The Diamond Podcast For Financial Advisors podcast

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With Jason Diamond & Louis Diamond Overview In this companion guide to the annual Advisor Transition Report, Jason Diamond and Louis Diamond share key findings and post-publication insights from the annual state of the industry, with updates on advisor movement, transition deals, 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 advisors change firms? That simple question set us on a journey that began four years ago when we first conceived our Advisor Transition Report. The cynical view is that advisors move primarily because they get paid highly lucrative recruiting deals—and with firms willing to pay aggressive multiples of revenue to recruit advisors, that explanation certainly holds some weight. But what about the advisors who opted for a version of independence where transition capital is less available or even non-existent? Or the advisors who approach due diligence with complete disregard for recruiting deals, preferring to evaluate each firm on their own merits because their only focus is how to make life better for their clients? It stands to reason that dollars alone are not a sufficient explanation for advisor movement, and certainly not to the high degree we have seen movement in recent years. That’s why we publish our annual Advisor Transition Report : to connect the dots between the raw movement data and the answers to the overarching question of “Why?” The goal is to arm advisors with the information they need to make an informed decision—even those who have no intention of making a move but simply want to be empowered with knowledge. In this special Industry Update, Jason Diamond and Louis Diamond share key findings and post-publication insights, including: Advisor movement—and which firms were the winners of top talent. Channel activity—and which channels were most attractive to advisors. Competitive recruiting—and how each of the wirehouses compared in the race for talent. Transition deals—and where they’re headed. Advisor mindset—and how that influences change. Key indicators and trends—and how activity over 2024 is influencing 2025. Plus, select case studies from some of the year’s prominent transitions…and much more. It’s the annual episode that serves as a companion to the report, with key highlights and insider information. 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 2025 Annual Report on Transitions and Deals for Financial Advisors – 2024 Activity Data Data-driven insights and analysis on advisor transitions, deals, and the evolving wealth management industry landscape. Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series……

The Diamond Podcast for Financial Advisors

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Crafting the Perfect Employer Value Proposition: The Key to Attracting and Retaining Top Talent 49:18

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A Special Industry Update with Louis Diamond & Jamie Campbell Overview A special episode designed for firms with their sights set on enhancing recruiting efforts and advisors looking to attract new team members, offering the steps to craft an effective Employer Value Proposition (EVP), with examples on usage and potential impact on hiring success and retention. 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… It should come as no surprise that competition for top talent has become tougher than ever. This means that companies must excel at attracting, hiring, and retaining team members. So where do you start? Studies indicate that communicating and demonstrating a clear Employer Value Proposition or EVP is one of the most important factors in attracting and retaining talent. For example, a study by CareerArc found that 69% of candidates would decline a job offer from a company with a negative employer brand—even if they were unemployed. A Gallup poll indicated that employees who understand and connect with their company’s mission and values are 67% more engaged. A Gartner study found that approximately 65% of candidates reported withdrawing from a hiring process because of an unattractive EVP. Likewise, a well-defined EVP can increase new hire commitment by up to 29% and potentially reduce annual employee turnover by nearly 70%. So, what exactly is an Employer Value Proposition and how can you create one that’s compelling as well as something your firm can live up to? Jamie Campbell from our new Executive Search Group joins Louis Diamond in this special Industry Update to break it all down, including: The key ingredients of an EVP—and how each resonate with prospective talent. The importance of a well-crafted EVP—and how to ensure its tenants are embedded into your culture. Aligning your EVP with your corporate vision and strategy—and what firms do this best. The value of retention—and how it’s impacted by your EVP. Communicating your EVP—and what you can do to expand your messaging reach. It’s an episode that offers immediate action items for firms with their sights set on enhancing their recruiting efforts and advisors looking to attract and retain new team members. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Is Your Firm Ready to Attract and Secure Top Talent? Take this quick quiz to evaluate your executive search preparedness. Start Quiz Related Resources About Our Executive Search Group A dedicated partner to help you find the right talent for your growth. Our 7-Step-Process Our retained executive search platform is based on three decades of experience, expertise, and extensive reach—and a unique 7-step proprietary methodology. Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series……

The Diamond Podcast for Financial Advisors

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Up Close with Rich Steinmeier: LPL’s CEO on the Transformation of a $1.8T Company 1:02:28

