With Matt Baum, Partner, Fox Rothschild

Overview

Attorney Matt Baum breaks down the facts on the latest FTC Noncompete Rule, the potential impact on an advisor’s business, current agreements, the ability to transition, 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…

On April 23, 2024, the Federal Trade Commission announced a comprehensive “Noncompete Rule,” banning non-competes for “all workers, even senior executives,” as stated on their website.

It’s a hot topic amongst advisors, who are curious about how this ruling might impact their businesses, current agreements, and, ultimately, their ability to transition.

As advisor advocates, Diamond Consultants applauds any action that enables advisors to choose the best firm for their clients and business—without limitation or threat of litigation.

However, as it stands now, we aren’t convinced this new rule will significantly impact an advisor’s business life.

And, as with any new ruling, it begs more examination, particularly as it relates to those in the wealth management industry.

So, we asked attorney Matt Baum to join Louis Diamond on this special episode. Matt is a partner at the law firm Fox Rothschild and specializes in the financial services industry.

In this episode, Matt breaks down the facts around the current FTC ruling and offers his thoughts on the most common concerns we’re hearing from advisors, including:

1. When this rule will go into effect and the impact on existing agreements.
2. Whether certain elements of an advisor’s current employment agreement may ultimately be non-enforceable.
3. How this might impact non-solicit agreements.
4. What this might mean for garden leave provisions.
5. The impact on business owners.
6. And, most importantly, what advisors need to do to protect their business and livelihood.

As firms continue to find new ways to stave off attrition, topics like this are critical to the employee advisors who are most impacted by regulatory changes. Likewise, business owners need to understand their responsibilities when it comes to provisions that may affect their practices.

While not intended to replace the advice of counsel, this episode seeks to break down the facts and provide general guidance on an evolving topic.

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 7 Unintended Consequences of Staying the Course
While it may seem “safer” to stay put, there are risks in doing so that many advisors are unaware of.

Retire-in-Place Programs: Are They All They’re Cracked Up to Be?
5 reasons why advisors are forgoing what was designed to be a no-brainer deal.

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

Matthew B. Baum
Partner

Matt represents financial industry participants, including broker-dealers, financial advisers and RIA firms as well as businesses and individuals in litigation and arbitrations.

Matt has represented multiple Fortune 500 financial institutions, in addition to many small and middle market firms. He has also served as counsel to more than 150 financial advisers throughout his career. Matt appears on behalf of clients in arbitrations (including FINRA and AAA) and in state and federal courts. Among other things, Matt has represented clients in 100+ FINRA arbitrations, including both industry and customer disputes.

He also frequently advises broker-dealers, RIA firms and financial advisers in connection with transitions and recruiting matters. Matt serves as a go-to resource for multiple broker-dealers for transition and recruiting-related matters. He also is consulted as an outside general counsel for multiple RIA firms.

Prior to joining Fox Rothschild, Matt was a partner of a Manhattan based mid-sized law firm. Before that, he practiced at a securities law boutique located on Wall Street.

Matt was a John Harlan Marshall Scholar at New York Law School. There, he also served as Coordinating Notes Editor of the New York Law School Law Review.

Also available on your favorite podcast app and other media sites

                            

            

 

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With Angie Ostendarp & Jordan Raniszeski, Senior Managing Partners, Carnegie Private Wealth

Overview

In building a $1B business at Wells, Angie Ostendarp and Jordan Raniszeski realized they had outgrown the model, which limited their ability to serve their clients and continue their growth trajectory. They share why supported independence was the right fit and how it’s changed their path toward the future.

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 pursue change?

It often comes down to this statement: “We weren’t able to ‘blank’.”

And for many, that blank is filled in with statements like:

• Serve clients without limitation.
• Build a brand, or market freely to clients and prospects.
• Access a stronger platform or better tech.
• Own the equity and build enterprise value.

And for some advisors, it may be several of the above—and then some.

For example, Angie Ostendarp and Jordan Raniszeski joined forces at Wells Fargo in 2008 and, along with Mary Ware, built a strong practice managing over $1B.

But things were changing at the firm, and the limitations multiplied. Over time, it became more difficult to do what was most important to them: That is, to serve their clients.

Ultimately, in March of 2023, Angie and Jordan’s due diligence journey landed them at LPL’s Strategic Wealth Services, along with Mary and two other Wells Fargo advisors, Mitch Mayfield and Jeff Vandiver with a total of $1.45B under management. Carnegie Private Wealth would become the largest team to join the once nascent LPL model.

On the supported independence platform, the team was able to create a firm that would answer all their clients’ needs without the heavy lift of building it from scratch.

Angie and Jordan join Louis Diamond to share their journey from Wells to independence, including:

• Building an incredible business at Wells—and how they did so despite limitations they later experienced.
• Their motivations around change—and how they were running from the model and not the firm.
• The feeling of having “outgrown the channel”—and why they felt like they were “no longer in the right place.”
• Their perspective on business ownership—and how that’s impacted their lives.
• The value of education—and how a deep understanding of their options made the decision process less complex.

