With Allan Boomer – Partner, Chief Investment Officer of Momentum Advisors

Overview

Allan Boomer, the CIO of Momentum Advisors, shares his journey from a working-class background to an internship at Merrill and later landing at Goldman. In this episode, he discusses leaving Goldman to gain the ability to act as a true fiduciary in independence, the role of diversity as his “superpower,” his vision for a “100-year business,” his focus on long-term growth, 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 of the most successful advisors start off in a place unlike the world they practice in.

For Allan Boomer, discussing the stock market at dinner or reading the Wall Street Journal wasn’t a part of his upbringing. However, hard work and strong family values were the major factors that influenced his formative years.

In high school, Allan joined a corporate internship program that offered him a summer position at Merrill, which changed his life’s trajectory.

After graduating from NYU’s Stern School of Business, he landed at Goldman Sachs and dug into his strong work ethic and determination to build his experience and book.

He recalls how his colleagues had family or friends they could call on to help them build their businesses, but he didn’t have that same reach as a young Black man in a working-class community.

Allan took several leaps of faith over the years, ultimately leaving Goldman – and much of his book on the table – to become a true fiduciary. Today, Momentum Advisors manages $400mm in assets with 10 employees.

In this episode, Allan shares how that vision drives him with host Louis Diamond and offers a unique perspective on growth, including:

• The factors that led him to leave Goldman—and why he chose independence.
• Being a true fiduciary to his clients—and why he could not accomplish that at the brokerage firm.
• The role of diversity in wealth management—and why he sees it as his “superpower.”
• The value of youth—and how he and his team use it to their advantage.
• Building a “100-year business”—and what that means to him, his team, and his clients.

Allan’s story is relevant and relatable for advisors at all levels, with a point of view on building for the long term from which all advisors can learn.

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 5 Attributes That Make a Financial Advisor a “Real” Fiduciary
Wirehouse advisors are recognizing that being a true fiduciary is impossible as an employee—and it’s adding more fuel to the flow of movement to independence.

The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey
With so many options to choose from, how does an advisor decide which path to independence to take?

Your Guide to the Wealth Management Landscape: An At-A-Glance Map for Financial Advisors
An “at-a-glance” continuum infographic to serve as your guide to the different models and their relative features.

Allan Boomer is the Founder and Chief Investment Officer of Momentum Advisors — a certified minority-owned investment management and financial planning firm in New York City with over $350 million in assets under management.

Outside of his role at Momentum, Allan is an active investor in real estate and franchise businesses. He and his partners own nine ZIPS Dry Cleaning franchise stores and are the largest franchisee in the ZIPS system. Additionally, he is the co-host of “The Momentum Advisors Show,” a weekly podcast which educates the public about building wealth through investments, financial literacy and entrepreneurship.

Allan holds an MBA in Finance from the NYU Stern School of Business, where he was a Robert A. Toigo Fellow, and a BS in Marketing from Morgan State University.

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With Susan McKenna, CEO, eMoney

Overview

Susan McKenna, CEO of eMoney, explores the fintech firm’s evolution, competitive edge, and the role of technology in wealth management. She discusses how eMoney’s tools foster client conversations and enhance experiences, shares insights on the future, 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…

It goes without saying that technology has been a mass disruptor in every industry.

In wealth management, fintech, as it’s referred to, has set the foundation for growth and efficiency with companies like eMoney leading the charge.

Nearly 25 years ago, eMoney Advisor hit the scene, providing a tool to help make advisors more efficient by leveraging the internet with a platform that allowed clients to access a “living breathing plan”—as opposed to a binder of documents that became stale shortly after delivery.

Today, eMoney continues to help create efficiencies for advisors and foster conversations with their clients about money by leveraging a suite of tools designed to empower planning and elevate the client experience.

So how can advisors best leverage technology like eMoney? What’s the real impact of fintech on an advisor’s business? And what is the next big disruptor everyone in wealth management should be aware of? We invited the CEO of eMoney, Susan McKenna, to join Jason Diamond on the show, to answer those questions and more, including:

• The role of technology in wealth management—and how it serves as both an instigator and disruptor.
• The crowded landscape of fintech—and how eMoney stands out among the rest.
• The eMoney unique value proposition—and how education and community play a large role in their success.
• The gap that eMoney recognized early on—and how their solutions went beyond the initial need they identified.
• The relationship between client experience and growth—and how eMoney’s tools offer a competitive advantage.
• The impact of AI on the industry—and how she perceives the future from the eyes of the advisor.

