The Diamond Podcast for Financial Advisors

With Mindy Diamond and Louis Diamond Overview In a world managed to the lowest common denominator and driven by heavy-handed compliance, every employee advisor is vulnerable. In this episode, Mindy and Louis break it all down, share warning signs all advisors should pay attention to and proactive steps an advisor can take to protect themselves. 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 something no advisor wants to hear: You are vulnerable. Whether you’re a star performer with direct access to the top or someone who runs a comfortable lifestyle practice, the reality is if you are an employee of a firm, you are subject to a higher level of risk and compliance scrutiny than ever before. Certainly, you might be saying, “That’s just a scare tactic. I have nothing to fear.” Yet, the reality is that any advisor who works for a big firm is subject to a heavy-handed compliance environment designed to ensure that ALL advisors operate under a single code of conduct. And while that culture may work for some, it doesn’t work for most. Even those who operate with legitimate exceptions, or others who say, “I’ve been doing that for years,” are now finding themselves in a place they don’t want to be. So the goal of this episode is to identify the traps before they become a bigger issue—like administrative leave, heightened supervision, or termination. Mindy Diamond and Louis Diamond answer these critical questions—and more: What does it mean to be “vulnerable”? Why has this become a growing issue over recent years? Why does this impact employee advisors more than those who are not bound to their firm by a W-2? If an advisor has a spotless record and runs a growing practice, should they still be concerned? What about larger teams that operate with exceptions, are they at risk? What are some warning signs all advisors should pay attention to? What are proactive steps an advisor can take? What happens if an advisor is terminated? And ultimately, how do you survive in an environment that seems designed to catch you in the act? It’s likely one of the most important conversations we’ve had to date, so be sure to listen in. Download: Vulnerability & Termination: An Advisor’s Survival Guide 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 Related Resources You ARE Vulnerable: A Reality Check for All Wirehouse Advisors There is a new reality for advisors who work for a wirehouse:  An undercurrent of vulnerability. From Termination to Expungement: A Former $350mm UBS Advisor Finds Success in Independence The heightened sense of vulnerability in the big firms became a reality for Jeff Boudjouk who was terminated from UBS—a charge which has since been expunged. Jeff shares the harrowing journey, how he and his partner Anthony Landi found a new home in independence with Kestra Private Wealth Services as Northeast Investment Group. Vulnerability & Termination: An Advisor’s Survival Guide A list of steps to take if you feel vulnerable, are under investigation or heightened supervision or have been terminated. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Michael Dolberg – Founding Partner and CEO, Apollon Wealth Management Overview Building a firm from $120mm in assets to over $7.5B in just 6 years is an incredible feat. Mike Dolberg describes how he and the team at Apollon recognized the value of culture, partnership, and the freedom to serve clients—and how that realization ultimately drove their astounding success. 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… Culture is an overused buzzword in our industry. It seems that the largest of firms suffer most from cultures that their advisors often describe as “broken”—a product of continual growth that forced philosophical tenants to be redesigned in a more bureaucratic fashion. That is, what works best for the masses. Yet as more advisors launch independent firms, they’re doing so with a different ethos: One that’s more focused on developing a culture that is appealing to other like-minded advisors. As a result, many of these firms are dominating the field in attracting and retaining top talent. For Mike Dolberg, finding the right team members who shared the same ideals was a critical part of designing a firm poised for longevity and growth. In his eyes, having fun and loving what you do as an advisor are the real keys to success. Mike’s own wealth management career started in insurance in 2004, eventually landing at Northwestern Mutual. He and partner Rob Gorman learned the planning business from the ground up, cold calling their way to success. Within a year at Northwestern Mutual, Mike became a Managing Director of their local region, growing the business and developing strong client relationships. But Northwestern is first and foremost an insurance company, so naturally, over time, the team felt limited in what they could deliver to their clients. They wanted the autonomy to build and grow the business their way, based on their own culture