This episode demonstrates how advisors can reach a point where a firm’s business model may no longer align with the goals and values of a growing practice—and that’s where the value of education comes in. Listen in to learn from this successful team’s experience and point of view.

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

Listen: Advisor Success Formula: Closing the Gap Between HNW Client Expectations and Advisor Services
In a more competitive and commoditized world, it’s critical to leverage any advantage available to be more intentional and thoughtful in managing and growing your business. This episode takes a deep dive into John Bowen’s latest report to identify action items that can help advisors get started on a new path to thinking about delivering exactly what clients want.

Read: The Inverse Grid: Is Your Firm Providing Enough Value?
When considering the products and services a firm provides in exchange for the revenue they keep, is it really a good value?

Download: The Employee Advisor’s “Gut Check”
Have you had that “feeling in your gut” that says, “I’m not sure that where I am is allowing me to serve my clients best?” Many advisors get stuck at this point, uncertain of how to qualify whether the feeling has any basis in reality. We’ve created the “Employee Advisor’s Gut Check” tool. With it, you’ll be armed with the right criteria by which to evaluate your current firm, as well as any others you may be considering.

Angela Ostendarp, CFP®
Sr. Managing Partner | Sr. Wealth Advisor

Angie loves serving clients and helping them create a plan to pursue their goals. This is what led her to become an advisor and has kept her in the industry for nearly 30 years. Angie received her bachelor’s in Business Administration with a concentration in Finance from UNC Chapel Hill. Her licenses and designations include Series 7, 63, 31 and 9/10 through LPL Financial, along with Certified Financial Planner. Angie’s go-to financial advice is not to wing it, but rather have a plan in place.

Away from the office, Angie enjoys golfing and cheering on sports teams in the Charlotte area with her husband, Jay. Together, they have three children and one Australian shepherd. She likes to volunteer at Habitat for Humanity and Junior Achievement and has fond memories of coaching softball, basketball, volleyball and soccer while her kids were growing up. Her favorite thing about working with clients is providing them confidence.

 

Jordan Raniszeski, CFP®
Sr. Managing Partner | Sr. Wealth Advisor

After receiving his bachelor’s in Business Administration with honors from the University of Notre Dame, Jordan spent the first few years of his career in public accounting on his journey to becoming an advisor. Jordan chose to be an advisor because it allows him to do the three things he loves—math, solving puzzles and helping people. Jordan has been serving clients in the financial services industry for 21 years and has been a Certified Financial Planner since 2004. He has worked extensively with corporate executives throughout his career and focuses much of his practice in this area. Jordan’s go-to financial advice is to have a plan and stay the course.

Jordan has four children with his wife, Anna. In his free time, he enjoys golfing, reading, playing guitar and cheering on the Fighting Irish. Jordan has been involved in many local organizations since moving to Charlotte in 2002, including significant work with MiraVia, an organization that supports pregnant women and babies. Jordan’s favorite things about working with clients are helping them get organized, reducing their stress and being a small part of their family’s success.

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With Mindy Diamond & Louis Diamond

Overview

In looking for “better ways” to foster growth and solve for other long-term goals, advisors need to weigh the value of pain vs. gain when it comes to a transition. In this special episode, Mindy and Louis Diamond share a process for answering the seminal question: Is change really worth it?

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…

Almost every advisor gets to a point where they wonder how they can make their business life better.

And it’s likely something you may be thinking about as well.

For instance, you may be wondering how to grow faster.
Or looking for ways to hire and develop next gen talent or build a team.

Or get access to better technology.
Or you may also be looking at the bigger picture for ways to gain more control and boost your business’s value.

And it all begs these two important questions:

How badly do you want it?

How much do you really need it?

This is where the saying “no pain, no gain” typically applies—because it’s not as much about whether you want or need it, but what you are willing to do or give up to get it.

No doubt, we all want perfection or at least for things to be the very best they can be. But, messing with the status quo by transitioning can disrupt momentum and even impact client relationships. And the reality is there are no guarantees that the changes you make will be worth the hassle you may go through.

And that’s the very reason so many advisors get stuck by inertia, living with a status quo that may not serve them best.

In this special episode, Mindy and Louis Diamond share a process for assessing the potential value of change. They share the important questions you need to ask yourself, like:

• How do you know when it’s worth it to make a change?
• How do you decide if what you’re going after will yield positive results in the end?
• What things might you need to sacrifice to get what you really want?

Plus, they share real-world examples of the thought process other advisors have gone through in their own journeys. It’s an important conversation, designed to get you thinking not just about your goals and what you’re looking to achieve but also what it might take to do so.

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 7 Unintended Consequences of Staying the Course
While it may seem “safer” to stay put, there are risks that many advisors are unaware of.