Susan offers a unique perspective as someone who grew up through the ranks of the firm and drives an interesting conversation that describes the evolution of eMoney and the financial planning world—and technology’s role within it. It’s an episode that advisors at all levels and firms will learn from.

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

Conducting a Strategic Due Diligence Process: 10 Practical Tips for Financial Advisors
Based on decades of experience in helping guide advisors through the due diligence journey, we compiled these 10 tips to serve as a practical guide to navigating the process with efficiency.

The Gears of Change: How Evolving Expectations of 3 Key Stakeholders is Driving More Advisor Movement Than Ever Before
Financial advisors are seeking greener pastures that offer the ability to achieve something better for themselves and their clients.

Innovative Ways the Best Independent Firms Fuel Growth: A Special Industry Update
Independence allows advisors to create an unlimited menu of innovative value-add services for their clients. And as the industry landscape expands, employee advisors are finding ways to get in on the action. Learn specific examples of the various services offered by some of the industry’s leading independent firms.

Susan McKenna
CEO

As CEO, Susan oversees the execution of eMoney’s vision and business strategy in addition to managing its cross-functional, core leadership team. Before being named CEO in 2022, Susan was eMoney’s Head of Marketing and Sales where she led all activities that accommodate the underlying demand for financial advice, drive revenue and growth, and increase brand awareness.

Susan joined eMoney in 2018 with an extensive background in leadership and aiding companies to grow and scale. She has more than 30 years of experience, specifically in software and services for both major global market leaders and smaller rapid growth businesses. Prior to joining eMoney, she held senior positions at Billtrust, Revitas (sold to Model N), Princeton Softech (sold to IBM), and Deloitte. Susan graduated from Drexel University with a Bachelor of Science in marketing.

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With Dylan O’Shea, Partner, Quorum Private Wealth

Overview

Dylan O’Shea offers a unique perspective from a growing advisor with a long runway who could have easily opted for a transition check but instead chose independence. He discusses why he joined Quorum Private Wealth, the value of their shared vision, infrastructure, 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…

The choice to leave the firm where you built your business often comes down to what we call the pushes and the pulls.

The pushes are typically those things that are limiting or frustrating you. The pulls are the desire to achieve something greater: A vision for a future that allows you to serve clients and grow the business with less friction and more potential.

It’s not uncommon to feel some pushes, but we find that advisors more frequently shared that they left their firm because they were pulled toward an option that offered “a better way.”

Dylan O’Shea is one such advisor who felt that pull.

For Dylan, it was an attraction that led him toward independence after 10 years of building a solo practice at Merrill—a tenure that included serving as a coach for the financial advisor training program and as Chair of Merrill’s NextGen Leadership Council, and ultimately generating $1mm in annual revenue.

Yet, over time, the nagging sense that Merrill was “no longer his tribe,” as Dylan put it, became stronger—and he wanted to achieve more than he felt was possible at the firm.

As a young and growing advisor, Dylan watched as others left Merrill to follow their dreams and build independent firms that offered them greater freedom and control—which was a prospect that Dylan found attractive.

After conducting due diligence, Dylan decided to join former Merrill senior colleagues Kelly Milligan and Mike Barry at Quorum Private Wealth in 2022.

Dylan shares his story with Mindy Diamond, including:

• The specific pushes and pulls that he experienced—and what pulls were the tipping point.
• The draw to join independent firm Quorum—and how he found a new tribe in the process.
• The decision between taking a transition deal from another firm vs. independence—and why tucking into an existing firm was the path he chose.
• The value of infrastructure—and why scale, support, and experience was a key factor in his decision.

It’s a narrative that offers a unique perspective of a young, growing advisor with a long runway who could have easily opted for a transition check but instead chose independence, why he opted to tuck into an existing firm rather than build his own, and much more.

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

Ex-Merrill ACTM Chair to Independent Business Owner: A Former Insider’s Point of View
Kelly Milligan describes his journey at Merrill from zero to $1.5B in AUM, his role as Chair of the ACTM, the change in culture at the firm and how that motivated him and his team to launch independent firm Quorum Private Wealth.

Merrill Information Hub
A curated list of top-of-mind content for Merrill Advisors

Diamond Consultants Advisor Transition Report 2024: Focus on Merrill
This “firm-focused report” seeks to look under the hood at movement to and from Merrill from January to June of 2024.

Tuck-ins: Independence for Advisors Who Don’t Want to be That Independent
Giving up some control to gain additional freedom and flexibility is just right for many advisors considering independence.