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With Rich Steinmeier – CEO, LPL Financial Overview Rich Steinmeier offers a candid perspective of LPL’s journey and how the founding core principles remain a pillar of the business today, even as evolutionary changes have made it one of the hottest firms in the industry. Watch… 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… LPL Financial is a classic example of a “legacy firm”—built over time on a solid and enduring foundation. While many may view long-standing firms as immutable and resistant to change, LPL’s new CEO, Rich Steinmeier , is proving that’s a misconception. LPL shows that enduring legacies built to last are those established on a solid foundation of the past while continuously evolving and transforming to become better and stronger for the future. LPL was born in 1989 from the merger of two small brokerage firms, Linsco and Private Ledger, and was designed as an alternative to traditional Wall Street firms. The founders’ vision centered on helping financial professionals build competitive businesses while serving their clients’ best interests. Yet, as Rich puts it, LPL’s foundational legacy is in how it views its advisors: They are LPL’s clients, and the tradition of treating advisors like “people, not accounts,” remains today. Since Rich rose to the rank of CEO in October 2024, his role has been to advance LPL value propositions, such as taking care of advisors and institutions so they can take care of clients. In this candid conversation with Louis Diamond, Rich shares a behind-the-scenes perspective of the firm, including: Raising to the ranks of CEO—and his vision for LPL now and in the future. A look back at the legacy—and how the foundational tenets are informing their direction and goals. Continually raising the service level bar—and why “finding more ways for advisors to win” is such an important concept. The variety of ways for advisors to affiliate with the firm—and how that’s transforming the way advisors consider independence. The succession crisis—and how LPL sees an opportunity for advisors and their businesses. Their path to becoming a $1.8T firm—and what’s driving their growth. It’s a rare, candid conversation with the CEO of one of the hottest wealth management firms in the industry. 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 Succession Conundrum: How Advisors Can Balance Legacy and Liquidity Multigenerational teams have several options for monetizing and transitioning the book from one generation to the next. So, how do they decide what’s best? Satisfying an Advisor’s Quest for Independence as an Employee For many advisors, independence is just a bridge too far—but greater autonomy and control are often closer than they realize. Succession and Liquidity: Key Considerations and Options for Founders and Next Gens Succession and monetization are hot topics for advisors in every model. LPL Financial’s Liquidity and Succession program representatives discuss what advisors, independent business owners, and next gens need to consider as they grow their businesses and explore long-term and short-term options, plus best practices to prepare for a transition and maximize business value. Rich Steinmeier Chief Executive Officer Before becoming CEO in 2024, Mr. Steinmeier served as LPL Financial’s Chief Growth Officer, where he led teams responsible for shaping the LPL corporate and business line strategy, recruiting new financial advisors and institutions to LPL, leading the field management of LPL employee advisors, creating and deploying capital solutions to LPL clients, and leading the marketing and communications functions. Prior to joining LPL Financial, Mr. Steinmeier had senior leadership roles at UBS Financial and Merrill Lynch as well as working as a consultant for McKinsey & Company. Rich earned a B.S. in economics from the Wharton School at the University of Pennsylvania and an M.B.A. from Stanford University as an Arjay Miller Scholar. Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series……

The Diamond Podcast for Financial Advisors

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Beyond the Broker Dealer: Next Gen Sheds Light on Their Evolution to RIA 54:25