Private Bankers Find Greater Independence: Former $2B J.P. Morgan Team on Their New Chapter with Cresset
Kevin McGuire and Sarah Burney former J.P. Morgan Private Bankers discuss moving their $2B HNW-focused business to Cresset, plus garden leave, portability, referrals, and more.

The Strategic Due Diligence Roadmap
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…

With Brent Chappell & Brad Chappell Managing Partners & Founders, Chappell Wealth Management

Overview

Brent and Brad Chappell share unique perspectives as next gens of a business conceived by their father decades ago at Merrill. They offer insightful thoughts about family dynamics and succession, the value of mentors and education, what it takes to build a $1B wealth management business, 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…

Many successful people attribute their achievements to having a great mentor.

For Brent and Brad Chappell, their father was a “childhood hero who became their business mentor.”

Robert Chappell founded his wealth management practice at Merrill in 1984, when being part of the “Thundering Herd” was like being part of a much larger family.

The brothers proudly reminisce about the influence Robert and his work at Merrill had on them, so it was no surprise when Brent and Brad joined the firm in 2002 and 2006, respectively.

The Chappells’ early experience at Merrill was one of two families blended together. Yet that kinship diminished after the firm’s sale to Bank of America, and the team’s ability to serve clients and conduct daily business became challenged.

Like many successful wirehouse teams, the Chappells credit the firm for being the foundation of their family business. But they saw the handwriting on the wall, and it said that they owed it to themselves and their clients to explore their options.

In February 2023, Brent, Brad, and their team left the firm their father retired from and launched Chappell Wealth Management as one of the largest teams on the Sanctuary Wealth supported independence platform.

In this episode with Louis Diamond, Brent and Brad talk about their journey and motivations, including:

• Growing up with Merrill—and what changes they witnessed over the years.
• Their unique perspective as next gens in a family business—and when it became clear that “what got them here wouldn’t get them there.”
• The economics of a move to independence—and how they reconciled the fact that they would owe money back on their father’s CTP agreement.
• Their exploration and transition process—and why “education” was one of the most valuable facets.
• Plus, what it really takes to build a $1B+ business.

Listen in as they candidly share a unique narrative about a changing wirehouse world, family dynamics, succession, and building a strong business designed to achieve long-term enterprise value.

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 Next Gen Dilemma: 5 Unique Realities Faced by Successors
The path for next gen advisors can be wrought with some pitfalls, yet when walked with confidence and flexibility, it can be immensely rewarding.

Transition Announcement: $1.5B Legacy Merrill Team Opts for Supported Independence
With Merrill roots dating back to the 1980s, brothers Brent and Brad Chappell decided that independence with Sanctuary Wealth provided a better path for the future of Chappell Wealth Management.

What We Can Learn When Top Advisors Leave Their Firms
If changing firms made sense to these $1B+ financial advisors, what lessons can be learned by those who manage less but aspire for more?

Merrill Advisors Ask…
Answers to the most frequently asked questions when considering a transition from Merrill Lynch.

Brent R. Chappell, CFP®, CIMA®
Managing Partner & Founder

Brent Chappell is a Managing Partner and Founder of Chappell Wealth Management. Brent helps clients through a collaborative approach designed to simplify the complexities of their financial lives. With more than two decades of experience, his goal is to give clients the peace of mind that comes from knowing that they have engaged with a seasoned and highly distinguished team of professionals that are willing to spend the time to fully understand the dynamics of their goals and to solve for the specifics.
Brent was an honors student at the University of Texas at Austin and graduated in 2001 with dual degrees in Finance and Spanish. He joined Merrill Lynch Wealth Management in 2003 and departed as a Managing Director in 2023 to found Chappell Wealth Management. Brent was accepted into MENSA in 2006 and received his CIMA® designation from the Investments & Wealth Institute™ (The Institute) after completing executive education in investment management from the Wharton Business School. He is also a CERTIFIED FINANCIAL PLANNER™, CFP® certificant, awarded by the Certified Financial Planner Board of Standards, Inc. He holds a Series 7, Series 66 and Series 31 FINRA registrations.
Brent and his wife, Elizabeth and their 3 children reside in The Woodlands, TX. Brent enjoys playing golf and pickleball and cheering on his children at their sports and academic contests.

• Forbes “Best-in-State Wealth Advisors” for five consecutive years – 2018-2022Barron’s
• “Top 1,200 Financial Advisors: State-by-State” – 2020, 2021, 2022
• Forbes “Best-in-State Wealth Management Teams” – 2023

 

Brad C. Chappell, CIMA®
Managing Partner & Founder

Brad Chappell began working in the Financial Services industry in 2004. He graduated with honors from The University of Texas with a BBA in Finance. Before graduating from The University of Texas, Brad was the captain of his collegiate basketball team at Southern Virginia University.
Brad loves working with people and is passionate about his job as a financial advisor. He excels at taking on the complexities of each client’s financial situation so that they can focus on what matters most to them.
Brad holds the Chartered Retirement Planning Counselor™ designation in addition to the CIMA® designation from Investments & Wealth Institute™ (The Institute), which is taught in conjunction with The Wharton Business School. Having spent 2 years as a missionary in Brazil, Brad is fluent in Portuguese. Brad, his wife Elizabeth, and their 3 children reside in Spring. When he’s not working, Brad enjoys coaching basketball, playing pickleball and spending time with his family.
He holds a Series 7, Series 66 and Series 31 FINRA registrations.

