82 episodes

As a nationally recognized recruiter and consultant to financial advisors, Mindy Diamond has unmatched experience in introducing advisors to the independent space—an option that has greatly expanded yet remains somewhat of a mystery to many advisors.

Her goal in this podcast for financial advisors is to dispel some myths, share some facts and help advisors get better educated on the model without any concern over confidentiality or obligation. She offers comparisons between different types of independent models from Independent Broker Dealers (IBD) to Registered Investment Advisors (RIA) and Hybrid RIAs, and much more.

Episodes include conversations with industry leaders and breakaway advisors who left the captive employee wealth management world for one where they could grow their financial advisory business in a way that aligned with their own goals. Be sure to subscribe and stay up to date.

Diamond offers additional information for advisors who are looking to increase their knowledge of the independent space, as well as traditional models for advisors in wealth management. Visit https://www.diamond-consultants.com/podcast-mindy-diamond-independence/

Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change Mindy Diamond - Financial Advisor Recruiter and Consultant

    • Careers
    • 4.1, 28 Ratings

As a nationally recognized recruiter and consultant to financial advisors, Mindy Diamond has unmatched experience in introducing advisors to the independent space—an option that has greatly expanded yet remains somewhat of a mystery to many advisors.

Her goal in this podcast for financial advisors is to dispel some myths, share some facts and help advisors get better educated on the model without any concern over confidentiality or obligation. She offers comparisons between different types of independent models from Independent Broker Dealers (IBD) to Registered Investment Advisors (RIA) and Hybrid RIAs, and much more.

Episodes include conversations with industry leaders and breakaway advisors who left the captive employee wealth management world for one where they could grow their financial advisory business in a way that aligned with their own goals. Be sure to subscribe and stay up to date.

Diamond offers additional information for advisors who are looking to increase their knowledge of the independent space, as well as traditional models for advisors in wealth management. Visit https://www.diamond-consultants.com/podcast-mindy-diamond-independence/

    Industry Update: What the Wealth Management Landscape Looks Like Today

    Industry Update: What the Wealth Management Landscape Looks Like Today

    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 represented an enormous effort on our part, increasing in size and depth year after year.

    And yet things changed so fast that within a day of publishing, it was already considered outdated.

    Taking lessons learned in building the whitepaper, we found that the best way to describe it is as a “continuum of options” with categories of firms and models where a financial advisor could choose to practice.

    So in this episode, we’ve decided to take a different approach to exploring this continuum, comparing and contrasting each model in terms of these key characteristics:

    Freedom and Flexibility

    Restrictions

    Net-Payout

    As an added bonus for listeners, we’ve developed an infographic – The Industry Landscape At-a-Glance – that outlines the continuum described in this episode. You can download it on this episode's web page:

    The ever-expanding landscape represents a waterfall of possibilities for every advisor. And having a clear understanding of the environment you’re building your business in is critical—regardless of whether you have a desire to move or not. So listen in to broaden the knowledge that drives your decision-making process.

    For additional resources related to this show, visit: https://www.diamond-consultants.com/industry-update-the-wealth-management-landscape-today

    • 23 min
    Looking at M&A from the Seller’s Side of the Table

    Looking at M&A from the Seller’s Side of the Table

    A conversation with Jeff Concepcion, Founder and CEO of Stratos Wealth Partners, with 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” that will play a greater role in the growth lifecycle of the firm.

    Our guest in part one of this series, Karl Heckenberg of Emigrant Partners, talked about this phenomenon from the acquirer’s side of the table. That is, the “new wave” of attraction between acquirers and firms with a proven growth trajectory and strong value proposition—and illustrated by Emigrant’s recent investments in firms like Stratos Wealth Partners.

    For Jeff Concepcion, the founder and CEO of Stratos, it was this concept of a “partnership” with Emigrant that was the real draw for his firm—so much so that on April 1st, even in the midst an extremely volatile market and worldwide pandemic, Emigrant and Stratos forged their union.

    And as Jeff shares in this episode, Stratos checks off all the boxes that this new breed of investors is looking for—particularly in the area of growth. Because just 12 years ago the independent firm was started from scratch – literally with zero assets under management – and is now managing over $14B.

    How did they do it? Jeff discusses that and much more, including:

    - How they developed Stratos’ unique blend of organic and inorganic growth—and what core values serve as their guide.

    - How Stratos became the #1 recruiting firm under the LPL umbrella in 9 of the last 10 years—and what they do differently that’s attracted some of the top advisors and teams in the industry.

    - What the motivation was for taking on a capital partner at this stage—and how they worked through changes in valuation as a result of the COVID crisis.

    - What the process of preparing for an acquisition entails—and what independent firm owners and employee advisors alike should be aware of when considering this path.

