The Diamond Podcast for Financial Advisors

With John Bowen, CEO and Founder, CEG Worldwide, LLC Overview 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. 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… In the wealth management industry, we often talk about the incongruence between an advisor’s expectations and those of their firm. But what about the clients? Are their expectations well-aligned with the advisor’s ability to serve them? What if you had an inside look at exactly what products and services your clients wanted most? Consider how immensely powerful having access to this information could be: You can custom-curate your value proposition, offerings, and service delivery to meet your clients’ specific needs. You can better differentiate your business from others in the field, addressing needs that might otherwise be overlooked by your competitors. Plus, the ability to better serve your clients will foster enduring relationships, more referrals, and sustainable growth. With all that in mind, John Bowen and his team at CEG Worldwide embarked on a data-driven exercise to determine what high net worth clients want most from their advisors. Ultimately, they found a significant gap between clients’ expectations and the services that advisors delivered. In this episode, Louis Diamond and John dive deep into the survey data and come up with valuable insights for all advisors – whether you’re at a wirehouse, regional, boutique, or independent firm – including: What high net worth clients really want from their advisors. How to optimize your service delivery by filling gaps perceived by clients. Whether your firm is helping or hindering your ability to serve clients. How to identify new and unique differentiators for your business based on your clients’ needs. In a more competitive and commoditized world, it’s critical to leverage any advantage available to be more intentional and thoughtful in how you manage and grow your business. This episode provides action items to help you get started on a new path to thinking about delivering exactly what clients want.   Mentioned in this episode: “Wealth Management Gap Play to Win” report  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 Coach to the Advisor Elite: CEG’s John Bowen on What it Really Takes to Build a Blockbuster Business What’s the secret to the success of top financial advisors? John Bowen of CEG Worldwide, coach to elite financial advisors, shares the “real gamechangers” that help them break through to the next level and accelerate growth—and more. What’s the ‘Real’ Value of a Financial Advisor’s Business? A still red-hot RIA M&A market has many employee advisors pondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity. Download the Diamond Consultants 2023 Advisor Transition Report An Update on Advisor Movement in the Wealth Management Industry 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 Jason Barber, CEO and Founder, and Taylor Pankratz, President and Founder —Holistic Planning Overview What motivated the founders of Holistic Planning to leave Edward Jones, a firm their family built a business at over more than four decades? They discuss their thought process, the transition, and the growth opportunities they are now experiencing. 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 stakes are high with every transition. But for some, they’re even higher. And this breakaway story is about as high stakes as it gets: A family business that started at Edward Jones in 1981, putting over 40 years of growth and three generations on the line. Jason Barber was the third generation to join the practice his grandfather Paul and father Steve built at the firm. Then, nearly a decade later, Jason’s cousin, Taylor Pankratz, left Raymond James to become a part of their team. Yet the pivotal moment came in 2023, when Jason, Steve, and Taylor made the tough decision to leave the firm where their family business was born and thrived, growing to over $500mm in assets under management. So why would a team with this much history with Jones and whose business was literally built over generations and decades with the same firm, decide it was time to explore their options? Jason and Taylor’s response is a common one that we hear from growth-minded advisors: “We outgrew the firm.” So many advisors find themselves at a point where their desire to grow and the ability to achieve their goals are limited by the firm they work for—whether that be at Edward Jones or any other employee-model firm. For Jason and Taylor, the only way to achieve what they set out for was to launch their own RIA, and in 2023, Holistic Planning was born. In this episode with Jason Diamond, Jason and Taylor share the story, including: The culture change at Edward Jones—and how that motivated them to consider their options. The limitations they were feeling at the firm—and how removing the “governor on their growth” is allowing them to now build and grow as they desire. Their due diligence process—and why they ultimately chose to build their own independent firm. The family’s response to the news of change—and why their grandfather said, “What took you so long?” The specific things they were trying to implement at Jones—and what they can do at their own firm that’s been a real game-changer. The launch of their companion firm, Uptick Partners—and how they envision it will allow other breakaways to leverage the platform they built. It’s an episode with a bit of something for every growth-minded advisor with helpful guidance on the process of considering change. Plus, it offers a firsthand perspective for senior and next gen advisors thinking through the next phase of their business. 