• Financial Planning’s “Top 40 Advisors Under 40” 2021
• On Wall Street “Top 40 Advisors Under 40” 2020
• Barron’s “Top 1,200 Financial Advisors: State-by-State” 2020-2021
• Forbes “Best in State Wealth Advisors” 2019-2022
• Forbes “Best-in-State Wealth Management Teams” – 2023

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With Michael Kitces, Industry Thought Leader and Chief Financial Planning Nerd

Overview

Listen in for an insightful and revealing look into advisors’ minds and what really makes them happy, based on data from the latest Kitces survey. Learn the motivations and drivers that lead not only to success but to a better quality of life.

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…

So what is it that REALLY makes advisors happy?

A recent survey by industry legend and thought leader Michael Kitces and his team set out to find the answer.

And what they found is quite revealing: It turns out that income and happiness are not equal. That is, greater compensation doesn’t necessarily make an advisor happier.

So, what makes an advisor happier?

Mindy Diamond and Michael dive into the data to answer that question and others, including:

• What do advisors actually value most?
• What are the most important factors that influence how advisors feel about their firm and the work that they do?
• What ultimately motivates an advisor to consider change?
• Why do so many unhappy advisors allow inertia to guide them when they could be seeking something better for themselves and their clients?
• And how can advisors use this data and the insights provided to improve their wellbeing and potential for success?

Listen in for an insightful and revealing look into the minds of advisors, and the motivations and drivers that lead them not only to success but to a better quality of life. That is, their best business life.

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

Kitces Report: What Actually Contributes To Advisor Wellbeing
Download a complimentary copy of The Kitces Report (Vol. 2, 2023), “What Actually Contributes To Advisor Wellbeing”.

‘Mostly Happy’ is a Sentiment Many Advisors Share, but is it Enough?
How unhappy should an advisor be to consider change? Nine questions to gauge whether it’s time to start exploring options.

What Really Makes Financial Advisors Happy?
In a world driven by the bottom line, the root of contentment often lies behind less “easily measured” criteria.

Michael E. Kitces
MSFS, MTAX, CFP®, CLU, ChFC,
RHU, REBC, CASL

Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Head of Planning Strategy at Buckingham Wealth Partners, an independent RIA with more than $50 billion of assets under management, that provides private wealth management to consumers and turnkey asset management platform services to advisors.

In addition, he is a co-founder of the XY Planning Network, AdvicePay, New Planner Recruiting, fpPathfinder, and FA BeanCounters, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning continuing education blog Nerd’s Eye View through his website www.Kitces.com, all dedicated to advancing knowledge in financial planning.

Beyond his website, Michael is an active writer and editor across the industry and has been featured in publications including Financial Planning, the Journal of Financial Planning, Journal of Retirement Planning, Practical Tax Strategies, and Leimberg Information Services, as well as The Wall Street Journal, BusinessWeek, CNBC PowerLunch, NBC Nightly News, and more. In addition, Michael has co-authored numerous books, including “The Annuity Advisor” with John Olsen (now in 5th edition), the first balanced and objective book on annuities written for attorneys, accountants, and financial planners, and “Tools & Techniques of Retirement Income Planning” with Steve Leimberg and others.

Michael is one of the 2010 recipients of the Financial Planning Association’s “Heart of Financial Planning” awards for his dedication to advancing the financial planning profession. In addition, he has variously been recognized as financial planning’s “Deep Thinker,” a “Legacy Builder,” an “Influencer,” a “Mover & Shaker,” part of the “Power 20,” and a “Rising Star in Wealth Management” by industry publications. These awards were presented to honor Michael’s active work in the financial planning community, including numerous other boards and committees for the Financial Planning Association, the Investments and Wealth Institute, and the Society of Financial Services Professionals, at both the local and National levels. Michael is also a co-founder of NexGen, a community of the next generation of financial planners that aims to ensure the transference of wisdom, tradition, and integrity, from the pioneers of financial planning to the next generation of the profession.

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With John Bowen, CEO and Founder, CEG Worldwide, LLC

Overview

In a more competitive and commoditized world, it’s critical to leverage any advantage available to be more intentional and thoughtful in managing and growing your business. This episode takes a deep dive into John Bowen’s latest report to identify action items that can help advisors get started on a new path to thinking about delivering exactly what clients want.

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…

In the wealth management industry, we often talk about the incongruence between an advisor’s expectations and those of their firm.