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With Gideon Drucker – President and CEO, Drucker Wealth Management Overview Gideon Drucker shares a multi-generational growth story, evolving from the insurance world, to independent broker dealer HTK, and most recently, to fully independent as an RIA. Now CEO, Gideon shares insights on his own evolution from next gen to leader, the advantages of independence, and their transition. 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… Many multi-generational wealth management businesses evolve from one generation to the next, with each generation making its mark and helping to drive the firm to the next higher level. In this case, Bernie Drucker started in the life insurance world in 1959, building a practice helping families find financial independence. Bernie’s son, Lance, joined him in 1985, integrating investment management into their services. The third generation of Druckers, Gideon, came on board in 2016 after serving as a paratrooper in the Israeli military. Gideon learned the insurance and wealth management business from the ground up, working alongside his father and extending the legacy born two generations earlier. Drucker Wealth thrived for over 38 years with independent broker dealer Hornor, Townsend & Kent (also known as HTK), where they were the largest advisory team for 18 straight years, managing over $700mm in assets for their clients. But just as Lance had helped take the business to the next level when he joined his father, Gideon set his sights on creating what he calls “Drucker Wealth 3.0”. it was with that goal in mind that the team left the IBD world to become a stand-alone independent RIA firm. Gideon now serves as the President and CEO of Drucker Wealth Management and talks with Mindy Diamond about the firm’s evolution, as well as his own, including: The growth from one generation to the next—and how that motivated them through change. Signs they were outgrowing the broker dealer model—and what inspired them to explore their options. Their transition from HTK and the broker dealer world—and what advantages they gained as an RIA firm. Growing up in the business—and how his story can offer learnings for senior advisors and next gen alike. The transition from next gen to leader—and how Gideon needed to adapt and grow. Plus, Gideon offers a candid insider’s perspective just one year in—and describes what he sees as the next phase of evolution for the business. It’s an episode that offers value to those considering how to create continuity and a legacy, as well as serves as a growth blueprint for any next gen or senior advisor. 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 From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story Andy Schwartz went from selling insurance at Northwestern Mutual to managing $3.5B in assets and leading one of the firm’s largest groups. In 2014 they left to go independent as Bleakley Financial Group, now managing $8B in assets as a hybrid RIA. The Succession Conundrum: How Advisors Can Balance Legacy and Liquidity Multigenerational teams have several options for monetizing and transitioning the book from one generation to the next. So, how do they decide what’s best? Wealth Management Landscape At A Glance: Focus on Independence In a greatly evolved industry landscape, the independent space has expanded to offer a variety of models with varying levels of freedom and flexibility. Which one might be right for you? Gideon Drucker Founder and Director of the Wealth Builder Division Gideon Drucker, Certified Financial Planner, Accredited Investment Fiduciary and Equity Compensation Associate, is the Founder and Director of the Wealth Builder Division at Drucker Wealth , a family wealth management firm started by his grandfather Bernie Drucker in 1959. The third generation Drucker, Gideon specializes in working with young professionals looking to take a more proactive approach to their financial future. While meeting many of his firms’ pre-retiree clients during his first year, Gideon kept hearing a common refrain: “If Only I had met you 30 years ago.” This sentiment, repeated dozens of times by new Drucker Wealth clients approaching retirement, became Gideon’s inspiration for everything to come. Gideon created the HENRY Syndrome™ suite of services as a way to educate and empower young professionals, newlyweds, and young families to make smart financial decisions for their futures. Gideon was recently named by Forbes as a Top Next Gen Advisor and is a sought after public speaker, presenting his HENRY Syndrome ™ workshops to hundreds of companies, organizations, and nonprofits throughout New York City and beyond with a primary focus in the tech community. Gideon graduated from Lehigh University before serving as a combat paratrooper in the Israel Defense Forces. Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series……

The Diamond Podcast for Financial Advisors

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Friends & Fiduciaries: College Roommates Leave Their Series 7s Behind to Build an Independent Business 50:58