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 Post-Transition Survey: Checking in on Former Edward Jones Advisors Who Recently Moved Unfiltered, fresh, candid, and honest feedback straight from your Edward Jones peers who transitioned to another firm or model within the past 18 months. 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.” Edward Jones Information Hub A curated list of top-of-mind content for Edward Jones Advisors. Behind the Breakaway: Uptick Partners Podcast Learn more about our breakaway experience and the movement to RIA independence.   Jason Barber CEO & Founder Jason is a founder of Holistic Planning. He serves as the firm’s CEO and sets the firm’s overall vision and strategy. The creation of Holistic Planning, a fee-only independent Registered Investment Advisor (RIA), is the direct result of Jason’s desire to provide clients the most value and service while reducing conflict of interest to a minimum. Prior to founding Holistic Planning, Jason was with Edward Jones for 12 years and served in numerous leadership roles. Jason is a proud graduate of Texas A&M University. He holds the CERTIFIED FINANCIAL PLANNER certification awarded by the Certified Financial Planner Board of Standards, Inc. and the Accredited Asset Management Specialist designation awarded by the College for Financial Planning. He considers himself to be a lifelong learner and a servant leader. Jason and his wife Rachel were married on August 6, 2016, in Hot Springs, Arkansas. They share their wedding anniversary with Rachel’s parents and her grandparents. They have three handsome sons named Luke, Samuel, and Jack. They are also proud parents of their daughter in heaven, Joanna. Jason and Rachel believe it is their obligation to share how God helped them overcome the pain and sadness of that loss. Jason and Rachel are Christians and active members of First Baptist Church in Nacogdoches, Texas. They believe in raising their boys to be godly young men with strong, conservative values of hard work and respect for others. They know Holistic Planning will only be as successful as God allows it to be, but the foundation of this company is in Christ alone. When he’s not working, Jason enjoys spending time with Rachel and the boys on their 182-acre, East Texas homestead, riding their side-by-side, fishing, shooting skeet, and playing golf.   Taylor Pankratz President & Founder Taylor founded Holistic Planning after serving his clients at Edward Jones and Raymond James for seven years. Holistic Planning was founded with the vision of adding uncompromising value to his clients and their families in ways not previously possible. Taylor prides himself on his ability to simplify the complex and bring a common-sense approach to financial advice. Taylor is a graduate of Texas A&M University, holding a Bachelor of Science in Mechanical Engineering along with the Accredited Asset Management Specialist designation. An East Texas native, Taylor resides in Nacogdoches with his wife, Amanda, and their two children, Nathan and Micah. Taylor enjoys coaching his sons’ sports teams and playing golf as well as woodworking and cooking. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

Dan Seivert from ECHELON Partners discusses maximizing value for financial advisors, focusing on key drivers for business valuation and sustainable growth. Topics include M&A trends, private equity influence, building strong partnerships, and transitioning to RIA practices.

With Louis Diamond and Jason Diamond Overview In the Advisor Transition Report’s companion podcast episode, Louis and Jason Diamond explore the key takeaways and their anticipated influence on activity during 2024 and beyond. 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… There’s no doubt that knowledge is power. This notion has driven the popularity of our annual Advisor Transition Report, an in-depth analysis of advisor movement, transition deals, and significant trends in the wealth management space. The report captures the year in wealth management over 2023 and is designed to be a resource for advisors who are curious about the seismic changes we are seeing play out in real-time in the industry—information relevant to advisors whether considering change or not. In this special Industry Update podcast episode, Louis Diamond and Jason Diamond take a deeper dive into the key takeaways and the anticipated influence of each on activity through 2024 and beyond. They offer valuable insight into: What firms were the winners – and losers – in the recruiting game. Which models saw the greatest amount of activity—and how this compares to previous years. How the shift toward a focus on the long-term is driving movement—particularly amongst the mega-teams. What impact retention efforts – like retire-in-place programs – had on advisor movement. Where recruiting deals are at—and where they are headed. Why there’s a shortfall of next gen talent—and how that’s impacting succession plans for aging advisors. Why private equity is the next “big thing”—and how it will disrupt the industry landscape. Why the advisor was ultimately the real winner of 2023—and is expected to be the winner again in 2024. And much more! It’s the perfect companion to the Advisor Transition Report, so be sure to download it and listen in to this special episode. 