But what about the clients? Are their expectations well-aligned with the advisor’s ability to serve them? What if you had an inside look at exactly what products and services your clients wanted most?

Consider how immensely powerful having access to this information could be:

• You can custom-curate your value proposition, offerings, and service delivery to meet your clients’ specific needs.
• You can better differentiate your business from others in the field, addressing needs that might otherwise be overlooked by your competitors.
• Plus, the ability to better serve your clients will foster enduring relationships, more referrals, and sustainable growth.

With all that in mind, John Bowen and his team at CEG Worldwide embarked on a data-driven exercise to determine what high net worth clients want most from their advisors.

Ultimately, they found a significant gap between clients’ expectations and the services that advisors delivered.

In this episode, Louis Diamond and John dive deep into the survey data and come up with valuable insights for all advisors – whether you’re at a wirehouse, regional, boutique, or independent firm – including:

• What high net worth clients really want from their advisors.
• How to optimize your service delivery by filling gaps perceived by clients.
• Whether your firm is helping or hindering your ability to serve clients.
• How to identify new and unique differentiators for your business based on your clients’ needs.

In a more competitive and commoditized world, it’s critical to leverage any advantage available to be more intentional and thoughtful in how you manage and grow your business. This episode provides action items to help you get started on a new path to thinking about delivering exactly what clients want.

 

Mentioned in this episode: “Wealth Management Gap Play to Win” report 

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

Coach to the Advisor Elite: CEG’s John Bowen on What it Really Takes to Build a Blockbuster Business
What’s the secret to the success of top financial advisors? John Bowen of CEG Worldwide, coach to elite financial advisors, shares the “real gamechangers” that help them break through to the next level and accelerate growth—and more.

What’s the ‘Real’ Value of a Financial Advisor’s Business?
A still red-hot RIA M&A market has many employee advisors pondering what their business could be worth on the open market. Here are 3 valuation scenarios to address that curiosity.

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

John Bowen
Founder and CEO 

John Bowen is the founder and CEO of CEG Worldwide, the world’s leading coaching firm for financial advisors. Since 2000, Bowen and his team have had the privilege of coaching elite financial advisors to build simple, elegant wealth management businesses that serve their affluent clients extremely well while building lives of significance for themselves, their teams and their loved ones.

Before founding CEG Worldwide, Bowen worked directly with affluent clients as a financial advisor for 26 years, managing up to $2 billion in assets before selling his firm. Following the sale of his firm, he became CEO of Assante Capital Management. Under his leadership, Assante more than tripled assets under management to more than $25 billion.

Bowen is widely recognized as a leader in the financial services industry. Over three decades, he has delivered hundreds of keynote presentations and workshops to thousands of top advisors around the world. For more than 20 years, he wrote a highly acclaimed monthly column for the leading U.S. financial services trade journal, Financial Planning. And he is the author or co-author of more than a dozen books, including Elite Wealth Planning: Lessons from the Super Rich, The Wealthy Client Pipeline: Leveraging Thought Leadership to Build Profitable Partnerships with Attorneys and Accountants and Breaking Through: Building a World-Class Wealth Management Business.

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With Jason Barber, CEO and Founder, and Taylor Pankratz, President and Founder —Holistic Planning

Overview

What motivated the founders of Holistic Planning to leave Edward Jones, a firm their family built a business at over more than four decades? They discuss their thought process, the transition, and the growth opportunities they are now experiencing.

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 stakes are high with every transition. But for some, they’re even higher.

And this breakaway story is about as high stakes as it gets:

A family business that started at Edward Jones in 1981, putting over 40 years of growth and three generations on the line.

Jason Barber was the third generation to join the practice his grandfather Paul and father Steve built at the firm. Then, nearly a decade later, Jason’s cousin, Taylor Pankratz, left Raymond James to become a part of their team.

Yet the pivotal moment came in 2023, when Jason, Steve, and Taylor made the tough decision to leave the firm where their family business was born and thrived, growing to over $500mm in assets under management.

So why would a team with this much history with Jones and whose business was literally built over generations and decades with the same firm, decide it was time to explore their options?

Jason and Taylor’s response is a common one that we hear from growth-minded advisors: “We outgrew the firm.”

So many advisors find themselves at a point where their desire to grow and the ability to achieve their goals are limited by the firm they work for—whether that be at Edward Jones or any other employee-model firm.

For Jason and Taylor, the only way to achieve what they set out for was to launch their own RIA, and in 2023, Holistic Planning was born.

In this episode with Jason Diamond, Jason and Taylor share the story, including:

• The culture change at Edward Jones—and how that motivated them to consider their options.
• The limitations they were feeling at the firm—and how removing the “governor on their growth” is allowing them to now build and grow as they desire.
• Their due diligence process—and why they ultimately chose to build their own independent firm.
• The family’s response to the news of change—and why their grandfather said, “What took you so long?”
• The specific things they were trying to implement at Jones—and what they can do at their own firm that’s been a real game-changer.
• The launch of their companion firm, Uptick Partners—and how they envision it will allow other breakaways to leverage the platform they built.