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With Christopher Griffith & Henry Wheelwright, Co-Founders and Managing Partners, Stablepoint Partners Overview Chris Griffith and Henry Wheelwright, rising stars in the wirehouse world, share their growth story and motivations to leave Morgan Stanley and launch their own independent firm on the Goldman Sachs custody platform. 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 best partnerships have a great backstory. Chris Griffith and Henry Wheelwright were college roommates and best friends bonded by sports and similarities in goals. Together, they started their wealth management careers at A.G. Edwards. Then the duo moved on to UBS where they quickly became known as “rising stars.” 8 years later, they transitioned to Morgan Stanley, building a business managing $650mm in client assets and garnering accolades from the likes of Forbes. Chris and Henry were always focused on their clients: Driven to understand their needs and do what was best for them. Young yet accomplished, the team started to think more boldly—for creative ways to serve their clients as their personal CFOs, helping to make a positive difference in their lives and those of their future generations. It was that thought process that led them to conduct due diligence, with a focus on the independent space, where they could serve as true fiduciaries. After looking at all the options available to them – from supported independence to each custodian – they landed on building their independent firm from the ground up on the Goldman Sachs custody platform. Just one year later, as Stablepoint Partners, the duo shares how it’s going with Jason Diamond, including: Leaving behind the Morgan Stanley imprimatur—and how their clients responded to the change. The creative freedom they lacked in the wirehouse—and how they resolved that in independence. Goldman Sachs as custodian—and what they offered that other custodians didn’t. The choice to build an RIA from scratch—and why they opted for that path vs. supported independence. Their extraordinary short-term growth—and what they expect for the future. Everyone loves a good “buddy story,” and this one has all the markings of a blockbuster: Two young advisors who have learned a lot in a short period of time and are happy to share actionable advice. 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 Embracing the Modern Advisor: An Inside Look at Goldman Sachs Advisor Solutions Richard Lofgren, the Managing Director of Goldman Sachs Advisor Solutions, provides inside baseball, including how they differentiate from other established custodians, their ideal advisor profile, and much more. If Not Another Wirehouse, Then What? Advisors considering change want something more than what they have at their current firm. The good news is that there’s plenty to choose from. But that’s the bad news, too. Wealth Management Landscape At A Glance: Focus on Independence In a greatly evolved industry landscape, the independent space has expanded to offer a variety of models with varying levels of freedom and flexibility. Which one might be right for you? Our newly updated “Landscape at a Glance” focuses on independence, providing the key features of each model. Christopher K. Griffith, CFP®, CPWA® Managing Partner, Co-Founder Chris co-founded Stablepoint Partners to put his client’s best interests first. His vision was to purposely grow the firm in a way that provides exceptional service to every client, keeping focus on building lasting relationships, o ering trusted advice and delivering personalized guidance. The son of two educators, Chris earned both the Certified Financial Planner (CFP) and Certified Private Wealth Advisor (CPWA) designations, and once studied with the head of the Federal Reserve of India. Chris earned his Bachelor of Arts degree in Economics and Finance at Clark University, where he also played varsity basketball. He earned the CPWA designation through the Booth School of Business at the University of Chicago. Prior to starting Stablepoint Partners, Chris was a Managing Director at Morgan Stanley, the highest title attributed to Financial Advisors, where he and his partner, Henry Wheelwright led one of the top performing teams at the firm. Prior to Morgan Stanley, Chris and The Griffith Wheelwright Group team spent eight years at UBS Financial Services where they were recognized as rising stars in their field. Since their original launch in 2001, Chris and his team’s focus was, and remains to be, to work alongside clients to understand their life goals and develop a personalized wealth strategy to get them there. Chris and Henry have grown their practice one conversation at a time, for over 20 years through three bear markets, the Great Recession, Covid, and a devastating financial crisis. The combination of his experience and knowledge of the financial world, and an innate passion to help others made a career in wealth management a natural fit for Chris. In 2018, Chris was named as one of the “Top 40 Under 40” in the Financial Advice industry by Investment News, and a “Best in State Wealth Advisor” by Forbes every year since 2019. Chris attributes his accomplishments to the personal and professional bonds he’s established with clients over the years. Outside of his work with clients, Chris most enjoys spending time with his family. He and his wife, Erin live in Norwell, Massachusetts with their two children, C.J. and Wesley. You’ll often find Chris on the sidelines coaching youth basketball or on the golf course, caddying for his sons. Chris and his family are actively involved in several charitable organizations, making giving back to those in need a priority together. Henry J. Wheelwright, CFP® Managing Partner, Co-Founder As a Managing Partner and Co-Founder of Stablepoint Partners , Henry believes in ensuring that every financial decision reflects the short, medium, and long-term goals of every client. His client relationships continue to be built on a foundation of trust, ongoing communication, and timely execution by his seasoned Stablepoint Partners team of professionals. As a Certified Financial Planner (CFP) with over two decades of experience as a financial advisor, Henry is a centerpiece of counsel for his clients where he begins all relationships as their Fiduciary, focusing on a personalized financial plan that develops, implements, and executes investment strategies to meet their goals and planning needs. Henry’s interest in finance started at an early age. He was raised in Manhattan, where his mother was a journalist at Money magazine. She brought him to the Stock Exchange and mock investment classes which he credits for initiating his passion for wealth management. His style is personal, proactive, and educational with a goal to help his clients live better lives through investment and financial planning support. Henry received his Bachelor of Arts in Economics and Finance at Clark University, where he both pitched for their varsity baseball team and met his long-time friend and co-founding Stablepoint partner Chris Griffith. Both Co-Founders credit their collegiate athletic careers, and many years as close friends, as leading to a coaching and advice-driven approach to the clients of Stablepoint Partners. Both Henry and his wealth management team have been recognized by Forbes as Best-In-State Financial Advisors and have been considered top performers at their previous firms. Henry started his wealth management career in 2001, working at A.G. Edwards, UBS Financial Services, and most recently Morgan Stanley, prior to founding the Independent Registered Investment Advisory Firm (RIA) Stablepoint Partners with Chris. This was an important transition to independence that is focused on the clients of the practice, and the core values of independent and object advice, innovation, and reimagining the client wealth management experience. Henry lives in the Squantum section of Quincy with his wife Kim and his two children Olivia and William. For Henry, his family and community remain important parts of his life outside of Stablepoint Partners. He is a trustee at the First Congregational Church of Squantum, and enjoys golf, basketball, and staying engaged with the non-profits in his surrounding community. Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series……

The Diamond Podcast for Financial Advisors

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The Lifecycle of a Billion Dollar Business: Build at a Broker Dealer, Grow as an RIA, then Sell 50:02

