77 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/

    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
    The Evolution of an RIA from Practice to Enterprise

    The Evolution of an RIA from Practice to Enterprise

    A conversation with Tim Bello, Managing Partner, Merchant Investment Management.

    One of the key factors in the growth of the independent space is the burgeoning ecosystem that’s available to support those who make the leap—a virtual cottage industry that fills service and support gaps and creates new pathways for those who have a desire to grow their own enterprises.

    Merchant Investment Management is one such firm within the space that was built to provide an end-to-end continuum for both breakaways and established independent business owners—and serves as a testament to how much the ecosystem has truly grown.

    And Tim Bello, Managing Partner of Merchant, witnessed this growth firsthand, serving as an early-stage partner at Dynasty Financial Partners at a time when the RIA space was much less mature than it is today.

    In this episode, Tim shares his point of view on independent business ownership, including:

    - The gaps a firm like Merchant fills within the landscape—and how he sees their services as “opportunities” for both prospective breakaways and independent firm owners.

    - The advantages of taking on an equity partner—and how identifying the right partner is “more art than science.”

    - The real value of time—and why he sees it as one of the biggest things firms need to think about when considering growth.

    - Identifying the ways to achieve “responsible growth”—and how that impacts a firm’s ability to be “event ready.”

    Plus, Tim discusses, in depth, how to determine if your firm should become a buyer or a seller—and what threshold questions you need to answer in that decision-making process.

    It’s a conversation that shares a unique and informed perspective on the RIA space – the evolution of which Tim helped to architect early on – with keen insights on the future.

    Learn more about this episode and related resources at: https://www.diamond-consultants.com/the-evolution-of-an-ria-from-practice-to-enterprise/

    • 51 min
    Back to Basics on Leadership, Business Management and Succession

    Back to Basics on Leadership, Business Management and Succession

    A conversation with Ben Harrison, Managing Director for Advisor Solutions, BNY Mellon | Pershing.

    Over the last few episodes, independent advisors have shared the challenges of managing both their businesses and client expectations. And while they’re are on the frontlines, it’s the custodians that are working in the background to provide the support these business owners need to build and grow successfully—regardless of the economic climate.

    So we turned to Ben Harrison, the Managing Director for Advisor Solutions at BNY Mellon’s Pershing, to get his take on the role a custodian plays in the lifecycle of an independent business. Having been with Pershing since 2006, Ben had a bird’s eye view of life during the financial crisis in 2008 and brings a unique point of view on what we’re experiencing now. Plus, he’s on deck to replace retiring industry icon Mark Tibergien as the head of Pershing’s RIA custody unit—a topic that he discusses at length.

    In this episode, Ben offers his perspective on independent business ownership, plus:

    - What a custodian like Pershing does to support its RIA clients—and the real value of that role to business owners in the current environment.

    - What he considers the most impactful lessons are from this crisis—and how he anticipates it will affect the space going forward.

    - What he learned from Mark Tibergien over the years—and how he expects those lessons will help him evolve the custody unit going forward.

    - What key principles every business owner should practice—and how these core fundamentals help to create an “enduring business.”

    - What he sees as the pros and cons of debt and equity financing—and the new in-flows of capital coming into the space that principals should be aware of.

    - Why wirehouse advisors should be thinking more about their long-term enterprise value—and how this thought-process leads to solving for business continuity and succession.

    Ben is stepping in at a truly unique time: Aside from being in the midst of an unprecedented global crisis, the “Race to Zero” amongst custodians and the Schwab/TD Ameritrade merger are still brewing in the background—each of which he shares more about.

    It’s an exciting conversation that addresses an industry that’s going through dramatic change—a true insider’s look at the business of financial advice from one of the leaders of wealth management’s top firms.

    For more information, and resources related to this episode, visit: https://www.diamond-consultants.com/leadership-business-management-succession-ben-harrison-pershing

    • 43 min
    The Most Misunderstood Broker Dealer in the Independent Space

    The Most Misunderstood Broker Dealer in the Independent Space

    A conversation with Bill Williams, Executive Vice President, Ameriprise Franchise Group.

    Independent broker dealers are often a go-to landing spot for advisors who desire greater control and freedom in how they serve their clients and grow their businesses, yet welcome the addition of community, support and service. And it’s often these latter 3 components which serve as key differentiators—and have proven to be critical benefits as advisors navigate their clients and businesses through the COVID-19 crisis.

    Yet in a landscape that offers over 100 different independent broker dealers (IBDs) to choose from, few have a history that can match that of Ameriprise. In over a century since its founding, the firm went through several acquisitions, multiple name changes and a variety of value propositions.

    But in the last decade, the firm made some dramatic shifts in recruiting practices, including significantly increasing transition packages which, along with improvements in infrastructure, support, technology and marketing, have resulted in great success.

    Today, Ameriprise has re-emerged and is stronger than ever, with a brand and business model that’s really resonating—evidenced by more than 10,000 financial advisors under its umbrella and annual revenue of more than $4.8 billion. And over the last several years it has consistently ranked as one of the top IBDs in the space.

