Episodes

A conversation with former Merrill RD Melissa Bouchillon, CFP®, Managing Partner, Sound View Wealth Advisors. There’s no doubt that the wirehouses provide a solid foundation for building a wealth management business. In fact, a recent Fidelity study shows that these massive firms employ some of the industry’s most productive advisors. Yet, for all that the big brokerages offer, advisors are still feeling limited in their ability to serve their clients and grow their businesses as they see fit. A...

A conversation with Rush Benton, Senior Director, Strategic Growth of CAPTRUST and Louis Diamond The ability to serve clients without conflict and with complete objectivity is typically the reason many advisors choose to build their own independent firms. Because as an RIA, advisors can design and grow their practices as they see fit—liberated from the corporate agenda that is part of the fabric of brokerage firms. And it is through this “liberation” that we’ve seen the growth of several massi...

A conversation with Mark Sear and David Hou, Managing Partners of Evoke Advisors In our last episode, Mark Sear and David Hou shared the early chapters of their incredible journey—breaking away from Merrill Lynch in 2008 to form their own RIA firm Luminous Capital, and in 2012 selling that firm to First Republic Bank for a whopping $125mm. In this episode, Mark and David pick up where that story left off: That is, with their 2019 announcement that they would be leaving First Republic to form a...

A conversation with Mark Sear and David Hou, Managing Partners of Evoke Advisors In May of 2008 – just 4 months before Bank of America would acquire Merrill Lynch – one of the biggest breakaway stories in the history of the space hit the Street. Mark Sear and David Hou, managing more than $5B in assets, would leave Merrill—becoming part of an exclusive group of pioneers of the independent movement that would forever change the face of wealth management. The team started their journey at Goldma...

A conversation with Louis Diamond Many financial advisors who manage money for ultra-high net worth clients inquire about Goldman Sachs—and whether they are in the game of competitive recruiting. That answer has long been a hard “no.” But there have been reports of some significant changes brewing at the firm—changes that seem to indicate that Goldman is going all-in on the RIA custody business. And that could be a good sign for those looking to leverage a vaunted brand such as Goldman Sachs...

A conversation with the former UBS leader and current member of the Steward Partners Board of Directors He was “in the room where it happened.” With nearly 4 decades in wealth management, you can say that Bob Mulholland not only witnessed a world of change—he participated in it. Because there are few people in this industry that can claim Bob’s experience—which started off at Merrill Lynch, first as an advisor and then as Head of Merrill Lynch’s Client Relationship Group managing over 14,000 ...

A conversation with Steve Sanduski, podcast host, coach, consultant and founder of Belay Advisor Success means something different to everyone. For some advisors, it’s a lifestyle practice that allows them to make a good living with a client base that’s happy and content. Yet for others, there’s a stronger focus on growth—maximizing business value and building a lasting legacy. In this episode, we take a look at achieving growth, more specifically how to take a giant leap—for example, going fr...

It’s hard to comprehend how much has changed since March of 2020. Here we are, some 6 months later and there is still no telling how our world will change permanently into the future. Perhaps the biggest change foisted upon the business of wealth management as of late came with the requirement to work from home. According to a new survey by Broadridge Financial Solutions and as recently reported by On Wall Street, nearly 60% of advisors are still working from home and 27% are either unsure ab...

A conversation with Peter Mallouk – President & CEO, Creative Planning, LLC. Many suspected a drawback on the heels of a record-setting year in mergers and acquisitions—particularly in light of the pandemic. Yet, as TD Ameritrade Institutional reported in their 2020 Q1 and Q2 report on M&A activity, the first half of the year was yet another record-breaker with 80 transactions. More than the 75 reported for the same period in 2019. More than any 6-month period looking back over 2 decades. It ...

A conversation with Special Guest Louis Diamond Whether you’re a wirehouse advisor or already independent, the inevitable challenges you will face at some point in your career are the same: Accelerating growth, creating scale and monetizing your life’s work. For advisors who may be thinking about independence, how to access transition capital and de-risk your move may be your primary considerations. And even the most captive of financial advisors recognize that they are building businesses wi...

A conversation with Jason Fertitta, President / Partner of Americana Partners. Many advisors struggle with the idea of independence being a viable option for them—particularly if a portion of their book of business is not portable. Then the decision to stay or go rests on the calculus of whether they’re willing to leave some of their assets behind for the potential of being able to better serve their core customers and grow their businesses with greater freedom and flexibility. Essentially, gett...

A conversation on valuation with special guest Louis Diamond Advisors who are employees of brokerage firms, particularly the wirehouses, face some tough questions as they think about how they want to retire from the businesses they’ve built. Is their current firm the right place at which to leave their legacy? Is it right for their clients, their team and their next gen inheritors? Is it possible that there’s a better opportunity for all stakeholders? And is making a move relatively late in th...

