $5.5B Luminous sold to what was then First Republic Bank for an astounding $125mm. Yet the story didn’t end there. In 2019 there would be another entry in the wealth management industry record books. After growing the business to some $17B, the team would leave the bank, forming two separate independent firms, one of which was IEQ Capital, launched by Robert Skinner and Alan Zafran. Eric Harrison, a former private equity firm leader and First Republic veteran who began working with the Luminous partners in 2013, would join them, and together, the three would serve as founding partners and co-CEOs of IEQ. It’s an astounding growth story for IEQ, which started with some $8B in assets at inception and is managing in the vicinity of $18B as of this recording. In this episode, Louis Diamond welcomes Alan and Eric, two of the three Co-CEOs of IEQ, to share their incredible journey, including: Making the leap to independence in 2008—and what that was like at a time when resources were non-existent, and few would ever consider it. Their unique perspective on the Luminous sale to First Republic—and why they opted to later leave the firm and build their own. Building an independent business right from the start—and how their two-time breakaway experience framed what IEQ is today. IEQ’s three CEO leadership structure—and how that works in practice. Their astounding growth—and what key elements are at the foundation of their success. And much more. It’s stories like this from trailblazers who forged new paths and continue to make their mark on the industry that is most illustrative. But it’s their core concepts around growth, culture, and “building a business for advisors by advisors” that serve as a resounding takeaway—making it an episode to listen to for employee advisors and business owners alike. Related Resources From Blinders to Binoculars: Why the Shift to a Longer-Term “Business Owner” Mentality is Driving Movement There was a time when many advisors would never have considered a move. Why would they? In the short term, there was nothing to solve for. But now they’re thinking differently. Read-> Part 1 of 2: The $5B Breakaway That Led to a $125mm Acquisition Deal A conversation with Mark Sear and David Hou, Managing Partners of Evoke Advisors. Listen-> 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-> 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-> Alan Zafran Founding Partner and Co-CEO Alan Zafran is a Founding Partner and Co-CEO of IEQ Capital and has served as a financial adviser to wealthy families and institutional investors for nearly three decades. Mr. Zafran also sits on the Investment Committee at IEQ Capital. Mr. Zafran began his career at Goldman Sachs in the Private Client Group. After seven years at Goldman Sachs, Mr. Zafran and his entire team joined Merrill Lynch, where he helped to build the Private Banking and Investment Group. In 2008, Mr. Zafran co-founded Luminous Capital, an independent Registered Investment Advisory firm. At Luminous, he served as a Portfolio Manager and member of the investment committee. Luminous Capital managed $5.5 billion of assets when it was acquired by First Republic Bank in 2012. At First Republic Bank, Mr. Zafran served as Senior Managing Director and Wealth Manager. Mr. Zafran has been named one of “America’s Top Wealth Advisors” by Forbes. In addition, Barron’s named him one of “America’s Top 100 Financial Advisors” and as one of “America’s Top 100 Independent Wealth Advisors”. In 2021, Barron’s named IEQ Capital one of “America’s Top RIA Firms,” citing Mr. Zafran as one of the firm’s top executives.* Mr. Zafran is active in his community. He is the Secretary, Treasurer and a member of the Board of Directors, as well as serves on the Investment Committee for the Silicon Valley Community Foundation; is a member of the Board of Directors for Taube Philanthropies; serves as a member of the PIMCO RIA Council; serves as a member of the Board of Directors for the Shuchman Lesser Foundation; serves as a member of the Board of Directors of the Filoli Center; serves on the Investment Committee for the Board of Trustees of the Portola Valley School Foundation Endowment; serves as a member of the Board of Trustees for the Craft Contemporary Museum; and is a member of the Board of Advisors for the Center for Mathematics and Teaching. Mr. Zafran holds a Bachelor of Arts and Science from Stanford University, Phi Beta Kappa, and MBA from Harvard Business School.   