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 JUST RELEASED February 2024: The latest “State of the Union” on the wealth management industry for financial advisors. Bourbon, Real Estate, and Golf Courses: How Innovations in Investments, Training, and Client Service Built a $9.4B Business What does it take to thrive in the ultra-competitive wealth management world? Gary Furukawa and Erik Morgan of Freestone Capital share how their success is driven by creating unique solutions around serving clients, training their team, building the business, and managing investments. The Next Chapter: Former First Republic Head Launches RIA with Backing from PE Firm Summit Partners There was a time when First Republic Private Wealth Management was a top landing spot for corner office wirehouse teams. Then, the bottom fell out with the regional banking crisis. The former unit president, Bob Thornton, joins the show to discuss the fallout and his new chapter building an RIA backed by private equity firm Summit Partners. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Brett Bernstein, CEO and Co-Founder of XML Financial Group Overview Brett Bernstein realized that he could not achieve his vision and goals within the wirehouse world. So he set out to build his own practice. When he outgrew that, he built a firm. Now, he’s building an enterprise. 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 not something that happens by chance. It is the result of just the right combination of vision, strategic planning, determination, and the ability to act upon each. Brett Bernstein is one such advisor who, just a couple of years after becoming a licensed broker at Merrill, recognized he wanted more latitude in how he could build and grow his business. That is, it seemed more difficult to achieve his goals as one of thousands in a large firm that has no choice but to manage to the lowest common denominator. No doubt, the wirehouses provide the support, platforms, and tech stacks that serve most advisors and their clients well, but they’re not for everyone. As one of the latter group, Brett and his team moved on to LPL Financial in 2004 – a firm that looked very different than it does today – where they grew the business to some $550mm in assets. But, as Brett put it, they outgrew the broker dealer model they were in. In 2016, Brett and his team took the next big leap to independence, partnering with Focus Financial. For Brett, the steps represented what he describes as moving from building a practice, then a firm, and now an enterprise. Each with a goal of putting the right pieces in place to impact growth. And when it comes to growth, it’s pretty clear Brett and his team know what they’re doing: Today, XML Financial Group (a name that’s derived from “ex-Merrill Lynch”) has client assets in the range of $4B. In this episode, Mindy and Brett have a candid conversation about what it really takes to grow, including: The limitations he felt that kept him from thriving—and how he resolved them through the transitions. The decision to forgo a recruiting deal from another big firm—and whether that decision had an impact on his bottom line. The value that Focus Financial brings to the table—and why he refers to them as their horsepower to help turbocharge growth. The story behind the firm’s name—and how it plays into their culture and value proposition. And much more! It’s a real-world narrative around what it takes to really grow and thrive in the wealth management industry with plenty of actionable advice from an industry peer. 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 Celebrating Independence: Different Perspectives on How to Achieve Greater Freedom and Control Independence in the wealth management industry is much like your local ice cream shop: There are many different flavors to choose from. The Independent Alpha: Making the Breakaway Math Add Up Advisors breaking away for independence know what they are giving up, so how can they justify making this leap? The answer starts and ends with growth. Financial Advisor Economics: From Transition and Beyond In an active recruiting environment, advisors are eager to understand where deals are at and where they’re headed. Beyond a transition deal, how can advisors monetize their business over time – thinking about the short-, mid- and long-term – whether they are in an employee or independent model? BRETT BERNSTEIN, CFP® CEO & Co-founder Brett Bernstein is the CEO and Co-founder of XML Financial Group. He manages the operations of the firm, including the firm’s M&A strategy. Brett is an active financial advisor assisting clients with his holistic approach to goal-setting and problem-solving. Prior to co-founding XML in 2004, he was a Vice President and Senior Financial Advisor at Merrill Lynch, where he was a designated Producing Sales Manager for a multi-billion-dollar complex. Brett is a serial entrepreneur actively investing in many start-up companies and has led his firm in three acquisitions. He earned his Certified Financial Planner® professional designation in 2003. He is a sought-after speaker and industry commentator having numerous contributions in the Wall Street Journal, Financial Advisor Magazine, Investment News, and Forbes. Brett received a Bachelor of Science in finance from the University of Maryland’s Robert H. Smith School of Business and continued his education at Georgetown University and Harvard Business School’s Executive Leadership Program. Brett has served on various non-profit organization boards in numerous leadership positions but over the past 12 years has served as the Board Chair of So What Else, a local, grassroots charity helping at-risk youth with after-school and summer programs and food recovery. Brett also serves as a Board Trustee for the Bullis School in Potomac, Maryland. Brett volunteers his time to the Bullis School’s entrepreneurial program, sponsoring the Capstone Entrepreneurial Shark Tank competition and was recently named to Bullis’ Entrepreneurs in Residence. Brett is also active in volunteering at the Dingman Center for Entrepreneurship at the University of Maryland’s Robert H. Smith School of Business as an Advisor and Subject Matter Expert. In Brett’s free time, he enjoys spending time at Bethany Beach, DE with his wife, two teenage daughters, and two dogs. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Mindy Diamond and Louis Diamond Overview A breakdown of the steps advisors can take to prepare for change and enhance business processes, equally effective for those at the curiosity stage or even deep into due diligence, and whether you ultimately make a move or not.  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… Contrary to what many advisors believe, transitioning from one firm or model to another does not happen overnight. Ensuring a transition is accomplished with the least amount of disruption, the highest level of portability, and the greatest success takes a good amount of planning—for advisors and teams at all levels. Of course, there are several steps we walk our advisor-clients through when they are considering change: educating them on the latest trends, helping to evaluate economic models and understand their enterprise value, guiding them through the thought process around their goals and vision, conducting a strategic due diligence process, and the act of comparing and contrasting their current firm to the options on the table. But this is different. There are actions that you can take now to prepare your business for a potential move—whether you’re just at the curiosity stage or even deep into due diligence. They are actions that are so important that our download on the topic, Top Tips for Setting Your Business Up for Success Years Before a Move, has become one of the most popular tools in our arsenal of advisor resources. In this episode, which serves as a “deep dive” companion to the tool, Mindy and Louis break down each tactic, offering additional advice gleaned from over two decades of experience helping our advisor-clients through successful transitions, including: How to improve book portability. Why you should set up a secure document repository. What you should be looking at when it comes to your staff and their roles. How to handle legacy broker dealer business. Why you might consider shifting away from proprietary solutions. And much more! It’s the guidance you need to prepare you, your team, and your business for change and enhance your business processes—whether you ultimately make a move or not, you’ll be ready to pivot in whatever direction you need to. So listen in to learn what you can get started on today. ►► Download: Top Tips for Setting Your Business Up for Success Years Before a Move 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 How to Deliver Massive Value: Turning the Tables on The Perfect RIA’s Matthew Jarvis Matthew Jarvis rose from near bankruptcy to running a profitable independent financial advisory practice. He shares his story plus key teachings on extreme accountability, delivering massive value to clients, and more. Considering a Move? Here’s What You Need to Know: A Special Industry Update What does an advisor need to know when embarking upon due diligence? In the second of this 2-part series, Mindy Diamond and Jason Diamond provide the key steps to a strategic process with focused outcomes. Follow Me: 5 Steps to Retaining Your Clients During a Move How should someone in exploration mode assess the wisdom of changing jerseys? Consider these 5 steps. Also available on your favorite podcast app and other media sites                                          Browse other episodes in this podcast series…

With Summit Partners’ Bob Thornton, Executive in Residence, and Melanie Whelan, Managing Director Overview There was a time when First Republic Private Wealth Management was a top landing spot for corner office wirehouse teams. Then, the bottom fell out with the regional banking crisis. The former unit president, Bob Thornton, joins the show to discuss the fallout and his new chapter building an RIA backed by private equity firm Summit Partners. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Until 2010, First Republic was considered just another sleepy bank brokerage option. It was then that Bob Thornton, the President of the wealth management unit, was tasked with shaking things up and transforming First Republic into a major player. And that he did. The momentum started with two mega acquisitions that put First Republic on the map – $6B Luminous Capital and $6.1B Constellation Wealth Advisors. Those deals led to many big recruiting wins over the years, with the unit eclipsing $270B in assets, according to their 2022 filings. The wealth management unit that Bob helped build had the ingredients of success: a boutique culture, a strong referral mechanism, and the perfect blend of freedom and infrastructure. However, it could not withstand the regional banking crisis of 2023: First Republic Bank’s bottom fell out along with the foundation it provided for the wealth unit, leaving behind stress and uncertainty for the unit’s elite advisors. Today, Bob is taking all that he learned and starting a new chapter in the RIA world—and the story unfolds with backing from one of the industry’s premier private equity firms, Summit Partners. In this