Dylan O’Shea, CFP®
Partner

After several years as a teacher, Dylan joined Merrill’s PMD training program in NYC where over the next decade he built a solo advisory practice to over $1 million in annual revenue. He also earned the CERTIFIED FINANCIAL PLANNER™ designation, recognized as the highest industry credential.

While at Merrill, he also held leadership roles as Chair of Merrill’s NextGen Leadership Council and as a coach for the FA training program in Merrill’s Fifth Avenue NYC office.

In late 2022, Dylan left Merrill for supported independence with Quorum Private Wealth, a Bay-Area based firm, and launched the NYC Metro office. In 2023 and 2024, Quorum was named as one of Forbes/Shook Top RIA Firms.

When not out in nature or supporting his children’s extra-curriculars, he can be found most weekends cheering on his beloved English Premier League soccer team, Tottenham Hotspur.

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With Erin Rocchio, Managing Partner of Evolution

Overview

Advisors often face the fear of the unknown, feeling dissatisfied but stuck in “what ifs.” Erin Rocchio, coach and Managing Partner at Evolution, joins Mindy Diamond to share strategies that help advisors break free of this inertia, acknowledge fear, and open their minds to transformational change.

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 advisors reach a crossroads at some point in their careers, and it’s often rooted in the fear of the unknown.

While they may be dissatisfied with the firm they work for, they’re challenged by the “what ifs.” So much so, that they often can’t see “what could be.”

Yet, every day, there are advisors who choose to transition to another firm or model and ultimately transform their business lives.

How do they do it? Is it courage? Will? Knowledge? Or something else entirely?

Coach and Managing Partner of Evolution Erin Rocchio joins Mindy Diamond to explore the topic.

Erin has a unique knack for helping people dig deep and break free of the inertia that prevents them from moving forward. She and Mindy discuss strategies that she employs with her clients to create transformational change in our business lives, including:

• Acknowledging fear—and how it can leave you paralyzed and stuck in a place that you’re not happy with.
• Fostering an open mind—and how that will help you navigate out of your comfort zone.
• Embracing the “white space”—and why it should be a life-long practice to help you manage risk.
• Managing ambiguity and anxiety—and how we’re not wired to handle as much as we accept.
• Maintaining stability through change—and how to find a “middle ground.”
• Determining readiness for change—and how to identify if you should stay or go.

Ultimately, as Erin shares, there is a trade-off of comfort now for something more compelling in the future—but how do you manage that process? Listen in to learn actionable strategies and techniques that she employs with her coaching clients to help them get “unstuck”—and change “what if” to “what could be.”

Products: www.ourwholenessatwork.com
Coaching Services: www.Evolution.team
LinkedIn: https://www.linkedin.com/company/evolution-service-corporation/

Enneagram X Burnout Card Deck
108 Mindful Practices for Sustained Wellbeing
https://ourwholenessatwork.com/pages/enneagram-burnout-card-deck

Burnout Recovery Circles
https://evolution.team/wholeness-at-work-burnout-recovery-circles

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 Strategic Due Diligence Roadmap for Financial Advisors
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™.

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.

Erin Rocchio, MPOD
Principal, Executive, and Team Coach

EXPERIENCE

For over fifteen years, Erin has worked with executives across industries to find the sweet spot between business results and personal meaning. She designs and delivers transformational leader, team, and organization development in line with business strategy. Released in 2020, Erin’s inaugural publication, Wholeness at Work: Free Yourself from Burnout for Good, addresses the science behind workplace burnout. She explores the symptoms, sources, and solutions across three levels: individual, relational, and systemic. Her Roadmap to Wholeness supports leaders in finding a lifelong path to sustainable well-being in their work.

Erin’s clients are curious, values-driven, emotionally intelligent leaders up to big things. She works with C-level executives at billion-dollar companies and founders of proven start-ups, helping them cultivate sustainable, high-performing leadership

teams based on metrics that drive engagement and results. Erin brings a philosophical orientation to her work rooted in Appreciative Inquiry (strengths-based change), the Enneagram personality system, Integral theory, and neuroscience-based organizational and leadership wellbeing.

PARTNERSHIP

Erin is a Managing Partner at Evolution, a coaching, consulting, and investment firm that partners with start-up and high-growth companies to drive long-term, holistic success through developing leadership, alignment and culture. Evolution works exclusively with companies that strive to be iconic, world-enriching, evolutionary businesses.

Erin’s clients include Snap, Glassdoor, Medtronic, City of Hope, Uber, Seattle Children’s Hospital, Cornerstone On Demand, Amazon Games, Retool, Companion Pet Partners, Slack, Abercrombie, Girl Scouts San Diego, Altana AI, Open AI, Research Affiliates, and Udemy.