Eric Harrison Founding Partner and Co-CEO Eric Harrison is a Founding Partner and Co-CEO of IEQ Capital, having served as a financial adviser to wealthy families and foundations since 2008. He is responsible for identifying and structuring alternative investments, constructing client portfolio allocation, implementing tax strategies, and managing overall firm operations. Prior to founding IEQ, Mr. Harrison served as CEO of our predecessor firm, Luminous Capital, founded in 2008 and acquired by First Republic Bank in 2012. Mr. Harrison has been named a “Best-in-State Wealth Advisor” by Forbes as well as one of “America’s Top 100 Independent Wealth Advisors” by Barron’s. Before working within wealth management, Harrison was a principal investor for over 15 years. He first spent seven years in venture capital, ultimately serving as a Partner at Crosspoint Venture Partners, followed by eight years leading controlled buyout investments as a Founding Senior Partner at GI Partners. Mr. Harrison has raised over $10 billion in alternative investment capital, comprised of commitments to all segments of commercial real estate, growth equity, buyouts, and specialized strategies, including equipment leasing, luxury resorts, and distressed credit funds. Mr. Harrison has served on numerous corporate and non-profit boards. He currently serves on over 20 limited partner advisory boards, including funds managed by Fortress, Blackstone, Francisco Partners, CB Richard Ellis Investors, Oak Street Partners, Cerberus, and Prime Finance. Mr. Harrison holds a Bachelor of Science from the University of Colorado and MBA from the UCLA Anderson School of Management. Mr. Harrison lives in Atherton, California with his wife and two children. Apart from finance, Mr. Harrison enjoys exercise, skiing, pickle ball and travel. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with R. Scott Bills, Chief Executive Officer, Partner, Nilsine Partners Overview R. Scott Bills considered himself a Merrill Lifer. But as the firm changed and the desire to build a brand and better serve their clients grew stronger, he and his team decided to make the leap to independence, launching Nilsine Partners. 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… A lot of advisors we speak with on this series and in the course of our business share how they never thought they’d leave their firm. Then, as is a fact of life, things change. That is, both the firm and the advisor may shift their priorities in ways that are no longer congruent. And for the advisor, the firm that once served as the foundation for growth of the business no longer seems to be the right fit. Such was the case of Scott Bills. He considered himself a Merrill Lifer—someone who thought he and his team would never leave. For Scott, his Merrill story started back in 2005, when he joined the firm. It was a family business that included his father (who retired a decade ago), his brother Brett, and their team. Together they grew an astounding business to nearly $2B in assets under management. But, over time, they recognized things were changing at the firm. And while they craved greater freedom, they were feeling stuck by loyalty to Merrill—that is, until their loyalty to best serving their clients and business won out. In September of 2021, the Colorado-based team made the leap to independence with support from Dynasty Financial Partners and Schwab as their custodian. In this episode, Scott and Mindy Diamond discuss the evolution of the Merrill team and their transition to launching independent firm Nilsine Partners, including: The process of thinking through change—and the realities of making the leap to independence. The pulls that motivated their decision to leave Merrill—and how the desire to build a business and a brand was stronger than their loyalty to the firm. The pushes that led to consider change—and how mounting pressures to push Merrill products and limitations around what they could do for clients played a significant role in their decision. Opting to shrink to grow—and why it made sense, strategically, to leave some clients behind. Doing the math—and why it’s critical to understand the costs associated with being an employee vs. an independent. Plus, Scott shares tangible examples of the differences he and his team found between the wirehouse world and independence—including the ability to be solutions-based and not product-driven. It’s an episode with value for anyone considering change, as well as business owners who are looking to advance their practice to the next level—and beyond. Related Resources 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-> Stop Feeling Pushed: 6 Steps to Leveraging the Positive Pulls No one likes to feel “pushed” into making a decision. So how do you turn the tables and regain control of your career? Read-> Push vs Pull: When Desire Wins Out Over Frustration The motivation for many advisors who are moving these days