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With Bryan Sweet, Founder, CEO, Wealth Advisor – Sweet Financial Partners Overview Bryan Sweet of Sweet Financial Partners shares the ultimate independent business growth story, starting with 32 years under the Raymond James BD umbrella, then as an RIA, and most recently selling to Carson Wealth. 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 are different milestones business owners look to achieve along the path of independence. For example, over the course of three decades, Bryan Sweet built and grew an independent business under the Raymond James broker dealer umbrella. Bryan felt he needed access to a broader range of products and solutions and a greater degree of control over his business, so he decided to launch an RIA with the support of Dynasty Financial Partners. Then, Bryan completed what many consider the coup de grâce in the independent wealth management business lifecycle: Sweet Financial Partners sold to Carson Wealth. Today, Bryan shares the journey of his billion-dollar business with Louis Diamond, including: Building an independent business at Raymond James—and what kept Sweet Financial there for so long. The motivations for launching an RIA—and why Bryan felt he needed to flex his entrepreneurial muscles after 32 years. The benefits of an RIA vs. the IBD model—and what additional value his clients realized. Key growth strategies—and how they evolved with each model. The sale to Carson—and why now. It’s the ultimate independent business growth story: A candid conversation that offers detail into each phase of Sweet Financial’s lifecycle, with advice on the due diligence process, the motivations, and the results. 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 A Comparison Fact Sheet – IBD vs RIA When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Should I Stay or Should I Go? An Advisor’s Guide to Thinking Through Their Biggest Decision Jason Diamond turns the tables on Mindy who offers a first-hand glimpse into her book, Should I Stay or Should I Go?, created specifically for financial advisors who are looking to optimize their businesses or thinking through the biggest decision of their lives. IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. Bryan J. Sweet CLU, ChFC, MSFS Founder, CEO, Wealth Advisor – Sweet Financial Partners As a Forbes Best-in-State Wealth Advisor for multiple years running, Bryan has been on the mission to help people live their retirement dreams since the start of his career in financial services back in 1979. It is because of this that he created his proprietary The Dream Architect™, which not only helps his clients maximize their distribution planning in retirement, but also helps them strive for and accomplish their biggest dreams. With Bryan’s vast industry experience, he is also partnered in multiple entities including the Elite Wealth Advisor Symposium, which supports high-performing financial advisors across the United States in the growth and scaling of their businesses. He and his partners do this through teachings on team engagement, marketing, automation, best practices, and all that it takes to build a high-class and scalable advisory practice. The bottom line is that Bryan thrives on helping others experience the growth and freedom that he has created in building a world-class financial services practice, all while living the life of his dreams. Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series……

The Diamond Podcast for Financial Advisors

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What’s on the Minds of Elite Advisors and Teams? A Special Industry Update 35:30

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With Jason Diamond & Mindy Diamond Overview What drives the industry’s top advisors and teams? This special episode with Jason and Mindy Diamond explores the traits that drive their success, as well as the challenges they face. 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… Reaching the upper echelon of success in the wealth management world is something that many advisors strive for. The reality is that the path there is not an easy one—the result of which is driven by design, not left to happenstance. So how do they get there? No doubt, elite advisors possess unique mindsets and methodologies that contribute to their growth. And there’s much that advisors at every level can learn from the industry’s superstars. In this special Industry Update, Jason Diamond and Mindy Diamond explore the topic, including: How do we define an “elite” advisor or team? What makes these individuals and teams stand out from others? What do they focus on? How do they think about their businesses? What are their pain points? What challenges do they face? What options are available to them should they decide to consider change? Plus, much more. It’s an episode that offers strategic insights for advisors and teams at all levels. 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 Building Enterprise Value: A Coach’s Advice for Advisors and Teams Ray Sclafani of ClientWise discusses the key areas that employee advisors and independent business owners can impact to influence sustainable growth, enhance client relationships, and ultimately build “exit” value. Of Myths and Moving 2024 What’s the reality when it comes to recruiting and transitions? An annual perspective for advisors. The Strategic Due Diligence Roadmap A visual guide to help financial advisors embark upon an efficient process—one that is more likely to result in discovering Your Best Business Life™. Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series……

The Diamond Podcast for Financial Advisors

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Unlocking a Niche: 30-Year Wirehouse Veteran on Building a $1B Independent Business 53:36