episode, Bob and special guest Melanie Whelan, Managing Director at Summit Partners, speak candidly with Mindy Diamond. They discuss: The reality of what happened to the wealth management unit at First Republic—and what Bob learned from that experience. Bob’s vision for the new firm—and why he feels top advisors will be attracted to it. The value that Summit Partners sees in this venture—and how Bob’s expertise in creating the “secret sauce” that attracted top advisors to First Republic was an attractive proposition to the PE firm. The role that Summit Partners will play in this partnership—and the growing trend of private equity in the RIA space. Plus, Melanie talks about how her experience as both COO and CEO roles at SoulCycle is shaping the process of building and growing the new wealth management business from the ground up. It’s rare, behind-the-scenes access to the creation of a new firm—that, as of this recording, the name of which has yet to be revealed. 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 In The News: Summit Partners Backs Ex-First Republic Wealth Chief’s RIA Venture Mindy Diamond Cited by Mason Braswell, AdvisorHub – Boston-based private equity firm Summit Partners is backing former First Republic Private Wealth Management head Bob Thornton’s wealth management venture, according to an announcement on Thursday. Private Equity and the RIA: Two Perspectives on the Value of Growth Mark Copeland, Founder of $19B Signature Estate & Investment Advisors (SEIA) and Ben Prigal, Vice President of Reverence Capital Partners, discuss the value of partnership between private equity and RIAs, practice valuation, PE’s attraction to the wealth management space, and more. Financial Advisor Economics: From Transition and Beyond In an active recruiting environment, advisors are eager to understand where deals are at and where they’re headed. Beyond a transition deal, how can advisors monetize their business over time – thinking about the short-, mid- and long-term – whether they are in an employee or independent model? How to Navigate the Emotional Rollercoaster Ride of a Transition: A Special Industry Update Mindy Diamond and Louis Diamond share ideas from 25 years of experience to help advisors navigate the daunting process of transition and advice on how to better cope with what can feel like a tumultuous ride. Bob Thornton Executive in Residence Bob Thornton joined Summit Partners as an Executive in Residence in late 2023. Prior to joining Summit, Bob served as President of the Private Wealth Management business of First Republic Bank, where he led the growth of that business from under $10 billion in assets to more than $250 billion. In his role with First Republic, Bob placed a premium on supporting the investment advisor as “Wealth Manager” to meet clients’ full wealth management needs.  Along with his team, Bob developed a series of growth programs including integrated planning resources, a white glove insurance product and an internal referral construct that contributed to significant growth in the client and asset base of the Wealth Managers at First Republic. During his tenure, he and his colleagues were able to attract many high caliber financial advisors from across the industry. Bob holds a B.A. in Economics from Duke University and a J.D. from Columbia Law School.  Prior to joining First Republic, Bob had a successful twenty-year career in investment banking, principally focused on mergers & acquisitions and financings. He began his career at Goldman Sachs, followed by leadership roles at both Credit Suisse and Deutsche Bank. Bob is excited to be embarking on a new chapter with Summit Partners to build a service-focused wealth management platform to both serve clients and create a great home for advisors.   Melanie Whelan Managing Director Melanie joined Summit Partners in 2020 and is a Managing Director on the Growth Products & Services team. She focuses primarily on high-growth consumer and technology-enabled services. Melanie’s board and investment experience includes Hairstory. Prior to Summit, Melanie was CEO of SoulCycle. She joined SoulCycle in 2012 as COO and spent three years building and leading operations before her promotion to CEO in 2015. Under her direction, SoulCycle grew from eight NYC-based studios to nearly 100 studios in 18 markets across three countries. She led the company’s diversification efforts, which included launching a vertically integrated, direct-to-consumer e-commerce platform and building a media division to drive audience and revenue growth strategies, including a 24/7 SiriusXM channel. Previously, Melanie led Business Development for Equinox where she was part of a team that executed a multi-brand strategy with the U.S. launch of Pure Yoga, the creation of Blink Fitness and the acquisition of SoulCycle. Earlier in her career, she was a member of the founding team of Richard Branson’s U.S. air carrier Virgin America and worked in corporate development at Starwood Hotels and Resorts. Melanie currently serves on the Board of Directors of Chegg (NYSE: CHGG), the Board of Trustees of Southern New Hampshire University, and the GO Project, a non-profit focused on K-8 education inequity in New York. She holds a BA in engineering and economics from Brown University and is a member of the Aspen Institute’s 2018 class of Henry Crown Fellows. Also available on your favorite podcast app and other media sites                                            Browse other episodes in this podcast series…