has been gravitating from a “push” to more of a “pull”. Read-> The Inverse Grid: Is Your Firm Providing Enough Value? When considering the products and services a firm provides in exchange for the revenue they keep, is it really a good value? Read-> Shrink to Grow: Why Advisors are Making the “Strategic Decision” to Let Go of Assets In a world where bigger is considered better, many of Wall Street’s most talented and productive advisors are opting to go against the grain and leave chips on the table. Read-> Scott Bills,CFP®, CPWA®, CRPC® Chief Executive Officer | Partner Scott is currently Chief Executive Officer | Partner of Nilsine Partners. He was previously a Senior Vice President Wealth Management Advisor at Merrill Lynch Wealth Management from 2005 until founding Nilsine Partners in 2021. Scott has been recognized by Forbes and named to their “Best-in-State Wealth Advisors” list in 2019, 2020 and 2021; as well as their “Best-in-state Next-Generation Wealth Advisors” list in September 2019, “Top 250 Next-Generation Wealth Advisors” list in July 2019 and “America’s Top Next-Generation Wealth Advisors” list July 2018. He received his Bachelor of Science degree in Finance with a minor in Economics from Utah State University. Scott is a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional, designation awarded by the Certified Financial Planner Board of Standards, Inc. He also earned the Certified Private Wealth Advisor® (CPWA®) designation and holds the Certified Retirement Planning Counselor® (CRPC®) designation. He currently serves on the Foundation Board for Utah State University. He previously served on the Board of Directors for Lupus Colorado as Past-Chair and on the Executive Alumni Board for Utah State University. Scott, a Colorado native, lives in Lone Tree with his wife, Annie, and their three daughters. In his free time, he enjoys golf, travel, skiing, yoga and his spin bike. He also loves cheering on the hometown sports teams of the Broncos, Avalanche, Rockies, Nuggets and his Utah State Aggies. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Ross Gerber, Co-Founder, President and CEO of Gerber Kawasaki Wealth and Investment Management Overview The co-founder of Gerber Kawasaki weighs in on everything from what it takes to build a $2.2B mega-RIA and the power of freedom in the independent space, on to crypto, digitization, and ETFs, plus Elon Musk and Tesla. 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… The name Ross Gerber has become a familiar one in the wealth management industry. No doubt, his popularity was fueled by his direct and outspoken nature once he began to publicly challenge the thoughts around everything from crypto to digitization to Elon Musk and Tesla. Yet Ross first established his place in the industry as the co-founder of the $2.2B RIA Gerber Kawasaki—a firm that he and partner Danilo Kawasaki started with $50mm in client assets just over a dozen years ago. Ross got his start in wealth management at Sun America, which was acquired by AIG. Then the 2008 financial crisis hit—and he and Danilo said, “We have to start our own firm.” In a conversation with Mark Casady, the CEO of LPL Financial at the time, they shared their vision of a firm that would leverage marketing, media, and technology in a way that no one else was currently doing. It was 2010, and as Casady saw it, they were the future. They “negotiated their freedom,” as Ross put it, and spun out of AIG (which later became SagePoint) to LPL’s broker dealer model. Things really took off when independence bestowed Ross with the freedom to share his thoughts in the major media, including CNN, CNBC, Fox, Reuters, Bloomberg, and the Wall Street Journal. Yet it’s his deep-rooted investment knowledge and business strategy that helped propel the growth of Gerber Kawasaki—innovative thinking that continues to drive the success of the firm. In this special episode, Ross discusses his extraordinary journey with Louis Diamond, including: Making their way through the 2008 crisis—and how he and Danilo ultimately built a $2.2B mega-firm. The freedom to innovate—and why building their own RIA was the best option to achieve their goals. Thinking differently—and how creating a truly unique value proposition was a game-changer for Gerber Kawasaki. Collaboration and idea creation—and why Ross feels getting people together in the office is critical. Ross’s thoughts on crypto—and why working in “both financial systems” is smart for the firm. Starting an ETF—and what they learned in the process. Building a media presence—and what it really takes to become a public figure. The cost of advertising—and why social media and video proved more effective for their