EDUCATION

Erin earned a Bachelor of Science in Education and Social Policy from Northwestern University, and a Master of Science in Positive Organization Development and Change (MPOD) from Case Western Reserve University’s Weatherhead School of Management. While at Northwestern, Erin was an elite student-athlete, helping to build its Women’s Softball program to national distinction.

Erin is a certified Integral Coach with Integral Coaching Canada and a Senior Member of the Enneagram in Business Network. She holds additional certifications in Advanced Coaching with the Enneagram, a robust personality typing system (via Enneagram in Business) and Developing Leadership with Emotional Intelligence (via CWRU). Erin is also a member of the Organizational Development Network and International Positive Psychology Association. Erin is a graduate of Landmark Education’s Team, Management and Leadership Program, and is an avid fan of mindfulness and self-compassion meditation.

PERSONAL

Erin enjoys her free time watching her two young daughters discover the wonders of life around them.  Erin also has a soft spot for talking global politics and poetry. More than ever, she is an advocate for the development of young women as leaders in their communities.

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With Jason Diamond and Mindy Diamond

Overview

Many advisors are drawn to independence for the control and equity-building potential it offers, yet find themselves wondering if monetization in the short term might be the better way to go. Jason Diamond and Mindy Diamond provide insights and guidelines to help advisors navigate these choices with strategies to assess factors like growth, profitability, succession planning, and short- vs. long-term goals.

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 prospect of becoming an independent business owner is attractive to many advisors. The freedom and control that come with ownership, along with the potential of building equity, would seem like a compelling choice over transitioning to another employee model.

Yet, when it comes to deciding between monetizing through a recruiting deal now or making the leap to independence, many advisors find themselves caught in the middle—that is, between the proverbial bird in hand now and the potential down the road via increased growth, profitability, and even a sale of some or all the business.

Especially if you’ve never monetized, would it make sense to do so first before breaking away? Or should you just jump into independence headfirst with your sights set on the long term?

There are no simple, one-size-fits-all answers—but there are some strategies to help you through the decision-making process.

Jason Diamond does a deep dive into the topic with Mindy Diamond and shares some guidance to follow when faced with this important decision, including:

• The growth and legitimacy of the independent space—and the impact on an advisor’s decision-making process.
• Monetization options—and how each is dependent on an advisor’s goals.
• Firms with multi-channel affiliations—and why they have become a “go-to” option for many advisors.
• “Move once, monetize twice”—and what types of advisors this option may appeal to.
• Succession planning—and what advisors need to know when weighing a retire-in-place program over other options.
• The short-term vs. the long-term—and why having clarity on goals is one of the most critical aspects of the decision-making process.
• And the questions advisors can ask themselves to determine the right next step.

This is a full-on education of the choices that advisors have, as well as the determining factors for each. So, whether you’re a wirehouse advisor considering the best path forward or just looking to get acquainted with the ever-changing industry landscape, this episode is for you.

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

Move Once, Monetize Twice
Weighing all of your options may result in doubling the returns; in essence, moving once yet monetizing twice.

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.

What Advisors Should Focus on to Maximize the Value of Their Practice: An Investment Banker’s Guidance
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.

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With Carl Richards—CFP™, Content Creator, Thought Leader

Overview

Realizing common behavior gaps led Carl Richards to explore ways to simplify financial concepts and processes for clients. As a result, he’s become an industry thought leader who offers a unique perspective on the true value of an advisor and how to access that to better serve clients and foster growth.

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 a chasm that exists in everyone’s life between what we know we should do, how we do it, and what we actually do.

The good news is that there are those among us who see these self-limiting behaviors for what they are—and have developed ways to simplify the routines that leave us feeling stuck and repeating what can be less efficient actions.

Carl Richards is one such person with that unique vision. He, too, often felt mired in excess detail and complex processes and data, and found a way to simplify it all.

As someone who started in the big brokerage world and later made the leap to independence, Carl recognized there had to be a better way to communicate with clients—to drill down on long reports and share what was most meaningful to them.

Today, in addition to being a Certified Financial Planner, Carl shares his techniques with those in the wealth management world and beyond, as an author, podcaster, and thought leader. So we’re excited he’s joining Jason Diamond to offer meaningful advice, including:

• Identifying your own behavior gaps—and how to address them.
• The impact of client behaviors—and how advisors can limit some of the tension that often exists when talking about money and the future.
• The significance of simplifying the complex—and how his podcast with Michael Kitces, Kitces and Carl, demonstrates that concept in action.
• Robos, AI, and other prospective “replacements” for advisors—and why he sees advisors’ real value to their clients as far stronger.
• Being the signal among the noise—and why empathy needs to be a more significant part of the industry as a whole.