A conversation with Lawrence Calcano, Chairman and CEO of iCapital Network There was a time not long ago when advisors at the big brokerages had the “edge” over independent firms when it came to accessing the most robust inventory of alternative investments – such as private equity and hedge fund options – for their wealthiest clients. “Alts” as they’ve come to be known were once largely out of reach for those in the independent space—primarily because the strategy, negotiations, tax reporting...

In the third episode of our 3-part series on the landscape of the wealth management industry, we explore boutique firms—a version of independence that has become very popular, especially amongst top-of-the-food chain advisors. No doubt, the term “boutique firms” may conjure thoughts of the past legends—that is, Lehman Brothers, Credit Suisse, Deutsche Bank and Bear Stearns. However, today’s boutique firms are a “new and improved” version—an independent-like model where advisors have the control...

A conversation with ex-Merrill advisor Elizabeth "Lizzie" Evans, Managing Partner of Evans May Wealth, and Guest Host Louis Diamond. Retire-in-place programs at the big brokerage firms were designed to create both an opportunity for a senior advisor to monetize his life’s work, while offering the inheritor a chance to “buy” his book—a quick path to building the next gen’s business. But, as this once next gen inheritor shares, it may not be the best path. Elizabeth “Lizzie” Evans’ father was a 45...

Our last Industry Update focused on the landscape of the wealth management industry as a whole—and the vast array of options and opportunities for advisors of all shapes and sizes. In this episode, we start our deep dive into the individual models—beginning with the wirehouses and regional firms. You’ll learn the answers to some of the top questions we hear from advisors, including: What are the wirehouses and regional firms doing in terms of recruiting? What kind of transition packages are ...

A conversation with Marty Bicknell – CEO and President, Mariner Wealth Advisors The RIA space has grown in massive proportions over the last several years, with a number of mega-firms setting the pace through ambitious acquiring practices and smart recruiting of top talent. Yet it’s those firms that are continually looking for new ways to serve their clients and grow their businesses which are making the most waves. They’re building partnerships and investing in platforms to offer advisors und...

A conversation with Shirl Penney of Dynasty Financial Partners, Jim Dickson of Sanctuary Wealth and Rich Steinmeier of LPL Financial. In November of 2017, this show was launched with the intention of doing a handful of episodes to answer the most frequently asked questions about independence. Less than 3 years and 80 episodes later, we’ve surpassed 100,000 downloads—a milestone that a true testament to the ever-growing interest in the independent space and the evolution of the wealth management ...

The ever-expanding landscape represents a waterfall of possibilities for every advisor—learn the differences between each model. The wealth management industry has been on an evolutionary streak, where new models seem to be born almost daily. In fact, the top questions we are asked by advisors are all about the landscape—what it looks like, what’s changed and how each of the models compare. Up until 2 years ago, we put together an annual whitepaper called “The Landscape of the Industry.” It re...

Part 2 of a 2-Part Series on M&A—A conversation with Jeff Concepcion, Founder and CEO of Stratos Wealth Partners, and special guest host Louis Diamond The evolution of the wealth management industry has spawned changes throughout the entire landscape, creating new pathways for growth for advisors and business owners alike. And even in the M&A market we’re seeing a shift, as younger firm owners are looking beyond the monetization event a sale offers, and instead seeking an “advisory partner” tha...

Part 1 of a 2-Part Series on M&A—A conversation with Karl Heckenberg, President & CEO of Emigrant Partners When New York Private Bank and Trust doubled-down on their control of Fiduciary Network in 2018, the wealth management industry took notice. Certainly, banks had been playing in the M&A field with RIA firms for years, but this was a different game altogether—because Fiduciary Network was actually an aggregator of RIA firms, not an RIA itself. In fact, Fiduciary Network was a pioneer in the...

Your 10-minute download on advisor movement—and what’s driving the uptick in activity. As the world goes through reopening, talk around advisor movement is amping up. And there’s good reason for this uptick: There’s been a considerable rise in recruiting activity. In this episode, Mindy answers the questions we’re hearing most often from advisors: - Why have there been so many moves recently? - What’s driving the movement and momentum? - Where are they going? - And, how are these moves being fac...

A conversation with Lori Siegel, Founding Partner of Centrix Wealth Partners Certified Financial Planner Lori Siegel and her partner Robert Russo left UBS to form Centrix Wealth Partners in February of 2019. Despite things seeming “good enough” at UBS for a long time, Lori admitted that she didn’t know what she didn’t know and had a sense that the grass could be greener in a world where they could have more freedom and control. And after 6 months of due diligence, Lori and Robert chose to go i...

A conversation with Justin Berman, Founder and CEO of $3B Berman Capital Advisors Any advisor who chooses to leave the comfort, familiarity and support of a major firm for independence is nothing less than courageous. But it is especially brave when a Goldman Sachs advisor does so. Because Goldman advisors face the most onerous of post-employment restrictions: Garden Leave. And spending 60 to 90 days on the beach is a significant risk that many advisors are reluctant to take. That is, unless ...