firm. Plus, what drove his public discourse with Elon Musk—and why he recommends buying Tesla stock today. Through independence, Gerber Kawasaki found the freedom to market and innovate their way to better serve their clients and become a $2.2B enterprise. In this episode, Ross outlines their process and offers sound ideas to help advisors re-think their business processes and goals. Related Resources Industry Update: The 10 Characteristics of the Most Successful Teams Mindy Diamond and Louis Diamond explore 10 of the most common behaviors of elite wealth management teams based on their experiences in guiding many of the industry’s top players. These are practices that any team at any level can adopt, whether they work as employees at a big brokerage firm, are independent business owners, sole practitioners, or part of an ensemble group. Listen-> 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 game-changer you’ve been looking for. Read-> A Powerful Strategy for Financial Advisors Looking to Expand Reach and Accelerate Growth Reaching clients and prospects has become equally challenging and auspicious—but there are efficient and effective ways for advisors to “get through.” Listen-> An Insider’s Perspective of LPL Strategic Wealth Services: A “Modern” Supported Independence Model Kimberly Sanders, Senior Vice President of Advisor Solutions for LPL Strategic Wealth Services discusses the evolution of the supported independence space and dives into how models like LPL’s address the changing needs of advisors and their clients. Kimberly also helps to answer the question: What drives an advisor’s decision of one model vs. another in an industry landscape replete with just about every option under the sun? Listen-> IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Read-> Ross Gerber Co-Founder, President and CEO Ross oversees Gerber Kawasaki’s corporate and investment management operations as well as serves individual clients. Ross has become one of the most influential investors on social and in traditional media. His investment ideas and advice have made him a regular in global business news as well on many of the most popular investment podcasts. He is a regular on Bloomberg, Reuters, Fox Business, Yahoo Finance, CNN, CNBC and Cheddar TV. He has appeared on many of the most popular podcasts including Meet Kevin, HyperChange TV, The Dave Portnoy Show, The Pomp Podcast and many more. ​Ross and the Gerber Kawasaki team oversee $2.2 billion of investments as of 1/03/22 focused on technology, clean energy and transportation, consumer discretionary, media, and entertainment companies for clients and the firm. Gerber Kawasaki is a leader in Fintech innovation leveraging technology and social media to work with a large diverse client base providing financial advice in scale. GK has grown to over 10,000 clients and was listed in 2020 as one of the fastest-growing companies in Los Angeles according to the LABJ. GK received several Diversity and Inclusion Awards in 2020 within the financial industry and prides itself in representing the diverse community of Southern California. ​GK is a leader in providing investment advice for the younger generation through its Get Invested program. GK is the first major RIA to partner with Gemini and began offering Digital Assets to clients in April 2021. Ross is an expert in online marketing and social media as well as a co-developer of the company’s app for IOS, my-moneypage. In the 10 years since its founding, Gerber Kawasaki has grown to 46 employees and $2.2 billion in AUM as of 1/03/22. Ross received his BA in Communications from the Annenberg School at the University of Pennsylvania concentrating in Business Law at the Wharton School of Business, graduating class of 1993. Ross also received a second concentration in Classical Music Studies at the University of Pennsylvania and attended the Grove School of Music. Ross was born and raised in Los Angeles, CA, and attended Brentwood High School with the graduating class of 1989. ​Ever since he was a child, Ross has had a passion for investing and music. He began learning and following investments as a 13-year-old after receiving Apple and Disney stock as a gift for his birthday. His passion for learning and investing grew as he followed the bull market of the ’80s throughout his high school education. During college, Ross pursued his degree as well as his passion for music, forming several local bands. Upon graduating college, Ross returned to Los Angeles in 1994 and joined an independent investment firm affiliated with SunAmerica Securities. In 1998, at the age of 27, Ross received the Archon and Million Dollar Branch Award* and was the youngest million-dollar