It’s an episode with a bit of something for every growth-minded advisor with helpful guidance on the process of considering change. Plus, it offers a firsthand perspective for senior and next gen advisors thinking through the next phase of their business.

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

Post-Transition Survey: Checking in on Former Edward Jones Advisors Who Recently Moved
Unfiltered, fresh, candid, and honest feedback straight from your Edward Jones peers who transitioned to another firm or model within the past 18 months.

Assessing the Gap Between Where You Are and Where You Want to Be
A four-step process for financial advisors who are feeling the “pain of incongruence.”

Edward Jones Information Hub
A curated list of top-of-mind content for Edward Jones Advisors.

Behind the Breakaway: Uptick Partners Podcast
Learn more about our breakaway experience and the movement to RIA independence.

 

Jason Barber
CEO & Founder

Jason is a founder of Holistic Planning. He serves as the firm’s CEO and sets the firm’s overall vision and strategy. The creation of Holistic Planning, a fee-only independent Registered Investment Advisor (RIA), is the direct result of Jason’s desire to provide clients the most value and service while reducing conflict of interest to a minimum. Prior to founding Holistic Planning, Jason was with Edward Jones for 12 years and served in numerous leadership roles.

Jason is a proud graduate of Texas A&M University. He holds the CERTIFIED FINANCIAL PLANNER certification awarded by the Certified Financial Planner Board of Standards, Inc. and the Accredited Asset Management Specialist designation awarded by the College for Financial Planning. He considers himself to be a lifelong learner and a servant leader.

Jason and his wife Rachel were married on August 6, 2016, in Hot Springs, Arkansas. They share their wedding anniversary with Rachel’s parents and her grandparents. They have three handsome sons named Luke, Samuel, and Jack. They are also proud parents of their daughter in heaven, Joanna. Jason and Rachel believe it is their obligation to share how God helped them overcome the pain and sadness of that loss.

Jason and Rachel are Christians and active members of First Baptist Church in Nacogdoches, Texas. They believe in raising their boys to be godly young men with strong, conservative values of hard work and respect for others. They know Holistic Planning will only be as successful as God allows it to be, but the foundation of this company is in Christ alone.

When he’s not working, Jason enjoys spending time with Rachel and the boys on their 182-acre, East Texas homestead, riding their side-by-side, fishing, shooting skeet, and playing golf.

 

Taylor Pankratz
President & Founder

Taylor founded Holistic Planning after serving his clients at Edward Jones and Raymond James for seven years. Holistic Planning was founded with the vision of adding uncompromising value to his clients and their families in ways not previously possible.

Taylor prides himself on his ability to simplify the complex and bring a common-sense approach to financial advice. Taylor is a graduate of Texas A&M University, holding a Bachelor of Science in Mechanical Engineering along with the Accredited Asset Management Specialist designation.

An East Texas native, Taylor resides in Nacogdoches with his wife, Amanda, and their two children, Nathan and Micah. Taylor enjoys coaching his sons’ sports teams and playing golf as well as woodworking and cooking.

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With Dan Seivert, CEO & Managing Partner at ECHELON Partners

Overview

Dan Seivert of ECHELON Partners offers perspective to help advisors better understand their business’s value drivers and how to maximize each, even if you aren’t interested in going independent or selling your business.

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…

As more advisors shift toward thinking of their business as “a business,” the priority has become the long term—with an emphasis on maximizing the value of what they’ve built.

Yet maximizing value isn’t solely to affect a sale or transition: It’s about identifying the best partners, practices, and procedures to help build a stronger and more sustainable business that will serve clients and foster growth well into the future.

So, what is it that drives business valuations?

Dan Seivert, one of the wealth management industry’s leading experts on the topic, joins the show to share key factors that impact the value of an advisor’s business.

As the founder and CEO of ECHELON Partners – a boutique investment bank focused on M&A and succession planning for the wealth and investment management industries – Dan’s firm also provides sell-side, buy-side, and merger advisory services to wealth and investment managers seeking strategic growth, partnership, and succession solutions.

ECHELON’S M&A Deal Reports are an industry standard, providing data and perspective on activity on a quarterly and annual basis. Plus, the Deals & Dealmakers Summits and Webcasts feature some of the industry’s most influential voices on M&A, strategy, leadership, and solutions for deal-making.

In this episode, Dan sits on the other side of the table with Louis Diamond to discuss essential information on the heels of ECHELON’S 2023 Deal Report. They discuss:

• Driving enterprise value at all levels—regardless of where advisors build their businesses.
• Where business valuations stand today—and where they might be headed.
• The latest M&A trends—and what advisors should be aware of.
• The rise of private equity—and how this impacts advisors at wirehouses.
• And the key factors that set the best business apart from all others.