and philosophies, not the firm’s. Mike was essentially an enterprise builder in a captive environment. And it wasn’t as much fun anymore. So, in 2018 they launched the RIA firm Apollon Wealth Management, which managed approximately $120mm at its inception. Just six years later, it’s a $7.5B firm, with multiple locations across the country and separate business units. In this episode, Mike shares his amazing story with Louis Diamond, including: The factors behind their choice to leave Northwestern—and what specifically limited their growth while at the insurance broker dealer. The key things that contributed to Apollon’s growth—and how culture and client service are intrinsically connected to their success. The services they can now provide to their clients—and how that’s changed as a fully independent firm. The value of partnership—and how Merchant Investment Management helped forge the relationship between Mike and Rob. And why Mike says, “Good shouldn’t be good enough”—plus much more. It’s a conversation that offers value for those who are looking at the various ways an advisor, practice, or firm can grow and thrive—and how the right culture can help drive 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 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. The Top 5 Reasons Why Northwestern Mutual Advisors Are Changing Firms A growing trend of departures from Northwestern Mutual has left many of the firm’s advisors wondering what’s driving the momentum—and what their colleagues are finding on the other side. A Northwestern Mutual Advisor’s “Jerry Maguire-Style” Breakaway Story As a Managing Director at Northwestern Mutual, Brett Gilliland had a unique perspective of the limitations at the firm. So, after 13 years and with $300mm in AUM, he left to build Visionary Wealth Advisors, today a $1.8B firm. Michael J. Dolberg CEO and a Founding Partner Michael J. Dolberg is the CEO and a founding partner at Apollon Wealth Management, a collaborative and transparent financial planning firm focused on aligning clients’ goals of growing and preserving their hard-earned wealth.  Apollon set out to change the model for investing away from a product platform to one that is 100% client driven.  With exceptional white glove service, Mike and the Apollon team have executed the founding partners’ vision of creating an independent organization with the mission of enriching the lives of others through collaborative financial planning and guidance. With passion and purpose, Mike and team have created a comprehensive wealth management and planning organization designed to deliver multi-family office and business planning solutions and services with scale and consistency. Driven to expand the firm’s footprint across the country, Apollon possesses a fully integrated advisor experience with a strong interdependence of central and local services, industry specialists, and a collaborative approach to maximize the value and deliverables to the clients they serve. Since its inception back in February of 2018, Apollon has opened office locations in multiple states across the nation and has been recognized as one of the fastest growing RIAs in the country. Prior to Apollon, Michael served as a Managing Director and Wealth Management Advisor at Northwestern Mutual.  After a brief stint as a Chef in Charleston, He began his career in financial services in 2003. He was appointed Managing Director at the age of 25 and won numerus awards both for his work as an advisor and for his exceptional recruiting and retaining of advisors within the thriving business. Mike has a huge passion for spending time with his family as well as giving back to the community. He is a board member of Medical University of South Carolina Children’s Hospital and is a devoted supporter of South Carolina Special Olympics (and past board member).  He and his wife, Kristen, reside in Mount Pleasant, South Carolina with their three sons, Benjamin, Beau, and Bradford. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

Reza Zamani, CEO of SteelPeak Wealth, shares how he grew his firm from $250mm to $3B after breaking away from wirehouses. He discusses limitations of wirehouse model, the decision to go independent, and strategies for building a successful wealth management enterprise. Topics include client service, growth strategies, leveraging technology, and the importance of conviction in financial advice.

Rob Nelson, CEO and founder of NorthRock Partners, shares insights from building a $6B+ firm dedicated to high-net-worth clients like entrepreneurs and professional athletes. He discusses the journey from humble beginnings to independence, emphasizing client-centric service and innovative offerings. Rob highlights the growth from $1.5 billion to $6 billion in assets, the importance of cultural alignment among advisors, and lessons on succession planning. He also reveals unique strategies for navigating the professional athlete market, underscoring the significance of tailored support.