branch manager in SunAmerica’s history. In March of 1999, Ross began overseeing 15 branches and over 200 advisors for SunAmerica securities/ AIG Advisor Group. In 2008, the financial crisis caused the collapse of several major financial institutions and the government bailout of others, challenging the existing state of affairs within the financial industry. Navigating these trying times, Ross understood the importance of focusing on the client’s best interest utilizing a modern and unbiased approach to serving the client community. It was during this time that Ross developed his vision for a new type of investment firm, one free of conflicts of interests and focused on serving a diverse client base using technology and leveraging new media. In 2010, Ross and his business partner, Danilo Kawasaki, felt it was the opportune time to start their firm, Gerber Kawasaki Inc., aligned with this client-centric mission. Built on the mission to provide clients with customized, objective financial advice, Gerber Kawasaki began with a core group of advisors and specialized in working with two groups of clients, baby boomers, and Generation X/Millennials. Ross and Danilo started Gerber Kawasaki with the goal of using online marketing, social media, and GK’s financial app, my-MoneyPage, to attract new clients and enhance the client experience as well as to focus on a new market for financial advice, Generation X/Millennials. In his free time, Ross continues to play music and perform with his band. He is a co-creator and managing member of Cocoon Music – Malibu as well as an advisor and investor in NoCap Shows, live streaming music companies. Ross is also on the executive board and a past president of the Guardians Of the Jewish Home in Los Angeles. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

A conversation with Jason Diamond Overview What does an advisor need to know when embarking upon due diligence? In the second of this 2-part series, Mindy Diamond and Jason Diamond provide the key steps to a strategic process with focused outcomes. 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… Part one of this industry update discussed the questions you need to ask yourself before considering a move. That is, to determine the following: Is there enough to gain from going through the hassle of a due diligence process? This episode picks up where we left off for those who answered “Yes” to that question and are motivated to explore options elsewhere. Why does it matter? Because many advisors get stuck at this juncture. They know things aren’t perfect and should look elsewhere. Still, they don’t know where to begin—often trapped by inertia, overwhelm, confusion, lack of clarity, or anxiety about the due diligence process. The goal of this episode is to help make the process more thoughtful and strategic for those who have decided that they are motivated to embark upon due diligence, sharing key areas to pay attention to, including: A review of the actual due diligence process—and what steps are critical to ensuring a thorough and strategic exploration exercise. Curating a list of options—and how to identify what to include or exclude. The questions to ask—and what answers are most important to the decision-making process. Common traps and missteps—and how to avoid them. Plus, an overview of the industry landscape—and why it’s essential to understand the various options before diving in…and much more. No doubt, the process of considering change can be a daunting one. But when approached first from the perspective of “should I consider a move?” and then conducting due diligence with a goal and plan, the path becomes much clearer. It’s an episode that will shed light on this important practice, providing value to those considering change, as well as those who may simply want to understand their options or develop their “Plan B.” Download the Strategic Due Diligence Roadmap Related Resources Demystifying Due Diligence: An Insider’s Guide to this Important Process Tips, tricks, and best practices to eliminate the angst experienced by many advisors who embark on the journey of exploration. Read-> Taking Due Diligence Beyond Exploration: 6 Important Considerations When the thought of making a move “gets real,” there’s another level of due diligence that advisors should embark upon. Read-> Questions Every Advisor Should Ask Before Considering a Move: A Special Industry Update What is it that advisors need to be aware of before jumping into due diligence? In the first of a 2-part series, Mindy Diamond and Louis Diamond share advice on the threshold questions to ask yourself before taking meetings or calls. Listen-> Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…