    Plus, Jeff answers the $14B question: How do you grow a firm from zero to $14B in just over a decade?

    It’s a candid conversation that digs into the details of how to build an enterprise brick-by-brick—and defines why “hard work alone” is often not enough to get you to the next level.

    About Jeff Concepcion:

    Jeffrey Concepcion is the Founder and CEO of Stratos Wealth Partners and host of The Evolving Advisor podcast. Jeff started Stratos in October of 2008 with the intention of creating an organization to fulfill a need for sophisticated advisors and their clients. He constructed a firm with the infrastructure, resources and support necessary to allow advisors to focus on their core competency, advising their clients. Today, Stratos specializes in the practice and performance of financial planning and implementation services. The firm has a national network of distinguished, experienced financial planning practitioners spread throughout the country.

    Jeff is responsible for the acquisition, development and coaching of the firm’s expanding number of affiliated advisors from across the nation. His entire professional career has been spent in the financial services industry. Prior to starting Stratos Wealth Partners, Jeff spent 22 years in senior management positions with Lincoln Financial Network, including being the Executive Director for the Eastern Region. He was responsible for fully one-third of the United States. He was then appointed Senior Vice President of Market Access and a member of the Executive Committee; where he was on one of only a handful of executives responsible for Lincoln’s entire retail financial services busin

    • 54 min
    Looking at M&A from the Acquirer’s Side of the Table

    Looking at M&A from the Acquirer’s Side of the Table

    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 industry, alongside Focus Financial Partners, providing a pathway for founders of independent firms to take some chips off the table, recycle equity to the next generation, solve for succession and develop strategic partnerships for M&A.

    To be sure, there were some naysayers on whether a bank such as New York Private Bank and Trust could successfully compete amongst other acquirers. But Howard Milstein, the chairman and chief officer, bet the bank on Karl Heckenberg.

    And a smart bet it’s proving to be because Karl, president and CEO of now Emigrant Partners, has taken the role seriously. He put the Fiduciary Network name aside and is building out a value proposition that’s rooted in providing growth capital and serving as an advice partner to independent firm owners.

    This value proposition, along with the well-established clout of the Milstein family, has carved a niche for Emigrant that few others can claim—and has earned the firm industry distinction as being representative of a “new breed of acquirers” in the RIA space.

    While the M&A market has enjoyed years of record-breaking deals, the impact of the COVID crisis has put some uncertainty into valuations and appetite. But as Karl shares, it’s not all bad news. Even in the midst of the pandemic, Emigrant completed 2 acquisitions: $14B Stratos Wealth Partners based in Ohio on April 1, and $3B RIA Parallel Advisors out of San Francisco on May 4th.

    In part 1 of this 2-part series on M&A, Karl shares the point of view from the acquirer’s side of the table, including:

    - What’s behind Emigrant’s growing success—and how the Milstein family plays into the firm’s value proposition.

    - What types of independent businesses are good investments for Emigrant—and how recent deals are representative of what the firm looks for.

    - How M&A is evolving along with the RIA space—and what he sees as the “next big things” acquirers and sellers should be watching for.

    - How he expects the COVID crisis will impact valuations going forward—and what changes he anticipates in deals and appetite as a result.

    - What key steps business owners should be taking to make their firms attractive to buyers—and how these same principles apply to prospective breakaways who are considering the leap to independence.

    Plus, Karl shares how the role of acquirers is changing: Firms like Emigrant are not solely about monetization—they are fast becoming advisory partners to young RIAs who are positioning their firms for growth.

    Stay tuned for the follow-up to this episode, in which the founder and CEO of Stratos Wealth Partners, Jeff Concepcion, will share the seller’s point of view, as well as inside baseball on his firm’s deal with Emigrant. So listen in and be sure to subscribe to be notified when the episode is released.

    About Karl Heckenberg:

    Karl is the President and CEO of Emigrant Partners and its affiliated company Fiduciary Network. In addition, he sits on the Board of Managers of the aforementioned companies. Karl has worked in financial services throughout his entire career and has previously worked for Merrill Lynch, A.G. Edwards & Sons, Wells Fargo and Charles Schwab.

    He also serves on the boards of Sarasota Private Trust Company, New York Private Trust Company and Cleveland Private Trust Company, and is Senior Executive Vice President of Emigrant Bank. Karl was raised in the Washington, D.C.

    • 53 min
    A Big Picture Look at the State of Recruiting

    A Big Picture Look at the State of Recruiting

    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 facilitated at a time when most employees are still working from home?

    Mindy also shares her advice on considering change—and the threshold question you should ask yourself before making the leap.

    It’s a quick listen that will fill-in the gaps and dispel the rumors on the current state of financial advisor recruiting.

