A Blueprint for Building a Wealth Management Enterprise to $3B and Beyond

The Diamond Podcast for Financial Advisors

With Reza Zamani – Founding Partner and Chief Executive Officer, SteelPeak Wealth

Overview

After a dozen years in the wirehouse world, Reza Zamani began to recognize the limitations inherent to the model. So in 2012, he left to launch SteelPeak Wealth with $250mm in AUM. Today, they manage $3B and have 20 advisors on their team. Reza discusses how the decision to break away led to tremendous growth.

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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…

Wirehouses are massive institutions that have no choice but to operate on a level that is best for the largest majority of advisors—often referred to as managing to the lowest common denominator.

And that model works perfectly well for many advisors who are building their businesses at these firms. But for others with their sights set on the future, and having greater freedom in serving clients and growing the business, it may not be the right fit.

Reza Zamani is someone who experienced this firsthand. From 2000 to 2012, he was a wirehouse advisor—first with UBS and later with Morgan Stanley.

Yet 2012 would mark the year he decided to leave the wirehouse world to build his own independent firm.

The wirehouses proved too limiting for Reza. He wanted clients to be able to “have it all” without sacrificing solutions or service, and to be free of any conflicts of interest inherent to a larger institution.

It’s a common refrain shared by many advisors who change firms or models.

Reza’s decision to break away was a good one. He started SteelPeak Wealth in 2012 with $250mm in AUM. Today, they manage $3B and have 20 advisors on their team.

In this episode, Reza joins Louis Diamond to talk about the decision to leave the wirehouse world and how that translated into tremendous growth, including:

• The choice to leave the wirehouse world—and why independence was the right path.
• Dispelling the notion that independence means going it alone—and how the seemingly limitless support system and resources helped pave the way for their success.
• The value of taking on a minority investor—and what that partnership allowed them to achieve.
• Running a billion-dollar business—and how it differs from his life at the wirehouses.

The reality is that independence is not for everyone. But for those seeking greater freedom and control than they may be experiencing with their current firm, it offers a path that can allow them to achieve their goals. It’s an episode worth investing the time to listen to, with takeaways for employee advisors and independent 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

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.

How to Navigate the Emotional Rollercoaster Ride of a Transition: A Special Industry Update
Mindy Diamond and Louis Diamond share ideas from 25 years of experience to help advisors navigate the daunting process of transition and advice on how to better cope with what can feel like a tumultuous ride.

Diamond Consultants 2023 Advisor Transition Report
An Update on Advisor Movement in the Wealth Management Industry.

Reza Zamani
Founding Partner and Chief Executive Officer

Reza received his bachelor’s degree in Business Economics with a minor in Sports Management from the University of California at Santa Barbara, where he played NCAA Division I soccer. He believes his history as a high-level athlete prepared him well for the process of building a team that is enthusiastic, passionate, and hard-working. He also graduated from UCLA’s Management Development Program at the Anderson School of Management. Reza is an Accredited Investment Fiduciary and holds the Certified Portfolio Manager, CPM®, designation from Columbia University and the Academy of Certified Portfolio Managers. In addition, he is accredited as a Certified Fund Specialist, CFS®, and Certified Annuity Specialist, CAS®.

Reza spent the first 13 years of his career at two major Wall Street firms. He served as a Senior Vice President at UBS and Senior Portfolio Director at Morgan Stanley before forming SteelPeak Wealth in 2012. During his early years with major Wall Street firms, he always envisioned an independent advisory firm dedicated to providing a higher level of value and exceptional service to clients. Today, Reza’s vision of a talented team of advisors and management providing distinguished fiduciary services to clients has come to fruition in SteelPeak Wealth. SteelPeak Wealth represents Reza’s ideals of innovation, tenacity, and client empathy.

Reza believes that giving back to the community is vital. He has served as a board member for non-profit organizations such as Providence Saint Joseph Medical Center and The Wellness Community of Los Angeles. He is currently involved with the Boys & Girls Club of Malibu. He is a frequent wealth management expert and contributor to many media outlets such as Fox Business News, Barron’s and The Wall Street Journal. His passions include spending time with his two children and focusing on daily fitness to enrich his physical and mental health.

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