With Ed Friedman, Director of Business Development and Growth at Summit Financial Overview The Director of Business Development and Growth, Ed Friedman, shares the secret sauce driving Summit’s growth surge. It’s a perspective on the evolved independent space, with actionable advice on culture, outsourcing, the value of minority investors, and other essential insights for advisors and business owners. 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 advisors still consider independence to be a “new” model, yet they’re decades off the mark. Independence has gained incredible steam recently, catalyzed by a continually growing ecosystem born to support breakaway advisors, making the leap much less difficult and far more attractive. While we often share the narratives of the advisors who made the leap to independence, many of their stories offer a perspective on a business less than a decade old. But this story is different because Summit Financial is an independent firm that launched in 1982. With decades under its belt, the firm has demonstrated that independence is the real deal, with the staying power to thrive in an industry that notoriously lacks stability and continuity. And what’s of greater significance is the fact that they’ve continued to innovate and grow—proven by the firm’s 3X rise to $10B in assets in the last 4 years. So, what’s behind this tremendous growth? And what does the future hold for Summit Financial? Ed Friedman, the Director of Business Development and Growth at Summit, joins the episode to answer that and more. Ed is best positioned to offer a glimpse into the firm’s secret sauce to success. He’s charged with winning over advisors who have their sights set on greater freedom and flexibility, but aren’t interested in building their own independent firm. In the episode with Louis Diamond, Ed offers a unique point of view on the industry and his own journey, as well as: His decades of experience with some of the biggest names in the business: Morgan Stanley, Hightower Advisors, and Dynasty Financial Partners—and how that influences his work with Summit today. The evolution of independent models—and how Summit’s trajectory has changed over the years. The value of a culture driven by advisors—and how that creates a differentiator between Summit and other supported independence models. The keys to Summit’s extraordinary growth—and what made the last few years some of the most successful in the firm’s history. Plus, Ed shares actionable advice on growth, outsourcing, the value of minority investors, and more—with essential insights for advisors and business owners 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 What Advisors Should Focus on to Maximize the Value of Their Practice: An Investment Banker’s Guidance Dan Seivert of ECHELON Partners offers perspective to help advisors better understand their business’s value drivers and how to maximize each, even if you aren’t interested in going independent or selling your business. Assessing the Gap Between Where You Are and Where You Want to Be A four-step process for financial advisors who are feeling the “pain of incongruence.” Diamond Consultants 2023 Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry. Ed Friedman Director of Growth and Business Development Ed Friedman is the Director of Business Development and Growth at Summit Financial LLC.  Ed is a financial services industry veteran with decades of experience in advancing advisor’s practices and supporting their growth. Prior to Summit, Ed Friedman ran his own consulting business, providing consulting services including operational, business, growth and technology strategies to Independent Wealth Management firms and the strategic vendors that support them. At Dynasty Financial Partners, Ed was the National Director of Practice Management and former Director of the Enterprise Group with a focus on wealth management firms in excess of $1 Billion in assets. Ed was also part of the founding management team at HighTower Advisors heading up business development and advisor development. Before the launch of HighTower, Ed had a 22-year career at Morgan Stanley and its predecessor firm with roles as a financial Advisor, branch manager and senior executive management. Ed is a graduate of Rutgers University with a BA in Business and Finance. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Matt Baum, Partner, Fox Rothschild Overview Attorney Matt Baum breaks down the facts on the latest FTC Noncompete Rule, the potential impact on an advisor’s business, current agreements, the ability to transition, 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… On April 23, 2024, the Federal Trade Commission announced a comprehensive “Noncompete Rule,” banning non-competes for “all workers, even senior executives,” as stated on their website. It’s a hot topic amongst advisors, who are curious about how this ruling might impact their businesses, current agreements, and, ultimately, their ability to transition. As advisor advocates, Diamond Consultants applauds any action that enables advisors to choose the best firm for their clients and business—without limitation or threat of litigation. However, as it stands now, we aren’t convinced this new rule will significantly impact an advisor’s business life. And, as with any new ruling, it begs more examination, particularly as it relates to those in the wealth management industry. So, we asked attorney