    • 11 min
    Controlling My Destiny: Insights from a $300M UBS Breakaway

    Controlling My Destiny: Insights from a $300M UBS Breakaway

    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 independent with Raymond James Financial Services (RJFS).

    One year later, even with the COVID-19 crisis turning the world upside down, Lori says, “We’ve never looked back.”

    Because through it all, the ability to be in control of their destiny – and most importantly, how they take care of their clients – has allowed them to move through the crisis in a way that they and their clients are most comfortable with.

    So Lori joins the show to talk about life as a relatively new business owner, including:

    - The drivers behind the decision to leave UBS after 10 years—and how changes within the industry, and at UBS in particular, served as the “last straw.”

    - What she and her partner are able to do as independent business owners that they could not as employees of a wirehouse—and how the ability to market freely was an important factor.

    - The attraction of the RJFS independent broker dealer model—and what made it stand apart from other options they considered.

    - The power of independence when it comes to navigating a crisis—and how RJFS has supported them and their business.

    Lori’s perspective is an interesting one, as she candidly shares her experiences on the process of considering change and the value of business ownership—a story that many advisors can relate to.

    Lori Siegel:

    For more than 22 years, Lori has specialized in developing comprehensive wealth management plans for successful families, executives, business owners and widows. In addition to being a Certified Financial Planner™ professional and a Chartered Retirement Planning Counselor SM, she is a Certified Exit Planning Advisor who helps business owners prepare for the sale or transition of their companies.

    Lori speaks frequently on a variety of topics for organizations, associations and corporations.

    Lori was recognized as a 2017 and 2018 Forbes Top Women Advisor and as a Forbes Best-In-State Wealth Advisor for Texas in 2018 and 2019. Prior to joining Raymond James in 2019, Lori held positions at UBS Financial Services and Smith Barney.

    In support of her community, Lori is actively involved in the United Way Women’s Initiative and serves on the board of Girls Inc. in Houston.

    When she isn’t working and volunteering, Lori enjoys hanging out with her two Maltese dogs, Emmy and Oscar, as well as traveling and scuba diving with her husband, Jon. Many of their trips are to Los Angeles to visit their 25-year-old daughter, Alexis. Lori is also an avid fan of the Houston Astros specifically and college football generally.

    For more information about this episode, please visit: https://www.diamond-consultants.com/insights-from-300m-ubs-breakaway/

    • 43 min
    Life After Goldman Sachs: A Story of Extraordinary Success

    Life After Goldman Sachs: A Story of Extraordinary Success

    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 they had complete confidence in their client relationships and their own ability to thrive as an independent business owner.

    Even today it’s big news when a $1B+ team breaks away, but it’s even bigger news when they’re leaving the prestigious imprimatur of Goldman Sachs to do so.

    Yet advisors tell us that things are changing at the firm. So much so that in the last 3 years, we’ve seen more Private Wealth Advisor teams – 14 actually – managing a billion dollars or more change jerseys than in the previous 2 decades combined.

    So imagine a Goldman advisor making the leap 10 years ago—that is, to leave the firm and opt for independence at a time when the model wasn’t nearly as mainstream as it is today.

    Case in point, a decade ago Justin Berman was running a successful private wealth practice at Goldman Sachs, managing over a billion dollars in assets. But he felt things were changing, limiting his ability to serve his high net worth clients’ needs and continue to grow his business.

    So after almost 7 years with the firm, Justin opted to make the biggest leap of all and go independent, forming Atlanta-based Berman Capital Advisors.

    Now, with a decade of business ownership under his belt, Justin joins the show to share the pushes and pulls that drove his decision to make such a significant leap. He offers sage advice for any advisor considering a move whether to independence or otherwise, including:

    - Why he chose to build his own firm—and what motivated him to forego an outsized recruiting bonus.

    - How he managed through Garden Leave—and why, despite sitting out 60 days, 90% of his clients still followed.

    - How an advisor can compete against Goldman or any big bank—and how access to a wider range of talent, investments and technology unavailable on bank platforms is a genuine advantage.

    - What he learned was the most important message to communicate to clients about leaving Goldman—and how the separation of assets and custody played a key role in that conversation.

    As Justin candidly shares, it was the threshold question from his largest client that was most persuasive in his decision to leave Goldman, “Are we getting the very best advice? Are you really able to put your best foot forward to help our family achieve our financial goals without limitation?”

    And answering those questions is what he feels the decision to leave is really all about.

    For more information about this episode, plus related topics and resources, visit: https://www.diamond-consultants.com/life-after-goldman-sachs-extraordinary-success/

    • 51 min

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28 Ratings

Ray Sclafani ,

Listen to this!

Nice job Mindy and Rob. Great insights. Congratulations on all you have and will achieve.

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