The Diamond Podcast for Financial Advisors

With CEO Jason Andrews, & COO Ross Bauer, Founders of Merritt Point Wealth Advisors Overview The “affiliation channel slide” has become a common path for many employee advisors seeking independence. Jason Andrews and Ross Bauer of Merritt Point Wealth Advisors share a story demonstrating how their transition from Wells Fargo PCG to FiNet resulted in tremendous growth opportunities. 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… Almost every advisor we host on this series shares the desire for greater independence. The good news is that there are plenty of options available in the ever-evolving industry landscape for advisors to find just what they’re looking for—including firms with multi-channel affiliations. These give employee advisors an opportunity to slide to an independent model and become true business owners with far less hassle than they might have dealt with had they gone to another platform provider or built an independent business themselves. Wells Fargo Advisors Financial Network or FiNet as it’s commonly known, the independent broker dealer arm of Wells Fargo Advisors, is a popular home for advisors looking to go independent without the heavy lift of setting up their own firm from scratch. And that’s especially true for Wells advisors, particularly this episode’s guests, Jason Andrews and Ross Bauer. As employee advisors at Wells Fargo’s Private Client Group or PCG, they built the business to $280mm in assets under management and decided that it was time to build their own firm based on their vision. After conducting due diligence, the notion of a transition to independence without actually “leaving” Wells was of tremendous appeal to them. So in 2019 they made the leap and launched Merritt Point Wealth Advisors with FiNet. And today, just five years later, they are managing nearly $1.7B in assets. Jason and Ross share their story with Louis Diamond, including: What actually drove such incredible growth in such a short time. What specifically made changing channels within Wells more attractive than other options. How their business lives differ from their time as employees of Wells to C-level leaders of their own firm. And key learnings other advisors can glean from their extraordinary growth story. It’s an incredible story that shows how vision, planning, and determination can create extraordinary results, so be sure to listen in. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Top Tips for Setting Your Business Up for Success Years Before a Move We have compiled the most salient tips collected from over two decades of helping our advisor-clients through successful transitions. Wells Fargo’s Barry Sommers on Transforming the Wealth Management Experience 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. Sustainable and Scalable Growth: A Leading Coach’s Advice on How to Achieve it Duncan MacPherson from Pareto Systems offers actionable advice for financial advisors looking to unlock greater value in all that they do to build their business. It’s like having a free session on growth with one of the best coaches in the business. Ross Bauer Founder, COO In his role as COO, Ross is responsible for overseeing client, advisor and employee success. Ross’s focus is on initiatives that are advisor-led and client centric, offering a high level of flexibility, service, and technology. Passionate about business, economics and educating others, Ross began his career at Merrill Lynch in the Global Wealth Management Division. Ross then moved on to work at a tax firm in London that serviced multinational individuals. In 2014, Ross joined Wells Fargo Advisors where he focused on developing and implementing custom-tailored investment strategies for the firm’s wealth management clients. In 2019 Ross co-founded Merritt Point Wealth Advisors where he served as Managing Partner before taking on his current role of COO. Ross has been a guest lecturer at NYU Stern School of Business, where he educated MBA students on investment strategies and risk management.   Jason Andrews, CRPC® Founder, CEO Jason is Founder and CEO of Merritt Point Wealth Advisors. He is a Chartered Retirement Planning Counselor and a Senior Fundamental Choice Portfolio Manager. Today, Jason also focuses on empowering other advisors to help them build, grow, and own their own practices by achieving independence through Merritt Point Wealth Advisors. Prior to founding Merritt Point Wealth Advisors, Jason co-founded Cutler and Andrews Financial Group, which began at UBS in 2003 and moved to Wells Fargo Advisors in 2008. Jason was Senior Vice President – Investments at Wells Fargo Advisors, where he spent ten years and Vice President – Investment at UBS Financial Services, where he developed a proprietary Self-employed 401(k) platform to service Local Real Estate firms. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With John Bowen, CEO and Founder, CEG Worldwide, LLC Overview Industry coach John Bowen demonstrates how building and fostering the development of your “Dream Team” can be the game changer your business is waiting for. It’s an episode that serves as a free coaching session with actionable advice for employee advisors and business owners alike. 