Matt Baum to join Louis Diamond on this special episode. Matt is a partner at the law firm Fox Rothschild and specializes in the financial services industry. In this episode, Matt breaks down the facts around the current FTC ruling and offers his thoughts on the most common concerns we’re hearing from advisors, including: When this rule will go into effect and the impact on existing agreements. Whether certain elements of an advisor’s current employment agreement may ultimately be non-enforceable. How this might impact non-solicit agreements. What this might mean for garden leave provisions. The impact on business owners. And, most importantly, what advisors need to do to protect their business and livelihood. As firms continue to find new ways to stave off attrition, topics like this are critical to the employee advisors who are most impacted by regulatory changes. Likewise, business owners need to understand their responsibilities when it comes to provisions that may affect their practices. While not intended to replace the advice of counsel, this episode seeks to break down the facts and provide general guidance on an evolving topic. 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 7 Unintended Consequences of Staying the Course While it may seem “safer” to stay put, there are risks in doing so that many advisors are unaware of. Retire-in-Place Programs: Are They All They’re Cracked Up to Be? 5 reasons why advisors are forgoing what was designed to be a no-brainer deal. Diamond Consultants 2023 Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry. Matthew B. Baum Partner Matt represents financial industry participants, including broker-dealers, financial advisers and RIA firms as well as businesses and individuals in litigation and arbitrations. Matt has represented multiple Fortune 500 financial institutions, in addition to many small and middle market firms. He has also served as counsel to more than 150 financial advisers throughout his career. Matt appears on behalf of clients in arbitrations (including FINRA and AAA) and in state and federal courts. Among other things, Matt has represented clients in 100+ FINRA arbitrations, including both industry and customer disputes. He also frequently advises broker-dealers, RIA firms and financial advisers in connection with transitions and recruiting matters. Matt serves as a go-to resource for multiple broker-dealers for transition and recruiting-related matters. He also is consulted as an outside general counsel for multiple RIA firms. Prior to joining Fox Rothschild, Matt was a partner of a Manhattan based mid-sized law firm. Before that, he practiced at a securities law boutique located on Wall Street. Matt was a John Harlan Marshall Scholar at New York Law School. There, he also served as Coordinating Notes Editor of the New York Law School Law Review. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Angie Ostendarp & Jordan Raniszeski, Senior Managing Partners, Carnegie Private Wealth Overview In building a $1B business at Wells, Angie Ostendarp and Jordan Raniszeski realized they had outgrown the model, which limited their ability to serve their clients and continue their growth trajectory. They share why supported independence was the right fit and how it’s changed their path toward the future. 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… Why do advisors pursue change? It often comes down to this statement: “We weren’t able to ‘blank’.” And for many, that blank is filled in with statements like: Serve clients without limitation. Build a brand, or market freely to clients and prospects. Access a stronger platform or better tech. Own the equity and build enterprise value. And for some advisors, it may be several of the above—and then some. For example, Angie Ostendarp and Jordan Raniszeski joined forces at Wells Fargo in 2008 and, along with Mary Ware, built a strong practice managing over $1B. But things were changing at the firm, and the limitations multiplied. Over time, it became more difficult to do what was most important to them: That is, to serve their clients. Ultimately, in March of 2023, Angie and Jordan’s due diligence journey landed them at LPL’s Strategic Wealth Services, along with Mary and two other Wells Fargo advisors, Mitch Mayfield and Jeff Vandiver with a total of $1.45B under management. Carnegie Private Wealth would become the largest team to join the once nascent LPL model. On the supported independence platform, the team was able to create a firm that would answer all their clients’ needs without the heavy lift of building it from scratch. Angie and Jordan join Louis Diamond to share their journey from Wells to independence, including: Building an incredible business at Wells—and how they did so despite limitations they later experienced. Their motivations around change—and how they were running from the model and not the firm. The feeling of having “outgrown the channel”—and why they felt like they were “no longer in the right place.” Their perspective on business ownership—and how that’s impacted their lives. The value of education—and how a deep understanding of their options made the decision process less complex. This episode demonstrates how advisors can reach a point where a firm’s business model may no longer align with the goals and values of a growing practice—and that’s where the value of education comes in. Listen in to learn from this successful team’s experience and point of view. 