    Bill Williams, the executive vice president of the Ameriprise Franchise Group, joins the show to share some background on what’s changed at the firm and what’s coming down the pike, including:

    - The upswing in recruiting over the past several years—and what he sees as the key factors that are contributing to the firm’s success.

    - The ability to join as an employee in their wirehouse-style model or as an independent contractor—and how the value propositions differ for each division.

    - The advantages of their unique two-division system—and how their model compares to other IBDs, hybrid RIAs and supported independence.

    - The changing profile of advisors who choose Ameriprise—and how they are now attracting advisors with much larger books than in past years.

    - The impact on enterprise value for businesses under a broker dealer umbrella—and how their process, driven by “transparency, transferability and liquidity,” has translated into sales at “3-to-5X gross revenue.”

    No doubt, it’s difficult to change perception, especially in an industry where the landscape has expanded so vastly in the last number of years. But Bill makes a great case for how Ameriprise has taken its brand and service offering upstream—and that move has paid off with an enormous surge in recruiting success.

    For more information, plus resources related to this episode, visit: https://www.diamond-consultants.com/the-most-misunderstood-broker-dealer-in-the-independent-space

    • 58 min
    How this Wells Fargo Breakaway is Thriving During the COVID-19 Crisis

    How this Wells Fargo Breakaway is Thriving During the COVID-19 Crisis

    A conversation between Joseph Eschleman, President of Towerpoint Wealth, LLC and Special Guest Host Louis Diamond.

    The freedom to creatively market to clients is one of the primary goals of most breakaway advisors. Because to create a unique brand, messaging and voice just isn’t possible as an employee advisor.

    In speaking with many independent advisors during this crisis, it is this ability to freely communicate – nimbly and without restrictions – that has proven to be pivotal in strengthening relationships with clients. And the bonus is that many of these advisors are using their voices and messaging to expand their reach to prospects as well.

    Our guest in this episode is a firm believer in the power of marketing. In fact, while he felt he had been given much of what he needed to grow his business in the brokerage world, a critical aspect that he said was missing was the ability to market and communicate in unique and innovative ways.

    So in 2017, Joe Eschleman, left Wells Fargo with the help of Dynasty Financial Partners and launched Sacramento-based Towerpoint Wealth.

    And the COVID-19 crisis has since opened his eyes to the real potential that the freedom to communicate allowed him.

    In this episode, Louis Diamond talks with Joe about his breakaway journey and life as an independent business owner, including:

    - The key drivers that inspired him to leave Wells Fargo—and why he felt independence was the right next step.

    - His experience in managing the 2008 financial crisis as an employee—and how that differed from navigating this crisis as an independent firm owner.

    - The value of the “triangulation of advice” for clients—and how that concept made the transition from a big brand a “non-issue” for his clients.

    - The role marketing plays in his firm’s growth—and how it helped Joe and his team maintain a continuity of voice with his clients and also reach prospects.

    - Why he chose to go independent with Dynasty Financial Partners—and how a firm like Dynasty adds value to an RIA like Towerpoint.

    As Joe so aptly shares, “If your value proposition is based on pie charts and performance, clients will see right through that, especially in times of crisis.” The ability to fully engage with clients and prospects – freely and creatively – is what many advisors find to be one of the most attractive benefits of independence. And in Joe’s case, a true differentiator.

    For more information about this episode, plus related resources, visit: https://www.diamond-consultants.com/wells-fargo-breakaway-thriving-during-covid-19-crisis

    • 45 min
    The Post-Crisis World for Financial Advisors: 10 Predictions

    The Post-Crisis World for Financial Advisors: 10 Predictions

    There’s a new wave of evolution coming in the post-crisis world which we expect will impact advisors no matter where they work. The good news is much of these changes will be for the better.

    The onslaught of COVID-19 has given advisors a new lens through which to view and evaluate their business lives and the firms they work for—that is, the lens of crisis. In an industry that was already in the midst of great change, there are 10 key areas that are expected to further evolve as the crisis passes.

    In this special episode, Mindy Diamond shares her expectations for the post-crisis world, including:

    - Which advisors will move, where they will go—and why.

    - What transition deals will look like—and which firms may be offering the best ones.

    - Why advisors may hasten retirement plans—and how that could impact movement.

    - What the impact of the crisis may be on the movement toward independence—and how that will drive further change in the space.

    - How teams may become an even more important facet of the wirehouse world—and how that could affect the individual advisors.

    - How working from home has left an imprint on advisors—and why that will drive changes to expectations from advisors and their clients going forward.

    Plus, Mindy shares the threshold questions advisors should ask themselves as they look back on this experience—and how the answers will help define their business lives going forward.

    It’s an episode that gives advisors a glimpse into what the wealth management world will look like going forward—and the good news is, as Mindy shares, much of the changes will be for the better.

    For more information on this episode, plus links to other resources visit: https://www.diamond-consultants.com/post-crisis-world-financial-advisors-10-predictions/

    • 16 min

Customer Reviews

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28 Ratings

Ray Sclafani ,

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

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