It’s advice around simplification and filling what he calls behavior gaps that are truly relevant to all advisors—in how they think about their own business lives and their processes with clients.

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

Michael Kitces on Advisor Wellbeing: How Autonomy is Trumping Income When it Comes to Advisor 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.

Top Tips for Setting Your Business Up for Success Years Before a Move: An Industry Update
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.

Top Tips for Setting Your Business Up for Success Years Before a Move
We have compiled the most salient tips collected from over two decades of helping our advisor-clients through successful transitions.

Carl Richards
CFP™, Content Creator, Thought Leader

Carl Richards is a Certified Financial Planner™ and creator of the Sketch Guy column, which appeared weekly for a decade in The New York Times.

Carl has also been featured on Marketplace Money, Oprah.com, and Forbes.com. In addition, Carl has become a frequent keynote speaker at financial planning conferences and visual learning events around the world.

Through his simple sketches, Carl makes complex financial concepts easy to understand. His sketches also serve as the foundation for his two books, The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money (Portfolio/Penguin).

His sketches have appeared in a solo show at the Kimball Art Center in Park City, Utah, as well as other showings at Parsons School of Design in New York City, The Schulz Museum in Santa Rosa, California, and an exhibit at the Mansion House in London.

His commissioned work is on display in businesses and educational institutions across the globe.

Carl also founded The Society of Advice. Every month, Members of The Society of Advice join Carl in a 90-minute private conversation with a knock-your-socks-off guest.

If you like Carl’s work, you may love 50 Fires: A Podcast About Money and Meaning, featuring frank, funny, and often difficult conversations about money that actually matter with guests from all walks of life.

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With Nate Harris, Founder, Covenant Capital

Overview

Nate Harris recognized that the firm he first built his business at no longer aligned with what he deemed as his North Star. After extensive soul searching and due diligence, he decided to leave his team at Merrill and opted for the independent broker dealer model, which he felt would allow him to achieve all he desired and then some.

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…

For many advisors, finding their “North Star” is a journey to identify what’s most important to their businesses and their lives.

That realization often serves as the foundation for a renewed commitment to their firm or as a motivation for change.

Nathan Harris started his career at Merrill in 2006 and joined a team of 8. His experience at the firm was not unlike many other advisors we speak with: He worked with a great team and built a stellar business, yet he started to recognize the firm’s “trend of changes.”

So Nate dove headfirst into due diligence to explore the options available to him. He spoke to “at least a hundred individuals,” as he put it, and filled an entire notebook with information that he and his now partner Jeff reviewed throughout the exercise.

They decided that their North Star was founded on the ethos that a change had to be better not only for their clients but also for their team and themselves.

And one thing came to light early in the process: Each actually could be better.

After exploring a variety of firms and models, they made the leap to independence and launched Covenant Capital with Raymond James independent broker dealer model in 2021.

In this episode, Nate shares a compelling narrative with Jason Diamond, including:

• The trend line of evolution at Merrill—and how that impacted the decision to make the leap.
• RIA vs. IBD—and what drove the decision to choose the independent broker dealer model.
• Breaking up a team—and why some chose to stay at Merrill instead of transitioning to Raymond James.
• The process of due diligence—and why he sees it as a valuable exercise any advisor should embark on periodically.
• The logic and emotion of decision-making—and how to account for both.
• Plus, Nate offers really valuable advice on how to assess your business life—and keep your north star at the helm.

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

Why you need to define your “True North”
Developing your own guiding principle will ensure you stay focused on the big picture, not individual items in a vacuum.

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.

Going Independent with an RIA vs. IBD: A Comparison Fact Sheet
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.

Nathan S Harris, CFP®, CPWA®, CRPC®, C(k)P®,CPFA®, CPWA®, CRPCTM
Founding Partner

Nathan started his career at Merrill Lynch in 2006 prior to founding Covenant Capital in 2021. He was named to the Forbes Best-In-State Wealth Advisors list in 2018, 2019, 2020, 2021. Nathan holds multiple designations, including the Chartered Retirement Planning Counselor℠ designation and the Certified Financial Planner™ certification awarded by the Certified Financial Planner Board of Standards, Inc.