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 Listen: 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. 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? Download: The Employee Advisor’s “Gut Check” Have you had that “feeling in your gut” that says, “I’m not sure that where I am is allowing me to serve my clients best?” Many advisors get stuck at this point, uncertain of how to qualify whether the feeling has any basis in reality. We’ve created the “Employee Advisor’s Gut Check” tool. With it, you’ll be armed with the right criteria by which to evaluate your current firm, as well as any others you may be considering. Angela Ostendarp, CFP® Sr. Managing Partner | Sr. Wealth Advisor Angie loves serving clients and helping them create a plan to pursue their goals. This is what led her to become an advisor and has kept her in the industry for nearly 30 years. Angie received her bachelor’s in Business Administration with a concentration in Finance from UNC Chapel Hill. Her licenses and designations include Series 7, 63, 31 and 9/10 through LPL Financial, along with Certified Financial Planner. Angie’s go-to financial advice is not to wing it, but rather have a plan in place. Away from the office, Angie enjoys golfing and cheering on sports teams in the Charlotte area with her husband, Jay. Together, they have three children and one Australian shepherd. She likes to volunteer at Habitat for Humanity and Junior Achievement and has fond memories of coaching softball, basketball, volleyball and soccer while her kids were growing up. Her favorite thing about working with clients is providing them confidence.   Jordan Raniszeski, CFP® Sr. Managing Partner | Sr. Wealth Advisor After receiving his bachelor’s in Business Administration with honors from the University of Notre Dame, Jordan spent the first few years of his career in public accounting on his journey to becoming an advisor. Jordan chose to be an advisor because it allows him to do the three things he loves—math, solving puzzles and helping people. Jordan has been serving clients in the financial services industry for 21 years and has been a Certified Financial Planner since 2004. He has worked extensively with corporate executives throughout his career and focuses much of his practice in this area. Jordan’s go-to financial advice is to have a plan and stay the course. Jordan has four children with his wife, Anna. In his free time, he enjoys golfing, reading, playing guitar and cheering on the Fighting Irish. Jordan has been involved in many local organizations since moving to Charlotte in 2002, including significant work with MiraVia, an organization that supports pregnant women and babies. Jordan’s favorite things about working with clients are helping them get organized, reducing their stress and being a small part of their family’s success. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Mindy Diamond & Louis Diamond Overview In looking for “better ways” to foster growth and solve for other long-term goals, advisors need to weigh the value of pain vs. gain when it comes to a transition. In this special episode, Mindy and Louis Diamond share a process for answering the seminal question: Is change really worth it? 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 gets to a point where they wonder how they can make their business life better. And it’s likely something you may be thinking about as well. For instance, you may be wondering how to grow faster. Or looking for ways to hire and develop next gen talent or build a team. Or get access to better technology. Or you may also be looking at the bigger picture for ways to gain more control and boost your business’s value. And it all begs these two important questions: How badly do you want it? How much do you really need it? This is where the saying “no pain, no gain” typically applies—because it’s not as much about whether you want or need it, but what you are willing to do or give up to get it. No doubt, we all want perfection or at least for things to be the very best they can be. But, messing with the status quo by transitioning can disrupt momentum and even impact client relationships. And the reality is there are no guarantees that the changes you make will be worth the hassle you may go through. And that’s the very reason so many advisors get stuck by inertia, living with a status quo that may not serve them best. In this special episode, Mindy and Louis Diamond share a process for assessing the potential value of change. They share the important questions you need to ask yourself, like: How do you know when it’s worth it to make a change? How do you decide if what you’re going after will yield positive results in the end? What things might you need to sacrifice to get what you really want? Plus, they share real-world examples of the thought process other advisors have gone through in their own journeys. It’s an important conversation, designed to get you thinking not just about your goals and what you’re looking to achieve but also what it might take to do so. 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 7 Unintended Consequences of Staying the Course While it may seem “safer” to stay put, there are risks that many advisors are unaware of. Private Bankers Find Greater Independence: Former $2B J.P. Morgan Team on Their New Chapter with Cresset Kevin McGuire and Sarah Burney former J.P. Morgan Private Bankers discuss moving their $2B HNW-focused business to Cresset, plus garden leave, portability, referrals, and more. The Strategic Due Diligence Roadmap Visual guide to help financial advisors embark upon an efficient process—one that is more likely to result in discovering Your Best Business Life™. Also available on your favorite podcast app and other media sites                                        Browse other episodes in this podcast series…