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With Gerry Spitzer — Founding Partner, Questar Capital Partners Overview Gerry Spitzer of Questar Capital Partners discusses leaving the wirehouse world after 30 years to launch an independent firm, sharing a perspective of building a business at Merrill and, more recently, UBS, and why focused, niche businesses may be better served in the independent space. 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… Many of the most successful financial advisors agree that having a clear and succinct value proposition is critical. Equally important is the ability to deliver on it. For many advisors, the latter can be difficult—particularly those in large wirehouses, who are often limited in the services they can provide to their clients. And it’s that very reason that many leave the big brokerage firms and start their own independent businesses. Gerry Spitzer built an extraordinary business in the wirehouse world. After starting with the Merrill training program, he met his partner, Richard Reyle. Together, they invested 20 years at the firm, building a practice focused on exit planning and ESOP strategies to help business owners monetize their lives’ work. Yet, like many of their peers, they felt things changed at Merrill once Bank of America took over. After careful due diligence, independence seemed like a bridge too far at the time, while UBS offered the support and strategic alignment they desired, along with the ability to serve their unique client niche. A decade later, after building the business to some $850mm in assets under management, they decided it was time to consider their own succession plan and path to monetization—and they didn’t see UBS as the right partner for this part of their journey. The independent space had matured quite a bit since they last looked around, so in 2022, Gerry and Richard left UBS to launch Questar Capital Partners with support from Sanctuary Wealth. Today, they are managing $1B in client assets and see this as only the beginning of their new chapter…a chance to unlock a world of opportunity. In this episode, Gerry shares his story with Louis Diamond, including: The changes in the wirehouses that motivated them to explore—and why they ultimately chose independence in their second transition. Their exponential growth at Questar—and what is fueling their current momentum. Serving a niche client base—and how they can better do so in the independent space. The value of partnerships—and how the dynamics between Gerry and Richard is a key factor in their success. The counsel they provide to their clients around retirement and exit planning—and how those conversations impacted their own decision-making process. It’s a digest of advice for all employee advisors who are considering how best to serve their clients, especially those with a niche practice. Plus, Gerry offers advice on the due diligence process, which we are happy to have guided them through—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 Diamond Consultants Advisor Transition Report 2024: Focus on Merrill This “firm-focused report” looks under the hood at movement to and from Merrill from January to June of 2024. Merrill Information Hub A curated list of top-of-mind content for Merrill Advisors Gerry Spitzer, CEPA, CPA, CPWA Co-founder Gerry Spitzer co-founded Questar Capital Partners in 2022 with his business partner Richard Reyle following a career that spanned more than 30 years in Wealth Management. Gerry founded his own independent firm with a team of experienced, likeminded advisors who share a deep understanding of the financial industry and a passion for helping individuals and businesses achieve their goals. At Questar, Gerry focuses on all aspects of private wealth management, including investment management, financial planning, multi-generational estate planning, tax planning and minimization, insurance and charitable giving. Gerry spent his career at both Merrill Lynch and UBS before going independent. During the years at Merrill, he worked with publicly held companies managing their equity compensation plans and deferred compensation plans. At UBS and beyond, the focus has been working with privately held businesses on exit transactions, primarily ESOPs. Gerry is a Certified Exit Planning Advisor (CEPA) as well as the President of the New Jersey Chapter of the Exit Planning Institute (EPI). Gerry works closely with privately held business owners, advising them on exit and succession planning, liquidity needs and Employee Stock Ownership Plans (ESOPs). As New Jersey Chapter EPI President, he creates a forum where the local community of professional advisors can collaborate. The New Jersey chapter also develops educational programs for business owners and professional advisors to build awareness and better prepare business owners for the successful exit of their business. In addition to being a CPA and CEPA, Gerry is on the Rutgers Center for Employee Ownership Advisory Board, a member of the Forbes Finance Council, on the Board of the National Alliance on Mental Illness of New York and involved with financial literacy topics. Gerry and his wife Jeanne have three daughters and live in Scotch Plains, NJ. He is an avid golfer, traveler, and Jets and Syracuse University sports fan. Gerry earned a BS in Accounting from Binghamton University’s School of Management. Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series……

The Diamond Podcast for Financial Advisors

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Focus Financial Partners 2.0: Inside Baseball from the New CEO on the Firm’s Evolution 1:10:09