With Barry Mitchell, Founder & Managing Director, Next Level Private Overview Former UBS advisor Barry Mitchell discusses why he messed with success in the quintessential narrative for financial advisors around how to think about change, due diligence, the transition process, 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… Why do so many top advisors opt to make a change when things seem good enough? This is one of those episodes that answers that question and many more. Barry Mitchell was a UBS advisor who built an extraordinary business at the firm. Yet, as Barry describes it, he felt the pull of entrepreneurialism to a world where he could serve as a true fiduciary to his clients. That is, a world without the conflict of interests inherent in the big brokerage world; where client minimums are the advisor’s choice, not the firm’s; and free of the limitations that barred him from marketing as he wished and building a real community around being a “financial advocate” as opposed to a “financial advisor.” So, in 2021, Barry and his team left UBS to launch Next Level Private, an independent firm that he built from the ground up, with support from a team of experts, as he puts it—including their custodian Pershing and a cast of other partners well-versed in building an RIA firm from transition process onward. (In full disclosure, Diamond Consultants is proud to have served as his guide through the due diligence and transition process.) In this episode, Mindy Diamond asks Barry many of the questions advisors have around considering change, like: Why was he willing to mess with success? Why not opt for an outsized transition deal from another big firm? Why independence? What was it like making a non-Protocol move? What assumptions did he have that were ultimately proven incorrect? How did his clients respond? What about portability? And much more. Plus, Barry shares how this change has impacted his business life—and whether he is achieving all that he sought out to. It’s the one conversation to listen to from an industry peer who once had many of the same questions as you—offering the quintessential narrative around how to think about change, due diligence, and the transition process. 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 Industry Guru Bob Veres on Achieving Excellence and Building the Advisory Firm of the Future A conversation with one of wealth management’s most influential thought leaders and the editor and publisher of Inside Information. Diamond Consultants Advisor Transition Report 2022 – Focus on UBS This comprehensive, data-driven report provides the answers that UBS advisors care most about – where their peers are moving to, why they are moving, and how they are moving – plus reveals insights specific to the firm and its advisors. The Mysteries of UBS: Deciphering What Drives its Wins and Losses UBS advisors describe a culture defined by wins and losses—and they are asking tough questions about what the future holds. Mitchell Jr., CRPC®, CRPS®, CAP® Founder and Managing Director 2022 #8 Forbes Best-in-State Wealth Advisor New York State 2021 #9 Forbes Best-in-State Wealth Advisor New York State 2020 #14 Forbes Best-in-State Wealth Advisor New York State 2019 #15 Forbes Best-in-State Wealth Advisor New York State 2018 #17 Forbes Best-in-State Wealth Advisor New York State Barry embarked on his journey to change the face of the financial services industry in 1987.  During his 35-year career, Barry has proven to be eminently qualified to help clients and their families in his role as their trusted advocate.  He has helped them navigate every type of market environment helping them sleep at night since 1987, as they march towards financial independence.  He takes great pride in his ability to add value by providing clients with a high standard of support, collaboration and knowledge. Barry founded Next Level Private with his team in 2021 as a registered independent advisor to serve their clients and community in a better way as fiduciaries.  It is important to recognize and understand that NXT is not a broker dealer, and because of that Barry, the firm and all of its employees are held to a higher standard of care, known as the fiduciary standard. Barry is a 1983 graduate of Iona Prep and in 1987 graduated from Boston College Carroll School of Management with a B.S. in Finance and Marketing.  His belief in continual learning has earned him multiple industry designations including the Chartered Retirement Planning Counselor (CRPC®), the Chartered Retirement Plan Specialist (CRPS®), and the Chartered Advisor of Philanthropy (CAP®).  Since 2018, Barry has been recognized annually as a Forbes Best-In-State Wealth Advisor for New York State.  He is currently ranked #8.  Next Level Private has recently been recognized on Financial Advisor magazine’s list of America’s Top RIA’s in 2022.  Next Level Private has also been featured as “The Face of Financial Advocacy” in 914 Inc and Westchester Magazine.  Westfair Communications has also recognized Barry as a Top Wealth Advisor for Westchester/Fairfield counties since 2018.  Next Level Private and Barry currently advise on and manage in excess of $750 million of assets and liabilities. Barry’s ethos for Next Level Private, and the way he and his wife Elisabeth live their lives encompasses helping others and continuously finding ways to give back to their communities.  Barry is often heard saying “Do something for someone today that will change their life tomorrow,” a simple and tremendously powerful way to live.  Barry, Lis and the Next Level family are keenly focused on giving back to many charitable organizations and philanthropic causes.  