With Brent Chappell & Brad Chappell Managing Partners & Founders, Chappell Wealth Management Overview Brent and Brad Chappell share unique perspectives as next gens of a business conceived by their father decades ago at Merrill. They offer insightful thoughts about family dynamics and succession, the value of mentors and education, what it takes to build a $1B wealth management business, 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… Many successful people attribute their achievements to having a great mentor. For Brent and Brad Chappell, their father was a “childhood hero who became their business mentor.” Robert Chappell founded his wealth management practice at Merrill in 1984, when being part of the “Thundering Herd” was like being part of a much larger family. The brothers proudly reminisce about the influence Robert and his work at Merrill had on them, so it was no surprise when Brent and Brad joined the firm in 2002 and 2006, respectively. The Chappells’ early experience at Merrill was one of two families blended together. Yet that kinship diminished after the firm’s sale to Bank of America, and the team’s ability to serve clients and conduct daily business became challenged. Like many successful wirehouse teams, the Chappells credit the firm for being the foundation of their family business. But they saw the handwriting on the wall, and it said that they owed it to themselves and their clients to explore their options. In February 2023, Brent, Brad, and their team left the firm their father retired from and launched Chappell Wealth Management as one of the largest teams on the Sanctuary Wealth supported independence platform. In this episode with Louis Diamond, Brent and Brad talk about their journey and motivations, including: Growing up with Merrill—and what changes they witnessed over the years. Their unique perspective as next gens in a family business—and when it became clear that “what got them here wouldn’t get them there.” The economics of a move to independence—and how they reconciled the fact that they would owe money back on their father’s CTP agreement. Their exploration and transition process—and why “education” was one of the most valuable facets. Plus, what it really takes to build a $1B+ business. Listen in as they candidly share a unique narrative about a changing wirehouse world, family dynamics, succession, and building a strong business designed to achieve long-term enterprise value. 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 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. Transition Announcement: $1.5B Legacy Merrill Team Opts for Supported Independence With Merrill roots dating back to the 1980s, brothers Brent and Brad Chappell decided that independence with Sanctuary Wealth provided a better path for the future of Chappell Wealth Management. What We Can Learn When Top Advisors Leave Their Firms If changing firms made sense to these $1B+ financial advisors, what lessons can be learned by those who manage less but aspire for more? Merrill Advisors Ask… Answers to the most frequently asked questions when considering a transition from Merrill Lynch. Brent R. Chappell, CFP®, CIMA® Managing Partner & Founder Brent Chappell is a Managing Partner and Founder of Chappell Wealth Management. Brent helps clients through a collaborative approach designed to simplify the complexities of their financial lives. With more than two decades of experience, his goal is to give clients the peace of mind that comes from knowing that they have engaged with a seasoned and highly distinguished team of professionals that are willing to spend the time to fully understand the dynamics of their goals and to solve for the specifics. Brent was an honors student at the University of Texas at Austin and graduated in 2001 with dual degrees in Finance and Spanish. He joined Merrill Lynch Wealth Management in 2003 and departed as a Managing Director in 2023 to found Chappell Wealth Management. Brent was accepted into MENSA in 2006 and received his CIMA® designation from the Investments & Wealth Institute™ (The Institute) after completing executive education in investment management from the Wharton Business School. He is also a CERTIFIED FINANCIAL PLANNER™, CFP® certificant, awarded by the Certified Financial Planner Board of Standards, Inc. He holds a Series 7, Series 66 and Series 31 FINRA registrations. Brent and his wife, Elizabeth and their 3 children reside in The Woodlands, TX. Brent enjoys playing golf and pickleball and cheering on his children at their sports and academic contests. Forbes “Best-in-State Wealth Advisors” for five consecutive years – 2018-2022Barron’s “Top 1,200 Financial Advisors: State-by-State” – 2020, 2021, 2022 Forbes “Best-in-State Wealth Management Teams” – 2023   Brad C. Chappell, CIMA® Managing Partner & Founder Brad Chappell began working in the Financial Services industry in 2004. He graduated with honors from The University of Texas with a BBA in Finance. Before graduating from