Dan has a unique perspective on what makes an advisor’s business attractive to a potential seller, and he provides actionable advice on what advisors can do now to prepare for the future.

It’s a unique interview with an industry thought leader that will help advisors better understand their business’s value drivers, how to maximize each, and what’s important to know about valuations going forward—even if you aren’t interested in going independent.

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 2023 Advisor Transition Report
JUST RELEASED February 2024: The latest “State of the Union” on the wealth management industry for financial advisors.

The Next Big Thing: Private Equity Disrupting the Landscape for the Best Teams
Private equity firms are showing an enhanced interest in wirehouse breakaways, investing directly in these teams on day one. Learn what’s driving this new trend, which teams are most appealing, how it will impact movement, and more.

Are You Selling Yourself Short by Selling Equity?
So you’re considering independence and the potential of taking on a capital partner. Is that the right move—or is there a better way to financially de-risk the leap? Here are 5 things to consider.

Daniel B. Seivert
CEO and Managing Partner

ECHELON’s RIA M&A Deal Report

Dan Seivert is the CEO and founder of ECHELON Partners – one of the leading investment banks and consulting firms to the wealth and investment management industries. Before starting ECHELON, Mr. Seivert was one of the initial principals of Lovell Minnick Partners, where he helped invest over $100MM in venture capital across 15 companies. Before his involvement in private equity, Mr. Seivert was a buy-side analyst at The Capital Group (American Funds) where he valued firms in the asset management and securities brokerage industries. Mr. Seivert’s initial job at Capital was in strategic planning and marketing research, where he worked directly for several chairmen of the company and the fund boards. Mr. Seivert began his career in the M&A department of Skadden, Arps, Slate, Meagher & Flom.

Over the past 30 years, Mr. Seivert has worked with over 500 executive teams and boards to help them envision, initiate, and execute a diversity of complex business strategies and transactions. As their trusted advisor, Mr. Seivert has helped these clients make the tough decisions concerning acquisitions, sales/divestitures, investments, mergers, valuation, M&A strategy, new ventures, management buyouts, capital raising, equity sharing, and succession planning. In his various roles, Mr. Seivert has conducted detailed valuations on over 1,000 companies, evaluated more than 2,000 acquisition targets, and authored 25 reports dealing with the wealth and investment management industries. During this time Mr. Seivert has served on the Board of Directors of AssetMark Investment Services, BridgePortfolio, and Occidental College.

Mr. Seivert is a frequent keynote speaker for corporate clients and at industry events. Several top industry publications have quoted Mr. Seivert extensively as a leading authority in the private wealth market. Mr. Seivert is the President and founder of ECHELON’s FINRA-registered broker-dealer (Echelon Capital, LLC). He has an Advanced Bachelor’s degree in Economics from Occidental College and a Master of Business Administration from UCLA’s Anderson School of Management. Mr. Seivert is a native of Los Angeles and currently resides in Manhattan Beach, California.

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With Louis Diamond and Jason Diamond

Overview

In the Advisor Transition Report’s companion podcast episode, Louis and Jason Diamond explore the key takeaways and their anticipated influence on activity during 2024 and beyond.

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’s no doubt that knowledge is power. This notion has driven the popularity of our annual Advisor Transition Report, an in-depth analysis of advisor movement, transition deals, and significant trends in the wealth management space.

The report captures the year in wealth management over 2023 and is designed to be a resource for advisors who are curious about the seismic changes we are seeing play out in real-time in the industry—information relevant to advisors whether considering change or not.

In this special Industry Update podcast episode, Louis Diamond and Jason Diamond take a deeper dive into the key takeaways and the anticipated influence of each on activity through 2024 and beyond. They offer valuable insight into:

• What firms were the winners – and losers – in the recruiting game.
• Which models saw the greatest amount of activity—and how this compares to previous years.
• How the shift toward a focus on the long-term is driving movement—particularly amongst the mega-teams.
• What impact retention efforts – like retire-in-place programs – had on advisor movement.
• Where recruiting deals are at—and where they are headed.
• Why there’s a shortfall of next gen talent—and how that’s impacting succession plans for aging advisors.
• Why private equity is the next “big thing”—and how it will disrupt the industry landscape.
• Why the advisor was ultimately the real winner of 2023—and is expected to be the winner again in 2024.
• And much more!

It’s the perfect companion to the Advisor Transition Report, so be sure to download it and listen in to this special episode.

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 2023 Advisor Transition Report
JUST RELEASED February 2024: The latest “State of the Union” on the wealth management industry for financial advisors.

Bourbon, Real Estate, and Golf Courses: How Innovations in Investments, Training, and Client Service Built a $9.4B Business
What does it take to thrive in the ultra-competitive wealth management world? Gary Furukawa and Erik Morgan of Freestone Capital share how their success is driven by creating unique solutions around serving clients, training their team, building the business, and managing investments.