Barry has recently joined the boards of Hospice of Westchester and Meals on Main Street (a soup kitchen in Port Chester formerly known as Caritas.)  He is a member of Elizabeth Seton’s Children’s Leadership Council and the Friendly Sons of St. Patrick.  Barry and Lis are also National Co-Chairs of the Crusader Athletic Fund for the College of the Holy Cross.  Barry has supported and participated in Swim Across America for over 15 years and is the sponsor and captain of the Next Level Private SAA team which raised $37,000 in 2021.  Barry, Lis and NXT are also passionate supporters of Bronx Lacrosse, Soul Ryders, Buying Time, Each One Counts, Iona Prep Father’s Council, The Picture House (Pelham and Bronxville), Don Bosco Community Center, and many other important community organizations.  Barry and Next Level Private are also now sponsors for the New York State Trials Lawyers Association and actively participate, educate and support many of the PBA’s here in Westchester County. The Mitchells raised their three children in Rye, New York.  The oldest two are college graduates – Barry III, Boston College ’21, and Margaret, College of the Holy Cross ’22.  John ’25 is currently attending the College of the Holy Cross and playing on the lacrosse team.  Both Barry and Margaret played lacrosse in college as well.  Barry is an avid golfer and open water swimming enthusiast. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Gary Furukawa, Founder, Senior Partner and Erik Morgan, President, Senior Partner at Freestone Capital Overview What does it take to thrive in the ultra-competitive wealth management world? Gary Furukawa and Erik Morgan of Freestone Capital share how their success is driven by creating unique solutions around serving clients, training their team, building the business, and managing investments. Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… We often speak about the competitive landscape as a positive providing maximum choice and optionality for advisors. But that also means maximum competition—and a much bigger stable of choice for clients. For those who serve high net worth clients in particular, their success is often driven by innovation: thinking well outside the box to create unique solutions around how they serve clients, train their teams, build their businesses, and even manage investments. Yet, the ability to think – and act ­– with this level of freedom isn’t necessarily possible for those building their businesses in the wirehouses. For Gary Furukawa, the idea that clients could – and should – be first above all else came to him while at Smith Barney, yet it was an ethos not possible to realize within the construct of the brokerage world. So in 1999, Gary launched Freestone Capital, a self-financed firm he built from the ground up (a much more complicated endeavor than he imagined). In 2000, Erik Morgan (from the Private Client Services group at Arthur Anderson) joined as President to lead the firm’s growth initiative. And it proved to be a dynamic combination that propelled Freestone from $250 million in assets under management to over $9 billion today. In this episode with Louis Diamond, you’ll learn: Freestone’s innovative solutions around client service. Why they focused on organic growth first before hiring experienced advisors. Details about their unique, scalable training program for recent college grads. Their novel approach to investing and why they opt to serve as a direct private equity investor. And it’s the latter that you’ll find most interesting, as their roster of investments includes golf courses, real estate, and even barrels of bourbon. But you’ll have to tune in to learn more about that! The most successful advisors and firms recognize that growth and client service go hand-in-hand—so listen to this dynamic episode to learn how this team found innovative ways to marry the two. 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’s in it for Clients? 7 Ways They Can Benefit from an Advisor’s Transition Many advisors cite “improving client service” as the catalyst for a move—but knowing what the real impact will be is critical. Innovative Ways the Best Independent Firms Fuel Growth: A Special Industry Update Independence allows advisors to create an unlimited menu of innovative value-add services for their clients. And as the industry landscape expands, employee advisors are finding ways to get in on the action. Learn specific examples of the various services offered by some of the industry’s leading independent firms. 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.” Gary Furukawa Founder & Senior Partner Gary founded Freestone in 1999 and brings over four decades of investment, financial advice, and planning experience to Freestone. He serves as Chief Investment Officer for Freestone, and serves as a co-portfolio manager of Freestone’s Real Estate funds. He serves on the boards of Freestone Capital Management and Cambio Communities. Prior to founding Freestone, Gary worked for 17 years at EF Hutton and Salomon Smith Barney as a Senior Vice President. Prior to Salomon Smith Barney, Gary worked as a Certified Public Accountant in the Tax Department with Deloitte & Touche in Seattle. Gary is a Phi Beta Kappa and earned a BA magna cum laude in Business Administration from the University of Washington. In his spare time, Gary enjoys cycling, skiing, yoga, pickleball and fly fishing. He also enjoys traveling and reading a good book. Gary is a frequent lecturer at the University of Washington’s Foster School of Business for upper level Finance / Investment courses for both undergraduates and MBA students and received the 2015 Distinguished Leadership Award from the Foster School of Business. In 2018, Gary was the keynote speaker for the UW Foster School of Business graduation ceremony held at Alaska Airlines Arena in Seattle, WA.   