The University of Texas, Brad was the captain of his collegiate basketball team at Southern Virginia University. Brad loves working with people and is passionate about his job as a financial advisor. He excels at taking on the complexities of each client’s financial situation so that they can focus on what matters most to them. Brad holds the Chartered Retirement Planning Counselor™ designation in addition to the CIMA® designation from Investments & Wealth Institute™ (The Institute), which is taught in conjunction with The Wharton Business School. Having spent 2 years as a missionary in Brazil, Brad is fluent in Portuguese. Brad, his wife Elizabeth, and their 3 children reside in Spring. When he’s not working, Brad enjoys coaching basketball, playing pickleball and spending time with his family. He holds a Series 7, Series 66 and Series 31 FINRA registrations. Financial Planning’s “Top 40 Advisors Under 40” 2021 On Wall Street “Top 40 Advisors Under 40” 2020 Barron’s “Top 1,200 Financial Advisors: State-by-State” 2020-2021 Forbes “Best in State Wealth Advisors” 2019-2022 Forbes “Best-in-State Wealth Management Teams” – 2023 Also available on your favorite podcast app and other media sites                                        Browse other episodes in this podcast series…

With Michael Kitces, Industry Thought Leader and Chief Financial Planning Nerd Overview 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. 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… So what is it that REALLY makes advisors happy? A recent survey by industry legend and thought leader Michael Kitces and his team set out to find the answer. And what they found is quite revealing: It turns out that income and happiness are not equal. That is, greater compensation doesn’t necessarily make an advisor happier. So, what makes an advisor happier? Mindy Diamond and Michael dive into the data to answer that question and others, including: What do advisors actually value most? What are the most important factors that influence how advisors feel about their firm and the work that they do? What ultimately motivates an advisor to consider change? Why do so many unhappy advisors allow inertia to guide them when they could be seeking something better for themselves and their clients? And how can advisors use this data and the insights provided to improve their wellbeing and potential for success? Listen in for an insightful and revealing look into the minds of advisors, and the motivations and drivers that lead them not only to success but to a better quality of life. That is, their best business life. 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. Kitces Report: What Actually Contributes To Advisor Wellbeing Download a complimentary copy of The Kitces Report (Vol. 2, 2023), “What Actually Contributes To Advisor Wellbeing”. ‘Mostly Happy’ is a Sentiment Many Advisors Share, but is it Enough? How unhappy should an advisor be to consider change? Nine questions to gauge whether it’s time to start exploring options. 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. Michael E. Kitces MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Head of Planning Strategy at Buckingham Wealth Partners, an independent RIA with more than $50 billion of assets under management, that provides private wealth management to consumers and turnkey asset management platform services to advisors. In addition, he is a co-founder of the XY Planning Network, AdvicePay, New Planner Recruiting, fpPathfinder, and FA BeanCounters, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning continuing education blog Nerd’s Eye View through his website www.Kitces.com, all dedicated to advancing knowledge in financial planning. Beyond his website, Michael is an active writer and editor across the industry and has been featured in publications including Financial Planning, the Journal of Financial Planning, Journal of Retirement Planning, Practical Tax Strategies, and Leimberg Information Services, as well as The Wall Street Journal, BusinessWeek, CNBC PowerLunch, NBC Nightly News, and more. In addition, Michael has co-authored numerous books, including “The Annuity Advisor” with John Olsen (now in 5th edition), the first balanced and objective book on annuities written for attorneys, accountants, and financial planners, and “Tools & Techniques of Retirement Income Planning” with Steve Leimberg and others. Michael is one of the 2010 recipients of the Financial Planning Association’s “Heart of Financial Planning” awards for his dedication to advancing the financial planning profession. In addition, he has variously been recognized as financial planning’s “Deep Thinker,” a “Legacy Builder,” an “Influencer,” a “Mover & Shaker,” part of the “Power 20,” and a “Rising Star in Wealth Management” by industry publications. These awards were presented to honor Michael’s active work in the financial planning community, including numerous other boards and committees for the Financial Planning Association, the Investments and Wealth Institute, and the Society of Financial Services Professionals, at both the local and National levels. Michael is also a co-founder of NexGen, a community of the next generation of financial planners that aims to ensure the transference of wisdom, tradition, and integrity, from the pioneers of financial planning to the next generation of the profession. Also available on your favorite podcast app and other media sites