Nathan is a member of the Tivoli Society for the Weinberg Center of the Arts and is a past president of the Southern Frederick County Rotary Club. He graduated magna cum laude from the Wharton School at the University of Pennsylvania and is a former Navy lieutenant on board the USS Ronald Reagan, where he worked on nuclear reactors.

Nathan and his wife, Kate, pursue charitable causes that are important to their family and to our client families through a donor advised fund, The Nate & Kate Harris Foundation. They live with their two children, Max and Ella Jane, and their miniature Schnauzer, Harry Potter.

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With Justin Berman—Co-Chairman at Cresset and Founder of Berman Capital Advisors

Overview

Justin Berman demonstrates an important concept: Change is constant. After a novel leap from Goldman Sachs to independence in 2010 and building the business from $1B to $5B in 10 years, he decided he needed to make a change to provide an even greater impact on his clients and business in the future. So he merged with Cresset Asset Management and in just 3 years, increased revenue from $17mm to $27mm.

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 was May of 2020 when Justin Berman first shared his breakaway story on this series.

In “Life After Goldman Sachs,” Justin shared his perspective on leaving the prestigious brand to launch an independent firm. He discusses why, after 7 years at Goldman, he felt limited by changes at the firm in his ability to serve his high-net-worth clients’ needs and continue to grow the business into the future.

So, Justin launched Atlanta-based RIA Berman Capital Advisors, a firm that grew from managing a billion in client assets to $5B over the course of 10 years.

Then in September of 2021, it was announced that Justin’s firm would merge with Cresset Asset Management.

The big question is why would a successful independent firm decide to align with a multi-family office and investment firm like Cresset?

As Justin put it, he once again considered the future, his clients’ needs, and his firm’s ability to serve those needs and grow the business going forward.

And it’s proving to be a good decision: In just 3 years, his revenue increased from $17mm to $27mm.

He revisits his journey with Mindy Diamond, filling in the gaps since his last visit, and offering a unique perspective on the evolution of an advisory business, including:

• The choice to give up control of the business he built—and how that decision has proven to be the right one.
• The options he considered—and why Cresset was the partner he chose to align with.
• The impact of change on a business’s future—and what Justin specifically saw that inspired his decision.
• His incredible growth—and what key steps he finds most effective.
• What it means to be a “family’s first call”—and how a partner or business model can help facilitate that.
• The power of attracting top talent—and why it’s imperative to have a team and services that demonstrate growth and profitability.

Justin’s story is important because it shares how, instead of being feared, change should be embraced as a pathway to growth. Listen in to learn valuable insights that can help inspire your own evolution.

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

Finding the Shortest Path to Excellence Can Be a Game Changer for Advisors
Doing everything you can to deliver better service, drive growth, and achieve your goals faster can result in extraordinary benefits.

Life After Goldman Sachs: A Story of Extraordinary Success
Ex-Goldman Sachs advisor Justin Berman shares how he found the courage to leave the Goldman imprimatur, brave Garden Leave, and build the $3B Berman Capital Advisors.

Private Bankers Find Greater Independence: Former $2B J.P. Morgan Team on Their New Chapter with Cresset
Private bankers are far less likely to leave the banks they built their businesses at given the challenges they face in a move—most notably portability concerns and garden leave provisions. Yet Kevin McGuire, Sarah Burney and their team started to feel a conflict between what they wanted to do for their clients and what they could do under the auspices of J.P. Morgan Private Bank. So they explored their options, including the thought of launching their own RIA, but instead opted for Cresset. They share their story one year after making the transition.

Justin Berman
Co-Founder and Co-Chairman

Justin Berman is Co-Chairman at Cresset, and Founder of Berman Capital Advisors. In his role, Justin works with multi-generational entrepreneurial families while setting the strategic vision for the firm.

Justin founded Berman Capital Advisors in 2010 as part of his commitment to provide truly objective family office services, wealth management, and investment consulting services to a select group of high-net-worth families. Prior to this, Justin worked in the Private Wealth Management division of Goldman Sachs & Co., where he was a member of the firm’s Leadership Council. He has also served in the Investment Advisory Group at myCFO, Inc., and in the Private Client Group at Arthur Andersen & Co.

Justin graduated summa cum laude from Georgetown University, where he served as Varsity Tennis Captain and was a Rhodes Scholar finalist. He also earned an MBA from The Wharton School, University of Pennsylvania, where he was named a Palmer Scholar.

Justin is active in the community and is on the board of trustees of The McDonough School of Business at Georgetown University, Leadership Atlanta, and Grady Health Foundation. He also chairs the board of My Journey Matters, a program designed to help reduce recidivism in young offenders in Atlanta. Justin is also involved in the Young Presidents’ Organization. Justin and his wife, Mara, reside in Atlanta and have three children.