Erik Morgan President & Senior Partner For over twenty-five years, Erik has provided investment and financial advice to some of the Northwest’s most successful entrepreneurs and corporate executives. At Freestone, he serves on the investment committee and is a member of the firm’s Board of Directors. Erik came to Freestone from Arthur Andersen where he worked as a Senior Manager in the Private Client Services (PCS) group. At Andersen, he was responsible for the launch and growth of the firm’s Investment Advisory Services practice in Washington, Oregon, Idaho and Northern California. In that capacity Erik worked with affluent clients to build and implement diversified investment portfolios and coordinated wealth management plans. Prior to his time at Arthur Andersen, he was with The Rainier Group in Seattle where he focused on investment management consulting and estate planning. Erik earned a BA in Business Administration from Washington State University. Erik has been recognized by Barron’s as the top Financial Advisor in Washington State from 2013 to 2015 and from 2017 to 2022. Barron’s also ranked Erik as one of the top 100 Independent Financial Advisors in the country from 2010-2023. Outside of work, Erik has been involved in the Young Presidents Organization in addition to serving as Trustee for Hampden Sydney College. In his free time you can find Erik cheering from the sidelines for his sons, working on his (improving) golf game or looking for fresh snow in the mountains. Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…

With Onur Erzan – Head of Global Client Group and Head of Private Wealth, AllianceBernstein Overview In a unique “other side of the table” perspective from a top firm leader, Onur Erzan discusses how a growth mindset transcends AllianceBernstein’s culture, from its enhanced value proposition to its blend of proprietary and open architecture solutions, 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… What do all top advisors have in common? A hyper-focus on client service, of course, but also an obsession with growth—the twin pillars of any successful wealth management business. Yet the “growth mindset,” as it’s often called, isn’t necessarily an innate trait but one that can develop over time and most certainly be learned from others—like this episode’s guest, Onur Erzan. For Onur, it was a mindset that developed in business school and continued through nearly two decades at the powerhouse global consulting firm McKinsey & Company, where his most recent role was senior partner and co-leader of its Wealth & Asset Management practice. Yet a desire to have a more lasting impact on the space led Onur to join AllianceBernstein in 2021. As Head of the Global Client Group and Head of Private Wealth, he oversees the firm’s entire private wealth management business and third-party institutional and retail franchise, and is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. In this episode with Mindy Diamond, Onur discusses how a mindset towards growth is transcending the culture at Bernstein, including: The firm’s value proposition—and what makes it attractive to top advisors. The high net worth and ultra-high net worth focus—and how their approach differs from other firms. Their unique mix of proprietary and open architecture managers—and how choice of managers enhances both advisor and client experience. The specific intentions and actions that impact growth—and how the firm’s culture can influence each. The real value of having a growth mindset—and the key things advisors need to pay attention to. Plus, Onur offers his viewpoints on the future of wealth management, the value of technology, his perspective on AI, and much more. We hear from advisors all the time about the importance of growth, but this is a unique “other side of the table” perspective from a firm leader who has steered some of the most prestigious groups on Wall Street—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 The Billion-Dollar Mindset: What Drives Top Advisors? Adopting these 12 characteristics can change your growth trajectory. 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? Innovative Ways the Best Independent Firms Fuel Growth: A Special Industry Update Independence allows advisors to create an unlimited menu of innovative value-add services for their clients. And as the industry landscape expands, employee advisors are finding ways to get in on the action. Learn specific examples of the various services offered by some of the industry’s leading independent firms. Onur Erzan Head of Global Client Group & Head of Private Wealth Onur Erzan is Head of Global Client Group and Head of Private Wealth. He oversees AB‘s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Erzan is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, Erzan co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. He has been active in nonprofit organizations for the last several years and has served on the boards of Graham Windham and Turkish Philanthropy Funds. Erzan holds a BS in business administration from Middle East Technical University, Ankara, Turkey, and an MBA from Columbia Business School.   Also available on your favorite podcast app and other media sites                                             Browse other episodes in this podcast series…