86 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
    • 4.2, 29 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/

    Growing Up with Merrill Lynch: A Next-Gen Breakaway Story

    Growing Up with Merrill Lynch: A Next-Gen Breakaway Story

    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-year veteran at Merrill Lynch—and built a practice that was literally a big part of Lizzie’s childhood. She and her family attended Merrill events and went on company trips; she even recalls a photo of her as a baby wearing an outfit with the Merrill bull logo on it.

    Essentially, Lizzie grew up with the firm.

    She later joined the “family business,” working at Merrill for 7-1/2 years with her father and now partner, Brooke May.

    And she’s the first to say that Merrill did an excellent job of creating a culture of excellence and a client-first mentality, with the best and the brightest advisor talent spawned from a wonderful training program.

    Then the “family feeling” at the firm started to disappear. The team was also becoming increasingly limited on what they could do to serve their clients and grow their business.

    And with her father having signed on to Merrill’s Client Transition Program (CTP), the firm’s retire-in-place agreement, she found herself at a crossroads: Stay with Merrill, consider a transition deal from another brokerage firm or make the leap to independence.

    So, along with Brooke, Lizzie’s husband Ian Flanagan and team members from Merrill, they formed independent firm Evans May Wealth in partnership with Sanctuary Wealth Partners, just over one year ago. In this episode, Lizzie shares her journey with guest host Louis Diamond and together they discuss:

    What senior advisors and next gen inheritors need to ask themselves when confronted with a sunset package—and how, as Lizzie shares, next gen advisors need to realize they are agreeing to “buy something they will ultimately not own.”

    What her father, a 45-year veteran of Merrill, thought about her decision to leave the firm—and how concerns over transitioning right on the heels of the CTP agreement influenced their thought process.

    What the real drivers were behind their decision to leave Merrill—and why they opted for independence instead of a recruiting deal at another firm, particularly at such a young age.

    What drew them to Sanctuary’s supported independence model—and why Lizzie and her partners felt that a fully independent model would dilute their client experience and investment discipline.

    What Evans May Wealth can do now that they could not do as employees of Merrill—and how that’s been a real gamechanger for their business.

    And ultimately, Lizzie paints a clear picture for senior advisors considering their firms’ sunset programs, as well as shares firsthand advice for next gen inheritors who are thinking about their own futures—a candid conversation that both populations can relate to.

    • 49 min
    Industry Update: A Deep Dive into the Wirehouses and Regional Firms

    Industry Update: A Deep Dive into the Wirehouses and Regional Firms

    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 they offering?

    - How actively are they recruiting?

    - What are the primary differences between the firms?

    - How likely are these firms to offer an independent option?

    Plus, get some inside baseball on each of the big brokerage firms—what’s changed and what we can expect going forward.

    It’s an episode that every advisor – regardless of where they practice – will learn from.

    For tools and additional resources related to this episode, visit: https://www.diamond-consultants.com/industry-update-a-deep-dive-into-the-wirehouses-and-regional-firms/

    • 15 min
    Inside Baseball on Building and Growing an Independent Firm with Marty Bicknell, Mariner Wealth Advisors

    Inside Baseball on Building and Growing an Independent Firm with Marty Bicknell, Mariner Wealth Advisors

    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 under their umbrella the ability to do more with greater freedom and flexibility—that is, provide an attractive alternative to staying within the brokerage world or starting their own firm.

    And the guest on this episode seems to be going after all of the above in a big way.

    Marty Bicknell is CEO and president of Mariner Wealth Advisors, the $26B Overland Park, Kansas-based RIA firm that seems to be on a roll lately.

    For example, from January of 2019 through March of 2020, they closed 11 acquisition deals. And in April of this year, Mariner announced a partnership with Dynasty Financial Partners to create Mariner Platform Solutions, supported by back- and middle-office resources from Dynasty.

    Nationally ranked by Barron’s as one of the top 4 RIA firms for the last 4 years, Marty says he’s driven by a “client-first” mantra, guiding him to continue to look for new and better ways to serve clients and grow the business.

    And it all began in 2006 with just $300mm in assets.

    In this episode, Marty discusses…

    - What started him on this journey of incredible growth—and what he is ultimately looking to achieve for Mariner.

    - How Mariner differentiates itself in a crowded and competitive marketplace—and how separating business development from advice serves the firm’s value proposition.

    - What key measures the firm took to impact growth—and how their acquisition process differs from that of their competitors.

    - What Mariner looks for in a prospective seller—and what’s in it for sellers to join a firm with the size and scale of Mariner.

    Marty also shares advice for nascent firm owners and prospective breakaway advisors on how to build a firm designed for growth—and to become an appealing buyer or seller in the future.

    It’s a great opportunity to get in on a candid conversation with the driving force behind one of the industry’s leading RIA firms.

    Learn more and access valuable resources at: https://www.diamond-consultants.com/inside-baseball-on-building-and-growing-an-independent-firm/

    • 58 min
    How These 3 Firms Carved a New Path and are Changing the Wealth Management World At Large

    How These 3 Firms Carved a New Path and are Changing the Wealth Management World At Large

    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 world at large.

    To mark this milestone, three “ex-wirehouse-turned-independent-industry-leaders” pay a second visit for a very special panel-style episode, delivered in both audio and video format.

    Shirl Penney, President and CEO of Dynasty Financial Partners, Jim Dickson, CEO and Founder of Sanctuary Wealth, and Rich Steinmeier, Managing Director and Divisional President of LPL Financial, join Mindy to share their individual perspectives on a landscape that seems to be evolving at an even faster pace in recent years.

    That comes as no surprise because, as these guests share, the interest in models that provide greater freedom and flexibility has never been greater. As such, firms like Dynasty, Sanctuary and LPL are constantly in the labs, identifying gaps and creating options to answer this call.

    And their models of supported independence are thriving as a result, becoming popular down-the-middle destinations for top advisors.

    In this episode, each shares their perspectives on the evolving landscape, including:

    - What’s driving the growth of independence—and how changes at the wirehouses have served as powerful motivators.

    Why the supported independence model is such a popular option amongst breakaways—and how the notion of being “independent but not alone” has driven each firm’s growth.

    - The similarities and differences between the Dynasty, Sanctuary and LPL models—and how each solve for things like access to capital, platform, compliance and technology.

    - How the volatility of 2020 has impacted their firms and advisors—and why they see an even greater interest in independence amongst advisors as a result.

    - What each of these leaders sees as “the next big thing”—and how their unique visions are driving change at their firms.

    The notion of being “independent but not alone” has served as a powerful force behind the growth of the supported independence model. Freedom and flexibility combined with community and turnkey infrastructures have created an easier path from “there to here”—a way for advisors to achieve their entrepreneurial dreams without having to deal with the heavy-lift and unknowns associated with migrating from the employee role to independent business ownership.

    It’s a unique opportunity to hear from each of these three extraordinary leaders in a single forum—candid accounts from those blazing new trails of opportunity for advisors at all levels.

    • 1 hr 15 min
    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

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

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