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With Michael Henley, Founder & CEO of Brandywine Oak Private Wealth; Matt Liebman, CEO of Amplius Wealth Advisors, Jerry Davidse, CEO of Presilium Private Wealth

Overview

Three Merrill breakaways offer unique perspectives on the process of considering change, life outside the wirehouse, and filling the gaps that one might experience when leaving a big brand name behind to become an independent business owner.

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…

Advisors who are considering the leap to independence often share their concerns about leaving behind the culture, community, and support they’ve grown accustomed to in the wirehouse world.

And that’s perfectly valid.

While many advisors are vocal about the lack of freedom and control at the big firms, there are still a lot of positives—like having a well-known brand with a seemingly endless budget behind you and the ability to create a strong foundation for success.

On the other side, there are those who’ve made the break to independence and share that life outside the walls of the wirehouses is pretty amazing.

For this special episode, we invited three such breakaway advisors who developed extraordinary independent businesses to discuss how they did it. That is, to offer their trade secrets to creating businesses that merged the best of the wirehouse they grew up in with the freedom and control they were searching for.

Former Merrill Advisors Michael Henley, the Founder and CEO of the $1.6B Brandywine Oak Private Wealth, Matt Liebman, CEO of $1.5B Amplius Wealth Advisors, and Jerry Davidse, CEO of $500mm Presilium Private Wealth join Louis Diamond to share their journey, including:

• The changes they witnessed at Merrill—and how each impacted their decisions to launch their own firms.
• Leaving Merrill—and the roadblocks they hit along their journey.
• Their home-grown community—and how this group of like-minded business owners fills the gap of what they might miss from the wirehouse, including camaraderie and collegial support.
• The single most impactful process or tactic they’ve employed—and how it influenced growth.
• Plus much more—including a Founder’s Blueprint segment.

It’s an episode that shares different points of view with a common goal: To do what’s best for their clients and business lives. Available on audio and video—so be sure to listen in or watch.

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 Diehard Merrill Advisor’s Journey to Independence
Michael Henley, a 34-yr old “diehard Merrill Lynch advisor” and team, with a partner less than 10 years from retirement, came to a point at the wirehouse when it was more about “jumping through hoops” for the bank than doing best for their clients.

$1B+ Multi-Generational Merrill Breakaway Team Leaves Behind the Big Brand to Gain “More” for Clients
Matt Liebman, Founding Partner and CEO of RIA firm Amplius Wealth Advisors discusses the complexity of considering change with a multi-generational team, the difficulty of walking away from a big brand name, the concept of clients being the real “boss” and how that influenced his choice to build an independent firm—and much more.

Outgrowing the Employee Model: How an ex-Merrill Advisor Found Autonomy & Abundance in Independence
Jerry Davidse discusses his transition from Merrill to building RIA firm Presilium Private Wealth with partner Brook Hart. He shares how they gained the freedom to communicate and create an exceptional experience for their clients, their outstanding portability ratio, uptick of referrals, and more.

Michael Henley CFP® | CPWA® | CRPC® | RMA®
Founder and CEO

Michael Henley is the Founder and CEO of Brandywine Oak Private Wealth, a private wealth management and registered independent advisory firm headquartered in Kennett Square, PA. Over the course of his 20-year career, Michael has been dedicated to helping wealthy individuals and families plan and manage all aspects of their finances and investments. With a passion for helping others look behind the curtain and understand the complex world of finance, he develops close relationships with clients as he helps them progress toward their financial goals. Michael loves to provide clarity and alleviate financial anxiety, help prevent families from overpaying in taxes, and give wealthy families permission to enjoy their life savings. He says, “No work is more gratifying than giving families outcomes to what matters most to them.”

Michael holds the CERTIFIED FINANCIAL PLANNER™, Certified Private Wealth Advisor®, Chartered Retirement Planning Counselor℠, and Retirement Management Advisor® designations. Residing in Chadds Ford, PA, with his two children, he enjoys outdoor activities, particularly maintaining trails on his property, hiking with his dogs, and being an actively engaged dad, always taking his kids everywhere. Michael’s latest hobby is tennis, he is obsessed with hot yoga, and he recently started ice skating to join his daughter Savannah. He can also be found moving logs to the firepit with his son Maverick on the tractor. Michael serves on the board of United Way of Southern Chester County and loves mentoring younger advisors. Great mentors helped him succeed, and he’s convinced that every leader needs to both have mentors and be a mentor.