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… Many wealth management firms have left a level of potential untapped: mastering the power of teamwork. It’s the accomplishments of that team, running on all cylinders and driving toward a unified vision, that propels phenomenal success. But getting to that level isn’t always easy. It takes building, supporting, and nurturing extraordinary talent. And developing a structure where teamwork and collaboration become a natural part of the work environment. That’s why we invited one of the top coaches in the industry, John Bowen, to join us on the show. His firm, CEG Worldwide, just completed a study of what it takes to build your “Dream Team.” “The Dream Team Effect,” as John calls it, is one of the major factors that drives success in everything from growth to client retention to long-term success. And the impact is tangible when you look closely at the foundation of team dynamics and tap into the power therein. In this episode with Louis Diamond, John offers actionable advice on mastering the art of team dynamics, including: Why the right team has such an incredible impact on the bottom line. How the different stages of team development need to be part of your strategy. What key traits to look for in team members. Why relying on the “high performers” isn’t always the right tactic. What those who like operating as a lone wolf need to know. And, ultimately, the key things you need to know—whether you’re an advisor who is building or managing a team or a business owner looking to take your firm to the next level. Plus, John shares his proprietary Dream Team framework to get you started on your way—with key graphics, so be sure to check out the video, too. Consider it your free coaching session with one of the industry’s finest! Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Finding the Shortest Path to Excellence Can Be a Game Changer for Advisors Doing everything you can to deliver better service, drive growth, and achieve your goals faster can result in extraordinary benefits. The Dream Team Effect; Mastering Team Dynamics to Achieve Wealth Management Excellence Invaluable insights and actionable strategies to build and lead your dream team. Advisor Success Formula: Closing the Gap Between HNW Client Expectations and Advisor Services In a more competitive and commoditized world, it’s critical to leverage any advantage available to be more intentional and thoughtful in managing and growing your business. This episode takes a deep dive into John Bowen’s latest report to identify action items that can help advisors get started on a new path to thinking about delivering exactly what clients want. John Bowen Founder and CEO  John Bowen is the founder and CEO of CEG Worldwide, the world’s leading coaching firm for financial advisors. Since 2000, Bowen and his team have had the privilege of coaching elite financial advisors to build simple, elegant wealth management businesses that serve their affluent clients extremely well while building lives of significance for themselves, their teams and their loved ones. Before founding CEG Worldwide, Bowen worked directly with affluent clients as a financial advisor for 26 years, managing up to $2 billion in assets before selling his firm. Following the sale of his firm, he became CEO of Assante Capital Management. Under his leadership, Assante more than tripled assets under management to more than $25 billion. Bowen is widely recognized as a leader in the financial services industry. Over three decades, he has delivered hundreds of keynote presentations and workshops to thousands of top advisors around the world. For more than 20 years, he wrote a highly acclaimed monthly column for the leading U.S. financial services trade journal, Financial Planning. And he is the author or co-author of more than a dozen books, including Elite Wealth Planning: Lessons from the Super Rich, The Wealthy Client Pipeline: Leveraging Thought Leadership to Build Profitable Partnerships with Attorneys and Accountants and Breaking Through: Building a World-Class Wealth Management Business. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Louis Diamond and Jason Diamond Overview Using the Diamond Consultants trademark data-driven analysis and insights on recruiting and deals, Louis and Jason Diamond share a “state of the recruiting industry” report for the first half of 2024, with perspectives on what to expect for the rest of the year.  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 hard to believe that we’re past the mid-point of 2024 and are already gathering data for our next transition report. It’s going to be another massive effort because this year is already proving to be incredibly active: Based on what we’re seeing, the pace of transitions is currently surpassing 2023. Which is why we felt it was important to share a mid-year Industry Update on what we’re seeing in the way of deals and dive into some of the most noteworthy transitions to date. Using our trademark data-driven analysis and insights on the state of recruiting and deals, Louis Diamond and Jason Diamond share: An overview of recruiting—including trends and success stories from the first half of 2024. A review of 2023 predictions—and which were on the mark, and which were off. A “look ahead”—with predictions for the rest of 2024 and 2025. An update on deals—and which firms are winning and losing the battle for top talent. Plus, a review of notable transitions from the first half of 2024. Consider it a mid-year companion to our trademark Transition Reports, with a sneak peek into the data and insights contained in the forthcoming firm-focused reports for Merrill, UBS, and Edward Jones. So listen in to get the latest scoop. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Diamond Consultants 2023 Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry COMING SOON – Diamond Consultants Merrill Advisor Transition Report 2024 A “firm-focused report” seeks to look under the hood at movement to and from Merrill from January to June of 2024 COMING SOON – Diamond Consultants UBS Advisor Transition Report 2024 A “firm-focused report” seeks to look under the hood at movement to and from UBS from January to June of 2024 COMING SOON – Diamond Consultants Edward Jones Advisor Transition Report 2024 A “firm-focused report” seeks to look under the hood at movement to and from Edward Jones from January to June of 2024 Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Matt Brown – Founder, Chairman, & CEO, CAIS Overview Matt Brown discusses the founding of CAIS and his vision to democratize alternatives (alts) investing and open up access to firms of all sizes. He shares how technology helped transform the independent space and provides an extraordinary growth engine for firms. Plus, he offers his thoughts in the inaugural Founder’s Blueprint segment. 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… Many of the best and brightest ideas in wealth management over the last decade have stemmed from someone in the industry who saw a gap and filled it. Such is the case with Matt Brown, who envisioned using technology to make alternative investments more accessible to the masses. Once limited to institutional and ultra-sophisticated investors, these “unconventional” alternative investments, or alts, have become popular vehicles for many advisors looking to serve clients and expand their portfolios. Matt first recognized the white space when it came to advisors’ access to alts while he was a financial advisor at Shearson Lehman Brothers and Smith Barney. So he founded CAIS in 2009 with a vision of democratizing alts investing and opening up access to firms of all sizes. And that it did: Platforms like CAIS have leveled the playing field for independent firms by giving these advisors everything they need to compete with the biggest names in the business. CAIS has realized extraordinary success, doubling in network assets from $3 trillion to $6 trillion in the last 12 months alone. As Matt shares, the firm’s growth is indicative of a changing environment among investors moving beyond the traditional 60/40 portfolio to one that looks more like a 50/30/20 model based on stocks, bonds, and alts. In this special episode with Louis Diamond, Matt offers a glimpse into how his vision became a model for success in the industry, including: “The Great Reallocation of capital into alternative strategies,” as Matt calls it—and the impact of this evolution on the private wealth channel. Alts as an extraordinary growth engine—and Matt’s advice for advisors who are looking to add new avenues of opportunity for their clients and businesses. Key considerations for advisors thinking about changing firms or models—and how to best replicate or improve upon what they currently offer their clients. Plus, Matt shares his keen perspective of what’s on the horizon—and much more! Also in this episode, we launch a new segment called Founder’s Blueprint. It’s an idea that was born out of listener comments for more backstories from some of the most successful entrepreneurs in the industry. Our goal is to share each founder’s unique “why” and “how” to help spark ideas and eliminate the fear that comes with the unknown. We’re gathering each entrepreneur’s journey for a special digest episode at the end of the year. So be sure to listen in to get a quick download from Matt on what it took to get from A to B – and beyond. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources The Competition Conundrum: Charge Less or Offer More? Clients have more choices than ever before. Here are 5 ways to stand out from the crowd. Finding the Shortest Path to Excellence Can Be a Game Changer for Advisors Doing everything you can to deliver better service, drive growth, and achieve your goals faster can result in extraordinary benefits. 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? Matt Brown Founder, CEO, and Chairman Matt Brown is the Founder, CEO, and Chairman of CAIS and has spent more than 30 years at the intersection of wealth management, alternative investments, and technology. In 2009, he founded the technology platform CAIS, the industry pioneer in democratizing alternative investments. Matt’s vision and leadership earned recognition in 2023, when he was named one of “The World’s Most Influential Decision Makers” by The Wall Street Journal. Matt believes in the “American Dream” and ensuring that anyone with a dream, and the drive to achieve it, has an equal opportunity to make it happen. Matt joined Endeavor in 2001, the leading non-profit organization establishing entrepreneurial ecosystems in over 40 countries. Matt served on Endeavor’s Global Board of Directors and supported entrepreneurs in Latin America, Africa, Middle East, and United States. Matt is on the Board of Trustees of the Museum of the City of New York and serves on the Executive Committee. Founded in 1923, the Museum reflects the essence of New York City, where people from all walks of life come together to create, innovate, and pursue their aspirations. Today, through immersive experiences, exhibitions, and programming, the Museum celebrates, documents and interprets the past, present and future of New York City. Matt earned his Bachelor of Arts degree from Saint Mary’s College of California in 1991 and started his career at Shearson Lehman Brothers as a financial advisor. Matt is married to his wife of 22 years and the proud father of four. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Russell Crow and William “Billy” Diehl — Partners, Managing Directors, Beacon Pointe Overview The first breakaway team to join Beacon Pointe Advisors offers a perspective on change at the wirehouses, the value of being a true fiduciary, the responsibility to a client and advisor’s business on serving an expanding list of client needs, taking a long-term look at the business, 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’s hard to criticize the firm you work for when you’ve built a business managing $2B in client assets. But a reality exists for many top advisors like the guests on this episode. That is, they recognize how the industry and their clients’ needs are evolving—and that their firm may not be equipped to support them for the long term. Russell Crow and William “Billy” Diehl invested nearly 3 decades each in the wirehouse world, most recently as Managing Directors at UBS. They watched as the financial advice industry morphed from a transactional model to one in which advisors served a wide variety of client needs. That is, financial advisors were more embedded in the lives of their clients, with seats at the table for decisions well beyond the world of stocks and bonds. They were now expected to be true fiduciaries, serving their clients not just as a financial advisor but instead as a financial concierge. It was a concept that fit well into Russell and Billy’s vision for their business, but did not necessarily align with the firm’s vision. Ultimately, they left the wirehouse world in October of 2023 to join Beacon Pointe Advisors as the first breakaway team to integrate with the firm. In this episode, Russell and Billy share a compelling narrative with Mindy Diamond, including: The changes they saw over decades in the wirehouse world—and how that inspired them to consider other options at this stage of their business. The evolution of their clients’ needs—and what specific things they can do for them now that they could not at UBS. The value of being a true fiduciary— and their clients’ reaction to learn that “technically” they were not as employees of the wirehouse. The choice to transition to Beacon Pointe—and why the firm won over another wirehouse or full-on independence. It’s an episode with relatable experiences and actionable advice for both wirehouse advisors and independent advisors alike. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources The Juggling Act: Balancing Short-Term Needs and Long-Term Goals A process to help you identify and prioritize your immediate needs vs goals for the future when considering a move Investing in Growth: Exploring KKR’s Attraction to $25B+ RIA Beacon Pointe 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. The 5 Attributes That Make a Financial Advisor a “Real” Fiduciary Wirehouse advisors are recognizing that being a true fiduciary is impossible as an employee—and it’s adding more fuel to the flow of movement to independence. Russell Crow Partner and Managing Director Russell Crow is a Partner and Managing Director at Beacon Pointe Advisors and brings over 25 years of professional experience advising ultra-high-net-worth families, institutions, and business owners. Prior to joining Beacon Pointe in 2023, Russell served as Managing Director at UBS for 14 years after spending 7 years at Goldman Sachs and 4 years with Morgan Stanley in New York, Houston & Dallas. He received his BA from the University of Arkansas, his MBA from Arizona State University, and his MIM from Thunderbird, the American Graduate School of International Management. William (Billy) Diehl Partner and Managing Director William (Billy) Diehl is a Partner and Managing Director at Beacon Pointe Advisors and brings over 25 years of professional experience advising ultrahigh-net-worth families, institutions, and business owners. Prior to joining Beacon Pointe in 2023, Billy served as Managing Director at UBS for 14 years after spending 7 years at Goldman Sachs and 4 years with Morgan Stanley in New York, Houston & Dallas. He holds the Certified Financial Analyst (CFA) designation and received his BA from Vanderbilt University and his MBA from the University of Texas at Austin. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Jeremy Holly, Executive Vice President Strategic Business Development and Jared Fingeret, Senior Vice President—LPL Financial Overview Succession and monetization are hot topics for advisors in every model. LPL Financial’s Liquidity and Succession program representatives discuss what advisors, independent business owners, and next gens need to consider as they grow their businesses and explore long-term and short-term options, plus best practices to prepare for a transition and maximize business value. 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… Succession planning is one area in wealth management that seems to have trouble keeping up with the industry’s growth and evolution. Research studies indicate that less than 30% of advisors have a succession plan. Many more who run thriving businesses have no strategy at the ready should a worst-case scenario leave them unable to attend to their clients’ needs or even continue their livelihood. Likewise, many advisors are still looking at the equity they’ve accumulated in their firms and wondering how they can access it—whether to monetize their life’s work or reinvest in the business’ growth. While advisors have a lot to evaluate, including many prospective external capital partners and investors, the good news is that there are firms that realize there are great partnership opportunities available internally with these thriving practices. In this episode, LPL Financial’s Jeremy Holly, Executive Vice President of Strategic Business Development, and Jared Fingeret, Senior Vice President, join Louis Diamond to discuss this critical topic. Jeremy and Jared represent LPL’s Liquidity and Succession program, which provides end-to-end solutions for advisors looking to increase business value and monetize the legacy they’ve built. So in this episode, they share perspectives for both business founders and next gens on what they need to consider as they grow their businesses and explore both the long-term and the short-term, including: Succession options that exist for advisors—and how new pathways are being born every day. Sunset deals offered by the wirehouses—and how they might compare to an option from a firm like LPL or others. Monetization options—and how each avenue can impact a business owner and the next gen. The state of valuations—and what advisors need to know and the steps to take to maximize the value of their business. It’s a conversation relevant to advisors and next gens in the wirehouses, independent firms, and everywhere in between. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources 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? The Next Gen Dilemma: 5 Unique Realities Faced by Successors The path for next gen advisors can be wrought with some pitfalls, yet when walked with confidence and flexibility, it can be immensely rewarding. Top Tips for Setting Your Business Up for Success Years Before a Move In this document, we have compiled the most salient tips collected from over two decades of helping our advisor-clients through successful transitions. Whether you’re just at the curiosity stage or are deep into the due diligence process, there are plenty of things you can be doing in the background to prepare your business and team for a potential move. Jeremy Holly Executive Vice President Jeremy Holly serves as Executive Vice President of LPL Capital Partners for LPL Financial. In this role, Holly and his team are responsible for the creation, development, execution and oversight of LPL’s suite of offerings designed to help financial advisors looking to grow through acquisition, access liquidity from their business, monetize their life’s work through a sale of their practice or protect the legacy they’ve built. Serving as a key leader with LPL for more than two decades, Holly has held numerous roles across corporate development, advisor financial solutions, national sales, strategy and finance. After stepping away for two years to  serve as chief development and integration officer for SageView Advisory Group, where he was responsible for the firm’s acquisitions, recruiting, and synergy realization, Holly rejoined LPL Financial in 2023. Holly is a graduate of the University of North Carolina at Chapel Hill with a Bachelor of Science in Business Administration. He lives in San Diego.   Jared Fingeret Senior Vice President Jared Fingeret serves as Senior Vice President of LPL Liquidity & Capital, which addresses advisors’ monetization and succession needs. In this role, he is responsible for crafting the strategy and execution of LPL’s proprietary M&A offerings to help financial advisors monetize their business through either a full or partial book sale, transition out of their business, or protect the legacy they’ve built. With more than a decade of experience in the financial services industry, Fingeret joined LPL Financial in 2022 from HighTower where he served as Director of M&A. He also held previous roles with Focus Financial Partners and Deloitte. Fingeret is a graduate of Rutgers University with a Bachelor of Science in Finance. He lives in Brooklyn, N.Y. with his wife, two children, and their cat, a Russian Blue, named Boris Ivanovich. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Jeff Brown – President, Stratos Private Wealth Overview Jeff Brown wore many hats in his career as he transitioned his book of business from the wirehouses to independence. Yet a nagging “what if” feeling inspired him to conduct strategic due diligence, leading him first to sell a minority stake in his business and later a majority stake. Now, as President of Stratos Private Wealth, he shares a unique journey. 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… Some advisors spend their entire career with one firm, while others will choose to make one well-timed move. And there are others still who have experienced many different corners of the industry. It’s these latter folks who often make the most compelling guests on our show because they’ve truly seen it all! Jeff Brown is one such advisor. He started his path in wealth management at American Express, Morgan Stanley, and Wells Fargo Advisors. Then Jeff left the wirehouse world to start Brown Wealth Management with the support of Stratos Wealth Partners, which, after a subsequent merger, became BWM Financial. He built a strong practice, always looking at ways to grow and serve his clients. Yet a coaching session with Ray Sclafani got him thinking about the future and an eventual exit strategy. Not even 50 years old at the time, he figured he had a good runway ahead. But “what if” lingered in his head… That is, what if something happened and he didn’t have a clear plan for his firm, his clients, his livelihood, and his family? So, after a round of due diligence, Jeff decided to further cement his relationship with Stratos by selling them a minority position in his business in 2020. But the story doesn’t end there… Just last year, he sold a majority stake to Stratos to take the firm national. In doing so, he is now the President of a much larger entity, Stratos Private Wealth. In this episode, Jeff shares a candid narrative with Jason Diamond, including: Lessons learned early on in the wirehouse world—and how that shaped his business going forward. The steps he took along the way—and how what he learned can help other advisors considering change. Wearing different hats throughout his career—and how he prepared for each. The choice to sell a minority stake in the business—and what Jeff saw in Stratos that inspired him to go all in. The role of vision in the evolution of his business—and how the choices made were not financial but purposeful. Thoughts about succession planning—and why playing the long game needs to start sooner in an advisor’s career. Jeff offers compelling advice for every advisor – from employees at the wirehouses to independent business owners – with actionable advice and insights. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Building Enterprise Value: A Coach’s Advice for Advisors and Teams Ray Sclafani of ClientWise discusses the key areas that employee advisors and independent business owners can impact to influence sustainable growth, enhance client relationships, and ultimately build “exit” value. Looking at M&A from the Seller’s Side of the Table Jeff Concepcion of Stratos Wealth Partners shares why he chose Emigrant Partners as a capital partner, what independent firm owners need to do when preparing for an acquisition, how he grew his firm from zero to $14B AUM in just 12 years, and more. The Strategic Due Diligence Roadmap for Financial Advisors A visual guide to help financial advisors embark upon an efficient process—one that is more likely to result in discovering Your Best Business Life™. Jeff Brown Founder & President I started my career at a wirehouse at 27. I was originally taught it was all about making dials and contacts, so I duct taped 2 headsets together and finished my first year #1 in my training class. I took that bonus and split it b/n a down payment on a house and hiring my first of many business coaches. Prudential became Wachovia and Wachovia became Wells. I made the decision to go independent in 2015 and use Stratos Wealth Partners for supported independence. I left with $400MM under management and 5 people. I have grown our firm to $1.5 billion and 22 employees. I engineered the sale of my brokerage business to Stratos in 2018, I sold a minority stake to them in 2020, and just sold a controlling stake this April to create my vision of a singular brand inside of Stratos called Stratos Private Wealth. We are going to be adding Tax advice, systematic lead generation and a variety of other services to the offices that join. We have an interesting financial incentive that helps with succession planning that I could get into where Stratos can buy a certain % of their business with a multiple lift in the event Stratos has a capital event. One of the things that has helped us scale has been the process that we created for attracting, retaining, and training new advisors. I gave a presentation on this at the Barrons 2022 Independent conference that was very well received. We have built a career path for them and don’t require them to raise money (unlike how I entered the business!). This was one of the areas that Michael Kitces focused on when he interviewed me recently. In addition to running Stratos Private Wealth (with almost no clients anymore), I am an advisor coach with Clientwise and sit on the advisory board of Income Lab, a Fintech company in our space. I have had lots of advisors reach out to understand my journey from advisor to CEO to selling a stake in the business while now taking on a national role in the larger organization. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Duncan MacPherson, CEO, Pareto Systems Overview Duncan MacPherson from Pareto Systems offers actionable advice for financial advisors looking to unlock greater value in all that they do to build their business. It’s like having a free session on growth with one of the best coaches in the business. 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… Growth is hands-down one of the most popular topics on this podcast series. While listeners seem to gravitate toward advisors’ stories that share the “secret sauce” of their success, it’s the “how-to” episodes from industry-leading coaches that are often the most widely listened-to. So this one will certainly not disappoint! In this episode, Duncan MacPherson, the CEO of Pareto Systems, joins Louis Diamond to offer advice on how to make your business “not just profitable, but purposeful.” And Duncan and his team have developed their own unique methodology to help you achieve just that. Their “Blue Square Method” aims to help advisors find their own “Blue Square”—that is, the sweet spot where business aligns with passion and purpose. And, by doing so, advisors can unlock far greater value in all that they do to build their business—whether that be at a wirehouse, as independent business owners, or somewhere in between. In this episode, Duncan talks about that methodology and much more, including: Best practices to help drive sustainable organic growth—and what you need to know to start moving the needle today. The value of scale—and what fundamental strategies you should be considering. Evaluating your current firm or model—and how a transition might be the game-changer you’re looking for. Positioning a move to clients—and how their “PSP” process provides a framework to ensure a smooth transition. Working on the business vs in it—and how you can embrace a mindset driven to focus on strategic and purposeful growth. And, ultimately, what some of the most successful advisors in the business are doing—and how you can adopt some of their methodologies to achieve your best business life. It’s like having a free session with one of the best coaches in the business—complete with actionable advice for advisors who are building their practices in employee model firms on through to business owners looking to reach beyond the next level of success. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources What Really Makes Financial Advisors Happy? In a world driven by the bottom line, the root of contentment often lies behind less “easily measured” criteria. How to Add Value at a Time When it’s Needed Most: A conversation with speaker and co-author of The Go-Giver series, Bob Burg How can advisors better communicate with clients and prospects in a way that is authentic, meaningful and adds value – especially in times of crisis? Bob Burg, the co-author of The Go-Giver book series, shares that and more in this special episode. Michael Kitces on Advisor Wellbeing: How Autonomy is Trumping Income When it Comes to Advisor Happiness Listen in for an insightful and revealing look into advisors’ minds and what really makes them happy, based on data from the latest Kitces survey. Learn the motivations and drivers that lead not only to success but to a better quality of life. Duncan MacPherson Speaker | Business Coach | Author Guided by a passion for unlocking potential, Duncan leads Pareto Systems as CEO, where we partner with Financial Professionals and visionary financial firms. Our goal? To architect businesses that are not just profitable, but also purposeful. Recognized for our unique methodology inspired by best practices and the principles of ‘The Blue Square Method,’ Duncan and the team aim to help professionals find their own ‘Blue Square’—that sweet spot where business aligns with passion and purpose. As a speaker in high demand, Duncan travels extensively throughout North America and around the world, conveying dynamic and factrich presentations that have made him a popular spokesperson for the Financial Services industry. Duncan’s expertise in demystifying business development and marketing in the financial world has universal appeal; from the high-level advisor to the successful wholesaler, to corporate financial institutions. Duncan’s primary goal is to help Professionals achieve liberation and order in their businesses through step-by-step methodology and execution. Duncan is also an industry best-selling author and has written many books including: The Advisor Playbook and The Blue Square Method; the mindset and best-practices of top fee-for-service professionals. Beyond the office, Duncan loves spending time with his wife and two sons. They enjoy the four-seasons playground they call home in beautiful Kelowna, British Columbia, Canada. He enjoys staying active with recreational activities such as golf, tennis, pickleball and skiing. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Dustin Cali and Daniel Ventura – Founding Partners, Praetego Private Wealth Overview While the built-in referral mechanism of a bank brokerage firm can help grow a client base, over time, the firm’s “guardrails” naturally limit those who have their sights set on creating something bigger and better. Dustin Cali and Daniel Ventura of Praetego Private Wealth broke away to do just that: Build a business designed for the future, poised for growth and scale, with the freedom to serve clients’ unique needs. 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… No one likes to feel limited by the firm or model you’ve built your business at. Unfortunately, it’s not uncommon for advisors to reach that point—particularly when they are employees of a much larger institution, like a bank brokerage. Many young advisors start their careers at bank branches. They provide a solid training ground, a steady flow of referrals, and scaffolding and support to keep them on track. While the built-in referral mechanism can help grow a client base, over time, the firm’s “guardrails” naturally limit those who have their sights set on creating something bigger and better—a business designed for the future, poised for growth and scale, with the freedom to serve clients’ unique needs. Dustin Cali and Daniel Ventura invested just over a decade each as Private Client Advisors at J.P. Morgan. As young advisors with high ambitions, they watched as industry peers built successful independent businesses. And that got them thinking, “Why not sooner, rather than later?” So together they launched independent firm Praetego Private Wealth on the Sanctuary Wealth platform. In this episode with Mindy Diamond, Dustin and Daniel offer a unique perspective for bank brokers, private bankers, and other young advisors who have the vision to build “something better,” including: The choice to partner up—and why they opted to launch an independent practice on the Sanctuary Wealth platform. Their transition process—and how they managed portability concerns inherent to the banking model. The choice to make the leap to independence early in their careers—and why they didn’t opt for a transition deal from another firm. The limitations they found in the bank brokerage model—and how they grow, scale, and serve their client base differently in independence. And they offer advice to advisors on the real potential to build and grow the business of their dreams—plus much more. It’s an episode that will appeal to advisors who have thought, “We could be doing things better,” with relatable experiences from those who were once in that very place. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. 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. 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. Dustin Cali Private Wealth Advisor & Founding Partner Dustin co-founded Praetego Private Wealth after working at J.P. Morgan for more than a decade, serving high net worth clients and advising on over $100 million in client assets. Born and raised in Florida, Dustin graduated from University of South Florida with a Bachelor’s degree in Finance. He also earned the CERTIFIED FINANCIAL PLANNER™ designation, recognized as the highest industry credential. In addition to holding the FINRA Series 7 & 66 licenses, Dustin obtained the IRS Enrolled Agent designation in order to provide ongoing tax advice as an integrated part of a client’s financial plan. Dustin currently resides in Trinity, Florida, with his wife Megan and their two boys, Jackson and Jameson.   