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With Michael Nathanson — CEO, Focus Financial Partners Overview Michael Nathanson shares his vision for Focus, offering a unique insider’s perspective on the firm’s evolution and differentiators, and how that plays into the future of independence. Plus, he offers thoughts on his own transition to CEO and advice for advisors and business leaders. 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… “How the vision has grown.” That’s a headline on the Focus Financial Partners website. And there’s a lot of truth in that statement. Founded in 2004 by Rudy Adolf, Lenny Chang, and Rajini Kodialam, the American Express alums recognized an opportunity to expand access to capital for independent advisors looking to achieve scale and increase growth, as well as monetize their life’s work. In a conversation on this series in 2022 , Rudy shared his vision and literal history of the firm’s role in transforming the independent space. Then, a year later, Rudy, Lenny, and Rajini left to explore new endeavors. Michael Nathanson is now the CEO of Focus Financial Partners, taking the helm of a new generation of growth for the Focus ecosystem, which has grown to more than 90 partner firms in more than 38 states, plus Australia, Canada, Switzerland, and the U.K. Michael was the CEO of one such partner firm, The Colony Group, when he was a guest on our show in 2023 . Michael described how Focus was the right solution to help them grow their firm from $1B to $20B. In this episode, Michael talks candidly with Louis Diamond about his new role as the CEO of Focus, including: The firm’s evolution—and how his own experience can serve to drive further growth. The role of “interdependence”—and how that concept plays into his vision for Focus. The transition from public to privately-held company—and what that means for partner firms. Key differentiators—and what prospective advisors and firms need to know about their culture and values. Their rebranding initiative—and how it reflects their strategy, vision, and path going forward. Plus, Michael shares his thoughts on the future of independence and much more. It’s rare access to a leader who built his wealth management career from the ground up—a unique lesson for advisors and business leaders alike. 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 One-on-One with Rudy Adolf: How Focus Financial Partners Revolutionized RIA M&A—and Went Public in the Process Industry legend Rudy Adolf describes how the idea of Focus Financial Partners came to be, filling a gap in how independent financial advisors accessed capital, resources and monetized their life’s work, plus the firm’s journey as a public company, their growth, how they are further evolving and more. 20X Growth in 10 Years: A $20B RIA on Embracing the Value of Private Equity and Interdependence Michael Nathanson of The Colony Group discusses how “interdependence” helped to foster the growth of the RIA; the real value of equity partner Focus Financial; and their unique culture, curated services, and acquisition strategy, and more. Michael Nathanson Chief Executive Officer Michael Nathanson is a highly respected and experienced leader in the wealth management industry. As Chief Executive Officer, Michael plays a pivotal role in driving organizational change and spearheading a range of firm-wide initiatives. He is relentlessly dedicated to bringing meaning and joy to the lives of clients, his team, and throughout the Focus Partnership, by fostering a culture that values lifelong learning, cultivates innovation, and offers opportunities to live lives full of passion and purpose. Michael’s passion is reflected in the recognition he has received, having been selected ten times by Barron’s magazine as one of the top 100 independent financial advisors in the nation, included in Worth magazine’s list of the country’s top 250 wealth advisors and recognized as one of ThinkAdvisor’s 2022 LUMINARIES winners for Executive Leadership. He also was selected six times as a “Super Lawyer,” as published in Massachusetts Super Lawyers. During his tenure as Chief Executive Officer and Chair of The Colony Group, he is most proud of the firm being named one of 50 firms as a Best Place To Work for Financial Advisors by InvestmentNews. As a lifelong learner, he is committed to sharing his knowledge and experience with clients, colleagues, and the next generation of industry leaders and is a frequent speaker at industry conferences. He also has served on the Fidelity Clearing and Custody Solutions Advisor Council and the Schwab Advisor Services Advisory Board. Previously, he served on the Board of Advisors for Boston University’s Program for Financial Planners and as Co-Chairman of the Boston Bar Association. Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series……

The Diamond Podcast for Financial Advisors

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Unconstrained Growth: $6B+ Former UBS Team Finds Real Freedom to Focus on Clients 48:55