Matthew D. Liebman, CFA®, CRPC®, CAIA®
Founding Partner & Chief Executive Officer | Wealth Advisor 

As Founding Partner and CEO, Matt drives the principal mission and core promise of Amplius Wealth Advisors: to put clients at the center of everything Amplius Wealth Advisors does.

Prior to founding Amplius Wealth Advisors, Matt returned home to the Philadelphia area in 2008, where he co-led The Liebman Marks Group at Merrill Lynch for 13 years, consistently receiving firm recognition as a top advisor. Before Merrill Lynch, Matt worked in the investment management industry in New York City in a variety of roles – as a research analyst, portfolio manager, and hedge fund manager. Combined with his education and background in asset allocation theory and behavioral finance, Matt has considerable experience with high-net-worth families and provides a unique approach to guiding clients towards their financial goals.

Matt is a CFA® Charterholder, Chartered Retirement Planning Counselor (CRPC®), and Chartered Alternative Investment Analyst (CAIA®). He was recognized as one of the Top Advisors in Pennsylvania by Forbes as a “Best-in-State Wealth Advisors” ranking in 2020, 2021, and 2023.

Matt earned a BBA from Emory University’s Goizueta School of Business as a dual major in business and political science with concentrations in finance and new venture consulting.

Matt is a Member of the New York Society of Security Analysts, Philadelphia Society of Security Analysts, CFA Institute, and the CAIA Institute. He serves on the boards of the Anti-Defamation League and KleinLife and is an active volunteer in the Philadelphia community.

Matt lives in Haverford, PA, with his wife Allison and two children, Noah & Lucy. He is an avid NBA fan, tennis player, and volunteer basketball coach for his children’s youth teams. Matt is an avid follower of domestic and global politics and enjoys reading business, sports, and political non-fiction books.

Jerry Davidse, CFP®
CEO

Jerry Davidse, CFP® has worked closely with leading families across the U.S. as a wealth manager since 2001, advising them on wealth planning, custom investment portfolios and risk management strategies. He believes in clear communication with clients and provides simple recommendations for complex financial decisions. Jerry earned two degrees from the business school at Villanova University in 2001.

Jerry was awarded the CERTIFIED FINANCIAL PLANNER™ certification in 2005 by the Certified Financial Planner Board of Standards, Inc. He was previously a Vice President at Morgan Stanley and Senior Vice President at Merrill Lynch before founding Presilium Private Wealth in 2022. He was recognized by Forbes in 2023 as one of the top wealth advisors in Pennsylvania.

Jerry enjoys traveling, golf, coaching youth sports and has run four marathons. He and his wife live in Radnor, Pennsylvania, with their son, Jake, and daughter, Emma.

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With Mindy Diamond and Jason Diamond

Overview

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.

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…

This multi-faceted episode offers perspective on what advisors can glean from this invaluable resource, why Mindy wrote the book, and what she learned along the way.

In seeing a significant gap in information available for financial advisors looking to optimize their businesses, Mindy took on the task of developing a one-of-a-kind book entitled Should I Stay or Should I Go?

Mindy’s journey started 30 years ago and culminated in this expansive project: A roadmap designed to help top advisors think critically and objectively about their firms.

Drawn from three decades of counseling financial advisors on the choices that impact their business lives, the book offers a self-guided process based on what Diamond Consultants practices with our own advisor-clients.

Along with Jason Diamond, Mindy answers questions like:

• What’s the real value of this book?
• Why this book and why now?
• Who is the target audience?
• Do you need to be considering change to find value in the content?
• Why would a recruiter share her trade secrets?
• And much more!

Mindy also shares examples and excerpts from the book, along with the type of guidance one could expect to find in it. So be sure to listen in for the inside story.

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

Should I Stay or Should I Go?
The Book for Financial Advisors by Mindy Diamond. Available now!

Why Settle for “Good Enough” When Great is Possible?
In a vastly expanded industry landscape with more high-quality options than ever before, some advisors settle for “good enough” when the potential for “great” is often within reach. What’s holding them back?

Financial Advisors: What’s The Risk Of Staying Put?
Many advisors feel that changing firms or models is just too risky. But what they may not realize is that there’s also a risk to staying put.

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.

Top Tips for Setting Your Business Up for Success Years Before a Move
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. 

Also available on your favorite podcast app and other media sites

                            

            

 

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Gordon “Gordy” Abel from Dynasty Financial Partners offers perspectives on why marketing matters, how to create and leverage a brand, the key aspects of an effective value proposition, and more for employees of an established firm or someone just launching a new independent entity.