The Next Chapter: Former First Republic Head Launches RIA with Backing from PE Firm Summit Partners
There was a time when First Republic Private Wealth Management was a top landing spot for corner office wirehouse teams. Then, the bottom fell out with the regional banking crisis. The former unit president, Bob Thornton, joins the show to discuss the fallout and his new chapter building an RIA backed by private equity firm Summit Partners.

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With Brett Bernstein, CEO and Co-Founder of XML Financial Group

Overview

Brett Bernstein realized that he could not achieve his vision and goals within the wirehouse world. So he set out to build his own practice. When he outgrew that, he built a firm. Now, he’s building an enterprise.

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…

Growth is not something that happens by chance.

It is the result of just the right combination of vision, strategic planning, determination, and the ability to act upon each.

Brett Bernstein is one such advisor who, just a couple of years after becoming a licensed broker at Merrill, recognized he wanted more latitude in how he could build and grow his business.

That is, it seemed more difficult to achieve his goals as one of thousands in a large firm that has no choice but to manage to the lowest common denominator.

No doubt, the wirehouses provide the support, platforms, and tech stacks that serve most advisors and their clients well, but they’re not for everyone.

As one of the latter group, Brett and his team moved on to LPL Financial in 2004 – a firm that looked very different than it does today – where they grew the business to some $550mm in assets. But, as Brett put it, they outgrew the broker dealer model they were in.

In 2016, Brett and his team took the next big leap to independence, partnering with Focus Financial.

For Brett, the steps represented what he describes as moving from building a practice, then a firm, and now an enterprise. Each with a goal of putting the right pieces in place to impact growth.

And when it comes to growth, it’s pretty clear Brett and his team know what they’re doing: Today, XML Financial Group (a name that’s derived from “ex-Merrill Lynch”) has client assets in the range of $4B.

In this episode, Mindy and Brett have a candid conversation about what it really takes to grow, including:

• The limitations he felt that kept him from thriving—and how he resolved them through the transitions.
• The decision to forgo a recruiting deal from another big firm—and whether that decision had an impact on his bottom line.
• The value that Focus Financial brings to the table—and why he refers to them as their horsepower to help turbocharge growth.
• The story behind the firm’s name—and how it plays into their culture and value proposition.
• And much more!

It’s a real-world narrative around what it takes to really grow and thrive in the wealth management industry with plenty of actionable advice from an industry peer.

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

Celebrating Independence: Different Perspectives on How to Achieve Greater Freedom and Control
Independence in the wealth management industry is much like your local ice cream shop: There are many different flavors to choose from.

The Independent Alpha: Making the Breakaway Math Add Up
Advisors breaking away for independence know what they are giving up, so how can they justify making this leap? The answer starts and ends with growth.

Financial Advisor Economics: From Transition and Beyond
In an active recruiting environment, advisors are eager to understand where deals are at and where they’re headed. Beyond a transition deal, how can advisors monetize their business over time – thinking about the short-, mid- and long-term – whether they are in an employee or independent model?

BRETT BERNSTEIN, CFP®
CEO & Co-founder

Brett Bernstein is the CEO and Co-founder of XML Financial Group. He manages the operations of the firm, including the firm’s M&A strategy. Brett is an active financial advisor assisting clients with his holistic approach to goal-setting and problem-solving. Prior to co-founding XML in 2004, he was a Vice President and Senior Financial Advisor at Merrill Lynch, where he was a designated Producing Sales Manager for a multi-billion-dollar complex.

Brett is a serial entrepreneur actively investing in many start-up companies and has led his firm in three acquisitions. He earned his Certified Financial Planner® professional designation in 2003. He is a sought-after speaker and industry commentator having numerous contributions in the Wall Street Journal, Financial Advisor Magazine, Investment News, and Forbes.

Brett received a Bachelor of Science in finance from the University of Maryland’s Robert H. Smith School of Business and continued his education at Georgetown University and Harvard Business School’s Executive Leadership Program.

Brett has served on various non-profit organization boards in numerous leadership positions but over the past 12 years has served as the Board Chair of So What Else, a local, grassroots charity helping at-risk youth with after-school and summer programs and food recovery. Brett also serves as a Board Trustee for the Bullis School in Potomac, Maryland. Brett volunteers his time to the Bullis School’s entrepreneurial program, sponsoring the Capstone Entrepreneurial Shark Tank competition and was recently named to Bullis’ Entrepreneurs in Residence.

Brett is also active in volunteering at the Dingman Center for Entrepreneurship at the University of Maryland’s Robert H. Smith School of Business as an Advisor and Subject Matter Expert. In Brett’s free time, he enjoys spending time at Bethany Beach, DE with his wife, two teenage daughters, and two dogs.

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A breakdown of the steps advisors can take to prepare for change and enhance business processes, equally effective for those at the curiosity stage or even deep into due diligence, and whether you ultimately make a move or not.