acum 9 weeks48:55

48:55

With Tony Smith — CEO, Stonegate Investment Group Overview Tony Smith of Stonegate Investment Group discusses transitioning from UBS after 14 years and $4.4B in AUM to independence and building the business to $6B, including the motivations to make a change at this stage of his career, how they achieved such extraordinary growth in a short time, and much 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… “Constrained.” It’s a word that many advisors who live in the wirehouse world use when describing the motivations around their move. It’s a descriptor that demonstrates the feeling of a lack of freedom to serve clients and grow the business in a way that resonates with their vision—and not the mandates of a larger firm, bank entity, or shareholders. Tony Smith was one of a team of seven at UBS serving HNW clients, generating some $18mm in annual revenue and managing assets in the vicinity of $4.4B. Yet the feeling that things had changed during his 14-year tenure at the firm had grown stronger over time. Increasing constraints, bureaucracy, and an overall lack of freedom—all threads that Tony saw as a common symptom of life in the big brokerage firms. And ultimately, the desire to have greater flexibility and autonomy became a strong pull to consider independence. With two team members having some 5 decades in the industry each, one might think independence was a bridge too far. Yet Tony led the team in their launch of Stonegate Investment Group to achieve what they describe as an unconstrained and highly personalized experience for their high net worth clients. And since its launch in 2021, Stonegate has grown to managing $6B in client assets. Tony shares an incredible story of growth with Mindy Diamond, including: After growing the business to $4.4B, why Tony and his team chose to explore their options—and why they opted for independence. The limitations they experienced at UBS—and how independence offers them greater latitude in serving their clients. The complacency plateau—and how never reaching it is key to building an extraordinary business. “Your clients, your business, your self”—and why Tony feels it’s a long-term decision that should be thought through in that order. And much more. It’s an incredible story that offers a perspective on why advisors seek change and how that motivation and clarity around goals can result in extraordinary growth—relevant to employee advisors and business owners alike. 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 Advisor Transition Report 2024 – Focus on UBS This “firm-focused report” seeks to look under the hood at movement to and from UBS from January to June of 2024. The Juggling Act: Balancing Short-Term Needs and Long-Term Goals A process to help you identify and prioritize your immediate needs vs goals for the future when considering a move. Rapid Reaction: UBS Comp Plan Changes and the Impact on Advisors Louis Diamond offers a perspective for UBS advisors on the firm’s compensation plan changes announced on November 21. It’s an episode for advisors who are curious about the updates and how they can use this knowledge to make informed decisions. Tony Smith CEO Tony Smith is the CEO of Stonegate Investment Group and has been advising wealthy families and institutions for more than three decades. Tony also serves as the Chief Investment Officer at Stonegate. After beginning his career in corporate finance, Tony advised Ultra-High Net Worth family groups at Smith Barney for 15 years. In 2007, Tony and his entire team joined UBS Financial Services, where he served as Managing Director – Investments and Senior Portfolio Manager and Branch Manager. Tony has been recognized as one of the nation’s top financial advisors by Barron’s, the Financial Times and Forbes, ranking as Barron’s top Financial Advisor in Alabama in 2018 – 2021. In 2021, Barron’s named Tony’s team as one of the Top 100 Private Wealth Management teams in the country. Tony has been ranked in Barron’s 2023 Top 100 Independent Advisors and the #2 Financial Advisor in Alabama. In July 2021, Tony and his partners formed Stonegate Investment Group, LLC., an independent Registered Investment Advisory firm. Tony has been happily married to his high school sweetheart, Tammy, for 38 years. He has two children Justine (34) and Haley (30), and 3 grandchildren. He enjoys hunting, fishing, spending time at his farm, and traveling. Tony holds a BS in Finance and an MBA from the University of Alabama at Birmingham. Also available on your favorite podcast app and other media sites Browse other episodes in this podcast series……

The Diamond Podcast for Financial Advisors

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The Most Valuable Insights for Advisors: On Goals, Growth, and Building Something Great 31:50

acum 10 weeks31:50

31:50

A compendium of advice extracted from 48 episodes of the 2024 season of the Diamond Podcast for Financial Advisors, including the importance of your “Why,” the most compelling reasons for change, being a “true” fiduciary, unique value propositions, and more.

The Diamond Podcast for Financial Advisors

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The Good News on Marketing: An Industry Legend on How to Grow Bigger Faster 54:34

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54:34

A free session on accelerating growth via marketing with one of the leading firms in the wealth management industry. They offer advice on the value of content, the referral process, building strategic partnerships, CRMs and technology, and much more.

The Diamond Podcast for Financial Advisors

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An Advisor’s Guide to 2025: The Impact of 2024 on the New Year 32:51

acum 13 weeks32:51

32:51

Mindy and Louis Diamond’s annual review is designed to provide guidance on the most impactful wealth management industry trends anticipated for 2025 including transitions, deals, comp, private equity, the wirehouse recruiting race, and more.

The Diamond Podcast for Financial Advisors

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Building with Intentionality: Growing a $1B Business to a $4B Enterprise and Beyond 48:15

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48:15

Mike Quin, a former Market Manager at Wells Fargo, left the wirehouse world to launch DayMark Wealth Partners. Mike offers a candid perspective on his experience and how it motivated him and his team to build an independent firm that is focused on their clients, the strategies behind their extraordinary growth from $1B to $4B, and other valuable lessons for employee advisors and business owners alike.…

The Diamond Podcast for Financial Advisors

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No Longer a Differentiator: $940B Hamilton Lane on the Changing Face of Private Markets 44:04

acum 15 weeks44:04