Daniel Ventura Private Wealth Advisor & Founding Partner After working for more than 10 years at J.P. Morgan and Merrill Lynch, Daniel Ventura co-founded Praetego Private Wealth with the goal of providing clients with the advantages that an independent wealth management firm can deliver. Originally from Camden, New Jersey, Daniel earned his Finance degree from Immaculata University in Pennsylvania, where he played soccer and worked as a finance/accounting tutor. He later earned a Master’s degree in Securities Analysis and Portfolio Management from Creighton University in Omaha, Nebraska. Daniel holds the FINRA Series 7 & 66 and Florida Health & Life Agent licenses. He has earned the designations of CERTIFIED FINANCIAL PLANNER™ IRS Enrolled Agent, two credentials that he uses to provide clients with a holistic approach to their financial planning needs. Daniel lives in Trinity, Florida, with his wife, Kayla, a labor nurse, their son, Harrison, and Stella, a dachshund rescue. Daniel enjoys spending time with his family, playing golf and especially soccer, which he has played the majority of his life. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Corey Kupfer—Attorney, Deal-maker, Speaker, and Author Overview Expert industry attorney Corey Kupfer offers advice to all advisors, whether considering change or not, including perspectives on contractual obligations and potential landmines one might encounter in a move, plus how to prepare your business for change, with actionable best practices to adopt today. 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 process of considering change is wrought with complexity. For those who decide to make a move, there’s an entirely new set of considerations and potential complications—particularly in the regulatory-heavy, compliance-driven world that advisors now live in. The good news is that there are attorneys who are highly experienced in securities law and advisor transitions who live and breathe this world. They identify the proper path for advisors to follow throughout the course of their transitions to ensure the process before, during, and after is as smooth as possible to avoid any potential legal repercussions. And they’re available to counsel all advisors, even those who haven’t decided to make a move but want to understand better the ties that bind them to their firm. The bottom line is that the right attorney can quite literally be the difference between success and failure in an advisor transition. Corey Kupfer is one such attorney with 35 years of experience serving as a legal guide and strategist to financial advisors. He joins Louis Diamond to discuss what advisors need to know when considering a transition, M&A, and other transactions along the way, including: Your contractual obligations—and what you need to know whether you’re planning a transition or not. The current regulatory state in wealth management—and how that impacts you and your clients. The transition process—and what potential land mines you need to watch out for. The dreaded TRO—and Corey’s insider perspective on how concerned an advisor needs to be. The future of non-competes—and how that might impact advisors considering change. Plus, Corey and Louis discuss the industry landscape and how the evolution is impacting advisor movement. It’s an episode designed for all advisors, whether considering change or not, as it’s an opportunity to hear directly from an attorney about his perspective, predictions, and actionable best practices. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources 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. Financing Independence: A Lender’s Perspective on Breakaway Transitions, M&A and Succession James Hughes of Live Oak Bank discusses debt financing for prospective breakaway advisors looking to de-risk a leap to independence or payoff a note balance, or business owners seeking funds for acquisitions or succession planning. Top Tips for Setting Your Business Up for Success Years Before a Move In this document, we have compiled the most salient tips collected from over two decades of helping our advisor-clients through successful transitions. So, whether you’re just at the curiosity stage or are deep into the due diligence process, there are plenty of things you can be doing in the background to prepare your business and team for a potential move. Corey Kupfer Attorney, Deal-maker, Speaker, and Author Corey Kupfer is an expert strategist, negotiator and dealmaker with over 35 years of professional deal-making and negotiating experience as a successful entrepreneur, attorney, consultant, author and professional speaker. He is the founder and principal of Kupfer & Associates, PLLC, a leading corporate and deal law firm; the founder and CEO of DealQuest, a speaking, training and consulting company; the author of the Amazon best-selling book Authentic Negotiating: Clarity, Detachment & Equilibrium – The Three Keys To True Negotiating Success & How To Achieve Them. He is also the creator and host of the Top 1% ranked DealQuest Podcast. Corey originally joined EO NY in 2008 and was President of EO NY from 2013-15. He is currently a member of the EO Los Angeles and East Bridge Chapters and is the MyEO DealExchange Champion. You can learn more about Corey, his companies, and current projects at www.kupferlaw.com and corey@coreykupfer.com. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…